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- **Record Q3 EBITDA**: $136M, up 27% YoY, driving full-year guidance to $500-520M.
- **Strategic Acquisitions Paying Dividends**: H2O and Gravity Midstream integration boosting crude and water volumes.
- **Libby 2 Expansion Accelerated**: Sour gas infrastructure enabling earlier capacity expansion in Delaware Basin.
- **Strong Distribution Growth**: 51st consecutive increase to $1.12/unit.
- **JV Performance Strong**: Equity investments segment up 38% YoY to $22M.

**【Management Opening Remarks】**
- CFO Robert Wright welcomed participants and outlined the call structure, emphasizing forward-looking statements and the company's financial position.

**【CEO Opening Remarks】**
- CEO Avigal Soreq highlighted Q3 adjusted EBITDA of $136M, raising full-year guidance to $500-520M. Key achievements included:
  - Record crude and water volumes, with DTG crude gathering at all-time highs.
  - Successful commissioning of Libby 2 gas plant and sour gas handling infrastructure.
  - 51st consecutive distribution increase to $1.12/unit.
  - Strategic acquisitions (H2O and Gravity Midstream) enhancing Permian Basin presence.

**【 EVP Operational Update】**
- EVP Reuven Spiegel detailed operational progress:
  - Libby 2 plant performing above expectations, with AGI infrastructure enabling capacity expansion.
  - Midland and Delaware basin water systems integration driving efficiency.
  - Crude gathering volumes at record levels, supported by producer activity.

**【 CFO Financial Review】**
- CFO Robert Wright provided financial highlights:
  - Q3 2025: Adjusted EBITDA $136M (vs. $107M YoY), DCF coverage 1.24x.
  - Segment performance:
    - Gathering & Processing: $83M (vs. $55M YoY).
    - Storage & Transportation: $19M (flat YoY).
    - Equity Investments: $22M (vs. $16M YoY), driven by Wink to Webster JV.
  - Capital expenditures: $50M (Q3), with $44M allocated to growth projects.
  - Full-year 2025 guidance raised to $500-520M EBITDA.

**【Q&A Highlights】**
- **Libby 2 & Sour Gas Expansion**: Executives confirmed accelerated sour gas infrastructure deployment, enabling earlier-than-expected capacity expansion.
- **CapEx & Liquidity**: $1B available on credit facilities supports growth while maintaining leverage targets.
- **Water Market Dynamics**: Acquisitions positioned DKL as a low-cost provider amid SWD permitting challenges.
- **Equity Income Sustainability**: JV performance stable, with Wink to Webster contributing meaningfully.
- **2026 Outlook**: Management hinted at maintaining disciplined capital allocation, with potential for distribution growth or debt reduction.


Delek Logistics Partners, LP Common Units (DKL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DKL

DKL fundamentals

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