Financial Data and Key Metrics Changes - Delek Logistics achieved a record Adjusted EBITDA of $536 million for 2025, reflecting strong execution across its businesses and the addition of high-quality acquisitions [3] - Adjusted EBITDA for Q4 was approximately $142 million, up from $114 million in the same period last year, and $6 million higher than the previous record set in Q3 [11] - Distributable cash flow (DCF) as adjusted totaled $73 million, with a DCF coverage ratio of approximately 1.22x [11] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, Adjusted EBITDA for Q4 was $71 million compared to $66 million in Q4 2024, primarily due to the acquisitions of H2O and Gravity [12] - Storage and transportation Adjusted EBITDA increased to $35 million from $18 million in Q4 2024, reflecting the sale of certain assets to DK [12] - The investments in pipeline joint ventures contributed $26 million in Q4, up from $18 million in the same quarter last year [12] Market Data and Key Metrics Changes - Approximately 80% of the run rate EBITDA in 2026 is expected to come from third parties, indicating increased economic separation from the sponsor, DK [7] - The company is focusing on the Delaware Basin, where the need for sour gas solutions is urgent, and anticipates a step change in utilization once the sour gas gathering infrastructure is complete [8] Company Strategy and Development Direction - Delek Logistics aims to be a premier full-service provider in the Permian Basin, focusing on natural gas, crude, and water businesses [3] - The company announced a 2026 EBITDA guidance range of $520 million to $560 million, reflecting growth opportunities while managing leverage and coverage [5] - The integration of H2O and Gravity has strengthened the company's competitive position and growth platform [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth and long-term value for unit holders, supported by a strong financial position with approximately $940 million in available liquidity [11] - The management highlighted the importance of optimizing synergies and executing strategic priorities to capture the value of recent investments [10] Other Important Information - The Board of Directors approved the 52nd consecutive quarterly distribution increase, raising the distribution to $1.125 per unit, marking 13 consecutive years of distribution growth [5] - Total capital spending for Q4 was approximately $32 million, with $26 million allocated to growth capital related to sour gas capabilities at the Libby complex [13] Q&A Session Summary Question: Growth expectations for the GMT segment - Management discussed the variance in guidance and emphasized a clear strategy focused on crude, gas, and water in the Permian Basin, highlighting a return on investment of 1x-3x [16][17] Question: EBITDA impact from transactions with DK - Management noted that the transactions helped further economic separation, with 82% of EBITDA now coming from third-party businesses, and indicated that the impact on EBITDA was not material to either entity [22][23] Question: Next steps on Libby processing expansion - Management mentioned prior investments for future expansion and is closely monitoring customer activity in the area, indicating positive macro and micro conditions [28][29] Question: Thoughts on sour gas midstream M&A - Management stated that Delek Logistics remains open to acquisitions but will only pursue deals that are accretive to free cash flow and maintain financial discipline [34]

Financial Data and Key Metrics Changes - Delek Logistics achieved a record Adjusted EBITDA of $536 million for 2025, reflecting strong execution across its businesses [3] - Adjusted EBITDA for Q4 was approximately $142 million, up from $114 million in the same period last year, and $6 million higher than the previous record set in Q3 [11] - Distributable cash flow (DCF) as adjusted totaled $73 million, with a DCF coverage ratio of approximately 1.22 times [11] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, Adjusted EBITDA for Q4 was $71 million compared to $66 million in Q4 2024, primarily due to acquisitions of H2O and Gravity [12] - Storage and transportation Adjusted EBITDA increased to $35 million from $18 million in Q4 2024, driven by the sale of certain assets to DK [12] - Investments in pipeline joint ventures contributed $26 million in Q4, compared to $18 million in the same quarter last year [12] Market Data and Key Metrics Changes - Approximately 80% of the run rate EBITDA in 2026 is expected to come from third parties, indicating increased economic separation from the sponsor, DK [7] - The company is focusing on the Delaware Basin, where the demand for sour gas solutions is increasing, necessitating further processing capacity [8] Company Strategy and Development Direction - Delek Logistics aims to be a premier full-service provider in the Permian Basin, focusing on natural gas, crude, and water businesses [3] - The company announced a 2026 EBITDA guidance range of $520 million to $560 million, reflecting growth opportunities while managing leverage and coverage [5] - The integration of H2O and Gravity has strengthened the company's competitive position and growth platform [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth and long-term value for unit holders [6] - The company is optimistic about the growth potential in the Delaware gas business, which is expected to be a significant growth engine [20] - Management highlighted the importance of maintaining financial discipline while pursuing growth opportunities [10] Other Important Information - The board approved a distribution increase to $1.125 per unit, marking 13 consecutive years of distribution growth [5] - Total capital expenditures for Q4 were approximately $32 million, with $26 million allocated to growth capital [13] Q&A Session Summary Question: Growth expectations for the GMT segment - Management discussed the clear strategy in crude, gas, and water, emphasizing a return on investment of 1-3 times, which is beneficial for coverage and leverage ratios [17] Question: EBITDA impact from transactions with DK - Management noted that these transactions have furthered the economic separation of the two entities, with 82% of DKL's EBITDA now coming from third-party businesses [23] Question: Next steps on Libby processing expansion - Management indicated that they are looking at future expansions and are optimistic about the macro and micro conditions in the area [28] Question: Thoughts on sour gas midstream M&A - Management stated that they are open to acquisitions but will only pursue deals that are accretive to free cash flow and maintain their financial principles [34]

NYSE: DK Exhibit 99.2 NYSE: DKL Fourth Quarter 2025 Earnings Conference Call February 27, 2026 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; and collectively with Delek US, "we" or "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively. These slides and any accompanying oral or written presentations contain forward-looking statements within the meaning of federal ...

The share price of Western Midstream Partners, LP (NYSE:WES) fell by 6.65% between February 18 and February 25, 2026, putting it among the Energy Stocks that Lost the Most This Week. Western Midstream Partners (WES) Falls Behind Estimates in Q4 2025 Western Midstream Partners, LP (NYSE:WES) operates as a midstream energy company primarily in the United States. Western Midstream Partners, LP (NYSE:WES) fell after reporting disappointing Q4 2025 results on February 18, with the company falling short of fo ...

Summit Midstream Corporation Schedules Fourth Quarter 2025 Earnings Call [Accessibility Statement] Skip NavigationHOUSTON, Feb. 27, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the fourth quarter of 2025 on Monday, March 16, 2026, after the close of trading on the New York Stock Exchange.Fourth Quarter 2025 Earnings Call InformationSMC will host a conference call at 10:00 a.m. Eastern ...

Core Insights - Delek US Holdings, Inc. reported a significant turnaround in financial performance for the fourth quarter of 2025, achieving a net income of $78.3 million compared to a loss of $413.8 million in the same quarter of 2024 [3][35] - The company emphasized its focus on operational excellence, cost optimization, and disciplined capital allocation to enhance free cash flow generation [2][4] Financial Performance - For the fourth quarter of 2025, total revenues were $2,429.4 million, an increase from $2,373.7 million in the fourth quarter of 2024 [3][22] - Adjusted EBITDA for the fourth quarter was $374.8 million, a significant improvement from a loss of $15.2 million in the prior year [3][4] - The refining segment's Adjusted EBITDA rose to $314.1 million from a loss of $68.7 million year-over-year, driven by increased refining margins and crack spreads, which were up 66.0% [4][22] Segment Performance - The logistics segment reported Adjusted EBITDA of $141.9 million for the fourth quarter of 2025, compared to $114.3 million in the same quarter of 2024, attributed to acquisitions and increased wholesale margins [5][22] - The company benefited from regulatory relief under renewable fuel standards, resulting in a reduction of costs by $75.3 million in the fourth quarter [5][32] Shareholder Returns - The Board of Directors approved a quarterly dividend of $0.255 per share, to be paid on March 9, 2026 [6] Liquidity and Debt - As of December 31, 2025, Delek US had a cash balance of $625.8 million and total long-term debt of $3,233.1 million, resulting in a net debt of $2,607.3 million [7][19] - Excluding Delek Logistics, the company had $614.9 million in cash and $888.7 million in long-term debt, leading to a net debt position of $273.8 million [7] Strategic Initiatives - The company is progressing with its Enterprise Optimization Plan, which aims to improve cash flow and reduce costs associated with inventory intermediation agreements [2][29] - Delek US is focused on enhancing its position in the Permian Basin through investments in gas processing facilities and sour gas handling capabilities [2][4]

Core Insights - Delek Logistics Partners achieved a record year in 2025, driven by strong performance across its crude, gas, and water businesses, highlighted by the startup of the Libby 2 gas plant and the acquisition of Gravity Water Midstream [2][3] - The company provided 2026 EBITDA guidance of $520 to $560 million, factoring in a $10 million negative impact from Winter Storm Fern [2][3] - Delek Logistics declared a quarterly cash distribution of $1.125 per common limited partner unit for Q4 2025, marking a 0.4% increase from Q3 2025 and a 1.8% increase from Q4 2024 [5] Financial Performance - For Q4 2025, net income was $47.3 million, or $0.88 per diluted common limited partner unit, compared to $35.3 million, or $0.68 per diluted common limited partner unit, in Q4 2024 [3][4] - Net cash provided by operating activities was $43.2 million in Q4 2025, down from $49.9 million in Q4 2024 [3] - Adjusted EBITDA for Q4 2025 was $142.3 million, an increase from $114.3 million in Q4 2024, reflecting contributions from H2O Midstream and Gravity operations [4][7] Segment Performance - The Gathering and Processing segment reported an Adjusted EBITDA of $70.9 million in Q4 2025, up from $66.0 million in Q4 2024, primarily due to contributions from Gravity and H2O Midstream acquisitions [8] - The Wholesale Marketing and Terminalling segment's Adjusted EBITDA was $20.9 million in Q4 2025, slightly down from $21.2 million in Q4 2024, mainly due to the assignment of a marketing agreement [9] - The Storage and Transportation segment saw Adjusted EBITDA rise to $34.7 million in Q4 2025 from $17.8 million in Q4 2024, driven by increased interest income from sales-type leases [10] Debt and Liquidity - As of December 31, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $10.9 million, resulting in a leverage ratio of approximately 4.07x [6][25] - The company had additional borrowing capacity of $0.9 billion under its $1.2 billion revolving credit facility [6] Distribution and Growth Strategy - Delek Logistics has delivered 52 consecutive quarterly distributions, marking 13 years of distribution growth [2] - The company is optimistic about future growth opportunities, particularly in the Delaware Basin, driven by advancements in integrated acid gas injection and sour gas treating solutions [2]

MPLX LP files 2025 Form 10-K [Accessibility Statement] Skip NavigationFINDLAY, Ohio, Feb. 26, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the year ended Dec. 31, 2025. The filing can be viewed through a link on MPLX's website at [www.mplx.com] by selecting the "SEC Filings" link under the "Investors" tab.Upon written request, unitholders may receive, free of charge, a hard copy of MPLX's Annual Report on Form 10-K ...

Key Takeaways Enterprise Products offers stable, fee-based revenues with inflation-linked contracts.EPD has 50,000 miles of pipelines and $4.8B in projects boosting cash flow.Enterprise Products has returned $62B since IPO and raised distributions for 27 years.In the oil and energy sector, refining operations are highly vulnerable to fluctuations in oil and natural gas prices. In contrast, midstream activities, by their business model, generate stable fee-based revenues. This doesn’t mean that investors sho ...

Key Takeaways SLB has secured long-term deepwater contracts and sees offshore activity rising by 2026.Enbridge derives 98% of EBITDA from take-or-pay contracts, supporting stable earnings.ENB trades at 16.63X EV/EBITDA, above SLB's 10.43X valuation multiple.In the energy sector, SLB (SLB) and Enbridge Inc. (ENB) are two leading companies with contrasting business operations. SLB is an energy technology company and a leading oilfield services provider to upstream companies worldwide. The company provides dig ...