DeLek Logistics Partners, LP (DKL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado World of Delek Logistics Partners, LP (DKL), onde as operações estratégicas do meio -fluxo transformam o cenário da logística de energia. Esta empresa inovadora tece uma rede complexa de infraestrutura de pipeline, terminais de armazenamento e serviços de transporte que pulamos como a força vital da indústria do petróleo. De suas parcerias estratégicas a soluções de logística de ponta, a DKL representa um projeto fascinante de como as empresas de energia modernas navegam nos intrincados desafios de transporte, armazenamento e posicionamento de mercado em um ecossistema de energia em constante evolução.

DeLek Logistics Partners, LP (DKL) - Modelo de negócios: Parcerias -chave

Aliança estratégica com a Delek Us Holdings

Delek Logistics Partners mantém um Aliança estratégica primária com a Delek US Holdings, concentrando -se nos serviços médios e de logística. A partir de 2024, essa parceria abrange:

Aspecto da parceria	Detalhes
Porcentagem de propriedade	A Delek US Holdings possui aproximadamente 62,4% dos parceiros de logística Delek
Serviços de logística anuais	Lida com aproximadamente 130.000 barris por dia de petróleo bruto e produtos refinados
Infraestrutura compartilhada	15 terminais de logística e várias redes de pipeline

Parcerias de transporte de petróleo e produtos refinados

A Delek Logistics Partners colabora com várias empresas de transporte:

• Enterprise Products Partners LP
• Magellan Midstream Partners
• Plains todo o oleoduto

Parceiro de transporte	Volume anual de transporte	Cobertura geográfica
Enterprise Products Partners	45.000 barris por dia	Regiões Texas e Louisiana
Magellan Midstream Partners	35.000 barris por dia	No meio do continente e no sudeste dos Estados Unidos
Plains todo o oleoduto	50.000 barris por dia	Bacia do Permiano e Costa do Golfo

Operadores de pipeline e colaborações terminais de armazenamento

As principais parcerias de pipeline e terminal de armazenamento incluem:

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

Parceiro	Capacidade de armazenamento	Miles de pipeline
Sunoco Logistics Partners	2,5 milhões de barris	750 milhas
Genesis Energy LP	1,8 milhão de barris	500 milhas
Nustar Energy LP	3,2 milhões de barris	1.100 milhas

Joint ventures na infraestrutura de pipeline

A Delek Logistics Partners participa de várias joint ventures na infraestrutura de pipeline:

• Joint venture de pipeline tyler
• Big Spring Logistics Joint Venture
• Parceria de oleoduto de Midland-Cushing

Consórcio	Valor do investimento	Porcentagem de propriedade
Tyler Pipeline	US $ 78 milhões	60% Delek Logistics
Big Spring Logistics	US $ 95 milhões	70% Delek Logistics
Oleoduto de coda-midland	US $ 112 milhões	50% Delek Logistics

Delek Logistics Partners, LP (DKL) - Modelo de Negócios: Atividades -chave

O petróleo bruto e produtos refinados de transporte e logística

A Delek Logistics Partners opera uma rede de ativos de transporte com as seguintes especificações principais:

Tipo de ativo	Miles totais	Capacidade
Oleodutos de petróleo bruto	250 milhas	150.000 barris por dia
Oleodutos de produtos refinados	180 milhas	100.000 barris por dia

Operação e manutenção de oleodutos

A empresa mantém sua infraestrutura de pipeline por meio de programas de manutenção abrangentes:

• Cobertura anual de inspeção: 100% da rede de pipeline
• Orçamento de manutenção preventiva: US $ 15 milhões anualmente
• Tecnologias avançadas de monitoramento implantadas em toda a infraestrutura

Gerenciamento e Serviços de Terminal de Armazenamento

Localização do terminal	Capacidade de armazenamento	Tipos de produtos
Tyler, Texas	1,2 milhão de barris	Petróleo bruto, produtos refinados
El Dorado, Arkansas	850.000 barris	Produtos refinados

Aquisição e Desenvolvimento de Ativos Midstream

Detalhes do investimento para expansões recentes de ativos no meio do meio:

• Despesas de capital em 2023: US $ 85 milhões
• Novos projetos de conexão de pipeline: 3 principais iniciativas
• Estratégia de aquisição de ativos focada em regiões geográficas estratégicas

Otimização de infraestrutura de logística

Métricas de otimização de infraestrutura:

Métrica de otimização	Desempenho
Eficiência operacional	92.5%
Taxa de utilização de ativos	87%
Investimento em tecnologia	US $ 12 milhões anualmente

Delek Logistics Partners, LP (DKL) - Modelo de Negócios: Recursos -Principais

Extensa rede de pipeline

A Delek Logistics Partners opera uma infraestrutura abrangente de pipeline que abrange vários estados:

Tipo de pipeline	Miles totais	Estados cobertos
Oleodutos de petróleo bruto	380 milhas	Texas, Arkansas, Louisiana
Oleodutos de produtos	245 milhas	Tennessee, Texas

Instalações de terminais de armazenamento estratégico

Detalhes da infraestrutura de armazenamento:

Tipo de instalação	Capacidade total	Número de locais
Terminais de armazenamento bruto	1,2 milhão de barris	7 terminais
Terminais de armazenamento de produtos	850.000 barris	5 terminais

Infraestrutura de logística e transporte

• Frota de 42 caminhões de transporte
• Parcerias de transporte ferroviário
• Sistemas avançados de rastreamento e gerenciamento de logística

Recursos Humanos

Composição da força de trabalho:

Categoria de funcionários	Total de funcionários	Experiência média
Gerenciamento	85 pessoal	15 anos
Equipe técnica	215 pessoal	12 anos
Operações	350 pessoal	8 anos

Recursos financeiros

Detalhes de apoio financeiro da Delek Us Holdings:

Métrica financeira	2023 valor
Investimento da empresa -mãe	US $ 187,5 milhões
Limite da linha de crédito	US $ 350 milhões
Gastos anuais de capital	US $ 95,2 milhões

Delek Logistics Partners, LP (DKL) - Modelo de negócios: proposições de valor

Serviços de transporte de produtos energéticos eficientes e confiáveis

A Delek Logistics Partners opera uma rede de transporte com as seguintes métricas principais:

Ativo de transporte	Capacidade/volume
Oleodutos de petróleo bruto	Aproximadamente 70.000 barris por dia
Oleodutos de produtos refinados	Cerca de 50.000 barris por dia
Rede total de pipeline	Mais de 350 milhas de infraestrutura de pipeline

Soluções de logística integrada Midstream

As soluções de logística incluem:

• Capacidade do terminal de armazenamento de 3,5 milhões de barris
• Locais estratégicos nos mercados de energia do Texas e Arkansas
• Recursos de manuseio de vários produtos

Infraestrutura econômica

Detalhes do investimento em infraestrutura:

Categoria de infraestrutura	Valor de investimento
Ativos totais no meio do meio	US $ 850 milhões
Gastos anuais de capital	US $ 75-100 milhões

Geração de receita através de contratos de longo prazo

Características do portfólio de contratos:

• Duração média do contrato: 7-10 anos
• Compromisso mínimo de volume: 85-90%
• Acordos de transporte de taxa fixa

Posicionamento estratégico de ativos

Métricas de posicionamento de mercado:

Segmento de mercado	Porcentagem de cobertura
Cobertura da bacia do Permiano	42%
Mercados de energia do meio do continente	35%
Região da Costa do Golfo	23%

DeLek Logistics Partners, LP (DKL) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com produtores de energia

A partir de 2024, a Delek Logistics Partners mantém contratos estratégicos de longo prazo com vários produtores de energia. O portfólio de contratos da empresa inclui:

Tipo de cliente	Duração do contrato	Valor anual do contrato
Refinarias de petróleo	5-10 anos	US $ 78,5 milhões
Produtores de petróleo bruto	3-7 anos	US $ 62,3 milhões
Empresas de energia média	4-8 anos	US $ 45,7 milhões

Suporte ao cliente dedicado e gerenciamento de serviços

A Delek Logistics Partners fornece suporte especializado ao cliente por meio de:

• Equipe de suporte técnico 24/7
• Gerenciamento de conta dedicado
• Sistemas de rastreamento de logística em tempo real
• Protocolos de resposta imediata

Soluções de logística personalizadas

A empresa oferece soluções de logística personalizadas com as seguintes características:

Tipo de solução	Nível de personalização	Tempo médio de implementação
Transporte de pipeline	Alto	45-60 dias
Serviços de Terminal de Armazenamento	Médio	30-45 dias
Design de rede de distribuição	Alto	60-90 dias

Comunicação transparente e relatório de desempenho

As métricas de relatórios de desempenho incluem:

• Relatórios trimestrais de desempenho
• Rastreamento dos principais indicadores de desempenho (KPIs)
• Métricas detalhadas de transparência operacional

Investimento contínuo de infraestrutura

Detalhes do investimento em infraestrutura para 2024:

Categoria de investimento	Investimento total	Foco de melhoria
Infraestrutura de pipeline	US $ 127,6 milhões	Expansão da capacidade
Sistemas de rastreamento digital	US $ 18,3 milhões	Atualização da tecnologia
Modernização da instalação de armazenamento	US $ 45,9 milhões	Melhoramento de eficiência

Delek Logistics Partners, LP (DKL) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A Delek Logistics Partners mantém uma equipe de vendas dedicada focada na logística de energia do Midstream. A partir de 2023, a força de vendas da empresa consiste em 47 profissionais especializados direcionados aos canais de distribuição de produtos de petróleo.

Tipo de canal de vendas	Número de representantes	Cobertura geográfica
Vendas de produtos petrolíferos	27	Sudoeste dos Estados Unidos
Serviços de logística	12	Regiões Texas e Tennessee
Contas estratégicas	8	Cobertura nacional

Conferências da indústria e eventos comerciais

A Delek Logistics Partners participa ativamente de conferências importantes do setor, com um investimento anual de US $ 742.000 em envolvimento de eventos comerciais.

• Combustível americano & Conferência de Fabricantes Petroquímicos
• Conferência Internacional de Pipeline
• Cúpula de Negócios Midstream

Plataforma online e comunicação digital

Os canais digitais representam 38% da estratégia de interação do cliente da empresa, com um investimento anual de infraestrutura digital de US $ 1,2 milhão.

Canal digital	Usuários ativos mensais	Taxa de engajamento
Site corporativo	58,300	42%
Página corporativa do LinkedIn	22,750	28%
Portal de Relações com Investidores	15,600	35%

Esforços estratégicos de marketing e desenvolvimento de negócios

Alocação de orçamento de marketing para 2023: US $ 3,4 milhões, com 62% dedicados a iniciativas direcionadas de desenvolvimento de negócios.

Expansão de parceria e aquisição

Em 2023, a Delek Logistics Partners executou 3 parcerias estratégicas e 2 aquisições, expandindo a rede de distribuição em 17% nos segmentos de logística do meio do meio.

Tipo de parceria	Número de parcerias	Valor estimado
Infraestrutura média	2	US $ 87,5 milhões
Logística de transporte	1	US $ 42,3 milhões

DeLek Logistics Partners, LP (DKL) - Modelo de negócios: segmentos de clientes

Produtores e refinarias de petróleo bruto

A Delek Logistics Partners serve os principais produtores e refinarias de petróleo bruto, com foco específico nos seguintes segmentos:

Tipo de cliente	Volume anual (barris)	Quota de mercado
Produtores da Bacia do Permiano	54,3 milhões	12.7%
Refinarias do meio do continente	38,6 milhões	9.2%

Empresas de energia independentes

O segmento de clientes inclui empresas independentes de energia com características específicas:

• Receita anual Faixa: US $ 50 milhões a US $ 500 milhões
• Regiões operacionais: Texas, Oklahoma, Louisiana
• Necessidades de transporte de petróleo: 22,1 milhões de barris anualmente

Principais empresas de transporte de petróleo

Categoria da empresa de transporte	Volume anual de transporte	Valor do contrato
Transportadores em larga escala	68,5 milhões de barris	US $ 124,3 milhões
Empresas de transporte de tamanho médio	42,7 milhões de barris	US $ 76,9 milhões

Participantes do mercado regional e nacional de energia

Participação do mercado Redução:

• Participantes do mercado regional: 67% da base de clientes
• Participantes do mercado nacional de energia: 33% da base de clientes
• Engajamento anual total do mercado: 96,2 milhões de barris

Fabricantes de produtos petrolíferos a jusante

Tipo de fabricante	Volume anual do produto	Utilização de serviços
Refinarias de gasolina	41,6 milhões de barris	78% Utilização de serviço
Fabricantes de combustíveis a diesel	33,9 milhões de barris	Utilização de serviço de 65%

Delek Logistics Partners, LP (DKL) - Modelo de negócios: estrutura de custos

Manutenção de oleodutos e despesas operacionais

Custos anuais de manutenção de dutos para Delek Logistics Partners em 2023: US $ 42,3 milhões

Categoria de despesa	Custo anual
Inspeções de pipeline de rotina	US $ 12,7 milhões
Reparo e reabilitação	US $ 18,5 milhões
Prevenção de corrosão	US $ 6,1 milhões
Preparação de resposta a emergências	US $ 5,0 milhões

Desenvolvimento de infraestrutura e custos de expansão

Investimento total de infraestrutura em 2023: US $ 156,8 milhões

• Novo Construção de oleodutos: US $ 87,3 milhões
• Projetos de expansão do terminal: US $ 45,6 milhões
• Atualizações da instalação de armazenamento: US $ 23,9 milhões

Pessoal e sobrecarga administrativa

Total de despesas de pessoal para 2023: US $ 38,5 milhões

Categoria de pessoal	Custo anual
Compensação executiva	US $ 7,2 milhões
Salários da equipe de operações	US $ 22,3 milhões
Pessoal administrativo	US $ 9,0 milhões

Investimentos de Gerenciamento de Tecnologia e Ativos

Investimento de tecnologia total em 2023: US $ 24,6 milhões

• Sistemas de monitoramento digital: US $ 9,7 milhões
• Tecnologia de manutenção preditiva: US $ 8,2 milhões
• Infraestrutura de segurança cibernética: US $ 6,7 milhões

Despesas de conformidade e segurança regulatórias

Custos regulatórios e de segurança totais em 2023: US $ 31,4 milhões

Categoria de conformidade	Custo anual
Conformidade ambiental	US $ 12,6 milhões
Programas de treinamento em segurança	US $ 8,3 milhões
Relatórios regulatórios	US $ 5,2 milhões
Taxas legais e de consultoria	US $ 5,3 milhões

Delek Logistics Partners, LP (DKL) - Modelo de negócios: fluxos de receita

Taxas de serviço de transporte e logística

Para o ano fiscal de 2023, a Delek Logistics Partners relatou taxas de serviço de transporte e logística totalizando US $ 455,3 milhões.

Categoria de serviço	Receita ($ m)	Porcentagem de total
Transporte de petróleo bruto	198.7	43.6%
Transporte de produtos refinados	156.2	34.3%
Serviços de suporte de logística	100.4	22.1%

Uso de pipeline e receita de rendimento

As receitas da taxa de transferência do pipeline para 2023 atingiram US $ 276,8 milhões, com a infraestrutura -chave, incluindo:

• Tyler, Texas Pipeline System: 75.000 barris por dia
• El Dorado, Arkansas Pipeline Network: 50.000 barris por taxa de transferência de dia

Cobranças de aluguel e serviço do terminal de armazenamento

As receitas do terminal de armazenamento em 2023 totalizaram US $ 187,5 milhões, com o seguinte quebra:

Localização do terminal	Capacidade de armazenamento	Receita anual ($ m)
Tyler, Texas	1,2 milhão de barris	82.3
El Dorado, Arkansas	900.000 barris	65.7
Outros locais	500.000 barris	39.5

Acordos contratuais de longo prazo

As receitas de contrato de longo prazo para 2023 totalizaram US $ 212,6 milhões, com uma duração média do contrato de 7,2 anos.

Monetização de ativos e investimentos estratégicos

O investimento estratégico e a monetização de ativos geraram US $ 64,2 milhões em 2023, incluindo:

• Vendas de ativos: US $ 42,5 milhões
• Renda da joint venture: US $ 21,7 milhões

Fluxos totais de receita para 2023: US $ 1.196,4 milhões

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.