DKL on NYSE

Delek Logistics Partners, LP

American pipe lines based in Brentwood, incorporated in Tennessee2

In its 2026 annual report the company says: “The Partnership is a Delaware limited partnership formed in 2012 by Delek US Holdings, Inc. and its subsidiary Delek Logistics GP, LLC, our general partner.”69 Its shares trade on NYSE under the symbol DKL.2

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Last updated Oct 20, 2026.

Overview

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  • TickerDKL on NYSE2
  • IndustryPipe Lines (No Natural Gas)2
  • HeadquartersBrentwood, United States2
  • Incorporated inTN3
  • Business address310 Seven Springs Way, Suite 500, Brentwood, Tn 370273
  • Filer categoryLarge accelerated filer3
  • Legal formLimited Partnership2
  • Kind of organizationLimited partnership2
  • LEI549300UVYITDIU51P7242
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 51441982

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

17.9%Operating margin4
17.4%Net margin4
7.7%Revenue growth, 20254
-$30.6MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product Revenue - Third Party brought in 54% of the revenue Delek Logistics Partners, LP broke down this way in fiscal 2025.

  1. Product Revenue - Third Party$432.1M454%up 28% from 2024
  2. Product Revenue -Affiliate$180.7M423%up 22% from 2024
  3. Service Revenue - Affiliate$102.9M413%up 11% from 2024
  4. Service Revenue - Third Party$81.7M410%down 3% from 2024
Products and services by year
Products and services202320242025
Product Revenue - Third Party$384.8M$338.6M$432.1M
Product Revenue -Affiliate$138.7M$148.4M$180.7M
Service Revenue - Affiliate$114.0M$92.8M$102.9M
Service Revenue - Third Party$71.8M$84.2M$81.7M

Business segments

Gathering And Processing brought in 49% of the revenue Delek Logistics Partners, LP broke down this way in fiscal 2025.

  1. Gathering And Processing$498.1M449%up 37% from 2024
  2. Wholesale Marketing and Terminalling$417.6M441%down 8% from 2024
  3. Storage And Transportation$97.6M410%down 22% from 2024
Business segments by year
Business segments202320242025
Gathering And Processing$371.1M$364.7M$498.1M
Wholesale Marketing and Terminalling$505.7M$451.5M$417.6M
Storage And Transportation$143.6M$124.4M$97.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue79¢$798.2M
  • Selling, general and admin3¢$28.6M
  • Other costs1¢$9.6M
  • Income tax0¢$458.0K
  • Profit17¢$176.5M

Out of $1.0B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending96¢$267.8M
  • Share buybacks4¢$10.0M

Out of $237.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue56784$1.0B in 2025+74% since 2019
0$500.0M$1.0B$1.5B2019: $584.0M$584.0M20192020: $563.4M$563.4M2020−4%2021: $700.9M$700.9M2021+24%2022: $1.0B$1.0B2022+48%2023: $1.0B$1.0B2023−2%2024: $940.6M$940.6M2024−8%2025: $1.0B$1.0B2025+8%
Operating income56784$181.8M in 2025+45% since 2019
0$100.0M$200.0M$300.0M2019: $125.8M$125.8M20192020: $179.8M$179.8M2020+43%2021: $190.5M$190.5M2021+6%2022: $209.7M$209.7M2022+10%2023: $238.9M$238.9M2023+14%2024: $202.8M$202.8M2024−15%2025: $181.8M$181.8M2025−10%
Net income56784$176.5M in 2025+82% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $96.7M$96.7M20192020: $159.3M$159.3M2020+65%2021: $164.8M$164.8M2021+3%2022: $159.1M$159.1M2022−4%2023: $126.2M$126.2M2023−21%2024: $142.7M$142.7M2024+13%2025: $176.5M$176.5M2025+24%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Net revenues$1.0B$940.6M$1.0B
Operating expenses (excluding depreciation and amortization presented below)$166.8M$122.0M$115.7M
Depreciation and amortization$122.1M$91.1M$87.1M
Total cost of sales$798.2M$696.9M$735.4M
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)$1.6M$714.0K$2.4M
General and administrative expenses$28.6M$35.9M$24.8M
Depreciation and amortization$3.5M$5.2M$5.2M
Impairment of goodwill$0$0$14.8M
Other operating income, net-$436.0K-$978.0K-$1.3M
Total operating costs and expenses$831.5M$737.8M$781.5M
Operating income$181.8M$202.8M$238.9M
Interest income-$112.5M-$47.8M$0
Interest expense$179.3M$151.0M$143.2M
Income from equity method investments-$61.8M-$43.3M-$31.4M
Other income, net-$60.0K-$205.0K-$303.0K
Total non-operating expenses, net$4.9M$59.7M$111.5M
Income before income tax expense$176.9M$143.2M$127.4M
Income tax expense$458.0K$479.0K$1.2M
Net income$176.5M$142.7M$126.2M
Comprehensive income$176.5M$142.7M$126.2M
Less: Preferred unitholder's interest in net income$0$768.0K$0
Net income attributable to limited partners$176.5M$141.9M$126.2M
Basic (in dollars per unit)$3$3$3
Diluted (in dollars per unit)$3$3$3
Basic (in units)53.5M shares47.5M shares43.6M shares
Diluted (in units)53.6M shares47.5M shares43.6M shares

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Corporate structure

Delek Logistics Partners, LP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Delek Logistics Partners, LP

  • ALPS ADVISORS INC Filed SCHEDULE 13G/A on Delek Logistics Partners, LP, latest Oct 7, 2026 (8 filings since Jan 8, 2025)
  • Delek Logistics Partners, LP Brentwood, Tennessee, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Delek Logistics Partners, LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.8B4 Dec 31, 2025$1.4B4 Dec 31, 2024+32.9%
Accumulated depreciation$403.5M4 Dec 31, 2025$311.1M4 Dec 31, 2024+29.7%
Property and equipment, net$1.4B4 Dec 31, 2025$1.1B4 Dec 31, 2024+33.8%
Finance-lease assets$27.8M4 Dec 31, 2025$883.0K4 Dec 31, 2024+3048.6%
Operating-lease assets (leased space)$11.7M4 Dec 31, 2025$16.7M4 Dec 31, 2024−29.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.9M4 Dec 31, 2025$5.4M4 Dec 31, 2024+102.3%
Stakes in other companies (equity method)$340.1M4 Dec 31, 2025$317.2M4 Dec 31, 2024+7.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$12.2M4 Dec 31, 2025$12.2M4 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$370.5M4 Dec 31, 2025$281.5M4 Dec 31, 2024+31.6%
Accumulated amortization$73.1M4 Dec 31, 2025$49.4M4 Dec 31, 2024+48.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$17.9M4 Dec 31, 2025$5.4M4 Dec 31, 2024+230.1%

Leadership

Who has led Delek Logistics Partners, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ezra Uzi Yemin2012–2022

Chair

  1. Ezra Uzi Yemin2012–now

President

  1. Ezra Uzi Yemin2012
  2. Avigal Soreq2022–now

Chief financial officer

  1. Mark B. Cox2012
  2. Assi Ginzburg2013–2016
  3. Reuven Spiegel2020–2024
  4. Mark Wayne Hobbs2025

Chief operating officer

  1. Todd O'Malley2022–2023
201520202025
Board members and other officers (33)

Timeline

  1. Aug 14, 20268-K Entered a material agreement49
  2. Aug 14, 20268-K Regulation FD disclosure50
  3. Aug 13, 20268-K Other events51
  4. Aug 12, 20268-K Other events52
  5. Aug 5, 20268-K Results of operations53
  6. Jul 22, 20268-K Other events54
  7. Jul 2, 20268-K Executive or director change55
  8. May 14, 20268-K Entered a material agreement; New debt or obligation; Other events56
  9. May 5, 20268-K Other events57
  10. May 4, 20268-K Regulation FD disclosure; Other events58
  11. Apr 29, 20268-K Results of operations59
  12. Apr 23, 20268-K Other events60
  13. Jun 30, 2015Founded Delek Logistics Partners, LP is founded2
  14. Nov 1, 2012New chief executive Ezra Uzi Yemin becomes CEO13

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.85 a share, on Nov 7, 2025.61

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results53
  2. Apr 29, 2026Reported quarterly or annual results59
  3. Feb 27, 2026Reported quarterly or annual results62
  4. Nov 7, 2025Reported quarterly or annual results63
  5. Aug 6, 2025Reported quarterly or annual results64
  6. May 7, 2025Reported quarterly or annual results65
  7. Feb 25, 2025Reported quarterly or annual results66
  8. Nov 6, 2024Reported quarterly or annual results67

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

393 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 98 major events, 222 insider forms, 11 large holders, 40 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Sep 14, 20264 EDGAR
  3. Sep 14, 20264 EDGAR
  4. Sep 14, 20264 EDGAR
  5. Sep 14, 20264 EDGAR
  6. Aug 17, 20264 EDGAR
  7. Aug 17, 20264 EDGAR
  8. Aug 17, 20264 EDGAR
  9. Aug 17, 20264 EDGAR
  10. Aug 17, 20264 EDGAR
  11. Aug 14, 20268-K EDGAR
  12. Aug 14, 20268-K EDGAR
  13. Aug 14, 2026424B2 EDGAR
  14. Aug 13, 20268-K EDGAR
  15. Aug 12, 2026424B3 EDGAR
  16. Aug 12, 20268-K EDGAR
  17. Aug 5, 202610-Q EDGAR
  18. Aug 5, 20268-K EDGAR
  19. Jul 22, 20268-K EDGAR
  20. Jul 10, 20263 EDGAR

The 393 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

116 open-market trades by officers, directors and large owners since October 2021: 17 buys and 99 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 13, 2026Hobbs Mark WayneEVPBuy4,000$50.00$200.0KForm 4
Aug 13, 2026Wright Robert G.EVP, Chief Financial OfficerBuy1,500$50.00$75.0KForm 4
Aug 13, 2026Soreq AvigalPresidentBuy2,500$50.00$125.0KForm 4
Aug 13, 2026Spiegel ReuvenEVP, Delek LogisticsBuy1,000$50.00$50.0KForm 4
Aug 13, 2026Yemin Ezra UziChairmanBuy6,000$50.00$300.0KForm 4
Mar 4, 2026Spiegel ReuvenEVP, Delek LogisticsSale250$53.20$13.3KForm 4
Feb 4, 2026Spiegel ReuvenEVP, Delek LogisticsSale250$52.38$13.1KForm 4
Jan 5, 2026Spiegel ReuvenEVP, Delek LogisticsSale250$46.99$11.7KForm 4
Dec 4, 2025Spiegel ReuvenEVP, Delek LogisticsSale250$45.86$11.5KForm 4
Nov 5, 2025Spiegel ReuvenEVP, Delek LogisticsSale250$45.00$11.2KForm 4
Oct 6, 2025Spiegel ReuvenEVP, Delek LogisticsSale250$45.00$11.2KForm 4
Sep 12, 2025Spiegel ReuvenEVP, Delek LogisticsSale250$45.00$11.2KForm 4
Aug 20, 2025Brown Charles J IIIDirectorSale1,134$42.91$48.7KForm 4
Aug 4, 2025Spiegel ReuvenEVP, Delek LogisticsSale250$45.00$11.2KForm 4
Jul 29, 2025Spiegel ReuvenEVP, Delek LogisticsSale500$45.00$22.5KForm 4
Dec 16, 2024Yemin Ezra UziChairmanBuy3,750$39.95$149.8KForm 4
Dec 16, 2024Soreq AvigalPresidentBuy375$39.68$14.9KForm 4
Nov 14, 2024Yemin Ezra UziChairmanBuy710$38.72$27.5KForm 4
Oct 10, 2024Soreq AvigalPresidentBuy2,563$39.00$100.0KForm 4
Oct 10, 2024Spiegel ReuvenEVP, Delek LogisticsBuy1,282$39.00$50.0KForm 4

All 116 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 82. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Alps Advisors Inc4,384,141$226.0M1.1%−191,526
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,630,692$84.0M0.1%+32,990
Invesco Ltd.1,515,208$78.1M0.0%+16
Morgan Stanley528,545$27.2M0.0%+428,181
Goldman Sachs Group Inc490,801$25.3M0.0%−150,634
Clearbridge Investments, LLC489,458$25.2M0.0%+99,300
Jpmorgan Chase & Co328,315$16.8M0.0%−49,378
Raymond James Financial Inc275,718$14.2M0.0%+20,488
NEOS Investment Management LLC173,361$8.9M0.0%+62,267
Westwood Holdings Group Inc160,185$8.3M0.1%−439
Kornitzer Capital Management Inc /ks140,000$7.2M0.2%No change
Infrastructure Capital Advisors, LLC139,812$7.2M0.6%−16,664
Blackstone Inc.132,175$6.8M0.0%−6,150
UBS Group AG117,955$6.1M0.0%−9
Castellan Group93,263$4.8M0.5%+2,101
First Trust Advisors LP78,338$4.0M0.0%+7,332
Citadel Advisors LLC70,654$3.6M0.0%+52,765
Adams Asset Advisors, LLC70,288$3.6M0.4%No change
GraniteShares Advisors LLC61,632$3.2M2.0%+8,075
Sharpepoint LLC40,461$2.1M1.0%+1,982
IFG Advisory, LLC36,364$1.9M0.1%+1,883
LPL Financial LLC34,357$1.8M0.0%+1,880
Pinnacle Holdings, LLC33,044$1.7M0.5%No change
Bramshill Investments, LLC29,668$1.5M0.1%+445
Novem Group22,819$1.2M0.1%+17

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Delek Logistics Partners, LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDelek Logistics Partners, LP1
  • CIK0001552797
  • Employer ID (EIN)45-537902769
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company69
  • Incorporated inDelaware69
  • Fiscal year endsDecember 311
  • Industry code (SIC)4610 Pipe Lines (No Natural Gas)1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address310 Seven Springs Way, Suite 500, Brentwood, TN 370271
  • Phone61577167011
  • Shares outstanding53,197,301 as of Jul 30, 202611
  • Public float$809.8M as of Jun 30, 202569
  • AuditorErnst & Young LLP, Nashville, Tennessee PCAOB ID 42; it also attests to the company’s internal control over financial reporting69
  • On EDGAR sinceJul 12, 20121
  • Filings904 in all: 4 (423), 8-K (249), 10-Q (42), 3 (35), SC 13G/A (19), CORRESP (15), 10-K (14), 144 (12)1
    All 34 form types

    UPLOAD (11), SC 13G (9), SC 13D/A (8), EFFECT (7), SCHEDULE 13G/A (7), 424B3 (6), 4/A (5), 8-K/A (5), S-1/A (5), S-3 (5), 10-Q/A (3), 424B2 (3), CT ORDER (3), S-8 (3), 424B5 (2), 5 (2), DEF 14C (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERTNYS (1), S-1 (1), S-4 (1), SC 13D (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Latest 8-K (8-K) Aug 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Units Representing Limited Partner InterestsDKLNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).69

Risk factors and legal proceedings

The risks Delek Logistics Partners, LP names in Item 1A of its 10-K filed Feb 27, 2026: 78 risks under these headings, as written.69

  • Risks Relating to Our Business, Financial Condition, Results of Operations, Ability to Maintain our Assets and Cash Flows
  • Our relationship with Delek Holdings and their financial condition subjects us to potential risks that are beyond our control.
  • Developments which impact the global oil markets have had, may continue to have, an adverse impact on our business, our results of operations and our overall financial performance.
  • A regional or global disease outbreak could have a material adverse effect on our business, financial condition, results of operation and liquidity.
  • Our operations are subject to many risks and operational hazards, some of which may result in business interruptions and shutdowns of our facilities and liability for damages. If a significant accident or event occurs that results in a business interruption or shutdown, our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders could be adversely affected.
  • We may be unsuccessful in integrating the operations of the assets we have acquired or may acquire with our operations, and in realizing all or any part of the anticipated benefits of any such acquisitions.
  • Our insurance policies and contractual protections from Delek Holdings do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums.
  • The physical effects of climate change and severe weather present risks to our operations.
  • If we are unable to generate sufficient cash flow, our ability to pay quarterly distributions to our common unitholders at all or at current levels or our ability to increase our quarterly distributions in the future could be impaired materially.
  • The Russia-Ukraine War, Israel-Hamas War, events occurring in response thereto and any expansion of hostilities, may have an adverse impact on our business, our future results of operations, and our overall financial performance.
  • A material decrease in wholesale fuel margins or in the quantity of barrels sold to wholesale customers could adversely affect our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distribution to unitholders.
  • Our contract counterparties may suspend, reduce or terminate their obligations under our various commercial agreements in certain circumstances, including events of force majeure, which could have a material adverse effect on our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders.
The other 66 risks
  • If Delek Holdings satisfies only its minimum obligations under, or if we are unable to renew or extend, the various commercial agreements we have with Delek Holdings, our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders could suffer.
  • A material reduction in the volumes of crude oil or refined products that we handle for Delek Holdings could adversely affect our financial condition, results of operations, cash flows and ability to make distributions to unitholders. Our substantial dependence on Delek Holdings' Tyler, El Dorado and Big Spring refineries, as well as the lack of diversification of our assets and geographic locations, could have a material adverse effect on our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders.
  • There are certain environmental hazards and risks inherent in our operations that could adversely affect those operations and our financial results.
  • A material decrease in the supply of attractively priced crude oil could materially reduce the volumes of crude oil and refined products that we transport and store, which could materially and adversely affect our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to our unitholders.
  • A portion of our operations are conducted through joint ventures, over which we do not have full control and which have unique risks.
  • We are exposed to direct commodity price risk and interest rate risk, both of which may increase in the future. We may incur losses as a result of our forward contract activities and derivative transactions.
  • Our ability to expand may be limited if Delek Holdings’ business does not grow as expected.
  • We may not be able to significantly increase or retain our third-party revenue due to competition and other factors, which could limit our ability to grow and may increase our dependence on Delek Holdings.
  • The costs, scope, timelines and benefits of any construction projects we undertake may deviate significantly from our original plans and estimates, which could have a material adverse effect on our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders.
  • A shortage of skilled labor or disruptions in our labor force may make it difficult for us to maintain labor productivity.
  • If we are unable to obtain needed capital or financing on satisfactory terms to fund expansions of our asset base, our ability to make quarterly cash distributions may be diminished or our financial leverage could increase.
  • If third-party pipelines, terminals or other facilities interconnected to our pipeline systems or terminals become partially or fully unavailable, or if we are unable to fulfill our contractual obligations, our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to our unitholders could be adversely affected.
  • An interruption or reduction of supply and delivery of refined products to our wholesale marketing business could result in a decline in our sales and profitability.
  • We are exposed to the credit risks and certain other risks of our key customers and other contractual counterparties, including Delek Holdings and its assignees, and any material nonpayment or nonperformance by our key customers or other counterparties could adversely affect our business, which could have a material adverse effect on our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders.
  • Restrictions in our revolving credit facility and in the respective indentures governing the 2028 Notes, 2029 Notes and 2033 Notes could adversely affect our business, financial condition, results of operations and ability to make quarterly cash distributions to our unitholders.
  • Our debt levels may limit our flexibility to obtain financing and to pursue other business opportunities.
  • Transportation on certain of our pipelines is subject to federal or state regulation, and the imposition and/or cost of compliance with such regulation could adversely affect our operations and cash flows available for distribution to our unitholders. In addition, certain of our other contracts are eligible for fee increases tied to other inflationary indexes, which could adversely affect our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders.
  • 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 and creditworthiness.
  • Increases in interest rates could adversely impact the price of our common units, our ability to issue equity or incur debt for acquisitions or other purposes and our ability to make cash distributions at our intended levels.
  • If we are unable to make investments in joint ventures or acquisitions on economically acceptable terms, our future growth could be limited, and any investments or acquisitions we may make may negatively impact our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders.
  • The expansion of existing assets and construction of new assets, including through joint venture investments, may not result in revenue increases and will be subject to regulatory, environmental, political, legal, economic and other risks, which could adversely affect our financial condition, results of operations, cash flows, ability to service our indebtedness and ability to make distributions to unitholders.
  • We do not own all of the land on which most of our pipelines and several of our facilities are located, which could result in disruptions to our operations.
  • We could incur substantial costs or disruptions in our business if we cannot obtain or maintain, or otherwise fail to maintain, necessary permits and authorizations or otherwise comply with health, safety, environmental and other laws and regulations.
  • We have not obtained independent evaluations of all of the reserves connected to our gathering systems; therefore, in the future, customer volumes on our systems could be less than we anticipate.
  • Certain of our gathering agreements contain provisions that can reduce that cash flow stability that the agreements were designed to achieve.
  • Climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating and capital costs and reduced demand for our products and services.
  • Our operations are subject to federal and state laws and regulations relating to product quality specifications, and we could be subject to damages based on claims brought against us by our customers or lose customers as a result of the failure of products we distribute to meet certain quality specifications.
  • Increased regulation of hydraulic fracturing could result in reductions or delays in customer production, which could materially adversely impact our revenues.
  • Increasing attention on environmental, social and governance matters may impact our business, financial results or stock price.
  • Acts of terror or sabotage, threats of war, armed conflict or war may hinder or prevent us from conducting our business.
  • Our customers’ operating results are seasonal and generally lower in the first and fourth quarters of the year. Our customers depend on favorable weather conditions in the spring and summer months.
  • Legislative and regulatory measures could have an adverse effect on our ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with our business.
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption, cyber-attack or security failure of that technology could harm our business.
  • We may be adversely affected by the effects of inflation.
  • Our business could be adversely impacted as a result of Delek Holdings’ and our general partner’s failure to retain or attract key talent.
  • An impairment of our long-lived assets or goodwill could reduce our earnings or negatively impact our financial condition and results of operations.
  • The Partnership's ongoing study of strategic options could materially impact our strategic direction, business and results of operations.
  • If our cost efficiency measures are not successful, we may become less competitive.
  • Risks Relating to Our Partnership Structure
  • Our general partner and its affiliates, including Delek Holdings, have conflicts of interest with us and limited duties to us and our unitholders, and they may favor their own interests to the detriment of us and our other common unitholders.
  • Our Partnership Agreement replaces the fiduciary duties that would otherwise be owed by our general partner with contractual standards governing its duties.
  • Delek Holdings may compete with us.
  • If unitholders are not eligible holders, their common limited partner units may be subject to redemption.
  • Our Partnership Agreement requires that we distribute all of our available cash, which could limit our ability to grow and make acquisitions.
  • Our Partnership Agreement restricts the remedies available to holders of our common limited partner units for actions taken by our general partner that might otherwise constitute breaches of fiduciary duty.
  • Our Partnership Agreement designates the Court of Chancery of the State of Delaware as the exclusive forum for certain types of actions and proceedings that may be initiated by our unitholders, which limits our unitholders’ ability to choose the judicial forum for disputes with us or our general partner’s directors, officers or other employees.
  • The administrative services fee and reimbursements due to our general partner and its affiliates for services provided to us or on our behalf will reduce our cash available for distribution to our common unitholders. The amount and timing of such reimbursements will be determined by our general partner.
  • Holders of our common limited partner units have limited voting rights and are not entitled to elect our general partner or its directors.
  • Even if holders of our common limited partner units are dissatisfied, they cannot remove our general partner without its consent.
  • Our Partnership Agreement restricts the voting rights of unitholders owning 20% or more of our common limited partner units.
  • Our general partner’s interest in us and the control of our general partner may be transferred to a third party without unitholder consent.
  • We may issue additional units without unitholder approval, which would dilute unitholder interests.
  • Delek Holdings may sell units in the public or private markets, and such sales could have an adverse impact on the trading price of the common units.
  • Our general partner intends to limit its liability regarding our obligations.
  • Our general partner has a limited call right that may require our unitholders to sell their units at an undesirable time or price.
  • Our unitholders' liability may not be limited if a court finds that unitholder action constitutes control of our business.
  • Unitholders may have liability to repay distributions that were wrongfully distributed to them.
  • The NYSE does not require a publicly traded limited partnership like us to comply with certain of its corporate governance requirements.
  • Tax Risks to Common Unitholders
  • The tax treatment of publicly traded partnerships or an investment in our common limited partner units could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis.
  • Our tax treatment depends on our status as a partnership for federal income tax purposes. If the Internal Revenue Service, or IRS, were to treat us as a corporation for federal income tax purposes, which would subject us to entity-level taxation, then our cash available for distribution to our unitholders would be substantially reduced.
  • If we were subjected to a material amount of additional entity-level taxation by individual states, it would reduce our cash available for distribution to our unitholders.
  • Our unitholders are required to pay income taxes on their share of our taxable income even if they do not receive any cash distributions from us. A unitholder's share of our taxable income, and its relationship to any distributions we make, may be affected by a variety of factors, including our economic performance, transactions in which we engage or changes in law and may be substantially different from any estimate we make in connection with a unit offering.
  • If the IRS contests the federal income tax positions we take, the market for our common limited partner units may be adversely impacted and the cost of any IRS contest would likely reduce our cash available for distribution to unitholders.
  • Tax gain or loss on the disposition of our common limited partner units could be more or less than expected.
  • Tax-exempt entities and non-U.S. persons face unique tax issues from owning our common limited partner units that may result in adverse tax consequences to them.
  • We treat each holder of common limited partner units as having the same tax benefits without regard to the actual common limited partner units held. The IRS may challenge this treatment, which could adversely affect the value of the common limited partner units.
  • We prorate our items of income, gain, loss and deduction for U.S. federal income tax purposes between transferors and transferees of our units each month based upon the ownership of our units on the first day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our unitholders.

Legal proceedings

In the ordinary conduct of our business, we are from time to time subject to lawsuits, investigations and claims, including environmental claims and employee-related matters. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against us, including civil penalties or other enforcement actions, we do not believe that any currently pending legal proceeding or proceedings to which we are a party will have a material adverse effect on our business, financial condition or results of operations. See Note 15 to our accompanying condensed consolidated financial statements, which is incorporated by reference in this Item 1, for additional information.

The opening of Item 3, Legal Proceedings.69

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