Delek Logistics Partners, LP

Consolidated Results of Operations — Comparison of the three months ended March 31, 2026 compared to the three months ended March 31, 2025

Net revenues increased by $47.5 million, or 19.0%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by the following:

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

◦the average sales prices per gallon of gasoline and diesel sold increased by $0.09 and $0.35 per gallon, respectively;

◦the average volumes of gasoline sold increased by 4.7 million gallons, while the average volumes of diesel sold decreased by 0.8 million gallons; and

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

•increased revenue of $36.1 million in our gathering and processing segment primarily associated with the Delek Permian Gathering purchasing and blending activities which was transferred from Delek Holdings on May 1, 2025 (the "DPG Dropdown") and increased crude activity in our Delaware Gathering operations; and

•partially offsetting these increases was a decrease of $6.7 million associated with the termination of the East Texas Marketing Agreement.

Cost of materials and other increased by $39.6 million, or 30.7%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•an increase of $15.6 million in our West Texas marketing operations primarily driven by increase in average cost per gallon and volumes sold; and

•an increase of $26.0 million in our gathering and processing segment primarily associated with increased crude oil activity in our Delaware Gathering operations and the DPG Dropdown.

Operating expenses increased by $6.1 million, or 14.8%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•an increase of $5.4 million in outside services and $2.1 million in variable expenses; and

•partially offsetting these increases was a $2.2 million decrease in maintenance and repairs costs.

General and Administrative Expenses

General and administrative expenses decreased by $4.6 million, or 51.8%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by a decrease in insurance expense.

29 |

Depreciation and Amortization

Depreciation and amortization increased by $8.8 million, or 31.7%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•additional assets associated with the gas plant expansion; and

•additional equipment under finance leases.

Other operating expense (income), net

Other operating income, net decreased by $5.3 million, or 123.9%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by $4.3 million in condemnation proceeds received in the first quarter of 2025.

Interest Income

Interest income increased by $9.7 million, or 43.2%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•the modification of certain sales type leases associated with the Tyler refinery tank and El Dorado tank and terminal assets being sold to Delek Holdings under the Intercompany Agreements; and

•partially offset by the termination of income from sales type lease associated the El Dorado rail facility assets sold to Delek Holdings on January 2, 2026.

Interest Expense

Interest expense increased by $10.5 million, or 25.5%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•increase of $12.9 million due to the issuance of the $700 million senior note during the second quarter 2025; and

•partially offsetting this increase was a decrease associated with our revolver primarily due to decreased average balance.

Results from Equity Method Investments

Income from equity method investments increased by $1.5 million, or 14.5%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the following:

•increase of $3.8 million from our investment in W2W; and

•partially offsetting this increase was a $2.3 million decrease in income from our investments in other joint ventures.

30 |

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 months ended March 31, 2026 and 2025:

(1) bpd - average barrels per day.

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

(3)Consists of volumes of H2O Midstream and Gravity. 2025 Gravity volumes are from January 2, 2025, to March 31, 2025.

Comparison of the three months ended March 31, 2026 compared to the three months ended March 31, 2025

Net revenues for the gathering and processing segment increased by $36.1 million, or 30.4%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the DPG Dropdown and increased crude activity in our Delaware Gathering operations.

31 |

Cost of materials and other for the gathering and processing segment increased by $26.0 million, or 106.6%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, driven primarily by increased crude oil activity in our Delaware Gathering operations and the DPG Dropdown.

Operating expenses for the gathering and processing segment increased by $1.9 million, or 6.1%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•an increase in outside services costs and variable expenses; and

•partially offset by decreased maintenance and repairs costs and lease expense.

EBITDA

EBITDA increased by $2.7 million, or 3.9%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the DPG Dropdown and increased crude activity in our Delaware Gathering operations.

32 |

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 months ended March 31, 2026 and 2025:

(1)East Texas Marketing agreement was terminated on January 1, 2026.

(2)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 months ended March 31, 2026 compared to the three months ended March 31, 2025

Net revenues for the wholesale marketing and terminalling segment increased by $11.1 million, or 10.4%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

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

◦the average sales prices per gallon of gasoline and diesel sold increased by $0.09 and $0.35 per gallon, respectively;

◦the average volumes of gasoline sold increased by 4.7 million gallons, while the average volumes of diesel sold decreased by 0.8 million gallons; and

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

•Partially offsetting this increase was a decrease of $6.7 million associated with the termination of the East Texas Marketing Agreement.

33 |

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 months ended March 31, 2026 and 2025.

Cost of materials and other for the wholesale marketing and terminalling segment increased by $15.5 million, or 17.3%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•increased costs of materials and other of $15.6 million in our West Texas marketing operations primarily driven by an increase in average cost per gallon and a net increase in volumes sold:

◦the average cost per gallon of gasoline and diesel sold increased by $0.03 per gallon and $0.40 per gallon, respectively; and

◦the volumes of gasoline sold increased by 4.7 million gallons, while diesel sold decreased by 0.8 million gallons.

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 months ended March 31, 2026 and 2025. Refer to the Refined Products Volume - Gallons chart above for a summary of volumes impacting our West Texas operations.

34 |

Operating expenses for the wholesale marketing and terminalling segment decreased by $0.9 million or 24.4%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, driven primarily by a decrease in outside service costs.

EBITDA

EBITDA decreased by $3.5 million, or 26.3%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the following:

•lower revenue due to the termination of the East Texas Marketing Agreement; and

•partially offset by a $2.78 per barrel increase in wholesale margins.

35 |

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 months ended March 31, 2026 and 2025:

Operation comparison of the three months ended March 31, 2026 compared to the three months ended March 31, 2025

Net revenues for the storage and transportation segment increased by $0.4 million, or 1.5%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Cost of materials and other for the storage and transportation segment decreased by $1.9 million, or 12.6%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by a decrease in transportation costs in our trucking operations.

Operating expenses for the storage and transportation segment increased by $1.0 million, or 18.7%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by an increase in outside service costs.

EBITDA

EBITDA increased by $1.3 million, or 30.4%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by a decrease in transportation costs in our trucking operations.

36 |

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 months ended March 31, 2026.