델렉 로지스틱스 파트너스(DKL) 2026년 3분기 실적 발표 콘퍼런스콜: EBITDA 가이던스 상향

핵심 요약

• 델렉 로지스틱스 파트너스(NYSE: DKL)의 2026년 3분기 조정 EBITDA는 전년 동기 수준인 약 1억 4,300만 달러를 기록했다.
• 경영진은 2026년 연간 조정 EBITDA 가이던스를 5억 3,000만~5억 6,000만 달러로 상향 조정했다.
• 조정 배당가능현금흐름은 약 7,300만 달러였으며, DCF 커버리지는 약 1.11배를 기록했다.
• 2억 2,000만 달러 규모의 순주식 발행과 부채 차환에 힘입어 분기 말 레버리지 비율은 2026년 최저치인 3.85배로 하락했고, 유동성은 약 13억 달러에 달했다.
• DKL은 첫 번째 사워 가스 압축기 스테이션을 완공했으며, 리비 가스 복합단지에서 산성가스 주입(AGI) 유정의 시운전을 진행 중이었다. 경영진은 이 통합 시스템이 가스 처리량과 공장 가동률 확대를 뒷받침할 것으로 기대하고 있다.
• 이사회는 55분기 연속 분배금 인상을 승인하며 분배금을 좌당 1.14달러로 인상했다.

주요 재무 데이터

사업 및 운영 실적

게더링 및 처리 부문이 전년 동기 대비 가장 높은 부문 성장을 기록했다. 조정 EBITDA는 리비 가스 복합단지의 가동률 상승과 원유 사업 부문의 견조한 실현 마진에 힘입어 8,300만 달러에서 8,800만 달러로 증가했다.

DKL은 해당 분기 중 첫 사워 가스 압축기 스테이션의 건설을 완료했다. 리비 복합단지의 AGI 유정은 시운전 단계였으며, 컨퍼런스콜 이후 수주 내에 통합 사워 가스 솔루션의 본격적인 시운전 완료가 예상된다. 경영진은 해당 시스템의 가동 개시를 기다리는 유정들이 있다고 밝혔다.

3분기 동안 리비 1 및 리비 2 공장의 총 가스 처리량은 일평균 9,000만 입방피트 이상을 기록했다. 경영진은 연말부터 2027년 초까지 두 공장의 가동률이 대폭 상승할 것으로 예상하고 있다.

델라웨어 및 미들랜드 분지의 원유 집하 운영은 높은 신뢰성을 유지했다. 유정 연결 시점 영향으로 처리량은 2분기 대비 소폭 감소했다. 용수 처리량 역시 생산량 감소 및 신규 유정 가동 시점 때문에 전분기 대비 줄었으나, 경영진은 연말까지 이러한 추세가 반전될 것으로 예상하고 있다.

회사 측은 원유, 가스, 용수를 아우르는 통합 플랫폼이 퍼미안 분지에서의 경쟁력을 강화한다고 밝혔다. DKL은 프로포마(pro forma) 기준으로 2026년 런레이트 EBITDA의 약 80%가 제3자로부터 창출될 것으로 계속 기대하고 있다.

경영진 가이던스

DKL은 전 사업 부문에 걸친 지속적인 운영 호조를 들어 2026년 연간 조정 EBITDA 가이던스를 5억 3,000만~5억 6,000만 달러로 상향 조정했다.

경영진은 2026년 성장 자본 지출 계획을 1억 8,000만~1억 9,000만 달러로 유지했다. 회사는 이러한 투자를 통해 2026년 최대 1,500만 달러의 런레이트 EBITDA가 창출되고 2027년에는 6,000만 달러의 추가적인 EBITDA 성장이 이어질 것으로 기대하고 있다.

DKL은 리비 복합단지의 사워 가스 처리 용량을 증설하기 위한 추가 투자를 검토 중이다. 공식적인 증설 결정과 관련해 구체적인 일정이나 자본 투자 확약은 제시되지 않았다.

리스크 및 주요 점검 사항

• 유정 연결 시점이 3분기 원유 처리량에 영향을 미쳤으며, 이는 단기적인 처리량 성장에도 여전히 주요 변수로 작용한다.
• 용수 처리량은 생산량 감소와 신규 유정 가동 시점의 영향으로 전분기 대비 감소했다.
• 예상되는 가스 처리량 증가는 통합 사워 가스 시스템의 시운전 완료 및 가동률 확대 여부에 부분적으로 달려 있다.
• 경영진은 성장 프로젝트에 자금을 조달하면서 레버리지 비율과 분배금 커버리지를 유지하는 점을 강조했다.
• 경영진은 현재의 M&A 거래 환경을 높은 자산 가치 평가가 형성된 매도자 우위 시장으로 규정하면서, DKL의 자체 프로젝트를 통해 얻을 수 있는 수익률을 강조했다.

애널리스트 질의응답(Q&A) 주요 내용

리비 복합단지의 가동 확대와 관련해, 경영진은 가스 처리량이 2026년 내내 꾸준히 증가했으며 4분기에도 증가세를 이어갔다고 밝혔다. 사워 가스 인프라를 기다리는 유정들이 대기 중인 만큼, DKL은 전면적인 시운전이 완료된 후 가동률이 상당 수준 상승할 것으로 기대하고 있다.

자본 배분과 관련해 경영진은 약 2억 2,000만 달러 규모의 주식 발행 목적이 자체 프로젝트의 자금 조달을 원활히 하고, 레버리지와 커버리지를 관리하며, 재무 건전성 여력을 보존하기 위한 것이라고 설명했다. 이번 주식 공모로 모회사 델렉(Delek)의 DKL 보통 유닛 지분율은 약 58%로 낮아졌다.

경영진은 2026년과 2027년에 걸쳐 약 7,500만 달러의 EBITDA 창출과 연계된 약 1억 8,500만 달러 규모의 투자를 언급하며, 다른 기회에 자금을 투입하기 전에 자체 프로젝트 실행에 집중하고 있음을 강조했다.

실적 발표 컨퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.