Delek Logistics Partners LP (DKL) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jay, and I'll be your conference operator today. I would now like to turn the conference over to Robert, Chief Financial Officer. You may begin.

感謝您的耐心等待。我叫傑伊，今天我將擔任你們的會議接線生。現在我將把會議交給財務長羅伯特。你可以開始了。

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

早上好，歡迎參加德雷克物流合作夥伴第三季財報電話會議。今天與我一起參加電話會議的有總裁 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 statements made during today's call will include 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.

提醒各位，本次電話會議將包含聯邦證券法所定義的前瞻性陳述，包括有關指導意見和未來業務展望的陳述。今天電話會議上所做的任何前瞻性陳述都包含風險和不確定性，這些風險和不確定性可能導致實際結果與今天的評論有重大差異。可能導致實際結果差異的因素已列入我們提交給美國證券交易委員會的文件中。本公司不承擔更新任何前瞻性聲明的義務。

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

現在我將把電話交給阿維加爾，請他致開幕詞。阿維加爾？

Thank you, Robert. Delek Logistics Partners had another record quota. We reported approximately $136 million in quarterly adjusted EBITDA. Due to the strong progress here to date, DKL has increased its fully EBITDA midpoint guidance of $500 million to the upper end of the range between $500 million and $520 million.

謝謝你，羅伯特。德雷克物流合作夥伴公司再次創下銷售紀錄。我們公佈的季度調整後 EBITDA 約為 1.36 億美元。由於迄今為止的強勁進展，DKL 已將其完全 EBITDA 中點預期從 5 億美元提高到 5 億美元至 5.2 億美元區間的上限。

Delek Logistics continued to advance its key initiative in natural gas, crude, and water businesses, further improving its position as the premier full-service provider in the Permian Basin. After successfully completing the commissioning of the new Libby 2 plant in the third quarter, DKL advanced its ongoing effort on acid gas injection and sour gas handling capabilities. The AGI and sour gas handling capabilities are enabling DKL to fill the plant to capacity and paving the way for further processing capacity expansions.

Delek Logistics 繼續推進其在天然氣、原油和水業務方面的關鍵舉措，進一步鞏固了其作為二疊紀盆地首屈一指的全方位服務提供商的地位。在第三季成功完成新利比 2 號廠的調試後，DKL 繼續推動酸性氣體注入和酸性氣體處理能力的研發工作。AGI 和酸性氣體處理能力使 DKL 能夠滿載運轉，並為進一步擴大加工能力鋪平道路。

We are also seeing solid operation in our food and water gathering segments. Both DPG and DDG crude gathering operations had a strong third quarter with a record volume for DDG. This strength has continued in the fourth quarter.

我們的食品和飲用水供應業務也運作穩健。DPG 和 DDG 原油收集業務在第三季均表現強勁，其中 DDG 的收集量更是創下歷史新高。這一強勁勢頭延續到了第四季。

Between our two water acquisitions in increasing dedication, our competitive position in both Midland and Delaware Basin is increasing, and we expect to continue to build on these strengths. Our well-timed and cost-effective acquisition of [three bare] H2O Midstream and Gravity Water Midstream have supplemented our organic growth and enabled DKL transition to full suite service provider. We will remain consistent with our strategy of growing out the partnership to a prudent management of leverage and coverage.

隨著我們不斷加大投入，透過兩次水資源收購，我們在米德蘭盆地和特拉華盆地的競爭地位日益增強，我們期待繼續鞏固這些優勢。我們及時且經濟高效地收購了 [三家裸機] H2O Midstream 和 Gravity Water Midstream，補充了我們的有機成長，並使 DKL 轉型為全方位服務提供者。我們將繼續堅持既定策略，逐步擴大合作關係，並審慎管理槓桿和覆蓋範圍。

Along with seizing the growth of opportunity we see in our business, we intend to remain good steward of our stakeholder capital. With this, I'm pleased to announce that the Board of Directors has approved a 50th consecutive increase in the quarterly distribution to $1.12 per unit. This is an extraordinary achievement, and we're extremely proud of our team and the financial prudence that has gotten us in.

在抓住業務發展機會的同時，我們也打算繼續善待股東的資本。在此，我很高興地宣布，董事會已批准連續第 50 次提高季度分紅，每單位分紅提高至 1.12 美元。這是一項非凡的成就，我們為我們的團隊以及讓我們成功的財務穩健性感到無比自豪。

To conclude, Delek Logistics is making great progress in becoming a strong, independent, full suite, midstream service provider and expect to continue on our value creation path well into the future.

總而言之，德雷克物流在成為一家實力雄厚、獨立自主、提供全方位服務的中游服務提供者方面取得了巨大進步，我們期待在未來繼續走上創造價值的道路。

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魯文，他將提供有關我們行動的更多細節。

Thank you, Avigal. As Avigal mentioned, we are very excited about DKL's future and are working to increase our advantage Permian position. I am very pleased with the commissioning and operation of our Libby 2 gas plant. The plant is performing according to expectation, and we are completing the associated sour gas AGI infrastructure to fill the plant in the most efficient manner.

謝謝你，阿維加爾。正如 Avigal 所提到的，我們對 DKL 的未來感到非常興奮，並且正在努力提升我們在二疊紀盆地的優勢地位。我對我們利比2號天然氣廠的調試和運作非常滿意。該工廠運作符合預期，我們正在完善相關的酸性氣體 AGI 基礎設施，以最有效的方式為工廠供氣。

The planned CapEx for Libby 2 included investments that will support future expansion of the Libby complex, and our confidence in these expansion opportunities is increasing as we progress our AGI infrastructure. We continue to believe that our expanded gas processing and sour gas handling capabilities provide a unique offering to our customers and provide us with a long runway of growth in the Delaware Basin.

Libby 2 的計畫資本支出包括支持 Libby 綜合設施未來擴張的投資，隨著我們 AGI 基礎設施的推進，我們對這些擴張機會的信心也不斷增強。我們仍然相信，我們擴大的天然氣加工和酸性天然氣處理能力為我們的客戶提供了獨特的產品和服務，並為我們在特拉華盆地提供了長期的成長空間。

Our crude gathering volumes had a record third quarter, and we expect to continue to see this trend going forward as we close out the year. On the Midland side, the integration of the two water gathering systems from H2O and Gravity is progressing well, and we expect to use our larger footprint to enhance our combined crude and water offering in the Howard, Martin, and Glasgow counties.

我們的原油收集量在第三季創下歷史新高，我們預計在年底前這一趨勢還將持續。在米德蘭地區，H2O 和 Gravity 兩套集水系統的整合進展順利，我們期待利用我們更大的規模來增強我們在霍華德縣、馬丁縣和格拉斯哥縣的原油和水供應。

Finally, we continue to look for opportunities to make our operations more efficient and robust and are looking for ways to increase our margin profile throughout our operations.

最後，我們將繼續尋找機會，使我們的營運更加高效穩健，並尋求各種方法來提高我們整個營運過程中的利潤率。

With that, I will pass it on to Robert.

這樣，我就把它轉交給羅伯特了。

Thank you, Reuven. As both Avigal and Reuven highlighted, we continue to make meaningful progress in advancing the Delek Logistics growth story. While we drive forward expansion across the partnership, we remain equally focused on achieving our long-term leverage and coverage targets.

謝謝你，魯文。正如 Avigal 和 Reuven 所強調的那樣，我們在推進 Delek Logistics 的成長故事方面繼續取得有意義的進展。在推動合作關係擴張的同時，我們也同樣專注於實現我們的長期槓桿率和覆蓋率目標。

Over the past 12 months, we've successfully closed two acquisitions: H2O Midstream and Gravity Water Midstream, which were well timed from a purchase multiple perspective. And we also completed the construction of the Libby 2 gas plant. Our focus now shifts to capturing the full value of these investments by optimizing synergies and realizing the associated EBITDA uplift as we move toward our strategic goals.

在過去的 12 個月裡，我們成功完成了兩項收購：H2O Midstream 和 Gravity Water Midstream，從收購倍數的角度來看，這兩項收購的時機都非常合適。我們也完成了利比2號天然氣廠的興建。現在，我們的重點轉向透過優化協同效應，實現這些投資的全部價值，並在朝著策略目標邁進的過程中，實現相關的 EBITDA 提升。

Importantly, we maintain a strong financial position with approximately $1 billion of availability on our credit facilities, giving us flexibility to continue executing our growth agenda.

重要的是，我們保持著強勁的財務狀況，擁有約 10 億美元的可用信貸額度，這使我們能夠靈活地繼續執行我們的成長計劃。

Moving on to our third-quarter results, adjusted EBITA for the quarter was approximately $136 million, up from $107 million in the same period last year. Distributable cash flow as adjusted totaled $74 million and the DCF coverage ratio as adjusted was approximately 1.24 times.

接下來來看我們第三季的業績，本季的調整後 EBITA 約為 1.36 億美元，高於去年同期的 1.07 億美元。調整後的可分配現金流量總計 7,400 萬美元，經調整後的 DCF 覆蓋率約為 1.24 倍。

We expect this ratio to continue to strengthen through the remainder of the year as our recent growth projects, including the Libby 2 gas plant, begin to make a more meaningful contribution to our financial performance.

我們預計，隨著包括 Libby 2 天然氣廠在內的近期成長項目開始對我們的財務表現做出更有意義的貢獻，這一比率將在今年剩餘時間內繼續增強。

For the Gathering and Processing segment, adjusted EBITDA for the quarter was $83 million compared to $55 million in the third quarter of 2024. The increase was primarily due to the acquisition of H2O and Gravity. Wholesale marketing and terminalling adjusted EBITDA was $21 million compared to $25 million in the prior year. The decrease is primarily due to the impacts of [last summer's] amend and extend agreements with DK.

就收集和處理業務而言，本季調整後的 EBITDA 為 8,300 萬美元，而 2024 年第三季為 5,500 萬美元。成長主要歸功於對 H2O 和 Gravity 的收購。批發行銷和終端處理調整後的 EBITDA 為 2,100 萬美元，而去年同期為 2,500 萬美元。下降的主要原因是去年夏天與 DK 達成的修改和延期協議的影響。

Storage and Transportation adjusted EBITDA in the quarter was $19 million, compared with $19 million in the third quarter of 2024. And lastly, investments in Pipeline Joint Venture segment contributed $22 million this quarter, compared with $16 million in the third quarter of 2024. The increase was primarily due to the contribution from the Wink to Webster dropdown in August of last year, in addition to stronger performance by the venture in the current period.

本季倉儲和運輸業務的調整後 EBITDA 為 1,900 萬美元，而 2024 年第三季也為 1,900 萬美元。最後，管道合資企業部門的投資在本季貢獻了 2,200 萬美元，而 2024 年第三季為 1,600 萬美元。此次成長主要歸功於去年 8 月 Wink 收購 Webster 的業績下滑，以及該合資企業在本期業績的強勁表現。

Moving on to capital expenditures, the capital program for the third quarter was approximately $50 million. $44 million of this capital spend relates to growth CapEx, which included spend to optimize the Libby 2 gas processing plant. The remainder of the capital spend for the period was other growth projects, namely advancing new connections in the Midland and Delaware gathering systems.

接下來談談資本支出，第三季的資本支出計畫約為5,000萬美元。其中4,400萬美元與成長性資本支出相關，包括用於優化利比2號天然氣處理廠的支出。該期間剩餘的資本支出用於其他成長項目，即推進米德蘭和德拉瓦集輸系統的新連接。

Looking ahead to the remainder of the year, as Avigal mentioned, we remain confident in our earnings trajectory and are raising our full-year EBITDA guidance to the upper end of our range, now expected between $500 million and $520 million.

展望今年剩餘時間，正如 Avigal 所提到的，我們仍然對我們的盈利軌跡充滿信心，並將全年 EBITDA 預期上調至預期範圍的上限，目前預計在 5 億美元至 5.2 億美元之間。

With that, we can now open the call for questions.

接下來，我們可以開始接受提問了。

(Operator Instructions) Doug Irwin, Citi.

（操作說明）Doug Irwin，花旗銀行。

Hey, thanks for the time. I was just wondering if you could maybe -- yeah, thanks. Wondering if you could maybe expand on a comment from the press release around producers increasing activity on your acreage ahead of -- with the two coming online. Just curious how you're thinking about the treating capacity ramp in the year end as well as maybe some of the benefits you might be seeing across your broader gathering system just as you bring that sour gas offering to your customers.

嘿，謝謝你抽出時間。我只是想問你是否可以——好的，謝謝。我想知道您是否可以就新聞稿中關於生產者在兩款產品上線之前增加耕地活動的評論做進一步闡述一下。我很好奇您是如何考慮年底處理能力提升的，以及當您向客戶提供酸性氣體產品時，您可能會在更廣泛的收集系統中看到哪些好處。

Yeah, absolutely. So why don't I take a minute or two to give you a bit broader overview? As you saw on our numbers, crude and water are extremely strong, and we are very happy about that. And I think we also can be proud of the strategy we set to be a premier crude gas and water provider.

是的，絕對的。那麼，我何不花一兩分鐘時間，為你們做一個更全面的概述呢？正如您從我們的數據中看到的，原油和水的供應量都非常強勁，我們對此感到非常高興。而且我認為，我們也可以為我們制定的成為一流的原油、天然氣和水供應商的策略感到自豪。

In the heart of the Perman Basin, I think that we were pretty much the first one to put that strategy together and it's starting to give us a very nice yield. That's part of the reasoning that we are increasing our focus, our guidance for the year, and we are very proud of the timely manner acquisition and build we did.

在珀曼盆地的中心地帶，我認為我們幾乎是第一個制定這項策略的人，而且它已經開始為我們帶來非常可觀的收益。這就是我們加強關注並調整今年業績指引的部分原因，我們為我們及時完成的收購和建設感到非常自豪。

We saw a record crude. We did not see any material change in the drilling activity in our acreage and with the discussion we have with our producer. And we are seeing more and more synergies between the different streams that we are actively managing.

我們看到了原油價格創紀錄的水平。在我們與生產商的討論中，我們沒有看到我們耕地範圍內的鑽井活動有任何實質變化。我們看到，我們正在積極管理的各個業務流之間出現了越來越多的協同效應。

With that, I will let Reuven comment more about the sour progress we are seeing.

接下來，我將讓魯文就我們目前看到的糟糕進展發表更多評論。

Thank you, Avigal. The actual construction and startup of Libby 2 has been above our expectation on time and on budget. Originally, and based on producers' forecasts that we anticipated to fill up the plant, with sweet gas, but as they were drilling, the landscape has changed, and the producer needs solutions for sour gas as soon as possible. As a result, we accelerated some sour programs to provide solution in a more rapid timeline.

謝謝你，阿維加爾。Libby 2 的實際建設和啟動都超出了我們的預期，按時按預算完成。最初，根據生產商的預測，我們預計工廠將充滿甜氣，但隨著鑽井的進行，情況發生了變化，生產商需要盡快找到酸性天然氣的解決方案。因此，我們加快了一些進展緩慢的項目，以便在更快的時間內提供解決方案。

We have very high confidence in not only filling up Libby 2, but because of the full suite -- sour gas, crude, and water solution that we provide -- we will need to expand processing capacity earlier than our previous expectations.

我們不僅對填滿 Libby 2 充滿信心，而且由於我們提供的全套解決方案——酸性天然氣、原油和水處理方案——我們將需要比之前預期的更早擴大處理能力。

Got it. That's helpful. And maybe as a follow-up on CapEx, he talked about kind of potentially already having expansion opportunities, but also kind of spent some CapEx this year on Libby 2. Where do you see '26 trending in general now that you have Libby 2 online? And I guess to the extent that it's trending lower next year, how are you thinking about just your flexibility to maybe pay down some debt or maybe even buy back some more units from DK next year?

知道了。那很有幫助。或許作為對資本支出的後續討論，他談到可能已經有了擴張的機會，但今年也確實在 Libby 2 上投入了一些資本支出。現在Libby 2已經上線，你覺得「26」這個數字整體上會在哪裡流行？我想，如果明年股價繼續走低，您打算如何考慮在明年靈活償還一些債務，甚至從DK回購更多股份？

Yeah, and that's a very nice question there, Doug. While the macro and the strategy going very well, we still have some tactics to finish for planning for next year and budgeting, and we plan to give you another guidance on the next earning call like we did this year. So we have something to look -- looking forward, so we leave it to that.

是的，道格，你問了個很好的問題。儘管宏觀經濟和策略進展順利，但我們仍需完成一些明年規劃和預算方面的策略，我們計劃像今年一樣，在下次財報電話會議上再次向您提供指導。所以我們有了盼頭——展望未來，我們就先這樣吧。

Fair enough. We'll wait for next quarter. Thank you.

很公平。我們等到下個季度。謝謝。

Absolutely, thank you, Doug. Appreciate you.

當然，謝謝你，道格。謝謝你。

Gabriel Moreen, Mizuho.

加布里埃爾·莫林，瑞穗。

Hey, good morning, everyone. I just want -- good, Avigal. How are you?

嘿，大家早安。我只想要－好的，Avigal。你好嗎？

Doing well, thank you. Just good.

我很好，謝謝。很好。

Just want to ask on the equity income line. I think Robert mentioned some -- I mean, better performance or improving performance. Clearly, that was equity investments line that was clearly a very strong point in the quarter. Can you just talk about that a little bit in this -- is this current run rate something that's maybe sustainable going forward?

我想問一下股權收益方面的問題。我想羅伯特提到了一些——我的意思是，更好的表現或提高表現。顯然，股權投資是本季業績表現非常強勁的一點。您能否稍微談談這方面－目前的運轉速度是否能夠持續下去？

Yeah, thanks for the question. Yeah, as I mentioned in the prepared remarks, most of that line item was impacted by strong performance in the quarter by Wink to Webster. I think when you look at our JV results on an annualized basis, like year to date, I think that's a good run rate of what to expect going forward. I think we're pretty happy with our JV results overall.

謝謝你的提問。是的，正如我在準備好的發言稿中提到的，該項支出的大部分都受到了 Wink to Webster 本季度強勁業績的影響。我認為，從年度化的角度來看我們的合資企業業績，例如年初至今的業績，我認為這是一個很好的預期，預示著未來的發展方向。我認為我們對合資企業的整體成果相當滿意。

Great, thanks, Robert. I appreciate it. Can you maybe also talk a little about the water landscape overall? I think, Reuven and Avigal, you both mentioned others trying to emulate your three stream strategy here. As far as you see with the landscape, are you seeing new competitors, new opportunities? Just we're curious kind of with some mergers happening and IPO happening, whether anything has shifted in your view.

太好了，謝謝你，羅伯特。謝謝。您能否也談談整體的水景狀況？我想，Reuven 和 Avigal，你們都提到其他人也試圖效法你們的三流策略。從您目前所看到的情況來看，您是否看到了新的競爭對手和新的機會？我們只是好奇，隨著一些併購和IPO的發生，你的看法是否有所改變。

Yeah, so that's a very good question. And we see a very important trend that you can see is the gas and oil ratio and the water and the crude ratio. Both of them are working extremely well from our opposition standpoint. And if you go one year back, Gabriel and you think about the timing that we did at both H2O and Gravity acquisition, we bought that pretty much at half price versus what we've seen the market trending today.

是的，這是一個很好的問題。我們看到一個非常重要的趨勢，那就是天然氣和石油的比例以及水和原油的比例。從我們的對手角度來看，他們倆都表現得非常出色。如果你回顧一年前，Gabriel，想想我們收購 H2O 和 Gravity 的時機，我們當時買入的價格幾乎是現在市場價格的一半。

So we are very happy about the timing and the drive in the market. Obviously, as you can see in the Delaware Basin, it's almost impossible to get SWDs permitted in a timely manner. So we were very fortunate to have the position we are at, and it's going very well to our expectation.

因此，我們對目前的市場時機和發展動能感到非常滿意。顯然，正如你在特拉華盆地看到的那樣，要及時獲得雨水收集器許可幾乎是不可能的。所以，我們非常幸運能擁有現在的地位，而且一切都進展得非常順利，完全符合我們的期望。

Thanks, Avigal. And if I could just squeeze one more in relative to Reuven's comments about Libby 3 earlier than expectations, I'm just wondering if you'd be able to define what that would mean from a timing standpoint and then also on the AGI disposal front as well, whether what you've done here to handle the sour gas at Libby 2, whether that gives you really the runway for whatever volumes you're going to need to handle at Libby 3 when the expansion comes on hopefully.

謝謝你，阿維加爾。如果我能再補充一點關於魯文關於利比3號項目比預期更早啟動的評論，我想知道您能否從時間安排的角度解釋一下這意味著什麼，以及在AGI處置方面，您在利比2號項目處理酸性天然氣所採取的措施，是否真的能為利比3號項目擴建後需要處理的任何天然氣量提供足夠的緩衝。

Yeah, obviously, the market is telling us that it needs our sour capabilities and the market tells us that it needs our gas treating and the market tells us that it needs our water treating. All of that are detailed questions.

是的，很明顯，市場告訴我們，它需要我們的酸性物質處理能力，市場告訴我們，它需要我們的天然氣處理能力，市場告訴我們，它需要我們的水處理能力。這些都是很具體的問題。

Obviously, we'll -- once we finish the planning session, we'll come to you with a very detailed and the execution plan like we did in the past -- all the time in the past we'll do that again this time and -- but the very good news here that we are on the right timing. And I would say with the right product basket to give to our customers. Do you want to add anything?

顯然，一旦我們完成計劃會議，我們就會像過去一樣，向您提交一份非常詳細的執行計劃——過去我們一直這樣做，這次我們也會這樣做——但這裡的好消息是，我們正處於正確的時機。我認為，我們需要為顧客提供合適的產品組合。您還有什麼要補充的嗎？

Yeah, Gabe, thanks for your question. Just to answer your specific question, we are very happy with our permitted capacity on the acid gas side, and we don't see any near-term restrictions on that.

是的，蓋布，謝謝你的提問。針對您提出的具體問題，我們對酸性氣體方面的許可產能非常滿意，我們認為近期內不會有任何限制。

Thanks, guys. We look forward to more details. Appreciate it.

謝謝各位。我們期待更多細節。謝謝。

Thank you, Gabe. Appreciate you.

謝謝你，蓋布。謝謝你。

With no further questions, that concludes our Q&A session. I will now turn the conference back over to Avigal for closing remarks.

沒有其他問題了，我們的問答環節到此結束。現在我將把會議交還給阿維加爾，請他作閉幕致詞。

Thank you, everyone. Thank you to my colleagues around the table. Thank you for our Board of Directors for trusting us. Thank you for the unitholder. We're enjoying a very good return and growth story. And most importantly, thank you for our employees for making that partnership as good as it is. Thank you guys. We'll talk again.

謝謝大家。感謝在座的各位同事。感謝董事會對我們的信任。感謝基金持有者。我們獲得了非常好的回報和成長。最重要的是，感謝我們的員工，正是他們的努力使得這種合作關係如此牢固。謝謝大家。我們下次再談。

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了。