Delek Logistics Partners, LP
Delek Logistics Partners, LP owns and operates crude oil, refined products, natural gas gathering and processing, storage, terminalling, and water-handling assets concentrated in the Permian Basin and Gulf Coast. The partnership also holds interests in pipeline joint ventures and provides transportation and logistics services that are closely tied to Delek Holdings' refining and marketing operations, while increasingly adding third-party cash flows.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaCrude oil and natural gas gathering, processing, treating, and related midstream infrastructure in the Permian Basin.
Wholesale product marketing, terminal storage, rack services, and refined products handling for Delek-related and third-party volumes.
Pipeline transportation, storage, and logistics assets that move crude oil and refined products between key hubs and refineries.
Produced-water disposal, recycling, and associated infrastructure supporting Midland and Delaware Basin operations.
Equity-method interests in crude oil pipeline systems and related ancillary assets serving strategic basin connections.
Asiakkaat
The partnership serves Delek Holdings as a primary customer across several assets, including refinery support pipelines, terminals, and marketing arrangements. It also serves third-party crude oil, refined products, and natural gas customers in the Permian Basin and Gulf Coast, with growing emphasis on expanding outside the sponsor relationship. Customer demand is driven by production volumes, refinery throughput, and the need for connected logistics, storage, and water-handling capacity.
Buys pipeline, terminalling, marketing, and logistics services to support Tyler, El Dorado, and Big Spring refining operations.
Use gathering and transportation assets in the Permian Basin to move crude to market and key exchange points.
Use storage, terminalling, and wholesale marketing services for intermediate and refined product handling.
Buy gathering, processing, treating, and acid gas injection services to support Delaware Basin production.
Use produced-water infrastructure in the Midland Basin for disposal and recycling tied to oilfield activity.
Strategia
Management is focused on growing cash flow, expanding the asset base through organic projects and bolt-on acquisitions, and improving distribution coverage while maintaining leverage discipline. A second strategic objective is to increase third-party cash flow and economic separation from Delek Holdings, reducing reliance on sponsor volumes over time. The company is also investing in a broader sour-gas and water solution set to deepen its Permian Basin franchise.
New gas processing, sour gas, and water infrastructure can increase throughput and deepen customer relationships.
Acquisitions can add free cash flow, EBITDA, and scale without requiring large greenfield projects.
Diversification away from Delek Holdings lowers sponsor concentration risk and supports deconsolidation goals.
ESG-conscious infrastructure can support permitting, customer acceptance, and long-term asset relevance.
Maantiede
Operations are concentrated in the Permian Basin, including the Delaware and Midland sub-basins, and in select Gulf Coast locations. The asset base also connects to Cushing, Midland, Wink, Webster, and refinery-linked corridors in Texas and Arkansas, making regional production and refinery activity central to utilization and cash flow. This geographic concentration creates strong basin connectivity but also ties results to activity levels in a few core markets.
Riskit
The largest company-specific risk is customer concentration, especially dependence on Delek Holdings and its assignees for volumes, contract renewals, and payment performance. The business is also exposed to commodity-cycle and basin-activity risk because throughput, terminal volumes, and water services depend on crude oil and natural gas production in the Permian and Gulf Coast. Like other midstream operators, it faces operational, cyber, regulatory, financing, and asset-impairment risks that can affect cash flow and distributions.
- Customer concentration with Delek HoldingsVaikutus: KorkeaTodennäköisyys: Kohtalainen
A large share of assets and contracts support sponsor refineries and related logistics, so sponsor decisions directly affect volumes and renewals.
Kohdistuu - Counterparty credit and nonperformanceVaikutus: KorkeaTodennäköisyys: Kohtalainen
Nonpayment or default by key customers could reduce cash flow and impair the ability to service debt and pay distributions.
Kohdistuu - Commodity and basin activity volatilityVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Volumes and margins depend on crude oil, refined product, and natural gas supply/demand in served markets.
Kohdistuu: Permian Basin and Gulf Coast operations
- Operational and cyber disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Pipeline, terminal, refinery, or IT interruptions can reduce throughput and increase repair or downtime costs.
Kohdistuu - Asset impairment and strategic option uncertaintyVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Long-lived assets and goodwill depend on throughput, tariff, and cost assumptions that may not be realized.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätCertain throughput fees were recorded as interest income rather than revenue, affecting reported net revenues and comparability.
Vaikutus: Revenue trend and margin analysis
JV earnings are recognized below operating income and depend on the performance of jointly owned pipeline systems.
Vaikutus: Segment EBITDA and net income
Recoverability depends on forecast throughput, tariff rates, operating costs, and capital spending assumptions.
Vaikutus: Potential non-cash impairment charges
Commercial terms can affect whether volumes are recognized as revenue, fees, or other income streams.
Vaikutus: Revenue recognition and comparability
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 24.9.2026