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# Delek Logistics Lifts 2026 Earnings Floor To $530 Million As Libby Construction Finishes
- URL: https://www.bullished.co/delek-logistics-lifts-2026-earnings-floor-to-530-million-as-libby-construction-finishes-faa13cd1/
- Published: 2026-11-06T18:40:43.000Z
- Updated: 2026-11-06T18:40:43.000Z
- Description: Profit per unit stayed flat, while a higher distribution left less cash coverage than a year earlier.
- Author: Matteo Parrino
- Tags: Earnings, DKL, Industry: Industrials

Delek Logistics Partners, which transports and processes oil and natural gas and handles wastewater, raised the floor of its 2026 adjusted earnings outlook to [$530 million](https://www.sec.gov/Archives/edgar/data/0001552797/000162828026071295/dkl-20261106.htm?ref=bullished.co) Friday, citing its year-to-date operations and growth projects in an [8-K](https://www.bullished.co/learn/8-k-items-explained/) earnings announcement. The new adjusted EBITDA range is $530 million–$560 million, against $520 million–$560 million previously; the measure excludes interest, taxes, depreciation and amortization and includes company adjustments.

## Libby Finishes Construction, Commissioning Continues

The outlook includes [approximately $15 million](https://markets.ft.com/data/announce/detail?dockey=600-202611060630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261106%5FBW755738-1&ref=bullished.co) from this year's growth capital spending. Management expects that program to add another $60 million in adjusted EBITDA in 2027.

Avigal Soreq, president of Delek Logistics’ general partner, said: “We have completed the construction of our integrated sour gas system at the Libby Complex and are in the process of [commissioning the facilities](https://www.sec.gov/Archives/edgar/data/0001552797/000162828026071295/dkl-ex991xearningsreleasex.htm?ref=bullished.co).” The system achieved its first acid gas injection during the quarter.

Delek's assets serve crude oil, natural gas, refined-fuel and water customers primarily around the Permian and Delaware basins and the Gulf Coast. Delek US Holdings owns its general partner and a majority limited partner interest and is a significant customer.

## Gathering Gains Meet Offsetting Declines

Third-quarter net income was [$47.4 million](https://markets.ft.com/data/announce/detail?dockey=600-202611060630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261106%5FBW755738-1&ref=bullished.co), compared with $45.6 million a year earlier, but diluted earnings held at $0.85 per unit. Adjusted EBITDA was almost unchanged: $142.9 million versus $142.5 million.

Higher margins pushed gathering and processing adjusted EBITDA to $88.4 million from $82.8 million. Storage and transportation contributed $19.8 million, against $19.3 million, helped by trucking volumes and margins.

Wholesale marketing and terminal operations fell to $20.9 million from $21.4 million. Delek attributed that decline to lower wholesale margins and the termination of its East Texas marketing agreement with Delek US Holdings.

Pipeline joint-venture adjusted EBITDA declined to $26.5 million from $28.4 million as lower income from Red River and other ventures outweighed an increase from W2W. The corporate adjusted EBITDA loss widened to $12.7 million from $9.3 million.

DKL units edged down 0.98% to $50.74 in Friday trading. The partnership's market value was $3.0 billion in Friday trading.

## Higher Payout, Thinner Cash Coverage

Operating cash flow reached $187.9 million for the quarter, compared with $54.9 million a year earlier. Yet adjusted cash available for distributions slipped to $73.1 million from $74.1 million.

The quarterly distribution rose for the 55th consecutive quarter to $1.140 per unit, up 1.8% from $1.120 a year earlier. Adjusted distribution coverage—the ratio of available cash to payouts—fell to 1.11 times from 1.24 times.

An [offering of 4,600,000](https://www.sec.gov/Archives/edgar/data/0001552797/000162828026071295/dkl-ex991xearningsreleasex.htm?ref=bullished.co) units at $50.00 each closed on August 14, 2026\. Delek used the net proceeds to repay its revolving credit borrowings.

At September 30, debt totaled approximately $2.1 billion and cash was $49.0 million. The $1.3 billion revolving credit facility was fully available, with no borrowings outstanding, and the company-reported leverage ratio was approximately 3.85 times, versus 4.44 times a year earlier.

The $1.140-per-unit distribution is scheduled to be paid Tuesday.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Delek Logistics Partners, LP (DKL)](https://www.sec.gov/Archives/edgar/data/0001552797/000162828026071295/dkl-20261106.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit dkl-ex991xearningsreleasex.htm — Delek Logistics Partners, LP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001552797/000162828026071295/dkl-ex991xearningsreleasex.htm?ref=bullished.co) — SEC EDGAR
- [Delek Logistics Reports Third Quarter 2026 Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202611060630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261106%5FBW755738-1&ref=bullished.co) — Financial Times
- [Delek US Reports Strong Q3 Earnings as Refining Margins Drive 52% Revenue Growth](https://finance.yahoo.com/energy/articles/delek-us-reports-strong-q3-125636060.html?ref=bullished.co) — Yahoo Finance
- [Delek US Holdings to Report Q3 Earnings: Here's How It Will Fare](https://finance.yahoo.com/markets/stocks/articles/delek-us-holdings-report-q3-144900802.html?ref=bullished.co) — Yahoo Finance