Delek Logistics Partners, LP (DKL): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Delek Logistics Partners, LP (DKL), wo strategische Midstream-Operationen die Energielogistiklandschaft verändern. Dieses innovative Unternehmen webt ein komplexes Netzwerk aus Pipeline-Infrastruktur, Lagerterminals und Transportdiensten, das wie das Lebenselixier der Erdölindustrie pulsiert. Von seinen strategischen Partnerschaften bis hin zu hochmodernen Logistiklösungen stellt DKL eine faszinierende Blaupause dafür dar, wie moderne Energieunternehmen die komplexen Herausforderungen von Transport, Speicherung und Marktpositionierung in einem sich ständig weiterentwickelnden Energieökosystem meistern.

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Delek US Holdings

Delek Logistics Partners unterhält ein primäre strategische Allianz mit Delek US Holdingsmit Schwerpunkt auf Midstream- und Logistikdienstleistungen. Ab 2024 umfasst diese Partnerschaft:

Partnerschaftlicher Aspekt	Details
Eigentumsprozentsatz	Delek US Holdings besitzt etwa 62,4 % von Delek Logistics Partners
Jährliche Logistikdienstleistungen	Verarbeitet etwa 130.000 Barrel Rohöl und raffinierte Produkte pro Tag
Gemeinsame Infrastruktur	15 Logistikterminals und mehrere Pipelinenetze

Transportpartnerschaften für Rohöl und raffinierte Produkte

Delek Logistics Partners arbeitet mit mehreren Transportunternehmen zusammen:

• Enterprise Products Partners LP
• Magellan Midstream-Partner
• Plains All American Pipeline

Transportpartner	Jährliches Transportvolumen	Geografische Abdeckung
Partner für Unternehmensprodukte	45.000 Barrel pro Tag	Regionen Texas und Louisiana
Magellan Midstream-Partner	35.000 Barrel pro Tag	Mittlerer Kontinent und Südosten der Vereinigten Staaten
Plains All American Pipeline	50.000 Barrel pro Tag	Permbecken und Golfküste

Zusammenarbeit zwischen Pipelinebetreibern und Speicherterminals

Zu den wichtigsten Partnerschaften zwischen Pipelines und Speicherterminals gehören:

• Sunoco Logistikpartner
• Genesis Energy LP
• NuStar Energy LP

Partner	Speicherkapazität	Pipeline-Meilen
Sunoco Logistikpartner	2,5 Millionen Barrel	750 Meilen
Genesis Energy LP	1,8 Millionen Barrel	500 Meilen
NuStar Energy LP	3,2 Millionen Barrel	1.100 Meilen

Joint Ventures in der Pipeline-Infrastruktur

Delek Logistics Partners beteiligt sich an mehreren Joint Ventures im Bereich der Pipeline-Infrastruktur:

• Tyler Pipeline Joint Venture
• Big Spring Logistics Joint Venture
• Midland-Cushing-Pipeline-Partnerschaft

Joint Venture	Investitionsbetrag	Eigentumsprozentsatz
Tyler-Pipeline	78 Millionen Dollar	60 % Delek Logistics
Große Frühlingslogistik	95 Millionen Dollar	70 % Delek Logistics
Midland-Cushing-Pipeline	112 Millionen Dollar	50 % Delek Logistics

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Hauptaktivitäten

Transport und Logistik von Rohöl und raffinierten Produkten

Delek Logistics Partners betreibt ein Netzwerk von Transportmitteln mit den folgenden Hauptspezifikationen:

Asset-Typ	Gesamtmeilen	Kapazität
Rohölpipelines	250 Meilen	150.000 Barrel pro Tag
Raffinierte Produktpipelines	180 Meilen	100.000 Barrel pro Tag

Betrieb und Wartung der Pipeline

Das Unternehmen unterhält seine Pipeline-Infrastruktur durch umfassende Wartungsprogramme:

• Jährlicher Inspektionsumfang: 100 % des Rohrleitungsnetzes
• Budget für vorbeugende Wartung: 15 Millionen US-Dollar pro Jahr
• Fortschrittliche Überwachungstechnologien, die in der gesamten Infrastruktur eingesetzt werden

Verwaltung und Dienste von Lagerterminals

Terminalstandort	Speicherkapazität	Produkttypen
Tyler, Texas	1,2 Millionen Barrel	Rohöl, raffinierte Produkte
El Dorado, Arkansas	850.000 Barrel	Raffinierte Produkte

Akquisition und Entwicklung von Midstream-Assets

Investitionsdetails für die jüngsten Midstream-Vermögenserweiterungen:

• Investitionsausgaben im Jahr 2023: 85 Millionen US-Dollar
• Neue Pipeline-Verbindungsprojekte: 3 große Initiativen
• Die Strategie zum Erwerb von Vermögenswerten konzentrierte sich auf strategische geografische Regionen

Optimierung der Logistikinfrastruktur

Kennzahlen zur Infrastrukturoptimierung:

Optimierungsmetrik	Leistung
Betriebseffizienz	92.5%
Asset-Auslastungsrate	87%
Technologieinvestitionen	12 Millionen US-Dollar jährlich

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Pipeline-Netzwerk

Delek Logistics Partners betreibt eine umfassende Pipeline-Infrastruktur, die sich über mehrere Bundesstaaten erstreckt:

Pipeline-Typ	Gesamtmeilen	Abgedeckte Staaten
Rohölpipelines	380 Meilen	Texas, Arkansas, Louisiana
Produktpipelines	245 Meilen	Tennessee, Texas

Strategische Lagerterminalanlagen

Details zur Speicherinfrastruktur:

Einrichtungstyp	Gesamtkapazität	Anzahl der Standorte
Rohöllagerterminals	1,2 Millionen Barrel	7 Terminals
Produktlagerterminals	850.000 Barrel	5 Terminals

Logistik- und Transportinfrastruktur

• Flotte von 42 Transportfahrzeugen
• Partnerschaften im Schienenverkehr
• Fortschrittliche Tracking- und Logistikmanagementsysteme

Personalwesen

Zusammensetzung der Belegschaft:

Mitarbeiterkategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche Erfahrung
Management	85 Mitarbeiter	15 Jahre
Technisches Personal	215 Mitarbeiter	12 Jahre
Operationen	350 Mitarbeiter	8 Jahre

Finanzielle Ressourcen

Details zur finanziellen Unterstützung von Delek US Holdings:

Finanzkennzahl	Wert 2023
Investition der Muttergesellschaft	187,5 Millionen US-Dollar
Limit der Kreditfazilität	350 Millionen Dollar
Jährliche Kapitalausgaben	95,2 Millionen US-Dollar

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Wertversprechen

Effiziente und zuverlässige Transportdienstleistungen für Energieprodukte

Delek Logistics Partners betreibt ein Transportnetzwerk mit den folgenden Schlüsselkennzahlen:

Transportmittel	Kapazität/Volumen
Rohölpipelines	Ungefähr 70.000 Barrel pro Tag
Raffinierte Produktpipelines	Rund 50.000 Barrel pro Tag
Gesamtes Pipeline-Netzwerk	Über 350 Meilen Pipeline-Infrastruktur

Integrierte Midstream-Logistiklösungen

Zu den Logistiklösungen gehören:

• Kapazität des Lagerterminals: 3,5 Millionen Barrel
• Strategische Standorte auf den Energiemärkten von Texas und Arkansas
• Möglichkeiten zur Handhabung mehrerer Produkte

Kostengünstige Infrastruktur

Details zu Infrastrukturinvestitionen:

Kategorie „Infrastruktur“.	Investitionswert
Gesamtes Midstream-Vermögen	850 Millionen Dollar
Jährliche Kapitalausgaben	75–100 Millionen US-Dollar

Umsatzgenerierung durch langfristige Verträge

Merkmale des Vertragsportfolios:

• Durchschnittliche Vertragsdauer: 7-10 Jahre
• Mindestvolumenverpflichtung: 85–90 %
• Transportvereinbarungen zum Festpreis

Strategische Vermögenspositionierung

Kennzahlen zur Marktpositionierung:

Marktsegment	Abdeckungsprozentsatz
Abdeckung des Perm-Beckens	42%
Energiemärkte des mittleren Kontinents	35%
Golfküstenregion	23%

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieerzeugern

Ab 2024 unterhält Delek Logistics Partners strategische langfristige Verträge mit mehreren Energieerzeugern. Das Vertragsportfolio des Unternehmens umfasst:

Kundentyp	Vertragsdauer	Jährlicher Vertragswert
Erdölraffinerien	5-10 Jahre	78,5 Millionen US-Dollar
Rohölproduzenten	3-7 Jahre	62,3 Millionen US-Dollar
Midstream-Energieunternehmen	4-8 Jahre	45,7 Millionen US-Dollar

Dedizierter Kundensupport und Servicemanagement

Delek Logistics Partners bietet spezialisierten Kundensupport durch:

• Technisches Support-Team rund um die Uhr
• Dedizierte Kontoverwaltung
• Echtzeit-Logistikverfolgungssysteme
• Sofortige Reaktionsprotokolle

Maßgeschneiderte Logistiklösungen

Das Unternehmen bietet maßgeschneiderte Logistiklösungen mit folgenden Merkmalen:

Lösungstyp	Anpassungsebene	Durchschnittliche Implementierungszeit
Pipeline-Transport	Hoch	45-60 Tage
Speicherterminaldienste	Mittel	30-45 Tage
Vertriebsnetzdesign	Hoch	60-90 Tage

Transparente Kommunikation und Leistungsberichte

Zu den Leistungsberichtsmetriken gehören:

• Vierteljährliche Leistungsberichte
• Verfolgung von Key Performance Indicators (KPIs).
• Detaillierte Kennzahlen zur betrieblichen Transparenz

Kontinuierliche Infrastrukturinvestitionen

Details zu Infrastrukturinvestitionen für 2024:

Anlagekategorie	Gesamtinvestition	Verbesserungsfokus
Pipeline-Infrastruktur	127,6 Millionen US-Dollar	Kapazitätserweiterung
Digitale Trackingsysteme	18,3 Millionen US-Dollar	Technologie-Upgrade
Modernisierung von Lagereinrichtungen	45,9 Millionen US-Dollar	Effizienzsteigerung

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Delek Logistics Partners unterhält ein engagiertes Vertriebsteam, das sich auf Midstream-Energielogistik konzentriert. Ab 2023 besteht das Vertriebsteam des Unternehmens aus 47 spezialisierten Fachleuten, die auf die Vertriebskanäle für Erdölprodukte spezialisiert sind.

Vertriebskanaltyp	Anzahl der Vertreter	Geografische Abdeckung
Verkauf von Erdölprodukten	27	Südwesten der Vereinigten Staaten
Logistikdienstleistungen	12	Regionen Texas und Tennessee
Strategische Konten	8	Landesweite Abdeckung

Branchenkonferenzen und Fachveranstaltungen

Delek Logistics Partners nimmt aktiv an wichtigen Branchenkonferenzen teil und investiert jährlich 742.000 US-Dollar in die Teilnahme an Fachveranstaltungen.

• Amerikanischer Kraftstoff & Konferenz der petrochemischen Hersteller
• Internationale Pipeline-Konferenz
• Midstream Business Summit

Online-Plattform und digitale Kommunikation

Digitale Kanäle machen 38 % der Kundeninteraktionsstrategie des Unternehmens aus, mit einer jährlichen Investition in die digitale Infrastruktur von 1,2 Millionen US-Dollar.

Digitaler Kanal	Monatlich aktive Benutzer	Engagement-Rate
Unternehmenswebsite	58,300	42%
LinkedIn-Unternehmensseite	22,750	28%
Investor-Relations-Portal	15,600	35%

Strategische Marketing- und Geschäftsentwicklungsbemühungen

Zuweisung des Marketingbudgets für 2023: 3,4 Millionen US-Dollar, davon 62 % für gezielte Geschäftsentwicklungsinitiativen.

Partnerschaftliche und akquisitionsgetriebene Expansion

Im Jahr 2023 führte Delek Logistics Partners drei strategische Partnerschaften und zwei Akquisitionen durch und erweiterte damit das Vertriebsnetz in allen Midstream-Logistiksegmenten um 17 %.

Partnerschaftstyp	Anzahl der Partnerschaften	Geschätzter Wert
Midstream-Infrastruktur	2	87,5 Millionen US-Dollar
Transportlogistik	1	42,3 Millionen US-Dollar

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Kundensegmente

Rohölproduzenten und Raffinerien

Delek Logistics Partners beliefert wichtige Rohölproduzenten und Raffinerien mit besonderem Schwerpunkt auf den folgenden Segmenten:

Kundentyp	Jährliches Volumen (Fässer)	Marktanteil
Produzenten im Perm-Becken	54,3 Millionen	12.7%
Raffinerien im mittleren Kontinent	38,6 Millionen	9.2%

Unabhängige Energieunternehmen

Das Kundensegment umfasst unabhängige Energieunternehmen mit spezifischen Merkmalen:

• Jahresumsatzspanne: 50 bis 500 Millionen US-Dollar
• Einsatzgebiete: Texas, Oklahoma, Louisiana
• Erdöltransportbedarf: 22,1 Millionen Barrel pro Jahr

Große Erdöltransportunternehmen

Kategorie „Transportunternehmen“.	Jährliches Transportvolumen	Vertragswert
Großtransporter	68,5 Millionen Barrel	124,3 Millionen US-Dollar
Mittelständische Transportunternehmen	42,7 Millionen Barrel	76,9 Millionen US-Dollar

Regionale und nationale Energiemarktteilnehmer

Aufschlüsselung der Marktbeteiligung:

• Regionale Marktteilnehmer: 67 % des Kundenstamms
• Nationale Energiemarktteilnehmer: 33 % des Kundenstamms
• Gesamtes jährliches Marktengagement: 96,2 Millionen Barrel

Nachgelagerte Hersteller von Erdölprodukten

Herstellertyp	Jährliches Produktvolumen	Servicenutzung
Benzinraffinerien	41,6 Millionen Barrel	78 % Serviceauslastung
Dieselkraftstoffhersteller	33,9 Millionen Barrel	65 % Serviceauslastung

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Kostenstruktur

Pipeline-Wartung und Betriebskosten

Jährliche Pipeline-Wartungskosten für Delek Logistics Partners im Jahr 2023: 42,3 Millionen US-Dollar

Ausgabenkategorie	Jährliche Kosten
Routinemäßige Inspektionen von Rohrleitungen	12,7 Millionen US-Dollar
Reparatur und Rehabilitation	18,5 Millionen US-Dollar
Korrosionsschutz	6,1 Millionen US-Dollar
Notfallvorsorge	5,0 Millionen US-Dollar

Kosten für Infrastrukturentwicklung und -erweiterung

Gesamtinvestition in die Infrastruktur im Jahr 2023: 156,8 Millionen US-Dollar

• Neubau einer Pipeline: 87,3 Millionen US-Dollar
• Terminalerweiterungsprojekte: 45,6 Millionen US-Dollar
• Modernisierung der Lageranlage: 23,9 Millionen US-Dollar

Personal- und Verwaltungsaufwand

Gesamtpersonalaufwand für 2023: 38,5 Millionen US-Dollar

Personalkategorie	Jährliche Kosten
Vergütung von Führungskräften	7,2 Millionen US-Dollar
Gehälter für Betriebspersonal	22,3 Millionen US-Dollar
Verwaltungspersonal	9,0 Millionen US-Dollar

Technologie- und Asset-Management-Investitionen

Gesamte Technologieinvestitionen im Jahr 2023: 24,6 Millionen US-Dollar

• Digitale Überwachungssysteme: 9,7 Millionen US-Dollar
• Vorausschauende Wartungstechnologie: 8,2 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 6,7 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften und Sicherheit

Gesamte Regulierungs- und Sicherheitskosten im Jahr 2023: 31,4 Millionen US-Dollar

Compliance-Kategorie	Jährliche Kosten
Umweltkonformität	12,6 Millionen US-Dollar
Sicherheitsschulungsprogramme	8,3 Millionen US-Dollar
Regulatorische Berichterstattung	5,2 Millionen US-Dollar
Rechts- und Beratungskosten	5,3 Millionen US-Dollar

Delek Logistics Partners, LP (DKL) – Geschäftsmodell: Einnahmequellen

Gebühren für Transport- und Logistikdienstleistungen

Für das Geschäftsjahr 2023 meldete Delek Logistics Partners Transport- und Logistikdienstleistungsgebühren in Höhe von insgesamt 455,3 Millionen US-Dollar.

Servicekategorie	Umsatz (Mio. USD)	Prozentsatz der Gesamtsumme
Rohöltransport	198.7	43.6%
Transport raffinierter Produkte	156.2	34.3%
Logistikunterstützungsdienste	100.4	22.1%

Pipeline-Nutzung und Durchsatzerlöse

Die Einnahmen aus dem Pipeline-Durchsatz beliefen sich im Jahr 2023 auf 276,8 Millionen US-Dollar, wobei die wichtigsten Infrastrukturen Folgendes umfassen:

• Tyler, Texas-Pipelinesystem: Kapazität 75.000 Barrel pro Tag
• Pipelinenetz El Dorado, Arkansas: Durchsatz von 50.000 Barrel pro Tag

Miet- und Servicegebühren für Lagerterminals

Die Einnahmen aus Speicherterminals beliefen sich im Jahr 2023 auf 187,5 Millionen US-Dollar, mit folgender Aufteilung:

Terminalstandort	Speicherkapazität	Jahresumsatz (Mio. USD)
Tyler, Texas	1,2 Millionen Barrel	82.3
El Dorado, Arkansas	900.000 Barrel	65.7
Andere Standorte	500.000 Barrel	39.5

Langfristige Vertragsvereinbarungen

Die Einnahmen aus langfristigen Verträgen beliefen sich im Jahr 2023 auf insgesamt 212,6 Millionen US-Dollar, bei einer durchschnittlichen Vertragslaufzeit von 7,2 Jahren.

Monetarisierung von Vermögenswerten und strategische Investitionen

Durch strategische Investitionen und die Monetarisierung von Vermögenswerten wurden im Jahr 2023 64,2 Millionen US-Dollar generiert, darunter:

• Vermögensverkäufe: 42,5 Millionen US-Dollar
• Joint-Venture-Einnahmen: 21,7 Millionen US-Dollar

Gesamteinnahmequellen für 2023: 1.196,4 Millionen US-Dollar

Delek Logistics Partners, LP (DKL) - Canvas Business Model: Value Propositions

Full-suite midstream services provider in the Permian Basin.

Delek Logistics Partners, LP is executing its strategy to be the preferred oil, gas, and water midstream services provider across the Permian Basin. You see this commitment reflected in their asset footprint across both the Midland and Delaware Basins. For instance, the total acreage dedication Delek Logistics Partners, LP has in the Midland Basin stands at approximately 400,000 acres, supported by the Delek Permian Gathering System (DPG) in West Texas. This is part of a broader strategy that now includes capabilities aligned with the recent Gravity and H2O Midstream acquisitions.

Stable, fee-based revenue model for producer customers.

The structure of Delek Logistics Partners, LP's revenue is designed for stability, relying heavily on fee-based contracts. Following recent announcements, the expected third-party EBITDA contribution is approaching ~80%. This shift demonstrates increasing economic separation from the sponsor, Delek US Holdings, Inc.. The business model emphasizes long-term arrangements that provide predictable cash flows, which is key for a master limited partnership (MLP).

Critical logistics support for Delek US Holdings' refining operations.

Delek Logistics Partners, LP's assets are integral to the operations of its sponsor, Delek US Holdings, Inc. Specifically, Delek Logistics Partners, LP's infrastructure forms the backbone supporting Delek US Holdings' refining sites in Tyler, Texas; El Dorado, Arkansas; Big Spring, Texas; and Krotz Springs, Louisiana. As of September 30, 2025, Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% of Delek Logistics Partners, LP, including the general partner interest.

Differentiated sour natural gas treating and acid gas injection capabilities.

A significant value-add is the development of differentiated services addressing regional constraints. Delek Logistics Partners, LP announced the development of permitted acid gas injection (AGI) capabilities at its Libby 2 gas processing plant, which is expected to be operational in the second half of 2025. This capability, enabled by existing AGI well permits and an amine unit under construction, directly removes infrastructure bottlenecks that previously restricted drilling across all six benches of the Delaware Basin by mitigating hydrogen sulfide and carbon dioxide liabilities.

Reliable and consistent distribution growth for unitholders.

You can see the commitment to unitholder returns through a long track record of distribution increases. Delek Logistics Partners, LP declared a quarterly cash distribution of $1.115 per common limited partner unit for the second quarter of 2025. This marked the 50th consecutive increase in the distribution. Management has reiterated its expectation to continue growing distributions in 2025.

Here are some key financial and operational metrics underpinning these value propositions as of mid-2025:

Metric	Value	Period/Context
Reported Adjusted EBITDA	$120.9 million	Q2 2025
Full Year Adjusted EBITDA Guidance	$480 - $520 million	FY 2025 Expectation
Quarterly Cash Distribution	$1.115/unit	Q2 2025
Consecutive Distribution Increases	50th	As of Q2 2025
Third-Party EBITDA Contribution	~80%	Pro-forma after intercompany agreements
Total Midland Basin Acreage Dedication	~400,000 acres	As of Q1 2025
Delek US Ownership in DKL	~63.3%	As of September 30, 2025

The Gathering and Processing (G&P) segment showed particular strength, with Adjusted EBITDA rising to $78.0 million in Q1 2025, up from $57.8 million year-over-year, driven by the Gravity and H2O Midstream acquisitions.

The value propositions are supported by the following strategic achievements:

• Completed commissioning of the new Libby 2 plant.
• Closed the acquisition of Gravity Water Midstream on January 2, 2025.
• Secured an incremental ~34,000 acreage dedication in the Midland Basin.
• AGI capabilities at Libby Complex expected online in the second half of 2025.
• Total debt as of March 31, 2025, was approximately $2.15 billion.

Delek Logistics Partners, LP (DKL) - Canvas Business Model: Customer Relationships

You're looking at how Delek Logistics Partners, LP (DKL) locks in its business flow, and honestly, it's all about long-term security through contracts and a clear commitment to unitholders.

Long-term, take-or-pay contracts with anchor customer (Delek US)

The foundation of DKL's relationship with its anchor customer, Delek US Holdings, Inc. (DK), is built on volume commitments. While the relationship is evolving toward greater independence, these contracts provide crucial cash flow stability. For instance, historical Minimum Volume Commitments (MVCs) included:

• Crude oil transportation: 46kbpd MVC.
• Refined products transportation: 40kbpd MVC.
• Crude oil gathering: 14kbpd MVC.
• East Texas wholesale marketing agreement with DK: 50kbpd MVC.
• Big Spring wholesale marketing agreement with DK: 65kbpd MVC.

Furthermore, a key move to secure a major asset involved amending and extending the contract for the Wink to Webster (W2W) pipeline with DK, moving terms from month-to-month to a duration of up to 7 years. This transition is part of a strategy where, following a transaction in the first half of 2025, a majority of DKL's EBITDA is projected to come from non-related parties, signaling a shift toward a mostly independent midstream company. Still, the relationship remains vital.

Dedicated account management for large Permian Basin producers

DKL is actively strengthening its position as the preferred crude, gas, and water midstream services provider in the prolific Permian Basin. This involves significant capital deployment to meet producer needs directly. A concrete example of this commitment is the successful completion of the new Libby 2 gas processing plant, which expanded needed processing capacity for producer customers in Lea County, New Mexico. Management is also progressing on adding comprehensive Acid Gas Injection (AGI) and sour gas treating capabilities at the Libby Complex to support producers drilling their most productive locations. The Gathering & Processing (G&P) segment saw its Adjusted EBITDA rise to $78.0 million in Q2 2025, up from $54.7 million year-over-year, partly due to incremental EBITDA from recent acquisitions like H2O Midstream and Gravity, which bolster service offerings to these producers.

Investor Relations focused on growing distributions

The commitment to unitholders is a central theme in Investor Relations, demonstrated by a consistent track record of distribution increases. The Q2 2025 distribution was declared at $1.115 per unit, marking the 50th consecutive quarterly increase. As of the latest reported quarter (Q3 2025), DKL declared a distribution of $1.120 per unit, representing the 51st consecutive quarterly increase. Here's how that latest declared distribution compares:

Metric	Value
Q3 2025 Distribution	$1.120/unit
Q2 2025 Distribution	$1.115/unit
Q3 2024 Distribution	$1.100/unit
Sequential Increase (Q2 to Q3 2025)	0.4%
Year-over-Year Increase (Q3 2024 to Q3 2025)	1.8%

Management has reiterated its commitment to growing distributions, even while executing on a full-year Adjusted EBITDA guidance range of $500 million to $520 million for 2025, which was an increase from the initial projection of $480 million to $520 million.

High-touch service to be the defintely preferred midstream provider

The strategy is to offer a 'full suite' of services to become the go-to provider, especially in the Permian Basin. This involves integrating services across crude oil, natural gas, and water. The company's Q3 2025 Adjusted EBITDA reached $136.0 million, up 27% year-over-year, showing strong operational performance supporting this service expansion. Furthermore, the company reported record crude gathering volumes in its Delaware crude gathering system in Q3 2025, which is a direct indicator of increased producer adoption and satisfaction with their asset base in that critical region. They are focused on execution, as evidenced by the completion of major projects like Libby 2, which was estimated to generate cash-on-cash returns of more than 20%.

Finance: draft 13-week cash view by Friday.

Delek Logistics Partners, LP (DKL) - Canvas Business Model: Channels

You're looking at how Delek Logistics Partners, LP (DKL) gets its services-moving crude, products, gas, and water-to market, which is all about the physical assets they control or have a stake in. This is the infrastructure that drives their fee-based revenue.

Owned and operated crude oil and natural gas pipelines.

DKL operates a network supporting its sponsor's refineries and third-party needs. As of late 2025, the company highlights specific operational capacities across its system, which includes gathering and transportation assets.

• Crude and refined product pipeline mileage is reported at approximately 53. miles.
• Gas processing capacity stands at 9+ MMcf/d.
• Water disposal capacity is noted around ~1,25,23 Bbls/d.

Refined product terminals and storage facilities.

The channel includes terminals for light product distribution and storage assets that stabilize supply for refined products like gasoline and diesel across the southeastern U.S. and West Texas. While the exact number of terminals isn't specified, the Storage and Transportation segment contributes to the overall financial picture.

Trucking and ancillary assets for transportation services.

DKL uses trucks and other ancillary assets to provide gathering, transportation, and storage services for crude oil, intermediates, and refined products, primarily supporting the refining system. These assets are integrated into the pipeline and transportation segment operations.

The performance of these operational channels is reflected in the segment Adjusted EBITDA figures reported for the third quarter of 2025:

Segment Channel Grouping	Q3 2025 Adjusted EBITDA
Gathering and Processing (Includes Crude Gathering/Water)	$83. million
Wholesale Marketing and Termining	$21 million
Storage and Transportation (Includes Refined Products)	$19. million

Equity investments in major pipeline joint ventures.

DKL uses equity stakes to gain connectivity and flow assurance, especially supporting the movement of crude oil to Delek US Holdings refineries. These are accounted for as equity method investments, and their financial contribution is tracked separately.

Key joint ventures providing this channel access include:

• RIO Pipeline: 33% ownership interest; 109-mile crude oil pipeline with 145,000 bpd capacity.
• Caddo Pipeline: 50% ownership interest; 80-mile crude oil pipeline with 80,000 bpd capacity.
• Red River Pipeline: 33% ownership interest; 350-mile crude oil pipeline with 235,000 bpd capacity.
• Wink to Webster: 15.6% ownership interest; 650-mile crude oil pipeline.

The financial contribution from this channel in the first quarter of 2025 was $10.2 million from equity method investments, while the Investments in Pipeline Joint Ventures segment contributed $22 million in Adjusted EBITDA for the third quarter of 2025. As of March 31, 2025, DKL's total long-term debt stood at approximately $2,145.7 million.

Delek Logistics Partners, LP (DKL) - Canvas Business Model: Customer Segments

Delek Logistics Partners, LP serves distinct customer groups across its midstream operations, though its relationship with its sponsor remains significant.

Delek US Holdings, Inc. (DK) as the largest, captive customer

Delek US Holdings, Inc. is a foundational customer, owning approximately 63.3% of Delek Logistics Partners, LP as of September 30, 2025. The Partnership faces risks due to this heavy reliance on Delek Holdings, which is the primary customer for a majority of its assets. However, the economic separation is increasing; announcements of intercompany transactions in the first quarter of 2025 pushed the third-party cash flow contribution to ~80%. The Wholesale Marketing and Terminalling segment specifically reported East Texas - Tyler Refinery sales volumes of 67,682 bpd. Delek US Holdings, Inc. also has an authorization to buy back common units up to $150 million from DK through 2026, under which Delek Logistics Partners, LP acquired $10 million worth of units from DK in the first quarter of 2025.

Crude oil and natural gas producers in the Permian Basin (Midland/Delaware)

A core segment involves crude oil and natural gas producers in the Permian Basin, specifically the Midland and Delaware sub-basins. The Gathering and Processing segment reported throughput volumes including 217,847 bpd for the Midland Gathering System and 74,831 Mcfd for Natural Gas Gathering and Processing. The Partnership is actively expanding services for these producers, evidenced by the commissioning of the new Libby 2 gas processing plant, which provides needed processing capacity expansion to producer customers in Lea County, New Mexico. Furthermore, Delek Logistics Partners, LP is constructing a new natural gas processing plant in the Delaware Basin, expected to have a capacity of approximately 110 MMcf/d. The third quarter of 2025 saw reported record crude gathering volumes in the Delaware crude gathering system.

Third-party refiners and marketers in the Gulf Coast and Southeast U.S.

Delek Logistics Partners, LP provides storage, wholesale marketing, and terminalling services primarily for intermediate and refined product customers in select areas in the Gulf Coast region. This service line supports third-party refiners and marketers operating in these key downstream markets.

Independent third parties utilizing wholesale marketing and terminalling

Independent third parties engage with Delek Logistics Partners, LP for its wholesale marketing and terminalling services, contributing to the growing third-party revenue base. The shift towards third-party business is a strategic focus, with the goal to pursue expansion opportunities and expand the customer base.

Key operational metrics relevant to customer segment activity:

Metric/Segment Area	Value	Reporting Period/Context	Source Reference
Third-Party EBITDA Contribution	~80%	As of Q1 2025	cite: 3, 6
Midland Gathering System Throughput	217,847 bpd	Reported Volumes	cite: 2
Natural Gas Gathering and Processing Throughput	74,831 Mcfd	Reported Volumes	cite: 2
New Delaware Basin Gas Plant Capacity	110 MMcf/d	Expected Capacity	cite: 2
East Texas - Tyler Refinery Sales Volume	67,682 bpd	Wholesale Marketing and Terminalling Segment	cite: 2
DKL Ownership by Delek US Holdings, Inc.	63.3%	As of September 30, 2025	cite: 7
Full Year Adjusted EBITDA Guidance	$480 - $520 million	For 2025	cite: 5

The Partnership's operations are structured across four segments:

• Gathering and Processing
• Wholesale Marketing and Terminalling
• Storage and Transportation
• Investments in Pipeline Joint Ventures

The Gathering and Processing segment saw Adjusted EBITDA of $81.1 million in the first quarter of 2025 compared with $57.8 million in the first quarter of 2024. The Wholesale Marketing and Terminalling segment Adjusted EBITDA was $23.3 million in the second quarter of 2025, compared with $30.2 million in the second quarter of 2024.

Delek Logistics Partners, LP (DKL) - Canvas Business Model: Cost Structure

High capital expenditures for growth projects are a major component of Delek Logistics Partners, LP's cost base, with projections for 2025 set between $220 million and $250 million, including expansion projects.

The structure carries significant interest expense on long-term debt. As of June 30, 2025, Delek Logistics Partners, LP reported total long-term debt of approximately $2,211.4 million. This debt load supports operations and growth, including the June 30, 2025, closing of an upsized offering of $700 million in aggregate principal amount of 7.375% senior notes due 2033. For context on interest burden, Delek Logistics Partners, LP reported an interest expense, net of $84.1 million for the first quarter of 2025, though this figure is from consolidated Delek US Holdings data.

Operating and maintenance costs for pipeline and processing assets are inherent to the midstream infrastructure business. While specific 2025 operating and maintenance cost figures aren't explicitly isolated for DKL, the company's Total Operating Expenses were reported at $46 million for the full year 2024. The company is focused on operational efficiency, such as the Libby 2 gas processing plant commissioning, which is expected to reach full operational capacity by late 2025.

General and administrative expenses include costs tied to strategic activity. Transaction costs from recent acquisitions are a notable part of this. For the second quarter of 2025, Delek Logistics Partners, LP reported transaction costs of $2.5 million included in its GAAP EBITDA calculation. In the first quarter of 2025, transaction costs were $3.3 million. The scale of recent investments driving these costs includes the acquisition of Gravity Water Midstream for $285 million and the acquisition of H2O Midstream for a total consideration of $230 million.

Costs associated with water disposal and recycling operations are now integrated following major capital outlays. The acquisition of H2O Midstream, which includes water gathering, transportation, recycling, storage, and disposal services, totaled $230 million. The subsequent acquisition of Gravity Water Intermediate Holdings LLC for $285 million further expanded this water management segment.

Here's a quick look at some key cost-related financial metrics:

Cost/Debt Metric	Amount (USD Millions)	Period/Projection
Projected Capital Expenditures	$220 - $250	2025 Projection
Total Long-Term Debt	$2,211.4	As of Q2 2025
New Senior Notes Issued	$700.0	June 2025
Transaction Costs (Q2)	$2.5	Q2 2025
Transaction Costs (Q1)	$3.3	Q1 2025
H2O Midstream Acquisition Cost	$230	Total Consideration
Gravity Water Acquisition Cost	$285	Total Consideration

You can see the embedded costs from growth initiatives:

• Capital investment for expansion projects is explicitly budgeted for 2025.
• Debt issuance costs are part of the overall financing structure.
• Transaction costs hit the P&L directly, like the $2.5 million in Q2 2025.
• The integration of water assets means operational costs now include water gathering and disposal.

Finance: draft 13-week cash view by Friday.

Delek Logistics Partners, LP (DKL) - Canvas Business Model: Revenue Streams

You're looking at how Delek Logistics Partners, LP (DKL) brings in the cash, which is heavily reliant on fee structures across its midstream assets. Honestly, for a master limited partnership, the revenue streams are all about volume commitments and tariffs, not commodity price swings.

The overall expectation for the year is strong. Management increased its full-year Adjusted EBITDA guidance to the upper end of the $500 million to $520 million range following solid execution through the third quarter of 2025.

Here's a look at some of the key components driving that expected performance, using the latest reported quarterly figures from 2025:

Revenue Stream Component	Q3 2025 Reported Amount (USD Millions)	Context/Driver
Income from Equity Investments (e.g., W2W)	$21.9 million	Primarily due to the impacts of the W2W dropdown.
Gathering & Processing Adjusted EBITDA	Not explicitly stated for Q3 2025, but Q1 2025 was $81.1 million	Driven by H2O and Gravity contributions and higher Midland throughput.
Wholesale Marketing & Terminalling Adjusted EBITDA	$21.4 million	Decrease from prior year due to assignment of Big Spring refinery marketing agreement to Delek Holdings, partially offset by increased wholesale margins.
Storage & Transportation Adjusted EBITDA	$19.3 million	Decline primarily due to decreased rates.

The fee-based revenue from crude oil and gas gathering and transportation is the core engine, supported by asset growth. For instance, the company reported record crude gathering volumes in its Delaware Business during the third quarter of 2025. This segment benefits from the commissioning of the Libby 2 gas plant, which adds 100-120 MMcf/d of processing capacity.

The push toward a full-suite provider is evident in the water services revenue stream, which is bundled into the recent H2O and Gravity Midstream acquisitions. These acquisitions, along with the W2W dropdown, have materially improved the revenue mix.

To be fair, the overall reported revenue for the third quarter ending September 30, 2025, was $261.3M, up 6.1% from the prior quarter. This is up significantly year-over-year from $214.07 million in Q3 2024.

The revenue streams are also characterized by a growing independence from the sponsor, Delek US Holdings (DK). The third-party EBITDA contribution reached approximately 80% pro forma as of Q1 2025 due to intercompany contract changes and acquisitions, which is a key strategic financial goal.

You can see the quarterly distribution growth continuing, which is directly supported by these cash flows:

• Q3 2025 distribution declared at $1.120 per common limited partner unit.
• Q1 2025 distribution was $1.110 per unit.
• This marks the 51st consecutive quarterly distribution increase as of Q3 2025.

The company is also actively investing in future revenue capacity, with planned capital expenditures for 2025 estimated between $220 million to $250 million, focused on expansion projects like the acid gas injection (AGI) and sour gas treating solution at the Libby Complex.

Finance: draft the Q4 2025 revenue forecast based on Q3 run-rate by Monday.