Delek Logistics Partners ( (DKL) ) has released its Q3 earnings. Here is a breakdown of the information Delek Logistics Partners presented to its investors.
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Delek Logistics Partners, LP, is a midstream energy master limited partnership based in Brentwood, Tennessee, specializing in gathering, pipeline, transportation services for crude oil and natural gas, and offering storage, wholesale marketing, and terminalling services, primarily operating in the Permian and Delaware Basins.
In its latest earnings report for the third quarter of 2024, Delek Logistics Partners announced a record Adjusted EBITDA of $106.8 million, marking a 9% year-over-year increase. The company also highlighted strategic acquisitions, including H2O Midstream and Delek US’ interest in the Wink to Webster pipeline, as well as plans for a new gas processing plant in the Delaware Basin.
Key financial metrics from the quarter include a net income of $33.7 million and a quarterly cash distribution increase to $1.100 per unit. Despite a slight decrease in net cash from operating activities and distributable cash flow compared to the previous year, the company maintained its growth trajectory with strategic investments and acquisitions, bolstered by a successful equity offering that raised $165.3 million.
Looking ahead, Delek Logistics remains focused on strengthening its position in the Delaware Basin and continuing its policy of consistent distribution growth. The company aims to leverage its recent strategic actions and acquisitions to solidify its standing as a leading midstream provider in the prolific Permian Basin.
