Delek Logistics Partners, LP (DKL): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Delek Logistics Partners, LP (DKL), où les opérations stratégiques du milieu du milieu transforment le paysage de la logistique énergétique. Cette entreprise innovante tisse un réseau complexe d'infrastructures de pipelines, de terminaux de stockage et de services de transport qui pulsent comme l'élément vital de l'industrie pétrolière. De ses partenariats stratégiques aux solutions logistiques de pointe, DKL représente un plan fascinant de la façon dont les entreprises énergétiques modernes naviguent dans les défis complexes du transport, du stockage et du positionnement du marché dans un écosystème énergétique en constante évolution.

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Delek Us Holdings

Delek Logistics Partners maintient un Alliance stratégique principale avec Delek US Holdings, en se concentrant sur les services intermédiaires et logistiques. En 2024, ce partenariat englobe:

Aspect de partenariat	Détails
Pourcentage de propriété	Delek US Holdings détient environ 62,4% des partenaires logistiques Delek
Services logistiques annuels	Gère environ 130 000 barils par jour de pétrole brut et de produits raffinés
Infrastructure partagée	15 terminaux logistiques et réseaux de pipelines multiples

Pétrole brut et partenariats de transport de produits raffinés

Delek Logistics Partners collabore avec plusieurs sociétés de transport:

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

Partenaire de transport	Volume de transport annuel	Couverture géographique
Partners des produits d'entreprise	45 000 barils par jour	Régions du Texas et de la Louisiane
Magellan Midstream Partners	35 000 barils par jour	Continent et sud-est des États-Unis
Plaines All American Pipeline	50 000 barils par jour	Basin Permien et côte du golfe

Opérateurs de pipelines et collaborations de terminaux de stockage

Les partenariats clés du pipeline et des terminaux de stockage comprennent:

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

Partenaire	Capacité de stockage	Pipeline miles
Sunoco Logistics Partners	2,5 millions de barils	750 miles
Genesis Energy LP	1,8 million de barils	500 miles
Nustar Energy LP	3,2 millions de barils	1 100 miles

Coentreprises dans les infrastructures de pipeline

Delek Logistics Partners participe à plusieurs coentreprises à travers l'infrastructure des pipelines:

• Coentreprise de pipeline Tyler
• Grande coentreprise logistique de printemps
• Partenariat du Pipeline Midland-Cushing

Coentreprise	Montant d'investissement	Pourcentage de propriété
Pipeline Tyler	78 millions de dollars	60% Delek Logistics
Grande logistique de printemps	95 millions de dollars	70% Delek Logistics
Pipeline de midlands	112 millions de dollars	50% Delek Logistics

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: Activités clés

Pétrole brut et produits raffinés Transport et logistique

Delek Logistics Partners exploite un réseau d'actifs de transport avec les spécifications clés suivantes:

Type d'actif	Kilomètres totaux	Capacité
Pilélines de pétrole brut	250 miles	150 000 barils par jour
Pipelines de produits raffinés	180 miles	100 000 barils par jour

Fonctionnement et maintenance du pipeline

La société maintient son infrastructure de pipeline grâce à des programmes de maintenance complets:

• Couverture d'inspection annuelle: 100% du réseau de pipeline
• Budget de maintenance préventive: 15 millions de dollars par an
• Technologies de surveillance avancées déployées à travers les infrastructures

Gestion et services du terminal de stockage

Emplacement du terminal	Capacité de stockage	Types de produits
Tyler, Texas	1,2 million de barils	Huile brut, produits raffinés
El Dorado, Arkansas	850 000 barils	Produits raffinés

Acquisition et développement des actifs au milieu

Détails de l'investissement pour les récentes extensions des actifs médianes:

• Dépenses en capital en 2023: 85 millions de dollars
• Nouveaux projets de connexion sur les pipelines: 3 initiatives majeures
• Stratégie d'acquisition d'actifs axée sur les régions géographiques stratégiques

Optimisation des infrastructures logistiques

Métriques d'optimisation des infrastructures:

Métrique d'optimisation	Performance
Efficacité opérationnelle	92.5%
Taux d'utilisation des actifs	87%
Investissement technologique	12 millions de dollars par an

Delek Logistics Partners, LP (DKL) - Modèle commercial: Ressources clés

Réseau de pipeline étendu

Delek Logistics Partners exploite une infrastructure de pipeline complète couvrant plusieurs États:

Type de pipeline	Kilomètres totaux	États couverts
Pilélines de pétrole brut	380 miles	Texas, Arkansas, Louisiane
Pipelines de produit	245 miles	Tennessee, Texas

Installations de terminaux de stockage stratégiques

Détails de l'infrastructure de stockage:

Type d'installation	Capacité totale	Nombre d'emplacements
Terminaux de stockage bruts	1,2 million de barils	7 terminaux
Terminaux de stockage de produits	850 000 barils	5 terminaux

Infrastructure logistique et transport

• Flotte de 42 camions de transport
• Partenariats de transport ferroviaire
• Systèmes avancés de gestion du suivi et de la logistique

Ressources humaines

Composition de la main-d'œuvre:

Catégorie des employés	Total des employés	Expérience moyenne
Gestion	85 personnel	15 ans
Personnel technique	215 personnel	12 ans
Opérations	350 personnel	8 ans

Ressources financières

Détails de soutien financier de Delek Us Holdings:

Métrique financière	Valeur 2023
Investissement de la société mère	187,5 millions de dollars
Limite de facilité de crédit	350 millions de dollars
Dépenses en capital annuelles	95,2 millions de dollars

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: propositions de valeur

Services de transport de produits énergétiques efficaces et fiables

Delek Logistics Partners exploite un réseau de transport avec les mesures clés suivantes:

Actif de transport	Capacité / volume
Pilélines de pétrole brut	Environ 70 000 barils par jour
Pipelines de produits raffinés	Environ 50 000 barils par jour
Réseau de pipeline total	Plus de 350 miles d'infrastructures de pipeline

Solutions logistiques intermédiaires intégrées

Les solutions logistiques comprennent:

• Capacité terminale de stockage de 3,5 millions de barils
• Emplacements stratégiques des marchés énergétiques du Texas et de l'Arkansas
• Capacités de manutention multiproduct

Infrastructure rentable

Détails de l'investissement des infrastructures:

Catégorie d'infrastructure	Valeur d'investissement
Total des actifs intermédiaires	850 millions de dollars
Dépenses en capital annuelles	75 à 100 millions de dollars

Génération des revenus grâce à des contrats à long terme

Caractéristiques du portefeuille de contrats:

• Durée du contrat moyen: 7-10 ans
• Engagement de volume minimum: 85-90%
• Accords de transport fixe

Positionnement stratégique des actifs

Métriques de positionnement du marché:

Segment de marché	Pourcentage de couverture
Couverture du bassin du Permien	42%
Marchés énergétiques du milieu du continent	35%
Région de la côte du golfe	23%

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec les producteurs d'énergie

En 2024, Delek Logistics Partners maintient des contrats stratégiques à long terme avec plusieurs producteurs d'énergie. Le portefeuille de contrats de la société comprend:

Type de client	Durée du contrat	Valeur du contrat annuel
Raffineries de pétrole	5-10 ans	78,5 millions de dollars
Producteurs de pétrole brut	3-7 ans	62,3 millions de dollars
Sociétés d'énergie au milieu	4-8 ans	45,7 millions de dollars

Support client et gestion des services dédiés

Delek Logistics Partners fournit un support client spécialisé à travers:

• Équipe de support technique 24/7
• Gestion de compte dédiée
• Systèmes de suivi logistique en temps réel
• Protocoles de réponse immédiate

Solutions logistiques personnalisées

La société propose des solutions logistiques sur mesure avec les caractéristiques suivantes:

Type de solution	Niveau de personnalisation	Temps de mise en œuvre moyen
Transport de pipeline	Haut	45-60 jours
Services de terminal de stockage	Moyen	30-45 jours
Conception du réseau de distribution	Haut	60-90 jours

Communication transparente et rapport de performance

Les mesures de rapport de performance comprennent:

• Rapports de performance trimestriels
• Suivi des indicateurs de performance clés (KPI)
• Métriques de transparence opérationnelle détaillées

Investissement continu des infrastructures

Détails de l'investissement des infrastructures pour 2024:

Catégorie d'investissement	Investissement total	Focus d'amélioration
Infrastructure de pipeline	127,6 millions de dollars	Expansion de la capacité
Systèmes de suivi numérique	18,3 millions de dollars	Mise à niveau technologique
Modernisation des installations de stockage	45,9 millions de dollars	Amélioration de l'efficacité

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

Delek Logistics Partners maintient une équipe de vente dédiée axée sur la logistique énergétique médiane. En 2023, la force de vente de la société se compose de 47 professionnels spécialisés ciblant les canaux de distribution de produits pétroliers.

Type de canal de vente	Nombre de représentants	Couverture géographique
Ventes de produits pétroliers	27	Sud-ouest des États-Unis
Services logistiques	12	Régions du Texas et du Tennessee
Comptes stratégiques	8	Couverture nationale

Conférences de l'industrie et événements commerciaux

Delek Logistics Partners participe activement à des conférences clés de l'industrie, avec un investissement annuel de 742 000 $ dans l'engagement des événements commerciaux.

• Carburant américain & Conférence des fabricants pétrochimiques
• Conférence internationale sur les pipelines
• Summit commercial intermédiaire

Plate-forme en ligne et communication numérique

Les canaux numériques représentent 38% de la stratégie d'interaction client de l'entreprise, avec un investissement annuel sur l'infrastructure numérique de 1,2 million de dollars.

Canal numérique	Utilisateurs actifs mensuels	Taux d'engagement
Site Web de l'entreprise	58,300	42%
Page d'entreprise LinkedIn	22,750	28%
Portail des relations avec les investisseurs	15,600	35%

Efforts de marketing stratégique et de développement commercial

Attribution du budget marketing pour 2023: 3,4 millions de dollars, avec 62% dédié aux initiatives ciblées de développement commercial.

Partenariat et extension axée sur l'acquisition

En 2023, Delek Logistics Partners a exécuté 3 partenariats stratégiques et 2 acquisitions, élargissant le réseau de distribution de 17% sur les segments logistiques intermédiaires.

Type de partenariat	Nombre de partenariats	Valeur estimée
Infrastructure intermédiaire	2	87,5 millions de dollars
Logistique de transport	1	42,3 millions de dollars

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: segments de clientèle

Producteurs de pétrole brut et raffineries

Delek Logistics Partners sert les principaux producteurs et raffineries de pétrole brut, en mettant spécifiquement l'accent sur les segments suivants:

Type de client	Volume annuel (barils)	Part de marché
Producteurs du bassin du Permien	54,3 millions	12.7%
Raffineries en milieu de continent	38,6 millions	9.2%

Sociétés d'énergie indépendantes

Le segment de la clientèle comprend des entreprises énergétiques indépendantes avec des caractéristiques spécifiques:

• Range de revenus annuelle: 50 à 500 millions de dollars
• Régions opérationnelles: Texas, Oklahoma, Louisiane
• Besoins du transport pétrolier: 22,1 millions de barils par an

Principales sociétés de transport pétrolier

Catégorie de l'entreprise de transport	Volume de transport annuel	Valeur du contrat
Transporteurs à grande échelle	68,5 millions de barils	124,3 millions de dollars
Sociétés de transport de taille moyenne	42,7 millions de barils	76,9 millions de dollars

Participants du marché régional et national de l'énergie

Répartition de la participation au marché:

• Participants du marché régional: 67% de la clientèle
• Participants du marché national de l'énergie: 33% de la clientèle
• Engagement annuel total du marché: 96,2 millions de barils

Fabricants de produits pétroliers en aval

Type de fabricant	Volume annuel de produits	Utilisation du service
Raffineurs d'essence	41,6 millions de barils	Utilisation du service à 78%
Fabricants de carburant diesel	33,9 millions de barils	65% d'utilisation du service

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: Structure des coûts

Entretien et dépenses opérationnelles des pipelines

Coûts de maintenance annuelle des pipelines pour Delek Logistics Partners en 2023: 42,3 millions de dollars

Catégorie de dépenses	Coût annuel
Inspections de pipeline de routine	12,7 millions de dollars
Réparation et réhabilitation	18,5 millions de dollars
Prévention de la corrosion	6,1 millions de dollars
Préparation de la réponse d'urgence	5,0 millions de dollars

Développement des infrastructures et coûts d'expansion

Investissement total des infrastructures en 2023: 156,8 millions de dollars

• Nouvelle construction de pipelines: 87,3 millions de dollars
• Projets d'expansion des terminaux: 45,6 millions de dollars
• Mises à niveau des installations de stockage: 23,9 millions de dollars

Personnel et frais généraux administratifs

Total des dépenses du personnel pour 2023: 38,5 millions de dollars

Catégorie de personnel	Coût annuel
Rémunération des dirigeants	7,2 millions de dollars
Salaires du personnel des opérations	22,3 millions de dollars
Personnel administratif	9,0 millions de dollars

Investissements de gestion de la technologie et des actifs

Investissement total technologique en 2023: 24,6 millions de dollars

• Systèmes de surveillance numérique: 9,7 millions de dollars
• Technologie de maintenance prédictive: 8,2 millions de dollars
• Infrastructure de cybersécurité: 6,7 millions de dollars

Compliance réglementaire et dépenses de sécurité

Total des coûts réglementaires et de sécurité en 2023: 31,4 millions de dollars

Catégorie de conformité	Coût annuel
Conformité environnementale	12,6 millions de dollars
Programmes de formation à la sécurité	8,3 millions de dollars
Représentation réglementaire	5,2 millions de dollars
Frais juridiques et de consultation	5,3 millions de dollars

Delek Logistics Partners, LP (DKL) - Modèle d'entreprise: Strots de revenus

Frais de service de transport et de logistique

Pour l'exercice 2023, Delek Logistics Partners a déclaré des frais de service de transport et de logistique totalisant 455,3 millions de dollars.

Catégorie de service	Revenus ($ m)	Pourcentage du total
Transport de pétrole brut	198.7	43.6%
Transport raffiné des produits	156.2	34.3%
Services de soutien logistique	100.4	22.1%

Utilisation des pipelines et revenus de débit

Les revenus de débit de pipeline pour 2023 ont atteint 276,8 millions de dollars, avec des infrastructures clés, notamment:

• Tyler, Texas Pipeline System: 75 000 barils par jour de capacité
• El Dorado, Arkansas Pipeline Network: 50 000 barils par jour débit

Frais de location et de service des terminaux de stockage

Les revenus du terminal de stockage en 2023 s'élevaient à 187,5 millions de dollars, avec la ventilation suivante:

Emplacement du terminal	Capacité de stockage	Revenus annuels ($ m)
Tyler, Texas	1,2 million de barils	82.3
El Dorado, Arkansas	900 000 barils	65.7
Autres emplacements	500 000 barils	39.5

Accords contractuels à long terme

Les revenus de contrat à long terme pour 2023 ont totalisé 212,6 millions de dollars, avec une durée de contrat moyenne de 7,2 ans.

Monétisation des actifs et investissements stratégiques

L'investissement stratégique et la monétisation des actifs ont généré 64,2 millions de dollars en 2023, notamment:

• Ventes d'actifs: 42,5 millions de dollars
• Revenu de coentreprise: 21,7 millions de dollars

Total des sources de revenus pour 2023: 1 196,4 millions de dollars

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.