DKL
Delek Logistics Partners, LP44.18
-0.76-1.69%
Dec 16, 4:00:03 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms outlook, accelerates sour gas
Q&A largely reaffirmed prepared remarks on Delek Logistics' record 2025 results and $520-560M 2026 EBITDA guidance, but added color on sour gas acceleration in the Delaware Basin due to higher-than-expected sour content, with AGI well and gathering infrastructure completing soon for a utilization step-up. Management confirmed the recent DK asset sales pushed third-party EBITDA to 82%, deeming sponsor separation materially complete. They reiterated prior $15M Libby expansion investment while dodging timelines on next steps or M&A, insisting on accretive deals only. No major contradictions. Investors will eye sour gas ramp execution. Confident tone prevails.
Key Stats
Market Cap
2.36BP/E (TTM)
14.34Basic EPS (TTM)
3.08Dividend Yield
0.1%Recent Filings
10-K
FY2025 results
Delek Logistics Partners delivered FY2025 net income of $176M, up from $143M in 2024, fueled by the Gravity water acquisition in January and H2O Midstream integration, boosting gathering and processing EBITDA 25% to $260M despite sales-type lease reclassifications shifting $215M affiliate fees to interest income. Q4 momentum accelerated with Permian expansions—Libby gas plant ramping and sour gas/AGI builds—driving third-party volumes while DPG dropdown added blending ops May 1. Debt rose to $2.4B post-$700M 2033 Notes issuance, yet liquidity hit $949M; $10M unit buyback trimmed Delek Holdings stake. Q4 distributions hit $1.125/unit. Dependence on Delek Holdings (49% revenue) risks throughput if sponsor refineries falter.
8-K
Record Q4 EBITDA, 2026 guidance
Delek Logistics crushed Q4 2025 with record Adjusted EBITDA of $142.3 million, up from $114.3 million a year ago, fueled by Gravity and H2O Midstream acquisitions plus W2W dropdown. Full-year hit $535.6 million. Third-party EBITDA will top 80% in 2026. Guidance: $520-560 million EBITDA. Raised distribution to $1.125/unit—52nd straight hike. Leverage steady at 4.07x.
8-K
DKL hikes Q4 distribution
8-K
Record Q3 EBITDA, guidance raised
Delek Logistics crushed Q3 with net income of $45.6 million and Adjusted EBITDA of $136.0 million, up 27% year-over-year on record Delaware crude gathering volumes and Gravity/H2O contributions. They hiked full-year Adjusted EBITDA guidance to $500-$520 million while marking their 51st straight quarterly distribution increase to $1.120/unit. Leverage sits at 4.44x. Progress accelerates at Libby Complex.
10-Q
Q3 FY2025 results
Delek Logistics Partners boosted Q3 revenues 22.1% y/y to $261.3M, with operating income up 42.6% y/y to $45.4M and diluted EPS steady at $0.85, fueled by Gravity Acquisition (closed Jan 2025 for $300.8M cash/stock, recognizing $66.3M customer intangibles over 32 years) and H2O Midstream (Sep 2024, $229.7M cash/preferred units). YTD revenue rose 3.7% y/y to $757.6M yet operating income dipped 11.8% y/y to $145.4M from sales-type lease reclassifications; net income climbed 20.3% y/y to $129.2M, confirmed vs. 53.5M diluted shares. Cash swelled to $6.9M, OCF hit $193.9M (up 24.0% y/y), FCF not disclosed in the 10-Q; debt climbed to $2.3B including new $700M 7.375% 2033 Notes, revolver availability ~$993M. Acquisitions expand Permian water services. Dependence on Delek Holdings remains a risk.
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