•Net income of $45.6 million

•Reported Adjusted EBITDA of $136.0 million up 27% year over year

•Reported record crude gathering volumes in the Delaware crude gathering system

•Increasing full year Adjusted EBITDA guidance to $500 - $520 million on strong execution

•Continued our consistent distribution growth with our 51st consecutive quarterly increase to $1.120/unit

•Continue to progress comprehensive acid gas injection (AGI ) & sour gas treating solution at the Libby Gas Complex

BRENTWOOD, Tenn., November 7, 2025 -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2025.

“During the third quarter Delek Logistics continued its strong execution by making progress on the development of sour gas gathering and acid gas injection capabilities. Delek Logistics also had record crude gathering volumes in its Delaware Business. Due to the strong progress we have made so far in the year we are increasing our full year EBITDA guidance higher to $500 - $520 million. We are proud of the 51st consecutive increase in our distribution," said Avigal Soreq, President of Delek Logistics' general partner.

"We are very excited about the comprehensive AGI & sour gas treating solution we are building at the Libby Complex. These capabilities will help our producer customers drill their most productive locations' and we have started to see action taken by our producers to increase drilling to align with our assets being placed into service which will allow us to further expand the overall processing capacity at the complex. Finally, as I have mentioned in the past, we will continue to strengthen and grow Delek Logistics through a prudent management of liquidity and leverage," Mr. Soreq continued.

Delek Logistics reported third quarter 2025 net income of $45.6 million or $0.85 per diluted common limited partner unit. The third quarter 2025 net income included $0.6 million of transaction costs. This compares to net income of $33.7 million, or $0.71 per diluted common limited partner unit, in the third quarter 2024. Net cash provided by operating activities was $54.9 million in the third quarter 2025 compared to $24.9 million in the third quarter 2024. Distributable cash flow, as adjusted was $74.1 million in the third quarter 2025, compared to $62.0 million in the third quarter 2024.

For the third quarter 2025, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $102.0 million compared to $69.2 million in the third quarter 2024. The third quarter 2025 EBITDA included $0.6 million of transaction costs, $0.1 million of DPG inventory and $30.5 million of sales-type lease accounting impacts. For the third quarter 2025, Adjusted EBITDA was $136.0 million compared to $106.8 million in the third quarter 2024.

On October 28, 2025, Delek Logistics declared a quarterly cash distribution of $1.120 per common limited partner unit for the third quarter 2025. This distribution will be paid on November 13, 2025 to unitholders of record on November 7, 2025. This represents a 0.4% increase from the second quarter 2025 distribution of $1.115 per common limited partner unit, and a 1.8% increase over Delek Logistics’ third quarter 2024 distribution of $1.100 per common limited partner unit.

As of September 30, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $6.9 million and a leverage ratio of approximately 4.44x. Additional borrowing capacity under the $1.2 billion third party revolving credit facility was $1.0 billion.

Adjusted EBITDA in the third quarter 2025 was $136.0 million compared to $106.8 million in the third quarter 2024. The $29.2 million increase in Adjusted EBITDA reflects the results of H2O Midstream and Gravity operations, as well as impacts from the W2W dropdown, and an increase in wholesale margins.

Adjusted EBITDA in the third quarter 2025 was $82.8 million compared with $55.0 million in the third quarter 2024. The increase was primarily due to incremental EBITDA from the Gravity and H2O Midstream acquisitions.

Adjusted EBITDA in the third quarter 2025 was $21.4 million, compared with third quarter 2024 Adjusted EBITDA of $24.7 million. The decrease was primarily due to assignment of the Big Spring refinery marketing agreement to Delek Holdings, which was partially offset by an increase in wholesale margins.

Adjusted EBITDA in the third quarter 2025 was $19.3 million, compared with $19.4 million in the third quarter 2024.

During the third quarter 2025, income from equity method investments was $21.9 million compared to $15.6 million in the third quarter 2024. The increase was primarily due to the impacts of the W2W dropdown, partially offset by a decrease in income from our investments in our other joint ventures.

Adjusted EBITDA in the third quarter 2025 was a loss of $9.3 million compared to a loss of $7.9 million in the third quarter 2024.

Delek Logistics will hold a conference call to discuss its third quarter 2025 results on Friday, November 7, 2025 at 11:00 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.

Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline and other transportation services primarily for crude oil and natural gas customers, storage, wholesale marketing and terminalling services primarily for intermediate and refined product customers, and water disposal and recycling services. Delek US Holdings, Inc. ("Delek US") owns the general partner interest as well as a majority limited partner interest in Delek Logistics, and is also a significant customer.

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. Forward-looking statements include, but are not limited to, anticipated performance and financial position; statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream acquisitions; 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.

Investors are cautioned that the following important factors, including among others, may affect these forward-looking statements: the fact that a significant portion of Delek Logistics' revenue is derived from Delek US, thereby subjecting us to Delek US' business risks; political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; 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; Delek Logistics' ability to realize cost reductions; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; risks and uncertainties with respect to the possible benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity transactions, as well as from integration post-closing; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; projected capital expenditures; scheduled turnaround activity; the results of our investments in joint ventures; 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 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.

On May 1, 2025, Delek Holdings transferred the Delek Permian Gathering purchasing and blending business to Delek Logistics (the "DPG Dropdown”). In connection with the DPG Dropdown, Delek Logistics assumed all of Delek Holdings’ rights and obligations to purchase crude oil under certain contracts associated with Delek Logistics' existing Midland Gathering System. In addition, line fill inventory amounting to $6.9 million was transferred to Delek Logistics. Total consideration included the cancellation of $58.8 million in existing receivables owed to Delek Logistics by Delek Holdings.

During the third quarter of 2024, Delek Logistics and Delek US renewed and amended certain commercial agreements. These amendments required the embedded leases within these agreements to be reassessed under Accounting Standards Codification 842, Leases. As a result of these amendments, certain of these agreements met the criteria to be accounted for as sales-type leases. Therefore, portions of our payments received for minimum volume commitments under agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues.

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 financial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("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 interest, income taxes, depreciation and amortization, including amortization of customer contract intangible assets, which is included as a component of net revenues.

•Adjusted EBITDA - EBITDA adjusted for (i) significant, infrequently occurring transaction costs and (ii) throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting.

•Distributable cash flow - calculated as net cash flow from operating activities adjusted for changes in assets and liabilities, maintenance capital expenditures net of reimbursements, sales-type lease receipts, net of income recognized and other adjustments not expected to settle in cash.

•Distributable cash flow, as adjusted - calculated as distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.

Our EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted, measures are non-GAAP supplemental financial measures that management and external users of our 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 and Adjusted EBITDA, financing methods;

•the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;

•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.

We believe that the presentation of these non-GAAP measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance and liquidity for current and comparative periods. Non-GAAP measures should not be considered 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 earnings, net cash provided by operating activities and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted may be defined differently by other partnerships in our industry, our definitions 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. However, due to the inherent difficulty and impracticability of estimating certain amounts required by U.S. GAAP with a reasonable degree of certainty at this time without unreasonable effort and imprecision, we have not provided a reconciliation of forward-looking Adjusted EBITDA guidance.

Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net revenues:
Affiliate			$	131,016					$	114,899					$	371,420					$	411,352
Third party			130,261						99,171						386,137						319,421
Net revenues			261,277						214,070						757,557						730,773
Cost of sales:
Cost of materials and other - affiliate			85,486						84,015						259,863						279,962
Cost of materials and other - third party			44,238						33,495						118,274						99,300
Operating expenses (excluding depreciation and amortization presented below)			43,472						27,746						121,627						88,895
Depreciation and amortization			34,128						19,969						86,505						67,882
Total cost of sales			207,324						165,225						586,269						536,039
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)			381						174						1,285						569
General and administrative expenses			4,520						15,745						22,328						26,624
Depreciation and amortization			671						1,235						3,107						4,024
Other operating expense (income), net			3,013						(117)						(835)						(1,294)
Total operating costs and expenses			215,909						182,262						612,154						565,962
Operating income			45,368						31,808						145,403						164,811
Interest income			(26,716)						(23,470)						(72,801)						(23,498)
Interest expense			47,991						37,022						130,803						112,547
Income from equity method investments			(21,878)						(15,602)						(42,564)						(31,974)
Other expense (income), net			67						34						26						(177)
Total non-operating expenses, net			(536)						(2,016)						15,464						56,898
Income before income tax expense			45,904						33,824						129,939						107,913
Income tax expense			344						150						771						533
Net income			45,560						33,674						129,168						107,380
Comprehensive income			45,560						33,674						$	129,168					$	107,380
Net income per unit:
Basic			$	0.85					$	0.71					$	2.41					$	2.32
Diluted			$	0.85					$	0.71					$	2.41					$	2.32
Weighted average common units outstanding:
Basic			53,467,306						47,109,008						53,505,419						46,248,003
Diluted			53,519,572						47,135,101						53,540,795						46,269,423

Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)			Three Months Ended September 30,												Nine Months Ended September 30,
(Unaudited)			2025						2024						2025						2024
Cash flows from operating activities
Net cash provided by operating activities			$	54,937					$	24,944					$	193,910					$	156,441
Cash flows from investing activities
Net cash used in investing activities			(63,978)						(299,107)						(411,661)						(314,528)
Cash flows from financing activities
Net cash provided by financing activities			14,517						276,369						219,279						161,649
Net increase in cash and cash equivalents			5,476						2,206						1,528						3,562
Cash and cash equivalents at the beginning of the period			1,436						5,111						5,384						3,755
Cash and cash equivalents at the end of the period			$	6,912					$	7,317					$	6,912					$	7,317

(1) Distributable cash flow adjusted to exclude transaction costs primarily associated with the H2O Midstream Acquisition and Gravity Acquisition.

(1) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.

(2) Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period.

(1) Mcfd - average thousand cubic feet per day.

(2) Consists of volumes of H2O Midstream and Gravity. Gravity 2025 volumes are from January 2, 2025 to September 30, 2025.

(3) Excludes jet fuel and petroleum coke.

(4) Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings.

(5) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, our El Dorado and North Little Rock, Arkansas terminals and our Memphis and Nashville, Tennessee terminals.

investor.relations@delekus.com

Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (https://www.deleklogistics.com/investor-relations), news webpage (https://www.deleklogistics.com/news-releases) and its X account (@DelekLogistics).