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Delek Logistics Partners, LP (NYSE: DKL), based in Brentwood, Tennessee, is a dynamic publicly traded master limited partnership (MLP) established by Delek US Holdings in 2012. The company specializes in the ownership, operation, acquisition, and construction of crude oil and refined products logistics and marketing assets. A significant portion of their assets are crucial for supporting the refining operations of Delek's facilities in Tyler, Texas, and El Dorado, Arkansas.
Delek Logistics operates through several segments including Pipelines and Transportation, as well as Investments in Pipeline Joint Ventures. Their services encompass gathering, transporting, and storing crude oil, along with marketing, distributing, and storing refined products. These operations primarily serve Delek's refineries and also cater to third-party customers in the southeastern United States and West Texas.
The Pipelines and Transportation segment is the cornerstone of Delek Logistics' business, featuring pipelines, tanks, offloading facilities, and trucks that facilitate the movement and storage of crude oil and refined products. This segment is responsible for the majority of the company's revenue, showcasing their extensive infrastructure.
Recent achievements highlight Delek Logistics' proactive approach in financial management and expansion. On March 7, 2024, the company announced a public offering of $120 million in common units, with an additional option for underwriters to purchase $13.5 million more. This initiative aims to repay outstanding borrowings under its revolving credit agreement, showcasing their commitment to financial health.
In another significant move, Delek Logistics revealed the pricing of a public offering of 3,116,884 common units at $38.50 per unit on March 7, 2024. The net proceeds are intended to further strengthen their financial standing by reducing debt. Additionally, a tender offer for 6.75% Senior Notes due in 2025, announced on March 11, 2024, further emphasizes their strategic financial maneuvers.
Delek Logistics’ extensive network and joint ventures, particularly in the Permian and Delaware Basins, underline their pivotal role in the midstream energy sector. They provide a range of services including crude oil gathering, transportation, and storage, as well as wholesale marketing and terminalling, which are integral to their operations and growth strategy.
The strong backing from Delek Holdings, which owns the general partner interest and a majority limited partner interest, coupled with their significant customer relationship, adds to Delek Logistics' stability and growth potential. Investors can stay updated with the latest developments and financial performance through their investor relations webpage and news releases.
Delek Logistics Partners, LP (NYSE: DKL) has announced a quarterly cash distribution of $0.95 per common limited partner unit for Q3 2021, marking a 1.1% increase from Q2 2021 and a 5% increase from Q3 2020. This distribution is set to be payable on November 10, 2021. The company highlighted strong margins and utilization rates as positive industry trends, reinforcing confidence in DKL's financial outlook. Uzi Yemin, CEO, emphasized the stability of the business amid varying economic conditions.
Delek US Holdings (NYSE: DK) announced its third quarter 2021 results release is scheduled for after market close on November 4, 2021. A conference call to discuss these results will occur on November 5, 2021, at 8:00 a.m. CT. Investors can access the live call on DelekUS.com. Concurrently, Delek Logistics Partners (NYSE: DKL) will hold its earnings call on the same day at 7:00 a.m. CT. Both companies focus on energy logistics and refining, essential for understanding their market positions.
Delek Logistics Partners, LP (NYSE: DKL) announced it will release its third quarter 2021 results after market close on November 4, 2021. A conference call to discuss these results is set for 7:00 a.m. CT on November 5, 2021. Investors can access the live broadcast through www.deleklogistics.com, with a replay available online for 90 days. Additionally, Delek US Holdings, Inc. (NYSE: DK) will conduct its quarterly earnings call on the same day, providing information relevant to Delek Logistics.
Delek US Holdings (NYSE:DK) will present at the 10th Annual Gateway Conference on September 8, 2021, at 12:30 p.m. Eastern time. The presentation will be available via a live webcast and for replay. One-on-one meetings will be held throughout the conference. Delek US is a diversified downstream energy company with significant assets in refining and logistics, including ownership of approximately 80% of Delek Logistics Partners (NYSE:DKL), which focuses on midstream energy infrastructure.
Delek Logistics Partners, LP (NYSE: DKL) reported second-quarter 2021 net income of $43.2 million or $1.00 per diluted unit, down from $44.4 million year-over-year. Net cash from operating activities increased significantly to $85.8 million compared to $37.5 million in Q2 2020. EBITDA rose to $66.8 million, up from $64.8 million. The company announced a cash distribution of $0.94 per unit, a 4.4% increase from Q2 2020. Following a successful $400 million senior notes offering, total debt stands at $928.7 million, enhancing financial flexibility.
Delek US Holdings reported a second quarter 2021 net loss of $(81.1) million, or $(1.10) per share, contrasting with a net income of $87.7 million, or $1.18 per share, a year prior. Adjusted EBITDA improved to $2.0 million from $(99.6) million year-over-year. The company faced operational disruptions due to winter weather and pipeline outages, incurring $40-$45 million in additional expenses. However, a $156 million federal tax refund and ongoing insurance claims may provide near-term liquidity. Retail and logistics segments showed growth, with logistics' contribution margin reaching $64.2 million.
Delek Logistics Partners, LP (NYSE: DKL) announced a quarterly cash distribution of $0.94 per common limited partner unit for Q2 2021, marking a 2.2% increase from Q1 2021 and a 4.4% increase from Q2 2020. This is the 33rd consecutive quarterly increase, demonstrating business stability. The distribution is payable on August 11, 2021, to unitholders of record on August 5, 2021. CEO Uzi Yemin noted improving product demand trends as the economy reopens, which is expected to support energy demand into the second half of the year.
Delek Logistics Partners, LP (NYSE: DKL) announced it will release its second quarter 2021 results on August 3, 2021, post market close. A conference call to discuss the results will take place on August 4, 2021, at 7:30 a.m. CT. The live broadcast will be accessible online, with a 90-day replay available. Additionally, investors can tune into Delek US Holdings, Inc.'s (NYSE: DK) earnings call on the same day at 8:30 a.m. CT, which could provide relevant market insights.
Delek Logistics Partners, LP (NYSE: DKL) announced the pricing of a $400 million offering of 7.125% senior notes due 2028. The offering is set to close on May 24, 2021, pending customary conditions. The proceeds will be used to repay a portion of outstanding borrowings under its revolving credit facility. The notes are offered only to qualified institutional buyers, exempt from registration under the Securities Act. Forward-looking statements highlight potential risks, including market uncertainties and public health impacts.
Delek Logistics Partners, LP (NYSE: DKL) announced plans to offer $400 million in senior notes due 2028 in a private placement, subject to market conditions. The proceeds will be used to reduce outstanding borrowings under its revolving credit facility. The offering is only for qualified institutional buyers, exempt from registration under the Securities Act. This press release serves as notification under Rule 135c and is not an offer for the sale of the Notes. Delek Logistics, based in Brentwood, Tennessee, operates logistics and marketing assets for crude oil and refined products.
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