$DKL

Delek Logistics Partners, LP

CIK:0001552797|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Net revenues

Net revenues

$ 384,760

$ 246,350

$ 682,226

$ 496,280

Cost of sales:

Operating expenses (excluding depreciation and amortization presented below)

42,794

37,525

89,390

78,155

Depreciation and amortization

36,914

25,879

72,267

52,377

Total cost of sales

318,670

182,765

569,230

378,945

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

543

549

992

904

General and administrative expenses

3,280

8,944

7,554

17,808

Depreciation and amortization

491

1,218

1,639

2,436

Other operating expense (income), net

(120)

438

906

(3,848)

Total operating costs and expenses

322,864

193,914

580,321

396,245

Operating income

61,896

52,436

101,905

100,035

Interest income

(22,545)

(23,538)

(54,830)

(46,085)

Interest expense

70,090

41,711

121,682

82,812

Income from equity method investments

(14,491)

(10,536)

(26,114)

(20,686)

Other income, net

(29)

(20)

(56)

(41)

Total non-operating expenses, net

33,025

7,617

40,682

16,000

Income before income tax expense

28,871

44,819

61,223

84,035

Income tax expense

245

427

Net income

28,871

44,574

61,223

83,608

Comprehensive income

$ 28,871

$ 44,574

$ 61,223

$ 83,608

Net income per limited partner unit:

Basic (in dollars per unit)

$ 0.54

$ 0.83

$ 1.15

$ 1.56

Diluted (in dollars per unit)

$ 0.54

$ 0.83

$ 1.15

$ 1.56

Weighted average common units outstanding:

Basic (in units)

53,175,413

53,445,803

53,343,964

53,524,792

Diluted (in units)

53,240,181

53,473,271

53,430,114

53,553,227

Affiliated Entity

Net revenues

Net revenues

^[1]

$ 204,764

$ 114,083

$ 371,454

$ 240,404

Cost of sales:

Cost of materials and other

^[1]

148,955

84,411

257,140

174,377

Nonrelated Party

Net revenues

Net revenues

179,996

132,267

310,772

255,876

Cost of sales:

Cost of materials and other

$ 90,007

$ 34,950

$ 150,433

$ 74,036

[1]	See Note 3 for a description of our material affiliate revenue and purchases transactions.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 61,223	$ 83,608
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,906	54,813
Non-cash lease expense	2,848	3,619
Amortization of deferred revenue	(4,086)	(1,660)
Amortization of deferred financing costs and debt discount	3,231	2,667
Income from equity method investments	(26,114)	(20,686)
Dividends from equity method investments	22,405	11,722
Loss on extinguishment of debt	23,005	0
Other non-cash adjustments	5,668	(632)
Changes in assets and liabilities:
Accounts receivable	(20,325)	(26,364)
Inventories and other current assets	(6,508)	(1,537)
Accounts payable and other current liabilities	127,235	322,980
Accounts receivable/payable to related parties	(42,937)	(297,545)
Net investment in leases - affiliate	13,434	8,279
Non-current assets and liabilities, net	8,589	(291)
Net cash provided by operating activities	241,574	138,973
Cash flows from investing activities:
Purchases of property, plant and equipment	(108,063)	(169,948)
Proceeds from sales of property, plant and equipment	104	4,892
Purchases of intangible assets	(9,221)	(7,017)
Business combination, net of cash acquired	0	(181,180)
Distributions from equity method investments	8,089	5,570
Net cash used in investing activities	(109,091)	(347,683)
Cash flows from financing activities:
Distributions to common unitholders - public	(44,315)	(43,335)
Distributions to common unitholders - Delek Holdings	(75,967)	(75,287)
Proceeds from term debt	800,000	700,000
Payments on term debt	(800,000)	0
Proceeds from revolving facility	2,127,500	829,900
Payments on revolving facility	(2,091,250)	(1,184,450)
Unit repurchase	0	(10,000)
Deferred financing costs paid	(23,353)	(10,788)
Debt extinguishment costs paid	(17,837)	0
Other financing activities	(4,448)	(1,278)
Net cash (used in) provided by financing activities	(129,670)	204,762
Net increase (decrease) in cash and cash equivalents	2,813	(3,948)
Cash and cash equivalents at the beginning of the period	10,892	5,384
Cash and cash equivalents at the end of the period	13,705	1,436
Cash paid during the period for:
Interest, net of capitalized interest of $2.1 million and $5.6 million in the 2026 and 2025 periods, respectively	101,647	81,146
Non-cash investing activities:
Units transferred from Delek Holdings held in Treasury	19,000	0
Inventory received in connection with DPG Dropdown	0	6,860
Forgiveness of related party receivable in connection with DPG Dropdown	0	58,800
Common units issued in connection with Gravity Acquisition	0	91,511
Increase in accrued capital expenditures	2,636	21,184
Non-cash financing activities:
Lease liability arising from obtaining operating right-of-use assets during the period	0	21,221
Lease liability arising from obtaining finance right-of-use assets during the period	6,172	0
Decrease in right-of-use assets due to lease terminations during the period	$ 41	$ 1,176

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 13,705	$ 10,892
Inventory	23,708	17,913
Other current assets	5,129	4,416
Total current assets	470,147	400,768
Property, plant and equipment:
Property, plant and equipment	1,936,429	1,827,530
Less: accumulated depreciation	(460,068)	(403,523)
Property, plant and equipment, net	1,476,361	1,424,007
Equity method investments	335,690	340,070
Other intangibles, net	145,700	137,439
Goodwill	12,203	12,203
Operating lease right-of-use assets	8,957	11,683
Finance lease right-of-use assets	29,256	27,802
Net investment in leases - affiliate	156,426	185,656
Other non-current assets	13,801	6,618
Total assets	2,870,464	2,779,268
Current liabilities:
Accounts payable	427,051	292,908
Interest payable	24,356	30,557
Excise and other taxes payable	21,194	16,569
Current portion of operating lease liabilities	2,170	3,027
Current portion of finance lease liabilities	9,834	8,310
Accrued expenses and other current liabilities	4,690	5,122
Total current liabilities	489,295	356,493
Non-current liabilities:
Long-term debt, net of current portion	2,372,717	2,344,420
Operating lease liabilities, net of current portion	2,582	3,551
Finance lease liabilities, net of current portion	20,494	20,289
Asset retirement obligations	26,157	24,278
Other non-current liabilities	28,510	24,123
Total non-current liabilities	2,450,460	2,416,661
Partners' (deficit) equity:
Total (deficit) equity	(69,291)	6,114
Total liabilities and partners' (deficit) equity	2,870,464	2,779,268
Nonrelated Party
Current assets:
Accounts receivable	134,869	114,544
Affiliated Entity
Current assets:
Accounts receivable	259,578	216,641
Lease receivable - affiliate	33,158	36,362
Common- Public \| Limited Partner
Partners' (deficit) equity:
Total (deficit) equity	488,877	510,376
Common- Delek \| Limited Partner
Partners' (deficit) equity:
Total (deficit) equity	(558,168)	(504,262)
Customer relationships
Property, plant and equipment:
Customer relationship intangibles, net	$ 221,923	$ 233,022