Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors, moving towards a more diversified portfolio [1] - The entry into the US market in 2020 reflects a growing interest in international investments, particularly in sectors like banking, hotels, and logistics [1] Investment Strategies - Initial investments were focused on blue-chip companies, showcasing a conservative approach to stock investing [1] - The diversification into various industries and market cap sizes demonstrates a strategic shift towards balancing risk and return [1] - The decision to write for Seeking Alpha indicates a commitment to knowledge sharing and continuous learning in investment practices [1] Market Trends - The ASEAN market remains a focal point for investments in banking, telecommunications, and retail sectors, suggesting robust growth in these areas [1] - The US market has become increasingly attractive for investments in banks, hotels, shipping, and logistics companies, reflecting a trend towards global investment strategies [1] - The use of comparative analyses between the US and Philippine markets highlights the importance of market research in making informed investment decisions [1]

Core Insights - The S&P 500's dividend yield is at a historic low of approximately 1.2%, while several stocks offer significantly higher yields, including those in the double digits [1] AGNC Investment - AGNC Investment currently yields 13.6%, over 10 times higher than the S&P 500 [3] - The REIT invests in residential mortgage-backed securities (MBS) guaranteed against credit losses by government agencies, generating low-risk, fixed-income returns [3] - AGNC's return on equity is in the mid-to-high teens, aligning with its cost of capital, allowing it to maintain its monthly dividend since early 2020 [4] Delek Logistics Partners - Delek Logistics Partners has a current yield of 10.1% and operates as a master limited partnership (MLP) with a portfolio of energy midstream assets [6] - The MLP expects to generate cash flow sufficient to cover its dividend payout by 1.3 times this year, providing a cushion for operational investments [8] - Delek Logistics has increased its distribution for 51 consecutive quarters, indicating strong financial flexibility for future growth [9] Ares Capital Corporation - Ares Capital Corporation offers a dividend yield of 9.6% and invests in private companies through debt and equity [10] - The company has maintained a stable or increasing dividend rate for over 16 years, with a cumulative net realized loss of 0% since inception [12] - Ares Capital raised over $1 billion in fresh capital in Q3, enabling new investments and supporting its dividend payments [13] Summary of High-Yield Stocks - AGNC Investment, Delek Logistics Partners, and Ares Capital Corporation provide substantial yields and have solid records of maintaining or increasing their dividends, appealing to risk-tolerant investors seeking income [14]

Group 1 - Investors in Delek Logistics Partners, LP (DKL) should monitor the stock due to significant activity in the options market, particularly the Nov. 21, 2025 $30 Put, which has high implied volatility [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in Delek Logistics shares, possibly due to an upcoming event [2] - Delek Logistics currently holds a Zacks Rank 3 (Hold) in the Oil and Gas - Production Pipeline - MLB industry, which is in the bottom 22% of the Zacks Industry Rank [3] Group 2 - Over the past 60 days, no analysts have increased earnings estimates for Delek Logistics for the current quarter, while one analyst has lowered their estimate, resulting in a decrease in the Zacks Consensus Estimate from $1.15 to $1.06 per share [3] - The high implied volatility may indicate a trading opportunity, as options traders often seek to sell premium on options with high implied volatility, hoping the underlying stock does not move as much as expected at expiration [4]

Financial Performance - Total net revenues for Q3 2025 reached $261.3 million, a 21.9% increase from $214.1 million in Q3 2024[16] - Operating income for Q3 2025 was $45.4 million, compared to $31.8 million in Q3 2024, reflecting a 42.6% increase[16] - Net income for the nine months ended September 30, 2025, was $129.2 million, up from $107.4 million for the same period in 2024, representing a 20.3% increase[16] - The company reported a basic net income per unit of $0.85 for Q3 2025, compared to $0.71 for Q3 2024, marking a 19.7% increase[16] - Net income for the three months ended September 30, 2025, was $46.3 million, up 37.4% from $33.7 million in the prior year[46] - Net income for the three months ended September 30, 2025, was $45,560 thousand, compared to $33,674 thousand in 2024, reflecting a year-over-year increase of 35.3%[79] - The company reported a net income of $45.6 million for Q3 2025, compared to $33.7 million in Q3 2024, representing a 35.4% increase[180] Assets and Liabilities - Total current assets increased to $382.8 million as of September 30, 2025, compared to $145.9 million at December 31, 2024[14] - Long-term debt, net of current portion, rose to $2.3 billion as of September 30, 2025, up from $1.9 billion at December 31, 2024[14] - Total assets as of September 30, 2025, were $2.75 billion, an increase from $2.04 billion at December 31, 2024[14] - The company’s total liabilities increased to $2.73 billion as of September 30, 2025, compared to $2.01 billion at December 31, 2024[14] - The principal amount of long-term debt as of September 30, 2025, was $2,306,850 thousand, compared to $1,885,400 thousand at the end of 2024, reflecting an increase of 22.3%[80] Cash Flow and Investments - Net cash provided by operating activities increased to $193.9 million for the nine months ended September 30, 2025, compared to $156.4 million in 2024, reflecting a growth of 24%[21] - The company reported a net cash used in investing activities of $411.7 million for the nine months ended September 30, 2025, compared to $314.5 million in 2024, representing a 31% increase[21] - Cash paid for interest during the nine months ended September 30, 2025, was $129.3 million, up from $95.3 million in 2024, indicating a 35.7% increase[22] - The company reported a net increase in cash and cash equivalents of $1.5 million for the nine months ended September 30, 2025, compared to an increase of $3.6 million in 2024[21] Acquisitions - The Gravity Acquisition completed on January 2, 2025, had a preliminary purchase price of $300.8 million, which included $209.3 million in cash and 2,175,209 common units[33] - Revenue from the Gravity Acquisition operations was $67.5 million for the period from January 2, 2025, through September 30, 2025, with a net income contribution of $24.0 million[35] - The H2O Midstream Acquisition was completed for a total consideration of $229.7 million, consisting of $159.7 million in cash and $70.0 million in preferred units[47] - The preliminary fair value of total assets acquired in the H2O Midstream Acquisition was $243.9 million, with property, plant, and equipment valued at $172.4 million[50] - The partnership aims to increase third-party revenue streams and expand its footprint in the Midland and Bakken basins through the acquisitions of Gravity and H2O Midstream[56] Revenue Segments - Gathering and Processing segment revenues reached $132.2 million in Q3 2025, up from $81.5 million in Q3 2024, reflecting a significant increase[180] - Net revenues for the gathering and processing segment increased by $98.5 million, or 36.5%, in the nine months ended September 30, 2025, compared to the same period in 2024[199] - Net revenues increased by $47.2 million, or 22.1%, in Q3 2025 compared to Q3 2024, primarily driven by growth in gathering and processing segments[182] - Net revenues for the wholesale marketing and terminalling segment decreased by $45.8 million, or 12.6%, for the nine months ended September 30, 2025, compared to the same period in 2024[207] Expenses - Operating and maintenance expenses for the three months ended September 30, 2025, were $23,076 thousand, up from $15,275 thousand in 2024, representing an increase of 51.3%[72] - General and administrative expenses decreased by $4.3 million, or 16.1%, in the nine months ended September 30, 2025, compared to the same period in 2024[187] - Depreciation and amortization for the three months ended September 30, 2025, was $34.799 million, up from $21.204 million in the same period of 2024, reflecting a 64% increase[112] - Operating expenses increased by $33.4 million, or 37.4%, in the nine months ended September 30, 2025, compared to the same period in 2024[185] Cash Distributions - Distributions to common unitholders totaled $178.2 million for the nine months ended September 30, 2025, compared to $148.1 million in 2024, reflecting a 20.3% increase[21] - Quarterly cash distributions per limited partner unit increased from $1.055 in Q4 2023 to $1.120 in Q3 2025, with total cash distributions reaching $59,898,000 for Q3 2025[97] Strategic Initiatives - The Partnership aims to achieve strong cash flow growth in 2025, driven by the expansion of the Libby gas processing plant and the integration of H2O Midstream and Gravity acquisitions[166] - The Partnership is focused on reducing its leverage ratio to enhance financial flexibility and pursue growth opportunities[165] - The Partnership's strategic focus areas for 2025 include pursuing organic growth opportunities in the Permian Basin and engaging in mutually beneficial transactions with Delek Holdings[163]

Financial Data and Key Metrics Changes - The company reported approximately $136 million in quarterly adjusted EBITDA, an increase from $107 million in the same period last year [3][10] - Full-year EBITDA midpoint guidance has been raised to the upper end of the range between $500 million and $520 million [3][12] - Distributable cash flow, as adjusted, totaled $74 million, with a coverage ratio of approximately 1.24x [10] Business Line Data and Key Metrics Changes - Adjusted EBITDA for the gathering and processing segment was $83 million, up from $55 million in the third quarter of 2024, primarily due to the acquisition of H2O and Gravity [10] - Wholesale marketing and terminaling adjusted EBITDA was $21 million, down from $25 million in the prior year [10] - Storage and transportation adjusted EBITDA remained stable at $19 million compared to the third quarter of 2024 [11] - Investments in the pipeline joint venture segment contributed $22 million this quarter, up from $16 million in the third quarter of 2024 [11] Market Data and Key Metrics Changes - The company noted strong operations in crude and water gathering segments, with record volumes for DDG in the third quarter [4][8] - The competitive position in both Midland and Delaware Basins is increasing due to recent acquisitions and operational improvements [4] Company Strategy and Development Direction - The company aims to become a strong, independent, full-suite midstream service provider, focusing on prudent management of leverage and coverage [4][5] - The successful commissioning of the Libby 2 plant and ongoing efforts in acid gas injection and sour gas handling are key strategic initiatives [3][6] - The company plans to continue optimizing synergies and realizing EBITDA uplift from recent acquisitions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory and the ability to meet increased demand for sour gas capabilities [18][32] - The company is optimistic about future expansion opportunities and plans to provide detailed guidance in the next earnings call [20][32] Other Important Information - The Board of Directors approved a 51st consecutive increase in the quarterly distribution to $1.12 per unit [4] - Capital expenditures for the third quarter were approximately $50 million, with $44 million allocated to growth projects [11] Q&A Session Summary Question: Inquiry about producers' increasing activity on acreage ahead of Libby 2 - Management noted strong performance in crude and water, with no material change in drilling activity on their acreage [16][17] Question: Follow-up on CapEx and future flexibility - Management indicated that planning for next year is ongoing and further guidance will be provided in the next earnings call [20] Question: Discussion on equity income performance - The strong performance was attributed to the Wink to Webster joint venture, with expectations for sustainable results going forward [28] Question: Inquiry about the water landscape and competition - Management highlighted the successful timing of acquisitions and the challenges in permitting new facilities in the Delaware Basin [30] Question: Clarification on Libby 3 expansion timing and AGI disposal - Management confirmed that market demand for sour capabilities is strong and that detailed plans will be shared after the planning session [32][34]

Financial Data and Key Metrics Changes - The company reported approximately $136 million in quarterly adjusted EBITDA, an increase from $107 million in the same period last year [3][10] - Full-year EBITDA midpoint guidance has been raised to the upper end of the range, now expected between $500 million and $520 million [3][12] - Distributable cash flow, as adjusted, totaled $74 million, with a coverage ratio of approximately 1.24 times [10] Business Line Data and Key Metrics Changes - Adjusted EBITDA for the gathering and processing segment was $83 million, up from $55 million in the third quarter of 2024, primarily due to the acquisition of H2O and Gravity [10] - Wholesale marketing and terminaling adjusted EBITDA decreased to $21 million from $25 million in the prior year [10] - Storage and transportation adjusted EBITDA remained stable at $19 million compared to the third quarter of 2024 [11] Market Data and Key Metrics Changes - Crude gathering operations had a record third quarter, with strong performance continuing into the fourth quarter [4][8] - The company is seeing solid operations in both crude and water gathering segments, enhancing its competitive position in the Midland and Delaware Basins [4][8] Company Strategy and Development Direction - The company aims to become a strong, independent, full-suite midstream service provider, focusing on prudent management of leverage and coverage while seizing growth opportunities [4][5] - The successful commissioning of the Libby 2 plant and ongoing efforts in acid gas injection and sour gas handling are key initiatives to improve operational capacity [3][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory and the ability to capture full value from recent investments, including optimizing synergies from acquisitions [9][12] - The company is well-positioned to meet market demands for sour gas and water treatment, indicating a strong growth runway in the Delaware Basin [18][32] Other Important Information - The Board of Directors approved a 51st consecutive increase in the quarterly distribution to $1.12 per unit, reflecting the company's financial prudence and strong performance [4][5] - Capital expenditures for the third quarter were approximately $50 million, with $44 million allocated to growth projects, including the Libby 2 gas processing plant [11] Q&A Session Summary Question: Expansion on producers' increasing activity on acreage ahead of Libby 2 - Management noted that while drilling activity has not materially changed, there are increasing synergies between different streams being managed [16][17] Question: CapEx trends for 2026 and flexibility for debt repayment or unit buybacks - Management indicated that planning for next year is ongoing, with further guidance expected in the next earnings call [20] Question: Performance of equity investments and sustainability of current run rate - Strong performance in the Wink to Webster joint venture was highlighted, with expectations for a good run rate going forward [28] Question: Water landscape and competition - Management acknowledged a favorable position in the market due to timely acquisitions and noted challenges in permitting new facilities in the Delaware Basin [30] Question: Timing for Libby 3 expansion and AGI disposal capabilities - Management confirmed that market demand for sour capabilities is strong, and detailed plans will be shared after the planning session [32][34]

Financial Data and Key Metrics Changes - Delek Logistics Partners reported approximately $136 million in quarterly adjusted EBITDA, an increase from $107 million in the same period last year [3][10] - The full-year EBITDA midpoint guidance has been raised to the upper end of the range, now expected between $500 million and $520 million [3][12] - Distributable cash flow, as adjusted, totaled $74 million, with a DCF coverage ratio of approximately 1.24 times [10] Business Line Data and Key Metrics Changes - For the gathering and processing segment, adjusted EBITDA for the quarter was $83 million compared to $55 million in the third quarter of 2024, primarily due to the acquisition of H2O and Gravity [10] - Wholesale marketing and terminaling adjusted EBITDA was $21 million, down from $25 million in the prior year, mainly due to last summer's amend and extend agreements [10] - Storage and transportation adjusted EBITDA remained stable at $19 million compared to the same quarter last year [11] - Investments in the pipeline joint venture segment contributed $22 million this quarter, up from $16 million in the third quarter of 2024 [11] Market Data and Key Metrics Changes - The company noted strong operations in crude and water gathering segments, with record volumes for DDG [4][7] - The competitive position in both Midland and Delaware Basins is increasing due to two water acquisitions and increasing dedication [4] Company Strategy and Development Direction - The company aims to become a strong, independent, full-suite midstream service provider, focusing on prudent management of leverage and coverage while seizing growth opportunities [4][5] - The commissioning of the new Libby 2 plant is a key initiative, enhancing the company's capabilities in acid gas injection and sour gas handling [3][6] - The company plans to optimize synergies and realize associated EBITDA uplift from recent acquisitions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory and the ability to fill the Libby 2 plant to capacity, indicating a need for earlier expansion due to market demand for sour gas solutions [18] - The company remains focused on achieving long-term leverage and coverage targets while maintaining a strong financial position with approximately $1 billion of availability on credit facilities [9] Other Important Information - The Board of Directors approved a 51st consecutive increase in the quarterly distribution to $1.12 per unit [4] - Capital expenditures for the third quarter were approximately $50 million, with $44 million allocated to growth capex [11] Q&A Session Summary Question: Inquiry about producers' increasing activity on acreage ahead of Libby 2 - Management noted that while crude and water operations are strong, there has not been a material change in drilling activity, but synergies between different streams are increasing [15][17] Question: Follow-up on CapEx and 2026 trends - Management indicated that planning for next year is ongoing and further guidance will be provided in the next earnings call [20] Question: Discussion on equity income line performance - The strong performance was attributed to the Wink to Webster joint venture, with expectations for sustainable run rates going forward [27] Question: Inquiry about the water landscape and competition - Management highlighted the favorable timing of past acquisitions and the challenges in permitting new facilities, positioning the company well in the market [29] Question: Clarification on Libby 3 expansion timing and AGI disposal - Management confirmed confidence in handling sour gas and indicated that planning for expansion will be detailed in future communications [31]

Financial Performance - Adjusted EPS was $7.13 in 3Q 2025[17] - Adjusted EBITDA reached $759.6 million[18] - CFO (ex WC and SREs) amounted to $150 million[19] Enterprise Optimization Plan (EOP) - The company achieved approximately $60 million in EOP improvements in 3Q 2025[9] - The run-rate cash flow improvement guidance is raised to at least $180 million from the previous $130 - $170 million[12] - $50 million margin improvement plan stems from enhanced logistics, reduced costs, higher quality product slate and higher yields at El Dorado[37] Delek Logistics (DKL) - DKL is increasing its expected 2025 EBITDA range to $500 million[13] - Increased DKL Distribution: $1.12 per unit ($4.48 per unit annualized)[15] Small Refinery Exemptions (SREs) - The majority of pending 2019-2024 SRE petitions were approved[13] - A cash inflow of approximately $400 million is expected over the next six to nine months due to SREs[14] - The impact of (50% RVO Exemption 1Q to 3Q 2025) is $160.2 million[21] Capital Returns - Approximately $30 million was allocated to dividends and buybacks in 3Q 2025[15, 17] - Delek has led the group in the last twelve months in total shareholder returns, outperforming the group average by 7%[26]

Financial Performance - Delek Logistics reported a net income of $45.6 million, or $0.85 per diluted common limited partner unit, for Q3 2025, compared to $33.7 million, or $0.71 per diluted common limited partner unit, in Q3 2024[4]. - Adjusted EBITDA for Q3 2025 was $136.0 million, reflecting a 27% increase year-over-year from $106.8 million in Q3 2024[5][8]. - The company increased its full-year Adjusted EBITDA guidance to $500 - $520 million due to strong operational performance[3]. - Total net revenues for Q3 2025 reached $261.3 million, a 22% increase from $214.1 million in Q3 2024[28]. - Net income for Q3 2025 was $45.6 million, compared to $33.7 million in Q3 2024, reflecting a 35% year-over-year growth[28]. - Adjusted EBITDA for Q3 2025 was $136.0 million, up from $106.8 million in Q3 2024, representing a 27% increase[30]. - Total revenue for Q3 2025 reached $261,277, a 22% increase compared to $214,070 in Q3 2024[33]. - Adjusted EBITDA for Q3 2025 was $135,978, significantly higher than $106,829 in Q3 2024, reflecting a 27% growth[33]. - Net income for Q3 2025 was $45,560, compared to $33,674 in Q3 2024, marking a 35% increase[33]. - Total revenue for the nine months ended September 30, 2025, was $757,557, up 3.7% from $730,773 in the same period of 2024[34]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $373,410, compared to $310,722 in the same period of 2024, indicating a 20% increase[34]. Cash Flow and Distributions - Delek Logistics declared a quarterly cash distribution of $1.120 per common limited partner unit for Q3 2025, marking a 0.4% increase from Q2 2025 and a 1.8% increase from Q3 2024[6]. - Cash provided by operating activities was $54.9 million in Q3 2025, significantly higher than $24.9 million in Q3 2024[4]. - The company reported a net cash provided by operating activities of $54.9 million for Q3 2025, compared to $24.9 million in Q3 2024[29]. - Distributable cash flow for Q3 2025 was $73,584, up 38% from $53,283 in Q3 2024[31]. - The distributable cash flow coverage ratio increased to 1.23x in Q3 2025 from 0.94x in Q3 2024[31]. - The distributable cash flow, as adjusted, for Q3 2025 was $74,147, up from $61,959 in Q3 2024, reflecting a 19.5% increase[31]. Debt and Assets - Total debt as of September 30, 2025, was approximately $2.3 billion, with a leverage ratio of about 4.44x[7]. - Long-term debt rose to $2.3 billion as of September 30, 2025, up from $1.9 billion at the end of 2024[27]. - Total liabilities increased to $2.7 billion as of September 30, 2025, compared to $2.0 billion at the end of 2024[27]. - The company’s total assets reached $2.7 billion as of September 30, 2025, compared to $2.0 billion at the end of 2024[27]. - Total current assets increased significantly to $382.8 million as of September 30, 2025, compared to $145.9 million at the end of 2024[27]. Operational Highlights - The Gathering and Processing segment reported Adjusted EBITDA of $82.8 million in Q3 2025, up from $55.0 million in Q3 2024, primarily due to acquisitions[9]. - Income from equity method investments increased to $21.9 million in Q3 2025, compared to $15.6 million in Q3 2024, driven by the W2W dropdown[14]. - The company achieved record crude gathering volumes in its Delaware Business during Q3 2025[12]. - Average throughput for the Gathering and Processing segment's crude pipelines (non-gathered) was 71,802 bpd in Q3 2025, compared to 68,430 bpd in Q3 2024, reflecting a 3.9% increase[36]. - The average gross margin per barrel for West Texas marketing increased to $4.50 in Q3 2025, up from $3.38 in Q3 2024, representing a 33.1% improvement[36]. - The average daily throughput for the Midland Water Gathering System was 616,484 bpd in Q3 2025, a substantial increase from 311,290 bpd in Q3 2024, indicating a 98.1% growth[36]. - The El Dorado Gathering System's average throughput decreased to 9,053 bpd in Q3 2025 from 13,886 bpd in Q3 2024, a decline of 34.1%[36]. - The average throughput for the East Texas - Tyler Refinery was 67,439 bpd in Q3 2025, slightly down from 70,172 bpd in Q3 2024, a decrease of 3.5%[36]. Capital Expenditures - Capital spending for Q3 2025 was $49,630, down from $65,198 in Q3 2024[33]. - The company reported transaction costs of $563 in Q3 2025, compared to $8,676 in Q3 2024[33]. - Total capital spending for the three months ended September 30, 2025, was $49.63 million, a decrease of 23.9% from $65.20 million in the same period of 2024[35]. - Growth capital spending for the nine months ended September 30, 2025, reached $229.92 million, significantly higher than $82.87 million in the same period of 2024[35]. - Regulatory capital spending for the consolidated segment was $785,000 in Q3 2025, slightly up from $745,000 in Q3 2024[35]. - Sustaining capital spending for the Gathering and Processing segment was $3.28 million in Q3 2025, compared to $284,000 in Q3 2024, showing a significant increase[35]. - Total segment capital spending for the Storage and Transportation segment was $1.39 million in Q3 2025, compared to $1.91 million in Q3 2024, reflecting a decrease of 27.3%[35].

Core Insights - Delek Logistics Partners reported record financial results for the third quarter of 2025, with a net income of $45.6 million, or $0.85 per diluted common limited partner unit, marking an increase from $33.7 million, or $0.71 per diluted unit, in the same quarter of 2024 [4][14] - The company has increased its full-year EBITDA guidance to between $500 million and $520 million due to strong operational performance [2][14] - Delek Logistics has achieved a 51st consecutive quarterly increase in its cash distribution, now at $1.120 per common limited partner unit, reflecting a 0.4% increase from the previous quarter and a 1.8% increase year-over-year [6][14] Financial Performance - The third quarter 2025 EBITDA was reported at $102.0 million, up from $69.2 million in the third quarter of 2024, with Adjusted EBITDA reaching $136.0 million compared to $106.8 million in the prior year [5][8] - Net cash provided by operating activities was $54.9 million in Q3 2025, significantly higher than $24.9 million in Q3 2024 [4][29] - Distributable cash flow, as adjusted, was $74.1 million in Q3 2025, compared to $62.0 million in Q3 2024 [4][29] Operational Highlights - The company reported record crude gathering volumes in its Delaware Business, contributing to the overall increase in operational efficiency [2][14] - Progress has been made on the development of sour gas gathering and acid gas injection capabilities at the Libby Complex, which is expected to enhance service offerings to producer customers [3][14] - The Gathering and Processing segment saw an Adjusted EBITDA of $82.8 million in Q3 2025, up from $55.0 million in Q3 2024, primarily due to acquisitions [9][14] Debt and Liquidity - As of September 30, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $6.9 million, resulting in a leverage ratio of approximately 4.44x [7][14] - The company has an additional borrowing capacity of $1.0 billion under its $1.2 billion revolving credit facility [7][14] Segment Performance - The Wholesale Marketing and Terminalling segment reported Adjusted EBITDA of $21.4 million in Q3 2025, down from $24.7 million in Q3 2024, primarily due to the assignment of a marketing agreement [10][14] - The Investments in Pipeline Joint Ventures segment saw income from equity method investments increase to $21.9 million in Q3 2025, compared to $15.6 million in Q3 2024 [12][14]