Delek Logistics Partners LP (DKL) 2025 Q1 法說會逐字稿

(audio in progress) my name is Jay and I'll be a conference operator today. At this time, I would like to welcome everyone to the Delek Logistics Partners first-quarter 2025 earnings call. (Operator Instructions)

（音訊進行中）我叫傑伊，今天我將擔任會議主持人。現在，我歡迎大家參加 Delek Logistics Partners 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Robert Wright, Senior EVP and Chief Financial Officer. You may begin.

現在，我想將會議交給高級執行副總裁兼財務長羅伯特·賴特 (Robert Wright)。你可以開始了。

Good morning, and welcome to the Delek Logistics Partners first-quarter earnings conference call. Participants joining me on today's call will include Avigal Soreq, President; and Reuven Spiegel, EVP.

早安，歡迎參加 Delek Logistics Partners 第一季財報電話會議。參加今天電話會議的人員包括總裁 Avigal Soreq 和執行副總裁 Reuven Spiegel。

As a reminder, this conference call will contain forward-looking statements as defined under the federal securities laws, including statements regarding guidance and future business outlook. Any forward-looking information shared during today's call will involve risks and uncertainties that may cause actual results to differ materially from today's comments. Factors that could cause actual results to differ are included in our SEC filings. The company assumes no obligation to update any forward-looking statements.

提醒一下，本次電話會議將包含聯邦證券法定義的前瞻性陳述，包括有關指導和未來業務展望的陳述。今天電話會議上分享的任何前瞻性資訊都將涉及風險和不確定性，這可能導致實際結果與今天的評論有重大差異。可能導致實際結果不同的因素已包含在我們向美國證券交易委員會提交的文件中。該公司不承擔更新任何前瞻性陳述的義務。

I will now turn the call over to Avigal for opening remarks. Avigal?

現在我將把電話轉給阿維加爾 (Avigal) 致開場白。阿維加爾？

Thank you, Robert. Delek Logistics Partners had another record quarter. We reported approximately $117 million in quarterly adjusted EBITDA, placing DKL on track to deliver on its full-year EBITDA guidance of $480 million to $520 million.

謝謝你，羅伯特。Delek Logistics Partners 再創季度紀錄。我們報告的季度調整後 EBITDA 約為 1.17 億美元，使 DKL 有望實現其 4.8 億美元至 5.2 億美元的全年 EBITDA 預期。

After transformational 2024, Delek Logistics continues to make substantial progress in improving its position as a premier full-service crude, natural gas and water provider in the most prolific area of the Permian Basin. As we have communicated in the past, we are in the process of increasing our economic separation from DK.

經過2024年的轉型，德萊克物流持續取得實質進展，提升其作為二疊紀盆地最豐富地區的頂級全方位原油、天然氣和水供應商的地位。正如我們過去所溝通的那樣，我們正在加大與丹麥的經濟分離。

This week, we announced intercompany transaction, which further increased this economic separation, bringing third-party contribution to our cash flow from 70% to around 80% on a pro forma basis. This intercompany transaction, along with our acquisition of H2O and Gravity, significantly enhance our competitive position in the Midland Basin.

本週，我們宣布了公司間交易，這進一步增加了經濟分離，使第三方對我們現金流的貢獻從 70% 上升到 80% 左右（按備考基礎計算）。此次公司間交易以及我們對 H2O 和 Gravity 的收購大大增強了我們在米德蘭盆地的競爭地位。

In the Delaware Basin, we are in the commissioning phase of the new Libby plant expansion, and we expect to fill the plant to capacity in the second half of 2025. We are also making progress on acid gas injection and sour gas handling capabilities in the Libby Complex. We expect to start spudding our AGI gas well shortly.

在特拉華盆地，我們正處於新利比工廠擴建的調試階段，預計該工廠將在 2025 年下半年達到滿載生產。我們也在利比綜合設施的酸性氣體注入和酸性氣體處理能力方面取得了進展。我們預計很快將開始開採 AGI 氣井。

AGI wells and sour gas treating capabilities enhance our competitive position in the Delaware Basin and will provide good runway of growth for Delek Logistics in the future. Despite the near-term volatility in crude prices, we like our competitive position in the Delaware Basin, which we believe will continue to grow.

AGI 井和酸性氣體處理能力增強了我們在特拉華盆地的競爭地位，並將為 Delek Logistics 未來提供良好的成長基礎。儘管原油價格近期波動，但我們看好我們在特拉華盆地的競爭地位，並相信這一地位將繼續增長。

As the Delaware Basin grows, we will continue to grow the partnership through prudent management of leverage and coverage. I'm also pleased to announce that the Board of Directors has approved a 49th consecutive increase in the quarterly distribution to $1.11 per unit.

隨著特拉華盆地的發展，我們將透過審慎管理槓桿和覆蓋範圍來繼續發展合作夥伴關係。我還很高興地宣布，董事會已批准連續第 49 次增加季度分配至每單位 1.11 美元。

To conclude, we are very excited about the prospects of Delek Logistics. We expect to continue our value creation path moving forward and will continue to grow our distribution in the future.

總而言之，我們對德萊克物流的前景感到非常興奮。我們期望繼續向前創造價值，並在未來繼續擴大我們的分銷。

I will now hand it over to Reuven, who will provide more details on our operations.

現在我將把發言權交給 Reuven，他將提供有關我們行動的更多細節。

Thank you, Avigal. As Avigal mentioned, we are excited about the future for Delek Logistics and continue to work diligently to strengthen our advantaged Permian position. Let me start with the Delaware Basin. We are pleased to announce that we have started the commissioning of our Libby 2 gas plant, a time frame that is less than seven months following the commencement of construction. We are very proud of our team for this outstanding accomplishment.

謝謝你，阿維加爾。正如 Avigal 所說，我們對 Delek Logistics 的未來充滿期待，並將繼續努力加強我們在二疊紀的優勢地位。讓我先從德拉瓦盆地說起。我們很高興地宣布，我們已經開始調試利比 2 號天然氣廠，從開工到竣工用時不到七個月。我們為我們的團隊取得這一傑出成就感到非常自豪。

As a reminder, at Libby 2, we are adding 100 million to 120 million standard cubic feet per day of incremental capacity, which we expect to realize through the course of the year. Our planned CapEx for Libby 2 does include investments that will allow us to utilize for future expansion of the Libby Complex.

提醒一下，在利比 2 號，我們每天將增加 1 億至 1.2 億標準立方英尺的增量容量，我們預計這一目標將在年內實現。我們為 Libby 2 計劃的資本支出確實包括可用於 Libby 綜合體未來擴建的投資。

As Avigal mentioned, we are also adding sour gas treating and gathering capabilities. We are in the process of activating the first of two AGI wells, which will allow us to sequester acid gas. We believe we have differentiated ourselves in the market because of our unique offering of expanded gas processing in addition to our sour gas handling capabilities.

正如阿維加爾所提到的，我們還在增加酸性氣體處理和收集能力。我們正在啟動兩口 AGI 井中的第一口，這將使我們能夠封存酸性氣體。我們相信，由於我們除了擁有酸性氣體處理能力之外，還提供了獨特的擴大氣體處理服務，因此我們在市場上脫穎而出。

Additionally, since we are one of the few companies, which can handle crude, gas and water in the Delaware, our natural gas G&P expansions are opening opportunities for us on crude and water gathering. Furthermore, our two recent water acquisitions are exceeding our expectations.

此外，由於我們是特拉華州少數幾家能夠處理原油、天然氣和水的公司之一，我們的天然氣 G&P 擴張為我們在原油和水收集方面創造了機會。此外，我們最近兩次水務收購都超出了我們的預期。

We are currently in the process of integrating the two water gathering system from H2O and Gravity, and this integration has helped us enhance our combined crude and water offering in the Howard, Martin and Glasscock counties in the Midland Basin. Finally, we continue to look for opportunities to make our operations more efficient with a target to improve margins across our operations.

我們目前正在整合 H2O 和 Gravity 的兩個集水系統，這項整合幫助我們增強了米德蘭盆地霍華德、馬丁和格拉斯科克縣的原油和水供應。最後，我們將繼續尋找機會提高我們的營運效率，目標是提高整個營運的利潤率。

With that, I will pass it on to Robert.

說完這些，我就會把它傳給羅伯特。

Thank you, Reuven. As both Avigal and Reuven have mentioned, we are continuing the growth and deconsolidation story of Delek Logistics, while maintaining focus on a healthy management of liquidity and leverage. As previously announced, DKL has authorization to buy back common units of up to $150 million from DK through 2026.

謝謝你，魯文。正如 Avigal 和 Reuven 所提到的，我們將繼續 Delek Logistics 的成長和分拆故事，同時繼續專注於流動性和槓桿的健康管理。如先前宣布的，DKL 有權在 2026 年之前從 DK 回購價值高達 1.5 億美元的普通股。

During the first quarter, DKL repurchased a total of $10 million worth of units under this authorization. Post the closing of our acquisition of Gravity and the significant progress we have made on the Libby 2 construction, we currently have approximately $450 million of available liquidity.

第一季度，DKL 根據該授權回購了總計價值 1,000 萬美元的單位。在我們完成對 Gravity 的收購以及 Libby 2 建設取得重大進展後，我們目前擁有約 4.5 億美元的可用流動資金。

As Avigal mentioned, we closed the acquisition of Gravity on January 2. This acquisition was made through a combination of cash and units, which Gravity sponsors have subsequently liquidated in the market as of the end of April.

正如 Avigal 所提到的，我們在 1 月 2 日完成了對 Gravity 的收購。此次收購是透過現金和單位結合的方式進行的，Gravity 發起人隨後於 4 月底在市場上將這些單位變現。

These additional units in the market helped to improve DKL's overall trading liquidity. Moving on to our first quarter results. The first quarter adjusted EBITDA was $117 million compared to $102 million in the same period of 2024.

市場上的這些額外單位有助於提高 DKL 的整體交易流動性。接下來介紹我們的第一季業績。第一季調整後的 EBITDA 為 1.17 億美元，而 2024 年同期為 1.02 億美元。

Distributable cash flow as adjusted was $75 million and the DCF coverage ratio was approximately 1.27 times, which we expect to continue to rise throughout the remainder of this year. For the Gathering and Processing segment, adjusted EBITDA for the quarter was $81 million compared to $57.8 million in the first quarter of 2024.

調整後的可分配現金流為 7,500 萬美元，DCF 覆蓋率約為 1.27 倍，我們預計今年剩餘時間內這一比例將持續上升。對於收集和加工部門，本季調整後的 EBITDA 為 8,100 萬美元，而 2024 年第一季為 5,780 萬美元。

The increase was primarily due to the acquisitions of H2O and Gravity Midstream. Wholesale Marketing and Terminalling adjusted EBITDA was $18 million compared to $25 million in the prior year. The decrease was primarily due to the seasonal weather impacts driving lower wholesale margins.

成長主要歸因於收購 H2O 和 Gravity Midstream。批發行銷和終端調整後的 EBITDA 為 1800 萬美元，而上年為 2500 萬美元。下降的主要原因是季節性天氣影響導致批發利潤率下降。

Storage and Transportation adjusted EBITDA in the quarter was $14 million compared with $18 million in the first quarter of 2024. The decrease was primarily due to the amend and extend renegotiation we completed last summer.

本季倉儲和運輸調整後的 EBITDA 為 1,400 萬美元，而 2024 年第一季為 1,800 萬美元。下降的主要原因是去年夏天我們完成了修改和延長的重新談判。

And lastly, the Investments in Pipeline Joint Ventures segment contributed $10 million this quarter compared with $8 million in the first quarter of 2024. The increase was primarily due to the contribution from the Wink to Webster drop-down in August of last year. Moving on to capital expenditures.

最後，管道合資企業投資部門本季貢獻了 1,000 萬美元，而 2024 年第一季為 800 萬美元。這一成長主要歸功於去年 8 月 Wink 對 Webster 下拉選單的貢獻。繼續討論資本支出。

The capital program for the first quarter was approximately $72 million, of which $52 million was due to the significant progress made in the construction of the Libby 2 gas processing plant. This amount includes $15 million for future potential expansion opportunities at the Libby site.

第一季的資本計畫約為 7,200 萬美元，其中 5,200 萬美元是由於利比 2 號天然氣處理廠建設取得重大進展。這筆款項包括 1500 萬美元，用於利比工廠未來的潛在擴建機會。

The Libby 2 gas plant remains on track from a timing and cost perspective. The remainder of the capital spend for the period was growth projects, namely advancing new connections in the Midland and Delaware Gathering Systems. As to our outlook for the balance of the year, we continue to remain on track for the EBITDA guidance we laid out for the full year of $480 million to $520 million.

從時間和成本角度來看，利比 2 號天然氣工廠的建設仍在按計劃進行。該期間剩餘的資本支出是成長項目，即推進米德蘭和特拉華集輸系統的新連接。至於我們對今年剩餘時間的展望，我們將繼續保持對全年 EBITDA 4.8 億美元至 5.2 億美元的預期。

With that, we can open the call for questions.

這樣，我們就可以開始提問了。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Doug Irwin, Citi.

花旗銀行的道格‧歐文 (Doug Irwin)。

Hey, team. Thanks for the question. I was hoping to start by just getting a little more detail on the intercompany agreements that you announced. Did this actually involve assets changing hands? Or was it more driven by recontracting? And then just looking forward, are there more opportunities to optimize the footprint internally? Or are most of the remaining deconsolidation steps probably more external at this point?

嘿，團隊。謝謝你的提問。我希望先了解你們宣布的公司間協議的更多細節。這是否真的涉及資產易手？還是更多受重新簽約的驅動？那麼展望未來，是否還有更多機會在內部優化足跡？或者此時剩餘的大多數分割步驟可能更加外部化？

Hey Doug, it's Avigal. Good morning. Thank you for joining us today, and thank you for your support. I'll let Robert, our partnership CFO, to pick up on that. Please, Robert.

嘿，道格，我是阿維加爾。早安.感謝您今天的加入我們，感謝您的支持。我將讓我們的合作夥伴財務長羅伯特來接手此事。請吧，羅伯特。

Yeah. Thanks, Avigal. What we announced today was another important milestone in our journey to be an independent company. The related party transaction enabled us to clean up some of our contracts between DK and DKL. The effort helped to advance our deconsolidation efforts as we were able to move some of the refining-related activities from DKL back to DK.

是的。謝謝，阿維加爾。我們今天宣布的消息是我們成為獨立公司歷程中的另一個重要里程碑。關聯方交易使我們能夠清理 DK 和 DKL 之間的一些合約。此項努力有助於推進我們的分割工作，因為我們能夠將一些與煉油相關的活動從 DKL 轉移回 DK。

And importantly, to DKL, we also moved some midstream-related activities from DK to DKL. It's important to note that as a result of this transaction, there was no net material impact to our EBITDA of either entity. One of the other important benefits of this transaction was that it helped increase DKL's third-party EBITDA to approximately 80% on a pro forma basis, which should help further drive the mutual goal of economic separation with DK.

而且重要的是，對於 DKL，我們還將一些與中游相關的活動從 DK 轉移到了 DKL。值得注意的是，此交易並未對我們任何實體的 EBITDA 產生重大淨影響。這項交易的另一個重要好處是，它幫助 DKL 的第三方 EBITDA 在備考基礎上提高至約 80%，這將有助於進一步推動與 DK 實現經濟分離的共同目標。

Okay. Understood. That's helpful. And then maybe a follow-up more on the macro side. You're obviously more dependent on third-party producer activity today than you've been in the past. Just wondering, if you could talk about what you're hearing from customers on your acreage given the current macro environment? And then just any detail you're willing to share around your overall contracting mix, particularly for the water assets you've acquired over the last year would be helpful?

好的。明白了。這很有幫助。然後可能會在宏觀方面進行更多跟進。顯然，與過去相比，您現在更加依賴第三方製作人的活動。只是想知道，在當前的宏觀環境下，您是否可以談談您從您所在地區的客戶那裡聽到了什麼？那麼，您願意分享有關您的整體承包組合的任何細節，特別是有關您在過去一年中獲得的水資產的細節，這是否有幫助？

Yeah, absolutely. I will take that question. So if you are looking holistically on our activity, we look at the Midland -- I will start with the Midland Basin, right? Midland Basin, we have a very strong customer base producer over there. We see stable volume, and we are happy with what we see.

是的，絕對是如此。我將回答這個問題。因此，如果您全面地看待我們的活動，我們會關注米德蘭——我將從米德蘭盆地開始，對嗎？米德蘭盆地，我們在那裡擁有非常強大的客戶群生產商。我們看到了穩定的交易量，我們對所看到的情況感到滿意。

And as you know, we just finished two very timely acquisitions that allow us to have a combined offer. And why is that so important? Because we see, as we speak, water volume goes up, not down. And that gives us the compelling offering that we are giving is very, very good for us in that basin. In the Delaware, it's probably the lowest, especially in our area, the lowest breakeven for [share] in the entire nation.

如您所知，我們剛剛完成了兩次非常及時的收購，這使我們能夠提出合併報價。為什麼這麼重要？因為我們看到，當我們說話的時候，水量上升了，而不是下降了。這為我們提供了極具吸引力的奉獻物，對於我們這個盆地來說非常非常有益。在德拉瓦州，它可能是最低的，特別是在我們地區，是全國最低的損益平衡點。

You have seen -- I think we provide a slide that shows that most of our acreage in this area is still -- was not drilled. So that's a very good positive as well. And when we are -- and we had gas that we didn't really able to treat because of size that we are moving into the plant we're just finishing on the order of 20 million to 30 million [Scf] a day.

你已經看到了——我想我們提供了一張幻燈片，顯示我們在該地區的大部分土地仍然——沒有被鑽探。這也是一個非常好的正面因素。當我們 — — 而且由於我們運進工廠的天然氣規模太大，我們無法真正處理這些天然氣時，我們每天只能處理 2000 萬到 3000 萬 [標準立方英尺] 的天然氣。

The combined offer in this area of these streams give us definitive competitive advantage and a lot of other opportunities. So we are in a good day -- we are in a good spot. We are happy about the offering we have, and we look forward. But I allow, Reuven, that is very close and making a lot of great progress in this business to chime in, please.

這些流程在該領域的綜合優勢為我們帶來了明確的競爭優勢和許多其他機會。所以，我們現在處於一個好日子，我們處於一個好位置。我們對所提供的服務感到高興，並充滿期待。但是，魯文，我允許他插嘴，因為他已經非常接近目標，並且在這項事業上取得了很大的進展。

Yeah. Thank you, Avigal. Just maybe some color on a couple of points. As far as our contracts, we have limited direct commodity exposure with strong counterparties in the Midland Basin, we actually forecasted even in some volatility, the produced water volumes to increase.

是的。謝謝你，阿維加爾。也許只是在幾個點上有些顏色。就我們的合約而言，我們與米德蘭盆地實力雄厚的交易對手的直接商品接觸有限，我們實際上預測即使在一些波動的情況下，產水量也會增加。

As far as our CapEx, it was heavy '24 and first half '25. We don't have material investment for the second half. So that should give us a lower run rate as far as CapEx and expenses. And the gas plant ramp-up was actually, the whole idea of the Libby 2 was twofold, one, to fulfill demand that already existed that we weren't able to suffice, and the second one is dedicated acreage growth, which Avigal just addressed.

就我們的資本支出而言，2024 年和 2025 年上半年的支出較大。我們對下半年沒有實質的投資。因此，就資本支出和費用而言，這應該會降低我們的運作率。而天然氣工廠的擴建實際上是，利比 2 號的整個想法是雙重的，第一，滿足已經存在而我們無法滿足的需求，第二，是專用種植面積的增長，阿維加爾剛才提到了這一點。

And in addition to all that, we bring one more component to the formula, which is the sour and water handling capabilities. So all that together makes us feel very comfortable about where we are.

除此之外，我們也為配方添加了另一個組件，即酸和水處理能力。所有這些都讓我們對自己的處境感到非常滿意。

Doug, I want to emphasize the sour capability we have. The long time on that in New Mexico is very long, and we are very fortunate about that, and that give us a very good competitive advantage that most of the plant in the area doesn't -- just doesn't have and probably will not have.

道格，我想強調一下我們的酸性能力。在新墨西哥州，我們在這方面已經花了很長時間，對此我們感到非常幸運，這給了我們非常好的競爭優勢，而該地區的大多數工廠都沒有——可能也不會有。

Understood. That's all really helpful detail. I appreciate the time.

明白了。這些都是非常有用的細節。我很感激你抽出時間。

Thank you, Doug.

謝謝你，道格。

Thank you.

謝謝。

With no further questions, that concludes our Q&A session. I'll not attend a conference back over to Abigal Soreq for closing remarks.

如果沒有其他問題，我們的問答環節就結束了。我不會參加會議並向 Abigal Soreq 致閉幕詞。

Absolutely. So I would like to thank management team around the table, our Board of Directors, our investors that like the story and invest in our unit, and most importantly, to our great employees that make our partnership so good. Thank you.

絕對地。因此，我要感謝在座的管理團隊、董事會、喜歡這個故事並投資我們部門的投資者，最重要的是，感謝我們優秀的員工，是他們讓我們的合作關係如此良好。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。