德莱克物流 (DKL) 2026年第三季度财报电话会：上调EBITDA指引

核心要点

• Delek Logistics Partners (NYSE: DKL) 公布2026年第三季度调整后EBITDA约为1.43亿美元，与上年同期基本持平。
• 管理层将2026年全年调整后EBITDA指引上调至5.3亿至5.6亿美元。
• 调整后可分配现金流约为7300万美元，DCF覆盖率约为1.11倍。
• 截至季度末，杠杆率降至3.85倍，为2026年内最低水平；在完成2.2亿美元净股权融资和债务再融资后，流动性达到约13亿美元。
• DKL建成了首座酸性天然气压缩站，并正在利比天然气综合设施（Libby Gas Complex）对酸性气体注入（AGI）井进行调试。管理层预计该综合系统将有助于提高输气量和工厂利用率。
• 董事会批准了DKL连续第55个季度的分红增长，将每单位分配金额提高至1.14美元。

关键财务数据

业务与经营业绩

集气与处理业务实现了最强劲的同比分部增长。调整后EBITDA从8300万美元增至8800万美元，主要得益于利比天然气综合设施的利用率提升以及原油业务强劲的实际利润率。

DKL在本季度完成了首座酸性天然气压缩站的建设。利比设施的AGI井正处于调试阶段，预计在该电话会议后数周内实现该综合酸性气体解决方案的全面投产。管理层表示，已有油气井正在等待该系统投入运行。

第三季度期间，利比1号和利比2号设施的输气总量平均超过每天9000万立方英尺。管理层预计，到年底以及2027年初，两座工厂的利用率都将大幅提高。

特拉华盆地和米德兰盆地的原油集输业务保持了高可靠性。受接井时点影响，输送量较第二季度略有下降。产水量也因自然递减及新井投产时点原因出现环比下滑，但管理层预计这一趋势将在年底前逆转。

该合伙企业表示，其原油、天然气和水处理综合平台巩固了其在二叠纪盆地的竞争优势。按备考口径计算，DKL继续预计2026年年化运行率EBITDA中约有80%来自第三方。

管理层指引

DKL将2026年全年调整后EBITDA指引上调至5.3亿至5.6亿美元，理由是各业务板块持续保持强劲的运营表现。

管理层将2026年增长性资本支出计划维持在1.8亿至1.9亿美元。公司预计这些投资将在2026年产生最高达1500万美元的运行率EBITDA，并在2027年带来额外的6000万美元EBITDA增长。

DKL正在评估进一步投资以扩大利比综合设施的酸性天然气处理能力。公司尚未给出正式扩建决定的具体时间表或资本承诺。

风险与关注点

• 接井时点影响了第三季度的原油输送量，并将继续影响近期的业务量增长。
• 受产量递减和油气井投运时点的影响，水处理量出现环比下滑。
• 预计的输气量增长在一定程度上取决于综合酸性气体系统完成调试与产能爬坡的情况。
• 管理层强调，在为增长项目提供资金的同时，将兼顾维持杠杆率和分红覆盖率。
• 管理层将当前的交易环境描述为资产估值高企的“卖方市场”，同时着重强调了DKL内生项目所能带来的回报。

分析师问答精选

关于利比设施的产能爬坡，管理层表示输气量在2026年稳步增加，并持续增长至第四季度。由于众多油气井正等待酸性天然气基础设施投用，DKL预计在全面投产后工厂利用率将大幅提升。

在资本配置方面，管理层表示约2.2亿美元的股权融资旨在为内生项目提供充足资金、管理杠杆率与覆盖率，并保持资产负债表弹性。此次发行将发起人Delek对DKL普通单位的持股比例降至约58%。

管理层提及在2026至2027年期间约1.85亿美元的投资将对应约7500万美元的EBITDA，这突显出公司在考虑其他机会前优先推进内生项目的专注策略。

财报电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.