Delek Logistics Partners, LP expanded its midstream footprint through acquisitions and pipeline joint ventures, supporting fee-based revenue streams concentrated in the Permian Basin and Gulf Coast. Despite a 13% revenue decline in 2025, net income grew by nearly 24%, reflecting operational efficiencies amid volatile energy prices. The Partnership’s financial flexibility is bolstered by significant liquidity, increased capex focused on growth projects, and a strong capital structure; however, reliance on Delek Holdings remains a key risk tied to volume commitments underpinning stable cash flows. Growth prospects hinge on further integration of water midstream assets and expanding pipeline throughput alongside evolving market dynamics.