Delek Logistics Partners, LP Reports Second Quarter 2022 Results
  • Reported second quarter net income attributable to all partners of $32.2 million
  • EBITDA of $64.5 million including approximately $6.2 million of adverse acquisition related expenses
  • Delivered 38 consecutive quarters of distribution growth with recent increase to $0.985/unit; reflects 4.8% increase y/y
  • Closed 3 Bear acquisition on June 1, 2022; expands third party revenue, product mix and geography in Permian
  • Delek Permian Gathering volumes expected to approximately double by end of 3Q22 from 4Q21 levels

BRENTWOOD, Tenn., Aug. 4, 2022 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the second quarter 2022. For the three months ended June 30, 2022, Delek Logistics reported net income attributable to all partners of $32.2 million, or $0.74 per diluted common limited partner unit. This compares to net income attributable to all partners of $43.2 million, or $1.00 per diluted common limited partner unit, in the second quarter 2021. Net cash from operating activities was $85.1 million in the second quarter 2022 compared to $85.8 million in the second quarter 2021. Distributable cash flow, as adjusted(1) was $55.6 million in the second quarter 2022, compared to $53.8 million in the second quarter 2021.   

For the second quarter 2022, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $64.5 million (including $6.2 million of adverse closing costs associated with 3 Bear Delaware - NM, LLC) compared to $66.8 million in the second quarter 2021. 

Avigal Soreq, President of Delek Logistics' general partner, stated, "We are excited to welcome the 3 Bear team to Delek Logistics. This is a transformational acquisition as it increases our third party revenue, expands our product mix to include natural gas and water and diversifies our geographic footprint into the Delaware portion of the Permian basin. Between our legacy Midland assets and newly acquired Delaware assets, we are concentrated in one of the most prolific basins in the world. Returning cash to unitholders has been a longstanding priority of the partnership and I'm proud to continue that tradition with the 38th consecutive increase in the quarterly distribution of $0.985 per unit."

Uzi Yemin, Executive Chairman of Delek Logistics, remarked, "DKL has enjoyed significant growth since becoming a public company providing stable EBITDA throughout various business cycles and delivering consistent quarterly distribution increases over time. The partnership is well positioned for the future and the recent 3 Bear acquisition progressively shifts DKL toward more of a stand-alone entity."

Distribution and Liquidity

On July 25, 2022, Delek Logistics declared a quarterly cash distribution of $0.985 per common limited partner unit for the second quarter 2022, which equates to $3.940 per common limited partner unit on an annualized basis. This distribution will be paid on August 11, 2022 to unitholders of record on August 4, 2022. This represents a 0.5% increase from the first quarter 2022 distribution of $0.980 per common limited partner unit, or $3.920 per common limited partner unit on an annualized basis, and a 4.8% increase over Delek Logistics' second quarter 2021 distribution of $0.940 per common limited partner unit, or $3.760 per common limited partner unit annualized. For the second quarter 2022, the total cash distribution declared to all partners was approximately $42.8 million, resulting in a distributable cash flow coverage ratio, as adjusted(1) of 1.30x.

As of June 30, 2022, Delek Logistics had total debt of approximately $1,522.2 million and cash of $13.8 million. Additional borrowing capacity, subject to certain covenants, under the $1.0 billion credit facility was $119.1 million. The total leverage ratio as of June 30, 2022 of approximately 4.7x was well within the requirements of the maximum allowable leverage ratio under the credit facility.

Consolidated Operating Results

Contribution margin in the second quarter 2022 increased to $69.4 million compared to $64.2 million in the second quarter 2021 primarily as a result of an increase in refinery utilization rates at Delek US and incremental contribution margin attributable to the acquisition of 3 Bear Delaware - NM, LLC (the "3 Bear Acquisition") that closed on June 1, 2022 (the "Acquisition Date"). Second quarter 2022 EBITDA of $64.5 million benefited from the increased contribution margin as well as continued strong throughput on joint venture pipelines, offset by $6.2 million of transaction costs associated with the 3 Bear Acquisition, as compared to EBITDA of $66.8 million in the  second quarter 2021. Net income attributable to all partners for the second quarter 2022 of $43.2 million reflected a decrease of $11.1 million compared to the second quarter 2021, which is primarily comprised of the $5.2 million increase in contribution margin, offset by increases in interest costs, amortization and depreciation, and transaction costs related to the 3 Bear Acquisition totaling $14.3 million.

(1)

Represents distributable cash flows adjusted to exclude transaction costs associated with the 3 Bear Acquisition. See further discussion of this measure in the discussion of Non-GAAP Disclosures.

1 |

Pipelines and Transportation Segment

Contribution margin in the second quarter 2022 was $48.4 million compared to $45.2 million in the second quarter 2021. The increase was primarily driven from strong refinery utilization rates at Delek US.

Wholesale Marketing and Terminalling Segment

During the second quarter 2022, contribution margin was $16.3 million compared to $19.0 million in the second quarter 2021. The decrease was primarily driven be lower margins in the West Texas wholesale business and lower contribution from Tyler assets compared to the second quarter 2021.

3 Bear Operations Segment

Our second quarter 2022 results were favorably impacted by the incremental contribution margin for the one month from the Acquisition Date through June 30, 2022. Contribution margin in the 3 Bear Operations Segment is largely driven by production volumes and gathering activities during the month, which are a function of both producer activities as well as our capacity, subject to the dedicated acreage agreements and the portions of acreage which have been developed, the extent to which connection points and interconnects have been brought on-line, and the extent to which maintenance or other planned or unplanned operational disruptions may occur.

Investments in Pipeline Joint Ventures Segment

During the second quarter 2022, income from equity method investments was $7.1 million compared to $6.6 million in the second quarter 2021, primarily driven by increased volumes at both Caddo and Red River joint ventures.

Second Quarter 2022 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its second quarter 2022 results on Thursday, August 4, 2022 at 9:00 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 (NYSE: DK) ("Delek US") second quarter 2022 earnings conference call on Thursday, August 4, 2022 at 10:00 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 and owns, operates, acquires and constructs crude oil, natural gas 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; risks and uncertainties related to the integration of the 3 Bear business following the recent acquisition; risks and uncertainties related to the Covid-19 pandemic; 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; projected benefits of the 3 Bear acquisition; 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.

2 |

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.
  • Distributable cash flow, as adjusted for transaction costs, or Distributable cash flow, as adjusted(FN)) - distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.

Our EBITDA and distributable cash flow measures 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 on a current and on-going basis;
  • 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.

We believe that the presentation of EBITDA and distributable cash flow measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods.  EBITDA and distributable cash flow should not be considered 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.  EBITDA and distributable cash flow 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. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in our industry, our definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility.  For a reconciliation of EBITDA and distributable cash flow to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP, please refer to "Results of Operations" below.  See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. 

3 |

Delek Logistics Partners, LP

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except unit and per unit data)


June 30, 2022


December 31, 2021

ASSETS




Current assets:




Cash and cash equivalents

$                 13,810


$                   4,292

   Accounts receivable

43,943


15,384

Inventory

3,654


2,406

Other current assets

2,257


951

Total current assets

63,664


23,033

Property, plant and equipment:




Property, plant and equipment

1,141,822


715,870

Less: accumulated depreciation

(287,983)


(266,482)

Property, plant and equipment, net

853,839


449,388

Equity method investments

248,675


250,030

Operating lease right-of-use assets

25,309


20,933

Goodwill

22,818


12,203

Marketing contract intangible, net

112,971


116,577

Customer relationship intangible, net

208,492


Rights-of-way

54,717


37,280

Other non-current assets

18,810


25,627

Total assets

$             1,609,295


$                935,071





LIABILITIES AND DEFICIT




Current liabilities:




Accounts payable

$                 44,398


$                   8,160

Accounts payable to related parties

91,491


64,423

Interest payable

6,035


5,024

Excise and other taxes payable

6,817


5,280

Current portion of operating lease liabilities

7,672


6,811

Accrued expenses and other current liabilities

6,573


7,117

Total current liabilities

162,986


96,815

Non-current liabilities:




Long-term debt

1,522,183


898,970

Asset retirement obligations

8,999


6,476

Operating lease liabilities, net of current portion

12,783


14,071

Other non-current liabilities

18,803


22,731

Total non-current liabilities

1,562,768


942,248

Total liabilities

1,725,754


1,039,063

Equity (Deficit):




Common unitholders - public; 9,173,369 units issued and outstanding at June 30, 2022 (8,774,053 at December 31, 2021)

168,611


166,067

Common unitholders - Delek Holdings; 34,311,278 units issued and outstanding at June 30, 2022 (34,696,800 at December 31, 2021)

(285,070)


(270,059)

Total deficit

(116,459)


(103,992)

Total liabilities and deficit

$             1,609,295


$                935,071

4 |

Delek Logistics Partners, LP

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except unit and per unit data)

Three Months Ended June 30,


Six Months Ended June 30,


2022


2021


2022


2021

Net revenues:








Affiliate

$           124,366


$             88,722


$           248,120


$           184,916

Third-party

142,384


79,756


225,211


136,475

Net revenues

266,750


168,478


473,331


321,391

Cost of sales:








Cost of materials and other

176,360


88,695


302,554


169,866

Operating expenses (excluding depreciation and amortization presented below)

20,284


14,963


37,827


29,213

Depreciation and amortization

12,948


9,480


22,809


19,727

Total cost of sales

209,592


113,138


363,190


218,806

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

705


605


1,269


1,166

General and administrative expenses

13,773


5,990


18,868


10,095

Depreciation and amortization

474


487


948


979

Other operating expense (income), net


(136)


12


(219)

Total operating costs and expenses

224,544


120,084


384,287


230,827

Operating income

42,206


48,394


89,044


90,564

Interest expense, net

16,812


11,658


31,062


21,395

Income from equity method investments

(7,073)


(6,642)


(14,099)


(10,691)

Other income, net

(2)


(34)


(3)


(3)

Total non-operating expenses, net

9,737


4,982


16,960


10,701

Income before income tax expense

32,469


43,412


72,084


79,863

Income tax expense

305


166


406


350

Net income attributable to partners

$             32,164


$             43,246


$             71,678


$             79,513

Comprehensive income attributable to partners

$             32,164


$             43,246


$             71,678


$             79,513









Net income per limited partner unit:








Basic

$                 0.74


$                 1.00


$                 1.65


$                 1.83

Diluted

$                 0.74


$                 1.00


$                 1.65


$                 1.83

Weighted average limited partner units outstanding:








Basic

43,475,931


43,445,222


43,473,746


43,444,284

Diluted

43,502,983


43,460,366


43,491,796


43,453,806

Cash distribution per common limited partner unit

$               0.985


$               0.940


$               1.965


$               1.860

 

Delek Logistics Partners, LP

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


Six Months Ended June 30,



2022


2021

Cash flows from operating activities





Net cash provided by operating activities


$         133,057


$         147,524

Cash flows from investing activities





Net cash used in investing activities


(659,327)


(5,211)

Cash flows from financing activities





Net cash provided by (used) in financing activities


535,788


(144,383)

Net increase (decrease) in cash and cash equivalents


9,518


(2,070)

Cash and cash equivalents at the beginning of the period


4,292


4,243

Cash and cash equivalents at the end of the period


$          13,810


$            2,173

5 |

Delek Logistics Partners, LP

Reconciliation of  Amounts Reported Under U.S. GAAP

(In thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2022


2021


2022


2021

Reconciliation of Net Income to EBITDA:








Net income

$             32,164


$             43,246


$             71,678


$             79,513

Add:








Income tax expense

305


166


406


350

Depreciation and amortization

13,422


9,967


23,757


20,706

Amortization of marketing contract intangible asset

1,803


1,803


3,606


3,606

Interest expense, net

16,812


11,658


31,062


21,395

EBITDA

$             64,506


$             66,840


$           130,509


$           125,570









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








Net cash provided by operating activities

$             85,137


$             85,792


$           133,057


$           147,524

Changes in assets and liabilities

(26,920)


(29,842)


(20,908)


(40,705)

Non-cash lease expense

(9,686)


(2,489)


(11,484)


(4,507)

Distributions from equity method investments in investing activities

1,187


1,476


1,737


5,400

Maintenance and regulatory capital expenditures not distributable

(233)


(1,133)


(1,040)


(2,862)

Reimbursement from (refund to) Delek Holdings for capital expenditures 

1


4


(14)


1,577

Accretion of asset retirement obligations

(123)


(115)


(247)


(230)

Deferred income taxes




(65)

Gain (loss) on sale of assets


136


(12)


219

Distributable Cash Flow

$             49,363


$             53,829


$           101,089


$           106,351

Transaction costs

6,199



6,393



Distributable Cash Flow, as adjusted (1)

$             55,562


$             53,829


$           107,482


$           106,351



(1)

Distributable cash flow adjusted to exclude transaction costs associated with the 3 Bear Acquisition.

 

Delek Logistics Partners, LP

Distributable Coverage Ratio Calculation

(In thousands)


Three Months Ended June 30,


Six Months Ended June 30,

Distributions to partners of Delek Logistics, LP

2022


2021


2022


2021

Total distributions to be paid

$             42,832


$             40,846


$             85,436


$             80,814









Distributable cash flow

$             49,363


$             53,829


$           101,089


$           106,351

Distributable cash flow coverage ratio (1)

1.15x


1.32x


1.18x


1.32x

Distributable cash flow, as adjusted (2)

55,562


53,829


107,482


106,351

Distributable cash flow coverage ratio, as adjusted (3)

1.30x


1.32x


1.26x


1.32x



(1) 

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

(2) 

Distributable cash flow adjusted to exclude transaction costs associated with the 3 Bear Acquisition.

(3) 

Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period.

6 |

Delek Logistics Partners, LP

Segment Data (unaudited)

Three Months Ended June 30,


Six Months Ended June 30,

(In thousands)

2022


2021


2022


2021

Pipelines and Transportation








Net revenues:








Affiliate

$              75,294


$              65,664


$            146,316


$            128,712

Third party

5,312


4,771


10,095


6,698

Total pipelines and transportation

80,606


70,435


156,411


135,410

Cost of materials and other

18,666


14,346


38,268


27,425

Operating expenses (excluding depreciation and amortization)

13,539


10,858


26,497


21,030

Segment contribution margin

$              48,401


$              45,231


$              91,646


$              86,955

Capital spending

$              21,493


$                1,531


$              29,642


$                7,376

Wholesale Marketing and Terminalling








Net revenues:








   Affiliates (1)

$              46,110


$              23,058


$              98,842


$              56,204

Third party

119,430


74,985


197,474


129,777

Total wholesale marketing and terminalling

165,540


98,043


296,316


185,981

Cost of materials and other

143,920


74,349


250,512


142,441

Operating expenses (excluding depreciation and amortization)

5,296


4,710


10,445


9,349

Segment contribution margin

$              16,324


$              18,984


$              35,359


$              34,191

Capital spending

$                  122


$                1,060


$                1,059


$                3,014

3 Bear Operations








Net revenues:








Affiliate

$                2,962


$                    —


$                2,962


$                    —

Third party

$              17,642


$                    —


$              17,642


$                    —

Total 3 Bear

20,604



20,604


Cost of materials and other

13,774



13,774


Operating expenses (excluding depreciation and amortization)

2,154



2,154


Segment contribution margin

$                4,676


$                    —


$                4,676


$                    —

Capital spending

$                5,111


$                    —


$                5,111


$                    —

Investments in Pipeline Joint Ventures








Income from equity method investments

$                7,073


$                6,642


$              14,099


$              10,691

Equity method investments contributions

$                    —


$                   (14)


$                    —


$               (1,393)

Consolidated








Net revenues:








Affiliates

$            124,366


$              88,722


$            248,120


$            184,916

Third party

142,384


79,756


225,211


136,475

Total consolidated

266,750


168,478


473,331


321,391

Cost of materials and other

176,360


88,695


302,554


169,866

Operating expenses (excluding depreciation and amortization presented below)

20,989


15,568


39,096


30,379

Contribution margin

69,401


64,215


131,681


121,146

General and administrative expenses

13,773


5,990


18,868


10,095

Depreciation and amortization

13,422


9,967


23,757


20,706

Other operating expense (income), net


(136)


12


(219)

Operating income

42,206


48,394


89,044


90,564

Capital spending

$              26,726


$                2,591


$              35,812


$              10,390



(1)

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

7 |

Delek Logistics Partners, LP

Segment Capital Spending (1)

 (In thousands)


Three Months Ended June 30,


Six Months Ended June 30,

Pipelines and Transportation

2022


2021


2022


2021

Maintenance capital spending

$                  316


$                  449


$               1,596


$                  926

Discretionary capital spending

21,177


1,082


28,046


6,450

Segment capital spending

$             21,493


$               1,531


29,642


7,376

Wholesale Marketing and Terminalling








Maintenance capital spending

$                  117


$                  681


909


720

Discretionary capital spending

5


379


150


2,294

Segment capital spending

$                  122


$               1,060


1,059


3,014

3 Bear Operations








Maintenance capital spending

$                    —


$                    —


$                    —


$                    —

Discretionary capital spending

5,111



5,111


Segment capital spending

$               5,111


$                    —


$               5,111


$                    —

Consolidated








Maintenance capital spending

$                  433


$               1,130


$               2,505


$               1,646

Discretionary capital spending

26,293


1,461


33,307


8,744

Total capital spending

$             26,726


$               2,591


$             35,812


$             10,390



(1)

There were no capital contributions to equity method investments for the six months ended June 30, 2022.

 

Delek Logistics Partners, LP





Segment Data (Unaudited)






Three Months Ended June 30,


Six Months Ended June 30,


2022


2021


2022


2021

Pipelines and Transportation Segment:








Throughputs (average bpd)








El Dorado Assets:








    Crude pipelines (non-gathered)

84,699


53,316


78,818


48,743

    Refined products pipelines to Enterprise Systems

64,821


39,193


62,186


32,806

El Dorado Gathering System

17,961


17,430


17,064


14,670

East Texas Crude Logistics System

19,942


27,497


18,010


26,790

Permian Gathering System (1)

101,236


79,589


100,783


76,672

Plains Connection System

154,086


122,529


158,025


115,484

Trucking Assets

15,679


10,314


12,510


10,251









Wholesale Marketing and Terminalling Segment:








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

63,502


74,565


67,021


73,271

Big Spring marketing throughputs (average bpd)

78,634


75,136


77,100


74,038

West Texas marketing throughputs (average bpd)

10,073


9,395


9,994


9,765

West Texas gross margin per barrel

$                 2.67


$                 4.24


$                 2.85


$                 3.81

Terminalling throughputs (average bpd) (3)

130,002


139,987


136,808


142,250



(1)   

Formerly known as the Big Spring Gathering System. Excludes volumes that are being temporarily transported via trucks while connectors are under construction.

(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.

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3 Bear Operations Segment:

Period from June 1
through June 30, 2022



Natural Gas Gathering and Processing (Mcfd(1))

51,292

Crude Oil Gathering (bpd(2))

78,011

Water Disposal and Recycling (bpd(2))

57,625



(1)

Mcfd - average thousand cubic feet per day.

(2)

bpd - average barrels per day.

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).

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Delek Logistics Logo (PRNewsfoto/Delek Logistics)

 

SOURCE Delek Logistics

For further information: Investor/Media Relations Contacts: Blake Fernandez, Senior Vice President of Investor Relations and Market Intelligence, 615-224-1312; Media/Public Affairs Contact: Michael P. Ralsky, Vice President - Public Affairs & ESG, 615-435-1407