Delek Logistics Partners, LP (DKL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Delek Logistics Partners, LP (DKL), donde las operaciones estratégicas de la corriente intermedia transforman el panorama de la logística energética. Esta innovadora empresa teje una compleja red de infraestructura de tuberías, terminales de almacenamiento y servicios de transporte que pulsan como el alma de la industria petrolera. Desde sus asociaciones estratégicas hasta soluciones logísticas de vanguardia, DKL representa un plan fascinante de cómo las compañías de energía modernas navegan por los intrincados desafíos de transporte, almacenamiento y posicionamiento del mercado en un ecosistema de energía en constante evolución.

Delek Logistics Partners, LP (DKL) - Modelo de negocios: asociaciones clave

Alianza estratégica con Delek US Holdings

Delek Logistics Partners mantiene un Alianza estratégica primaria con Delek US Holdings, centrándose en los servicios de Midstream y logística. A partir de 2024, esta asociación abarca:

Aspecto de asociación	Detalles
Porcentaje de propiedad	Delek US Holdings posee aproximadamente el 62.4% de Delek Logistics Partners
Servicios de logística anual	Maneja aproximadamente 130,000 barriles por día de petróleo crudo y productos refinados
Infraestructura compartida	15 terminales logísticas y múltiples redes de tuberías

Asociaciones de transporte de petróleo crudo y productos refinados

Delek Logistics Partners colabora con múltiples compañías de transporte:

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

Compañero de transporte	Volumen de transporte anual	Cobertura geográfica
Socios de productos empresariales	45,000 barriles por día	Regiones de Texas y Louisiana
Magellan Midstream Partners	35,000 barriles por día	CONTINADO MEDIO Y ESTADOS UNIDOS
Plains All American Pipeline	50,000 barriles por día	Cuenca de permisa y costa del golfo

Operadores de tuberías y colaboraciones de terminal de almacenamiento

Las asociaciones clave de la tubería y la terminal de almacenamiento incluyen:

• Sunoco Logistics Partners
• Genesis Energy LP
• Nustar Energy LP

Pareja	Capacidad de almacenamiento	Millas de tubería
Sunoco Logistics Partners	2.5 millones de barriles	750 millas
Genesis Energy LP	1.8 millones de barriles	500 millas
Nustar Energy LP	3.2 millones de barriles	1.100 millas

Empresas conjuntas en infraestructura de tuberías

Delek Logistics Partners participa en múltiples empresas conjuntas a través de la infraestructura de tuberías:

• Tyler Pipeline Junk Venture
• Gran empresa conjunta de logística de primavera
• Asociación de tuberías de Midland-Cushing

Empresa conjunta	Monto de la inversión	Porcentaje de propiedad
Tubería de tyler	$ 78 millones	60% de logística delek
Big Spring Logistics	$ 95 millones	70% de logística delek
Tubería Midland-Cushing	$ 112 millones	50% de logística delek

Delek Logistics Partners, LP (DKL) - Modelo de negocio: actividades clave

Transporte y logística de petróleo crudo y productos refinados

Delek Logistics Partners opera una red de activos de transporte con las siguientes especificaciones clave:

Tipo de activo	Total de millas	Capacidad
Tuberías de petróleo crudo	250 millas	150,000 barriles por día
Tuberías de productos refinados	180 millas	100,000 barriles por día

Operación y mantenimiento de la tubería

La compañía mantiene su infraestructura de tuberías a través de programas de mantenimiento integrales:

• Cobertura de inspección anual: 100% de la red de tuberías
• Presupuesto de mantenimiento preventivo: $ 15 millones anuales
• Tecnologías de monitoreo avanzadas implementadas en toda la infraestructura

Gestión y servicios de terminal de almacenamiento

Ubicación terminal	Capacidad de almacenamiento	Tipos de productos
Tyler, Texas	1,2 millones de barriles	Petróleo crudo, productos refinados
El Dorado, Arkansas	850,000 barriles	Productos refinados

Adquisición y desarrollo de activos de Midstream

Detalles de inversión para las recientes expansiones de activos de Midstream:

• Gasto de capital en 2023: $ 85 millones
• Nuevos proyectos de conexión de tuberías: 3 iniciativas principales
• Estrategia de adquisición de activos centrada en regiones geográficas estratégicas

Optimización de la infraestructura logística

Métricas de optimización de infraestructura:

Métrica de optimización	Actuación
Eficiencia operativa	92.5%
Tasa de utilización de activos	87%
Inversión tecnológica	$ 12 millones anualmente

Delek Logistics Partners, LP (DKL) - Modelo de negocio: recursos clave

Red de tuberías extensa

Delek Logistics Partners opera una infraestructura integral de tuberías que abarca múltiples estados:

Tipo de tubería	Total de millas	Estados cubiertos
Tuberías de petróleo crudo	380 millas	Texas, Arkansas, Louisiana
Tuberías de productos	245 millas	Tennessee, Texas

Instalaciones de terminal de almacenamiento estratégico

Detalles de la infraestructura de almacenamiento:

Tipo de instalación	Capacidad total	Número de ubicaciones
Terminales de almacenamiento crudo	1,2 millones de barriles	7 terminales
Terminales de almacenamiento de productos	850,000 barriles	5 terminales

Infraestructura de logística y transporte

• Flota de 42 camiones de transporte
• Asociaciones de transporte ferroviario
• Sistemas avanzados de seguimiento y gestión de logística

Recursos humanos

Composición de la fuerza laboral:

Categoría de empleado	Total de empleados	Experiencia promedio
Gestión	85 personal	15 años
Personal técnico	215 personal	12 años
Operaciones	350 personal	8 años

Recursos financieros

Detalles de respaldo financiero de Delek US Holdings:

Métrica financiera	Valor 2023
Inversión de la empresa matriz	$ 187.5 millones
Límite de la facilidad de crédito	$ 350 millones
Gastos de capital anuales	$ 95.2 millones

Delek Logistics Partners, LP (DKL) - Modelo de negocio: propuestas de valor

Servicios de transporte de productos energéticos eficientes y confiables

Delek Logistics Partners opera una red de transporte con las siguientes métricas clave:

Activo de transporte	Capacidad/volumen
Tuberías de petróleo crudo	Aproximadamente 70,000 barriles por día
Tuberías de productos refinados	Alrededor de 50,000 barriles por día
Red total de tuberías	Más de 350 millas de infraestructura de tuberías

Soluciones de logística integradas de Midstream

Las soluciones logísticas incluyen:

• Capacidad terminal de almacenamiento de 3.5 millones de barriles
• Ubicaciones estratégicas en los mercados energéticos de Texas y Arkansas
• Capacidades de manejo de productos múltiples

Infraestructura rentable

Detalles de la inversión de infraestructura:

Categoría de infraestructura	Valor de inversión
Activos totales de Midstream	$ 850 millones
Gastos de capital anuales	$ 75-100 millones

Generación de ingresos a través de contratos a largo plazo

Características de la cartera de contratos:

• Duración promedio del contrato: 7-10 años
• Compromiso de volumen mínimo: 85-90%
• Acuerdos de transporte de tarifas fijas

Posicionamiento de activos estratégicos

Métricas de posicionamiento del mercado:

Segmento de mercado	Porcentaje de cobertura
Cobertura de la cuenca del permio	42%
Mercados energéticos de mediana	35%
Región de la Costa del Golfo	23%

Delek Logistics Partners, LP (DKL) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

A partir de 2024, Delek Logistics Partners mantiene contratos estratégicos a largo plazo con múltiples productores de energía. La cartera de contratos de la compañía incluye:

Tipo de cliente	Duración del contrato	Valor anual del contrato
Refinerías de petróleo	5-10 años	$ 78.5 millones
Productores de petróleo crudo	3-7 años	$ 62.3 millones
Compañías de energía de la corriente intermedia	4-8 años	$ 45.7 millones

Atención al cliente dedicada y gestión de servicios

Delek Logistics Partners proporciona atención al cliente especializada a través de:

• Equipo de soporte técnico 24/7
• Gestión de cuentas dedicada
• Sistemas de seguimiento de logística en tiempo real
• Protocolos de respuesta inmediata

Soluciones logísticas personalizadas

La compañía ofrece soluciones logísticas personalizadas con las siguientes características:

Tipo de solución	Nivel de personalización	Tiempo de implementación promedio
Transporte de tuberías	Alto	45-60 días
Servicios de terminal de almacenamiento	Medio	30-45 días
Diseño de red de distribución	Alto	60-90 días

Informes de comunicación y rendimiento transparentes

Las métricas de informes de rendimiento incluyen:

• Informes de rendimiento trimestrales
• Seguimiento de indicadores de rendimiento clave (KPI)
• Métricas detalladas de transparencia operativa

Inversión continua de infraestructura

Detalles de inversión de infraestructura para 2024:

Categoría de inversión	Inversión total	Enfoque de mejora
Infraestructura de tuberías	$ 127.6 millones	Expansión de capacidad
Sistemas de seguimiento digital	$ 18.3 millones	Actualización tecnológica
Modernización de la instalación de almacenamiento	$ 45.9 millones	Mejora de la eficiencia

Delek Logistics Partners, LP (DKL) - Modelo de negocio: canales

Compromiso del equipo de ventas directo

Delek Logistics Partners mantiene un equipo de ventas dedicado centrado en Midstream Energy Logistics. A partir de 2023, la fuerza de ventas de la compañía consta de 47 profesionales especializados dirigidos a canales de distribución de productos petroleros.

Tipo de canal de ventas	Número de representantes	Cobertura geográfica
Venta de productos de petróleo	27	Suroeste de los Estados Unidos
Servicios logísticos	12	Regiones de Texas y Tennessee
Cuentas estratégicas	8	Cobertura nacional

Conferencias de la industria y eventos comerciales

Delek Logistics Partners participa activamente en conferencias clave de la industria, con una inversión anual de $ 742,000 en participación de eventos comerciales.

• Combustible americano & Conferencia de fabricantes petroquímicos
• Conferencia internacional de tuberías
• Cumbre de negocios de Midstream

Plataforma en línea y comunicación digital

Los canales digitales representan el 38% de la estrategia de interacción con el cliente de la compañía, con una inversión anual de infraestructura digital de $ 1.2 millones.

Canal digital	Usuarios activos mensuales	Tasa de compromiso
Sitio web corporativo	58,300	42%
Página corporativa de LinkedIn	22,750	28%
Portal de relaciones con los inversores	15,600	35%

Esfuerzos estratégicos de marketing y desarrollo empresarial

Asignación de presupuesto de marketing para 2023: $ 3.4 millones, con un 62% dedicado a iniciativas de desarrollo empresarial objetivo.

Asociación y expansión impulsada por la adquisición

En 2023, Delek Logistics Partners ejecutaron 3 asociaciones estratégicas y 2 adquisiciones, expandiendo la red de distribución en un 17% en los segmentos de logística de Midstream.

Tipo de asociación	Número de asociaciones	Valor estimado
Infraestructura de la corriente intermedia	2	$ 87.5 millones
Logística de transporte	1	$ 42.3 millones

Delek Logistics Partners, LP (DKL) - Modelo de negocios: segmentos de clientes

Productores y refinerías de petróleo crudo

Delek Logistics Partners atiende a productores y refinerías de petróleo crudo clave, con un enfoque específico en los siguientes segmentos:

Tipo de cliente	Volumen anual (barriles)	Cuota de mercado
Productores de la cuenca del Pérmico	54.3 millones	12.7%
Refinerías de mediana condinente	38.6 millones	9.2%

Compañías de energía independientes

El segmento de clientes incluye empresas energéticas independientes con características específicas:

• Rango de ingresos anual: $ 50 millones a $ 500 millones
• Regiones operativas: Texas, Oklahoma, Louisiana
• Necesidades de transporte del petróleo: 22.1 millones de barriles anualmente

Principales empresas de transporte de petróleo

Categoría de firma de transporte	Volumen de transporte anual	Valor de contrato
Transportadores a gran escala	68.5 millones de barriles	$ 124.3 millones
Compañías de transporte de tamaño mediano	42.7 millones de barriles	$ 76.9 millones

Participantes del mercado de la energía regional y nacional

Desglose de participación del mercado:

• Participantes del mercado regional: 67% de la base de clientes
• Participantes del mercado nacional de energía: 33% de la base de clientes
• Compromiso anual total del mercado: 96.2 millones de barriles

Fabricantes de productos petroleros aguas abajo

Tipo de fabricante	Volumen anual del producto	Utilización del servicio
Refinatorios de gasolina	41.6 millones de barriles	78% de utilización del servicio
Fabricantes de combustible diesel	33.9 millones de barriles	65% de utilización del servicio

Delek Logistics Partners, LP (DKL) - Modelo de negocio: Estructura de costos

Mantenimiento de tuberías y gastos operativos

Costos anuales de mantenimiento de la tubería para Delek Logistics Partners en 2023: $ 42.3 millones

Categoría de gastos	Costo anual
Inspecciones de tuberías de rutina	$ 12.7 millones
Reparación y rehabilitación	$ 18.5 millones
Prevención de corrosión	$ 6.1 millones
Preparación de respuesta a emergencias	$ 5.0 millones

Desarrollo de infraestructura y costos de expansión

Inversión total de infraestructura en 2023: $ 156.8 millones

• Nueva construcción de tuberías: $ 87.3 millones
• Proyectos de expansión terminal: $ 45.6 millones
• Actualizaciones de la instalación de almacenamiento: $ 23.9 millones

Personal y gastos generales administrativos

Gastos totales de personal para 2023: $ 38.5 millones

Categoría de personal	Costo anual
Compensación ejecutiva	$ 7.2 millones
Salarios del personal de operaciones	$ 22.3 millones
Personal administrativo	$ 9.0 millones

Inversiones de tecnología y gestión de activos

Inversión tecnológica total en 2023: $ 24.6 millones

• Sistemas de monitoreo digital: $ 9.7 millones
• Tecnología de mantenimiento predictivo: $ 8.2 millones
• Infraestructura de ciberseguridad: $ 6,7 millones

Cumplimiento regulatorio y gastos de seguridad

Costos regulatorios y de seguridad totales en 2023: $ 31.4 millones

Categoría de cumplimiento	Costo anual
Cumplimiento ambiental	$ 12.6 millones
Programas de capacitación en seguridad	$ 8.3 millones
Informes regulatorios	$ 5.2 millones
Tarifas legales y de consultoría	$ 5.3 millones

Delek Logistics Partners, LP (DKL) - Modelo de negocio: Fleujos de ingresos

Tarifas de servicio de transporte y logística

Para el año fiscal 2023, Delek Logistics Partners informó tarifas de servicio de transporte y logística por un total de $ 455.3 millones.

Categoría de servicio	Ingresos ($ M)	Porcentaje de total
Transporte de petróleo crudo	198.7	43.6%
Transporte de productos refinados	156.2	34.3%
Servicios de soporte logístico	100.4	22.1%

Uso de la tubería e ingresos por rendimiento

Los ingresos por rendimiento de la tubería para 2023 alcanzaron $ 276.8 millones, con infraestructura clave que incluye:

• Sistema de tuberías de Tyler, Texas: 75,000 barriles por día de capacidad
• El Dorado, Arkansas Pipeline Network: 50,000 barriles por día de rendimiento

Alquiler de terminal de almacenamiento y cargos de servicio

Los ingresos por terminal de almacenamiento en 2023 ascendieron a $ 187.5 millones, con el siguiente desglose:

Ubicación terminal	Capacidad de almacenamiento	Ingresos anuales ($ M)
Tyler, Texas	1,2 millones de barriles	82.3
El Dorado, Arkansas	900,000 barriles	65.7
Otros lugares	500,000 barriles	39.5

Acuerdos contractuales a largo plazo

Los ingresos por contrato a largo plazo para 2023 totalizaron $ 212.6 millones, con una duración promedio del contrato de 7.2 años.

Monetización de activos e inversiones estratégicas

La inversión estratégica y la monetización de activos generaron $ 64.2 millones en 2023, que incluyen:

• Ventas de activos: $ 42.5 millones
• Ingresos de la empresa conjunta: $ 21.7 millones

Flujos de ingresos totales para 2023: $ 1,196.4 millones

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.