Delek Logistics Partners, LP

Sources of Capital

We consider the following when assessing our liquidity and capital resources:

At March 31, 2026, our total liquidity amounted to $1,148.8 million comprised of $1,138.9 million in unused credit commitments under our third-party revolving credit facility (as discussed in Note 6 of our condensed consolidated financial statements in Item 1, Financial Statements, of this Quarterly Report on Form 10-Q), and $9.9 million in cash and cash equivalents. Historically, we have generated adequate cash from operations to fund ongoing working capital requirements, pay quarterly cash distributions and operational capital expenditures, and we expect the same to continue in the foreseeable future. Other funding sources, including the issuance of additional debt securities, have been utilized to fund growth capital projects such as dropdowns and other acquisitions. In addition, we have historically been able to source funding at rates that reflect market conditions, our financial position and our credit ratings. We continue to monitor market conditions, our financial position and our credit ratings and expect future funding sources to be at rates that are sustainable and profitable for the Partnership. However, there can be no assurances regarding the availability of any future financings or additional credit facilities or whether such financings or additional credit facilities can be made available on terms that are acceptable to us. We believe we have sufficient financial resources from the above sources to meet our funding requirements in the next 12 months, including working capital requirements, quarterly cash distributions and capital expenditures. Nevertheless, our ability to satisfy working capital requirements, to service our debt obligations, to fund planned capital expenditures, or to pay distributions will depend upon future operating performance, which will be affected by prevailing economic conditions in the oil industry and other financial and business factors, including crude oil prices, some of which are beyond our control. We continuously review our liquidity and capital resources. If market conditions were to change, for instance due to a significant decline in crude oil prices, and our revenue was reduced significantly or operating costs were to increase significantly, our cash flows and liquidity could be reduced. Additionally, it could cause the rating agencies to lower our credit ratings. There are no ratings triggers that would accelerate the maturity of any borrowings under our debt agreements.

Cash Distributions

On April 23, 2026, the board of directors of our general partner declared a distribution of $1.130 per common unit (the "Distribution"), which equates to an estimated amount of approximately $60.5 million per quarter, or approximately $241.9 million per year, based on the number of common units outstanding as of March 31, 2026. The Distribution will be paid on May 11, 2026, to common unitholders of record on May 4, 2026, and represents a 1.8% increase over the first quarter 2025 distribution. This increase in the distribution is consistent with our intent to maintain an attractive distribution growth profile over the long term. Although our Partnership Agreement requires that we distribute all of our available cash each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.

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The table below summarizes the quarterly distributions related to our quarterly financial results:

Unit Repurchase

On February 24, 2025, the Partnership and Delek Holdings entered into a Common Unit Purchase Agreement whereby the Partnership may repurchase common units from time to time from Delek Holdings in one or more transactions for an aggregate purchase price of up to $150.0 million through December 31, 2026 (each such repurchase, a “Repurchase”). The Partnership may fund Repurchases using cash on hand or borrowings under its existing credit facility, subject to compliance with applicable covenants. During the three months ended March 31, 2025, 243,075 common units were repurchased from Delek Holdings and cancelled at the time of the transaction for a total of $10.0 million. No common units were repurchased for the three months ended March 31, 2026. As of March 31, 2026, there was $140.0 million of authorization remaining under the Common Unit Repurchase Agreement.

Cash Flows

The following table sets forth a summary of our consolidated cash flows for the three months ended March 31, 2026, and 2025 (in thousands):

Operating Activities

Net cash provided by operating activities increased by $138.8 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The cash receipts from customer activities increased by $32.2 million and cash payments to suppliers and for allocations to Delek Holdings for salaries decreased by $98.5 million. Additionally contributing to the increase was a $5.5 million increase in cash dividends received from equity method investments, as well as a $2.6 million decrease in cash paid for debt interest.

Investing Activities

Net cash used in investing activities decreased by $185.5 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a decrease of $181.2 million associated with the Gravity Acquisition in the prior year with no corresponding activity in the current year. Purchases of property, plant and equipment decreased $7.0 million primarily associated with growth projects in our gathering and processing segment. Also contributing to this decrease was an increase in distributions received from equity method investments of $2.9 million. Partially offsetting this decrease was a decrease in proceeds from sale of property, plant and equipment of $4.2 million compared to the prior year and $1.3 million increase in purchase of intangible assets.

Financing Activities

Net cash used in financing activities increased by $322.0 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This increase was primarily driven by an increase in net payments on our revolving credit facility of $320.5 million. Additionally contributing to this increase was an increase in deferred financing costs paid of $9.0 million and a $2.2 million increase in payments on finance leases.

Partially offsetting the increase was a decrease of $10.0 million due to unit repurchases from Delek Holdings in the prior period.

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Debt Overview

As of March 31, 2026, we had total indebtedness of $2,311.1 million. The decrease of $50.8 million in our long-term debt balance compared to the balance at December 31, 2025, resulted from a decrease in borrowings under our revolving facility during the three months ended March 31, 2026. As of March 31, 2026, our total indebtedness consisted of:

•An aggregate principal amount of $161.1 million under the DKL Revolving Facility, due on March 26, 2031, with an average borrowing rate of 5.99%.

•An aggregate principal amount of $400.0 million, under the 2028 Notes (7.125% senior notes), due in 2028, with an effective interest rate of 7.37%.

•An aggregate principal amount of $1,050.0 million, under the 2029 Notes (8.625% senior notes), due in 2029, with an effective interest rate of 8.80%.

•An aggregate principal amount of $700.0 million, under the 2033 Notes (7.375% senior notes), due in 2033, with an effective interest rate of 7.63%.

We believe we were in compliance with the covenants in all debt facilities as of March 31, 2026. See Note 6 to our condensed consolidated financial statements for a complete discussion of our third-party indebtedness.

Agreements Governing Certain Indebtedness of Delek Holdings

Delek Holdings' level of indebtedness, the terms of its borrowings and any future credit ratings could adversely affect our ability to grow our business, our ability to make cash distributions to our unitholders and our credit profile. Our current and future credit ratings may also be affected by Delek Holdings' level of indebtedness, financial performance and credit ratings.

Capital Spending

A key component of our long-term strategy is our capital expenditure program, which includes strategic consideration and planning for the timing and extent of regulatory maintenance, sustaining maintenance, and growth capital projects. These categories are described below:

•Regulatory maintenance projects in the gathering and processing segment are those expenditures expected to be spent on certain of our pipelines to maintain their operational integrity pursuant to applicable environmental and other regulatory requirements. Regulatory projects in the wholesale marketing and terminalling segment relate to scheduled maintenance and improvements on our terminalling tanks and racks at certain of our terminals in order to maintain environmental and other regulatory compliance. These expenditures have historically been and will continue to be financed through cash generated from operations.

•Sustaining capital expenditures represent capitalizable expenditures for the addition or improvement to, or the replacement of, our capital assets, and for the acquisition of existing, or the construction or development of new, capital assets made to maintain our long-term operating income or operating capacity. Examples of sustaining capital expenditures are expenditures for the repair, refurbishment and replacement of pipelines, tanks and terminals, to maintain equipment reliability, integrity and safety and to maintain compliance with environmental laws and regulations. Delek Holdings has agreed to reimburse us with respect to certain assets it has transferred to us pursuant to the terms of the Omnibus Agreement (as defined in Note 3 to our accompanying condensed consolidated financial statements). When not provided for under reimbursement agreements, such activities are generally funded by cash generated from operations.

•Growth projects include those projects that do not fall into one of the two categories above, and could include committed expansion projects under contracts with customers as well as other incremental growth projects, but are generally expected to produce incremental cash flows in accordance with our internal return on invested capital policy. Depending on the magnitude, funding for such projects may include cash generated from operations, borrowings under existing credit facilities, or issuances of additional debt or equity securities.

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The following table summarizes our actual capital expenditures, including any material capital expenditure payments made or forecasted to be made in advance of receipt of goods and materials, for the three months ended March 31, 2026:

(1)Amounts exclude capitalized interest and internal labor costs totaling $2.6 million, which are predominantly associated with our gathering and processing segment.

The amount of our capital expenditure forecast is subject to change due to unanticipated increases in the cost, scope and completion time for our capital projects. For example, we may experience increases in the cost of and/or timing to obtain necessary equipment required for our continued compliance with government regulations or to complete improvement projects. Additionally, the scope and cost of employee or contractor labor expense related to installation of that equipment could increase from our projections.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements through the date of the filing of this Quarterly Report on Form 10-Q.

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