📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Delek Logistics Partners, LP provides gathering, pipeline, transportation, and other services for crude oil, intermediates, refined products, natural gas, storage, wholesale marketing, terminalling water disposal and recycling customers in the United States. The company operates in four segments: Gathering and Processing, Wholesale Marketing and Terminalling, Storage and Transportation, and Investments in Joint Ventures. It offers tanks, offloading facilities, and trucks and ancillary assets that provide crude oil, hydrocarbon-based products, intermediate and refined products transportation, and storage services. Delek Logistics GP, LLC serves as the general partner of the company. Delek Logistics Partners, LP was incorporated in 2012 and is headquartered in Brentwood, Tennessee. Delek Logistics Partners, LP operates as a subsidiary of Delek US Holdings, Inc.

Key Ratios Snapshot

📈 Growth Pattern

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used words like "record quarter", "on track", "very excited", "very pleased", and "prudent management". They provided specific figures (e.g., $120M EBITDA, $480M-$520M guidance, $1.115 distribution) and reiterated guidance without hesitation. When asked about M&A, they gave detailed criteria. No defensive or evasive language detected.

Q3 2025

Confident Specific

Management uses phrases like 'another record quarter,' 'increased its full-year EBITDA midpoint guidance to the upper end,' and 'extraordinary achievement' to describe the 51st consecutive distribution increase. They also provide specific numbers ($136M adjusted EBITDA, $1.12 distribution) and concrete operational progress (Libby 2 commissioning, AGI infrastructure).

Q4 2025

Confident Specific

Management repeatedly highlighted record EBITDA and specific guidance numbers, with clear statements like '2025 was an exceptional year' and 'we are well positioned for 2026'. They provided concrete figures for distribution increase and leverage targets.

Q1 2026 latest

Confident Specific

Management repeatedly expressed strong confidence, citing specific achievements like $132M adjusted EBITDA, best Q1 results to date, and reaffirmed full-year EBITDA guidance of $520M-$560M despite a $10M weather headwind. They provided detailed segment breakdowns and forward-looking statements on gas ramp and water opportunities.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management demonstrated resilience by overcoming a $10M weather headwind and still delivering record Q1 results. The reaffirmed guidance range provides confidence in near-term earnings. The progress on the sour gas solution, despite delays, is tangible with the AGI well drilled and infrastructure buildout underway. The increasing third-party revenue share (80% pro forma) reduces dependence on sponsor Delek, a key credit positive. The water business is outperforming and could be a catalyst for incremental growth or M&A. However, the gas ramp remains a key uncertainty to watch in the next 3-6 months, and any further delays could pressure the top end of guidance. Next quarter, focus on gas system utilization, updates on water platform initiatives, and leverage trajectory toward the 4.05x level.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Delek Logistics Q1 2026 adjusted EBITDA $132M, reaffirms FY guidance $520M-$560M

Revenue & Profitability

Q1 2026 adjusted EBITDA was $132 million, up from $123 million in Q1 2025. Distributable cash flow as adjusted was $72 million, with a DCF coverage ratio of approximately 1.2x. Leverage stood at 4.05x after upsizing the credit facility to $1.3 billion, providing liquidity of about $1.1 billion. The board approved the 53rd consecutive quarterly distribution increase to $1.13 per unit. Winter Storm Fern created a roughly $10 million headwind.

Outlook

Management expects industry tailwinds from the Iran conflict, which increases the call on U.S. shale as a safe harbor for global crude supply. Additionally, Waha gas prices are expected to find a floor as new residue gas takeaway pipelines come online in the second half of 2026, supporting higher Permian production. These factors are expected to benefit all three of DKL's business lines.

Growth Drivers

Key growth levers include the sour gas system ramp-up, expected to reach capacity in the next three to six months. The water business is performing strongly, with management exploring additional opportunities in produced water gathering and disposal. Combined crude and water offerings are yielding great results, and Delaware crude gathering volumes have recovered after Winter Storm Fern and are expected to increase over the rest of the year.

Balance Sheet & CapEx

Total Q1 2026 capital spending was approximately $50 million, of which $42 million was growth capital directed primarily toward the first AGI well and new sour gas gathering infrastructure. The full-year growth capital expenditure guidance is $180 million to $190 million, which management expects to yield roughly $75 million in incremental EBITDA on a run-rate basis. Additional selective investments are being considered to support future expansion of the Libby Complex.

Margins

Not discussed in this earnings call.

Key Risks

Risks flagged include the impact of winter storms (e.g., Fern caused a $10 million headwind), slower-than-expected ramp-up of the sour gas system, and producer shut-ins related to Waha gas pricing. Management also noted that geopolitical events like the Iran conflict create both tailwinds and uncertainties. On the water side, permitting for new SWDs remains limited.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Record Q2 adjusted EBITDA of $144 million was driven by strong segment performance and higher volumes across gas, crude, and water. Full-year guidance was reaffirmed, and the 54th consecutive distribution increase was announced, supported by robust liquidity and disciplined capital allocation.

Q1 2026 Q1 2026 2026-04-29

Reported $132M adjusted EBITDA, reaffirmed $520M-$560M full-year guidance, and raised distribution for the 53rd consecutive quarter. Strong segment performance and capital discipline offset $10M storm headwind, with growth expected in gas, crude, and water businesses.

Q4 2025 Q4 2025 2026-02-27

Record 2025 Adjusted EBITDA of $536M was driven by strong execution and asset integration, with 2026 EBITDA guidance set at $520M-$560M. Distribution increased for the 52nd consecutive quarter, and 80% of 2026 EBITDA is expected from third-party business.

Q3 2025 Q3 2025 2025-11-07

Reported record Q3 adjusted EBITDA of $136M, raised full-year guidance to $500–$520M, and achieved record crude gathering volumes. Recent acquisitions and Libby 2 plant commissioning drive growth, with strong financial flexibility and continued distribution increases.

Q2 2025 Q2 2025 2025-08-06

Record adjusted EBITDA of $120M was achieved, driven by strong Permian operations and new plant commissioning. Guidance of $480M–$520M EBITDA is reaffirmed, with increased liquidity and a 50th consecutive distribution hike.

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