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Delek Logistics Partners (DKL) investor relations material
Delek Logistics Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record Q3 2025 results with net income of $45.6 million and adjusted EBITDA of $136 million, driven by strong performance in crude, gas, and water segments and successful integration of Gravity and H2O Midstream acquisitions.
Raised full-year adjusted EBITDA guidance to $500–$520 million, reflecting robust year-to-date progress and operational momentum.
Completed commissioning of the Libby 2 gas plant, enhancing sour gas handling and acid gas injection capabilities, supporting further capacity expansion.
Board approved the 51st consecutive quarterly distribution increase to $1.120 per unit, underscoring commitment to capital returns.
Liquidity exceeded $1 billion following a $700 million debt issuance, supporting financial flexibility.
Financial highlights
Adjusted EBITDA for Q3 2025 was $136 million, up from $106.8 million year-over-year.
Net income for Q3 2025 was $45.6 million ($0.85 per unit), up from $33.7 million ($0.71 per unit) in Q3 2024.
Distributable cash flow (as adjusted) totaled $74.1 million; DCF coverage ratio was 1.24x.
Gathering and processing segment adjusted EBITDA rose to $83 million from $55 million year-over-year, mainly due to acquisitions.
Pipeline joint venture segment contributed $21.9 million, up from $15.6 million year-over-year, driven by the W2W dropdown and improved JV performance.
Outlook and guidance
Full-year adjusted EBITDA guidance raised to $500–$520 million, reflecting confidence in continued earnings growth.
Management expects continued growth in the Permian Basin, leveraging expanded crude and water offerings and new gas processing capacity.
Focus remains on organic growth, bolt-on acquisitions, and increasing third-party cash flows.
Built-in recessionary protections include minimum volume commitments and dedicated acreage agreements.
Further guidance on 2026 capital allocation and expansion plans to be provided in the next earnings call.
Libby AGI solution: Producer drilling impact
Delaware natural gas gathering decline drivers?
Big Spring marketing agreement assignment impact
Libby 2 expansion timing acceleration?
Sour gas impact on producer activity?
Water acquisition synergy realization timeline?
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Next Delek Logistics Partners earnings date
Q4 202524 Feb, 2026
Next Delek Logistics Partners earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Delek Logistics Partners LP owns and operates logistics and marketing assets for crude oil, intermediate, and refined products. The company provides transportation, storage, wholesale marketing, and terminalling services primarily supporting Delek US Holdings and third-party customers. Delek Logistics operates pipelines, storage tanks, and terminals in the southern United States. The company is headquartered in Brentwood, Tennessee, and its shares are listed on the NYSE.
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