Delek Logistics Reports Record Second Quarter 2024 Results
-
Net income attributable to all partners of
$41.1 million -
Quarterly EBITDA of
$102.4 million -
Distributable cash flow of
$67.8 million , DCF coverage ratio of 1.32x -
Following the end of the 2nd quarter we have made following strategic moves:
-
Announced the acquisition of
H2O Midstream for$230 million . It increasesDelek Logistics' capabilities to continue to provide full suite of services toDelek Logistics' Permian customers - Announced the acquisition of Delek US' interest in the Wink to Webster pipeline
- Amended and extended agreements with Delek US for a period of up to seven years
-
Announced the final investment decision (FID) on a new gas processing plant adjacent to the existing
Delaware plant
-
Announced the acquisition of
- Improved leverage ratio to 3.81x from 4.34x at year-end 2023
- Delivered distribution growth with recent increase to 1.090/unit
For the second quarter 2024, earnings before interest, taxes, depreciation and amortization ("EBITDA") was
“Delek Logistics made several strategic announcements today: (i)
"These actions also move
“In July, the Board continued its commitment to return value to unitholders and approved the 46th consecutive increase in the quarterly distribution to
For the
For the intercompany transactions,
Distribution and Liquidity
On
As of
Consolidated Operating Results
Second quarter 2024, EBITDA was
Gathering and Processing Segment
EBITDA in the second quarter 2024 was
Wholesale Marketing and Terminalling Segment
EBITDA in the second quarter 2024 was
Storage and Transportation Segment
EBITDA in the second quarter 2024 was
Investments in Pipeline Joint Ventures Segment
During the second quarter 2024, income from equity method investments was
Corporate
EBITDA in the second quarter 2024 was a loss of
Second Quarter 2024 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.
-
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.
Our 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, 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 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 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 |
$ |
5,111 |
|
|
$ |
3,755 |
|
Accounts receivable |
|
48,968 |
|
|
|
41,131 |
|
Accounts receivable from related parties |
|
39,584 |
|
|
|
28,443 |
|
Inventory |
|
1,756 |
|
|
|
2,264 |
|
Other current assets |
|
1,150 |
|
|
|
676 |
|
Total current assets |
|
96,569 |
|
|
|
76,269 |
|
Property, plant and equipment: |
|
|
|
||||
Property, plant and equipment |
|
1,343,356 |
|
|
|
1,320,510 |
|
Less: accumulated depreciation |
|
(424,283 |
) |
|
|
(384,359 |
) |
Property, plant and equipment, net |
|
919,073 |
|
|
|
936,151 |
|
Equity method investments |
|
235,911 |
|
|
|
241,337 |
|
Customer relationship intangible, net |
|
172,285 |
|
|
|
181,336 |
|
Marketing contract intangible, net |
|
98,550 |
|
|
|
102,155 |
|
Rights-of-way, net |
|
60,416 |
|
|
|
59,536 |
|
|
|
12,203 |
|
|
|
12,203 |
|
Operating lease right-of-use assets |
|
16,574 |
|
|
|
19,043 |
|
Other non-current assets |
|
11,721 |
|
|
|
14,216 |
|
Total assets |
$ |
1,623,302 |
|
|
$ |
1,642,246 |
|
|
|
|
|
||||
LIABILITIES AND DEFICIT |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
26,236 |
|
|
$ |
26,290 |
|
Current portion of long-term debt |
|
— |
|
|
|
30,000 |
|
Interest payable |
|
25,557 |
|
|
|
5,805 |
|
Excise and other taxes payable |
|
8,407 |
|
|
|
10,321 |
|
Current portion of operating lease liabilities |
|
6,034 |
|
|
|
6,697 |
|
Accrued expenses and other current liabilities |
|
3,794 |
|
|
|
11,477 |
|
Total current liabilities |
|
70,028 |
|
|
|
90,590 |
|
Non-current liabilities: |
|
|
|
||||
Long-term debt, net of current portion |
|
1,566,346 |
|
|
|
1,673,789 |
|
Operating lease liabilities, net of current portion |
|
6,656 |
|
|
|
8,335 |
|
Asset retirement obligations |
|
10,411 |
|
|
|
10,038 |
|
Other non-current liabilities |
|
21,168 |
|
|
|
21,363 |
|
Total non-current liabilities |
|
1,604,581 |
|
|
|
1,713,525 |
|
Total liabilities |
|
1,674,609 |
|
|
|
1,804,115 |
|
Equity (Deficit): |
|
|
|
||||
Common unitholders - public; 12,918,673 units issued and outstanding at |
|
287,195 |
|
|
|
160,402 |
|
Common unitholders - |
|
(338,502 |
) |
|
|
(322,271 |
) |
Total deficit |
|
(51,307 |
) |
|
|
(161,869 |
) |
Total liabilities and deficit |
$ |
1,623,302 |
|
|
$ |
1,642,246 |
|
|
|||||||||||||||
Consolidated Statement of Income and Comprehensive Income (Unaudited) |
|||||||||||||||
(In thousands, except unit and per unit data) |
|
|
|
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenues: |
|
|
|
|
|
|
|
||||||||
Affiliate |
$ |
156,828 |
|
|
$ |
132,993 |
|
|
$ |
296,453 |
|
|
$ |
257,992 |
|
Third-party |
|
107,800 |
|
|
|
113,918 |
|
|
|
220,250 |
|
|
|
232,444 |
|
Net revenues |
|
264,628 |
|
|
|
246,911 |
|
|
|
516,703 |
|
|
|
490,436 |
|
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Cost of materials and other - affiliate |
|
103,065 |
|
|
|
92,042 |
|
|
|
195,947 |
|
|
|
183,113 |
|
Cost of materials and other - third party |
|
34,995 |
|
|
|
36,083 |
|
|
|
65,805 |
|
|
|
71,108 |
|
Operating expenses (excluding depreciation and amortization presented below) |
|
29,454 |
|
|
|
28,476 |
|
|
|
61,149 |
|
|
|
52,691 |
|
Depreciation and amortization |
|
22,746 |
|
|
|
22,469 |
|
|
|
47,913 |
|
|
|
42,233 |
|
Total cost of sales |
|
190,260 |
|
|
|
179,070 |
|
|
|
370,814 |
|
|
|
349,145 |
|
Operating expenses related to wholesale business (excluding depreciation and amortization presented below) |
|
174 |
|
|
|
480 |
|
|
|
395 |
|
|
|
1,005 |
|
General and administrative expenses |
|
6,016 |
|
|
|
6,611 |
|
|
|
10,879 |
|
|
|
14,121 |
|
Depreciation and amortization |
|
1,461 |
|
|
|
1,258 |
|
|
|
2,789 |
|
|
|
2,599 |
|
Other operating income, net |
|
(1,744 |
) |
|
|
(455 |
) |
|
|
(1,177 |
) |
|
|
(313 |
) |
Total operating costs and expenses |
|
196,167 |
|
|
|
186,964 |
|
|
|
383,700 |
|
|
|
366,557 |
|
Operating income |
|
68,461 |
|
|
|
59,947 |
|
|
|
133,003 |
|
|
|
123,879 |
|
Interest expense, net |
|
35,268 |
|
|
|
35,099 |
|
|
|
75,497 |
|
|
|
67,680 |
|
Income from equity method investments |
|
(7,882 |
) |
|
|
(7,285 |
) |
|
|
(16,372 |
) |
|
|
(13,601 |
) |
Other income, net |
|
(40 |
) |
|
|
(19 |
) |
|
|
(211 |
) |
|
|
(21 |
) |
Total non-operating expenses, net |
|
27,346 |
|
|
|
27,795 |
|
|
|
58,914 |
|
|
|
54,058 |
|
Income before income tax expense |
|
41,115 |
|
|
|
32,152 |
|
|
|
74,089 |
|
|
|
69,821 |
|
Income tax expense |
|
57 |
|
|
|
256 |
|
|
|
383 |
|
|
|
558 |
|
Net income attributable to partners |
$ |
41,058 |
|
|
$ |
31,896 |
|
|
$ |
73,706 |
|
|
$ |
69,263 |
|
Comprehensive income attributable to partners |
$ |
41,058 |
|
|
$ |
31,896 |
|
|
$ |
73,706 |
|
|
$ |
69,263 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per limited partner unit: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.87 |
|
|
$ |
0.73 |
|
|
$ |
1.61 |
|
|
$ |
1.59 |
|
Diluted |
$ |
0.87 |
|
|
$ |
0.73 |
|
|
$ |
1.61 |
|
|
$ |
1.59 |
|
Weighted average limited partner units outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
47,219,184 |
|
|
|
43,577,428 |
|
|
|
45,812,770 |
|
|
|
43,573,716 |
|
Diluted |
|
47,232,507 |
|
|
|
43,597,282 |
|
|
|
45,829,522 |
|
|
|
43,591,726 |
|
Cash distribution per common limited partner unit |
$ |
1.090 |
|
|
$ |
1.035 |
|
|
$ |
2.160 |
|
|
$ |
2.060 |
|
|
|||||||||||||||
Condensed Consolidated Statements of Cash Flows (In thousands) |
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Unaudited) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
87,639 |
|
|
$ |
34,612 |
|
|
$ |
131,497 |
|
|
$ |
63,802 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
||||||||
Net cash used in investing activities |
|
(5,560 |
) |
|
|
(27,914 |
) |
|
|
(15,421 |
) |
|
|
(54,893 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
||||||||
Net cash used in financing activities |
|
(86,640 |
) |
|
|
(9,947 |
) |
|
|
(114,720 |
) |
|
|
(9,164 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(4,561 |
) |
|
|
(3,249 |
) |
|
|
1,356 |
|
|
|
(255 |
) |
Cash and cash equivalents at the beginning of the period |
|
9,672 |
|
|
|
10,964 |
|
|
|
3,755 |
|
|
|
7,970 |
|
Cash and cash equivalents at the end of the period |
$ |
5,111 |
|
|
$ |
7,715 |
|
|
$ |
5,111 |
|
|
$ |
7,715 |
|
|
|||||||||||||||
Reconciliation of Amounts Reported Under |
|||||||||||||||
(In thousands) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Net Income to EBITDA: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
41,058 |
|
|
$ |
31,896 |
|
|
$ |
73,706 |
|
|
$ |
69,263 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
57 |
|
|
|
256 |
|
|
|
383 |
|
|
|
558 |
|
Depreciation and amortization |
|
24,207 |
|
|
|
23,727 |
|
|
|
50,702 |
|
|
|
44,832 |
|
Amortization of marketing contract intangible |
|
1,802 |
|
|
|
1,802 |
|
|
|
3,605 |
|
|
|
3,605 |
|
Interest expense, net |
|
35,268 |
|
|
|
35,099 |
|
|
|
75,497 |
|
|
|
67,680 |
|
EBITDA |
$ |
102,392 |
|
|
$ |
92,780 |
|
|
$ |
203,893 |
|
|
$ |
185,938 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net cash from operating activities to distributable cash flow: |
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
87,639 |
|
|
$ |
34,612 |
|
|
$ |
131,497 |
|
|
$ |
63,802 |
|
Changes in assets and liabilities |
|
(24,305 |
) |
|
|
27,259 |
|
|
|
1,482 |
|
|
|
64,929 |
|
Non-cash lease expense |
|
38 |
|
|
|
(2,247 |
) |
|
|
(1,901 |
) |
|
|
(4,447 |
) |
Distributions from equity method investments in investing activities |
|
540 |
|
|
|
— |
|
|
|
2,673 |
|
|
|
1,440 |
|
Regulatory and sustaining capital expenditures not distributable |
|
(3,007 |
) |
|
|
391 |
|
|
|
(4,286 |
) |
|
|
(3,855 |
) |
Reimbursement from |
|
(4 |
) |
|
|
674 |
|
|
|
282 |
|
|
|
1,011 |
|
Accretion of asset retirement obligations |
|
(186 |
) |
|
|
(176 |
) |
|
|
(373 |
) |
|
|
(352 |
) |
Deferred income taxes |
|
(103 |
) |
|
|
(518 |
) |
|
|
(204 |
) |
|
|
(629 |
) |
Gain on disposal of assets |
|
7,197 |
|
|
|
455 |
|
|
|
6,630 |
|
|
|
313 |
|
Distributable Cash Flow |
$ |
67,809 |
|
|
$ |
60,450 |
|
|
$ |
135,800 |
|
|
$ |
122,212 |
|
|
|||||||||||||||
Distributable Coverage Ratio Calculation (Unaudited) |
|||||||||||||||
(In thousands) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Distributions to partners of |
$ |
51,481 |
|
$ |
45,112 |
|
$ |
101,995 |
|
$ |
89,776 |
||||
|
|
|
|
|
|
|
|
||||||||
Distributable cash flow |
$ |
67,809 |
|
|
$ |
60,450 |
|
|
$ |
135,800 |
|
|
$ |
122,212 |
|
Distributable cash flow coverage ratio (1) |
1.32x |
|
1.34x |
|
1.33x |
|
1.36x |
(1) |
Distributable cash flow coverage ratio is calculated by dividing distributable cash flow 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 |
|
$ |
51,529 |
|
$ |
70,899 |
|
$ |
34,400 |
|
$ |
— |
|
$ |
— |
|
|
$ |
156,828 |
|||||
Third party |
|
|
41,114 |
|
|
|
64,701 |
|
|
|
1,985 |
|
|
|
— |
|
|
|
— |
|
|
|
107,800 |
|
Total revenue |
|
$ |
92,643 |
|
|
$ |
135,600 |
|
|
$ |
36,385 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment EBITDA |
|
$ |
54,680 |
|
|
$ |
30,205 |
|
|
$ |
16,752 |
|
|
$ |
7,882 |
|
|
$ |
(7,127 |
) |
|
$ |
102,392 |
|
Depreciation and amortization |
|
|
19,062 |
|
|
|
1,635 |
|
|
|
2,522 |
|
|
|
— |
|
|
|
988 |
|
|
|
24,207 |
|
Amortization of customer contract intangible |
|
|
— |
|
|
|
1,802 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,802 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,268 |
|
|
|
35,268 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
57 |
|
||||||||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ |
41,058 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital spending |
|
$ |
7,351 |
|
|
$ |
105 |
|
|
$ |
2,731 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,187 |
|
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
Gathering and
|
|
Wholesale
|
|
Storage and
|
|
Investments in
|
|
Corporate and
|
|
Consolidated |
||||||||||||
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Affiliate |
|
$ |
49,182 |
|
$ |
52,076 |
|
|
$ |
31,735 |
|
$ |
— |
|
$ |
— |
|
|
$ |
132,993 |
||||
Third party |
|
|
44,055 |
|
|
|
66,751 |
|
|
|
3,112 |
|
|
|
— |
|
|
|
— |
|
|
|
113,918 |
|
Total revenue |
|
$ |
93,237 |
|
|
$ |
118,827 |
|
|
$ |
34,847 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
246,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment EBITDA |
|
$ |
52,663 |
|
|
$ |
27,983 |
|
|
$ |
14,978 |
|
|
$ |
7,285 |
|
|
$ |
(10,129 |
) |
|
$ |
92,780 |
|
Depreciation and amortization |
|
|
18,801 |
|
|
|
1,880 |
|
|
|
2,304 |
|
|
|
— |
|
|
|
742 |
|
|
|
23,727 |
|
Amortization of customer contract intangible |
|
|
— |
|
|
|
1,802 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,802 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,099 |
|
|
|
35,099 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
256 |
|
||||||||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ |
31,896 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital spending |
|
$ |
18,877 |
|
|
$ |
(2,712 |
) |
|
$ |
3,215 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,380 |
|
|
|
Six Months Ended |
||||||||||||||||||||||
|
|
Gathering and
|
|
Wholesale
|
|
Storage and
|
|
Investments in
|
|
Corporate and
|
|
Consolidated |
||||||||||||
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Affiliate |
|
$ |
104,082 |
|
$ |
123,781 |
|
$ |
68,590 |
|
$ |
— |
|
$ |
— |
|
|
$ |
296,453 |
|||||
Third party |
|
|
84,444 |
|
|
|
131,089 |
|
|
|
4,717 |
|
|
|
— |
|
|
|
— |
|
|
|
220,250 |
|
Total revenue |
|
$ |
188,526 |
|
|
$ |
254,870 |
|
|
$ |
73,307 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
516,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment EBITDA |
|
$ |
112,439 |
|
|
$ |
55,479 |
|
|
$ |
34,879 |
|
|
$ |
16,372 |
|
|
$ |
(15,276 |
) |
|
$ |
203,893 |
|
Depreciation and amortization |
|
|
40,216 |
|
|
|
3,347 |
|
|
|
5,297 |
|
|
|
— |
|
|
|
1,842 |
|
|
|
50,702 |
|
Amortization of customer contract intangible |
|
|
— |
|
|
|
3,605 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,605 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
75,497 |
|
|
|
75,497 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
383 |
|
||||||||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ |
73,706 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital spending |
|
$ |
22,074 |
|
|
$ |
21 |
|
|
$ |
3,257 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,352 |
|
|
|
Six Months Ended |
||||||||||||||||||||||
|
|
Gathering and
|
|
Wholesale
|
|
Storage and
|
|
Investments in
|
|
Corporate and
|
|
Consolidated |
||||||||||||
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Affiliate |
|
$ |
101,943 |
|
$ |
85,827 |
|
$ |
70,222 |
|
$ |
— |
|
$ |
— |
|
|
$ |
257,992 |
|||||
Third party |
|
|
83,726 |
|
|
|
145,309 |
|
|
|
3,409 |
|
|
|
— |
|
|
|
— |
|
|
|
232,444 |
|
Total revenue |
|
$ |
185,669 |
|
|
$ |
231,136 |
|
|
$ |
73,631 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
490,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment EBITDA |
|
$ |
108,108 |
|
|
$ |
49,937 |
|
|
$ |
28,400 |
|
|
$ |
13,601 |
|
|
$ |
(14,108 |
) |
|
$ |
185,938 |
|
Depreciation and amortization |
|
|
35,248 |
|
|
|
3,569 |
|
|
|
4,406 |
|
|
|
— |
|
|
|
1,609 |
|
|
|
44,832 |
|
Amortization of customer contract intangible |
|
|
— |
|
|
|
3,605 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,605 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
67,680 |
|
|
|
67,680 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
558 |
|
||||||||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
$ |
69,263 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital spending |
|
$ |
51,666 |
|
|
$ |
404 |
|
|
$ |
3,411 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
55,481 |
|
|
|||||||||||||||
Segment Capital Spending |
|||||||||||||||
(In thousands) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
Gathering and Processing |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Regulatory capital spending |
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Sustaining capital spending |
|
171 |
|
|
|
— |
|
|
|
1,008 |
|
|
|
— |
|
Growth capital spending |
|
7,180 |
|
|
|
18,877 |
|
|
|
21,066 |
|
|
|
51,666 |
|
Segment capital spending |
$ |
7,351 |
|
|
$ |
18,877 |
|
|
$ |
22,074 |
|
|
$ |
51,666 |
|
Wholesale Marketing and Terminalling |
|
|
|
|
|
|
|
||||||||
Regulatory capital spending |
$ |
99 |
|
|
$ |
18 |
|
|
|
27 |
|
|
|
79 |
|
Sustaining capital spending |
|
6 |
|
|
|
(3,856 |
) |
|
|
(6 |
) |
|
|
(925 |
) |
Growth capital spending |
|
— |
|
|
|
1,126 |
|
|
|
— |
|
|
|
1,250 |
|
Segment capital spending |
$ |
105 |
|
|
$ |
(2,712 |
) |
|
$ |
21 |
|
|
$ |
404 |
|
|
|
|
|
|
|
|
|
||||||||
Regulatory capital spending |
$ |
322 |
|
|
$ |
1,124 |
|
|
$ |
322 |
|
|
$ |
1,148 |
|
Sustaining capital spending |
|
2,409 |
|
|
|
2,091 |
|
|
|
2,935 |
|
|
|
2,263 |
|
Growth capital spending |
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Segment capital spending |
$ |
2,731 |
|
|
$ |
3,215 |
|
|
$ |
3,257 |
|
|
$ |
3,411 |
|
Consolidated |
|
|
|
|
|
|
|
||||||||
Regulatory capital spending |
$ |
421 |
|
|
$ |
1,142 |
|
|
$ |
349 |
|
|
$ |
1,227 |
|
Sustaining capital spending |
|
2,586 |
|
|
|
(1,765 |
) |
|
|
3,937 |
|
|
|
1,338 |
|
Growth capital spending |
|
7,180 |
|
|
|
20,003 |
|
|
|
21,066 |
|
|
|
52,916 |
|
Total capital spending |
$ |
10,187 |
|
|
$ |
19,380 |
|
|
$ |
25,352 |
|
|
$ |
55,481 |
|
|
|
|
|
|
|||||||||||
Segment Operating Data (Unaudited) |
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gathering and Processing Segment: |
|
|
|
|
|
|
|
||||||||
Throughputs (average bpd) |
|
|
|
|
|
|
|
||||||||
El Dorado Assets: |
|
|
|
|
|
|
|
||||||||
Crude pipelines (non-gathered) |
|
73,320 |
|
|
61,260 |
|
|
73,166 |
|
|
62,131 |
||||
Refined products pipelines to Enterprise Systems |
|
60,575 |
|
|
|
44,966 |
|
|
|
61,904 |
|
|
|
49,957 |
|
El Dorado Gathering System |
|
13,024 |
|
|
|
13,041 |
|
|
|
13,005 |
|
|
|
13,509 |
|
East Texas Crude Logistics System |
|
23,259 |
|
|
|
30,666 |
|
|
|
21,481 |
|
|
|
26,690 |
|
Midland Gathering System |
|
206,933 |
|
|
|
221,876 |
|
|
|
210,196 |
|
|
|
221,993 |
|
Plains Connection System |
|
210,033 |
|
|
|
255,035 |
|
|
|
233,438 |
|
|
|
247,856 |
|
Delaware Gathering Assets: |
|
|
|
|
|
|
|
||||||||
Natural Gas Gathering and Processing (Mcfd(1)) |
|
76,237 |
|
|
|
73,309 |
|
|
|
76,280 |
|
|
|
74,008 |
|
Crude Oil Gathering (average bpd) |
|
123,927 |
|
|
|
117,017 |
|
|
|
123,718 |
|
|
|
110,408 |
|
Water Disposal and Recycling (average bpd) |
|
116,916 |
|
|
|
127,195 |
|
|
|
118,592 |
|
|
|
107,848 |
|
|
|
|
|
|
|
|
|
||||||||
Wholesale Marketing and Terminalling Segment: |
|
|
|
|
|
|
|
||||||||
|
|
71,082 |
|
|
|
69,310 |
|
|
|
68,779 |
|
|
|
52,158 |
|
|
|
81,422 |
|
|
|
75,164 |
|
|
|
79,019 |
|
|
|
76,763 |
|
|
|
11,381 |
|
|
|
9,985 |
|
|
|
10,678 |
|
|
|
9,454 |
|
|
$ |
2.99 |
|
|
$ |
7.01 |
|
|
$ |
2.60 |
|
|
$ |
6.27 |
|
Terminalling throughputs (average bpd) (3) |
|
159,260 |
|
|
|
134,323 |
|
|
|
147,937 |
|
|
|
113,926 |
|
(1) |
Mcfd - average thousand cubic feet per day. |
(2) |
Excludes jet fuel and petroleum coke. |
(3) |
Consists of terminalling throughputs at our |
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