Delek Logistics Partners, LP Reports Fourth Quarter 2021 Results

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BRENTWOOD, Tenn., Feb. 23, 2022 /PRNewswire/ -- Delek Logistics Partners, LP DKL ("Delek Logistics") today announced its financial results for the fourth quarter 2021. For the three months ended December 31, 2021, Delek Logistics reported net income attributable to all partners of $41.7 million, or $0.96 per diluted common limited partner unit. This compares to net income attributable to all partners of $40.7 million, or $0.94 per diluted common limited partner unit, in the fourth quarter 2020. Net cash from operating activities was $52.9 million in the fourth quarter 2021 compared to $58.4 million in the fourth quarter 2020. Distributable cash flow was $53.9 million in the fourth quarter 2021, compared to $55.9 million in the fourth quarter 2020.   

For the fourth quarter 2021, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $69.7 million compared to $64.0 million in the fourth quarter 2020. 

Uzi Yemin, Chairman, President and Chief Executive Officer of Delek Logistics' general partner, remarked: "DKL provided another year of consistent performance in 2021. Given the lack of major turnaround activity planned in the Delek US refining system in 2022, we expect strong volumes and performance to continue. Additionally, the recent pick-up in Permian drilling activity creates organic growth opportunities for our gathering business. As a result, DKL increased capital spending on this asset, as outlined in the 2022 capital budget program announced in December."

Mr. Yemin continued, "DKL has a long history of returning cash to shareholders with a consistent increase in the quarterly distribution since the fourth quarter 2012. Our company delivered on its commitment to 5% distribution growth on a year-over-year basis in 2021, and based on our strong outlook for the year ahead, we expect another 5% increase on a full-year basis in 2022."

Distribution and Liquidity

On January 21, 2022, Delek Logistics declared a quarterly cash distribution of $0.975 per common limited partner unit for the fourth quarter 2021, which equates to $3.90 per common limited partner unit on an annualized basis. This distribution was paid on February 8, 2022 to unitholders of record on February 1, 2022. This represents a 2.6% increase from the third quarter 2021 distribution of $0.95 per common limited partner unit, or $3.80 per common limited partner unit on an annualized basis, and a 7.1% increase over Delek Logistics' fourth quarter 2020 distribution of $0.91 per common limited partner unit, or $3.64 per common limited partner unit annualized. For the fourth quarter 2021, the total cash distribution declared to all partners was approximately $42.4 million, resulting in a distributable cash flow coverage ratio of 1.27x.

As of December 31, 2021, Delek Logistics had total debt of approximately $899.0 million and cash of $4.3 million. Additional borrowing capacity, subject to certain covenants, under the $850.0 million credit facility was $592.0 million, which was enhanced by the recent note offering. The total leverage ratio was well within the requirements of the maximum allowable leverage ratio under the credit facility.

Financial Results

Contribution margin in the fourth quarter 2021 was $66.7 million compared to $62.0 million in the fourth quarter 2020. Overall performance benefited from an increase in utilization on assets supporting the El Dorado Refinery, our West Texas Wholesale Business and an increase in throughput on third party pipelines. 

Pipelines and Transportation Segment

Contribution margin in the fourth quarter 2021 was $49.7 million compared to $44.0 million in the fourth quarter 2020. This increase was primarily driven by an increase in throughput on our third party pipelines and increased utilization on assets supporting the El Dorado Refinery.

Wholesale Marketing and Terminalling Segment

During the fourth quarter 2021, contribution margin was $17.0 million compared to $18.1 million in the fourth quarter 2020. The decrease in overall performance was impacted by lower gross margins which was partially offset by favorable RIN values in our West Texas Wholesale Marketing business.

Investments in Pipeline Joint Ventures Segment

During the fourth quarter 2021, income from equity method investments was $6.6 million compared to $5.8 million in the fourth quarter 2020, primarily driven by increases in income from our Red River equity method investment. Compared to year-ago levels, the Red River pipeline joint venture experienced higher throughput volumes attributable to improving industry production volumes.

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Fourth Quarter 2021 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its fourth quarter 2021 results on Thursday, February 24, 2022 at 7:30 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.    

Investors may also wish to listen to Delek US Holdings, Inc.'s DK ("Delek US") fourth quarter 2021 earnings conference call on Thursday, February 24, 2022 at 8:30 a.m. Central Time and review Delek US' earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com.

About Delek Logistics Partners, LP

Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US DK to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.

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; the impact of the COVID-19 outbreak on the demand for crude oil, refined products and transportation and storage services; 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; 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.

EBITDA and distributable cash flow 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;
  • 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.

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Delek Logistics believes that the presentation of EBITDA, distributable cash flow and distributable cash flow coverage ratio provide useful information to investors in assessing its financial condition, its results of operations and the cash flow its business is generating. EBITDA, distributable cash flow and distributable cash flow coverage ratio should not be considered in isolation or as 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. 

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Non-GAAP measures 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. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in its industry, Delek Logistics' definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. 

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Delek Logistics Partners, LP

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except unit and per unit data)



December 31, 2021


December 31, 2020

ASSETS





Current assets:





Cash and cash equivalents


$                    4,292


$                    4,243

   Accounts receivable


15,384


15,676

Accounts receivable from related parties



5,932

Inventory


2,406


3,127

Other current assets


951


331

Total current assets


23,033


29,309

Property, plant and equipment:





Property, plant and equipment


715,870


692,282

Less: accumulated depreciation


(266,482)


(227,470)

Property, plant and equipment, net


449,388


464,812

Equity method investments


250,030


253,675

Operating lease right-of-use assets


20,933


24,199

Goodwill


12,203


12,203

Marketing contract intangible, net


116,577


123,788

Rights-of-way


37,280


36,316

Other non-current assets


25,627


12,115

Total assets


$                 935,071


$                 956,417






LIABILITIES AND DEFICIT





Current liabilities:





Accounts payable


$                    8,160


$                    6,659

Accounts payable to related parties


64,423


Interest payable


5,024


2,452

Excise and other taxes payable


5,280


4,969

Current portion of operating lease liabilities


6,811


8,691

Accrued expenses and other current liabilities


7,117


5,529

Total current liabilities


96,815


28,300

Non-current liabilities:





Long-term debt


898,970


992,291

Asset retirement obligations


6,476


6,015

Operating lease liabilities, net of current portion


14,071


15,418

Other non-current liabilities


22,731


22,694

Total non-current liabilities


942,248


1,036,418

Total liabilities


1,039,063


1,064,718

Equity (Deficit):





Common unitholders - public; 8,774,053 units issued and outstanding at December 31, 2021 (8,697,468 at
December 31, 2020)


166,067


164,614

Common unitholders - Delek Holdings; 34,696,800 units issued and outstanding at December 31, 2021
(34,745,868 at December 31, 2020)


(270,059)


(272,915)

Total deficit


(103,992)


(108,301)

Total liabilities and deficit


$                 935,071


$                 956,417

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Delek Logistics Partners, LP

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except unit and per unit data)


Three Months Ended December 31,


Year  Ended December 31,


2021


2020


2021


2020

Net revenues:








Affiliate

$           110,314


$             92,927


$           418,826


$           382,666

Third-party

79,570


47,185


282,076


180,752

Net revenues

189,884


140,112


700,902


563,418

Cost of sales:








Cost of materials and other

109,414


63,217


384,409


269,094

Operating expenses (excluding depreciation and amortization presented
below)

13,197


14,575


58,398


53,846

Depreciation and amortization

11,552


10,780


40,945


33,737

Total cost of sales

134,163


88,572


483,752


356,677

Operating expenses related to wholesale business (excluding depreciation
and amortization presented below)

596


281


2,337


2,433

General and administrative expenses

5,527


5,614


22,545


22,587

Depreciation and amortization

356


499


1,825


1,994

Other operating (income) expense, net

(113)


41


(59)


(66)

Total operating costs and expenses

140,529


95,007


510,400


383,625

Operating income

49,355


45,105


190,502


179,793

Interest expense, net

14,297


10,020


50,221


42,874

Income from equity method investments

(6,623)


(5,818)


(24,575)


(22,693)

Other (income) expense, net

(1)


30


(119)


133

Total non-operating expenses, net

7,673


4,232


25,527


20,314

Income before income tax expense

41,682


40,873


164,975


159,479

Income tax (benefit) expense

(3)


156


153


223

Net income attributable to partners

$             41,685


$             40,717


$           164,822


$           159,256

Comprehensive income attributable to partners

$             41,685


$             40,717


$           164,822


$           159,256









Less: General partner's interest in net income, including incentive distribution
rights




18,724

Limited partners' interest in net income

$             41,685


$             40,717


$           164,822


$           140,532









Net income per limited partner unit:








Common units - basic

$                 0.96


$                 0.94


$                 3.79


$                 4.18

Common units - diluted

$                 0.96


$                 0.94


$                 3.79


$                 4.18









Weighted average limited partner units outstanding:








Common units - basic

43,454,535


43,435,153


43,447,739


33,594,284

Common units - diluted

43,470,460


43,441,693


43,460,470


33,597,418









Cash distribution per limited partner unit

$               0.975


$               0.910


$               3.785


$               3.605

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Delek Logistics Partners, LP

Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)



Year  Ended December 31,



2021


2020

Cash flows from operating activities





Net income


$          164,822


$          159,256

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization


42,770


35,731

Non-cash lease expense


9,652


6,075

Amortization of customer contract intangible assets


7,211


7,211

Amortization of deferred revenue


(1,953)


(1,888)

Amortization of deferred financing costs and debt discount


3,016


2,412

Income from equity method investments


(24,575)


(22,693)

Dividends from equity method investments


20,831


25,436

Other non-cash adjustments


1,959


1,253

Changes in assets and liabilities:





Accounts receivable


292


(2,472)

Inventories and other current assets


55


11,363

Accounts payable and other current liabilities


(1,913)


(13,479)

Accounts receivable/payable to related parties


67,161


(14,628)

Non-current assets and liabilities, net


(14,166)


(561)

Changes in assets and liabilities


51,429


(19,777)

Net cash provided by operating activities


275,162


193,016

Cash flows from investing activities





Asset acquisitions from Delek Holdings, net of assumed liabilities



(100,527)

Purchases of property, plant and equipment and intangible  assets


(24,016)


(13,284)

Proceeds from sales of property, plant and equipment


275


107

Distributions from equity method investments


8,774


2,741

Equity method investment contributions


(1,393)


(12,175)

Net cash used in investing activities


(16,360)


(123,138)

Cash flows from financing activities





Proceeds from issuance of additional units to maintain 2% General Partner interest



10

Distributions to general partner



(27,635)

Distributions to common unitholders - public


(32,462)


(31,532)

Distributions to common unitholders - Delek Holdings


(129,255)


(77,665)

Distributions to Delek Holdings unitholders and general partner related to Trucking Assets Acquisition



(47,558)

Distribution to general partner for conversion of its interest and IDR elimination



(45,000)

Proceeds from revolving credit facility


341,000


599,600

Payments on revolving credit facility


(829,601)


(441,400)

Proceeds from issuance of senior notes


400,000


Deferred financing costs paid in connection with debt issuances


(6,216)


Payments on finance lease


(2,219)


Net cash used in financing activities


(258,753)


(71,180)

Net increase (decrease) in cash and cash equivalents


49


(1,302)

Cash and cash equivalents at the beginning of the period


4,243


5,545

Cash and cash equivalents at the end of the period


$              4,292


$              4,243

Supplemental disclosures of cash flow information:





Cash paid during the period for:





Interest


$           44,633


$           40,582

Income taxes


$                  34


$                  98

Non-cash investing activities:





Increase in accrued capital expenditures and other


$             3,850


$                198

Equity issuance to Delek Holdings unitholders in connection with Permian Gathering Assets Acquisition


$                  —


$         109,513

Non-cash financing activities:





Sponsor contribution of property, plant and equipment


$                  —


$             2,938

Non-cash lease liability arising from obtaining right of use assets during the period


$             9,457


$           32,090

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Delek Logistics Partners, LP

Reconciliation of  Amounts Reported Under U.S. GAAP

(In thousands)


Three Months Ended December 31,


Year  Ended December 31,


2021


2020


2021


2020

Reconciliation of Net Income to EBITDA:








Net income

$             41,685


$             40,717


$           164,822


$           159,256

Add:








Income tax (benefit) expense

(3)


156


153


223

Depreciation and amortization

11,908


11,279


42,770


35,731

Amortization of customer contract intangible assets

1,803


1,803


7,211


7,211

Interest expense, net

14,297


10,020


50,221


42,874

EBITDA

$             69,690


$             63,975


$           265,177


$           245,295









Reconciliation of net cash from operating activities to distributable cash flow:








Net cash provided by operating activities

$             52,886


$             58,362


$           275,162


$           193,016

Changes in assets and liabilities

5,469


1,236


(51,429)


19,777

Non-cash lease expense

(2,685)


(3,839)


(9,652)


(6,075)

Distributions from equity method investments in investing activities

2,529


18


8,774


2,741

Maintenance and regulatory capital expenditures

(4,471)


(536)


(8,232)


(1,296)

Reimbursement from Delek Holdings for capital expenditures 

277


182


1,913


263

Accretion of asset retirement obligations

(115)


(107)


(461)


(427)

Deferred income taxes

(150)


589


(353)


(401)

Other operating income (expense), net

113


(41)


59


66

Distributable Cash Flow

$             53,853


$             55,864


$           215,781


$           207,664



Delek Logistics Partners, LP

Distributable Coverage Ratio Calculation

(In thousands)


Three Months Ended December 31,


Year  Ended December 31,

Distributions to partners of Delek Logistics, LP

2021


2020


2021


2020

Limited partners' distribution on common units

$             42,384


$             39,533


$           164,484


$           127,070

General partner's distributions




986

General partner's incentive distribution rights




17,632

Total distributions to be paid (1)

$             42,384


$             39,533


$           164,484


$           145,688









Distributable cash flow

$             53,853


$             55,864


$           215,781


$           207,664

Distributable cash flow coverage ratio (2)

1.27x


1.41x


1.31x


1.43x



(1) 

The distributions for the three months ended and the year ended December 31, 2020 reflect the impact of the distribution waiver that waived all of the distributions for the first quarter of 2020 on the 5.0 million Additional Units, related to the Permian Gathering Assets (formerly known as the Big Spring Gathering Assets) transaction, with respect to base distributions and the IDRs. In addition, the distributions for the three months ended March 31, 2020 reflect the waiver of distributions in respect of the IDRs associated with the Additional Units for at least two years. Subsequently, the IDRs were eliminated in the Restructuring Transaction on August 13, 2020.



(2) 

Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.





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Delek Logistics Partners, LP

Segment Data (unaudited)

(In thousands)


Three Months Ended December 31,


Year  Ended December 31,


2021


2020


2021


2020

Pipelines and Transportation








Net revenues:








Affiliate

$             71,436


$             65,588


$           271,033


$           233,873

Third party

4,597


3,009


16,612


17,596

Total pipelines and transportation

76,033


68,597


287,645


251,469

     Cost of sales:








Cost of materials and other

17,226


14,312


59,821


45,934

Operating expenses (excluding depreciation and amortization)

9,108


10,331


43,818


42,267

Segment contribution margin

$             49,699


$             43,954


$           184,006


$           163,268

Capital spending

$             12,396


$               4,207


$             22,342


$               7,631









Wholesale Marketing and Terminalling








Net revenues:








   Affiliates (1)

$             38,878


$             27,339


$           147,793


$           148,793

Third party

74,973


44,176


265,464


163,156

Total wholesale marketing and terminalling

113,851


71,515


413,257


311,949

     Cost of sales:








Cost of materials and other

92,188


48,905


324,588


223,160

Operating expenses (excluding depreciation and amortization)

4,685


4,525


16,917


14,012

Segment contribution margin

$             16,978


$             18,085


$             71,752


$             74,777

Capital spending

$                  529


$               4,324


$               5,109


$               7,818









Investments in Pipeline Joint Ventures








Income from equity method investments

$             (6,623)


$              (5,818)


$            (24,575)


$            (22,693)

Equity method investments contributions

$                    —


$                 (371)


$              (1,393)


$            (12,175)









Consolidated








Net revenues:








Affiliates

$           110,314


$             92,927


$           418,826


$           382,666

Third party

79,570


47,185


282,076


180,752

Total consolidated

189,884


140,112


700,902


563,418

Cost of sales:








Cost of materials and other

109,414


63,217


384,409


269,094

Operating expenses (excluding depreciation and amortization presented below)

13,793


14,856


60,735


56,279

Contribution margin

66,677


62,039


255,758


238,045

General and administrative expenses

5,527


5,614


22,545


22,587

Depreciation and amortization

11,908


11,279


42,770


35,731

Other operating (income) expense, net

(113)


41


(59)


(66)

Operating income

49,355


45,105


190,502


179,793

Interest expense, net

14,297


10,020


50,221


42,874

Income from equity method investments

(6,623)


(5,818)


(24,575)


(22,693)

Other (income) expense, net

(1)


30


(119)


133

Total non-operating expenses, net

7,673


4,232


25,527


20,314

Income before income tax expense

41,682


40,873


164,975


159,479

Income tax (benefit) expense

(3)


156


153


223

Net income attributable to partners

$             41,685


$             40,717


$           164,822


$           159,256

Capital spending

$             12,925


$               8,531


$             27,451


$             15,449



(1) 

Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the Marketing Contract Intangible Acquisition.





8 |

Delek Logistics Partners, LP

Segment Capital Spending (1)

 (In thousands)


Three Months Ended December 31,


Year  Ended December 31,

Pipelines and Transportation

2021


2020


2021


2020

Maintenance capital spending

$               4,387


$               1,265


$               5,528


$               1,732

Discretionary capital spending

8,009


2,942


16,814


5,899

Segment capital spending

$             12,396


$               4,207


22,342


7,631

Wholesale Marketing and Terminalling








Maintenance capital spending

$                  368


$                  232


1,762


1,712

Discretionary capital spending

161


4,092


3,347


6,106

Segment capital spending

$                  529


$               4,324


5,109


7,818

Consolidated








Maintenance capital spending

$               4,755


$               1,497


7,290


3,444

Discretionary capital spending

8,170


7,034


20,161


12,005

Total capital spending

$             12,925


$               8,531


$             27,451


$             15,449



(1) 

Capital spending excludes the capital contributions to our equity method investments. The equity method investments capital contributions were $0.4 million for the three months ended December 31, 2020, and $1.4 million and $12.2 million for the years ended December 31, 2021 and 2020, respectively. There were no equity method investments capital contributions for the three months ended December 31, 2021.





 

Delek Logistics Partners, LP





Segment Data (Unaudited)






Three Months Ended December 31,


Year  Ended December 31,


2021


2020


2021


2020

Pipelines and Transportation Segment:








Throughputs (average bpd)








El Dorado Assets:








    Crude pipelines (non-gathered)

80,145


66,521


65,335


74,179

    Refined products pipelines to Enterprise Systems

66,632


48,900


48,757


53,702

El Dorado Gathering System

15,660


13,308


14,460


13,466

East Texas Crude Logistics System

18,499


16,719


22,647


15,960

Permian Gathering System (1)

83,353


76,795


80,285


82,817

Plains Connection System

133,281


120,304


124,025


104,770









Wholesale Marketing and Terminalling Segment:








East Texas - Tyler Refinery sales volumes (average bpd) (2)

55,755


73,584


68,497


71,182

Big Spring marketing throughputs (average bpd)

83,385


84,219


78,370


76,345

West Texas marketing throughputs (average bpd)

10,007


9,915


10,026


11,264

West Texas gross margin per barrel

$                 3.97


$                 2.36


$                 3.72


$                 2.37

Terminalling throughputs (average bpd) (3)

124,476


153,243


138,301


147,251



(1)

Formerly known as the Big Spring Gathering System.



(2)

Excludes jet fuel and petroleum coke.



(3)

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 (ir.deleklogistics.com), news webpage (www.deleklogistics.com/news) and its Twitter account (@DelekLogistics).

9 |

SOURCE Delek Logistics

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