PART I [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited financial statements for Q3 2020 show total assets increased to **$957.6 million** due to acquisitions, and net income attributable to partners rose to **$46.3 million** from **$30.5 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2020, total assets increased to **$957.6 million** from **$744.4 million** at year-end 2019, largely due to a **$172.5 million** increase in net property, plant, and equipment from acquisitions, while total liabilities grew to **$1.07 billion** Condensed Consolidated Balance Sheet Highlights (USD in thousands) | Account | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$957,586** | **$744,447** | | Property, plant and equipment, net | $467,501 | $295,044 | | Equity method investments | $255,368 | $246,984 | | **Total Liabilities** | **$1,069,040** | **$895,566** | | Long-term debt | $1,006,145 | $833,110 | | **Total Deficit** | **($111,454)** | **($151,119)** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For the third quarter of 2020, net income attributable to partners was **$46.3 million**, a **51.7% increase** from **$30.5 million** in Q3 2019, driven by a **49.1% rise** in operating income to **$51.8 million** Q3 and Nine Months Income Statement Highlights (USD in thousands, except per unit data) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Revenues | $142,268 | $137,556 | $423,306 | $445,382 | | Operating Income | $51,765 | $34,729 | $134,688 | $96,097 | | Net Income Attributable to Partners | $46,328 | $30,530 | $118,539 | $75,112 | | Diluted Net Income per LP Unit | $1.26 | $0.89 | $3.30 | $2.08 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2020, net cash from operating activities increased to **$134.7 million** from **$86.9 million** in the prior-year period, while net cash used in investing activities was **$116.4 million** primarily for asset acquisitions Cash Flow Summary (Nine Months Ended Sep 30, USD in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $134,654 | $86,871 | | Net cash used in investing activities | ($116,419) | ($141,377) | | Net cash (used in) provided by financing activities | ($17,756) | $56,337 | | **Net increase in cash** | **$479** | **$1,831** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies and events, including the impact of the COVID-19 pandemic, significant acquisitions, an IDR restructuring, and revenue recognition details - The COVID-19 pandemic has caused **significant economic disruption**, reducing demand for crude oil and refined products, and the company has considered these impacts in its financial statements, including evaluations for **potential asset impairments**[26](index=26&type=chunk)[27](index=27&type=chunk) - Effective August 13, 2020, the Partnership **eliminated all incentive distribution rights (IDRs)** and converted the 2% general partner interest into a non-economic interest in exchange for **14.0 million common units** and **$45.0 million in cash**[24](index=24&type=chunk)[52](index=52&type=chunk) - Acquired the Big Spring Gathering Assets from Delek Holdings for **$100.0 million cash** and **5.0 million common units**, and the Trucking Assets for approximately **$48.0 million cash**, both treated as common control transactions[36](index=36&type=chunk)[37](index=37&type=chunk) - As of September 30, 2020, the company expects to recognize **$1.6 billion in future lease revenues** related to unfulfilled performance obligations under non-cancelable commercial agreements with Delek Holdings[63](index=63&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant impact of COVID-19 and key 2020 strategic transactions, including asset acquisitions and IDR restructuring, noting a **45.1% increase** in Q3 2020 consolidated contribution margin and **$95.3 million** in liquidity - The COVID-19 pandemic has **significantly disrupted** the global economy, **reducing demand** for refined products and creating **downward pressure on commodity prices**, which impacts the company's operations, particularly the West Texas wholesale marketing business[128](index=128&type=chunk)[132](index=132&type=chunk) - Key 2020 developments include the **IDR Restructuring Transaction**, the **acquisition of Big Spring Gathering Assets and Trucking Assets**, and **tariff adjustments** based on FERC indexing[139](index=139&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) Non-GAAP Reconciliation Highlights (Q3 2020 vs Q3 2019, USD in thousands) | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net Income | $46,328 | $30,530 | | EBITDA | $67,782 | $51,514 | | Distributable Cash Flow | $59,098 | $33,700 | [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Consolidated contribution margin for Q3 2020 increased by **44.7%** to **$67.3 million**, primarily due to a **71.2% surge** in the Pipelines and Transportation segment's contribution margin to **$46.4 million** driven by acquisitions Consolidated Contribution Margin (USD in thousands) | Period | Q3 2020 | Q3 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Contribution Margin | $67,346 | $46,527 | $20,819 | 44.7% | Segment Contribution Margin (Q3 2020 vs Q3 2019, USD in thousands) | Segment | Q3 2020 | Q3 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Pipelines and Transportation | $46,388 | $27,091 | $19,297 | 71.2% | | Wholesale Marketing and Terminalling | $20,958 | $19,436 | $1,522 | 7.8% | - The increase in Pipelines and Transportation segment revenue and contribution margin was primarily driven by the **Big Spring Gathering Assets and Trucking Assets acquisitions**[218](index=218&type=chunk)[224](index=224&type=chunk) - The Wholesale Marketing and Terminalling segment's **revenue decreased** due to **lower average sales prices** for gasoline and diesel, but **contribution margin increased** as the **cost of materials decreased** even more significantly[229](index=229&type=chunk)[235](index=235&type=chunk)[242](index=242&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2020, the Partnership had total liquidity of **$95.3 million**, consisting of **$6.0 million** in cash and **$89.3 million** available under its DKL Credit Facility, with total debt at **$1.006 billion** - **Total liquidity** as of September 30, 2020 was **$95.3 million**, comprising **$6.0 million in cash** and **$89.3 million in unused credit commitments**[246](index=246&type=chunk) - **Total indebtedness** was **$1.006 billion**, consisting of **$760.7 million** under the DKL Credit Facility and **$245.4 million** in senior notes (net of discounts and costs)[257](index=257&type=chunk) - A quarterly cash distribution of **$0.905 per common unit** was declared for Q3 2020, payable in November 2020[247](index=247&type=chunk) [Capital Spending](index=51&type=section&id=Capital%20Spending) The Partnership forecasts total capital spending for the full year 2020 to be approximately **$21.1 million**, with actual spending for the nine months ended September 30, 2020, at **$6.9 million** Capital Spending Summary (USD in thousands) | Category | Full Year 2020 Forecast | Nine Months Ended Sep 30, 2020 (Actual) | | :--- | :--- | :--- | | **Pipelines and Transportation** | **$13,573** | **$3,424** | | Regulatory | $918 | $318 | | Maintenance | $1,531 | $149 | | Discretionary | $11,124 | $2,957 | | **Wholesale Marketing and Terminalling** | **$7,478** | **$3,494** | | Regulatory | $1,311 | $1,085 | | Maintenance | $758 | $395 | | Discretionary | $5,409 | $2,014 | | **Total Capital Spending** | **$21,051** | **$6,918** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The Partnership is exposed to market risks from commodity price fluctuations affecting margins and interest rate risk on its floating-rate debt, with a hypothetical **1% change** in interest rates impacting annual interest expense by approximately **$7.6 million** - The company is exposed to **commodity price risk**, as shifts in crude oil and refined product prices can **impact operating margins** in the wholesale marketing and terminalling segment[269](index=269&type=chunk) - The company faces **interest rate risk** on its **floating-rate debt**, where a hypothetical **1% change in interest rates** would change annual interest expense by approximately **$7.6 million**[270](index=270&type=chunk) - The company is preparing for the planned **discontinuation of LIBOR** after 2021, which is used as a reference rate in some of its debt agreements[271](index=271&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting during Q3 - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period (September 30, 2020)[272](index=272&type=chunk) - **No changes in internal control over financial reporting** occurred during Q3 2020 that have materially affected, or are reasonably likely to materially affect, internal controls[272](index=272&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various lawsuits and claims in the ordinary course of business but does not believe any currently pending proceedings will have a material adverse effect on its financial condition or results of operations - The company is involved in ordinary course lawsuits, investigations, and claims, but **does not expect them to have a material adverse effect** on its business[276](index=276&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) Key risk factors include the adverse impacts of the COVID-19 pandemic and volatile oil markets on demand and prices, alongside potential conflicts of interest with the general partner and its parent, Delek Holdings - The COVID-19 pandemic and volatile oil markets pose a **significant risk**, potentially leading to **reduced demand**, **lower commodity prices**, **business disruptions**, and **future asset impairments**[277](index=277&type=chunk) - **Significant conflicts of interest** exist with the general partner and its parent, Delek Holdings, as **Delek Holdings controls the general partner** and may make decisions that **favor its own interests** over those of the Partnership's unitholders[280](index=280&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including agreements related to the IDR restructuring, credit facility amendment, and CEO/CFO certifications - Key exhibits filed include agreements related to the **IDR restructuring** and **credit facility amendment**, as well as required **CEO and CFO certifications**[284](index=284&type=chunk)

Delek Logistics Partners LP (NYSE:DKL) Q3 2020 Earnings Conference Call November 5, 2020 8:30 AM ET Company Participants Uzi Yemin - Chairman, President and CEO Reuven Spiegel - Chief Financial Officer Avigal Soreq - EVP & Chief Operating Officer Blake Fernandez - SVP of Investor Relations & Market Intelligence Conference Call Participants Spiro Dounis - Credit Suisse Ned Baramov - Wells Fargo Operator Good day, and welcome to the Delek Logistics Third Quarter 2020 Earnings Conference Call. [Operator Instru ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35721 DELEK LOGISTICS PARTNERS, LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpo ...

Delek Logistics Partners, LP (NYSE:DKL) Q2 2020 Earnings Conference Call August 5, 2020 8:00 AM ET Company Participants Blake Fernandez - Senior Vice President of Investor Relations & Market Intelligence Uzi Yemin - Chairman and Chief Executive Officer Reuven Spiegel - Chief Financial Officer Avigal Soreq - Executive Vice President & Chief Operating Officer Odely Sakazi - Vice President, Business Strategy Conference Call Participants Spiro Dounis - Crédit Suisse Ned Baramov - Wells Fargo Operator Good morni ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35721 DELEK LOGISTICS PARTNERS, LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

Delek Logistics Partners, LP (NYSE:DKL) Q1 2020 Earnings Conference Call May 6, 2020 8:30 AM ET Company Participants Blake Fernandez - Senior Vice President of Investor Relations and Market Intelligence Uzi Yemin - Chairman and Chief Executive Officer Assi Ginzburg - Chief Financial Officer Reuven Spiegel - Executive Vice President, Finance Conference Call Participants Spiro Dounis - Credit Suisse Ned Baramov - Wells Fargo Operator Ladies and gentlemen, thank you for standing by, and welcome to the Delek L ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35721 DELEK LOGISTICS PARTNERS, LP (Exact name of registrant as specified in its charter) Delaware 45-5379027 (State or other jurisdi ...

Delek Logistics Partners, LP (NYSE:DKL) Q4 2019 Earnings Conference Call February 26, 2020 8:30 AM ET Company Participants Blake Fernandez - SVP, IR and Market Intelligence Uzi Yemin - Chairman and CEO Assi Ginzburg - CFO Conference Call Participants Operator Ladies and gentlemen, thank you for standing by, and welcome to the Delek Logistics Fourth Quarter Earnings Conference Call. At this time, all participants' lines are in a listen-only mode. After the speakers’ presentation, there will be a question and ...

Financial Performance - Net revenues for the three months ended September 30, 2019, were $137,556,000, a decrease of 16% from $164,110,000 for the same period in 2018[14] - Operating income for the three months ended September 30, 2019, was $34,729,000, up from $32,624,000 in the prior year, indicating an increase of about 6.4%[14] - Net income attributable to partners for the three months ended September 30, 2019, was $30,530,000, compared to $23,326,000 in the same period last year, marking an increase of about 31%[14] - Net income attributable to partners for the nine months ended September 30, 2019, was $75,112,000, an increase of 9.5% compared to $68,903,000 for the same period in 2018[21] - Net income for the three months ended September 30, 2019, was $14,342 million, representing a 64.5% increase from $8,709 million in the prior year[96] - Net income attributable to partners for the three months ended September 30, 2019, was $30.530 million, compared to $23.326 million for the same period in 2018, reflecting a year-over-year increase of 31.6%[86] Assets and Liabilities - Total assets increased to $767,807,000 as of September 30, 2019, compared to $624,593,000 at December 31, 2018, representing a growth of approximately 23%[10] - Long-term debt rose to $840,765,000 as of September 30, 2019, compared to $700,430,000 at December 31, 2018, reflecting an increase of approximately 20%[10] - Total current liabilities decreased to $32,341,000 as of September 30, 2019, down from $36,505,000 at December 31, 2018, a reduction of approximately 11.9%[10] - The equity method investments increased significantly to $246,998,000 as of September 30, 2019, from $104,770,000 at December 31, 2018, representing a growth of approximately 135%[10] - Current assets increased to $11,618 million as of September 30, 2019, from $6,594 million as of December 31, 2018, reflecting a significant growth[94] Cash Distributions - Cash distributions per limited partner unit increased to $0.880 for the three months ended September 30, 2019, compared to $0.790 for the same period in 2018[14] - The total cash distributions for the three months ended September 30, 2019, were $30.379 million, compared to $25.960 million for the same period in 2018, representing an increase of 5.419 million[90] - Quarterly cash distributions in August 2019 totaled $28.9 million, an increase from $25.0 million in August 2018, representing a year-over-year growth of 11.6%[52] - Cash distributions for the nine months ended September 30, 2019, totaled $83,271,000, compared to $71,845,000 for the same period in 2018, reflecting a 15.9% increase[21] - The Partnership's cash distribution rate is set at $0.88 per unit for Q3 2019, equating to an annualized rate of $3.52 per unit[177] Revenue and Expenses - Total revenue for the three months ended September 30, 2019, was $137.6 million, with lease revenue from affiliates contributing $60.1 million[55] - Revenues for the three months ended September 30, 2019, were $66.6 million, compared to $63.8 million for the same period in 2018, reflecting a year-over-year increase of 4.3%[51] - The Partnership's operating and maintenance expenses for the three months ended September 30, 2019, were $18.3 million, compared to $10.3 million in the same period of 2018, reflecting an increase of 77.5%[51] - General and administrative expenses for the three months ended September 30, 2019, were $4.3 million, significantly higher than $0.8 million in the same period of 2018[51] - Total operating costs and expenses for the three months ended September 30, 2019, were $102.8 million, a decrease of approximately 21.7% from $131.5 million in the same period of 2018[206] Investments and Acquisitions - The company contributed $124.7 million to Red River for a 33% membership interest, with an additional $3.5 million for an expansion project expected to complete in the first half of 2020[94] - The company incurred equity method investment contributions of $137,361,000 during the nine months ended September 30, 2019, compared to $172,000 in the same period of 2018[21] - The total purchase price for the Big Spring Logistic Assets Acquisition was $170.8 million, financed through borrowings under the Partnership's revolving credit facility[36] - A contract intangible asset related to the Marketing Contract Intangible Acquisition was recorded at $144.2 million, amortized over a twenty-year period[39] Debt and Financing - The DKL Credit Facility was increased from $700 million to $850 million, with an accordion feature allowing for an increase to $1 billion[70] - As of September 30, 2019, the outstanding borrowings under the DKL Credit Facility amounted to $596.3 million, with unused credit commitments of $253.7 million[73] - The weighted average interest rate for borrowings under the DKL Credit Facility was approximately 4.9% as of September 30, 2019[72] - The Partnership issued $250.0 million in aggregate principal amount of 6.75% senior notes due 2025, with an effective interest rate of approximately 7.2% as of September 30, 2019[80] Regulatory and Environmental Matters - The company expects maintenance and remediation efforts for the Sulphur Springs Release to cost between $4.0 million and $6.0 million[121] - The company anticipates that continuing capital investments will be required to comply with evolving environmental and safety regulations[114] - The company experienced five crude oil releases in 2019 and six in 2018, with remediation efforts at various stages of completion[118] - The company expects regulatory closure for some release sites by the end of 2019, with a few remaining sites expected to close in 2020[118] Market and Operational Insights - The Partnership's operations are significantly influenced by crude oil prices, which affect drilling activity and capital spending in the midstream energy sector[178] - A substantial majority of the Partnership's revenue is derived from long-term commercial agreements with Delek Holdings, which include minimum volume commitments[163] - The Partnership's revenue generation is closely tied to the volumes of crude oil and refined products handled, influenced by supply and demand dynamics[170] - The Partnership manages operating and maintenance expenses to maximize profitability, which include costs associated with terminals and pipelines[173]

Delek Logistics Partners (NYSE:DKL) Q3 2019 Earnings Conference Call November 5, 2019 8:30 AM ET Company Participants Uzi Yemin - President, Chief Executive Officer Assaf Ginzburg - Executive Vice President, Chief Financial Officer Blake Fernandez - Senior Vice President, Investor Relations and Market Intelligence Conference Call Participants Operator Ladies and gentlemen, thank you for standing by, and welcome to the third quarter earnings call for Delek Logistics Partners LP. At this time, all participan ...