Delek Logistics Partners, LP Reports Third Quarter 2022 Results
•Reported third quarter net income attributable to all partners of $44.7 million
•Record EBITDA of $89.0 million including approximately $4.2 million of adverse acquisition related expenses
•Third quarter adjusted distributable cash flow coverage ratio of 1.62x; Total leverage ratio is 4.35x
•Achieved target to double Delek Permian Gathering volumes from 4Q21 to 3Q22 exit rate
•Amended credit agreement increases liquidity and improves debt maturity profile
•Delivered 39 consecutive quarters of distribution growth with recent increase to $0.99/unit; reflects 4.2% increase y/y
BRENTWOOD, Tenn., November 7, 2022 -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2022, with reported net income attributable to all partners of $44.7 million, or $1.03 per diluted common limited partner unit. This compares to net income attributable to all partners of $43.6 million, or $1.00 per diluted common limited partner unit, in the third quarter 2021. Net cash from operating activities was $164.4 million in the third quarter 2022 compared to $74.8 million in the third quarter 2021. Distributable cash flow, as adjusted(1) was $69.9 million in the third quarter 2022, compared to $55.5 million in the third quarter 2021.
For the third quarter 2022, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $89.0 million (including $4.2 million of adverse transaction costs associated with 3 Bear Delaware - NM, LLC) compared to $69.9 million in the third quarter 2021.
Avigal Soreq, President of Delek Logistics' general partner, stated, "The integration of the 3 Bear asset acquisition is beginning to contribute to companywide performance. These assets provide diversification and additional growth opportunities within the portfolio. The legacy Delek Permian Gathering system delivered on our previous guidance to double volumes from the fourth quarter of last year to the third quarter exit rate of this year. Strong refinery utilization rates at Delek US Holdings continue to benefit the surrounding DKL midstream footprint."
Mr. Soreq continued, “In October, DKL amended the Credit Agreement thereby increasing liquidity and improving the maturity profile of the Company. Finally, the Board approved the 39th consecutive increase in the quarterly distribution to $0.99 per unit. This reflects a strong commitment to returning cash to unitholders and demonstrates the strength and stability of the underlying asset base."
Distribution and Liquidity
On October 25, 2022, Delek Logistics declared a quarterly cash distribution of $0.99 per common limited partner unit for the third quarter 2022, which equates to $3.96 per common limited partner unit on an annualized basis. This distribution will be paid on November 10, 2022 to unitholders of record on November 4, 2022. This represents a 0.5% increase from the second quarter 2022 distribution of 0.985 per common limited partner unit, or $3.94 per common limited partner unit on an annualized basis, and a 4.2% increase over Delek Logistics’ third quarter 2021 distribution of 0.95 per common limited partner unit, or $3.80 per common limited partner unit annualized. For the third quarter 2022, the total cash distribution declared to all partners was approximately $43.1 million, resulting in a distributable cash flow coverage ratio, as adjusted(1) of 1.62x.
As of September 30, 2022, Delek Logistics had total debt of approximately $1.45 billion and cash of $14.9 million. Additional borrowing capacity, subject to certain covenants, under the $1.0 billion credit facility was $193.1 million. The total leverage ratio as of September 30, 2022 of approximately 4.35x was well within the requirements of the maximum allowable leverage ratio under the credit facility.
On October 13, 2022, Delek Logistics entered into a fourth amended and restated senior secured revolving credit agreement with Fifth Third, National Association as administrative agent and a syndicate of lenders (the “Amended and Restated Delek Logistics Credit Facility”). The Amended and Restated Delek Logistics Credit Facility, among other things, (i) increased total aggregate commitments to $1.2 billion, comprised of (A) senior secured revolving commitments of $900.0 million in aggregate with an extended maturity date of October 13, 2027, and (B) a new senior secured term loan facility for a term loan in the original principal amount of $300.0 million which was drawn in full on October 13, 2022, with a maturity date of October 13, 2024.
Consolidated Operating Results
Contribution margin in the third quarter 2022 increased to $90.4 million compared to $66.9 million in the third quarter 2021, primarily as a result of an increase in refinery utilization rates at Delek US and incremental contribution margin attributable to the acquisition of 3 Bear Delaware - NM, LLC (the "3 Bear Acquisition") that closed on June 1, 2022. Third quarter 2022 EBITDA of $89.0 million benefited from the increased contribution margin as well as continued strong throughput on joint venture pipelines, offset by $4.2 million of transaction costs associated with the 3 Bear Acquisition, as compared to EBITDA of $69.9 million in the third quarter 2021. Net income attributable to all partners for the third quarter 2022 of $44.7 million reflected an increase of $1.1 million compared to the third quarter 2021, due primarily to an increase of $23.5 million in contribution margin, partially offset by incremental costs related to 3 Bear.
(1) Represents distributable cash flows adjusted to exclude transaction costs associated with the 3 Bear Acquisition. See further discussion of this measure in the discussion of Non-GAAP Disclosures.
1 |
Pipelines and Transportation Segment
Contribution margin in the third quarter 2022 was $54.0 million compared to $47.4 million in the third quarter 2021. The increase was primarily driven from strong refinery utilization rates at Delek US and annual tariff escalations on our pipelines.
Wholesale Marketing and Terminalling Segment
During the third quarter 2022, contribution margin was $18.3 million compared to $19.6 million in the third quarter 2021. The decrease was primarily driven by lower margins resulting from higher operating costs.
3 Bear Operations Segment
During the third quarter 2022, incremental contribution margin of $22.8 million favorably impacted our results. Contribution margin in the 3 Bear Operations Segment is largely driven by production volumes and gathering activities during the quarter. These are a function of both producer activities as well as the Company's capacity, subject to the dedicated acreage agreements and the portions of acreage which have been developed, the extent to which connection points and interconnects have been brought on-line, and the extent to which maintenance or other planned or unplanned operational disruptions may occur.
Investments in Pipeline Joint Ventures Segment
During the third quarter 2022, income from equity method investments was $8.6 million compared to $7.3 million in the third quarter 2021, primarily driven by increased volumes at both Caddo and Red River joint ventures.
Third Quarter 2022 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its third quarter 2022 results on Monday, November 7, 2022 at 8:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.
Investors may also wish to listen to Delek US Holdings, Inc.'s (NYSE: DK) ("Delek US") third quarter 2022 earnings conference call on Monday, November 7, 2022 at 9:30 a.m. Central Time and review Delek US’ earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com.
About Delek Logistics Partners, LP
Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region. Delek Logistics provides gathering, pipeline and other transportation services primarily for crude oil and natural gas customers, storage, wholesale marketing and terminalling services primarily for intermediate and refined product customers, and water disposal and recycling services. Delek US owns the general partner interest as well as a majority limited partner interest in Delek Logistics, and is also a significant customer.
This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or similar expressions, as well as statements in the future tense, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; risks and uncertainties related to the integration of the 3 Bear business following the recent acquisition; risks and uncertainties related to the Covid-19 pandemic; uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; scheduled turnaround activity; the results of our investments in joint ventures; adverse changes in laws including with respect to tax and regulatory matters; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. Forward-looking statements include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the 3 Bear acquisition; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth of 5% or at all. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation
2 |
Non-GAAP Disclosures:
Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:
•Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before net interest expense, income tax expense, depreciation and amortization expense, including amortization of customer contract intangible assets, which is included as a component of net revenues in our accompanying condensed consolidated statements of income.
•Distributable cash flow - calculated as net cash flow from operating activities plus or minus changes in assets and liabilities, less maintenance capital expenditures net of reimbursements and other adjustments not expected to settle in cash. Delek Logistics believes this is an appropriate reflection of a liquidity measure by which users of its financial statements can assess its ability to generate cash.
•Distributable cash flow, as adjusted for transaction costs, or Distributable cash flow, as adjusted(FN)) - distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.
Our EBITDA and distributable cash flow measures are non GAAP supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
•Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
•the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;
•Delek Logistics' ability to incur and service debt and fund capital expenditures; and
•the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We believe that the presentation of EBITDA and distributable cash flow measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods. EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in our industry, our definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. For a reconciliation of EBITDA and distributable cash flow to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP, please refer to "Results of Operations" below. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
3 |
Delek Logistics Partners, LP
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except unit and per unit data)
September 30, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
14,945
$
4,292
Accounts receivable
53,351
15,384
Inventory
2,490
2,406
Other current assets
2,424
951
Total current assets
73,210
23,033
Property, plant and equipment:
Property, plant and equipment
1,178,334
715,870
Less: accumulated depreciation
(302,734)
(266,482)
Property, plant and equipment, net
875,600
449,388
Equity method investments
248,005
250,030
Customer relationship intangible, net
203,966
—
Marketing contract intangible, net
111,169
116,577
Rights-of-way
55,230
37,280
Goodwill
26,609
12,203
Operating lease right-of-use assets
24,329
20,933
Other non-current assets
20,122
25,627
Total assets
$
1,638,240
$
935,071
LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable
$
53,053
$
8,160
Accounts payable to related parties
173,170
64,423
Interest payable
18,012
5,024
Excise and other taxes payable
6,759
5,280
Current portion of operating lease liabilities
7,775
6,811
Accrued expenses and other current liabilities
7,189
7,117
Total current liabilities
265,958
96,815
Non-current liabilities:
Long-term debt
1,448,772
898,970
Asset retirement obligations
9,152
6,476
Operating lease liabilities, net of current portion
11,798
14,071
Other non-current liabilities
16,817
22,731
Total non-current liabilities
1,486,539
942,248
Total liabilities
1,752,497
1,039,063
Equity (Deficit):
Common unitholders - public; 9,180,901 units issued and outstanding at September 30, 2022 (8,774,053 at December 31, 2021)
168,911
166,067
Common unitholders - Delek Holdings; 34,311,278 units issued and outstanding at September 30, 2022 (34,696,800 at December 31, 2021)
(283,168)
(270,059)
Total deficit
(114,257)
(103,992)
Total liabilities and deficit
$
1,638,240
$
935,071
4 |
Delek Logistics Partners, LP
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except unit and per unit data)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Net revenues:
Affiliate
$
127,150
$
123,519
$
375,270
$
308,435
Third-party
166,875
66,108
392,086
202,583
Net revenues
294,025
189,627
767,356
511,018
Cost of sales:
Cost of materials and other
177,740
105,129
480,295
274,995
Operating expenses (excluding depreciation and amortization presented below)
25,065
17,073
62,892
46,286
Depreciation and amortization
19,067
9,666
41,876
29,393
Total cost of sales
221,872
131,868
585,063
350,674
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)
836
515
2,105
1,741
General and administrative expenses
11,959
5,898
30,826
15,933
Depreciation and amortization
473
490
1,421
1,469
Other operating (income) expense, net
(132)
273
(120)
54
Total operating costs and expenses
235,008
139,044
619,295
369,871
Operating income
59,017
50,583
148,061
141,147
Interest expense, net
22,559
14,529
53,621
35,924
Income from equity method investments
(8,567)
(7,261)
(22,666)
(17,952)
Other income, net
(36)
(115)
(39)
(118)
Total non-operating expenses, net
13,956
7,153
30,916
17,854
Income before income tax expense (benefit)
45,061
43,430
117,145
123,293
Income tax expense (benefit)
387
(194)
793
156
Net income attributable to partners
$
44,674
$
43,624
$
116,352
$
123,137
Comprehensive income attributable to partners
$
44,674
$
43,624
$
116,352
$
123,137
Net income per limited partner unit:
Basic
$
1.03
$
1.00
$
2.68
$
2.83
Diluted
$
1.03
$
1.00
$
2.67
$
2.83
Weighted average limited partner units outstanding:
Basic
43,485,779
43,454,535
43,477,801
43,447,739
Diluted
43,515,960
43,468,289
43,499,837
43,457,857
Cash distribution per common limited partner unit
$
0.990
$
0.950
$
2.955
$
3.800
Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
Nine Months Ended September 30,
2022
2021
Cash flows from operating activities
Net cash provided by operating activities
$
297,482
$
222,276
Cash flows from investing activities
Net cash used in investing activities
(705,087)
(7,971)
Cash flows from financing activities
Net cash provided by (used) in financing activities
418,258
(213,684)
Net increase in cash and cash equivalents
10,653
621
Cash and cash equivalents at the beginning of the period
4,292
4,243
Cash and cash equivalents at the end of the period
$
14,945
$
4,864
5 |
Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP
(In thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Reconciliation of Net Income to EBITDA:
Net income
$
44,674
$
43,624
$
116,352
$
123,137
Add:
Income tax expense (benefit)
387
(194)
793
156
Depreciation and amortization
19,540
10,156
43,297
30,862
Amortization of marketing contract intangible asset
1,802
1,802
5,408
5,408
Interest expense, net
22,559
14,529
53,621
35,924
EBITDA
$
88,962
$
69,917
$
219,471
$
195,487
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities
$
164,425
$
74,752
$
297,482
$
222,276
Changes in assets and liabilities
(94,450)
(16,256)
(115,358)
(56,898)
Non-cash lease expense
(2,100)
(2,460)
(13,584)
(6,967)
Distributions from equity method investments in investing activities
—
845
1,737
6,245
Maintenance and regulatory capital expenditures not distributable
(2,143)
(850)
(3,183)
(3,712)
Reimbursement from Delek for capital expenditures
19
11
5
1,588
Accretion of asset retirement obligations
(168)
(116)
(415)
(346)
Deferred income taxes
(76)
(138)
(76)
(203)
Gain (loss) on sale of assets
132
(273)
120
(54)
Distributable Cash Flow
$
65,639
$
55,515
$
166,728
$
161,929
Transaction costs
4,211
—
10,604
Distributable Cash Flow, as adjusted (1)
$
69,850
$
55,515
$
177,332
$
161,929
(1) Distributable cash flow adjusted to exclude transaction costs associated with the 3 Bear Acquisition.
Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation
(In thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Distributions to partners of Delek Logistics, LP
2022
2021
2022
2021
Limited partners' distribution on common units
$
43,057
$
41,286
$
128,493
$
122,100
General partner's distributions
—
—
—
—
General partner's incentive distribution rights
—
—
—
—
Total distributions to be paid
$
43,057
$
41,286
$
128,493
$
122,100
Distributable cash flow
$
65,639
$
55,515
$
166,728
$
161,929
Distributable cash flow coverage ratio (1)
1.52x
1.34x
1.30x
1.33x
Distributable cash flow, as adjusted (2)
69,850
55,515
177,332
161,929
Distributable cash flow coverage ratio, as adjusted (3)
1.62x
1.34x
1.38x
1.33x
(1) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.
(2) Distributable cash flow adjusted to exclude transaction costs associated with the 3 Bear Acquisition.
(3) Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period.
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Delek Logistics Partners, LP
Segment Data (unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(In thousands)
2022
2021
2022
2021
Pipelines and Transportation
Net revenues:
Affiliate
$
79,395
$
70,879
$
225,711
$
199,591
Third party
5,883
5,323
15,978
12,021
Total pipelines and transportation
85,278
76,202
241,689
211,612
Cost of materials and other
20,004
15,170
58,272
42,595
Operating expenses (excluding depreciation and amortization presented below)
11,292
13,680
37,789
34,710
Segment contribution margin
$
53,982
$
47,352
$
145,628
$
134,307
Depreciation and amortization
$
7,847
$
8,056
$
23,668
$
24,918
Capital spending
$
21,151
$
2,570
$
50,793
$
9,946
Wholesale Marketing and Terminalling
Net revenues:
Affiliates (1)
$
45,162
$
52,640
$
144,004
$
108,844
Third party
102,703
60,785
300,177
190,562
Total wholesale marketing and terminalling
147,865
113,425
444,181
299,406
Cost of materials and other
122,614
89,959
373,126
232,400
Operating expenses (excluding depreciation and amortization presented below)
6,952
3,908
17,397
13,317
Segment contribution margin
$
18,299
$
19,558
$
53,658
$
53,689
Depreciation and amortization
$
2,640
$
2,100
$
7,641
$
5,944
Capital spending
$
278
$
1,566
$
1,337
$
4,580
3 Bear Operations
Net revenues:
Affiliate
$
2,593
$
—
$
5,555
$
—
Third party
58,289
—
75,931
—
Total 3 Bear
60,882
—
81,486
—
Cost of materials and other
35,122
—
48,897
—
Operating expenses (excluding depreciation and amortization presented below)
7,657
—
9,811
—
Segment contribution margin
$
18,103
$
—
$
22,778
$
—
Depreciation and amortization
$
9,053
$
—
$
11,988
$
—
Capital spending
$
10,531
$
—
$
15,642
$
—
Investments in Pipeline Joint Ventures
Income from equity method investments
$
8,567
$
7,261
$
22,666
$
17,952
Equity method investments contributions
$
—
$
—
$
—
$
(1,393)
Consolidated
Net revenues:
Affiliates
$
127,150
$
123,519
$
375,270
$
308,435
Third party
166,875
66,108
392,086
202,583
Total consolidated
294,025
189,627
767,356
511,018
Cost of materials and other
177,740
105,129
480,295
274,995
Operating expenses (excluding depreciation and amortization presented below)
25,901
17,588
64,997
48,027
Contribution margin
90,384
66,910
222,064
187,996
General and administrative expenses
11,959
5,898
30,826
15,933
Depreciation and amortization
19,540
10,156
43,297
30,862
Other operating (income) expense, net
(132)
273
(120)
54
Operating income
$
59,017
$
50,583
$
148,061
$
141,147
Capital spending
$
31,960
$
4,136
$
67,772
$
14,526
(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the Marketing Contract Intangible Acquisition.
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Delek Logistics Partners, LP
Segment Capital Spending (1)
(In thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
Pipelines and Transportation
2022
2021
2022
2021
Maintenance capital spending
$
720
$
215
$
2,316
$
1,141
Discretionary capital spending
20,431
2,355
48,477
8,805
Segment capital spending
$
21,151
$
2,570
50,793
9,946
Wholesale Marketing and Terminalling
Maintenance capital spending
$
—
$
674
907
1,394
Discretionary capital spending
278
892
430
3,186
Segment capital spending
$
278
$
1,566
1,337
4,580
3 Bear Operations
Maintenance capital spending
$
169
$
—
$
753
$
—
Discretionary capital spending
10,362
—
14,889
—
Segment capital spending
$
10,531
$
—
$
15,642
$
—
Consolidated
Maintenance capital spending
$
889
$
889
$
3,976
$
2,535
Discretionary capital spending
31,071
3,247
63,796
11,991
Total capital spending
$
31,960
$
4,136
$
67,772
$
14,526
(1) There were no capital contributions to equity method investments for the nine months ended September 30, 2022.
Delek Logistics Partners, LP
Segment Data (Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Pipelines and Transportation Segment:
Throughputs (average bpd)
El Dorado Assets:
Crude pipelines (non-gathered)
87,653
81,929
81,795
60,344
Refined products pipelines to Enterprise Systems
65,761
62,263
63,391
42,733
El Dorado Gathering System
14,354
14,086
16,150
14,056
East Texas Crude Logistics System
23,960
18,644
20,015
24,045
Permian Gathering System (1)
121,304
84,325
107,699
79,251
Plains Connection System
184,254
131,571
166,864
120,905
Trucking Assets
15,763
11,450
13,606
10,655
Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) (2)
65,396
71,847
66,473
72,791
Big Spring marketing throughputs (average bpd)
74,238
81,880
76,135
76,680
West Texas marketing throughputs (average bpd)
10,082
10,560
10,023
10,033
West Texas gross margin per barrel
$
4.23
$
3.33
$
3.84
$
3.64
Terminalling throughputs (average bpd) (3)
142,003
144,355
138,558
142,959
(1) Formerly known as the Big Spring Gathering System. Excludes volumes that are being temporarily transported via trucks while connectors are under construction.
(2) Excludes jet fuel and petroleum coke.
(3) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas, El Dorado and North Little Rock, Arkansas and Memphis and Nashville, Tennessee terminals.
8 |
3 Bear Operations Segment:
Three Months Ended September 30, 2022
Period from June 1 through September 30, 2022
Natural Gas Gathering and Processing (Mcfd(1))
64,429
115,721
Crude Oil Gathering (bpd(2))
86,483
164,891
Water Disposal and Recycling (bpd(2))
69,411
125,127
(1) Mcfd - average thousand cubic feet per day.
(2) bpd - average barrels per day.
Investor/Media Relations Contacts:
Blake Fernandez, Senior Vice President of Investor Relations and Market Intelligence, 615-224-1312
Media/Public Affairs Contact:
Michael P. Ralsky, Vice President - Public Affairs & ESG, 615-435-1407
Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (ir.deleklogistics.com), news webpage (www.deleklogistics.com/news) and its Twitter account (@DelekLogistics).
