Delek Logistics Partners, LP (DKL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.2B

Revenue growth

30.3%

Net income, last twelve months

$154.1M

Earnings per share

$2.87

Gross margin

17.6%

Operating margin

15.3%

Net margin

12.8%

Free cash flow

$133.8M

Market value

$3.0B

Price to earnings

19.8x

Cash

$13.7M

Debt

$2.4B

Shares outstanding

53.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 5 August 2026.

• Adjusted EBITDA rose on margins. Adjusted EBITDA was $143.5 million versus $127.4 million; net income was $28.9 million, or $0.54 per unit, versus $44.6 million, or $0.83 per unit.
• DPG business drove EBITDA gain. EBITDA was $120.0 million versus $96.6 million, mainly from the DPG business tied to the prior-year dropdown from Delek. Sales-type lease accounting impacts were $24.0 million.
• Distributable cash flow increased. Distributable cash flow, as adjusted, was $80.5 million versus $72.5 million. Transaction costs were $0.1 million in the quarter.
• Gathering and processing EBITDA up. Gathering and processing Adjusted EBITDA was $104.1 million versus $78.0 million, which management attributed to increased margins.
• Wholesale EBITDA fell on agreement end. Wholesale marketing and terminalling Adjusted EBITDA was $12.6 million versus $23.3 million, attributed to the East Texas agreement termination and lower wholesale margins.
• Storage and transportation slightly lower. Storage and transportation Adjusted EBITDA was $16.3 million versus $16.9 million, attributed to lower income from sales-type leases.
• Joint ventures contributed more. Equity method investments contributed Adjusted EBITDA of $20.7 million versus $17.0 million; higher W2W income was partly offset by other joint ventures.
• Crude gathering volumes at record. Delaware crude oil gathering averaged 157,156 bpd versus 137,167 bpd; management described these as record crude oil gathered volumes.
• Gas gathering and Midland water rose. Natural gas gathering and processing averaged 80,715 Mcfd versus 60,940 Mcfd; Midland water disposal and recycling averaged 701,435 bpd versus 600,891 bpd.
• Delaware water disposal declined. Delaware water disposal and recycling averaged 105,396 bpd versus 116,504 bpd in the prior-year quarter.
• West Texas margin and terminalling. West Texas gross margin was $2.88 per barrel versus $4.12; terminalling throughputs averaged 159,363 bpd versus 150,971 bpd; West Texas marketing throughputs were 4,191 bpd versus 10,757 bpd.
• Interest expense rose sharply. Interest expense was $70.1 million versus $41.7 million, while interest income was $22.5 million versus $23.5 million.
• Depreciation and amortization higher. Depreciation and amortization was $37.4 million versus $27.1 million; gathering and processing accounted for $33.9 million of the total.
• Third-party materials costs rose. Cost of materials from third parties was $90.0 million versus $35.0 million; affiliate cost of materials was $149.0 million versus $84.4 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 251 held.

Every filing

The newest filings with the SEC of 370 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

89 funds held it at 30 Jun 2026: 36 added and 17 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Enbridge Inc. (ENB): revenue $83.5B, market value $106.1B
• Mplx LP (MPLX): revenue $13.2B, market value $59.7B
• HF Sinclair Corp. (DINO): revenue $34.8B, market value $19.2B
• Plains ALL American Pipeline LP (PAA): revenue $52.3B, market value $18.8B
• Plains GP Holdings LP (PAGP): revenue $52.3B, market value $5.7B
• Genesis Energy LP (GEL): revenue –, market value $1.7B

What the company does

Delek Logistics Partners, LP is a Delaware limited partnership formed in 2012 by Delek US Holdings, Inc. ("Delek Holdings") and its subsidiary Delek Logistics GP, LLC, which is its general partner. It provides gathering, processing, pipeline and other transportation services for crude oil and natural gas customers. It also provides storage, wholesale marketing and terminalling services for intermediate and refined products, and water disposal and recycling services. Its assets and joint ventures sit mainly in the Permian Basin, including the Delaware sub-basin, and in select areas of the Gulf Coast. Delek Holdings, directly or indirectly, accounted for 49.3% of total revenues in 2025.

How the business is organised

The partnership reports four segments: gathering and processing; wholesale marketing and terminalling; storage and transportation; and investments in pipeline joint ventures. Costs that belong to no segment, mainly general and administrative expenses, sit in Corporate and Other. The people who run the business are employed by the general partner and its non-Partnership affiliates.

What it does in the Permian Basin

The gathering and processing segment includes the Midland Gathering Assets, the Delaware Gathering Assets and the Midland Water Gathering Assets. The Midland Gathering System has approximately 258 miles of gathering assets and approximately 65 tank battery connections, and it mainly serves Delek Holdings refining needs. The Delaware Gathering Assets are in central Lea County, New Mexico. They include the Libby 1 and Libby 2 natural gas processing plants, with 195 MMcf/d of processing capacity, and water disposal capacity of 310 MBbl/d. The Midland Water Gathering Assets come from the H2O Midstream and Gravity acquisitions. They cover water disposal and recycling in the Permian, with approximately 512 miles of pipeline, and in the Bakken, with approximately 55 miles of pipeline.

In this segment the partnership does not take ownership of the crude oil or refined products it moves. Its fees are tied to volumes rather than commodity prices.

Refineries, pipelines and terminals

Many of the partnership's assets are contracted to Delek Holdings in support of three refineries: the Tyler Refinery in Texas, the El Dorado Refinery in Arkansas and the Big Spring Refinery in Texas. The storage and transportation segment holds tanks, offloading facilities, trucks and related assets for these refineries, including 161 tractors and 306 trailers. Across the business the partnership has approximately 1,326 miles of crude and refined product pipeline, not counting approximately 462 miles of decommissioned gathering system pipeline.

The wholesale marketing and terminalling segment buys refined products from third-party suppliers and from Delek Holdings. It sells and exchanges them at its Abilene and San Angelo, Texas terminals and at third-party terminals in West Texas. In its West Texas marketing the partnership takes ownership of product and is exposed to price movements. A marketing agreement under which it marketed 100% of the Tyler Refinery's refined products, other than jet fuel and petroleum coke, ended on 1 January 2026.

Pipeline joint ventures

The partnership holds a share of four crude oil pipeline joint ventures, accounted for as equity method investments:

- Andeavor Logistics Rio Pipeline LLC, 33%, a 109-mile pipeline ending in Midland, Texas. - Caddo Pipeline LLC, 50%, an 80-mile pipeline from Longview, Texas toward the Shreveport, Louisiana area. - Red River Pipeline Company LLC, 33%, a 350-mile pipeline between Oklahoma and Texas. - Wink to Webster Holdings, LLC, 50%, which holds a 15.6% indirect interest in the Wink to Webster pipeline, a 650-mile system from Wink, Texas to Webster, Texas.

The partnership does not earn revenue directly from these ventures. It records its share of their net income.

Who buys from it and how it is paid

Delek Holdings is the primary customer, and the filing says losing it would have a material adverse effect on the operating segments. Most commercial agreements with Delek Holdings are fee-based, with initial terms of five to ten years and minimum volume or throughput commitments. Fees are adjusted each 1 July for changes in inflation-based indices and are not set below the amount first agreed. Other customers include major oil companies, independent refiners and marketers, jobbers, distributors, utility and transportation companies and independent retail fuel operators. In the Delaware Basin, virtually all of the business is with third parties, under long-term contracts that often include minimum volume commitments and dedicated acreage.

Rules it operates under

The Federal Energy Regulatory Commission regulates rates and terms on certain pipelines under the Interstate Commerce Act. State bodies include the Texas Railroad Commission, the Louisiana Public Service Commission, the Arkansas Public Service Commission and the New Mexico Public Regulation Commission. The Pipeline and Hazardous Materials Safety Administration regulates pipeline design, operation and safety. The partnership is also subject to federal, state and local environmental and safety laws, including the Clean Air Act and the Clean Water Act.

*From Delek Logistics Partners's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1552797/000162828026012666/dkl-20251231.htm)*

From the company's 10-K.