Delek Logistics Partners, LP Reports Third Quarter 2020 Results
BRENTWOOD, Tenn., Nov. 4, 2020 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2020. For the three months ended September 30, 2020, Delek Logistics reported net income attributable to all partners of $46.3 million, or $1.26 per diluted common limited partner unit. This compares to net income attributable to all partners of $30.5 million, or $0.89 per diluted common limited partner unit, in the third quarter 2019. Net cash from operating activities was $62.3 million in the third quarter 2020 compared to $35.0 million in the third quarter 2019. Distributable cash flow was $59.1 million in the third quarter 2020, compared to $33.7 million in the third quarter 2019. Reconciliation of net cash from operating activities as reported under U.S. GAAP to distributable cash flow is included in the financial tables attached to this release.
For the third quarter 2020, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $67.8 million compared to $51.5 million in the third quarter 2019. Results improved on a year-over-year basis primarily due to the drop down of the Big Spring Gathering System and Trucking Assets, increased crude gathering, and a reduction in operating expenses by $4.2 million primarily due to a decrease in contract services. Reconciliation of net income attributable to all partners as reported under U.S. GAAP to EBITDA is included in the financial tables attached to this release.
Uzi Yemin, Chairman, President and Chief Executive Officer of Delek Logistics' general partner, remarked: "Our financial performance remains resilient despite a challenging energy environment. Third quarter EBITDA and net income increased approximately 32% and 52%, respectively, versus last year. Third quarter distribution growth was 2.8% on a year-over-year basis and we are on-track to deliver 5% distribution growth on a full-year basis."
Mr. Yemin continued, "During the quarter, we eliminated the incentive distribution rights (IDRs), which removes an overhang from DKL shares and lowers our cost of capital. This better positions us to pursue growth opportunities going forward. Our distribution coverage and leverage ratios have already exceeded our year-end targets and create flexibility. Finally, the Red River pipeline expansion was completed in the quarter and should provide financial momentum into 2021."
Distribution and Liquidity
On October 27, 2020, Delek Logistics declared a quarterly cash distribution of $0.905 per common limited partner unit for the third quarter 2020, which equates to $3.62 per common limited partner unit on an annualized basis. This distribution will be paid on November 12, 2020 to unitholders of record on November 6, 2020. This represents a 0.6% increase from the second quarter 2020 distribution of $0.900 per common limited partner unit, or $3.60 per common limited partner unit on an annualized basis, and a 2.8% increase over Delek Logistics' third quarter 2019 distribution of $0.88 per common limited partner unit, or $3.52 per common limited partner unit annualized. For the third quarter 2020, the total cash distribution declared to all partners was approximately $39.3 million, resulting in a distributable cash flow coverage ratio was 1.50x.
As of September 30, 2020, Delek Logistics had total debt of approximately $1,006.1 million and cash of $6.0 million. Additional borrowing capacity, subject to certain covenants, under the $850.0 million credit facility was $89.3 million. The total leverage ratio, calculated in accordance with the credit facility, for the third quarter 2020 was approximately 3.9x, which is within the current requirements of the maximum allowable leverage ratio of 5.5x.
Financial Results
Revenue for the third quarter 2020 was $142.3 million compared to $137.6 million in the prior-year period. The increase in revenue is primarily attributable to the drop down of the Big Spring Gathering System and Trucking Assets. Total operating expenses were $14.2 million in the third quarter 2020, compared to $18.4 million in the third quarter 2019. The decrease was primarily due to cost control measures put in place at the end of the first quarter 2020. Total contribution margin was $67.3 million in the third quarter 2020 compared to $46.5 million in the third quarter 2019, mainly driven by the aforementioned contribution from new assets and lower expenses. General and administrative expenses were $6.1 million for the third quarter 2020, compared to $5.3 million in the prior-year period.
Pipelines and Transportation Segment
Contribution margin in the third quarter 2020 was $46.4 million compared to $27.1 million in the third quarter 2019. The recent drop down of the Big Spring Gathering System and the Trucking Assets were the primary drivers behind the year-over-year growth. Operating expenses were $10.7 million in the third quarter 2020 compared to $12.5 million in the prior-year period.
Wholesale Marketing and Terminalling Segment
During the third quarter 2020, contribution margin was $21.0 million, compared to $19.4 million in the third quarter 2019. The change in contribution margin was primarily due to lower operating expenses which were $3.5 million in the third quarter 2020, compared to $5.9 million in the third quarter 2019.
Average West Texas wholesale throughput in the third quarter 2020 was 9,948 barrels per day compared to 9,535 barrels per day in the third quarter 2019. The West Texas gross margin per barrel decreased year-over-year to $3.42 per barrel and included approximately $0.8 million, or $0.87 per barrel, from renewable identification numbers (RINs) generated in the quarter. During the third quarter 2019, the West Texas gross margin per barrel was $4.82 per barrel and included $0.3 million from RINs, or $0.38 per barrel.
Average terminalling throughput volume of 160,843 barrels per day during the third quarter 2020 decreased on a year-over-year basis from 170,727 barrels per day in the third quarter 2019. During the third quarter 2020, average volume under the East Texas marketing agreement with Delek US was 73,417 barrels per day compared to 83,953 barrels per day during the third quarter 2019.
Third Quarter 2020 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its third quarter 2020 results on Thursday, November 5, 2020 at 7:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.
Investors may also wish to listen to Delek US' (NYSE: DK) third quarter 2020 earnings conference call on Thursday, November 5, 2020 at 8:30 a.m. Central Time and review Delek US' earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com.
About Delek Logistics Partners, LP
Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE: DK) to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These statements contain words such as "possible," "believe," "should," "could," "would," "predict," "plan," "estimate," "intend," "may," "anticipate," "will," "if," "expect" or similar expressions, as well as statements in the future tense, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; the impact of the COVID-19 outbreak on the demand for crude oil, refined products and transportation and storage services; uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; the results of our investments in joint ventures; the ability of the Red River joint venture to complete the expansion to increase the Red River pipeline capacity; adverse changes in laws including with respect to tax and regulatory matters; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. Forward-looking statements include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth of 5% or at all. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation
Non-GAAP Disclosures:
Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:
-- Earnings before interest, taxes, depreciation and amortization
("EBITDA") - calculated as net income before net interest expense,
income tax expense, depreciation and amortization expense, including
amortization of customer contract intangible assets, which is included
as a component of net revenues in our accompanying condensed
consolidated statements of income.
-- Distributable cash flow - calculated as net cash flow from operating
activities plus or minus changes in assets and liabilities, less
maintenance capital expenditures net of reimbursements and other
adjustments not expected to settle in cash. Delek Logistics believes
this is an appropriate reflection of a liquidity measure by which users
of its financial statements can assess its ability to generate cash.
EBITDA and distributable cash flow are non GAAP supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
-- Delek Logistics' operating performance as compared to other publicly
traded partnerships in the midstream energy industry, without regard to
historical cost basis or, in the case of EBITDA, financing methods;
-- the ability of our assets to generate sufficient cash flow to make
distributions to our unitholders;
-- Delek Logistics' ability to incur and service debt and fund capital
expenditures; and
-- the viability of acquisitions and other capital expenditure projects and
the returns on investment of various investment opportunities.
Delek Logistics believes that the presentation of EBITDA, distributable cash flow and distributable cash flow coverage ratio provide useful information to investors in assessing its financial condition, its results of operations and the cash flow its business is generating. EBITDA, distributable cash flow and distributable cash flow coverage ratio should not be considered in isolation or as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP.
Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net income and net cash provided by operating activities. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in its industry, Delek Logistics' definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
Delek Logistics Partners, LP
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except unit and per unit data)
September 30,
2020 December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents $
6,024 $
5,545
Accounts receivable 17,472 13,204
Accounts receivable from related
parties 10,002
Inventory 1,696 12,617
Other current assets 410 2,204
Total current assets 35,604 33,570
Property, plant and equipment:
Property, plant and equipment 684,199 461,325
Less: accumulated depreciation (216,698) (166,281)
Property, plant and equipment,
net 467,501 295,044
Equity method investments 255,368 246,984
Operating lease right-of-use
assets 18,153 3,745
Goodwill 12,203 12,203
Marketing Contract Intangible,
net 125,591 130,999
Rights-of-way 36,178 15,597
Other non-current assets 6,988 6,305
Total assets $
957,586 $
744,447
LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable $
4,740 $
12,471
Accounts payable to related
parties 8,898
Interest payable 6,745 2,572
Excise and other taxes payable 3,433 3,941
Current portion of operating
lease liabilities 5,546 1,435
Accrued expenses and other
current liabilities 3,482 5,765
Total current liabilities 23,946 35,082
Non-current liabilities:
Long-term debt 1,006,145 833,110
Asset retirement obligations 5,908 5,588
Deferred tax liabilities 1,205 215
Operating lease liabilities, net
of current portion 12,607 2,310
Other non-current liabilities 19,229 19,261
Total non-current liabilities 1,045,094 860,484
Total liabilities 1,069,040 895,566
Equity (Deficit):
Common unitholders -public;
8,687,371 units issued and
outstanding at September 30,
2020 (9,131,579 at December 31,
2019) 164,313 164,436
Common unitholders -Delek
Holdings; 34,745,868 units
issued and outstanding at
September 30, 2020 (15,294,046
at December 31, 2019) (275,767) (310,513)
General partner -0 units issued
and outstanding at September 30,
2020 (498,482 at December 31,
2019) (5,042)
Total deficit (111,454) (151,119)
Total liabilities and deficit $
957,586 $
744,447
Delek Logistics Partners, LP
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except unit and per unit data)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
---
Net revenues:
Affiliate $
95,410 $
66,647 $
289,739 $
191,530
Third-party 46,858 70,909 133,567 253,852
Net revenues 142,268 137,556 423,306 445,382
Cost of sales:
Cost of materials and other 60,692 72,594 205,877 262,713
Operating expenses (excluding depreciation and amortization presented 13,694 17,490 39,271 49,318
below)
Depreciation and amortization 8,931 6,138 22,957 18,450
Total cost of sales 83,317 96,222 268,105 330,481
Operating expenses related to wholesale business (excluding depreciation 536 945 2,152 2,502
and amortization presented below)
General and administrative expenses 6,122 5,280 16,973 15,046
Depreciation and amortization 528 450 1,495 1,351
Other operating income, net - (70) (107) (95)
Total operating costs and expenses 90,503 102,827 288,618 349,285
Operating income 51,765 34,729 134,688 96,097
Interest expense, net 10,360 12,509 32,854 35,164
Income from equity method investments (4,860) (8,394) (16,875) (14,860)
Other (income) expense, net 105 103 461
Total non-operating expenses, net 5,605 4,115 16,082 20,765
Income before income tax expense 46,160 30,614 118,606 75,332
Income tax (benefit) expense (168) 84 67 220
Net income attributable to partners $
46,328 $
30,530 $
118,539 $
75,112
Comprehensive income attributable to partners $
46,328 $
30,530 $
118,539 $
75,112
Less: General partner's interest in net income, including incentive distribution rights - 8,895 18,724 24,244
Limited partners' interest in net income $
46,328 $
21,635 $
99,815 $
50,868
Net income per limited partner unit:
Common units - basic $
1.26 $
0.89 $
3.30 $
2.08
Common units - diluted $
1.26 $
0.89 $
3.30 $
2.08
Weighted average limited partner units outstanding:
Common units - basic 36,889,761 24,417,285 30,290,051 24,411,308
Common units - diluted 36,894,043 24,420,582 30,292,261 24,417,466
Cash distribution per limited partner unit $
0.905 $
0.880 $
2.695 $
2.550
Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended September 30,
2020 2019
Cash flows from operating activities
Net income $
118,539 $
75,112
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 24,452 19,801
Non-cash lease expense 2,236 2,554
Amortization of customer contract intangible
assets 5,408 5,408
Amortization of deferred revenue (1,418) (1,248)
Amortization of deferred financing costs and
debt discount 1,786 2,054
Accretion of asset retirement obligations 320 298
Income from equity method investments (16,875) (14,860)
Dividends from equity method investments 17,572 9,188
(Gain) loss on asset disposals (107) (95)
Deferred income taxes 990 115
Other non-cash adjustments 292 484
Changes in assets and liabilities:
Accounts receivable (4,268) 1,588
Inventories and other current assets 12,714 (3,290)
Accounts payable and other current
liabilities (7,638) (7,613)
Accounts receivable/payable to related
parties (19,002) (5,016)
Non-current assets and liabilities, net (347) 2,391
Changes in assets and liabilities (18,541) (11,940)
Net cash provided by operating activities 134,654 86,871
Cash flows from investing activities
Asset acquisitions from Delek Holdings, net
of assumed liabilities (100,527)
Purchases of property, plant and equipment (6,918) (4,964)
Proceeds from sales of property, plant and
equipment 107 144
Distributions from equity method investments 2,723 804
Equity method investment contributions (11,804) (137,361)
Net cash used in investing activities (116,419) (141,377)
Cash flows from financing activities
Proceeds from issuance of additional units to
maintain 2% General Partner interest 10 8
Distributions to general partner (27,635) (22,762)
Distributions to common unitholders -public (23,653) (22,580)
Distributions to common unitholders -Delek
Holdings (46,220) (37,929)
Distributions to Delek Holdings unitholders
and general partner related to Trucking
Assets Acquisition (47,558)
Distribution to general partner for
conversion of its interest and IDR
elimination (45,000)
Proceeds from revolving credit facility 515,900 476,400
Payments on revolving credit facility (343,600) (336,800)
Net cash (used in) provided by financing
activities (17,756) 56,337
Net increase in cash and cash equivalents 479 1,831
Cash and cash equivalents at the beginning of
the period 5,545 4,522
Cash and cash equivalents at the end of the
period $
6,024 $
6,353
Supplemental disclosures of cash flow
information:
Cash paid during the period for:
Interest $
26,895 $
29,003
Income taxes $
141 $
143
Non-cash investing activities:
(Decrease) increase in accrued capital
expenditures $
(948) $
1,274
Equity issuance to Delek Holdings unitholders
in connection with Big Spring Gathering
Assets Acquisition $
109,513
$
Non-cash financing activities:
Sponsor contribution of fixed assets $
1,378
$
Non-cash lease liability arising from
obtaining right of use assets during the
period $
16,644 $
649
Non-cash lease liability arising from
recognition of right of use assets upon
adoption of ASU 2016-02
$ $
20,202
Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
---
Reconciliation of Net Income to EBITDA:
Net income $
46,328 $
30,530 $
118,539 $
75,112
Add:
Income tax (benefit) expense (168) 84 67 220
Depreciation and amortization 9,459 6,588 24,452 19,801
Amortization of customer contract intangible assets 1,803 1,803 5,408 5,408
Interest expense, net 10,360 12,509 32,854 35,164
EBITDA $
67,782 $
51,514 $
181,320 $
135,705
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities $
62,273 $
35,047 $
134,654 $
86,871
Changes in assets and liabilities (2,458) 2,451 18,541 11,940
Non-cash lease expense (1,596) (1,145) (2,236) (2,554)
Distributions from equity method investments in investing activities 1,033 2,723 804
Maintenance and regulatory capital expenditures (27) (3,728) (760) (5,515)
Reimbursement from Delek Holdings for capital expenditures 26 1,223 81 2,607
Accretion of asset retirement obligations (106) (100) (320) (298)
Deferred income taxes (47) (118) (990) (115)
Other operating income, net - 70 107 95
Distributable Cash Flow $
59,098 $
33,700 $
151,800 $
93,835
Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
Distributions to partners of Delek Logistics, LP 2020 2019 2020 2019
---
Limited partners' distribution on common units $
39,307 $
21,487 $
87,536 $
62,256
General partner's distributions - 439 986 1,269
General partner's incentive distribution rights - 8,453 17,632 23,206
Total distributions to be paid (1) $
39,307 $
30,379 $
106,154 $
86,731
Distributable cash flow $
59,098 $
33,700 $
151,800 $
93,835
Distributable cash flow coverage ratio (2) 1.50x 1.11x
1.43x 1.08x
---
((1) )The distributions for the three and nine months ended September 30, 2020 reflect the impact of the distribution waiver that waived all of the distributions for the first quarter of 2020 on the 5.0 million Additional Units, related to the Big Spring Gathering Assets transaction, with respect to base distributions and the IDRs. In addition, the distributions for the three and nine months ended September 30, 2020 reflect the waiver of distributions in respect of the IDRs associated with the Additional Units for at least two years. The IDRs were eliminated in the Restructuring Transaction on August 13, 2020.
((2) ) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.
Delek Logistics Partners, LP
Segment Data (unaudited)
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
---
Pipelines and Transportation
Net revenues:
Affiliate $
68,444 $
39,304 $
168,285 $
112,694
Third party 3,035 5,281 14,587 16,733
Total pipelines and transportation 71,479 44,585 182,872 129,427
Cost of sales:
Cost of materials and other 14,342 4,947 31,622 17,871
Operating expenses (excluding depreciation and amortization) 10,749 12,547 31,936 36,109
Segment contribution margin $
46,388 $
27,091 $
119,314 $
75,447
Total Assets $
685,871 $
529,219
Wholesale Marketing and Terminalling
Net revenues:
Affiliates (1) $
26,966 $
27,343 $
121,454 $
78,836
Third party 43,823 65,628 118,980 237,119
Total wholesale marketing and terminalling 70,789 92,971 240,434 315,955
Cost of sales:
Cost of materials and other 46,350 67,647 174,255 244,842
Operating expenses (excluding depreciation and amortization) 3,481 5,888 9,487 15,711
Segment contribution margin $
20,958 $
19,436 $
56,692 $
55,402
Total Assets $
271,715 238,588
Consolidated
Net revenues:
Affiliates $
95,410 $
66,647 $
289,739 $
191,530
Third party 46,858 70,909 133,567 253,852
Total consolidated 142,268 137,556 423,306 445,382
Cost of sales:
Cost of materials and other 60,692 72,594 205,877 262,713
Operating expenses (excluding depreciation and amortization presented below) 14,230 18,435 41,423 51,820
Contribution margin 67,346 46,527 176,006 130,849
General and administrative expenses 6,122 5,280 16,973 15,046
Depreciation and amortization 9,459 6,588 24,452 19,801
Other operating income, net - (70) (107) (95)
Operating income $
51,765 $
34,729 $
134,688 $
96,097
Total Assets $
957,586 $
767,807
((1)) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible we acquired in connection with the Big Spring acquisition.
Delek Logistics Partners, LP
Segment Capital Spending
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
Pipelines and Transportation 2020 2019 2020 2019
---
Maintenance capital spending $
28 $
2,731 $
467 $
3,959
Discretionary capital spending 2,524 372 2,957 386
Segment capital spending $
2,552 $
3,103 3,424 4,345
Wholesale Marketing and Terminalling
Maintenance capital spending $
118 $
980 1,480 1,389
Discretionary capital spending 558 (91) 2,014 504
Segment capital spending $
676 $
889 3,494 1,893
Consolidated
Maintenance capital spending $
146 $
3,711 1,947 5,348
Discretionary capital spending 3,082 281 4,971 890
Total capital spending $
3,228 $
3,992 $
6,918 $
6,238
Delek Logistics Partners, LP
Segment Data (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
---
Pipelines and Transportation Segment:
Throughputs (average bpd)
El Dorado Assets:
Crude pipelines (non-gathered) 78,244 49,477 76,750 43,446
Refined products pipelines to Enterprise Systems 55,740 43,518 55,315 32,242
El Dorado Gathering System 13,659 21,632 13,520 21,143
East Texas Crude Logistics System 22,591 25,391 15,705 21,045
Big Spring Gathering Assets (1) 90,719 85,845
Plains Connection System 104,314 96,961
Wholesale Marketing and Terminalling Segment:
East Texas -Tyler Refinery sales volumes (average bpd) (2) 73,417 83,953 70,376 74,607
Big Spring marketing throughputs (average bpd) 78,659 80,203 73,701 83,608
West Texas marketing throughputs (average bpd) 9,948 9,535 11,718 11,446
West Texas gross margin per barrel $
3.42 $
4.82 $
2.37 $
4.83
Terminalling throughputs (average bpd) 160,843 170,727 145,240 160,621
((1) )Throughput for the Big Spring Gathering Assets are for approximately 180 days we owned the assets following the Big Spring Gathering Assets Acquisition effective March 31, 2020.
((2) )Excludes jet fuel and petroleum coke.
Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (ir.deleklogistics.com), news webpage (www.deleklogistics.com/news) and its Twitter account (@DelekLogistics).
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SOURCE Delek Logistics
