• Delek Logistics Partners, LP Reports Third Quarter 2019 Results

    来源: Nasdaq GlobeNewswire / 04 十一月 2019 16:45:01   America/New_York

    • Declared third quarter distribution of $0.88 per limited partner unit; increased by 11.4% percent year-over-year
    • Reported third quarter net income attributable to all partners of $30.5 million; EBITDA increased 19.7% year-over-year
    • Third quarter net cash from operations was $34.3 million
    • Distributable cash flow coverage ratio of 1.11x for the third quarter 2019

    BRENTWOOD, Tenn., Nov. 04, 2019 (GLOBE NEWSWIRE) -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2019. For the three months ended September 30, 2019, Delek Logistics reported net income attributable to all partners of $30.5 million, or $0.89 per diluted common limited partner unit. This compares to net income attributable to all partners of $23.3 million, or $0.68 per diluted common limited partner unit, in the third quarter 2018. Net cash from operating activities was $34.3 million in the third quarter 2019 compared to $6.0 million in the prior year period.  Distributable cash flow was $33.7 million in the third quarter 2019, compared to $32.4 million in the prior-year period. Reconciliation of net cash from operating activities as reported under U.S. GAAP to distributable cash flow is included in the financial tables attached to this release.

    For the third quarter 2019, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $51.5 million compared to $43.0 million in the prior-year period. The year-over-year improvements are primarily due to a $6.5 million increase to income from equity method investments, as well as increased contribution from the Paline Pipeline and SALA Gathering. This was partially offset by lower West Texas gross margin on a year-over-year basis. Reconciliation of net income attributable to all partners as reported under U.S. GAAP to EBITDA is included in the financial tables attached to this release.

    Uzi Yemin, Chairman, President and Chief Executive Officer of Delek Logistics' general partner, remarked: "During the third quarter we realized increased contributions from the recent Red River pipeline joint venture acquisition. This investment continues to bolster Delek Logistics' cash flow stream, which should further increase following the pipeline expansion, expected to be completed in the first half of 2020.  Our strategy remains focused on supporting cash flow coverage and reducing leverage to better position the balance sheet, along with exploring organic growth opportunities. Simultaneously, our sponsor, Delek US Holdings, Inc. (NYSE: DK) ("Delek US"), continues building its midstream portfolio, providing potential longer-term options for Delek Logistics. We were pleased to announce an 11.4% year-over-year increase in our third quarter distribution, and we remain committed to grow our distribution per limited partner unit by at least 10% annually through 2019."

    Distribution and Liquidity

    On October 25, 2019, Delek Logistics declared a quarterly cash distribution of $0.88 per common limited partner unit for the third quarter, which equates to $3.52 per common limited partner unit on an annualized basis. This distribution is to be paid on November 12, 2019 to unitholders of record on November 4, 2019. This represents a 3.5 percent increase from the second quarter 2019 distribution of $0.85 per common limited partner unit, or $3.40 per common limited partner unit on an annualized basis, and an 11.4% increase over Delek Logistics’ third quarter 2018 distribution of $0.79 per common limited partner unit, or $3.16 per common limited partner unit annualized. For the third quarter 2019, the total cash distribution declared to all partners, including incentive distribution rights (IDRs), was approximately $30.4 million. Based on the distribution for the third quarter 2019, the distributable cash flow coverage ratio for the third quarter was 1.11x.

    As of September 30, 2019, Delek Logistics had total debt of approximately $840.8 million and cash of $6.4 million. Additional borrowing capacity, subject to certain covenants, under the $850.0 million credit facility was $253.7 million. The total leverage ratio, calculated in accordance with the credit facility, for the third quarter 2019 was approximately 4.6x, which is within the current requirements of the maximum allowable leverage ratio of 5.25x.

    Financial Results

    Revenue for the third quarter 2019 was $137.6 million compared to $164.1 million in the prior-year period. The decrease in revenue is primarily due to lower prices and volumes in the west Texas wholesale business, partially offset by improved performance from the Tyler Terminal along with the SALA Gathering System, Paline Pipeline and trucking. Total operating expenses were $18.4 million in the third quarter 2019, compared to $15.4 million in the third quarter 2018. The increase was primarily due to higher maintenance/repair, outside services and allocated employee expenses. Total contribution margin was $46.5 million in the third quarter 2019 compared to $43.1 million in the third quarter 2018. General and administrative expenses were $5.3 million for the third quarter 2019, compared to $3.1 million in the prior-year period, with such increase being primarily due to employee related expenses and expense related to a canceled capital project.

    Pipelines and Transportation Segment

    Contribution margin in the third quarter 2019 was $27.1 million compared to $25.2 million in the third quarter 2018. This improvement was primarily due to improved performance from the SALA Gathering System, trucking and the Paline Pipeline, partially offset by lower performance on the Lion Oil Pipeline system due to lower throughput at Delek US' El Dorado, Arkansas refinery. Operating expenses were $12.5 million in the third quarter 2019 compared to $9.5 million in the prior-year period and such increase was primarily related to employee expenses.

    Wholesale Marketing and Terminalling Segment

    During the third quarter 2019, contribution margin was $19.4 million, compared to $17.9 million in the third quarter 2018. This increase was primarily due to a higher gross margin in east Texas marketing and Big Spring marketing and Terminalling assets, partially offset by lower gross margin in west Texas.  Operating expenses of $5.9 million in the third quarter 2019 were in line with the $5.9 million in the prior-year period.

    In the west Texas wholesale business, average throughput in the third quarter 2019 was 9,535 barrels per day compared to 12,197 barrels per day in the third quarter 2018. The west Texas gross margin per barrel increased year-over-year to $4.82 per barrel and included approximately $0.3 million, or $0.38 per barrel, from renewable identification numbers (RINs) generated in the quarter. During the third quarter 2018, the west Texas gross margin per barrel was $4.65 per barrel and included $0.3 million from RINs, or $0.29 per barrel.

    Average terminalling throughput volume of 170,727 barrels per day during the third quarter 2019 increased on a year-over-year basis from 167,491 barrels per day in the third quarter 2018.  During the third quarter 2019, average volume under the East Texas marketing agreement with Delek US was 83,953 barrels per day compared to 79,404 barrels per day during the third quarter 2018.

    Third Quarter 2019 Results | Conference Call Information

    Delek Logistics will hold a conference call to discuss its third quarter 2019 results on Tuesday, November 5, 2019 at 7:30 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. For those who cannot listen to the live broadcast, a telephonic replay will be available through February 5, 2020 by dialing (855) 859-2056, passcode 3489149. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.

    Investors may also wish to listen to Delek US’ (NYSE: DK) third quarter 2019 earnings conference call on Tuesday, November  5, 2019 at 8:30 a.m. Central Time and review Delek US’ earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com

    About Delek Logistics Partners, LP

    Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE: DK) to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.

    Safe Harbor Provisions Regarding Forward-Looking Statements

    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, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; 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; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; the results of our investments in joint ventures; the ability of the Red River joint venture to complete the expansion to increase the Red River pipeline capacity; adverse changes in laws including with respect to tax and regulatory matters; 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 include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory, expected earnings or returns from joint ventures or other acquisitions; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth of 10% or at all. 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

    Non-GAAP Disclosures:

    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 GAAP financial information presented in accordance with U.S. 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 net interest expense, income tax expense, depreciation and amortization expense, including amortization of customer contract intangible assets, which is included as a component of net revenues in our accompanying condensed consolidated statements of income.
    • Distributable cash flow - calculated as net cash flow from operating activities plus or minus changes in assets and liabilities, less maintenance capital expenditures net of reimbursements and other adjustments not expected to settle in cash.  Delek Logistics believes this is an appropriate reflection of a liquidity measure by which users of its financial statements can assess its ability to generate cash.

    EBITDA and distributable cash flow are non-U.S. GAAP supplemental financial measures that management and external users of our condensed 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, financing methods;
    • the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
    • 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.

    Delek Logistics believes that the presentation of EBITDA, distributable cash flow and distributable cash flow coverage ratio provide useful information to investors in assessing its financial condition, its results of operations and the cash flow its business is generating. EBITDA, distributable cash flow and distributable cash flow coverage ratio should not be considered in isolation or as 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 income and net cash provided by operating activities. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in its industry, Delek Logistics' definitions of EBITDA and distributable cash flow 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.


     
    Delek Logistics Partners, LP
    Condensed Consolidated Balance Sheets (Unaudited)
    (In thousands, except unit and per unit data) 
     
      September 30, 2019 December 31, 2018
    ASSETS    
    Current assets:    
    Cash and cash equivalents $6,353  $4,522 
    Accounts receivable 19,998  21,586 
    Inventory 7,695  5,491 
    Other current assets 2,714  969 
    Total current assets 36,760  32,568 
    Property, plant and equipment:    
    Property, plant and equipment 457,716  452,746 
    Less: accumulated depreciation (159,623) (140,184)
    Property, plant and equipment, net 298,093  312,562 
    Equity method investments 246,998  104,770 
    Operating lease right-of-use assets 18,297   
    Goodwill 12,203  12,203 
    Marketing Contract Intangible, net 132,802  138,210 
    Other non-current assets 22,654  24,280 
    Total assets $767,807  $624,593 
         
    LIABILITIES AND DEFICIT    
    Current liabilities:    
    Accounts payable $12,477  $14,226 
    Accounts payable to related parties 2,817  7,833 
    Excise and other taxes payable 1,722  4,069 
    Current portion of operating lease liabilities 4,836   
    Accrued expenses and other current liabilities 10,489  10,377 
    Total current liabilities 32,341  36,505 
    Non-current liabilities:    
    Long-term debt 840,765  700,430 
    Asset retirement obligations 5,489  5,191 
    Operating lease liabilities, net of current portion 13,462   
    Other non-current liabilities 18,240  17,290 
    Total non-current liabilities 877,956  722,911 
    Total liabilities 910,297  759,416 
    Deficit:    
    Common unitholders - public;  9,123,239 units issued and outstanding at September 30, 2019 (9,109,807 at December 31, 2018) 167,650  171,023 
    Common unitholders - Delek Holdings; 15,294,046 units issued and outstanding at September 30, 2019 (15,294,046 at December 31, 2018) (305,152) (299,360)
    General partner - 498,312 units issued and outstanding at September 30, 2019 (498,038 at December 31, 2018) (4,988) (6,486)
    Total deficit (142,490) (134,823)
    Total liabilities and deficit $767,807  $624,593 


     
    Delek Logistics Partners, LP
    Condensed Consolidated Statements of Income (Unaudited)
    (In thousands, except unit and per unit data) 
     
      Three Months Ended September 30, Nine Months Ended September 30,
      2019 2018 2019 2018
    Net revenues:        
    Affiliate $66,647  $63,835  $191,530  $178,559 
    Third-party 70,909  100,275  253,852  319,752 
    Net revenues 137,556  164,110  445,382  498,311 
    Cost of Sales:        
    Cost of materials and other 72,594  105,596  262,713  330,644 
    Operating expenses (excluding depreciation and amortization presented below) 17,490  14,489  49,318  40,501 
    Depreciation and amortization 6,138  6,252  18,450  18,287 
    Total cost of sales 96,222  126,337  330,481  389,432 
    Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 945  906  2,502  2,388 
    General and administrative expenses 5,280  3,076  15,046  9,798 
    Depreciation and amortization 450  450  1,351  1,434 
    (Gain) loss on asset disposals (70) 717  (95) 648 
    Total operating costs and expenses 102,827  131,486  349,285  403,700 
    Operating income 34,729  32,624  96,097  94,611 
    Interest expense, net 12,509  11,108  35,164  30,096 
    Income from equity method investments (8,394) (1,924) (14,860) (4,681)
    Other expense, net   8  461  8 
    Total non-operating expenses, net 4,115  9,192  20,765  25,423 
    Income before income tax expense 30,614  23,432  75,332  69,188 
    Income tax expense 84  106  220  285 
    Net income attributable to partners $30,530  $23,326  $75,112  $68,903 
    Comprehensive income attributable to partners $30,530  $23,326  $75,112  $68,903 
             
    Less: General partner's interest in net income, including incentive distribution rights 8,895  6,636  24,244  18,478 
    Limited partners' interest in net income $21,635  $16,690  $50,868  $50,425 
             
    Net income per limited partner unit:        
    Common units - basic $0.89  $0.68  $2.08  $2.07 
    Common units - diluted $0.89  $0.68  $2.08  $2.07 
             
    Weighted average limited partner units outstanding:        
    Common units - basic 24,417,285  24,395,183  24,411,308  24,387,995 
    Common units - diluted 24,420,582  24,401,908  24,417,466  24,395,880 
             
    Cash distribution per limited partner unit $0.880  $0.790  $2.550  $2.310 


     
    Delek Logistics Partners, LP
    Condensed Consolidated Statements of Cash Flows (Unaudited)
    (In thousands)
     
      Nine Months Ended September 30,
      2019 2018
    Cash flows from operating activities    
    Net income $75,112  $68,903 
    Adjustments to reconcile net income to net cash provided by operating activities:    
    Depreciation and amortization 19,801  19,721 
    Non-cash lease expense 2,554   
    Amortization of customer contract intangible assets 5,408  4,207 
    Amortization of deferred revenue (1,248) (1,095)
    Amortization of deferred financing costs and debt discount 2,054  1,984 
    Accretion of asset retirement obligations 298  267 
    Deferred income taxes 115   
    Income from equity method investments (14,860) (4,681)
    Dividends from equity method investments 9,188  5,128 
    (Gain) loss on asset disposals (95) 648 
    Other non-cash adjustments 484  518 
    Changes in assets and liabilities:    
    Accounts receivable 1,588  1,198 
    Inventories and other current assets (3,290) 17,022 
    Accounts payable and other current liabilities (7,613) (4,311)
    Accounts receivable/payable to related parties (5,016) (50,030)
    Non-current assets and liabilities, net 109  (1,879)
    Changes in assets and liabilities (14,222) (38,000)
    Net cash provided by operating activities 84,589  57,600 
    Cash flows from investing activities    
    Asset acquisitions, net of assumed asset retirement obligation liabilities   (72,222)
    Purchases of property, plant and equipment (4,964) (8,674)
    Proceeds from sales of property, plant and equipment 144  465 
    Purchases of intangible assets   (144,219)
    Distributions from equity method investments 804  957 
    Equity method investment contributions (137,361) (172)
    Net cash used in investing activities (141,377) (223,865)
    Cash flows from financing activities    
    Proceeds from issuance of additional units to maintain 2% General Partner interest 8  20 
    Distributions to general partner (22,762) (17,010)
    Distributions to common unitholders - public (22,580) (20,500)
    Distributions to common unitholders - Delek Holdings (37,929) (34,335)
    Distributions to Delek Holdings unitholders and general partner related to Big Spring Logistic Assets Acquisition
       (98,798)
    Proceeds from revolving credit facility 476,400  678,000 
    Payments on revolving credit facility (336,800) (324,700)
    Deferred financing costs paid   (5,264)
    Reimbursement of capital expenditures by Delek Holdings 2,282  3,183 
    Net cash provided by financing activities 58,619  180,596 
    Net increase in cash and cash equivalents 1,831  14,331 
    Cash and cash equivalents at the beginning of the period 4,522  4,675 
    Cash and cash equivalents at the end of the period $6,353  $19,006 
    Supplemental disclosures of cash flow information:    
    Cash paid during the period for:    
    Interest $29,003  $24,446 
    Income taxes $143  $136 
    Non-cash investing activities:    
    Increase/(Decrease) in accrued capital expenditures $1,274  $(1,836)
    Non-cash financing activities:    
    Non-cash lease liability arising from obtaining right of use assets during the period $649  $ 
    Non-cash lease liability arising from recognition of  right of use assets upon adoption of ASU 2016-02 $20,202  $ 


     
    Delek Logistics Partners, LP
    Reconciliation of  Amounts Reported Under U.S. GAAP
    (In thousands)
      Three Months Ended September 30, Nine Months Ended September 30,
      2019 2018 2019 2018
    Reconciliation of Net Income to EBITDA:        
    Net income $30,530  $23,326  $75,112  $68,903 
    Add:        
    Income tax expense 84  106  220  285 
    Depreciation and amortization 6,588  6,702  19,801  19,721 
    Amortization of customer contract intangible assets 1,803  1,803  5,408  4,207 
    Interest expense, net 12,509  11,108  35,164  30,096 
    EBITDA $51,514  $43,045  $135,705  $123,212 
             
    Reconciliation of net cash from operating activities to distributable cash flow:        
    Net cash provided by operating activities $34,261  $5,957  $84,589  $57,600 
    Changes in assets and liabilities 3,237  28,079  14,222  38,000 
    Non-cash lease expense (1,145)   (2,554)  
    Distributions from equity method investments in investing activities   297  804  957 
    Maintenance and regulatory capital expenditures (3,728) (2,380) (5,515) (3,721)
    Reimbursement from Delek Holdings for capital expenditures 1,223  1,292  2,607  2,179 
    Accretion of asset retirement obligations (100) (92) (298) (267)
    Deferred income taxes (118)   (115)  
    Gain (loss) on asset disposals 70  (717) 95  (648)
    Distributable Cash Flow $33,700  $32,436  $93,835  $94,100 
     
     

     

    Delek Logistics Partners, LP
    Distributable Coverage Ratio Calculation
     (In thousands)
      Three Months Ended September 30, Nine Months Ended September 30,
    Distributions to partners of Delek Logistics, LP 2019 2018 2019 2018
    Limited partners' distribution on common units $21,487  $19,272  $62,256  $56,343 
    General partner's distributions 439  393  1,270  1,149 
    General partner's incentive distribution rights 8,453  6,295  23,205  17,449 
    Total distributions to be paid $30,379  $25,960  $86,731  $74,941 
             
    Distributable cash flow $33,700  $32,436  $93,835  $94,100 
    Distributable cash flow coverage ratio (1)  1.11x   1.25x   1.08x   1.26x 

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


     
    Delek Logistics Partners, LP
    Segment Data (unaudited)
    (In thousands) 
     
      Three Months Ended September 30, Nine Months Ended September 30,
      2019 2018 2019 2018
    Pipelines and Transportation        
    Net revenues:        
    Affiliate $39,304  $36,132  $112,694  $99,624 
    Third party 5,281  3,653  16,733  11,618 
    Total pipelines and transportation 44,585  39,785  129,427  111,242 
    Cost of sales:        
    Cost of materials and other 4,947  5,055  17,871  14,691 
    Operating expenses (excluding depreciation and amortization) 12,547  9,499  36,109  29,054 
    Segment contribution margin $27,091  $25,231  $75,447  $67,497 
    Total Assets $529,219  $431,173     
             
    Wholesale Marketing and Terminalling        
    Net revenues:        
    Affiliates (1) $27,343  $27,703  $78,836  $78,935 
    Third party 65,628  96,622  237,119  308,134 
    Total wholesale marketing and terminalling 92,971  124,325  315,955  387,069 
    Cost of sales:        
    Cost of materials and other 67,647  100,541  244,842  315,953 
    Operating expenses (excluding depreciation and amortization) 5,888  5,896  15,711  13,835 
    Segment contribution margin $19,436  $17,888  $55,402  $57,281 
    Total Assets $238,588  $262,396     
             
    Consolidated        
    Net revenues:        
    Affiliates $66,647  $63,835  $191,530  $178,559 
    Third party 70,909  100,275  253,852  319,752 
    Total consolidated 137,556  164,110  445,382  498,311 
    Cost of sales:        
    Cost of materials and other 72,594  105,596  262,713  330,644 
    Operating expenses (excluding depreciation and amortization presented below) 18,435  15,395  51,820  42,889 
    Contribution margin 46,527  43,119  130,849  124,778 
    General and administrative expenses 5,280  3,076  15,046  9,798 
    Depreciation and amortization 6,588  6,702  19,801  19,721 
    Loss (gain) on asset disposals (70) 717  (95) 648 
    Operating income $34,729  $32,624  $96,097  $94,611 
    Total Assets $767,807  $693,569     

    (1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible we acquired in connection with the Big Spring acquisition.


     
    Delek Logistics Partners, LP
    Segment Capital Spending
     (In thousands)
      Three Months Ended September 30, Nine Months Ended September 30,
    Pipelines and Transportation 2019 2018 2019 2018
    Maintenance capital spending $2,731  $1,528  $3,959  $2,585 
    Discretionary capital spending 372  558  386  1,735 
    Segment capital spending $3,103  $2,086  $4,345  $4,320 
    Wholesale Marketing and Terminalling        
    Maintenance capital spending $980  $877  1,389  $1,451 
    Discretionary capital spending (91) 28  504  1,669 
    Segment capital spending $889  $905  $1,893  $3,120 
    Consolidated        
    Maintenance capital spending $3,711  $2,405  $5,348  $4,036 
    Discretionary capital spending 281  586  890  3,404 
    Total capital spending $3,992  $2,991  $6,238  $7,440 


    Delek Logistics Partners, LP    
    Segment Data (Unaudited)    
      Three Months Ended September 30, Nine Months Ended September 30,
      2019 2018 2019 2018
    Pipelines and Transportation Segment:        
    Throughputs (average bpd)        
    Lion Pipeline System:        
    Crude pipelines (non-gathered) 49,477  59,150  43,446  56,672 
    Refined products pipelines to Enterprise Systems 43,518  43,762  32,242  47,154 
    SALA Gathering System 21,632  16,704  21,143  16,705 
    East Texas Crude Logistics System 25,391  14,284  21,045  16,402 
             
    Wholesale Marketing and Terminalling Segment:        
    East Texas - Tyler Refinery sales volumes (average bpd) (1) 83,953  79,404  74,607  77,349 
    Big Spring marketing throughputs (average bpd) (2)
     80,203  80,687  83,608  79,819 
    West Texas marketing throughputs (average bpd) 9,535  12,197  11,446  13,453 
    West Texas gross margin per barrel $4.82  $4.65  $4.83  $5.88 
    Terminalling throughputs (average bpd) (3) 170,727  167,491  160,621  159,457 

    (1) Excludes jet fuel and petroleum coke.

    (2) Throughputs for the nine months ended September 30, 2018 are for the 214 days we marketed certain finished products produced at or sold from the Big Spring Refinery following the execution of the Big Spring Marketing Agreement, effective March 31, 2018.

    (3) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas, our El Dorado and North Little Rock, Arkansas and our Memphis and Nashville, Tennessee terminals. Throughputs for the Big Spring terminal for nine months ended September 30, 2018 are for the 214 days we operated the terminal following its acquisition effective March 1, 2018.  Barrels per day are calculated for only the days we operated each terminal. Total throughput for the three and nine months ended September 30, 2018 was 41.4 million barrels, which averaged 151,646 bpd for the period.

     

    Investor/Media Relations Contacts:
    Blake Fernandez, Senior Vice President of Investor Relations and Market Intelligence, 615-224-1312
    Jeb Bachmann, Manager of Investor Relations and Market Intelligence, 615-224-1118
    Lenny Raymond, Manager of Investor Relations and Market Intelligence, 615-224-0828

    Keith Johnson, Vice President of Investor Relations, 615-435-1366

    Media/Public Affairs Contact:
    Michael P. Ralsky, Vice President - Government Affairs, Public Affairs & Communications, 615-435-1407

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