Delek Logistics Partners, L.p. · NYSE:DKL
Delek Logistics Partners, L.p — Q1 2026 Earnings Presentation
23 slides from Delek Logistics Partners, L.p's earnings presentation, Apr 29, 2026
Slide 1: Investor Update
Investor Update April 2025 NYSE: DKL
Slide 2: Disclaimers
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
Slide 3: Full-Suite Midstream Services Provider in the Permian Basin
Full-Suite Midstream Services Provider in the Permian Basin • Full-suite midstream services provider for natural gas, crude and water in the Permian Basin • Leading the charge to enable increased sour gas production in the Delaware Basin through Acid Gas Injection capabilities 3
Slide 4: DKL Strategy: A Commitment to Excellence
DKL Strategy: A Commitment to Excellence Operational Excellence • Full-service safe and reliable provider of Crude, Natural Gas, and Water midstream service in the Permian Basin Continuous Optimization & Value Creation • Continuous optimization of our assets to extract incremental value for our cust
Slide 5: Value Proposition: Growth, Returns and Financial Discipline
Value Proposition: Growth, Returns and Financial Discipline • DKL provides one of the best combinations of cash flow growth, distribution growth and yield in the AMZI index • DKL continues to increase its third-party cash flows to become a strong independent midstream company • DKL has increased its
Slide 6: Natural Gas Platform
Natural Gas Platform
Slide 7: Uniquely Positioned to take Advantage of Delaware Natural Gas Production Growth
Uniquely Positioned to take Advantage of Delaware Natural Gas Production Growth Producing Intervals(1) Average Well Oil Productivity (Bo/ft) by Basin(2) 13 10 4 4 3 2 Delaware Midland Scoop Stack DJ Eagle Ford Williston 0 6 12 18 24 30 36 Months Sub $45/Bbl Inventory Remaining(3) 30,600 • Delaware B
Slide 8: Delek Delaware Gathering (DDG) Natural Gas Opportunity
Delek Delaware Gathering (DDG) Natural Gas Opportunity Active permitting northeast and southwest of DDG • Central Location: driving future growth • Most of the Southern Lea County core acreage has been drilled causing producers to move to DKL’s niche in Northern Lea County Significant remaining inve
Slide 9: DDG Libby Complex Gas Plant Expansion
DDG Libby Complex Gas Plant Expansion • Strategic Rationale: Delek Delaware DKL / H2O Midstream – Combined Midland Asset Map System Lariat CS Expansion ✓ Supports growth strategy of providing a full midstream service solution to existing and new 3rd party customers ✓ Supports our strategy to grow wi
Slide 10: Crude Oil Operations
Crude Oil Operations
Slide 11: Delek Midland & Delaware Crude Gathering Footprint
Delek Midland & Delaware Crude Gathering Footprint Optimize, grow, and maximize the barrels in our systems Delek Midland Gathering Delek Delaware Gathering Midland Gathering System Overview: Delaware Gathering System Overview: • Tactically positioned to support upstream production • Anchored by >160
Slide 12: Midland/DDG Growth & Combined Crude/Water Offering
Midland/DDG Growth & Combined Crude/Water Offering DDG Crude Gathering (mbpd) • Utilize existing crude relationship with 124 111 producers to offer water services in the Leverage Crude Midland and Delaware Basin 88 Relationship • Leverage existing separate relationships between Midland Gathering & G
Slide 13: Joint Venture Assets Supporting DKL's Crude Value Chain
Joint Venture Assets Supporting DKL’s Crude Value Chain RIO Pipeline Caddo Pipeline 33% ownership interest 50% ownership interest 109-mile crude oil pipeline with 145,000 bpd capacity 80-mile crude oil pipeline with 80,000 bpd capacity Enhances connectivity between Delaware Basin Light sweet crude f
Slide 14: Water Business
Water Business
Slide 15: Strategic Acquisitions in the Permian Basin
Strategic Acquisitions in the Permian Basin Water Gathering (mbpd) Gravity Water Acquisition >657(1) • Delek Logistics Partners LP acquired Gravity Water Holdings LLC, on January 2, 2025, a portfolio company of Clearlake Capital Group, L.P. 409 • Funding Consideration: • $209.3 million in cash at cl
Slide 16: Gravity/H2O Asset Maps
Gravity/H2O Asset Maps DKL / H2O Water Midstream – Combined Permian Asset Map DKL / Gravity Water Holdings – Combined Permian Asset Map DKL Big Spring Refinery DKL Product Pipeline H2O SWD Sourcing Pit Gravity Water Pipeline DKL Crude Tank Farm DKL Dedicated Acreage H2O Water Pipeline Gravity SWD DK
Slide 17: Financial Overview
Financial Overview
Slide 18: Financial Strength & Consistent Progression
Financial Strength & Consistent Progression Adjusted EBITDA Leverage Ratio Trend (In Millions) 4.78x 4.66x 4.55x CAGR: 13.5% $500(1) 4.34x $418 $385 4.15x $312 4.05x $265 4.00x 3.81x 2021 2022 2023 2024 2025E 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Distribution Coverage Distribution per uni
Slide 19: Expectations for 2025
Expectations for 2025 $'s in Millions Low Mid High Adjusted EBITDA $480 $500 $520 Capital Expenditures $220 $235 $250 2025 Outlook Coverage ratio of ~1.3x by year end Expect to continue growing distributions in 2025 19
Slide 20: Appendix
~Yelelk« APPENDIX
Slide 21: Annual EBITDA and Adjusted EBITDA Reconciliation
Annual EBITDA and Adjusted EBITDA Reconciliation Delek Logistics Partners, LP Reconciliation of Amounts Reported Under U.S GAAP (Unaudited) (In thousands) Year Ended December 31, 2021 2022 2023 2024 Reconciliation of Net Income to EBITDA: Net Income $ 164,822 $ 159,052 $ 126,236 $ 142,685 Add: Incom
Slide 22: Reconciliation of Distributable Cash Flow
Reconciliation of Distributable Cash Flow Delek Logistics Partners, LP Reconciliation of Amounts Reported Under U.S GAAP (Unaudited) (In thousands) Year Ended December 31, 2021 2022 2023 2024 Reconciliation of net cash from operating activites to distributable cash flow: Net cash provided by operati
Slide 23: Wink to Webster Acquisition
Wink to Webster Acquisition • August 5, 2024, DKL acquired Delek US’15.6% interest in the Wink to Webster crude pipeline system • Total consideration: $83.9M in cash, forgiveness of a $60.0M receivable Strategic Asset from Delek US', and 2.3M common units of DKL Acquisition • ~650-mile pipeline with
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