デレク・ロジスティクス・パートナーズ（DKL）2026年第3四半期決算説明会：EBITDAガイダンスを引き上げ

主要ポイント

• Delek Logistics Partners（NYSE: DKL）が発表した2026年第3四半期の調整後EBITDAは約1億4,300万ドルとなり、前年同期並みとなった。
• 経営陣は2026年通期の調整後EBITDA見通しを5億3,000万〜5億6,000万ドルに引き上げた。
• 調整後分配可能キャッシュフローは約7,300万ドル、DCFカバレッジ比率は約1.11倍となった。
• 四半期末時点のレバレッジ比率は3.85倍と2026年で最低水準に低下した一方、2億2,000万ドルの純株式増資と債務リファイナンスを経て流動性は約13億ドルに達した。
• DKLは初となるサワーガス圧縮施設を完成させ、リビー・ガス・コンプレックス（Libby Gas Complex）で酸性ガス圧入（AGI）井の試運転を進めている。経営陣は、この統合システムがガス処理量の増加とプラント稼働率の向上を支えると見込んでいる。
• 取締役会は55四半期連続となる増配を承認し、1ユニット当たりの分配金を1.14ドルに引き上げた。

主要財務データ

事業および操業実績

集荷・処理部門が前年同期比で最も力強いセグメント成長を記録した。調整後EBITDAは、主にリビー・ガス・コンプレックスの稼働率向上と原油事業における堅調な実現マージンを背景に、8,300万ドルから8,800万ドルに増加した。

DKLは当四半期中に初となるサワーガス圧縮施設の建設を完了した。リビーのAGI井は試運転段階にあり、統合サワーガスソリューションの全面的な試運転完了は決算説明会から数週間以内と見込まれている。経営陣によると、複数の油ガス井が同システムの稼働開始を待っている状態であるという。

第3四半期におけるリビー1およびリビー2の合計ガス処理量は日量平均9,000万立方フィート超となった。経営陣は、両プラントの稼働率が年末から2027年初頭にかけて大幅に向上すると見込んでいる。

デラウェアおよびミッドランド盆地における原油集荷事業は高い信頼性を維持した。処理量は油井接続の時期的な影響により第2四半期から小幅に減少した。水処理量も生産減退や新規坑井の接続時期の影響で前四半期比で減少したが、経営陣はこの傾向が年末にかけて反転すると見込んでいる。

同パートナーシップは、原油、ガス、水を組み合わせた総合プラットフォームがパーミアン盆地における競争力を強化していると述べた。プロフォルマ（試算）ベースで、DKLは引き続き2026年のランレートEBITDAの約80%が第三者顧客からもたらされると見込んでいる。

経営陣による業績見通し

DKLは、各セグメントにわたる操業の堅調さが継続していることを理由に、2026年通期の調整後EBITDA見通しを5億3,000万〜5億6,000万ドルに引き上げた。

経営陣は2026年の成長投資計画を1億8,000万〜1億9,000万ドルで維持した。同社はこれらの投資により、2026年に最大1,500万ドルのランレートEBITDAを創出し、2027年にはさらに6,000万ドルのEBITDA成長をもたらすと見込んでいる。

DKLはリビー・コンプレックスにおけるサワーガス処理能力を拡張するための追加投資を検討している。正式な拡張決定の時期や投資額の確約については示されていない。

リスク要因と注視すべきポイント

• 油井接続のタイミングが第3四半期の原油集荷量に影響を与えており、短期的にも取扱量の伸びを左右する要因であり続けている。
• 水処理量は、生産減退および坑井の稼働開始時期の影響により前四半期比で減少した。
• 予想されるガス処理量の増加は、統合サワーガスシステムの試運転完了および立ち上げ（ランプアップ）の進捗に一部依存している。
• 経営陣は、成長プロジェクトに資金を投じる一方で、レバレッジ比率と分配金カバレッジを維持することを強調した。
• 経営陣は現在のM&Aなどの取引環境について、資産価値が高騰している「売り手市場」であると説明する一方、DKL自前のオーガニックプロジェクトから得られるリターンの高さを強調した。

アナリスト質疑応答の要点

リビーの操業立ち上げについて、経営陣はガス処理量が2026年を通じて着実に増加しており、第4四半期に入っても増加傾向が続いていると述べた。サワーガスインフラの稼働を待つ坑井が控えていることから、DKLは本格稼働後に稼働率が大幅に向上すると見込んでいる。

資本配分について、経営陣は約2億2,000万ドルの株式増資の目的について、オーガニックプロジェクトへの十分な資金手当てを維持し、レバレッジやカバレッジを管理しながらバランスシートの余力を確保するためであると説明した。この増資により、スポンサーであるDelekによるDKL普通ユニットの保有比率は約58%に低下した。

経営陣は、2026年と2027年にかけて約7,500万ドルのEBITDA創出に関連する約1億8,500万ドルの投資に言及し、他の投資機会に乗り出す前に自社プロジェクトの着実な実行を最優先する姿勢を強調した。

決算説明会の全文書き起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone. Thank you for joining us, and welcome to the Delek Logistics Partners Third Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference call over to Robert Wright, EVP and Chief Financial Officer. Robert, please go ahead.

Robert Wright

Thank you, and good morning, everyone. We appreciate you joining us today. Participants joining me on today's call will include Avigal Soreq, President and Chairman; Mark Hobbs, EVP, as well as other members of our management team. Before we get started, I want to remind everyone that our comments today may include forward-looking statements reflecting management's current expectations and assumptions.

These statements involve risks and uncertainties, and actual results may differ materially from those discussed today. For additional information regarding the factors that could cause actual results to differ, please refer to our filings with the Securities and Exchange Commission. Except as required by applicable law, we do not undertake any obligation to update these forward-looking statements. I will now turn the call over to Avigal for opening remarks. Avigal?

Avigal Soreq

Thank you, Robert. Today, DKL reported approximately $143 million in adjusted EBITDA in the third quarter. DKL's continued strong performance is giving us confidence in increasing our full year EBITDA guidance. We are raising full year adjusted EBITDA guidance to $530 million to $560 million. We are also confident that our 2026 growth capital program of $180 million to $190 million is expected to generate up to $15 million run rate EBITDA in 2026 with an additional $60 million of EBITDA growth in 2027.

The strong performance continues in all of our segments. I will provide more detail on each of these segments. Starting with gas, we have safely completed the construction of our first sour gas compressor station and AGI well. The system is currently in the commissioning phase, and we are expected to start up the system in the next few weeks. With increasing flexibility, we are well positioned to serve our customer objective of long-term oil and gas production growth in the Delaware Basin.

From DKL's perspective, this will bring additional gas volume to our plant, increase overall system utilization and likely result in a need for overall expansion of our processing capacity. Moving to crude, both DPG and DGG continue to see strong performance, reflecting sustained production across our operating footprint. We look forward to further optimizing and growing the system. Our water business is also performing well, and we are continuing to explore growth opportunities in this space.

Our combined gas, crude and water offering in the Permian Basin has improved our competitive position and established a platform for future growth. We will continue to pursue these growth opportunities in a disciplined manner while maintaining a focus on leverage and coverage ratios. We also intend to remain good stewards of our stakeholder capital. During the quarter, we extended our debt maturities and completed our equity offering to support growth investment while maintaining balance sheet strength.

Our Board of Directors has approved our 55th consecutive quarterly distribution increase, raising the distribution to $1.14 per unit. This is an extraordinary achievement of distribution growth and it reflects the exceptional work of our team. This financial discipline is a cornerstone of our company philosophy. With the foundation we have built and the opportunities ahead, we are confident in our ability to continue delivering sustainable growth and long-term value for our unitholders. I will now turn the call over to Mark, who will provide additional detail on our operations.

Mark Hobbs

Thanks, Avigal. Since joining Delek Logistics in the lead role in July, I have been energized by our exceptional team and the amazing opportunities that we have in front of us at DKL. As Avigal mentioned, we see tremendous growth potential for Delek Logistics as we are uniquely positioned to meet our customers' increasing needs for midstream services across crude, gas and water in the Permian Basin.

We continue to see heightened activity by producers in securing acreage and future drilling locations in the Northern Delaware Basin and Permian rig activity is near its highest level of the year, with production continuing to set new records. Crude and NGL prices remain elevated as a result of the ongoing conflict in the Middle East.

And in gas, Waha prices have turned firmly positive, a significant improvement from the negative pricing that we saw in the first half of the year as new takeaway capacity continues to come online, which has provided much needed stabilization for local gas markets in the Permian Basin. Together, these higher commodity prices support sustained upstream activity, driving increased demand for our 3-stream service platform. Turning to our business.

We continued to operate well in the third quarter, delivering safe and reliable midstream services for our customers. During the third quarter, we achieved higher volumes in our gas business versus the second quarter and made significant progress advancing our sour gas solution in the Delaware Basin. We completed construction of our first sour gas compressor station and are in the commissioning phase of our AGI well located at our Libby complex.

We are also executing on projects to further optimize our gas system that will not only increase our gas volumes and the utilization of our Libby processing plants, but also improve reliability and redundancy for our customers. Looking forward, we continue to see the need for sour gas services from our customers and the sour solution we have developed will unlock future growth for producers and demand for our services.

As a result, we are evaluating options for future investment that will further expand our sour gas processing capacity at the Libby complex, providing critical support for our customers' production growth in the region. Moving to crude, our crude gathering business in both the Delaware and the Midland operated well and maintained high reliability during the third quarter. We experienced a slight decrease in crude volumes in the third quarter versus the second quarter, primarily due to timing of well connections.

However, we remain well positioned for future growth, especially in the Delaware Basin, where we continue to see positive results from our 3-stream offering. Our decline in water volumes in the third quarter versus the second quarter was driven by a combination of production decline and timing of wells coming online. We expect that to reverse as we move through the end of the year and continue to see tremendous opportunities to increase our produced water volumes across both the Midland and the Delaware Basins.

Produced water handling and disposal continues to be a critical and increasing need of our customers. Our scale and strategic position across the Permian Basin create unique opportunities for us to service our customers and continue to grow our water business. We continue to believe that our 3-stream offering in the Delaware Basin is a critical differentiator from our peers, and we are leveraging these services to develop creative solutions for our customers. With that, I will pass it on to Robert.

Robert Wright

Thank you, Mark. As Avigal and Mark have highlighted, the partnership delivered another strong quarter with adjusted EBITDA of $143 million. Importantly, we achieved these results while staying disciplined on our long-term leverage and coverage targets. During the quarter, we raised approximately $220 million in net proceeds through the largest primary follow-on equity offering by a midstream MLP in the last decade.

Together with our second quarter refinancing of the 2028 and 2029 senior notes, these actions have strengthened our capital structure, extended our maturity profile and positioned DKL to fund future growth while maintaining strong liquidity, which ended the quarter at approximately $1.3 billion. We ended the quarter with leverage of 3.85x, our lowest level of the year, which gives us more capacity to fund attractive growth opportunities.

As we've noted before, our 2026 growth capital program of $180 million to $190 million is expected to generate up to $15 million of run rate EBITDA in 2026 with an additional $60 million of EBITDA growth in 2027. Following our August equity offering, our sponsor, Delek ownership of Delek's Logistics common units decreased to approximately 58%.

Additionally, our strong and growing third-party business continues to increase our economic separation from Delek. In 2026, on a pro forma basis, we continue to expect approximately 80% of our run rate EBITDA will come from third parties. Turning to our results. As mentioned already, DKL posted another strong quarter with adjusted EBITDA of approximately $143 million, in line with the same period last year.

Distributable cash flow as adjusted was approximately $73 million, and our DCF coverage ratio held steady at approximately 1.11x. We are also proud to announce our 55th consecutive distribution increase, which brings the quarterly distribution to $1.14 per unit. As to our segment results, starting with Gathering and Processing, adjusted EBITDA for the third quarter was $88 million, up from $83 million in the third quarter of 2025.

This improvement was driven primarily by higher utilization at the Libby Gas Complex and strong realized margins in our crude business. In Wholesale Marketing and Terminalling, adjusted EBITDA was approximately $21 million, in line with the prior year period. Storage and Transportation delivered adjusted EBITDA of $20 million compared with $19 million in the prior year period.

Moving now to capital expenditures, third quarter capital spending was approximately $55 million, including $48 million of growth capital focused primarily on the continued build-out of our new sour gas gathering infrastructure. Importantly, these investments enabled the completion of our first sour gas compressor station and AGI well at our Libby Gas Complex during the quarter, further expanding our capabilities in the Delaware Basin.

The remaining capital went to planned reliability and maintenance activities. Looking ahead, as Avigal noted, we remain confident in the partnership's earnings trajectory, and we are raising our full year 2026 adjusted EBITDA guidance to a range of $530 million to $560 million. With that, we will now open the call for questions.

Operator

[Operator Instructions] Your first question comes from the line of Doug Irwin with Citi.

質疑応答

Douglas Irwin

I wanted to start with Libby 2. Can you maybe talk a bit more about how you're thinking about the volume ramp now that it's online and maybe how dependent that $60 million of '27 growth is on that ramp schedule? And then maybe looking a bit further ahead, you mentioned evaluating further expansions. Just wondering how soon you might be in a position here to make a more formal decision there.

Avigal Soreq

Okay. Absolutely, Doug. I will start and I will hand it to Mark. Obviously, we are very proud of gathering, treating and processing. We are developing the AGI well in a commissioning phase, like I said in the prepared remarks, we're very happy about that. We have a unique solution. We are very happy about the rock and the gas-oil ratios that we have seen around it.

Obviously, the long-haul pipeline that was built is also helping that capacity. So we're very happy about where we are. We see more gas coming on the horizon that we need to -- that we want to see if we can give solution for, and that's another opportunity in our way. So we are very happy about where we are heading. And the team is very focused and taking the opportunity ahead of us. Mark, why don't you chime in?

Mark Hobbs

Yes, sure. Sure, Avigal. Thanks, Doug. Great to hear from you. Appreciate you joining the call. Look, as we said in our prepared remarks, we had a lot of good accomplishments around our sour gas solution in the third quarter. We completed our first sour gas compressor station. We are commissioning the AGI well, as Avigal said. And like when you think about the ramp, you've seen a steady ramp in our total gas volumes from quarter-to-quarter throughout the year.

We're continuing to see that increase now that we're moving into the fourth quarter and now that we're a month into the fourth quarter. And we're really weeks away from kind of the full commissioning of our integrated sour gas solution. And there's wells that are waiting for this to come online.

And so we do expect to see a pretty substantial jump. If you look at the average of what we had at over 90 million scf today between Libby 1 and Libby 2 in total gas volumes in the third quarter, a pretty substantial increase of that utilization of both our plants as we move through the end of the year and into early next year.

And look, on the timing as far as future investment, we're evaluating the options. As Avigal said, we love our location. We love the rock that we're sitting on top of. And based on what we're seeing from our customers on the production side, we're going to see additional volumes coming our way. And so we just want to make sure that we're ahead of that and we can provide that service for them.

Douglas Irwin

Got it. That's very helpful. And maybe a follow-up on the equity issuance during the quarter. Could you maybe just provide a bit more context around that decision? The main priority just improving the balance sheet or it may be part of a bigger strategy here? And to that point, we've seen an uptick of M&A in the basin here recently. Just curious to get your thoughts on your appetite to potentially be either a buyer or a seller in the current market.

Avigal Soreq

Yes. So thank you for that question. As I said many times, if you look on the intrinsic value of each one of the assets that we're probably looking at, we should have a 9 handle on the left side of our unit price, and that's what we are heading and that's what we think we -- the valuation needs to be. Obviously, we are looking at the seller's market, the second valuation is high, and that's the reason I'm saying the 9 handle.

We need to make sure that our organic projects are well funded, and we are ready to do them on time. That's part of the logic of what we just did. Obviously, when you finish those projects and ready to commissioning like we just finished one, that's going to give a nice bump in valuation that we are very happy about. So the combination of leverage of managing leverage ratio, coverage ratio, the strength of the balance sheet is critical for us. Obviously, we have plenty of liquidity in the balance sheet for future opportunity.

I'm very happy about the return on the organic projects we have seen. We invested $185 million and seeing around $75 million of EBITDA between this year and next year. And that's a very, very good return that we need to make sure it's well funded and well executed. So we're in a very good spot, and we have a very good way ahead of us.

Operator

[Operator Instructions] As there are no further questions at this time, I will now turn the call back over to Avigal Soreq, President and Chairman, for closing remarks.

Avigal Soreq

Thank you. I want to thank the colleagues around this table, Mark, to you and your leadership team and the rest of the great employees that we have in DKL, to our Board of Directors and to the investors that trust us, we'll keep growing this company. We keep developing that and making sure that we are rewarding our investors, that's our commitment. Thank you.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.