• Delek Logistics Partners, LP Reports Fourth Quarter 2019 Results

    Источник: Nasdaq GlobeNewswire / 25 фев 2020 16:15:11   America/New_York

    • Declared fourth quarter distribution of $0.885 per limited partner unit; increased by 9.3% percent year-over-year
    • Reported fourth quarter net income attributable to all partners of $21.6 million; EBITDA increased 6.1% year-over-year
    • Fourth quarter net cash from operations was $45.8 million
    • Distributable cash flow coverage ratio of 1.08x for the fourth quarter 2019
    • Forecasting 5% distribution growth in 2020

    BRENTWOOD, Tenn., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the fourth quarter 2019. For the three months ended December 31, 2019, Delek Logistics reported net income attributable to all partners of $21.6 million, or $0.52 per diluted common limited partner unit. This compares to net income attributable to all partners of $21.3 million, or $0.58 per diluted common limited partner unit, in the fourth quarter 2018. Net cash from operating activities was $45.8 million in the fourth quarter 2019 compared to $95.4 million in the fourth quarter 2018.  Distributable cash flow was $33.0 million in the fourth quarter 2019, compared to $27.6 million in the fourth quarter 2018. Reconciliation of net cash from operating activities as reported under U.S. GAAP to distributable cash flow is included in the financial tables attached to this release.

    For the fourth quarter 2019, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $43.3 million compared to $40.8 million in the fourth quarter 2018. Despite spill related costs of $7.1 million in the fourth quarter 2019, results improved on a year-over-year basis. This was primarily due to a $3.4 million increase to income from equity method investments, as well as increased contributions from the Paline Pipeline and Gathering Assets. This was partially offset by lower West Texas gross margin on a year-over-year basis.  Reconciliation of net income attributable to all partners as reported under U.S. GAAP to EBITDA is included in the financial tables attached to this release.

    Uzi Yemin, Chairman, President and Chief Executive Officer of Delek Logistics' general partner, remarked: "Delek Logistics delivered strong financial performance in fourth quarter with EBITDA increasing approximately 23% excluding spill related costs.  Full-year 2019 distribution growth was over 10 percent on a year-over-year basis. The acquisition of the Red River pipeline joint venture bolstered results in 2019. The pipeline expansion, currently underway, should increase the contribution into the second half of 2020. Looking forward, we are targeting distribution growth of 5% in 2020.  We are looking at simplifying the capital structure and preparing the balance sheet for potential asset drop-down options from our sponsor, Delek US Holdings, Inc. (NYSE: DK) ("Delek US"). From a strategic perspective, we remain focused on maintaining strong cash flow coverage and flexibility."

    Distribution and Liquidity

    On January 24, 2020, Delek Logistics declared a quarterly cash distribution of $0.885 per common limited partner unit for the fourth quarter 2019, which equates to $3.54 per common limited partner unit on an annualized basis. This distribution was paid on February 12, 2020 to unitholders of record on February 4, 2020. This represents a 1.0 percent increase from the third quarter 2019 distribution of $0.880 per common limited partner unit, or $3.52 per common limited partner unit on an annualized basis, and a 9.3% increase over Delek Logistics’ fourth quarter 2018 distribution of $0.810 per common limited partner unit, or $3.24 per common limited partner unit annualized. For the fourth quarter 2019, the total cash distribution declared to all partners, including incentive distribution rights (IDRs), was approximately $30.6 million. Based on the distribution for the fourth quarter 2019, the distributable cash flow coverage ratio for the fourth quarter was 1.08x.

    As of December 31, 2019, Delek Logistics had total debt of approximately $833.1 million and cash of $5.5 million. Additional borrowing capacity, subject to certain covenants, under the $850.0 million credit facility was $261.6 million. The total leverage ratio, calculated in accordance with the credit facility, for the fourth quarter 2019 was approximately 4.43x, which is within the current requirements of the maximum allowable leverage ratio of 5.25x and a decrease from the third quarter 2019 level of 4.60x

    Financial Results

    Revenue for the fourth quarter 2019 was $138.6 million compared to $159.3 million in the prior-year period. The decrease in revenue is primarily due to lower prices and volumes in the west Texas wholesale business, partially offset by improved performance from the Gathering Assets and Paline Pipeline. Total operating expenses were $22.3 million in the fourth quarter 2019, compared to $15.9 million in the fourth quarter 2018. The increase was primarily due to spill related costs, higher maintenance and repair and outside services. Total contribution margin was $42.5 million in the fourth quarter 2019 compared to $45.0 million in the fourth quarter 2018. General and administrative expenses were $5.8 million for the fourth quarter 2019, compared to $7.4 million in the prior-year period, with the decrease being primarily due to services rendered in fourth quarter 2018 to support the development and operations of the Big Spring Gathering project not occurring in fourth quarter 2019.

    Pipelines and Transportation Segment

    Contribution margin in the fourth quarter 2019 was $25.2 million compared to $26.3 million in the fourth quarter 2018.  Operating expenses were $18.7 million in the fourth quarter 2019 compared to $10.9 million in the prior-year period. The increase was primarily driven by spill related costs.  Excluding those costs, the contribution margin would have increased year-over-year due to strong performance from Paline and the Gathering Assets.

    Wholesale Marketing and Terminalling Segment

    During the fourth quarter 2019, contribution margin was $17.3 million, compared to $18.8 million in the fourth quarter 2018. This decrease was primarily due to lower gross margin in west Texas. Operating expenses of $3.6 million in the fourth quarter 2019 were lower than the $5.0 million in the prior-year period.

    In the west Texas wholesale business, average throughput in the fourth quarter 2019 was 9,972 barrels per day compared to 12,938 barrels per day in the fourth quarter 2018. The west Texas gross margin per barrel decreased year-over-year to $3.12 per barrel and included approximately $0.3 million, or $0.28 per barrel, from renewable identification numbers (RINs) generated in the quarter. During the fourth quarter 2018, the west Texas gross margin per barrel was $4.60 per barrel and included $0.2 million from RINs, or $0.14 per barrel.

    Average terminalling throughput volume of 160,298 barrels per day during the fourth quarter 2019 decreased on a year-over-year basis from 164,028 barrels per day in the fourth quarter 2018.  During the fourth quarter 2019, average volume under the East Texas marketing agreement with Delek US was 73,016 barrels per day compared to 77,896 barrels per day during the fourth quarter 2018.

    Fourth Quarter 2019 Results | Conference Call Information

    Delek Logistics will hold a conference call to discuss its fourth quarter 2019 results on Wednesday, February 26, 2020 at 7:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.Delek Logistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. For those who cannot listen to the live broadcast, a telephonic replay will be available through March 11, 2020 by dialing (855) 859-2056, passcode 1297317. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.

    Investors may also wish to listen to Delek US’ (NYSE: DK) fourth quarter 2019 earnings conference call on Wednesday, February 26, 2020 at 8:30 a.m. Central Time and review Delek US’ earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com.

    About Delek Logistics Partners, LP

    Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE: DK) to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.

    Safe Harbor Provisions Regarding Forward-Looking Statements

    This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,”  “expect” or similar expressions, as well as statements in the future tense, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; the results of our investments in joint ventures; the ability of the Red River joint venture to complete the expansion to increase the Red River pipeline capacity; adverse changes in laws including with respect to tax and regulatory matters; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. Forward looking statements include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory and the evaluation of incentive distribution rights; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth of 10% or at all. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved.  Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements.  Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation

    Non-GAAP Disclosures:

    Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:

    • Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before net interest expense, income tax expense, depreciation and amortization expense, including amortization of customer contract intangible assets, which is included as a component of net revenues in our accompanying condensed consolidated statements of income.
    • Distributable cash flow - calculated as net cash flow from operating activities plus or minus changes in assets and liabilities, less maintenance capital expenditures net of reimbursements and other adjustments not expected to settle in cash.  Delek Logistics believes this is an appropriate reflection of a liquidity measure by which users of its financial statements can assess its ability to generate cash.

    EBITDA and distributable cash flow are non-U.S. GAAP supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:     

    • Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
    • the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
    • Delek Logistics' ability to incur and service debt and fund capital expenditures; and
    • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

    Delek Logistics believes that the presentation of EBITDA, distributable cash flow and distributable cash flow coverage ratio provide useful information to investors in assessing its financial condition, its results of operations and the cash flow its business is generating. EBITDA, distributable cash flow and distributable cash flow coverage ratio should not be considered in isolation or as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP.

    Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net income and net cash provided by operating activities. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in its industry, Delek Logistics' definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility.  See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.


    Delek Logistics Partners, LP
    Condensed Consolidated Balance Sheets (Unaudited)
    (In thousands, except unit and per unit data) 
     December 31, 2019 December 31, 2018
    ASSETS   
    Current assets:   
    Cash and cash equivalents$5,545  $4,522 
      Accounts receivable13,204  21,586 
    Inventory12,617  5,491 
    Other current assets2,204  969 
    Total current assets33,570  32,568 
    Property, plant and equipment:   
    Property, plant and equipment461,325  452,746 
    Less: accumulated depreciation(166,281) (140,184)
    Property, plant and equipment, net295,044  312,562 
    Equity method investments246,984  104,770 
    Operating lease right-of-use assets3,745   
    Goodwill12,203  12,203 
    Marketing Contract Intangible, net130,999  138,210 
    Other non-current assets21,902  24,280 
    Total assets$744,447  $624,593 
        
    LIABILITIES AND DEFICIT   
    Current liabilities:   
    Accounts payable$12,471  $14,226 
    Accounts payable to related parties8,898  7,833 
    Interest Payable2,572  2,664 
    Excise and other taxes payable3,941  4,069 
    Current portion of operating lease liabilities1,435   
    Accrued expenses and other current liabilities5,765  7,713 
    Total current liabilities35,082  36,505 
    Non-current liabilities:   
    Long-term debt833,110  700,430 
    Asset retirement obligations5,588  5,191 
    Deferred tax liabilities215   
    Operating lease liabilities, net of current portion2,310   
    Other non-current liabilities19,261  17,290 
    Total non-current liabilities860,484  722,911 
    Total liabilities895,566  759,416 
    Equity (Deficit):   
    Common unitholders - public;  9,131,579 units issued and outstanding at December 31, 2019 (9,109,807 at December 31, 2018)164,436  171,023 
    Common unitholders - Delek Holdings; 15,294,046 units issued and outstanding at December 31, 2019 (15,294,046 at December 31, 2018)(310,513) (299,360)
    General partner - 498,482 units issued and outstanding at December 31, 2019 (498,038 at December 31, 2018)(5,042) (6,486)
    Total deficit(151,119) (134,823)
    Total liabilities and deficit$744,447  $624,593 


    Delek Logistics Partners, LP
    Condensed Consolidated Statements of Income (Unaudited)
    (In thousands, except unit and per unit data) 
      Three Months Ended December 31, Twelve Months Ended December 31,
      2019 2018 2019 2018
    Net revenues:        
    Affiliate $69,484  $62,250  $261,014  $240,809 
    Third-party 69,126  97,048  322,978  416,800 
    Net revenues 138,610  159,298  583,992  657,609 
    Cost of Sales:        
    Cost of materials and other 73,760  98,417  336,473  429,061 
    Operating expenses (excluding depreciation and amortization presented below) 22,023  15,423  71,341  55,924 
    Depreciation and amortization 6,443  5,821  24,893  24,108 
    Total cost of sales 102,226  119,661  432,707  509,093 
    Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 314  432  2,816  2,820 
    General and administrative expenses 5,769  7,367  20,815  17,166 
    Depreciation and amortization 457  448  1,808  1,882 
    Other operating expense (income), net 129  243  34  891 
    Total operating costs and expenses 108,895  128,151  458,180  531,852 
    Operating income 29,715  31,147  125,812  125,757 
    Interest expense, net 12,164  11,167  47,328  41,263 
    Income from equity method investments (4,972) (1,549) (19,832) (6,230)
    Other expense, net 139    600  8 
    Total non-operating expenses, net 7,331  9,618  28,096  35,041 
    Income before income tax expense 22,384  21,529  97,716  90,716 
    Income tax expense (benefit) 746  249  967  534 
    Net income attributable to partners $21,638  $21,280  $96,749  $90,182 
    Comprehensive income attributable to partners $21,638  $21,280  $96,749  $90,182 
             
    Less: General partner's interest in net income, including incentive distribution rights 8,834  7,065  33,080  25,543 
    Limited partners' interest in net income $12,804  $14,215  $63,669  $64,639 
             
    Net income per limited partner unit:        
    Common units - basic $0.52  $0.58  $2.61  $2.65 
    Common units - diluted $0.52  $0.58  $2.61  $2.65 
             
    Weighted average limited partner units outstanding:        
    Common units - basic 24,419,189  24,397,085  24,413,294  24,390,286 
    Common units - diluted 24,424,715  24,405,661  24,418,641  24,396,881 
             
    Cash distribution per limited partner unit $0.885  $0.810  $3.440  $3.120 


    Delek Logistics Partners, LP        
    Condensed Consolidated Statements of Cash Flows (Unaudited)       
    (In thousands)       
     Twelve Months Ended December 31,
      2019   2018 
            
            
    Cash flows from operating activities       
    Net income$96,749  $90,182 
    Adjustments to reconcile net income to net cash provided by operating activities:   
    Depreciation and amortization26,701  25,990 
    Non-cash lease expense193   
    Amortization of customer contract intangible assets7,211  6,009 
    Amortization of deferred revenue(1,688) (1,497)
    Amortization of deferred financing costs and debt discount2,629  2,577 
    Accretion of asset retirement obligations397  359 
    Income from equity method investments(19,832) (6,230)
    Dividends from equity method investments16,108  6,936 
    (Gain) loss on asset disposals(197) 891 
    Other non-cash adjustments1,557  826 
    Changes in assets and liabilities:   
    Accounts receivable8,382  1,427 
    Inventories and other current assets(7,702) 15,178 
    Accounts payable and other current liabilities(4,836) (1,747)
    Accounts receivable/payable to related parties1,065  9,038 
    Non-current assets and liabilities, net3,662  3,019 
    Changes in assets and liabilities571  26,915 
       Net cash provided by operating activities130,399  152,958 
    Cash flows from investing activities   
    Asset acquisitions, net of assumed asset retirement obligation liabilities  (72,380)
    Purchases of property, plant and equipment(9,070) (12,931)
    Proceeds from sales of property, plant and equipment144  502 
    Purchases of intangible assets  (144,219)
    Distributions from equity method investments804  1,162 
    Equity method investment contributions(139,294) (173)
       Net cash used in investing activities(147,416) (228,039)
    Cash flows from financing activities   
    Proceeds from issuance of additional units to maintain 2% General Partner interest8  26 
    Distributions to general partner(31,654) (23,698)
    Distributions to common unitholders - public(30,626) (27,721)
    Distributions to common unitholders - Delek Holdings(51,388) (46,417)
    Distributions to Delek Holdings unitholders and general partner related to Big Spring Logistic Assets Acquisition
      (98,798)
    Proceeds from revolving credit facility564,700  735,000 
    Payments on revolving credit facility(433,000) (458,200)
    Deferred financing costs paid  (5,264)
       Net cash provided by (used in) financing activities18,040  74,928 
    Net increase (decrease) in cash and cash equivalents1,023  (153)
    Cash and cash equivalents at the beginning of the period4,522  4,675 
    Cash and cash equivalents at the end of the period$5,545  $4,522 
    Supplemental disclosures of cash flow information:   
    Cash paid during the period for:   
    Interest$44,791  $38,959 
    Income taxes$144  $137 
    Non-cash investing activities:   
    Increase/(Decrease) in accrued capital expenditures$917  $(1,363)
    Non-cash financing activities:   
    Sponsor contribution of fixed assets$  $154 
    Non-cash lease liability arising from obtaining right of use assets during the period$1,285  $ 
    Non-cash lease liability arising from recognition of  right of use assets upon adoption of ASU 2016-02$2,654  $ 


    Delek Logistics Partners, LP
    Reconciliation of Amounts Reported Under U.S. GAAP
    (In thousands)
      Three Months Ended December 31, Twelve Months Ended December 31,
      2019 2018 2019 2018
    Reconciliation of Net Income to EBITDA:            
    Net income $21,638  $21,280  $96,749  $90,182 
    Add:        
    Income tax expense 746  249  967  534 
    Depreciation and amortization 6,900  6,269  26,701  25,990 
    Amortization of customer contract intangible assets 1,803  1,803  7,211  6,009 
    Interest expense, net 12,164  11,167  47,328  41,263 
    EBITDA $43,251  $40,768  $178,956  $163,978 
             
    Reconciliation of net cash from operating activities to distributable cash flow:        
    Net cash provided by operating activities $45,809  $95,358  $130,399  $152,958 
    Changes in assets and liabilities (14,793) (64,915) (571) (26,915)
    Non-cash lease expense 2,361    (193)  
    Distributions from equity method investments in investing activities   205  804  1,162 
    Maintenance and regulatory capital expenditures (2,947) (3,485) (8,569) (7,326)
    Reimbursement from Delek Holdings for capital expenditures 3,221  936  5,828  3,115 
    Accretion of asset retirement obligations (99) (92) (397) (359)
    Deferred income taxes (611) (152) (496) $(152)
    Gain (loss) on asset disposals 102  (243) 197  (891)
    Distributable Cash Flow $33,043  $27,612  127,002  $121,592 

    Delek Logistics Partners, LP
    Distributable Coverage Ratio Calculation
    (In thousands)
      Three Months Ended December 31, Twelve Months Ended December 31,
    Distributions to partners of Delek Logistics, LP 2019  2018   2019   2018 
    Limited partners' distribution on common units $21,616  $19,770  $83,873  $76,113 
    General partner's distributions 444    $1,711  $1,553 
    General partner's incentive distribution rights 8,573  6,775  $31,781  $24,224 
    Total distributions to be paid $30,633  $26,545  $117,365  $101,890 
             
    Distributable cash flow $33,043  $27,612  $127,002  $121,592 
    Distributable cash flow coverage ratio (1)        1.08x     1.04x         1.08x     1.19x 

    (1) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.


    Delek Logistics Partners, LP
    Segment Data (unaudited)
    (In thousands) 
     Three Months Ended December 31, Twelve Months Ended December 31,
     2019 2018 2019 2018
    Pipelines and Transportation       
    Net revenues:       
    Affiliate$42,517  $38,794  $155,211  $138,418 
    Third party6,374  3,531  23,107  15,149 
    Total pipelines and transportation48,891  42,325  178,318  153,567 
       Cost of sales:       
    Cost of materials and other4,955  5,187  22,826  19,878 
    Operating expenses (excluding depreciation and amortization)18,718  10,880  54,827  39,934 
    Segment contribution margin$25,218  $26,258  $100,665  $93,755 
    Total Assets$537,580  $387,333     
            
    Wholesale Marketing and Terminalling       
    Net revenues:       
      Affiliates (1)$26,967  $23,456  $105,803  $102,391 
    Third party62,752  93,517  299,871  401,651 
    Total wholesale marketing and terminalling89,719  116,973  405,674  504,042 
       Cost of sales:       
    Cost of materials and other68,805  93,230  313,647  409,183 
    Operating expenses (excluding depreciation and amortization)3,619  4,975  19,330  18,810 
    Segment contribution margin$17,295  $18,768  $72,697  $76,049 
    Total Assets$206,867  $237,260     
            
    Consolidated       
    Net revenues:       
      Affiliates$69,484  $62,250  $261,014  $240,809 
      Third party69,126  97,048  322,978  416,800 
      Total consolidated138,610  159,298  583,992  657,609 
      Cost of sales:       
      Cost of materials and other73,760  98,417  336,473  429,061 
      Operating expenses (excluding depreciation and amortization presented below)22,337  15,855  74,157  58,744 
      Contribution margin42,513  45,026  173,362  169,804 
      General and administrative expenses5,769  7,367  20,815  17,166 
      Depreciation and amortization6,900  6,269  26,701  25,990 
      Loss (gain) on asset disposals129  243  34  891 
      Operating income$29,715  $31,147  $125,812  $125,757 
    Total Assets$744,447  $624,593     

    (1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible we acquired in connection with the Big Spring acquisition.


    Delek Logistics Partners, LP
    Segment Capital Spending
    (In thousands)
     Three Months Ended December 31, Twelve Months Ended December 31,
    Pipelines and Transportation2019  2018  2019  2018 
    Maintenance capital spending 2,434   1,084   6,435   3,669 
    Discretionary capital spending40  1,436  165  3,171 
    Segment capital spending$2,474  $2,520  $6,600  $6,840 
    Wholesale Marketing and Terminalling       
    Maintenance capital spending$1,199  $1,429  2,588  $2,880 
    Discretionary capital spending295  176  799  1,845 
    Segment capital spending$1,494  $1,605  $3,387  $4,725 
    Consolidated       
    Maintenance capital spending$3,633  $2,513  $9,023  $6,549 
    Discretionary capital spending335  1,612  964  5,016 
    Total capital spending$3,968  $4,125  $9,987  $11,565 

    Delek Logistics Partners, LP    
    Segment Data (Unaudited)    
     Three Months Ended December 31, Twelve Months Ended December 31,
     2019 2018 2019 2018
    Pipelines and Transportation Segment:       
    Throughputs (average bpd)       
    Lion Pipeline System:       
      Crude pipelines (non-gathered)55,521  45,416  42,918  51,992 
      Refined products pipelines to Enterprise Systems53,960  41,496  37,716  45,728 
    Gathering Assets30,917  15,536  21,869  16,571 
    East Texas Crude Logistics System16,612  13,602  19,927  15,696 
            
    Wholesale Marketing and Terminalling Segment:       
    East Texas - Tyler Refinery sales volumes (average bpd) (1)73,016  77,896  74,206  77,487 
    Big Spring marketing throughputs (average bpd) (2)

    79,985  84,135  82,695  81,117 
    West Texas marketing throughputs (average bpd)9,972  12,938  11,075  13,323 
    West Texas gross margin per barrel$3.12  $4.60  $4.44  $5.57 
    Terminalling throughputs (average bpd) (3)160,298  164,028  160,075  161,284 

    (1) Excludes jet fuel and petroleum coke.

    (2) Throughputs for the twelve months ended December 31, 2018 are for the 306 days we marketed certain finished products produced at or sold from the Big Spring Refinery following the execution of the Big Spring Marketing Agreement, effective March 31, 2018.

    (3) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas, our El Dorado and North Little Rock, Arkansas and our Memphis and Nashville, Tennessee terminals. Throughputs for the Big Spring terminal for twelve months ended December 31, 2018 are for the 306 days we operated the terminal following its acquisition effective March 1, 2018.  Barrels per day are calculated for only the days we operated each terminal. Total throughput for the twelve months ended months ended December 31, 2018 was 56.6 million barrels, which averaged 155,193 bpd for the period.


    Investor/Media Relations Contacts:
    Blake Fernandez, Senior Vice President of Investor Relations and Market Intelligence, 615-224-1312
    Jeb Bachmann, Manager of Investor Relations and Market Intelligence, 615-224-1118
    Lenny Raymond, Manager of Investor Relations and Market Intelligence, 615-224-0828

    Keith Johnson, Vice President of Investor Relations, 615-435-1366

    Media/Public Affairs Contact:
    Michael P. Ralsky, Vice President - Government Affairs, Public Affairs & Communications, 615-435-1407

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