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Published: 2023-11-07 10:13:11 ET
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EX-99.1 2 dkl-ex991xearningsreleasex.htm EX-99.1 Document
Exhibit 99.1

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Delek Logistics Reports Third Quarter 2023 Results

•Net income attributable to all partners of $34.8 million
•Record quarterly EBITDA of $98.2 million
•Record throughput in Midland Gathering
•Distributable cash flow of $61.4 million
•Distributable cash flow coverage ratio of 1.35x
•Delivered 43 consecutive quarters of distribution growth with recent increase to $1.045/unit

BRENTWOOD, Tenn., November 7, 2023 -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2023, with reported net income attributable to all partners of $34.8 million, or $0.80 per diluted common limited partner unit. This compares to net income attributable to all partners of $44.7 million, or $1.03 per diluted common limited partner unit, in the third quarter 2022. The decrease in net income attributable to all partners was driven by higher interest expense, partially offset by lower general and administrative expenses. Net cash provided in operating activities was $46.8 million in the third quarter 2023 compared to net cash provided by operating activities of $164.4 million in the third quarter 2022. Distributable cash flow was $61.4 million in the third quarter 2023, compared to $65.6 million in the third quarter 2022.
For the third quarter 2023, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $98.2 million compared to $89.0 million in the third quarter 2022.
“Delek Logistics delivered another record quarter,” said Avigal Soreq, President of Delek Logistics' general partner. “We see significant value in gathering and processing in the Permian and are investing in the continued growth of our business. With its premier Permian location and by consistently delivering safe, reliable operations and stable cash flows, Delek Logistics is a great value opportunity."
“In October, the Board approved the 43rd consecutive increase in the quarterly distribution to $1.045 per unit. Given its portfolio, Delek Logistics is well positioned to exceed $100 million quarterly run-rate EBITDA and support on-going distributions," Mr. Soreq concluded.
Distribution and Liquidity
On October 25, 2023, Delek Logistics declared a quarterly cash distribution of $1.045 per common limited partner unit for the third quarter 2023. This distribution will be paid on November 13, 2023 to unitholders of record on November 6, 2023. This represents a 1.0% increase from the second quarter 2023 distribution of $1.035 per common limited partner unit, and a 5.6% increase over Delek Logistics’ third quarter 2022 distribution of $0.990 per common limited partner unit. For the third quarter 2023, the total cash distribution declared to all partners was approximately $45.6 million, resulting in a distributable cash flow coverage ratio of 1.35x.
As of September 30, 2023, Delek Logistics had total debt of approximately $1.74 billion and cash of $4.2 million. Additional borrowing capacity, subject to certain covenants, under the $900.0 million revolving credit facility was $89.0 million. The total leverage ratio as of September 30, 2023 of approximately 4.55x was within the requirements of the maximum allowable leverage ratio under the credit facility.
Consolidated Operating Results
Third quarter 2023 EBITDA of $98.2 million benefited from increased contribution from the Delek Permian Gathering system, Delaware Gathering system, terminalling and marketing rate increases and continued strong throughput on joint venture pipelines, partially offset by increased operating expenses as compared to EBITDA of $89.0 million in the third quarter 2022. Net income attributable to all partners for the third quarter 2023 of $34.8 million reflected a decrease of $9.8 million compared to the third quarter 2022.
Gathering and Processing Segment
EBITDA in the third quarter 2023 was $52.9 million compared with $56.6 million in the third quarter 2022. The decrease was primarily driven by a one-time credit received in the third quarter of 2022. Excluding this, third quarter 2023 results were higher than last year, due to increased throughput from our Permian assets.
Wholesale Marketing and Terminalling Segment
EBITDA in the third quarter 2023 was $28.1 million, approximately in line with third quarter 2022 EBITDA of $20.3 million. The increase was primarily due to higher terminalling utilization and improved wholesale margins.
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Storage and Transportation Segment
EBITDA in the third quarter 2023 was $17.9 million compared with $14.6 million in the third quarter 2022. The increase was primarily due to increased storage and transportation rates.
Investments in Pipeline Joint Ventures Segment
During the third quarter 2023, income from equity method investments was $9.3 million compared to $8.6 million in the third quarter 2022.
Corporate
EBITDA in the third quarter 2023 was a loss of $10.0 million million compared to a loss of $11.0 million in the third quarter 2022.
Third Quarter 2023 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its third quarter 2023 results on Tuesday, November 7, 2023 at 11:30 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.
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 Holdings, Inc. ("Delek US") owns the general partner interest as well as a majority limited partner interest in Delek Logistics, and is also a significant customer.
Safe Harbor Provisions Regarding Forward-Looking Statements
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; 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.
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
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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 - 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.



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Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit and per unit data)
September 30, 2023December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$4,182 $7,970 
   Accounts receivable41,271 53,314 
Accounts receivable from related parties67,089 — 
Inventory4,137 1,483 
Other current assets962 2,463 
Total current assets117,641 65,230 
Property, plant and equipment:  
Property, plant and equipment1,306,172 1,240,684 
Less: accumulated depreciation(369,476)(316,680)
Property, plant and equipment, net936,696 924,004 
Equity method investments 241,937 257,022 
Customer relationship intangible, net185,862 199,440 
Marketing contract intangible, net103,958 109,366 
Rights-of-way, net58,047 55,990 
Goodwill27,051 27,051 
Operating lease right-of-use assets20,983 24,788 
Other non-current assets17,289 16,408 
Total assets$1,709,464 $1,679,299 
LIABILITIES AND DEFICIT  
Current liabilities:  
Accounts payable$27,989 $57,403 
Accounts payable to related parties— 6,055 
Current portion of long-term debt15,000 15,000 
Interest payable16,889 5,308 
Excise and other taxes payable11,951 8,230 
Current portion of operating lease liabilities8,052 8,020 
Accrued expenses and other current liabilities5,483 6,202 
Total current liabilities85,364 106,218 
Non-current liabilities:
Long-term debt, net of current portion1,726,429 1,646,567 
Operating lease liabilities, net of current portion9,228 12,114 
Asset retirement obligations9,862 9,333 
Other non-current liabilities17,733 15,767 
Total non-current liabilities1,763,252 1,683,781 
Total liabilities1,848,616 1,789,999 
Equity (Deficit):
Common unitholders - public; 9,284,741 units issued and outstanding at September 30, 2023 (9,257,305 at December 31, 2022)165,472 172,119 
Common unitholders - Delek Holdings; 34,311,278 units issued and outstanding at September 30, 2023 (34,311,278 at December 31, 2022)(304,624)(282,819)
Total deficit(139,152)(110,700)
Total liabilities and deficit $1,709,464 $1,679,299 
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Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Net revenues:
Affiliate$156,411 $127,150 $414,403 $375,270 
Third-party119,413 166,875 351,857 392,086 
Net revenues275,824 294,025 766,260 767,356 
Cost of sales:
Cost of materials and other - affiliate115,149 124,714 298,262 374,329 
Cost of materials and other - third party35,479 53,026 106,587 105,966 
Operating expenses (excluding depreciation and amortization presented below)32,611 25,065 85,302 62,892 
Depreciation and amortization23,261 19,067 65,494 41,876 
Total cost of sales206,500 221,872 555,645 585,063 
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)392 836 1,397 2,105 
General and administrative expenses5,545 11,959 19,666 30,826 
Depreciation and amortization1,324 473 3,923 1,421 
Gain on disposal of assets(491)(132)(804)(120)
Total operating costs and expenses213,270 235,008 579,827 619,295 
Operating income62,554 59,017 186,433 148,061 
Interest expense, net36,901 22,559 104,581 53,621 
Income from equity method investments (9,296)(8,567)(22,897)(22,666)
Other income, net(3)(36)(24)(39)
Total non-operating expenses, net27,602 13,956 81,660 30,916 
Income before income tax expense34,952 45,061 104,773 117,145 
Income tax expense127 387 685 793 
Net income attributable to partners$34,825 $44,674 $104,088 $116,352 
Comprehensive income attributable to partners$34,825 $44,674 $104,088 $116,352 
Net income per limited partner unit:
Basic$0.80 $1.03 $2.39 $2.68 
Diluted$0.80 $1.03 $2.39 $2.67 
Weighted average limited partner units outstanding:
Basic43,588,316 43,485,779 43,578,636 43,477,801 
Diluted43,604,791 43,515,960 43,598,547 43,499,837 
Cash distribution per common limited partner unit$1.045 $0.990 $3.105 $2.955 
Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)Three Months Ended September 30,Nine Months Ended September 30,
(Unaudited) 2023202220232022
Cash flows from operating activities
Net cash provided by operating activities$46,828 $164,425 $110,630 $297,482 
Cash flows from investing activities
Net cash used in investing activities(741)(45,760)(55,634)(705,087)
Cash flows from financing activities
Net cash (used in) provided by financing activities(49,620)(117,530)(58,784)418,258 
Net (decrease) increase in cash and cash equivalents(3,533)1,135 (3,788)10,653 
Cash and cash equivalents at the beginning of the period7,715 13,810 7,970 4,292 
Cash and cash equivalents at the end of the period$4,182 $14,945 $4,182 $14,945 
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Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Reconciliation of Net Income to EBITDA:
Net income$34,825 $44,674 $104,088 $116,352 
Add:
Income tax expense127 387 685 793 
Depreciation and amortization24,585 19,540 69,417 43,297 
Amortization of marketing contract intangible asset1,803 1,802 5,408 5,408 
Interest expense, net36,901 22,559 104,581 53,621 
EBITDA$98,241 $88,962 $284,179 $219,471 
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities$46,828 $164,425 $110,630 $297,482 
Changes in assets and liabilities16,439 (94,450)81,368 (115,358)
Non-cash lease expense(2,960)(2,100)(7,407)(13,584)
Distributions from equity method investments in investing activities 3,037 — 4,477 1,737 
Regulatory capital expenditures not distributable(2,069)(2,143)(5,924)(3,183)
(Refund to) reimbursement from Delek Holdings for capital expenditures(69)19 942 5 
Accretion of asset retirement obligations(177)(168)(529)(415)
Deferred income taxes(124)(76)(753)(76)
Gain on disposal of assets491 132 804 120 
Distributable Cash Flow $61,396 $65,639 $183,608 $166,728 
Transaction costs— 4,211 — 10,604 
Distributable Cash Flow, as adjusted$61,396 $69,850 $183,608 $177,332 
Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation
(In thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Distributions to partners of Delek Logistics, LP$45,558 $43,057 $135,334 $128,493 
Distributable cash flow$61,396 $65,639 $183,608 $166,728 
Distributable cash flow coverage ratio (1)
1.35x1.52x1.36x1.30x
Distributable cash flow, as adjusted (2)
61,396 69,850 183,608 177,332 
Distributable cash flow coverage ratio, as adjusted (3)
1.35x1.62x1.36x1.38x
(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 Delaware Gathering Acquisition (formerly 3 Bear).
(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)
(In thousands)

Three Months Ended September 30, 2023
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$55,419 $70,610 $30,382 $— $— $156,411 
Third party39,406 76,500 3,507 — — 119,413 
Total revenue$94,825 $147,110 $33,889 $— $— $275,824 
Segment EBITDA$52,906 $28,135 $17,914 $9,288 $(10,002)$98,241 
Depreciation and amortization19,263 1,769 2,704 — 849 24,585 
Amortization of customer contract intangible— 1,803 — — — 1,803 
Interest expense, net— — — — 36,901 36,901 
Income tax benefit127 
Net income$34,825 
Capital spending$12,002 $2,123 $522 $— $— $14,647 

Three Months Ended September 30, 2022
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$48,377 $45,162 $33,611 $127,150 
Third party60,233 102,703 3,939 — — 166,875 
Total revenue$108,610 $147,865 $37,550 $— $— $294,025 
Segment EBITDA$56,551 $20,272 $14,575 $8,567 $(11,003)$88,962 
Depreciation and amortization17,779 1,628 2,087 — (1,954)19,540 
Amortization of customer contract intangible— 1,802 — — — 1,802 
Interest expense, net— — — — 22,559 22,559 
Income tax benefit387 
Net income$44,674 
Capital spending$30,895 $1,065 $— $— $— $31,960 



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Nine Months Ended September 30, 2023
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$157,362 $156,437 $100,604 $— $— $414,403 
Third party123,132 221,809 6,916 — — 351,857 
Total revenue$280,494 $378,246 $107,520 $— $— $766,260 
Segment EBITDA$161,014 $78,071 $46,316 $22,889 $(24,111)$284,179 
Depreciation and amortization54,511 5,338 7,109 — 2,459 69,417 
Amortization of customer contract intangible— 5,408 — — — 5,408 
Interest expense, net— — — — 104,581 104,581 
Income tax expense685 
Net income$104,088 
Capital spending$62,168 $2,527 $3,933 $— $— $68,628 

Nine Months Ended September 30, 2022
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$134,315 $144,004 $96,951 $— $— $375,270 
Third party81,165 300,177 10,744 — — 392,086 
Total revenue$215,480 $444,181 $107,695 $— $— $767,356 
Segment EBITDA$127,129 $59,813 $40,212 $22,666 $(30,349)$219,471 
Depreciation and amortization32,260 4,674 6,363 — — 43,297 
Amortization of customer contract intangible— 5,408 — — — 5,408 
Interest expense, net— — — — 53,621 53,621 
Income tax expense793 
Net income$116,352 
Capital spending$66,388 $1,384 $— $— $— $67,772 



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Delek Logistics Partners, LP
Segment Capital Spending
 (In thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
Gathering and Processing2023202220232022
Regulatory capital spending$31 $485 $31 $2,692 
Sustaining capital spending980 222 980 351 
Growth capital spending10,991 30,188 61,157 63,345 
Segment capital spending$12,002 $30,895 $62,168 $66,388 
Wholesale Marketing and Terminalling
Regulatory capital spending$292 $— 371 156 
Sustaining capital spending1,679 — 754 12 
Growth capital spending152 1,065 1,402 1,216 
Segment capital spending$2,123 $1,065 $2,527 $1,384 
Storage and Transportation
Regulatory capital spending$522 $— $1,670 $— 
Sustaining capital spending— — 2,263 — 
Growth capital spending— — $— $— 
Segment capital spending$522 $— $3,933 $— 
Consolidated
Regulatory capital spending$845 $485 $2,072 $2,848 
Sustaining capital spending2,659 222 3,997 363 
Growth capital spending11,143 31,253 62,559 64,561 
Total capital spending$14,647 $31,960 $68,628 $67,772 
Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
    Crude pipelines (non-gathered)70,153 87,653 64,835 81,795 
    Refined products pipelines to Enterprise Systems63,991 65,761 54,686 63,391 
El Dorado Gathering System 14,774 14,354 13,935 16,150 
East Texas Crude Logistics System36,298 23,960 29,928 20,015 
Midland Gathering System (1):
248,443 121,304 230,907 107,699 
Plains Connection System250,550 184,254 248,763 166,864 
Delaware Gathering Assets (2):
Natural Gas Gathering and Processing (Mcfd(3))
69,737 64,429 72,569 61,198 
Crude Oil Gathering (average bpd)111,973 86,483 110,935 84,497 
Water Disposal and Recycling (average bpd)99,158 69,411 104,920 66,043 
Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) (4)
69,178 65,396 57,894 66,473 
Big Spring marketing throughputs (average bpd)81,617 74,238 78,399 76,135 
West Texas marketing throughputs (average bpd) 10,692 10,082 9,871 10,023 
West Texas gross margin per barrel$4.56 $4.23 $5.43 $3.84 
Terminalling throughputs (average bpd) (5)
121,430 142,003 116,455 138,558 
(1) Formerly known as the Permian Gathering Assets.
(2) Volumes for the nine months ended September 30, 2022 are for period from June 1 through September 30, 2022 we owned Delaware Gathering Assets.
(3) Mcfd - average thousand cubic feet per day.
(4) Excludes jet fuel and petroleum coke.
(5) 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.

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Investor Relations and Media/Public Affairs Contact:
Rosy Zuklic, Vice President of Investor Relations and Market Intelligence

investor.relations@delekus.com; rosy.zuklic@delekus.com; 615-767-4344
Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (https://www.deleklogistics.com/investor-relations), news webpage (https://www.deleklogistics.com/news-releases) and its Twitter account (@DelekLogistics).
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