Delek Logistics Reports Record Second Quarter 2025 Results

Net income of $44.6 million
Reported Adjusted EBITDA of $120.9 million up 18% year over year
Executing well on our full year Adjusted EBITDA guidance of $480 to $520 million
Continued our consistent distribution growth with our 50^th consecutive quarterly increase to $1.115/unit
Successfully completed new Libby 2 gas processing plant, providing a much needed processing capacity expansion to our producer customers in Lea County, New Mexico
Successfully executed $700.0 million debt offering maturing in June 2033
- This offering improves DKL's total liquidity to over $1 billion
- Enhanced liquidity reinforces DKL's growth efforts as an independent company

Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the second quarter 2025.

“During the second quarter Delek Logistics continued its strong execution by completing the construction of new Libby 2 plant and several crude & water gathering projects. Along with providing the highest yield compared to its peers in the AMZI, DKL also continues to provide a long runway of growth driven by its advantageous position in the Midland and the Delaware basins. We are proud of the 50^th consecutive increase in our distribution and we expect to continue to increase our distribution in the future. Due to our strong execution we are increasingly confident in our full year Adjusted EBITDA guidance of $480mm to $520mm," said Avigal Soreq, President of Delek Logistics' general partner.

"We are also making progress on adding AGI & sour gas treating capabilities at the Libby Complex and look to further expand the overall processing capacity. As I have mentioned in the past, we will continue to strengthen and grow Delek Logistics through a prudent management of liquidity and leverage," Mr. Soreq continued.

Delek Logistics reported second quarter 2025 net income of $44.6 million or $0.83 per diluted common limited partner unit. The second quarter 2025 net income included $2.5 million of transaction costs. This compares to net income of $41.1 million, or $0.87 per diluted common limited partner unit, in the second quarter 2024. Net cash provided by operating activities was $107.4 million in the second quarter 2025 compared to $87.6 million in the second quarter 2024. Distributable cash flow, as adjusted was $72.5 million in the second quarter 2025, compared to $67.8 million in the second quarter 2024.

For the second quarter 2025, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $90.1 million compared to $102.4 million in the second quarter 2024. The second quarter 2025 EBITDA included $2.5 million of transaction costs, $0.9 million of DPG inventory and $27.4 million of sales-type lease accounting impacts. For the second quarter 2025, Adjusted EBITDA was $120.9 million compared to $102.4 million in the second quarter 2024.

Distribution and Liquidity

On July 29, 2025, Delek Logistics declared a quarterly cash distribution of $1.115 per common limited partner unit for the second quarter 2025. This distribution will be paid on August 14, 2025 to unitholders of record on August 8, 2025. This represents a 0.5% increase from the first quarter 2025 distribution of $1.110 per common limited partner unit, and a 2.3% increase over Delek Logistics’ second quarter 2024 distribution of $1.090 per common limited partner unit.

As of June 30, 2025, Delek Logistics had total debt of approximately $2.2 billion and cash of $1.4 million and a leverage ratio of approximately 4.32x. Additional borrowing capacity under the $1.2 billion third party revolving credit facility was $1.1 billion.

Consolidated Operating Results

Adjusted EBITDA in the second quarter 2025 was $120.9 million compared to $102.4 million in the second quarter 2024. The $18.5 million increase in Adjusted EBITDA reflects the results of H2O Midstream and Gravity operations, as well as impacts from the W2W dropdown, and an increase in wholesale margins.

Gathering and Processing Segment

Adjusted EBITDA in the second quarter 2025 was $78.0 million compared with $54.7 million in the second quarter 2024. The increase was primarily due to incremental EBITDA from the Gravity and H2O Midstream acquisitions.

Wholesale Marketing and Terminalling Segment

Adjusted EBITDA in the second quarter 2025 was $23.3 million, compared with second quarter 2024 Adjusted EBITDA of $30.2 million. The decrease was primarily due to assignment of Big Spring refinery marketing agreement to Delek Holdings, which was partially offset by an increase in wholesale margins.

Storage and Transportation Segment

Adjusted EBITDA in the second quarter 2025 was $16.9 million, compared with $16.8 million in the second quarter 2024.

Investments in Pipeline Joint Ventures Segment

During the second quarter 2025, income from equity method investments was $10.5 million compared to $7.9 million in the second quarter 2024. The increase was primarily due to the impacts of the W2W dropdown.

Corporate

Adjusted EBITDA in the second quarter 2025 was a loss of $7.9 million compared to a loss of $7.1 million in the second quarter 2024.

Second Quarter 2025 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its second quarter 2025 results on Wednesday, August 6, 2025 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. Forward-looking statements include, but are not limited to, anticipated performance and financial position; statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream acquisitions; 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.

Investors are cautioned that the following important factors, including among others, may affect these forward-looking statements: the fact that a significant portion of Delek Logistics' revenue is derived from Delek US, thereby subjecting us to Delek US' business risks; political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; 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; Delek Logistics' ability to realize cost reductions; 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 with respect to the possible benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity transactions, as well as from integration post-closing; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; projected capital expenditures; scheduled turnaround activity; the results of our investments in joint ventures; 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 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.

DPG Drop

On May 1, 2025, Delek Holdings transferred the Delek Permian Gathering purchasing and blending business to the Partnership (the "DPG Dropdown”). In connection with the DPG Dropdown, the Partnership assumed all of Delek Holdings’ rights and obligations to purchase crude oil under certain contracts associated with the Partnership’s existing Midland Gathering System. In addition, line fill inventory amounting to $6.9 million was transferred to the Partnership. Total consideration included the cancellation of $58.8 million in existing receivables owed to the Partnership by Delek Holdings.

Sales-Type Leases

During the third quarter of 2024, Delek Logistics and Delek US renewed and amended certain commercial agreements. These amendments required the embedded leases within these agreements to be reassessed under Accounting Standards Codification 842, Leases. As a result of these amendments, certain of these agreements met the criteria to be accounted for as sales-type leases. Therefore, portions of our payments received for minimum volume commitments under agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues.

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 financial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("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 interest, income taxes, depreciation and amortization, including amortization of customer contract intangible assets, which is included as a component of net revenues.
Adjusted EBITDA - EBITDA adjusted for (i) significant, infrequently occurring transaction costs and (ii) throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting.
Distributable cash flow - calculated as net cash flow from operating activities adjusted for changes in assets and liabilities, maintenance capital expenditures net of reimbursements, sales-type lease receipts, net of income recognized and other adjustments not expected to settle in cash.
Distributable cash flow, as adjusted - calculated as distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.

Our EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted measures are non-GAAP supplemental financial measures that management and external users of our 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 and Adjusted 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 these non-GAAP measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance and liquidity for current and comparative periods. Non-GAAP measures 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. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings, net cash provided by operating activities and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted may be defined differently by other partnerships in our industry, our definitions may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. However, due to the inherent difficulty and impracticability of estimating certain amounts required by U.S. GAAP with a reasonable degree of certainty at this time without unreasonable effort and imprecision, we have not provided a reconciliation of forward-looking Adjusted EBITDA guidance.

Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit data)
	June 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,436		$	5,384
Accounts receivable		97,522			54,725
Accounts receivable from related parties		272,488			33,313
Lease receivable - affiliate		19,585			22,783
Inventory		17,139			5,427
Other current assets		1,677			24,260
Total current assets		409,847			145,892
Property, plant and equipment:
Property, plant and equipment		1,754,834			1,375,391
Less: accumulated depreciation		(350,992	)		(311,070	)
Property, plant and equipment, net		1,403,842			1,064,321
Equity method investments		320,176			317,152
Customer relationship intangibles, net		245,548			186,911
Other intangibles, net		132,662			94,547
Goodwill		12,203			12,203
Operating lease right-of-use assets		14,292			16,654
Net lease investment - affiliate		188,045			193,126
Other non-current assets		26,274			10,753
Total assets	$	2,752,889		$	2,041,559

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	382,373		$	41,380
Interest payable		29,664			30,665
Excise and other taxes payable		16,725			6,764
Current portion of operating lease liabilities		4,260			5,340
Accrued expenses and other current liabilities		9,582			4,629
Total current liabilities		442,604			88,778
Non-current liabilities:
Long-term debt, net of current portion		2,211,426			1,875,397
Operating lease liabilities, net of current portion		4,752			6,004
Asset retirement obligations		25,288			15,639
Other non-current liabilities		36,828			20,213
Total non-current liabilities		2,278,294			1,917,253
Total liabilities		2,720,898			2,006,031
Equity:
Common unitholders - public; 19,595,393 units issued and outstanding at June 30, 2025 (17,374,618 at December 31, 2024)		519,930			440,957
Common unitholders - Delek Holdings; 33,868,203 units issued and outstanding at June 30, 2025 (34,111,278 at December 31, 2024)		(487,939	)		(405,429	)
Total equity		31,991			35,528
Total liabilities and equity	$	2,752,889		$	2,041,559

Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net revenues:
Affiliate	$	114,083		$	156,828		$	240,404		$	296,453
Third party		132,267			107,800			255,876			220,250
Net revenues		246,350			264,628			496,280			516,703
Cost of sales:
Cost of materials and other - affiliate		84,411			103,065			174,377			195,947
Cost of materials and other - third party		34,950			34,995			74,036			65,805
Operating expenses (excluding depreciation and amortization presented below)		37,525			29,454			78,155			61,149
Depreciation and amortization		25,879			22,746			52,377			47,913
Total cost of sales		182,765			190,260			378,945			370,814
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)		549			174			904			395
General and administrative expenses		8,944			6,016			17,808			10,879
Depreciation and amortization		1,218			1,461			2,436			2,789
Other operating expense (income), net		438			(1,744	)		(3,848	)		(1,177	)
Total operating costs and expenses		193,914			196,167			396,245			383,700
Operating income		52,436			68,461			100,035			133,003
Interest income		(23,538	)		(28	)		(46,085	)		(28	)
Interest expense		41,711			35,296			82,812			75,525
Income from equity method investments		(10,536	)		(7,882	)		(20,686	)		(16,372	)
Other income, net		(20	)		(40	)		(41	)		(211	)
Total non-operating expenses, net		7,617			27,346			16,000			58,914
Income before income tax expense		44,819			41,115			84,035			74,089
Income tax expense		245			57			427			383
Net income		44,574			41,058			83,608			73,706
Comprehensive income		44,574			41,058		$	83,608		$	73,706
Net income per unit:
Basic	$	0.83		$	0.87		$	1.56		$	1.61
Diluted	$	0.83		$	0.87		$	1.56		$	1.61
Weighted average common units outstanding:
Basic		53,445,803			47,219,184			53,524,792			45,812,770
Diluted		53,473,271			47,232,507			53,553,227			45,829,522

Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
(Unaudited)		2025			2024			2025			2024
Cash flows from operating activities
Net cash provided by operating activities	$	107,423		$	87,639		$	138,973		$	131,497
Cash flows from investing activities
Net cash used in investing activities		(112,916	)		(5,560	)		(347,683	)		(15,421	)
Cash flows from financing activities
Net cash provided by (used in) financing activities		4,822			(86,640	)		204,762			(114,720	)
Net (decrease) increase in cash and cash equivalents		(671	)		(4,561	)		(3,948	)		1,356
Cash and cash equivalents at the beginning of the period		2,107			9,672			5,384			3,755
Cash and cash equivalents at the end of the period	$	1,436		$	5,111		$	1,436		$	5,111

Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)
(In thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of Net Income to EBITDA:
Net income	$	44,574		$	41,058		$	83,608		$	73,706
Add:
Income tax expense		245			57			427			383
Depreciation and amortization		27,097			24,207			54,813			50,702
Amortization of marketing contract intangible		—			1,802			—			3,605
Interest expense, net		18,173			35,268			36,727			75,497
EBITDA		90,089			102,392			175,575			203,893
Throughput and storage fees for sales-type leases		27,406			—			55,112			—
DPG Inventory Impact		900			—			900
Transaction costs		2,496			—			5,845			—
Adjusted EBITDA	$	120,891		$	102,392		$	237,432		$	203,893

Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities	$	107,423		$	87,639		$	138,973		$	131,497
Changes in assets and liabilities		(37,602	)		(24,305	)		(5,522	)		1,482
Non-cash lease expense		(1,352	)		38			(3,619	)		(1,901	)
Distributions from equity method investments in investing activities		3,443			540			5,570			2,673
Regulatory and sustaining capital expenditures not distributable		(4,598	)		(3,007	)		(5,243	)		(4,286	)
Reimbursement from Delek Holdings for capital expenditures		10			(4	)		19			282
Sales-type lease receipts, net of income recognized		3,868			—			9,027			—
Accretion		(638	)		(186	)		(1,047	)		(373	)
Deferred income taxes		(78	)		(103	)		(263	)		(204	)
(Loss) gain on disposal of assets		(438	)		7,197			3,848			6,630
Distributable Cash Flow		70,038			67,809			141,743			135,800
Transaction costs		2,496			—			5,845			—
Distributable Cash Flow, as adjusted ⁽¹⁾	$	72,534		$	67,809		$	147,588		$	135,800

⁽¹⁾	Distributable cash flow adjusted to exclude transaction costs primarily associated with the H2O Midstream Acquisition and Gravity Acquisition.

Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation (Unaudited)
(In thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Distributions to partners of Delek Logistics, LP	$	59,612	$	51,263	$	118,932	$	101,784

Distributable cash flow	$	70,038	$	67,809	$	141,743	$	135,800
Distributable cash flow coverage ratio ⁽¹⁾	1.17x		1.32x		1.19x		1.33x
Distributable cash flow, as adjusted		72,534		67,809		147,588		135,800
Distributable cash flow coverage ratio, as adjusted ⁽²⁾	1.22x		1.32x		1.24x		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 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.

Delek Logistics Partners, LP
Segment Data (Unaudited)
(In thousands)
	Three Months Ended June 30, 2025
	Gathering and Processing			Wholesale Marketing and Terminalling			Storage and Transportation			Investments in Pipeline Joint Ventures		Corporate and Other			Consolidated
Net revenues:
Affiliate	$	39,098		$	52,367		$	22,618		$	—	$	—		$	114,083
Third party		78,669			52,248			1,350			—		—			132,267
Total revenue	$	117,767		$	104,615		$	23,968		$	—	$	—		$	246,350

Adjusted EBITDA	$	77,984		$	23,307		$	16,928		$	10,536	$	(7,864	)	$	120,891
Transaction costs		—			—			—			—		2,496			2,496
DPG Inventory Impact		900			—			—			—		—			900
Throughput and storage fees for sales-type leases		13,137			4,368			9,901			—		—			27,406
Segment EBITDA	$	63,947		$	18,939		$	7,027		$	10,536	$	(10,360	)	$	90,089
Depreciation and amortization	$	24,085		$	952		$	1,301		$	—	$	759			27,097
Interest income	$	(11,113	)	$	(4,109	)	$	(8,316	)	$	—	$	—			(23,538	)
Interest expense	$	—		$	—		$	—		$	—	$	41,711			41,711
Income tax benefit																245
Net income															$	44,574

Capital spending	$	117,218		$	65		$	1,906		$	—	$	—		$	119,189

	Three Months Ended June 30, 2024
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation			Investments in Pipeline Joint Ventures		Corporate and Other			Consolidated
Net revenues:
Affiliate	$	51,529	$	70,899	$	34,400		$	—	$	—		$	156,828
Third party		41,114		64,701		1,985			—		—			107,800
Total revenue	$	92,643	$	135,600	$	36,385		$	—	$	—		$	264,628

Segment EBITDA	$	54,680	$	30,205	$	16,752		$	7,882	$	(7,127	)		102,392
Depreciation and amortization	$	19,062	$	1,635	$	2,522		$	—	$	988			24,207
Amortization of marketing contract intangible	$	—	$	1,802	$	—		$	—	$	—			1,802
Interest income		—		—		(28	)		—		—			(28	)
Interest expense	$	—	$	—	$	—		$	—	$	35,296			35,296
Income tax expense														57
Net income													$	41,058

Capital spending	$	7,351	$	105	$	2,731		$	—	$	—		$	10,187

	Six Months Ended June 30, 2025
	Gathering and Processing			Wholesale Marketing and Terminalling			Storage and Transportation			Investments in Pipeline Joint Ventures		Corporate and Other			Consolidated
Net revenues:
Affiliate	$	77,665		$	117,075		$	45,664		$	—	$	—		$	240,404
Third party		158,705			94,239			2,932			—		—			255,876
Total revenue	$	236,370		$	211,314		$	48,596		$	—	$	—		$	496,280

Adjusted EBITDA	$	159,059		$	41,057		$	31,399		$	20,686	$	(14,769	)	$	237,432
Transaction costs		—			—			—			—		5,845			5,845
DPG Inventory Impact		900			—			—			—		—			900
Throughput and storage fees for sales-type leases		26,273			8,881			19,958			—		—			55,112
Segment EBITDA	$	131,886		$	32,176		$	11,441		$	20,686	$	(20,614	)		175,575
Depreciation and amortization		48,808			1,904			2,582			—		1,519			54,813
Interest income		(22,478	)		(8,270	)		(15,337	)		—		—			(46,085	)
Interest expense		—			—			—			—		82,812			82,812
Income tax expense																427
Net income															$	83,608

Capital spending	$	188,529		$	155		$	2,448		$	—	$	—		$	191,132

	Six Months Ended June 30, 2024
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation			Investments in Pipeline Joint Ventures		Corporate and Other			Consolidated
Net revenues:
Affiliate	$	104,082	$	123,781	$	68,590		$	—	$	—		$	296,453
Third party		84,444		131,089		4,717			—		—			220,250
Total revenue	$	188,526	$	254,870	$	73,307		$	—	$	—		$	516,703

Segment EBITDA	$	112,439	$	55,479	$	34,879		$	16,372	$	(15,276	)		203,893
Depreciation and amortization		40,216		3,347		5,297			—		1,842			50,702
Amortization of marketing contract intangible		—		3,605		—			—		—			3,605
Interest income		—		—		(28	)		—		—			(28	)
Interest expense		—		—		—			—		75,525			75,525
Income tax expense														383
Net income													$	73,706

Capital spending	$	22,074	$	21	$	3,257		$	—	$	—		$	25,352

Delek Logistics Partners, LP
Segment Capital Spending
(In thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
Gathering and Processing	2025		2024		2025		2024
Regulatory capital spending	$	—	$	—	$	—	$	—
Sustaining capital spending		2,627		171		2,640		1,008
Growth capital spending		114,591		7,180		185,889		21,066
Segment capital spending		117,218		7,351		188,529		22,074
Wholesale Marketing and Terminalling
Regulatory capital spending		—		99		11		27
Sustaining capital spending		65		6		144		(6	)
Growth capital spending		—		—		—		—
Segment capital spending		65		105		155		21
Storage and Transportation
Regulatory capital spending		799		322		1,020		322
Sustaining capital spending		1,107		2,409		1,428		2,935
Growth capital spending		—		—		—		—
Segment capital spending		1,906		2,731		2,448		3,257
Consolidated
Regulatory capital spending		799		421		1,031		349
Sustaining capital spending		3,799		2,586		4,212		3,937
Growth capital spending		114,591		7,180		185,889		21,066
Total capital spending	$	119,189	$	10,187	$	191,132	$	25,352

Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
Crude pipelines (non-gathered)		71,220		73,320		66,580		73,166
Refined products pipelines to Enterprise Systems		53,597		60,575		54,797		61,904
El Dorado Gathering System		9,983		13,024		10,151		13,005
East Texas Crude Logistics System		33,101		23,259		30,027		21,481
Midland Gathering System		207,183		206,933		209,059		210,196
Plains Connection System		158,881		210,033		169,004		233,438
Delaware Gathering Assets:
Natural Gas Gathering and Processing (Mcfd⁽¹⁾)		60,940		76,237		60,378		76,280
Crude Oil Gathering (average bpd)		137,167		123,927		129,737		123,718
Water Disposal and Recycling (average bpd)		116,504		116,499		122,468		122,881
Midland Water Gathering System:
Water Disposal and Recycling (average bpd) ⁽²⁾		600,891		—		613,817		—

Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) ⁽³⁾		67,516		71,082		67,695		68,779
Big Spring marketing throughputs (average bpd) ⁽⁴⁾		—		81,422		—		79,019
West Texas marketing throughputs (average bpd)		10,757		11,381		10,791		10,678
West Texas gross margin per barrel	$	4.12	$	2.99	$	2.88	$	2.60
Terminalling throughputs (average bpd) ⁽⁵⁾		150,971		159,260		144,030		147,937

⁽¹⁾	Mcfd - average thousand cubic feet per day.
⁽²⁾	Consists of volumes of H2O Midstream and Gravity. Gravity 2025 volumes are from January 2, 2025 to June 30, 2025.
⁽³⁾	Excludes jet fuel and petroleum coke.
⁽⁴⁾	Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings.
⁽⁵⁾	Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, our El Dorado and North Little Rock, Arkansas terminals and our Memphis and Nashville, Tennessee terminals.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806664997/en/

Contacts

Investor Relations and Media/Public Affairs Contact:

investor.relations@delekus.com

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 X account (@DelekLogistics).