Welcome to our dedicated page for Delek Logistics Partners Lp news (Ticker: DKL), a resource for investors and traders seeking the latest updates and insights on Delek Logistics Partners Lp stock.
Delek Logistics Partners, LP reports news on a midstream energy master limited partnership that owns assets and participates in joint ventures in the Permian Basin, Delaware Basin and Gulf Coast region. Its updates center on gathering, pipeline and transportation services for crude oil and natural gas customers; storage, wholesale marketing and terminalling for intermediate and refined products; and water disposal and recycling services.
Recurring developments include quarterly operating results, cash distributions on common limited partner units, senior note and credit-facility activity, and project updates tied to sour gas processing, treating and handling at the Libby Gas Complex. Company news also reflects its relationship with Delek US Holdings, which owns the general partner interest and a majority limited partner interest and is a significant customer.
Delek Logistics Partners, LP (NYSE: DKL) announced it will release its third-quarter 2020 results after market close on November 4, 2020. A conference call is scheduled for November 5, 2020, at 7:30 a.m. CT to discuss the results. Investors can access the live call on its website, with a replay available for 90 days. Additionally, Delek US Holdings, Inc. (NYSE: DK) will also hold its own earnings call on the same day at 8:30 a.m. CT. The logistics partnership focuses on owning and operating midstream energy infrastructure.
On August 13, 2020, Delek US Holdings and Delek Logistics Partners announced the elimination of all incentive distribution rights (IDRs) in Delek Logistics. In return, Delek US will receive 14 million newly issued DKL common limited partner units and $45 million in cash. This transaction is projected to enhance distributable cash flow per DKL unit and increases Delek US's ownership stake in DKL to approximately 80%. The Conflicts Committee of Delek Logistics approved the transaction, which aims to reduce the cost of capital and support the midstream growth strategy of Delek Logistics.
Delek US reported second quarter 2020 financial results, showing a net income of $87.7 million or $1.18 per diluted share, up from $77.3 million or $1.00 per diluted share year-over-year. However, adjusted net loss reached $110.5 million, reflecting significant losses from inventory impacts and hedging. The refining segment faced a decline in contribution margin to $59.7 million from $198.1 million, largely due to lower demand amid COVID-19. The company declared a quarterly dividend of $0.31 per share and reported a cash balance of $849 million as of June 30, 2020.
Delek Logistics Partners reported a net income of $44.4 million for Q2 2020, significantly up from $24.9 million in Q2 2019. EBITDA increased to $64.8 million, reflecting a 45% year-over-year rise. The decline in revenue to $117.6 million was primarily due to lower commodity prices. However, distributable cash flow surged to $57.0 million, a 82% increase compared to the previous year. A quarterly cash distribution of $0.90 per common limited partner unit was declared, marking a 5.9% increase from last year. The leverage ratio remains below 4.1x, indicating strong financial health.
Delek Logistics Partners (NYSE: DKL) will announce its second quarter 2020 results on August 4, 2020, after market close. A conference call is set for August 5, 2020, at 7:30 a.m. CT to discuss the results. Investors can access the live broadcast on the company's website, with replays available for 90 days. Additionally, Delek US Holdings (NYSE: DK) will hold its second quarter earnings call at 8:30 a.m. CT on the same day, which may also provide insights relevant to Delek Logistics. The partnership focuses on midstream energy infrastructure.
Delek Logistics Partners reported a net income of $27.8 million for Q1 2020, marking a 41% increase year-over-year. EBITDA surged by 23.5% to $48.7 million, driven by contributions from various assets despite lower gross margins in West Texas. The company declared a distribution of $0.890 per unit, an 8.5% increase from Q1 2019, reiterating a 5% distribution growth target for the year. Capital spending has been reduced from $22.7 million to $17.6 million, enhancing financial flexibility.