Delek Logistics Partners, LP

Consolidated Results of Operations — Comparison of the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024

Net revenues decreased by $18.3 million, or 6.9%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the following:

•decreased revenue of $18.4 million in our West Texas marketing operations primarily driven by decreases in average sales prices per gallon, a net decrease in volumes sold, partially offset by an increase in RINs revenue:

◦the average sales prices per gallon of gasoline and diesel sold decreased by $0.34 and $0.33 per gallon, respectively;

◦the average volumes of gasoline sold decreased by 2.7 million and the average volumes of diesel sold increased by 0.3 million gallons;

◦RINs revenue increased from $1.3 million in the second quarter of 2024 to $2.2 million in the second quarter of 2025, due to increased RINs prices.

•decrease of $7.4 million due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings in the third quarter of 2024;

•partially offset by incremental revenue associated with Gravity and H2O Midstream acquisitions of $15.3 million and $24.0 million, respectively.

Net revenues decreased by $20.4 million, or 4.0%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease was primarily driven by the following:

•decreased revenue of $21.1 million in our West Texas marketing operations primarily driven by decrease in average sales prices per gallon, partially offset by net increase in volumes sold and an increase in RINs revenue:

◦the average sales prices per gallon of gasoline and diesel sold decreased by $0.28 and $0.32 per gallon, respectively;

◦the average volumes of diesel sold increased by 2.0 million and the average volumes of gasoline sold decreased by 1.6 million gallons; and

◦RINs revenue increased from $2.4 million in the second quarter of 2024 to $3.9 million in the second quarter of 2025, due to increased RINs prices.

•decrease due to recording certain throughput fees as interest income under sales-type lease accounting that were previously recorded as revenue in the prior year period;

•decrease of $14.2 million due to the assignment of the Big Spring Refinery marketing agreement to Delek Holdings in the third quarter of 2024; and

•partially offset by incremental revenue associated with the Gravity and H2O Midstream Acquisitions of $46.8 million and $31.8 million, respectively.

Cost of materials and other decreased by $18.7 million, or 13.5%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the following:

•decreased costs of materials and other of $19.3 million in our West Texas marketing operations primarily driven by decreases in average cost per gallon of gasoline and diesel sold and net decrease in volumes sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.31 per gallon and $0.36 per gallon, respectively; and

◦the volumes of gasoline sold decreased by 2.7 million and the average volumes of diesel sold increased by 0.3 million gallons.

•incremental costs associated with the H2O Midstream and Gravity Acquisitions of $0.9 million and $2.7 million, respectively.

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Cost of materials and other decreased by $13.3 million, or 5.1%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•decreased costs of materials and other of $21.7 million in our West Texas marketing operations primarily driven by decrease in average cost per gallon, partially offset by net increase in volumes sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.24 per gallon and $0.33 per gallon, respectively; and

◦the average volumes of diesel sold increased by 2.0 million gallons, and the average volumes of gasoline sold decreased by 1.6 million.

•incremental costs associated with the H2O Midstream and Gravity Acquisitions of $1.7 million and $4.7 million, respectively.

Operating expenses increased by $8.4 million, or 28.5%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the following:

•incremental expenses associated with the H2O Midstream and Gravity Acquisitions of $4.8 million and $11.0 million, respectively; and

Operating expenses increased by $17.5 million, or 28.5%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•incremental expenses associated with the H2O Midstream and Gravity Acquisitions of $10.2 million and $17.8 million, respectively; and

General and Administrative Expenses

General and administrative expenses increased by $2.9 million, or 48.7%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by transaction costs of $2.5 million associated with the Gravity and H2O Midstream Acquisitions, the DPG Dropdown transaction and associated agreements with Delek Holdings.

General and administrative expenses increased by $6.9 million, or 63.7%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by following:

•transaction costs of $5.8 million associated with the Gravity and H2O Midstream Acquisitions, the DPG Dropdown transaction and associated agreements with Delek Holdings; and

•increase in insurance expense.

Depreciation and Amortization

Depreciation and amortization increased by $2.9 million, or 11.9%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the additional fixed asset base from the H2O Midstream and Gravity Acquisitions.

Depreciation and amortization increased by $4.1 million, or 8.1%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the additional fixed asset base from the H2O Midstream and Gravity Acquisitions.

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Other operating income, net

Other operating income, net decreased by $2.2 million, or 125%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the following:

•decrease in gain on disposal of assets of $7.6 million primarily due to condemnation proceeds of $8.3 million received in the second quarter of 2024; and

•offset by increase of $5.4 million due to settlement of payment dispute in prior year.

Other operating income, net increased by $2.7 million, or 226.9%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•increase of $5.4 million due to settlement of payment dispute in prior year; and

•partially offset by decrease in gain on disposal of assets of $2.8 million.

Interest Income

Interest income increased by $23.5 million in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by income from certain of our commercial agreements with Delek Holdings that met the criteria to be accounted for as sales-type leases during the third quarter of 2024.

Interest income increased by $46.1 million in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by income from certain of our commercial agreements with Delek Holdings that met the criteria to be accounted for as sales-type leases during the third quarter of 2024.

Interest Expense

Interest expense increased by $6.4 million, or 18.2%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by an increase in weighted-average interest rates.

Interest expense increased by $7.3 million, or 9.6%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by an increase in weighted-average interest rates.

Results from Equity Method Investments

Income from equity method investments increased by $2.7 million, or 33.7%, in the second quarter of 2025 compared to the second quarter of 2024, primarily due to the following:

•the acquisition of the W2W Investment on August 5, 2024, which contributed income of $5.9 million during the period; and

•partially offset by a $2.7 million decrease in income from our investment in Red River Pipeline Company LLC.

Income from equity method investments increased by $4.3 million, or 26.3%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to the following:

•the acquisition of the W2W Investment on August 5, 2024, which contributed income of $11.6 million during the period; and

•partially offset by a $7.3 million decrease primarily related to our investment in Red River Pipeline Company LLC.

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Operating Segments

Gathering and Processing Segment

The following tables and discussion present the results of operations and certain operating statistics of the gathering and processing segment for the three and six months ended June 30, 2025, and 2024:

(1) bpd - average barrels per day.

(2)Mcfd - average thousand cubic feet per day.

(3)Consists of volumes of H2O Midstream and Gravity. Gravity volumes are from January 2, 2025, to June 30, 2025.

Operational comparison of the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024

Net revenues for the gathering and processing segment increased by $25.1 million, or 27.1%, in the second quarter of 2025 compared to the second quarter of 2024, primarily due to the following:

•an increase in revenue associated with the H2O Midstream operations of $15.3 million which began in the third quarter of 2024;

•an increase in revenue associated with the Gravity operations of $24.0 million which began on January 2, 2025; and

•partially offset by a decrease due to recording certain throughput fees as interest income under sales-type lease accounting that were previously recorded as revenue in the prior year period.

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Net revenues for the gathering and processing segment increased by $47.8 million, or 25.4%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to the following:

•an increase in revenue associated with the H2O Midstream operations of $31.8 million which began in the third quarter of 2024;

•an increase in revenue associated with the Gravity operations of $46.8 million which began on January 2, 2025; and

•partially offset by a decrease due to recording certain throughput fees as interest income under sales-type lease accounting that were previously recorded as revenue in the prior year period.

Cost of materials and other for the gathering and processing segment increased by $2.1 million, or 10.6%, in the second quarter of 2025 compared to the second quarter of 2024, driven primarily by the following:

•incremental costs associated with the H2O Midstream and Gravity Acquisitions of $0.9 million and $2.7 million, respectively.

Cost of materials and other for the gathering and processing segment increased by $8.6 million, or 22.8%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, driven primarily by the following:

•incremental costs associated with the H2O Midstream and Gravity Acquisitions of $1.7 million and $4.7 million, respectively.

Operating expenses for the gathering and processing segment increased by $12.0 million, or 61.2%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the following:

•incremental costs associated with the H2O Midstream and Gravity Acquisitions of $4.8 million and $11.0 million, respectively; and

Operating expenses for the gathering and processing segment increased by $22.8 million, or 58.2%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•incremental costs associated with the H2O Midstream and Gravity Acquisitions of $10.2 million and 17.8 million, respectively; and

EBITDA

EBITDA increased by $9.3 million, or 16.9%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the following:

•incremental EBITDA of $9.4 million and $10.3 million associated with H2O Midstream and Gravity Acquisitions, respectively; and

•partially offset by lower revenue related to sales-type lease accounting.

EBITDA increased by $19.4 million, or 17.3%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•incremental EBITDA of $19.6 million and $24.2 million associated with H2O Midstream and Gravity Acquisitions, respectively; and

•partially offset by lower revenue related to sales-type lease accounting.

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Wholesale Marketing and Terminalling Segment

The following tables and discussion present the results of operations and certain operating statistics of the wholesale marketing and terminalling segment for the three and six months ended June 30, 2025, and 2024:

(1)Excludes jet fuel and petroleum coke.

(2)Marketing agreement terminated on August 5, 2024, upon assignment to Delek Holdings.

(3)Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, our El Dorado and North Little Rock, Arkansas terminals and our Memphis and Nashville, Tennessee terminals.

Operational comparison of the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024

Net revenues for the wholesale marketing and terminalling segment decreased by $31.0 million, or 22.9%, in the second quarter of 2025 compared to the second quarter of 2024, driven primarily by the following:

•decreased revenue of $18.4 million in our West Texas marketing operations primarily driven by decreases in average sales prices per gallon, a net decrease in volumes sold, partially offset by an increase in RINs revenue:

◦the average sales prices per gallon of gasoline and diesel sold decreased by $0.34 and $0.33 per gallon, respectively;

◦the volumes of gasoline sold decreased by 2.7 million and the volumes of diesel sold increased by 0.3 million gallons; and

◦RINs revenue increased from $1.3 million in the second quarter of 2024 to $2.2 million in the second quarter of 2025, due to increased RINs prices.

•decrease of $7.4 million due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings in the third quarter of 2024.

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Net revenues for the wholesale marketing and terminalling segment decreased by $43.6 million, or 17.1%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•decreased revenue of $21.1 million in our West Texas marketing operations primarily driven by decrease in average sales prices per gallon, partially offset by net increase in volumes sold and an increase in RINs revenue:

◦the average sales prices per gallon of gasoline and diesel sold decreased by $0.28 and $0.32 per gallon, respectively;

◦the volumes of diesel sold increased by 2.0 million and the volumes of gasoline sold decreased by 1.6 million gallons; and

◦RINs revenue increased from $2.4 million in the second quarter of 2024 to $3.9 million in the second quarter of 2025, due to increased RINs prices.

•decrease of $14.2 million due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings in the third quarter of 2024.

The following charts show summaries of the average sales prices per gallon of gasoline and diesel and refined products volume impacting our West Texas operations for the three and six months ended June 30, 2025, and 2024.

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Cost of materials and other for the wholesale marketing and terminalling segment decreased by $19.4 million, or 18.7%, in the second quarter of 2025 compared to the second quarter of 2024, driven primarily by the following:

•decreased costs of materials and other of $19.3 million in our West Texas marketing operations primarily driven by decreases in average cost per gallon of gasoline and diesel sold and net decrease in volumes sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.31 per gallon and $0.36 per gallon, respectively; and

◦the volumes of gasoline sold decreased by 2.7 million and the volumes of diesel sold increased by 0.3 million gallons.

Cost of materials and other for the wholesale marketing and terminalling segment decreased by $21.7 million, or 11.1%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•decreased costs of materials and other of $21.7 million in our West Texas marketing operations primarily driven by decrease in average cost per gallon, partially offset by net increase in volumes sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.24 per gallon and $0.33 per gallon, respectively; and

◦the volumes of diesel sold increased by 2.0 million gallons, and the volumes of gasoline sold decreased by 1.6 million.

The following chart shows a summary of the average prices per gallon of gasoline and diesel purchased in our West Texas operations for the three and six months ended June 30, 2025, and 2024. Refer to the Refined Products Volume - Gallons chart above for a summary of volumes impacting our West Texas operations.

Operating expenses for the wholesale marketing and terminalling segment decreased by $2.1 million, or 64.2%, in the second quarter of 2025 compared to the second quarter of 2024, driven primarily by a decrease in outside service costs.

Operating expenses for the wholesale marketing and terminalling segment decreased by $2.1 million or 30.0%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, driven primarily by a decrease in outside service costs.

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EBITDA

EBITDA decreased by $11.3 million, or 37.3%, in the second quarter of 2025 compared to the second quarter of 2024, driven primarily by the following:

•lower revenue related to sales-type lease accounting;

•lower revenue due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings; and

•partially offset by a $1.13 per barrel increase in wholesale margins.

EBITDA decreased by $23.3 million, or 42.0%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by the following:

•lower revenue related to sales-type lease accounting;

•lower revenue due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings; and

•partially offset by a $0.29 per barrel increase in wholesale margins.

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Storage and Transportation Segment

The following tables and discussion present the results of operations and certain operating statistics of the storage and transportation segment for the three and six months ended June 30, 2025 and 2024:

Operation comparison of the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024

Net revenues for the storage and transportation segment decreased by $12.4 million, or 34.1%, in the second quarter of 2025 compared to the second quarter of 2024, primarily due to recording certain storage fees as interest income under sales-type lease accounting that were recorded as revenue in the prior year period.

Net revenues for the storage and transportation segment decreased by $24.7 million, or 33.7%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to recording certain storage fees as interest income under sales-type lease accounting that were previously recorded as revenue in the prior year period.

Cost of materials and other for the storage and transportation segment decreased by $1.4 million, or 9.5%, in the second quarter of 2025 compared to the second quarter of 2024.

Cost of materials and other for the storage and transportation segment decreased by $0.2 million, or 0.9%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

Operating expenses for the storage and transportation segment decreased by $0.7 million, or 16.3%, in the second quarter of 2025 compared to the second quarter of 2024.

Operating expenses for the storage and transportation segment decreased by $0.6 million, or 6.3%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

EBITDA

EBITDA decreased by $9.7 million, or 58.1%, in the second quarter of 2025 compared to the second quarter of 2024, primarily due to decrease in revenue related to sales-type lease accounting.

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EBITDA decreased by $23.4 million, or 67.2%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a decrease in revenue related to sales-type lease accounting.

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Investments in Pipeline Joint Ventures Segment

The Investments in Pipeline Joint Ventures segment relates to strategic Joint Venture investments, accounted for as equity method investments, to support the Delek Holdings operations in terms of offering connection to takeaway pipelines, alternative crude supply sources and flow of high-quality crude oil to the Delek Holdings refining system. As a result, Delek Holdings is a major shipper and customer on certain of the Joint Venture pipelines, with minimum volume commitment ("MVC") agreements, which cushion the Joint Venture entities during periods of low activity. The other Joint Venture owners are usually major shippers on the pipelines resulting in a majority of the revenue of the Joint Venture entities coming from MVC agreements with related entities.

Investments in pipeline joint ventures segment include the Partnership's joint ventures investments described in Note 8 of our condensed consolidated financial statements in Item 1, Financial Statements, of this Quarterly Report on Form 10-Q.

Refer to Consolidated Results of Operations above for details and discussion of the investments in pipeline joint ventures segment for the three and six months ended June 30, 2025.