Delek Logistics Reports Second Quarter 2023 Results

Rhea-AI Summary

Delek Logistics Partners, LP (NYSE: DKL) reported net income of $31.9 million for Q2 2023, compared to $32.2 million in Q2 2022. EBITDA was $92.8 million, up from $64.5 million in the previous year. Distributable cash flow was $60.5 million, an increase from $55.6 million in Q2 2022. The company declared a quarterly cash distribution of $1.035 per unit, representing a 1.0% increase from the previous quarter.

Positive

• Delek Logistics reported an increase in net income and EBITDA for Q2 2023 compared to the same period last year.
• Distributable cash flow also increased in Q2 2023.
• The company declared a 1.0% increase in the quarterly cash distribution per unit.

Negative

• None.

• Net income attributable to all partners of $31.9 million
• EBITDA of $92.8 million
• Distributable cash flow of $60.5 million
• Adjusted distributable cash flow coverage ratio of 1.34x
• Delivered 42 consecutive quarters of distribution growth with recent increase to $1.035/unit

BRENTWOOD, Tenn., Aug. 7, 2023 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the second quarter 2023, with reported net income attributable to all partners of $31.9 million, or $0.73 per diluted common limited partner unit. This compares to net income attributable to all partners of $32.2 million, or $0.74 per diluted common limited partner unit, in the second quarter 2022. Net cash provided in operating activities was $34.6 million in the second quarter 2023 compared to net cash provided by operating activities of $85.1 million in the second quarter 2022. Distributable cash flow was $60.5 million in the second quarter 2023, compared to $55.6 million in the second quarter 2022.   

For the second quarter 2023, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $92.8 million compared to $64.5 million in the second quarter 2022. 

"Delek Logistics operated well and delivered another great quarter," said Avigal Soreq, President of Delek Logistics' general partner. "Delek Logistics has provided consistent results and stable cash flows.  We have more than doubled the volume in the Midland Gathering compared with the same time last year. As Permian Basin production continues to ramp up, we see a pathway to increase Delek Logistics' scale and efficiency, providing additional support to earnings and cash flows." 

"In July, the Board approved the 42nd consecutive increase in the quarterly distribution to $1.035 per unit. The Board continues to demonstrate its   commitment to unitholders and confidence in the underlying asset base of Delek Logistics," Mr. Soreq concluded.

Distribution and Liquidity

On July 26, 2023, Delek Logistics declared a quarterly cash distribution of $1.035 per common limited partner unit for the second quarter 2023. This distribution will be paid on August 14, 2023 to unitholders of record on August 7, 2023. This represents a 1.0% increase from the first quarter 2023 distribution of $1.025 per common limited partner unit, and a 5.1% increase over Delek Logistics' second quarter 2022 distribution of $0.985 per common limited partner unit. For the second quarter 2023, the total cash distribution declared to all partners was approximately $45.1 million, resulting in a distributable cash flow coverage ratio of 1.34x.

As of June 30, 2023, Delek Logistics had total debt of approximately $1.74 billion and cash of $7.7 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 June 30, 2023 of approximately 4.66x was within the requirements of the maximum allowable leverage ratio under the credit facility.

Consolidated Operating Results

Second quarter 2023 EBITDA of $92.8 million benefited from increased contribution from the Delek Permian Gathering system, Delaware Gathering (formerly 3 Bear) acquisition, and continued strong throughput on joint venture pipelines as compared to EBITDA of $64.5 million in the second quarter 2022. Net income attributable to all partners for the second quarter 2023 of $31.9 million reflected a decrease of $0.3 million compared to the second quarter 2022.

Gathering and Processing Segment

EBITDA in the second quarter 2023 was $52.7 million compared with $38.5 million in the second quarter 2022. The increase was primarily driven from strong contributions from the Midland Gathering System, as well as the Delaware Gathering Assets.

Wholesale Marketing and Terminalling Segment

EBITDA in the second quarter 2023 was $28.0 million, approximately in line with second quarter 2022 EBITDA of  $18.8 million. The increase was primarily due to strong throughputs and increased West Texas margins.

Storage and Transportation Segment

EBITDA in the second quarter 2023 was $15.0 million compared with $14.5 million in the second quarter 2022. The increase was primarily due to higher utilization and fees.

Investments in Pipeline Joint Ventures Segment

During the second quarter 2023, income from equity method investments was $7.3 million compared to $7.1 million in the second quarter 2022.

Corporate

EBITDA in the  second quarter 2023 was a loss of $10.1 million compared to a loss of $14.4 million in the second quarter 2022.

Second Quarter 2023 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its second quarter 2023 results on Monday, August 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 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. 

 

Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit and per unit data)
	June 30, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$                    7,715		$                   7,970
Accounts receivable	65,844		53,314
Accounts receivable from related parties	7,402		—
Inventory	3,078		1,483
Other current assets	1,395		2,463
Total current assets	85,434		65,230
Property, plant and equipment:
Property, plant and equipment	1,291,972		1,240,684
Less: accumulated depreciation	(350,233)		(316,680)
Property, plant and equipment, net	941,739		924,004
Equity method investments	242,747		257,022
Customer relationship intangible, net	190,388		199,440
Marketing contract intangible, net	105,760		109,366
Rights-of-way, net	57,006		55,990
Goodwill	27,051		27,051
Operating lease right-of-use assets	22,635		24,788
Other non-current assets	19,796		16,408
Total assets	$              1,692,556		$             1,679,299
LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable	$                  14,510		$                 57,403
Accounts payable to related parties	—		6,055
Current portion of long-term debt	15,000		15,000
Interest payable	5,305		5,308
Excise and other taxes payable	7,338		8,230
Current portion of operating lease liabilities	8,168		8,020
Accrued expenses and other current liabilities	6,123		6,202
Total current liabilities	56,444		106,218
Non-current liabilities:
Long-term debt, net of current portion	1,729,338		1,646,567
Operating lease liabilities, net of current portion	10,478		12,114
Asset retirement obligations	9,685		9,333
Other non-current liabilities	16,113		15,767
Total non-current liabilities	1,765,614		1,683,781
Total liabilities	1,822,058		1,789,999
Equity (Deficit):
Common unitholders - public; 9,274,898 units issued and outstanding at June 30, 2023 (9,257,305 at December 31, 2022)	167,760		172,119
Common unitholders - Delek Holdings; 34,311,278 units issued and outstanding at June 30, 2023 (34,311,278 at December 31, 2022)	(297,262)		(282,819)
Total deficit	(129,502)		(110,700)
Total liabilities and deficit	$              1,692,556		$             1,679,299

 

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,
	2023		2022		2023		2022
Net revenues:
Affiliate	$           132,993		$            124,366		$           257,992		$           248,120
Third-party	113,918		142,384		232,444		225,211
Net revenues	246,911		266,750		490,436		473,331
Cost of sales:
Cost of materials and other - affiliate	92,042		143,730		183,113		249,615
Cost of materials and other - third party	36,083		32,630		71,108		52,939
Operating expenses (excluding depreciation and amortization presented below)	28,476		20,284		52,691		37,827
Depreciation and amortization	22,469		12,948		42,233		22,809
Total cost of sales	179,070		209,592		349,145		363,190
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)	480		705		1,005		1,269
General and administrative expenses	6,611		13,773		14,121		18,868
Depreciation and amortization	1,258		474		2,599		948
(Gain) loss on disposal of assets	(455)		—		(313)		12
Total operating costs and expenses	186,964		224,544		366,557		384,287
Operating income	59,947		42,206		123,879		89,044
Interest expense, net	35,099		16,812		67,680		31,062
Income from equity method investments	(7,285)		(7,073)		(13,601)		(14,099)
Other income, net	(19)		(2)		(21)		(3)
Total non-operating expenses, net	27,795		9,737		54,058		16,960
Income before income tax expense	32,152		32,469		69,821		72,084
Income tax expense	256		305		558		406
Net income attributable to partners	$             31,896		$              32,164		$             69,263		$             71,678
Comprehensive income attributable to partners	$             31,896		$              32,164		$             69,263		$             71,678
Net income per limited partner unit:
Basic	$                 0.73		$                 0.74		$                 1.59		$                 1.65
Diluted	$                 0.73		$                 0.74		$                 1.59		$                 1.65
Weighted average limited partner units outstanding:
Basic	43,577,428		43,475,931		43,573,716		43,473,746
Diluted	43,597,282		43,502,983		43,591,726		43,491,796
Cash distribution per common limited partner unit	$               1.035		$                0.985		$               2.060		$               1.965

 

Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
(Unaudited)	2023		2022		2023		2022
Cash flows from operating activities
Net cash provided by operating activities	$              34,612		$              85,137		$              63,802		$             133,057
Cash flows from investing activities
Net cash used in investing activities	(27,914)		(646,851)		(54,893)		(659,327)
Cash flows from financing activities
Net cash (used in) provided by financing activities	(9,947)		572,798		(9,164)		535,788
Net increase (decrease) in cash and cash equivalents	(3,249)		11,084		(255)		9,518
Cash and cash equivalents at the beginning of the period	10,964		2,726		7,970		4,292
Cash and cash equivalents at the end of the period	$                7,715		$              13,810		$                7,715		$              13,810

 

Delek Logistics Partners, LP
Reconciliation of  Amounts Reported Under U.S. GAAP
(In thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Reconciliation of Net Income to EBITDA:
Net income	$               31,896		$             32,164		$             69,263		$             71,678
Add:
Income tax expense	256		305		558		406
Depreciation and amortization	23,727		13,422		44,832		23,757
Amortization of marketing contract intangible asset	1,802		1,803		3,605		3,606
Interest expense, net	35,099		16,812		67,680		31,062
EBITDA	$               92,780		$             64,506		$           185,938		$           130,509
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities	$               34,612		$             85,137		$             63,802		$           133,057
Changes in assets and liabilities	27,259		(26,920)		64,929		(20,908)
Non-cash lease expense	(2,247)		(9,686)		(4,447)		(11,484)
Distributions from equity method investments in investing activities	—		1,187		1,440		1,737
Regulatory capital expenditures not distributable	391		(233)		(3,855)		(1,040)
Reimbursement from (refund to) Delek for capital expenditures	674		1		1,011		(14)
Accretion of asset retirement obligations	(176)		(123)		(352)		(247)
Deferred income taxes	(518)		—		(629)		—
Gain (loss) on disposal of assets	455		—		313		(12)
Distributable Cash Flow	$               60,450		$             49,363		$           122,212		$           101,089
Transaction costs	—		6,199		—		6,393
Distributable Cash Flow, as adjusted (1)	$               60,450		$             55,562		$           122,212		$           107,482

 

Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation
(In thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Distributions to partners of Delek Logistics, LP	$              45,112		$             42,832		$             89,776		$             85,436
Distributable cash flow	$              60,450		$             49,363		$           122,212		$           101,089
Distributable cash flow coverage ratio (1)	1.34x		1.15x		1.36x		1.18x
Distributable cash flow, as adjusted (2)	60,450		55,562		122,212		107,482
Distributable cash flow coverage ratio, as adjusted (3)	1.34x		1.30x		1.36x		1.26x

 

(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.

 

Delek Logistics Partners, LP Segment Data (Unaudited) (In thousands)
		Three Months Ended June 30, 2023
		Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate		$           49,182		$           52,076		$           31,735		$                 —		$                 —		$         132,993
Third party		44,055		66,751		3,112		—		—		113,918
Total revenue		$           93,237		$         118,827		$           34,847		$                 —		$                 —		$         246,911
Segment EBITDA		$           52,663		$           27,983		$           14,978		$            7,285		$         (10,129)		$           92,780
Depreciation and amortization		18,801		1,880		2,304		—		742		23,727
Amortization of customer contract intangible		—		1,802		—		—		—		1,802
Interest expense, net		—		—		—		—		35,099		35,099
Income tax benefit												256
Net income												$           31,896
Capital spending		$           18,877		$           (2,712)		$            3,215		$                 —		$                 —		$           19,380

 

		Three Months Ended June 30, 2022
		Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate		$           45,605		$           46,110		$           32,651		$                 —		$                 —		$         124,366
Third party		19,221		119,430		3,733		—		—		142,384
Total revenue		$           64,826		$         165,540		$           36,384		$                 —		$                 —		$         266,750
Segment EBITDA		$           38,497		$           18,807		$           14,529		$            7,073		$         (14,400)		$           64,506
Depreciation and amortization		8,640		1,668		2,180		—		934		13,422
Amortization of customer contract intangible		—		1,803		—		—		—		1,803
Interest expense, net		—		—		—		—		16,812		16,812
Income tax benefit												305
Net income												$           32,164
Capital spending		$           26,630		$                 96		$                 —		$                 —		$                 —		$           26,726

 

		Six Months Ended June 30, 2023
		Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate		$         101,943		$           85,827		$           70,222		$                 —		$                 —		$         257,992
Third party		83,726		145,309		3,409		—		—		232,444
Total revenue		$         185,669		$         231,136		$           73,631		$                 —		$                 —		$         490,436
Segment EBITDA		$         108,108		$           49,937		$           28,400		$           13,601		$         (14,108)		$         185,938
Depreciation and amortization		35,248		3,569		4,406		—		1,609		44,832
Amortization of customer contract intangible		—		3,605		—		—		—		3,605
Interest expense, net		—		—		—		—		67,680		67,680
Income tax expense												558
Net income												$           69,263
Capital spending		$           51,666		$               404		$            3,411		$                 —		$                 —		$           55,481

 

		Six Months Ended June 30, 2022
		Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate		$           85,938		$           98,842		$           63,340		$                 —		$                 —		$         248,120
Third party		20,932		197,474		6,805		—		—		225,211
Total revenue		$         106,870		$         296,316		$           70,145		$                 —		$                 —		$         473,331
Segment EBITDA		$           70,578		$           39,541		$           25,637		$           14,099		$         (19,346)		$         130,509
Depreciation and amortization		14,481		3,046		4,276		—		1,954		23,757
Amortization of customer contract intangible		—		3,606		—		—		—		3,606
Interest expense, net		—		—		—		—		31,062		31,062
Income tax expense												406
Net income												$           71,678
Capital spending		$           35,485		$               327		$                 —		$                 —		$                 —		$           35,812

 

Delek Logistics Partners, LP
Segment Capital Spending
(In thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
Gathering and Processing	2023		2022		2023		2022
Regulatory capital spending	$                     —		$                  246		$                    —		$               2,207
Sustaining capital spending	—		104		—		129
Growth capital spending	18,877		26,280		51,666		33,149
Segment capital spending	$              18,877		$             26,630		$             51,666		$             35,485
Wholesale Marketing and Terminalling
Regulatory capital spending	$                     18		$                   85		79		167
Sustaining capital spending	(3,856)		5		(925)		9
Growth capital spending	1,126		7		1,250		152
Segment capital spending	$               (2,712)		$                   97		$                  404		$                  328
Storage and Transportation
Regulatory capital spending	$                1,124		$                    —		$               1,148		$                    —
Sustaining capital spending	2,091		—		2,263		—
Growth capital spending	—		—		$                    —		$                    —
Segment capital spending	$                3,215		$                    —		$               3,411		$                    —
Consolidated
Regulatory capital spending	$                1,142		$                  331		$               1,227		$               2,374
Sustaining capital spending	(1,765)		109		1,338		138
Growth capital spending	20,003		26,287		52,916		33,301
Total capital spending	$              19,380		$             26,727		$             55,481		$             35,813

 

Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
Crude pipelines (non-gathered)	61,260		84,699		62,131		78,818
Refined products pipelines to Enterprise Systems	44,966		64,821		49,957		62,186
El Dorado Gathering System	13,041		17,961		13,509		17,064
East Texas Crude Logistics System	30,666		19,942		26,690		18,010
Midland Gathering System (1):	221,876		101,236		221,993		100,783
Plains Connection System	255,035		154,086		247,856		158,025
Delaware Gathering Assets(2):
Natural Gas Gathering and Processing (Mcfd(3))	73,309		51,292		74,008		51,292
Crude Oil Gathering (average bpd)	117,017		78,011		110,408		78,011
Water Disposal and Recycling (average bpd)	127,195		57,625		107,848		57,625
Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) (4)	69,310		63,502		52,158		67,021
Big Spring marketing throughputs (average bpd)	75,164		78,634		76,763		77,100
West Texas marketing throughputs (average bpd)	9,985		10,073		9,454		9,994
West Texas gross margin per barrel	$                  3.23		$                 2.67		$                 2.89		$                 2.85
Terminalling throughputs (average bpd) (5)	134,323		130,002		113,926		136,808

 

(1)	Formerly known as the Permian Gathering Assets. Excludes volumes that are being temporarily transported via trucks while connectors are under construction.
(2)	Volumes for the three and six months ended June 30, 2022 are for period from June 1 through June 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.

 

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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SOURCE Delek Logistics Partners, LP

FAQ

What was Delek Logistics' net income for Q2 2023?

Delek Logistics reported net income of $31.9 million for Q2 2023.

What was the EBITDA for Q2 2023?

The EBITDA for Q2 2023 was $92.8 million.

What was the distributable cash flow for Q2 2023?

The distributable cash flow for Q2 2023 was $60.5 million.

What was the increase in the quarterly cash distribution per unit?

The quarterly cash distribution per unit increased by 1.0%.

When will the cash distribution be paid?

The cash distribution will be paid on August 14, 2023.

What was the total cash distribution declared to all partners for Q2 2023?

The total cash distribution declared to all partners for Q2 2023 was approximately $45.1 million.

What was the distributable cash flow coverage ratio for Q2 2023?

The distributable cash flow coverage ratio for Q2 2023 was 1.34x.

What was the total debt and cash as of June 30, 2023?

As of June 30, 2023, Delek Logistics had total debt of approximately $1.74 billion and cash of $7.7 million.

What was the total leverage ratio as of June 30, 2023?

The total leverage ratio as of June 30, 2023 was approximately 4.66x.