Delek Logistics Partners Lp Stock Price, News & Analysis

Delek US Holdings reported a net loss of $76.8 million ($1.20 per share) in Q3 2024, with adjusted net loss of $93.0 million ($1.45 per share) and adjusted EBITDA of $70.6 million. The company completed several strategic transactions, including the sale of retail assets for $390 million and the drop-down of Wink to Webster pipeline. The refining segment's adjusted EBITDA decreased to $10.2 million from $296.1 million year-over-year due to lower crack spreads. The logistics segment showed improvement with adjusted EBITDA of $106.1 million. The company maintains a strong liquidity position with $1,037.6 million in cash and announced a quarterly dividend of $0.255 per share.

Delek US Holdings has declared a quarterly dividend of $0.255 per share, payable on November 18, 2024, to shareholders of record as of November 12, 2024. The company operates as a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. Their refining operations include facilities in Texas, Arkansas, and Louisiana, with a combined nameplate crude throughput capacity of 302,000 barrels per day. Additionally, Delek US Holdings owns approximately 66.3% of Delek Logistics Partners, LP, a master partnership focused on midstream energy infrastructure.

Delek Logistics Partners (NYSE: DKL) has announced its quarterly cash distribution for Q3 2024. The company will distribute $1.10 per common partner unit, equivalent to $4.40 on an annualized basis. The distribution will be paid on November 14, 2024, to unitholders of record as of November 8, 2024.

Delek Logistics Partners, LP (NYSE: DKL) has closed its public offering of 4,423,075 common units, including 576,922 units from the underwriters' full exercise of their option. The units were priced at $39.00 each, generating gross proceeds of approximately $166 million. The company plans to use the funds to redeem outstanding convertible preferred units and repay borrowings under its revolving credit agreement.

Notably, Avigal Soreq, the company's President, and other executives purchased 7,177 units at the public offering price. BofA Securities, Barclays, and RBC Capital Markets served as joint book-running managers for the offering, which was made under an effective shelf registration statement filed with the SEC.

Delek Logistics Partners, LP (NYSE: DKL) has announced the pricing of its public offering of 3,846,153 common units at $39.00 per unit. The underwriters have a 30-day option to purchase up to 576,922 additional units. The net proceeds will be used to redeem outstanding convertible preferred units and repay borrowings under its revolving credit agreement. Delek US Holdings' ownership will decrease from 70.4% to approximately 65.2% after the offering. Some executives have shown interest in purchasing up to $300,000 of the offered units. The offering is expected to close on October 10, 2024, subject to customary conditions.

Delek Logistics Partners, LP (NYSE: DKL) has announced a proposed public offering of $150,000,000 of common units representing partner interests. The company intends to grant underwriters a 30-day option to purchase up to an additional $22,500,000 of common units. BofA Securities, Barclays, and RBC Capital Markets are acting as joint book-running managers for the offering.

The net proceeds will be used to redeem outstanding convertible preferred units and repay borrowings under the revolving credit agreement. Company executives have expressed interest in purchasing up to $300,000 of the offered units. The offering is subject to market conditions, and there is no assurance of its completion or final terms.

Delek US Holdings, Inc. (NYSE:DK) has successfully closed the sale of its retail business to a subsidiary of FEMSA (NYSE:FMX). The transaction, which was previously announced, involved the sale of 100% of the equity interests in Delek's retail subsidiaries for a cash consideration of approximately $385 million, including inventory purchases.

Avigal Soreq, President and CEO of Delek, expressed satisfaction with the transaction, describing it as an important step in the company's value creation journey. He also indicated a desire to build upon the relationship with FEMSA in the future and extended well wishes to the Delek US Retail employees as they become part of FEMSA's growth strategy in the United States.

Delek Logistics Partners, LP (NYSE: DKL) has announced a 12-year acreage dedication and crude oil gathering agreement for an additional 50,000 acres with an independent oil and gas producer. This agreement is supported by Delek Logistics' Permian Gathering System (DPG) in West Texas and includes a minimum volume commitment. The transaction increases DPG's total acreage dedication to over 350,000 acres.

The agreement is expected to be immediately accretive to DKL's EBITDA profile and provides opportunities for incremental value creation through operational efficiencies. Avigal Soreq, President at Delek Logistics, expressed excitement about the high-quality growth opportunities and reaffirmed the company's commitment to being the preferred midstream services provider in the Permian Basin.

Delek US Holdings, Inc. (NYSE: DK) has announced its plans to release third quarter 2024 results on Wednesday, November 6, 2024. The company will issue a press release summarizing the results before the U.S. stock market opens. Following the release, Delek US will host a conference call at 9:00 a.m. CT (10:00 a.m. ET) to discuss the financial results. Investors and interested parties can access the live broadcast of the conference call through the company's website at www.DelekUS.com by navigating to the investor relations section. An online replay of the call will be available on the website for 90 days after the event.