Delek Logistics Partners, LP Reports Fourth Quarter 2020 Results
BRENTWOOD, Tenn., Feb. 23, 2021 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the fourth quarter 2020. For the three months ended December 31, 2020, Delek Logistics reported net income attributable to all partners of $40.7 million, or $0.94 per diluted common limited partner unit. This compares to net income attributable to all partners of $21.6 million, or $0.52 per diluted common limited partner unit, in the fourth quarter 2019. Net cash from operating activities was $58.4 million in the fourth quarter 2020 compared to $45.8 million in the fourth quarter 2019. Distributable cash flow was $55.9 million in the fourth quarter 2020, compared to $33.0 million in the fourth 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 fourth quarter 2020, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $64.0 million compared to $43.3 million in the fourth 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 and a reduction in operating expenses by $7.5 million, partially 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: "I'm pleased to announce zero recordable incidents for the year, which is a true testament to our employees and our core values. Our fourth quarter results rounded out a stellar year for our company, as we delivered strong relative stock performance, despite macro headwinds for the industry. Net income and EBITDA in the fourth quarter increased approximately 88% and 48%, respectively, versus last year. Distribution growth in the quarter was 2.8% on a year-over-year basis and we delivered on our commitment of 5% distribution growth on a full-year basis. We expect another 5% increase in distributions in 2021, underpinned by our outlook for continued strong operational performance."
Mr. Yemin continued, "Eliminating the incentive distribution rights (IDRs) last year helped lower our cost of capital and positions our company for the next phase of growth. We exceeded our year-end distribution coverage and leverage ratio targets earlier than expected, creating tremendous flexibility as we progress into 2021."
Distribution and Liquidity
On January 22, 2021, Delek Logistics declared a quarterly cash distribution of $0.910 per common limited partner unit for the fourth quarter 2020, which equates to $3.640 per common limited partner unit on an annualized basis. This distribution was paid on February 9, 2021 to unitholders of record on February 2, 2021. This represents a 0.6% increase from the third quarter 2020 distribution of $0.905 per common limited partner unit, or $3.620 per common limited partner unit on an annualized basis, and a 2.8% increase over Delek Logistics' fourth quarter 2019 distribution of $0.885 per common limited partner unit, or $3.540 per common limited partner unit annualized. For the fourth quarter 2020, the total cash distribution declared to all partners was approximately $39.5 million, resulting in a distributable cash flow coverage ratio of 1.41x.
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As of December 31, 2020, Delek Logistics had total debt of approximately $992.3 million and cash of $4.2 million. Additional borrowing capacity, subject to certain covenants, under the $850.0 million credit facility was $103.4 million. The total leverage ratio was within the requirements of the maximum allowable leverage ratio under the credit facility.
Financial Results
Revenue for the fourth quarter 2020 was $140.1 million compared to $138.6 million in the prior-year period. The increase in revenue is primarily attributable to the drop downs of the Big Spring Gathering System and Trucking Assets but this was largely offset by lower revenue in the West Texas wholesale business. Total operating expenses were $14.9 million in the fourth quarter 2020, compared to $22.3 million in the fourth quarter 2019. The decrease was primarily due to cost control measures put in place at the end of the first quarter 2020 and a lack of spill related expenses that were included in fourth quarter 2019 results. Total contribution margin was $62.0 million in the fourth quarter 2020 compared to $42.5 million in the fourth quarter 2019, mainly driven by the aforementioned contribution from new assets and lower expenses. General and administrative expenses were $5.6 million for the fourth quarter 2020, compared to $5.8 million in the prior-year period.
Pipelines and Transportation Segment
Contribution margin in the fourth quarter 2020 was $44.0 million compared to $25.2 million in the fourth quarter 2019. The drop downs of the Big Spring Gathering System and the Trucking Assets in the first half of 2020 were the primary drivers behind the year-over-year growth. Operating expenses were $10.3 million in the fourth quarter 2020 compared to $18.7 million in the prior-year period largely driven by a lack of environmental remediation costs that were incurred in the fourth quarter of 2019.
Wholesale Marketing and Terminalling Segment
During the fourth quarter 2020, contribution margin was $18.1 million, compared to $17.3 million in the fourth quarter 2019. The increase in contribution margin was primarily due to higher volumes associated with assets and agreements that support the Delek Big Spring refinery in the fourth quarter of 2020, which was partially offset by lower West Texas wholesale margins.
Average terminalling throughput volume of 153,243 barrels per day during the fourth quarter 2020 decreased on a year-over-year basis from 160,298 barrels per day in the fourth quarter 2019. During the fourth quarter 2020, average volume under the East Texas marketing agreement with Delek US was 73,584 barrels per day compared to 73,016 barrels per day during the fourth quarter 2019.
Fourth Quarter 2020 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its fourth quarter 2020 results on Wednesday, February 24, 2021 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) fourth quarter 2020 earnings conference call on Wednesday, February 24, 2021 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; 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.
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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.
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Delek Logistics Partners, LP Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except unit and per unit data) December 31, 2020 December 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 4,243 $ 5,545 Accounts receivable 15,676 13,204 Accounts receivable from related parties 5,932 Inventory 3,127 12,617 Other current assets 331 2,204 Total current assets 29,309 33,570 Property, plant and equipment: Property, plant and equipment 692,282 461,325 Less: accumulated depreciation (227,470) (166,281) Property, plant and equipment, net 464,812 295,044 Equity method investments 253,675 246,984 Operating lease right-of-use assets 24,199 3,745 Goodwill 12,203 12,203 Marketing Contract Intangible, net 123,788 130,999 Rights-of-way 36,316 15,597 Other non-current assets 12,115 6,305 Total assets $ 956,417 $ 744,447 LIABILITIES AND DEFICIT Current liabilities: Accounts payable $ 6,659 $ 12,471 Accounts payable to related parties 8,898 Interest payable 2,452 2,572 Excise and other taxes payable 4,969 3,941 Current portion of operating lease liabilities 8,691 1,435 Accrued expenses and other current liabilities 5,529 5,765 Total current liabilities 28,300 35,082 Non-current liabilities: Long-term debt 992,291 833,110 Asset retirement obligations 6,015 5,588 Deferred tax liabilities 616 215 Operating lease liabilities, net of current portion 15,418 2,310 Other non-current liabilities 22,078 19,261 Total non-current liabilities 1,036,418 860,484 Total liabilities 1,064,718 895,566 Equity (Deficit): Common unitholders -public; 8,697,468 units issued and outstanding at December 31, 2020 (9,131,579 at December 31, 2019) 164,614 164,436 Common unitholders -Delek Holdings; 34,745,868 units issued and outstanding at December 31, 2020 (15,294,046 at December 31, 2019) (272,915) (310,513) General partner -0 units issued and outstanding at December 31, 2020 (498,482 at December 31, 2019) (5,042) Total deficit (108,301) (151,119) Total liabilities and deficit $ 956,417 $ 744,447
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Delek Logistics Partners, LP Condensed Consolidated Statements of Income (Unaudited) (In thousands, except unit and per unit data) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 --- Net revenues: Affiliate $ 92,927 $ 69,484 $ 382,666 $ 261,014 Third-party 47,185 69,126 180,752 322,978 Net revenues 140,112 138,610 563,418 583,992 Cost of sales: Cost of materials and other 63,217 73,760 269,094 336,473 Operating expenses (excluding depreciation and amortization presented below) 14,575 22,023 53,846 71,341 Depreciation and amortization 10,780 6,443 33,737 24,893 Total cost of sales 88,572 102,226 356,677 432,707 Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 281 314 2,433 2,816 General and administrative expenses 5,614 5,769 22,587 20,815 Depreciation and amortization 499 457 1,994 1,808 Other operating expense (income), net 41 129 (66) 34 Total operating costs and expenses 95,007 108,895 383,625 458,180 Operating income 45,105 29,715 179,793 125,812 Interest expense, net 10,020 12,164 42,874 47,328 Income from equity method investments (5,818) (4,972) (22,693) (19,832) Other expense, net 30 139 133 600 Total non-operating expenses, net 4,232 7,331 20,314 28,096 Income before income tax expense 40,873 22,384 159,479 97,716 Income tax expense 156 746 223 967 Net income attributable to partners $ 40,717 $ 21,638 $ 159,256 $ 96,749 Comprehensive income attributable to partners $ 40,717 $ 21,638 $ 159,256 $ 96,749 Less: General partner's interest in net income, including incentive distribution rights - 8,834 18,724 33,080 Limited partners' interest in net income $ 40,717 $ 12,804 $ 140,532 $ 63,669 Net income per limited partner unit: Common units - basic $ 0.94 $ 0.52 $ 4.18 $ 2.61 Common units - diluted $ 0.94 $ 0.52 $ 4.18 $ 2.61 Weighted average limited partner units outstanding: Common units - basic 43,435,153 24,419,189 33,594,284 24,413,294 Common units - diluted 43,441,693 24,424,715 33,597,418 24,418,641 Cash distribution per limited partner unit $ 0.910 $ 0.885 $ 3.605 $ 3.440
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Delek Logistics Partners, LP Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Year Ended December 31, 2020 2019 Cash flows from operating activities Net income $ 159,256 $ 96,749 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 35,731 26,701 Non-cash lease expense 6,075 193 Amortization of customer contract intangible assets 7,211 7,211 Amortization of deferred revenue (1,888) (1,688) Amortization of deferred financing costs and debt discount 2,412 2,629 Accretion of asset retirement obligations 427 397 Income from equity method investments (22,693) (19,832) Dividends from equity method investments 25,436 16,108 Gain on disposal of assets (66) (197) Deferred income taxes 401 496 Other non-cash adjustments 491 1,061 Changes in assets and liabilities: Accounts receivable (2,472) 8,382 Inventories and other current assets 11,363 (7,702) Accounts payable and other current liabilities (13,479) (4,836) Accounts receivable/payable to related parties (14,628) 1,065 Non-current assets and liabilities, net (561) 3,662 Changes in assets and liabilities (19,777) 571 Net cash provided by operating activities 193,016 130,399 Cash flows from investing activities Asset acquisitions from Delek Holdings, net of assumed liabilities (100,527) Purchases of property, plant and equipment (13,271) (9,070) Proceeds from sales of property, plant and equipment 107 144 Purchases of intangible assets (13) Distributions from equity method investments 2,741 804 Equity method investment contributions (12,175) (139,294) Net cash used in investing activities (123,138) (147,416) 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) (31,654) Distributions to common unitholders - public (31,532) (30,626) Distributions to common unitholders - Delek Holdings (77,665) (51,388) 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 599,600 564,700 Payments on revolving credit facility (441,400) (433,000) Net cash (used in) provided by financing activities (71,180) 18,040 Net (decrease) increase in cash and cash equivalents (1,302) 1,023 Cash and cash equivalents at the beginning of the period 5,545 4,522 Cash and cash equivalents at the end of the period $ 4,243 $ 5,545 Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 40,582 $ 44,791 Income taxes $ 98 $ 144 Non-cash investing activities: Increase (decrease) in accrued capital expenditures $ 198 $ 917 Equity issuance to Delek Holdings unitholders in connection with Big Spring Gathering Assets Acquisition $ 109,513 $ Non-cash financing activities: Sponsor contribution of property, plant and equipment $ 2,938 $ Non-cash lease liability arising from obtaining right of use assets during the period $ 32,090 $ 1,285 Non-cash lease liability arising from recognition of right of use assets upon adoption of ASU 2016-02 $ $ 2,654
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Delek Logistics Partners, LP Reconciliation of Amounts Reported Under U.S. GAAP (In thousands) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 --- Reconciliation of Net Income to EBITDA: Net income $ 40,717 $ 21,638 $ 159,256 $ 96,749 Add: Income tax expense 156 746 223 967 Depreciation and amortization 11,279 6,900 35,731 26,701 Amortization of customer contract intangible assets 1,803 1,803 7,211 7,211 Interest expense, net 10,020 12,164 42,874 47,328 EBITDA $ 63,975 $ 43,251 $ 245,295 $ 178,956 Reconciliation of net cash from operating activities to distributable cash flow: Net cash provided by operating activities $ 58,362 $ 45,809 $ 193,016 $ 130,399 Changes in assets and liabilities 1,236 (14,793) 19,777 (571) Non-cash lease expense (3,839) 2,361 (6,075) (193) Distributions from equity method investments in investing activities 18 2,741 804 Maintenance and regulatory capital expenditures (536) (2,947) (1,296) (8,569) Reimbursement from Delek Holdings for capital expenditures 182 3,221 263 5,828 Accretion of asset retirement obligations (107) (99) (427) (397) Deferred income taxes 589 (611) (401) (496) Other operating (expense) income, net (41) 102 66 197 Distributable Cash Flow $ 55,864 $ 33,043 $ 207,664 $ 127,002
Delek Logistics Partners, LP Distributable Coverage Ratio Calculation (In thousands) Three Months Ended December 31, Year Ended December 31, Distributions to partners of Delek Logistics, LP 2020 2019 2020 2019 --- Limited partners' distribution on common units $ 39,533 $ 21,616 $ 127,070 $ 83,873 General partner's distributions - 444 986 1,711 General partner's incentive distribution rights - 8,573 17,632 31,781 Total distributions to be paid (1) $ 39,533 $ 30,633 $ 145,688 $ 117,365 Distributable cash flow $ 55,864 $ 33,043 $ 207,664 $ 127,002 Distributable cash flow coverage ratio (2) 1.41x 1.08x 1.43x 1.08x
(1) The distributions for the three months ended and year ended December 31, 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 months ended and year ended December 31, 2020 reflect the waiver of distributions in respect of the IDRs associated with the Additional Units for at least two years. Subsequently, 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.
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Delek Logistics Partners, LP Segment Data (unaudited) (In thousands) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 --- Pipelines and Transportation Net revenues: Affiliate $ 65,588 $ 42,517 $ 233,873 $ 155,211 Third party 3,009 6,374 17,596 23,107 Total pipelines and transportation 68,597 48,891 251,469 178,318 Cost of sales: Cost of materials and other 14,312 4,955 45,934 22,826 Operating expenses (excluding depreciation and amortization) 10,331 18,718 42,267 54,827 Segment contribution margin $ 43,954 $ 25,218 $ 163,268 $ 100,665 Total Assets $ 723,317 $ 509,666 Wholesale Marketing and Terminalling Net revenues: Affiliates (1) $ 27,339 $ 26,967 $ 148,793 $ 105,803 Third party 44,176 62,752 163,156 299,871 Total wholesale marketing and terminalling 71,515 89,719 311,949 405,674 Cost of sales: Cost of materials and other 48,905 68,805 223,160 313,647 Operating expenses (excluding depreciation and amortization) 4,525 3,619 14,012 19,330 Segment contribution margin $ 18,085 $ 17,295 $ 74,777 $ 72,697 Total Assets $ 206,918 214,259 Consolidated Net revenues: Affiliates $ 92,927 $ 69,484 $ 382,666 $ 261,014 Third party 47,185 69,126 180,752 322,978 Total consolidated 140,112 138,610 563,418 583,992 Cost of sales: Cost of materials and other 63,217 73,760 269,094 336,473 Operating expenses (excluding depreciation and amortization presented below) 14,856 22,337 56,279 74,157 Contribution margin 62,039 42,513 238,045 173,362 General and administrative expenses 5,614 5,769 22,587 20,815 Depreciation and amortization 11,279 6,900 35,731 26,701 Other operating expense (income), net 41 129 (66) 34 Operating income $ 45,105 $ 29,715 $ 179,793 $ 125,812 Other Assets $ 26,182 $ 20,522 Total Assets $ 956,417 $ 744,447
(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.
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Delek Logistics Partners, LP Segment Capital Spending (In thousands) Three Months Ended December 31, Year Ended December 31, Pipelines and Transportation 2020 2019 2020 2019 --- Maintenance capital spending $ 1,265 $ 2,434 $ 1,732 $ 6,435 Discretionary capital spending 2,942 40 5,899 165 Segment capital spending $ 4,207 $ 2,474 7,631 6,600 Wholesale Marketing and Terminalling Maintenance capital spending $ 232 $ 1,199 1,712 2,588 Discretionary capital spending 4,092 295 6,106 799 Segment capital spending $ 4,324 $ 1,494 7,818 3,387 Consolidated Maintenance capital spending $ 1,497 $ 3,633 3,444 9,023 Discretionary capital spending 7,034 335 12,005 964 Total capital spending $ 8,531 $ 3,968 $ 15,449 $ 9,987
Delek Logistics Partners, LP Segment Data (Unaudited) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 --- Pipelines and Transportation Segment: Throughputs (average bpd) El Dorado Assets: Crude pipelines (non-gathered) 66,521 69,910 74,179 49,485 Refined products pipelines to Enterprise Systems 48,900 53,960 53,702 37,716 El Dorado Gathering System 13,308 15,919 13,466 15,325 East Texas Crude Logistics System 16,719 16,612 15,960 19,927 Big Spring Gathering System (1) 76,795 82,817 Plains Connection System (1) 120,304 104,770 Wholesale Marketing and Terminalling Segment: East Texas - Tyler Refinery sales volumes (average bpd) (2) 73,584 73,016 71,182 74,206 Big Spring marketing throughputs (average bpd) 84,219 79,985 76,345 82,695 West Texas marketing throughputs (average bpd) 9,915 9,972 11,264 11,075 West Texas gross margin per barrel $ 2.36 $ 3.12 $ 2.37 $ 4.44 Terminalling throughputs (average bpd) 153,243 160,298 147,251 160,075
(1) Throughput for the Big Spring Gathering System and the Plains Connection System are for 275 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-releases) and its Twitter account (@DelekLogistics).
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SOURCE Delek Logistics