Recent developments include the Partnership's third quarter 2026 earnings report with net income of $47.4 million and raised full-year adjusted EBITDA guidance, an increase in quarterly cash distribution, and ongoing strategic initiatives to enhance competitive positioning and diversify revenue.

• Delek Logistics Partners, LP reported third quarter 2026 net income of $47.4 million and raised full-year adjusted EBITDA guidance to $530 million – $560 million [N2].
• The Partnership increased its quarterly cash distribution to $1.14 per common limited partner unit as of October 2026 [N4].
• The company continues to focus on being a full-suite crude, gas and water midstream services provider in the Permian Basin and diversifying its customer base to include more third-party customers [N1].
• Strategic acquisitions and an equity offering have enhanced competitive position, strengthened the balance sheet, and increased third-party revenue [N1].
• The Partnership's Q3 2026 earnings call highlighted operational optimization and digital transformation initiatives [N1].

The Partnership's integrated midstream services in a key U.S. oil-producing region, combined with strategic acquisitions and diversification efforts, support stable cash flows and growth in third-party revenues. Its increased quarterly cash distribution and raised EBITDA guidance reflect operational strength. The focus on digital transformation and ESG-conscious investments aligns with evolving industry trends and stakeholder expectations. The asset base's integration with Delek Holdings' refining operations provides a foundation for continued utilization and revenue generation.

The Partnership's substantial dependence on Delek Holdings and its refining operations exposes it to risks if those operations contract or underperform. Commodity price volatility and geopolitical conflicts can adversely affect demand for midstream services and margins. Regulatory compliance costs, environmental liabilities, and operational hazards pose financial and reputational risks. Limited short-term liquidity ratios indicate potential constraints in managing near-term obligations. Conflicts of interest involving the general partner and limited voting rights for unitholders may affect governance and strategic decisions.

Delek Logistics Partners, LP's moat is supported by its integrated midstream infrastructure in the prolific Permian Basin and Gulf Coast regions, including extensive pipeline networks, storage capacity, and water disposal assets. Its close contractual relationship with Delek Holdings' refining operations provides a stable revenue base. Strategic acquisitions have expanded its footprint and diversified its customer base, enhancing competitive positioning. The complexity and capital intensity of midstream infrastructure create barriers to entry, while its integrated service offerings provide operational efficiencies and customer appeal. However, dependence on a limited number of key customers and regulatory risks remain.

• Dependence on Delek Holdings: A significant portion of the Partnership's assets and revenues are contracted exclusively to Delek Holdings' refining operations, creating concentration risk and exposure to Delek Holdings' financial condition and operational performance.
• Commodity Price and Market Volatility: Global oil market developments, geopolitical conflicts, and macroeconomic conditions can cause volatility in commodity prices and demand, impacting the Partnership's operations and financial results.
• Regulatory and Environmental Compliance: The Partnership is subject to federal, state, and local regulations related to environmental protection, pipeline integrity, and safety, which may require substantial expenditures and expose it to fines and penalties.
• Operational Hazards and Infrastructure Risks: Risks include spills, releases, equipment failures, cyber-attacks, and natural disasters that could disrupt operations, increase costs, and damage reputation.
• Governance and Conflicts of Interest: The general partner and its affiliates have limited fiduciary duties and potential conflicts of interest that may not align with unitholders' interests, compounded by limited voting rights for common limited partners.
• Liquidity and Financial Flexibility: Liquidity ratios as of September 30, 2026, indicate limited short-term liquidity, which may constrain the Partnership's ability to meet obligations or fund expansions without additional financing.

• Delek Logistics Partners, LP is a Delaware limited partnership formed in 2012 by Delek US Holdings, Inc. and its subsidiary Delek Logistics GP, LLC as general partner.
• The Partnership provides gathering, processing, 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.
• Operations and assets are primarily located in the Permian Basin (including the Delaware sub-basin) and select areas in the Gulf Coast region.
• A significant portion of assets are contracted exclusively to Delek Holdings in support of its Tyler, El Dorado, and Big Spring refineries.
• The Partnership operates approximately 1,326 miles of crude and refined product pipeline, about 10 million barrels of active shell capacity, and water disposal capacity of approximately 310 MBbl/d.
• The Partnership's reportable segments include gathering and processing; wholesale marketing and terminalling; storage and transportation; and investments in pipeline joint ventures.
• Recent acquisitions include interests in pipeline joint ventures and water disposal and recycling businesses, enhancing integrated midstream service offerings and third-party revenues.
• The Partnership does not take ownership of the products or crude oil in providing services, thus not directly exposed to commodity price changes in gathering and processing segment.
• Financial snapshot as of 2026-09-30 shows cash and equivalents of $49.0 million, current assets of $494.3 million, current liabilities of $579.2 million, resulting in a current ratio of 0.85 and cash ratio of 0.08.
• Net income for the nine months ended 2026-09-30 was $108.6 million.
• The Partnership increased its quarterly cash distribution to $1.14 per common limited partner unit as of October 2026.
• Third quarter 2026 net income was $47.4 million with raised full-year adjusted EBITDA guidance to $530 million – $560 million.
• The Partnership focuses on being a full-suite crude, gas and water midstream services provider in the Permian Basin and diversifying its customer base to include more third-party customers.
• The Partnership's strategic acquisitions and equity offering have enhanced competitive position, strengthened balance sheet, and increased third-party revenue.
• The Partnership's business is impacted by global oil market developments, geopolitical conflicts, and macroeconomic conditions affecting demand and commodity prices.
• Risks include dependence on Delek Holdings, exposure to commodity price volatility, regulatory and environmental compliance costs, operational hazards, and geopolitical uncertainties.
• The Partnership's general partner and affiliates have conflicts of interest and limited fiduciary duties, which may affect unitholders.
• The Partnership is not a taxable entity; partners report income for tax purposes regardless of cash distributions.
• The Partnership's liquidity ratios as of 2026-09-30 indicate limited short-term liquidity with current ratio below 1 and low cash ratio.
• The Partnership has ongoing strategic initiatives including operational optimization, digital transformation, ESG-conscious investments, and redefining long-term sustainable business model.