NYSE: DKL
Delek Logistics Partners, LPCIK 0001552797 · SIC 4610 · Pipelines (Except Natural Gas)
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Delek Logistics prices $200M public offering at $50/unit to repay debt
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Delek Logistics launches $175M common unit offering to repay revolving credit debt
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Delek Logistics Partners (DKL) files preliminary prospectus for common unit offering, size and price TBD
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Delek Logistics revenue jumps 56.2% to $384.8M; refinances debt, sells assets to parent
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Delek Logistics Partners launches at-the-market offering of common units up to $100 million
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net revenues | ||||
| Affiliate (1) | 204,764 | 114,083 | 371,454 | 240,404 |
| Third party | 179,996 | 132,267 | 310,772 | 255,876 |
| Net revenues | 384,760 | 246,350 | 682,226 | 496,280 |
| Cost of sales: | ||||
| Cost of materials and other affiliate (1) | 148,955 | 84,411 | 257,140 | 174,377 |
| Cost of materials and other third party | 90,007 | 34,950 | 150,433 | 74,036 |
| Operating expenses (excluding depreciation and amortization presented below) | 42,794 | 37,525 | 89,390 | 78,155 |
| Depreciation and amortization | 36,914 | 25,879 | 72,267 | 52,377 |
| Total cost of sales | 318,670 | 182,765 | 569,230 | 378,945 |
| Operating expenses related to wholesale business (excluding depreciation and amortization presented below) | 543 | 549 | 992 | 904 |
| General and administrative expenses | 3,280 | 8,944 | 7,554 | 17,808 |
| Depreciation and amortization | 491 | 1,218 | 1,639 | 2,436 |
| Other operating expense (income), net | (120) | 438 | 906 | (3,848) |
| Total operating costs and expenses | 322,864 | 193,914 | 580,321 | 396,245 |
| Operating income | 61,896 | 52,436 | 101,905 | 100,035 |
| Interest income | (22,545) | (23,538) | (54,830) | (46,085) |
| Interest expense | 70,090 | 41,711 | 121,682 | 82,812 |
| Income from equity method investments | (14,491) | (10,536) | (26,114) | (20,686) |
| Other income, net | (29) | (20) | (56) | (41) |
| Total non-operating expenses, net | 33,025 | 7,617 | 40,682 | 16,000 |
| Income before income tax expense | 28,871 | 44,819 | 61,223 | 84,035 |
| Income tax expense | — | 245 | — | 427 |
| Net income | 28,871 | 44,574 | 61,223 | 83,608 |
| Comprehensive income | 28,871 | 44,574 | 61,223 | 83,608 |
| Net income per unit: | ||||
| Basic | 0.54 | 0.83 | 1.15 | 1.56 |
| Diluted | 0.54 | 0.83 | 1.15 | 1.56 |
| Weighted average common units outstanding: | ||||
| Basic | 53,175,413 | 53,445,803 | 53,343,964 | 53,524,792 |
| Diluted | 53,240,181 | 53,473,271 | 53,430,114 | 53,553,227 |
Condensed Consolidated Balance Sheets (Unaudited)
(thousands, except unit and per unit data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 13,705 | 10,892 |
| Accounts receivable | 134,869 | 114,544 |
| Accounts receivable from related parties | 259,578 | 216,641 |
| Lease receivable affiliate | 33,158 | 36,362 |
| Inventory | 23,708 | 17,913 |
| Other current assets | 5,129 | 4,416 |
| Total current assets | 470,147 | 400,768 |
| Property, plant and equipment: | ||
| Property, plant and equipment | 1,936,429 | 1,827,530 |
| Less: accumulated depreciation | (460,068) | (403,523) |
| Property, plant and equipment, net | 1,476,361 | 1,424,007 |
| Equity method investments | 335,690 | 340,070 |
| Customer relationship intangibles, net | 221,923 | 233,022 |
| Other intangibles, net | 145,700 | 137,439 |
| Goodwill | 12,203 | 12,203 |
| Operating lease right-of-use assets | 8,957 | 11,683 |
| Finance lease right-of-use assets | 29,256 | 27,802 |
| Net investment in leases affiliate | 156,426 | 185,656 |
| Other non-current assets | 13,801 | 6,618 |
| Total assets | 2,870,464 | 2,779,268 |
| LIABILITIES AND PARTNERS' (DEFICIT) EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 427,051 | 292,908 |
| Interest payable | 24,356 | 30,557 |
| Excise and other taxes payable | 21,194 | 16,569 |
| Current portion of operating lease liabilities | 2,170 | 3,027 |
| Current portion of finance lease liabilities | 9,834 | 8,310 |
| Accrued expenses and other current liabilities | 4,690 | 5,122 |
| Total current liabilities | 489,295 | 356,493 |
| Non-current liabilities: | ||
| Long-term debt, net of current portion | 2,372,717 | 2,344,420 |
| Operating lease liabilities, net of current portion | 2,582 | 3,551 |
| Finance lease liabilities, net of current portion | 20,494 | 20,289 |
| Asset retirement obligations | 26,157 | 24,278 |
| Other non-current liabilities | 28,510 | 24,123 |
| Total non-current liabilities | 2,450,460 | 2,416,661 |
| Partners' (deficit) equity: | ||
| Common unitholders public; 19,688,283 units issued and outstanding at June 30, 2026 (19,643,923 at December 31, 2025) | 488,877 | 510,376 |
| Common unitholders Delek Holdings; 33,508,831 units issued and outstanding at June 30, 2026, exclusive of 359,372 issued units held by the Partnership in Treasury (33,868,203 issued and outstanding at December 31, 2025) | (558,168) | (504,262) |
| Total partners' (deficit) equity | (69,291) | 6,114 |
| Total liabilities and partners' (deficit) equity | 2,870,464 | 2,779,268 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 61,223 | 83,608 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 73,906 | 54,813 |
| Non-cash lease expense | 2,848 | 3,619 |
| Amortization of deferred revenue | (4,086) | (1,660) |
| Amortization of deferred financing costs and debt discount | 3,231 | 2,667 |
| Income from equity method investments | (26,114) | (20,686) |
| Dividends from equity method investments | 22,405 | 11,722 |
| Loss on extinguishment of debt | 23,005 | — |
| Other non-cash adjustments | 5,668 | (632) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (20,325) | (26,364) |
| Inventories and other current assets | (6,508) | (1,537) |
| Accounts payable and other current liabilities | 127,235 | 322,980 |
| Accounts receivable/payable to related parties | (42,937) | (297,545) |
| Net investment in leases affiliate | 13,434 | 8,279 |
| Non-current assets and liabilities, net | 8,589 | (291) |
| Net cash provided by operating activities | 241,574 | 138,973 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (108,063) | (169,948) |
| Proceeds from sales of property, plant and equipment | 104 | 4,892 |
| Purchases of intangible assets | (9,221) | (7,017) |
| Business combination, net of cash acquired | — | (181,180) |
| Distributions from equity method investments | 8,089 | 5,570 |
| Net cash used in investing activities | (109,091) | (347,683) |
| Cash flows from financing activities: | ||
| Distributions to common unitholders public | (44,315) | (43,335) |
| Distributions to common unitholders Delek Holdings | (75,967) | (75,287) |
| Proceeds from term debt | 800,000 | 700,000 |
| Payments on term debt | (800,000) | — |
| Proceeds from revolving facility | 2,127,500 | 829,900 |
| Payments on revolving facility | (2,091,250) | (1,184,450) |
| Unit repurchase | — | (10,000) |
| Deferred financing costs paid | (23,353) | (10,788) |
| Debt extinguishment costs paid | (17,837) | — |
| Other financing activities | (4,448) | (1,278) |
| Net cash (used in) provided by financing activities | (129,670) | 204,762 |
| Net increase (decrease) in cash and cash equivalents | 2,813 | (3,948) |
| Cash and cash equivalents at the beginning of the period | 10,892 | 5,384 |
| Cash and cash equivalents at the end of the period | 13,705 | 1,436 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except unit and per unit data); (thousands, except unit and per unit data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗