dkl-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

March 31, 2025


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

						For the transition period from to

Commission file number 001-35721

DELEK LOGISTICS PARTNERS, LP

(Exact name of registrant as specified in its charter)


Delaware			45-5379027
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

310 Seven Springs Way, Suite 500	Brentwood	Tennessee	37027
(Address of principal executive offices)			(Zip Code)

(615) 771-6701

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Units Representing Limited Partnership Interests

DKL

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At May 1, 2025, there were 53,440,788 common limited partner units outstanding.

Table of Contents

Delek Logistics Partners, LP

Quarterly Report on Form 10-Q

For the Quarterly Period Ended March 31, 2025


PART I. FINANCIAL INFORMATION				PART II. OTHER INFORMATION

3	Item 1. Financial Statements (unaudited)			45	Item 1. Legal Proceedings
	3	Condensed Consolidated Balance Sheets
	4	Condensed Consolidated Statements of Comprehensive Income		45	Item 1A. Risk Factors
	5	Condensed Consolidated Statements of Partners' Equity
	6	Condensed Consolidated Statements of Cash Flows		45	Item 2. Unregistered sale of equity and use of proceeds
	7	Notes to Condensed Consolidated Financial Statements
		7	Note 1 - Organization and Basis of Presentation	45	Item 5. Other Information
		7	Note 2 - Acquisitions
		11	Note 3 - Related Party Transactions	47	Item 6. Exhibits
		13	Note 4 - Revenues
		13	Note 5 - Net Income Per Unit	48	Signatures
		14	Note 6 - Long-Term Obligations
		16	Note 7 - Equity
		16	Note 8 - Equity Method Investments
		17	Note 9 - Segments
		19	Note 10 - Commitments and Contingencies
		19	Note 11 - Leases
		20	Note 12 - Subsequent Events

21	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	31	Summary of Financial and Other Information
	32	Results of Operations
		32	Consolidated
		34	Gathering and Processing
		36	Wholesale Marketing and Terminalling
		39	Storage and Transportation
		40	Investments in Pipeline Joint Ventures
	40	Liquidity and Capital Resources

44	Item 3. Quantitative and Qualitative Disclosures about Market Risk

44	Item 4. Controls and Procedures


2 \|

Financial Statements

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements

Delek Logistics Partners, LP

Condensed Consolidated Balance Sheets (Unaudited)

(thousands, except unit and per unit data)


	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	2,107	$	5,384
Accounts receivable	68,650		54,725
Accounts receivable from related parties	54,902		33,313
Lease receivable - affiliate	21,065		22,783
Inventory	8,659		5,427
Other current assets	1,528		24,260
Total current assets	156,911		145,892
Property, plant and equipment:
Property, plant and equipment	1,653,350

SEC Form 10-Q filed by Delek Logistics Partners L.P.