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Delek Logistics Partners, LP (NYSE: DKL) reported a net income of $32.6 million for the first quarter of 2024, with earnings before interest, taxes, depreciation and amortization (EBITDA) of $101.5 million. Distributable cash flow stood at $68.0 million, with a coverage ratio of 1.35x. The company executed $850 million debt and $138 million equity offerings, improving liquidity to $800.0 million. With a total of 47.2 million outstanding units, Delek Logistics delivered its 45th consecutive distribution growth, now at $1.070 per unit.
Delek US Holdings, Inc. reported a net loss of $32.6 million in the first quarter of 2024, with adjusted net loss of $26.2 million. They successfully executed debt and equity offerings, improving liquidity to $800 million. The company added 3.6 million DKL units, increased volume activity, and improved leverage ratio. They paid $15.7 million in dividends and increased quarterly dividend to $0.250 per share. The refining segment's Adjusted EBITDA was $106.1 million, logistics segment's was $99.7 million, and retail segment's was $6.5 million. Corporate and other activities reported a loss of $(53.6) million. Delek US had a cash balance of $753.4 million and total long-term debt of $2,496.9 million.
Delek US Holdings, Inc. announced an increase in the regular quarterly dividend to $0.25 per share. The dividend will be paid on May 24, 2024, to shareholders of record on May 17, 2024. Delek US is a diversified downstream energy company with refining, logistics, pipelines, renewable fuels, and convenience store retailing assets.