Hội nghị công bố kết quả kinh doanh Quý 3/2026 của Delek Logistics Partners (DKL): Nâng định hướng EBITDA

Điểm nhấn chính

• Delek Logistics Partners (NYSE: DKL) đã báo cáo EBITDA điều chỉnh quý 3/2026 đạt khoảng 143 triệu USD, tương đương với cùng kỳ năm trước.
• Ban lãnh đạo đã nâng mức dự báo EBITDA điều chỉnh cho cả năm 2026 lên 530 triệu - 560 triệu USD.
• Dòng tiền khả dụng để phân phối điều chỉnh đạt khoảng 73 triệu USD, với tỷ lệ bao phủ DCF vào khoảng 1,11 lần.
• Tỷ lệ đòn bẩy cuối quý giảm xuống 3,85 lần, mức thấp nhất trong năm 2026, trong khi thanh khoản đạt khoảng 1,3 tỷ USD sau đợt huy động vốn cổ phần ròng trị giá 220 triệu USD và tái cấp vốn nợ.
• DKL đã hoàn thành trạm nén khí chua đầu tiên và đang vận hành thử nghiệm giếng bơm ép khí axit (AGI) tại Tổ hợp Khí Libby. Ban lãnh đạo kỳ vọng hệ thống tích hợp này sẽ hỗ trợ gia tăng sản lượng khí và hiệu suất sử dụng nhà máy.
• Hội đồng quản trị đã phê duyệt lần tăng mức phân phối hàng quý thứ 55 liên tiếp của DKL, nâng mức phân phối lên 1,14 USD/đơn vị.

Dữ liệu tài chính quan trọng

Hiệu quả hoạt động kinh doanh và vận hành

Mảng Thu gom và Chế biến đạt mức tăng trưởng so với cùng kỳ năm trước mạnh nhất. EBITDA điều chỉnh tăng lên 88 triệu USD từ mức 83 triệu USD, chủ yếu nhờ hiệu suất sử dụng cao hơn tại Tổ hợp Khí Libby và biên lợi nhuận thực tế khả quan trong mảng dầu thô.

DKL đã hoàn thành việc xây dựng trạm nén khí chua đầu tiên trong quý này. Giếng AGI tại Libby đang trong giai đoạn vận hành thử nghiệm, và giải pháp khí chua tích hợp dự kiến sẽ đi vào hoạt động toàn diện trong vòng vài tuần sau cuộc họp công bố kết quả kinh doanh. Ban lãnh đạo cho biết các giếng đang chờ hệ thống chính thức vận hành.

Tổng sản lượng khí qua Libby 1 và Libby 2 đạt trung bình hơn 90 triệu foot khối mỗi ngày trong quý 3. Ban lãnh đạo kỳ vọng hiệu suất sử dụng tại cả hai nhà máy sẽ tăng đáng kể từ nay đến cuối năm và sang đầu năm 2027.

Hoạt động thu gom dầu thô tại các lưu vực Delaware và Midland duy trì độ tin cậy cao. Sản lượng giảm nhẹ so với quý 2 do thời điểm đấu nối giếng. Sản lượng nước xử lý cũng giảm so với quý trước do sản lượng khai thác sụt giảm và thời điểm đưa các giếng mới vào vận hành, nhưng ban lãnh đạo kỳ vọng xu hướng này sẽ đảo chiều từ nay đến cuối năm.

Công ty hợp danh cho biết nền tảng tích hợp dầu thô, khí và nước giúp củng cố vị thế cạnh tranh tại Lưu vực Permian. Trên cơ sở pro forma, DKL tiếp tục kỳ vọng khoảng 80% EBITDA ước tính theo năm (run-rate EBITDA) của năm 2026 sẽ đến từ các bên thứ ba.

Định hướng của ban lãnh đạo

DKL đã nâng mức dự báo EBITDA điều chỉnh cả năm 2026 lên 530 triệu - 560 triệu USD, nhờ hiệu quả vận hành duy trì tích cực ở tất cả các phân khúc.

Ban lãnh đạo duy trì kế hoạch chi tiêu vốn tăng trưởng năm 2026 ở mức 180 triệu - 190 triệu USD. Công ty kỳ vọng các khoản đầu tư này sẽ tạo ra tới 15 triệu USD EBITDA ước tính theo năm trong năm 2026 và đóng góp thêm 60 triệu USD tăng trưởng EBITDA vào năm 2027.

DKL đang đánh giá việc đầu tư thêm để mở rộng công suất xử lý khí chua tại tổ hợp Libby. Doanh nghiệp chưa đưa ra thời điểm cụ thể hay cam kết vốn nào cho quyết định mở rộng chính thức.

Rủi ro và các điểm cần lưu ý

• Thời điểm đấu nối giếng đã ảnh hưởng đến sản lượng dầu thô quý 3 và tiếp tục tác động đến tăng trưởng sản lượng trong ngắn hạn.
• Sản lượng nước xử lý giảm so với quý trước do sản lượng khai thác sụt giảm và thời điểm các giếng mới đi vào vận hành.
• Mức tăng sản lượng khí dự kiến phụ thuộc một phần vào việc hoàn tất vận hành thử nghiệm và nâng công suất hệ thống khí chua tích hợp.
• Ban lãnh đạo nhấn mạnh việc duy trì tỷ lệ đòn bẩy và tỷ lệ bao phủ phân phối trong quá trình tài trợ cho các dự án tăng trưởng.
• Ban lãnh đạo nhận định môi trường giao dịch hiện tại là thị trường của bên bán với định giá tài sản ở mức cao, đồng thời nhấn mạnh mức lợi nhuận khả quan từ các dự án tự thân của DKL.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Về tiến độ nâng công suất tại Libby, ban lãnh đạo cho biết sản lượng khí đã tăng đều đặn trong suốt năm 2026 và tiếp tục tăng trong quý 4. Do các giếng đang chờ hạ tầng khí chua hoàn thiện, DKL kỳ vọng hiệu suất sử dụng sẽ tăng mạnh sau khi vận hành thử nghiệm toàn diện.

Về phân bổ vốn, ban lãnh đạo cho biết đợt huy động vốn cổ phần khoảng 220 triệu USD nhằm duy trì nguồn vốn dồi dào cho các dự án tự thân, kiểm soát đòn bẩy và tỷ lệ bao phủ, đồng thời bảo toàn năng lực của bảng cân đối kế toán. Đợt chào bán đã làm giảm tỷ lệ sở hữu của công ty tài trợ Delek đối với các đơn vị cổ phần phổ thông của DKL xuống còn khoảng 58%.

Ban lãnh đạo đã đề cập đến khoản đầu tư khoảng 185 triệu USD gắn với khoảng 75 triệu USD EBITDA trong giai đoạn 2026 - 2027, nhấn mạnh trọng tâm là triển khai các dự án tự thân trước khi cam kết nguồn lực cho các cơ hội khác.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.