Delek Logistics Partners, LP

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

Net revenues increased by $47.2 million, or 22.1%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the following:

•increase in incremental revenue associated with the Gravity acquisition of $20.7 million and an increase in revenue associated with the H2O Midstream acquisition of $11.0 million.

•increased revenue of $15.5 million related to the DPG dropdown agreement that went into effect in the second quarter of 2025

•increased revenue of $2.4 million in our West Texas marketing operations primarily driven by increase in volumes sold, increase in average sales prices of diesel per gallon, and an increase in RINs revenue, partially offset by decrease in average prices of gasoline per gallon:

◦the average sales prices of gasoline sold decreased by $0.13 per gallon and the average prices of diesel sold increased by $0.04 per gallon;

◦the average volumes of gasoline and diesel sold increased by 0.4 million and 1.2 million gallons, respectively;

◦RINs revenue increased $1.0 million due to increased RINs prices.

•partially offset by a decrease of $1.4 million due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings in the third quarter of 2024; and

•decrease in revenue related to the termination of the Centrifuge Slurry agreement in December 2024

Net revenues increased by $26.8 million, or 3.7%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was primarily driven by the following:

•increase in incremental revenue associated with the Gravity acquisition of $67.5 million and an increase in revenue associated with the H2O Midstream acquisition of $42.8 million.

•partially offset by decreased revenue of $18.7 million in our West Texas marketing operations primarily driven by decrease in average sales prices per gallon, partially offset by increase in volumes sold and an increase in RINs revenue:

◦the average sales prices per gallon of gasoline and diesel sold decreased by $0.22 and $0.21 per gallon, respectively;

◦the average volumes of diesel sold increased by 3.2 million and the average volumes of gasoline sold decreased by 1.2 million gallons; and

◦RINs revenue increased $2.4 million due to increased RINs prices.

•decreased revenue of $40.0 million due to recording certain throughput fees as interest income under sales-type lease accounting, whereas these fees were recognized as revenue during part of the prior year period; and

•decrease of $12.1 million due to the assignment of the Big Spring Refinery marketing agreement to Delek Holdings in the third quarter of 2024.

Cost of materials and other increased by $12.2 million, or 10.4%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the following:

•increased costs of materials and other of $1.2 million in our West Texas marketing operations primarily driven by decreases in average cost per gallon of gasoline and diesel sold, partially offset by an increase in volumes sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.08 per gallon and $0.04 per gallon, respectively; and

◦the volumes of gasoline and diesel sold increased by 0.4 million and 1.2 million gallons, respectively.

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $5.3 million and $1.2 million, respectively.

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Cost of materials and other decreased by $1.1 million, or 0.3%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the following:

•decreased costs of materials and other of $20.5 million in our West Texas marketing operations primarily driven by decrease in average cost per gallon, partially offset by net increase in volumes of diesel sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.19 per gallon and $0.24 per gallon, respectively; and

◦the average volumes of diesel sold increased by 3.2 million gallons, and the average volumes of gasoline sold decreased by 1.2 million.

•partially offset by incremental costs associated with the Gravity and H2O Midstream Acquisitions of $10.1 million and $2.9 million, respectively.

Operating expenses increased by $15.9 million, or 57.1%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the following:

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $6.2 million and $1.9 million, respectively; and

•increase in natural gas and electrical costs; and

•increase in employee costs.

Operating expenses increased by $33.4 million, or 37.4%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the following:

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $24.0 million and $12.1 million, respectively;

•partially offset by decreases in outside services.

General and Administrative Expenses

General and administrative expenses decreased by $11.2 million, or 71.3%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the following:

•decreases in outside services.

General and administrative expenses decreased by $4.3 million, or 16.1%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by following:

•decreases in outside services.

Depreciation and Amortization

Depreciation and amortization increased by $13.6 million, or 64.1%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the additional fixed asset base from the Gravity and H2O Midstream Acquisitions.

Depreciation and amortization increased by $17.7 million, or 24.6%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the additional fixed asset base from the Gravity and H2O Midstream Acquisitions.

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Other operating expense (income), net

Other operating expense, net increased by $3.1 million in the third quarter of 2025 compared to the third quarter of 2024.

Other operating income, net decreased by $0.5 million in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Interest Income

Interest income increased by $3.2 million in the third quarter of 2025 compared to the third 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 $49.3 million in the nine months ended September 30, 2025, compared to the nine months ended September 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 $11.0 million, or 29.6%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by

•increased interest due to the issuance of the $700 million senior note during the second quarter 2025;

•partially offset by a decrease in interest on our outstanding revolver due to a decreased average balance.

Interest expense increased by $18.3 million, or 16.2%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by

•increased interest due to the issuance of the $700 million senior note during the second quarter 2025;

•partially offset by a decrease in interest on our outstanding revolver due to a decreased average balance; and

•decreased interest due to the pay off of a term loan during 2024.

Results from Equity Method Investments

Income from equity method investments increased by $6.3 million, or 40.2%, in the third quarter of 2025 compared to the third quarter of 2024, primarily due to the following:

•the acquisition of the W2W Investment on August 5, 2024, which contributed incremental income of $10.4 million during the period; and

•partially offset by a $4.1 million decrease in income from our investments in our other joint ventures.

Income from equity method investments increased by $10.6 million, or 33.1%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to the following:

•the acquisition of the W2W Investment on August 5, 2024, which contributed incremental income of $22.0 million during the period; and

•partially offset by a $11.4 million decrease in income from our investments in our other joint ventures.

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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 nine months ended September 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 September 30, 2025.

Operational comparison of the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024

Net revenues for the gathering and processing segment increased by $50.7 million, or 62.2%, in the third quarter of 2025 compared to the third quarter of 2024, primarily due to the following:

•an increase in revenue associated with the Gravity operations of $20.7 million which began on January 2, 2025; and

•an increase in revenue associated with the H2O Midstream operations of $11.0 million which began in September 2024.

Net revenues for the gathering and processing segment increased by $98.5 million, or 36.5%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to the following:

•an increase in revenue associated with the Gravity operations of $67.5 million which began on January 2, 2025;

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•an increase in revenue associated with the H2O Midstream operations of $42.8 million which began in September 2024; and

•partially offset by a decrease due to recording certain throughput fees as interest income under sales-type lease accounting, whereas these fees were recognized as revenue during part of the prior year period.

Cost of materials and other for the gathering and processing segment increased by $11.3 million, or 56.5%, in the third quarter of 2025 compared to the third quarter of 2024, driven primarily by the following:

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $5.3 million and $1.2 million, respectively.

Cost of materials and other for the gathering and processing segment increased by $19.9 million, or 34.5%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, driven primarily by the following:

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $10.1 million and $2.9 million, respectively.

Operating expenses for the gathering and processing segment increased by $12.5 million, or 68.2%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the following:

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $6.2 million and $1.9 million, respectively; and

•increases in employee costs.

Operating expenses for the gathering and processing segment increased by $35.4 million, or 61.4%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the following:

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $24.0 million and $12.1 million, respectively.

EBITDA

EBITDA increased by $27.2 million, or 64.1%, in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the following:

•incremental EBITDA of $9.1 million and $7.6 million associated with the Gravity and H2O Midstream Acquisitions, respectively.

EBITDA increased by $46.6 million, or 30.1%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the following:

•incremental EBITDA of $33.3 million and $27.2 million associated with the Gravity and H2O Midstream Acquisitions, respectively.

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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 nine months ended September 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 nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024

Net revenues for the wholesale marketing and terminalling segment decreased by $2.2 million, or 2.1%, in the third quarter of 2025 compared to the third quarter of 2024, driven primarily by the following:

•decrease due to recording certain throughput fees as interest income under sales-type lease accounting, whereas these fees were recognized as revenue during part of the prior year period; and

•decrease of $1.4 million due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings in the third quarter of 2024;

•partially offset by increased revenue of $2.4 million in our West Texas marketing operations primarily driven by a net increase in volumes sold, an increase in average sales prices of diesel per gallon, and an increase in RINs revenue, partially offset by a decrease in average prices of gasoline per gallon:

◦the average sales prices of gasoline sold decreased by $0.13 per gallon and the average prices of diesel sold increased by $0.04 per gallon;

◦the average volumes of gasoline and diesel sold increased by 0.4 million and 1.2 million gallons, respectively;

◦RINs revenue increased $1.0 million due to increased RINs prices.

Net revenues for the wholesale marketing and terminalling segment decreased by $45.8 million, or 12.6%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the following:

•decreased revenue of $18.7 million in our West Texas marketing operations primarily driven by decrease in average sales prices per gallon, partially offset by increase in volumes sold and an increase in RINs revenue:

◦the average sales prices per gallon of gasoline and diesel sold decreased by $0.22 and $0.21 per gallon, respectively;

◦the average volumes of diesel sold increased by 3.2 million and the average volumes of gasoline sold decreased by 1.2 million gallons; and

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◦RINs revenue increased $2.4 million due to increased RINs prices.

•decrease due to recording certain throughput fees as interest income under sales-type lease accounting, whereas these fees were recognized as revenue during part of the prior year period; and

•decrease of $12.1 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 nine months ended September 30, 2025, and 2024.

Cost of materials and other for the wholesale marketing and terminalling segment increased by $1.5 million, or 1.8%, in the third quarter of 2025 compared to the third quarter of 2024, driven primarily by the following:

•increased costs of materials and other of $1.2 million in our West Texas marketing operations primarily driven by decreases in average cost per gallon of gasoline and diesel sold, partially offset by an increase in volumes sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.08 per gallon and $0.04 per gallon, respectively; and

◦the volumes of gasoline and diesel sold increased by 0.4 million and 1.2 million gallons, respectively.

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Cost of materials and other for the wholesale marketing and terminalling segment decreased by $20.1 million, or 7.2%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the following:

•decreased costs of materials and other of $20.5 million in our West Texas marketing operations primarily driven by decrease in average cost per gallon, partially offset by a net increase in volumes of diesel sold:

◦the average cost per gallon of gasoline and diesel sold decreased by $0.19 per gallon and $0.24 per gallon, respectively; and

◦the average volumes of diesel sold increased by 3.2 million gallons, and the average volumes of gasoline sold decreased by 1.2 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 nine months ended September 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 $1.1 million, or 31.9%, in the third quarter of 2025 compared to the third quarter of 2024, driven primarily by a decrease in outside service costs.

Operating expenses for the wholesale marketing and terminalling segment decreased by $3.2 million or 30.6%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, driven primarily by a decrease in outside service costs.

EBITDA

EBITDA decreased by $6.0 million, or 29.8%, in the third quarter of 2025 compared to the third 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 $1.11 per barrel increase in wholesale margins.

EBITDA decreased by $29.3 million, or 38.8%, in the nine months ended September 30, 2025, compared to the nine months ended September 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 $0.56 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 nine months ended September 30, 2025 and 2024:

Operation comparison of the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024

Net revenues for the storage and transportation segment decreased by $1.3 million, or 5.0%, in the third quarter of 2025 compared to the third quarter of 2024, primarily due to recording certain storage fees as interest income under sales-type lease accounting, whereas these fees were recognized as revenue during part of the prior year period.

Net revenues for the storage and transportation segment decreased by $26.0 million, or 26.3%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to recording certain storage fees as interest income under sales-type lease accounting, whereas these fees were recognized as revenue during part of the prior year period.

Cost of materials and other for the storage and transportation segment decreased by $0.7 million, or 4.9%, in the third quarter of 2025 compared to the third quarter of 2024.

Cost of materials and other for the storage and transportation segment decreased by $0.9 million, or 2.2%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Operating expenses for the storage and transportation segment increased by $0.5 million, or 9.9%, in the third quarter of 2025 compared to the third quarter of 2024.

Operating expenses for the storage and transportation segment decreased by $0.1 million, or 0.9%, in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

EBITDA

EBITDA decreased by $1.3 million, or 17.0%, in the third quarter of 2025 compared to the third quarter of 2024, primarily due to decrease in revenue related to sales-type lease accounting.

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EBITDA decreased by $24.7 million, or 58.3%, in the nine months ended September 30, 2025, compared to the nine months ended September 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 9 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 nine months ended September 30, 2025.