Delek Logistics Reports Fourth Quarter 2023 Results and 2024 Capital Program
Fourth Quarter
-
Net income attributable to all partners of
$22.1 million -
Quarterly EBITDA of
$86.1 million , adjusted EBITDA of$100.9 million -
Distributable cash flow of
$64.6 million , DCF coverage ratio of 1.40x -
Delivered 44 consecutive quarters of distribution growth with recent increase to
$1.055 /unit
2023 Full Year
-
Net income attributable to all partners of
$126.2 million -
EBITDA of
$370.3 million , adjusted EBITDA of$385.1 million -
Distributable cash flow of
$248.2 million , DCF coverage ratio of 1.37x - Improved leverage ratio to 4.34x from 4.89x at year-end 2022
- Grew Midland gathering & processing volumes nearly 80%
- Rewarded unitholders with continued distribution growth
2024 Capital Program
-
2024 capital expenditures are estimated to be approximately
$70 million
For the fourth quarter 2023, earnings before interest, taxes, depreciation and amortization ("EBITDA") was
"I am pleased to say that
"In January, the Board approved the 44th consecutive increase in the quarterly distribution to
Distribution and Liquidity
On
As of
Consolidated Operating Results
Fourth quarter 2023 Adjusted EBITDA was
Gathering and Processing Segment
Adjusted EBITDA in the fourth quarter 2023 was
During the fourth quarter 2023,
Wholesale Marketing and Terminalling Segment
Adjusted EBITDA in the fourth quarter 2023 was
Storage and Transportation Segment
Adjusted EBITDA in the fourth quarter 2023 was
Investments in Pipeline Joint Ventures Segment
During the fourth quarter 2023, income from equity method investments was
Corporate
Adjusted EBITDA in the fourth quarter 2023 was a loss of
Capital Program
2024 growth capital will be to advance new connections in both the Midland and
($ millions) |
Total |
|
|
Growth |
$ 50 |
Sustaining & Regulatory |
20 |
2024 Capital Program |
$ 70 |
|
|
Fourth Quarter 2023 Results | Conference Call Information
About
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 significant portion of
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
- 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 consolidated statements of income.
- Adjusted Earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") - EBITDA adjusted to exclude the impairment of goodwill associated with our Delaware Gathering reporting unit.
- 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. - Distributable cash flow, as adjusted for transaction costs, or Distributable cash flow, as adjusted - distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.
Our EBITDA, Adjusted EBITDA and distributable cash flow measures are non GAAP supplemental financial measures that management and external users of our 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 and Adjusted EBITDA, financing methods; - the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;
-
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.
We believe that the presentation of EBITDA, Adjusted EBITDA and distributable cash flow measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods. EBITDA, Adjusted EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with
|
|||
Consolidated Balance Sheets (Unaudited) |
|||
(In thousands, except unit data) |
|||
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 3,755 |
|
$ 7,970 |
Accounts receivable |
41,131 |
|
53,314 |
Accounts receivable from related parties |
28,443 |
|
— |
Inventory |
2,264 |
|
1,483 |
Other current assets |
676 |
|
2,463 |
Total current assets |
76,269 |
|
65,230 |
Property, plant and equipment: |
|
|
|
Property, plant and equipment |
1,320,510 |
|
1,240,684 |
Less: accumulated depreciation |
(384,359) |
|
(316,680) |
Property, plant and equipment, net |
936,151 |
|
924,004 |
Equity method investments |
241,337 |
|
257,022 |
Customer relationship intangible, net |
181,336 |
|
199,440 |
Marketing contract intangible, net |
102,155 |
|
109,366 |
Rights-of-way, net |
59,536 |
|
55,990 |
|
12,203 |
|
27,051 |
Operating lease right-of-use assets |
19,043 |
|
24,788 |
Other non-current assets |
14,216 |
|
16,408 |
Total assets |
$ 1,642,246 |
|
$ 1,679,299 |
|
|
|
|
LIABILITIES AND DEFICIT |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ 26,290 |
|
$ 57,403 |
Accounts payable to related parties |
— |
|
6,055 |
Current portion of long-term debt |
30,000 |
|
15,000 |
Interest payable |
5,805 |
|
5,308 |
Excise and other taxes payable |
10,321 |
|
8,230 |
Current portion of operating lease liabilities |
6,697 |
|
8,020 |
Accrued expenses and other current liabilities |
11,477 |
|
6,202 |
Total current liabilities |
90,590 |
|
106,218 |
Non-current liabilities: |
|
|
|
Long-term debt, net of current portion |
1,673,789 |
|
1,646,567 |
Operating lease liabilities, net of current portion |
8,335 |
|
12,114 |
Asset retirement obligations |
10,038 |
|
9,333 |
Other non-current liabilities |
21,363 |
|
15,767 |
Total non-current liabilities |
1,713,525 |
|
1,683,781 |
Total liabilities |
1,804,115 |
|
1,789,999 |
Equity (Deficit): |
|
|
|
Common unitholders - public; 9,299,763 units issued and outstanding at |
160,402 |
|
172,119 |
Common unitholders - |
(322,271) |
|
(282,819) |
Total deficit |
(161,869) |
|
(110,700) |
Total liabilities and deficit |
$ 1,642,246 |
|
$ 1,679,299 |
|
|
|||||||
Consolidated Statement of Income and Comprehensive Income (Unaudited) |
|||||||
(In thousands, except unit and per unit data) |
|
|
|
||||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net revenues: |
|
|
|
|
|
|
|
Affiliate |
$ 149,400 |
|
$ 104,141 |
|
$ 563,803 |
|
$ 479,411 |
Third-party |
104,749 |
|
164,910 |
|
456,606 |
|
556,996 |
Net revenues |
254,149 |
|
269,051 |
|
1,020,409 |
|
1,036,407 |
Cost of sales: |
|
|
|
|
|
|
|
Cost of materials and other - affiliate |
98,071 |
|
121,855 |
|
396,333 |
|
496,184 |
Cost of materials and other - third party |
29,707 |
|
39,213 |
|
136,294 |
|
145,179 |
Operating expenses (excluding depreciation and amortization presented below) |
30,380 |
|
22,546 |
|
115,682 |
|
85,438 |
Depreciation and amortization |
21,642 |
|
18,334 |
|
87,136 |
|
60,210 |
Total cost of sales |
179,800 |
|
201,948 |
|
735,445 |
|
787,011 |
Operating expenses related to wholesale business (excluding depreciation and |
1,022 |
|
764 |
|
2,419 |
|
2,869 |
General and administrative expenses |
5,100 |
|
3,355 |
|
24,766 |
|
34,181 |
Depreciation and amortization |
1,325 |
|
1,357 |
|
5,248 |
|
2,778 |
Impairment of goodwill |
14,848 |
|
— |
|
14,848 |
|
— |
(Gain) loss on disposal of assets |
(462) |
|
6 |
|
(1,266) |
|
(114) |
Total operating costs and expenses |
201,633 |
|
207,430 |
|
781,460 |
|
826,725 |
Operating income |
52,516 |
|
61,621 |
|
238,949 |
|
209,682 |
Interest expense, net |
38,663 |
|
28,683 |
|
143,244 |
|
82,304 |
Income from equity method investments |
(8,536) |
|
(9,017) |
|
(31,433) |
|
(31,683) |
Other income, net |
(279) |
|
(334) |
|
(303) |
|
(373) |
Total non-operating expenses, net |
29,848 |
|
19,332 |
|
111,508 |
|
50,248 |
Income before income tax expense |
22,668 |
|
42,289 |
|
127,441 |
|
159,434 |
Income tax expense (benefit) |
520 |
|
(411) |
|
1,205 |
|
382 |
Net income attributable to partners |
$ 22,148 |
|
$ 42,700 |
|
$ 126,236 |
|
$ 159,052 |
Comprehensive income attributable to partners |
$ 22,148 |
|
$ 42,700 |
|
$ 126,236 |
|
$ 159,052 |
|
|
|
|
|
|
|
|
Net income per limited partner unit: |
|
|
|
|
|
|
|
Basic |
$ 0.51 |
|
$ 0.98 |
|
$ 2.90 |
|
$ 3.66 |
Diluted |
$ 0.51 |
|
$ 0.98 |
|
$ 2.89 |
|
$ 3.66 |
Weighted average limited partner units outstanding: |
|
|
|
|
|
|
|
Basic |
43,599,670 |
|
43,517,906 |
|
43,583,938 |
|
43,487,910 |
Diluted |
43,625,012 |
|
43,540,645 |
|
43,611,314 |
|
43,511,650 |
Cash distribution per common limited partner unit |
$ 1.055 |
|
$ 1.020 |
|
$ 4.160 |
|
$ 3.975 |
|
|
|||||||
Condensed Consolidated Statements of Cash Flows (In thousands) |
Three Months Ended |
|
Year Ended |
||||
(Unaudited) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Cash flows from operating activities |
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ 114,689 |
|
$ (105,314) |
|
$ 225,319 |
|
$ 192,168 |
Cash flows from investing activities |
|
|
|
|
|
|
|
Net cash used in investing activities |
(33,995) |
|
(65,350) |
|
(89,629) |
|
(770,437) |
Cash flows from financing activities |
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
(81,121) |
|
163,689 |
|
(139,905) |
|
581,947 |
Net (decrease) increase in cash and cash equivalents |
(427) |
|
(6,975) |
|
(4,215) |
|
3,678 |
Cash and cash equivalents at the beginning of the period |
4,182 |
|
14,945 |
|
7,970 |
|
4,292 |
Cash and cash equivalents at the end of the period |
$ 3,755 |
|
$ 7,970 |
|
$ 3,755 |
|
$ 7,970 |
|
|
|||||||
Reconciliation of Amounts Reported Under |
|||||||
(In thousands) |
|||||||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Reconciliation of Net Income to EBITDA: |
|
|
|
|
|
|
|
Net income |
$ 22,148 |
|
$ 42,700 |
|
$ 126,236 |
|
$ 159,052 |
Add: |
|
|
|
|
|
|
|
Income tax expense (benefit) |
520 |
|
(411) |
|
1,205 |
|
382 |
Depreciation and amortization |
22,967 |
|
19,691 |
|
92,384 |
|
62,988 |
Amortization of marketing contract intangible |
1,803 |
|
1,803 |
|
7,211 |
|
7,211 |
Interest expense, net |
38,663 |
|
28,683 |
|
143,244 |
|
82,304 |
EBITDA |
$ 86,101 |
|
$ 92,466 |
|
$ 370,280 |
|
$ 311,937 |
Impairment of goodwill |
14,848 |
|
— |
|
14,848 |
|
— |
Adjusted EBITDA |
$ 100,949 |
|
$ 92,466 |
|
$ 385,128 |
|
$ 311,937 |
|
|
|
|
|
|
|
|
Reconciliation of net cash from operating activities to distributable cash flow: |
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ 114,689 |
|
$ (105,314) |
|
$ 225,319 |
|
$ 192,168 |
Changes in assets and liabilities |
(51,894) |
|
164,781 |
|
29,474 |
|
49,423 |
Non-cash lease expense |
(2,142) |
|
(2,670) |
|
(9,549) |
|
(16,254) |
Distributions from equity method investments in investing activities |
4,525 |
|
— |
|
9,002 |
|
1,737 |
Regulatory and sustaining capital expenditures not distributable |
(1,348) |
|
(6,501) |
|
(7,272) |
|
(9,684) |
Reimbursement from |
338 |
|
1,171 |
|
1,280 |
|
1,176 |
Accretion of asset retirement obligations |
(176) |
|
(181) |
|
(705) |
|
(596) |
Deferred income taxes |
115 |
|
71 |
|
(638) |
|
(5) |
Gain (loss) on disposal of assets |
462 |
|
(6) |
|
1,266 |
|
114 |
Distributable Cash Flow |
$ 64,569 |
|
$ 51,351 |
|
$ 248,177 |
|
$ 218,079 |
Transaction costs |
— |
|
— |
|
— |
|
10,604 |
Distributable Cash Flow, as adjusted |
$ 64,569 |
|
$ 51,351 |
|
$ 248,177 |
|
$ 228,683 |
|
|
|||||||
Distributable Coverage Ratio Calculation (Unaudited) |
|||||||
(In thousands) |
|||||||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Distributions to partners of |
$ 46,010 |
|
$ 44,440 |
|
$ 181,344 |
|
$ 172,933 |
|
|
|
|
|
|
|
|
Distributable cash flow |
$ 64,569 |
|
$ 51,351 |
|
$ 248,177 |
|
$ 218,079 |
Distributable cash flow coverage ratio (1) |
1.40x |
|
1.16x |
|
1.37x |
|
1.26x |
Distributable cash flow, as adjusted (2) |
64,569 |
|
51,351 |
|
248,177 |
|
228,683 |
Distributable cash flow coverage ratio, as adjusted (3) |
1.40x |
|
1.16x |
|
1.37x |
|
1.32x |
|
|
(1) |
Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period. |
(2) |
Distributable cash flow adjusted to exclude transaction costs associated with the Delaware Gathering Acquisition (formerly 3 Bear). |
(3) |
Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period. |
|
Segment Data (Unaudited) (In thousands) |
||||||||||||
|
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
Gathering and |
|
Wholesale |
|
Storage and |
|
Investments in |
|
Corporate and |
|
Consolidated |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
$ 55,175 |
|
$ 62,560 |
|
$ 31,665 |
|
$ — |
|
$ — |
|
$ 149,400 |
Third party |
|
35,441 |
|
64,895 |
|
4,413 |
|
— |
|
— |
|
104,749 |
Total revenue |
|
$ 90,616 |
|
$ 127,455 |
|
$ 36,078 |
|
$ — |
|
$ — |
|
$ 254,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA |
|
$ 38,449 |
|
$ 28,441 |
|
$ 17,534 |
|
$ 8,535 |
|
$ (6,858) |
|
$ 86,101 |
Depreciation and amortization |
|
17,670 |
|
1,717 |
|
2,730 |
|
— |
|
850 |
|
22,967 |
Amortization of customer contract intangible |
|
— |
|
1,803 |
|
— |
|
— |
|
— |
|
1,803 |
Interest expense, net |
|
— |
|
— |
|
— |
|
— |
|
38,663 |
|
38,663 |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
520 |
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ 22,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending |
|
$ 12,515 |
|
$ (416) |
|
$ 615 |
|
$ — |
|
$ — |
|
$ 12,714 |
|
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
Gathering and |
|
Wholesale |
|
Storage and |
|
Investments in |
|
Corporate and |
|
Consolidated |
Segment EBITDA |
|
$ 38,449 |
|
$ 28,441 |
|
$ 17,534 |
|
$ 8,535 |
|
$ (6,858) |
|
$ 86,101 |
Impairment of goodwill |
|
14,848 |
|
— |
|
— |
|
— |
|
— |
|
14,848 |
Segment Adjusted EBITDA |
|
$ 53,297 |
|
$ 28,441 |
|
$ 17,534 |
|
$ 8,535 |
|
$ (6,858) |
|
$ 100,949 |
|
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
Gathering and |
|
Wholesale |
|
Storage and |
|
Investments in |
|
Corporate and |
|
Consolidated |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
$ 51,530 |
|
$ 29,080 |
|
$ 23,531 |
|
$ — |
|
$ — |
|
$ 104,141 |
Third party |
|
38,417 |
|
115,623 |
|
10,870 |
|
— |
|
— |
|
164,910 |
Total revenue |
|
$ 89,947 |
|
$ 144,703 |
|
$ 34,401 |
|
$ — |
|
$ — |
|
$ 269,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA |
|
$ 48,121 |
|
$ 23,285 |
|
$ 16,057 |
|
$ 9,017 |
|
$ (4,014) |
|
$ 92,466 |
Depreciation and amortization |
|
14,946 |
|
1,634 |
|
2,228 |
|
— |
|
883 |
|
19,691 |
Amortization of customer contract intangible |
|
— |
|
1,803 |
|
— |
|
— |
|
— |
|
1,803 |
Interest expense, net |
|
— |
|
— |
|
— |
|
— |
|
28,683 |
|
28,683 |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
(411) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ 42,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending |
|
$ 56,206 |
|
$ 157 |
|
$ 6,528 |
|
$ — |
|
$ — |
|
$ 62,891 |
|
||||||||||||
|
|
Year Ended |
||||||||||
|
|
Gathering and |
|
Wholesale |
|
Storage and |
|
Investments in |
|
Corporate and |
|
Consolidated |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
$ 212,537 |
|
$ 218,997 |
|
$ 132,269 |
|
$ — |
|
$ — |
|
$ 563,803 |
Third party |
|
158,573 |
|
286,704 |
|
11,329 |
|
— |
|
— |
|
456,606 |
Total revenue |
|
$ 371,110 |
|
$ 505,701 |
|
$ 143,598 |
|
$ — |
|
$ — |
|
$ 1,020,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA |
|
$ 199,463 |
|
$ 106,512 |
|
$ 63,850 |
|
$ 31,424 |
|
$ (30,969) |
|
$ 370,280 |
Depreciation and amortization |
|
72,181 |
|
7,055 |
|
9,839 |
|
— |
|
3,309 |
|
92,384 |
Amortization of customer contract intangible |
|
— |
|
7,211 |
|
— |
|
— |
|
— |
|
7,211 |
Interest expense, net |
|
— |
|
— |
|
— |
|
— |
|
143,244 |
|
143,244 |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
1,205 |
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ 126,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending |
|
$ 74,683 |
|
$ 2,111 |
|
$ 4,548 |
|
$ — |
|
$ — |
|
$ 81,342 |
|
||||||||||||
|
|
Year Ended |
||||||||||
|
|
Gathering and |
|
Wholesale |
|
Storage and |
|
Investments in |
|
Corporate and |
|
Consolidated |
Segment EBITDA |
|
$ 199,463 |
|
$ 106,512 |
|
$ 63,850 |
|
$ 31,424 |
|
$ (30,969) |
|
$ 370,280 |
Impairment of goodwill |
|
14,848 |
|
— |
|
— |
|
— |
|
— |
|
14,848 |
Segment Adjusted EBITDA |
|
$ 214,311 |
|
$ 106,512 |
|
$ 63,850 |
|
$ 31,424 |
|
$ (30,969) |
|
$ 385,128 |
|
||||||||||||
|
|
Year Ended |
||||||||||
|
|
Gathering and |
|
Wholesale |
|
Storage and |
|
Investments in |
|
Corporate and |
|
Consolidated |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
$ 185,845 |
|
$ 173,084 |
|
$ 120,482 |
|
$ — |
|
$ — |
|
$ 479,411 |
Third party |
|
119,582 |
|
415,800 |
|
21,614 |
|
— |
|
— |
|
556,996 |
Total revenue |
|
$ 305,427 |
|
$ 588,884 |
|
$ 142,096 |
|
$ — |
|
$ — |
|
$ 1,036,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA |
|
$ 175,250 |
|
$ 83,098 |
|
$ 56,269 |
|
$ 31,683 |
|
$ (34,363) |
|
$ 311,937 |
Depreciation and amortization |
|
47,206 |
|
6,308 |
|
8,591 |
|
— |
|
883 |
|
62,988 |
Amortization of customer contract intangible |
|
— |
|
7,211 |
|
— |
|
— |
|
— |
|
7,211 |
Interest expense, net |
|
— |
|
— |
|
— |
|
— |
|
82,304 |
|
82,304 |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
382 |
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ 159,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending |
|
$ 122,594 |
|
$ 1,548 |
|
$ 6,528 |
|
$ — |
|
$ — |
|
$ 130,670 |
|
|||||||
Segment Capital Spending |
|||||||
(In thousands) |
|||||||
|
Three Months Ended |
|
Year Ended |
||||
Gathering and Processing |
2023 |
|
2022 |
|
2023 |
|
2022 |
Regulatory capital spending |
$ — |
|
$ 163 |
|
$ 31 |
|
$ 2,855 |
Sustaining capital spending |
1,036 |
|
1,103 |
|
2,016 |
|
1,455 |
Growth capital spending |
11,479 |
|
54,940 |
|
72,636 |
|
118,284 |
Segment capital spending |
$ 12,515 |
|
$ 56,206 |
|
$ 74,683 |
|
$ 122,594 |
Wholesale Marketing and Terminalling |
|
|
|
|
|
|
|
Regulatory capital spending |
$ 553 |
|
$ — |
|
924 |
|
156 |
Sustaining capital spending |
(591) |
|
5 |
|
163 |
|
24 |
Growth capital spending |
(378) |
|
152 |
|
1,024 |
|
1,368 |
Segment capital spending |
$ (416) |
|
$ 157 |
|
$ 2,111 |
|
$ 1,548 |
|
|
|
|
|
|
|
|
Regulatory capital spending |
$ 335 |
|
$ — |
|
$ 2,005 |
|
$ — |
Sustaining capital spending |
280 |
|
6,528 |
|
2,543 |
|
6,528 |
Growth capital spending |
— |
|
— |
|
$ — |
|
$ — |
Segment capital spending |
$ 615 |
|
$ 6,528 |
|
$ 4,548 |
|
$ 6,528 |
Consolidated |
|
|
|
|
|
|
|
Regulatory capital spending |
$ 888 |
|
$ 163 |
|
$ 2,960 |
|
$ 3,011 |
Sustaining capital spending |
725 |
|
7,636 |
|
4,722 |
|
8,007 |
Growth capital spending |
11,101 |
|
55,092 |
|
73,660 |
|
119,652 |
Total capital spending |
$ 12,714 |
|
$ 62,891 |
|
$ 81,342 |
|
$ 130,670 |
|
|
|
|
|
|
|||
Segment Operating Data (Unaudited) |
|
|
|
|
|||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Gathering and Processing Segment: |
|
|
|
|
|
|
|
Throughputs (average bpd) |
|
|
|
|
|
|
|
El Dorado Assets: |
|
|
|
|
|
|
|
Crude pipelines (non-gathered) |
73,438 |
|
68,798 |
|
67,003 |
|
78,519 |
Refined products pipelines to Enterprise Systems |
68,552 |
|
35,585 |
|
58,181 |
|
56,382 |
El Dorado Gathering System |
13,329 |
|
13,136 |
|
13,782 |
|
15,391 |
East Texas Crude Logistics System |
40,798 |
|
25,154 |
|
32,668 |
|
21,310 |
Midland Gathering System (1) |
229,179 |
|
191,119 |
|
230,471 |
|
128,725 |
Plains Connection System |
254,224 |
|
234,164 |
|
250,140 |
|
183,827 |
Delaware Gathering Assets (2): |
|
|
|
|
|
|
|
Natural Gas Gathering and Processing (Mcfd(3)) |
67,292 |
|
60,669 |
|
71,239 |
|
60,971 |
Crude Oil Gathering (average bpd) |
112,522 |
|
91,526 |
|
111,335 |
|
87,519 |
Water Disposal and Recycling (average bpd) |
94,686 |
|
80,028 |
|
102,340 |
|
72,056 |
|
|
|
|
|
|
|
|
Wholesale Marketing and Terminalling Segment: |
|
|
|
|
|
|
|
|
68,735 |
|
64,825 |
|
60,626 |
|
66,058 |
|
76,408 |
|
74,238 |
|
77,897 |
|
71,580 |
|
10,511 |
|
10,835 |
|
10,032 |
|
10,206 |
|
$ 4.73 |
|
$ 5.64 |
|
$ 5.18 |
|
$ 4.45 |
Terminalling throughputs (average bpd) (5) |
105,933 |
|
127,277 |
|
113,803 |
|
132,262 |
|
|
(1) |
Formerly known as the Permian Gathering Assets. |
(2) |
Volumes for the year ended |
(3) |
Mcfd - average thousand cubic feet per day. |
(4) |
Excludes jet fuel and petroleum coke. |
(5) |
Consists of terminalling throughputs at our |
|
Information about
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