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— Fourth division net banknote from operations was $45.8 actor
— Distributable banknote breeze advantage arrangement of 1.08x for the fourth division 2019
— Forecasting 5% administration advance in 2020
Delek Acumen Partners, LP DKL, -6.91% (“Delek Logistics”) today appear its banking after-effects for the fourth division 2019. For the three months concluded December 31, 2019, Delek Acumen appear net assets attributable to all ally of $21.6 million, or $0.52 per adulterated accepted bound accomplice unit. This compares to net assets attributable to all ally of $21.3 million, or $0.58 per adulterated accepted bound accomplice unit, in the fourth division 2018. Net banknote from operating activities was $45.8 actor in the fourth division 2019 compared to $95.4 actor in the fourth division 2018. Distributable banknote breeze was $33.0 actor in the fourth division 2019, compared to $27.6 actor in the fourth division 2018. Adaptation of net banknote from operating activities as appear beneath U.S. GAAP to distributable banknote breeze is included in the banking tables absorbed to this release.
For the fourth division 2019, antithesis afore interest, taxes, abrasion and acquittal (“EBITDA”) was $43.3 actor compared to $40.8 actor in the fourth division 2018. Despite discharge accompanying costs of $7.1 actor in the fourth division 2019, after-effects bigger on a year-over-year basis. This was primarily due to a $3.4 actor access to assets from disinterestedness adjustment investments, as able-bodied as added contributions from the Paline Activity and Gathering Assets. This was partially account by lower West Texas gross allowance on a year-over-year basis. Adaptation of net assets attributable to all ally as appear beneath U.S. GAAP to EBITDA is included in the banking tables absorbed to this release.
Uzi Yemin, Chairman, President and Chief Executive Officer of Delek Logistics’ accepted partner, remarked: “Delek Acumen delivered able banking achievement in fourth division with EBITDA accretion about 23% excluding discharge accompanying costs. Full-year 2019 administration advance was over 10 percent on a year-over-year basis. The accretion of the Red River activity collective adventure bolstered after-effects in 2019. The activity expansion, currently underway, should access the addition into the added bisected of 2020. Attractive forward, we are targeting administration advance of 5% in 2020. We are attractive at simplifying the basal anatomy and advancing the antithesis area for abeyant asset drop-down options from our sponsor, Delek US Holdings, Inc. DK, -5.27% (“Delek US”). From a cardinal perspective, we abide focused on advancement able banknote breeze advantage and flexibility.”
Distribution and Clamminess
On January 24, 2020, Delek Acumen declared a annual banknote administration of $0.885 per accepted bound accomplice assemblage for the fourth division 2019, which equates to $3.54 per accepted bound accomplice assemblage on an annualized basis. This administration was paid on February 12, 2020 to unitholders of almanac on February 4, 2020. This represents a 1.0 percent access from the third division 2019 administration of $0.880 per accepted bound accomplice unit, or $3.52 per accepted bound accomplice assemblage on an annualized basis, and a 9.3% access over Delek Logistics’ fourth division 2018 administration of $0.810 per accepted bound accomplice unit, or $3.24 per accepted bound accomplice assemblage annualized. For the fourth division 2019, the absolute banknote administration declared to all partners, including allurement administration rights (IDRs), was about $30.6 million. Based on the administration for the fourth division 2019, the distributable banknote breeze advantage arrangement for the fourth division was 1.08x.
As of December 31, 2019, Delek Acumen had absolute debt of about $833.1 actor and banknote of $5.5 million. Added borrowing capacity, accountable to assertive covenants, beneath the $850.0 actor acclaim adeptness was $261.6 million. The absolute advantage ratio, affected in accordance with the acclaim facility, for the fourth division 2019 was about 4.43x, which is aural the accepted requirements of the best acceptable advantage arrangement of 5.25x and a abatement from the third division 2019 akin of 4.60x
Revenue for the fourth division 2019 was $138.6 actor compared to $159.3 actor in the prior-year period. The abatement in acquirement is primarily due to lower prices and volumes in the west Texas broad business, partially account by bigger achievement from the Gathering Assets and Paline Pipeline. Absolute operating costs were $22.3 actor in the fourth division 2019, compared to $15.9 actor in the fourth division 2018. The access was primarily due to discharge accompanying costs, college aliment and adjustment and alfresco services. Absolute addition allowance was $42.5 actor in the fourth division 2019 compared to $45.0 actor in the fourth division 2018. Accepted and authoritative costs were $5.8 actor for the fourth division 2019, compared to $7.4 actor in the prior-year period, with the abatement actuality primarily due to casework rendered in fourth division 2018 to abutment the development and operations of the Big Spring Gathering activity not occurring in fourth division 2019.
Pipelines and Busline Articulation
Contribution allowance in the fourth division 2019 was $25.2 actor compared to $26.3 actor in the fourth division 2018. Operating costs were $18.7 actor in the fourth division 2019 compared to $10.9 actor in the prior-year period. The access was primarily apprenticed by discharge accompanying costs. Excluding those costs, the addition allowance would accept added year-over-year due to able achievement from Paline and the Gathering Assets.
Wholesale Business and Terminalling Articulation
During the fourth division 2019, addition allowance was $17.3 million, compared to $18.8 actor in the fourth division 2018. This abatement was primarily due to lower gross allowance in west Texas. Operating costs of $3.6 actor in the fourth division 2019 were lower than the $5.0 actor in the prior-year period.
In the west Texas broad business, boilerplate throughput in the fourth division 2019 was 9,972 barrels per day compared to 12,938 barrels per day in the fourth division 2018. The west Texas gross allowance per butt decreased year-over-year to $3.12 per butt and included about $0.3 million, or $0.28 per barrel, from renewable identification numbers (RINs) generated in the quarter. During the fourth division 2018, the west Texas gross allowance per butt was $4.60 per butt and included $0.2 actor from RINs, or $0.14 per barrel.
Average terminalling throughput aggregate of 160,298 barrels per day during the fourth division 2019 decreased on a year-over-year base from 164,028 barrels per day in the fourth division 2018. During the fourth division 2019, boilerplate aggregate beneath the East Texas business acceding with Delek US was 73,016 barrels per day compared to 77,896 barrels per day during the fourth division 2018.
Fourth Division 2019 After-effects | Appointment Alarm Advice
Delek Acumen will authority a appointment alarm to altercate its fourth division 2019 after-effects on Wednesday, February 26, 2020 at 7:30 a.m. Central Time. Investors will accept the befalling to accept to the appointment alarm alive by activity to www.Delek Logistics.com. Participants are encouraged to annals at atomic 15 account aboriginal to download and install any all-important software. For those who cannot accept to the alive broadcast, a telephonic epitomize will be accessible through March 11, 2020 by dialing (855) 859-2056, passcode 1297317. An archived adaptation of the epitomize will additionally be accessible at www.DelekLogistics.com for 90 days.
Investors may additionally ambition to accept to Delek US’ DK, -5.27% fourth division 2019 antithesis appointment alarm on Wednesday, February 26, 2020 at 8:30 a.m. Central Time and analysis Delek US’ antithesis columnist release. Bazaar trends and advice appear by Delek US may be accordant to Delek Logistics, as it is a circumscribed accessory of Delek US. Investors can accretion advice accompanying to Delek US and the timing of its antithesis absolution online by activity to www.DelekUS.com.
About Delek Acumen Partners, LP
Delek Acumen Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. DK, -5.27% to own, operate, access and assemble awkward oil and aesthetic articles acumen and business assets.
Safe Harbor Provisions Apropos Forward-Looking Statements
This columnist absolution contains advanced statements that are based aloft accepted expectations and absorb a cardinal of risks and uncertainties. Statements apropos accepted estimates, expectations and projections about approaching results, performance, prospects, opportunities, plans, accomplishments and contest and added statements, concerns, or affairs that are not absolute facts are “forward-looking statements,” as that appellation is authentic beneath the federal balance laws. These statements accommodate words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or agnate expressions, as able-bodied as statements in the approaching tense, and can be impacted by abundant factors, including the actuality that a abundant majority of Delek Logistics’ addition allowance is acquired from Delek US, thereby subjecting us to Delek US’ business risks; risks apropos to the balance markets generally; risks and costs apropos to the age and operational hazards of our assets including, afterwards limitation, costs, penalties, authoritative or acknowledged accomplishments and added furnishings accompanying to releases, spills and added hazards inherent in alteration and autumn awkward oil and boilerplate and accomplished petroleum products; the appulse of adverse bazaar altitude affecting the appliance of Delek Logistics’ assets and business performance, including margins generated by its broad ammunition business; an disability of Delek US to abound as accepted as it relates to our abeyant approaching advance opportunities, including dropdowns, and added abeyant benefits; the after-effects of our investments in collective ventures; the adeptness of the Red River collective adventure to complete the amplification to access the Red River activity capacity; adverse changes in laws including with account to tax and authoritative matters; and added risks as appear in our Annual Report on Form 10-K, Annual Letters on Form 10-Q and added letters and filings with the United States Balance and Exchange Commission. Advanced attractive statements include, but are not bound to, statements apropos approaching advance at Delek Logistics; distributions and the amounts and timing thereof; abeyant dropdown account and the appraisal of allurement administration rights; accepted antithesis or allotment from collective ventures or added acquisitions; amplification projects; adeptness to actualize abiding amount for our assemblage holders; banking adaptability and borrowing capacity; and administration advance of 10% or at all. Advanced statements should not be apprehend as a agreement of approaching achievement or after-effects and will not be authentic break of the times at, or by, which such achievement or after-effects will be achieved. Advanced advice is based on advice accessible at the time and/or management’s acceptable acceptance acceptance with account to approaching events, and is accountable to risks and uncertainties that could account absolute achievement or after-effects to alter materially from those bidding in the statements. Delek Acumen undertakes no obligation to amend or alter any such advanced statements to reflect contest or affairs that occur, or which Delek Acumen becomes acquainted of, afterwards the date hereof, except as adapted by applicative law or adjustment
Our administration uses assertive “non-GAAP” operational measures to appraise our operating articulation achievement and non-GAAP banking measures to appraise accomplished achievement and affairs for the approaching to supplement our GAAP banking advice presented in accordance with U.S. GAAP. These banking and operational non-GAAP measures are important factors in assessing our operating after-effects and advantage and include:
— Antithesis afore interest, taxes, abrasion and acquittal (“EBITDA”) – affected as net assets afore net absorption expense, assets tax expense, abrasion and acquittal expense, including acquittal of chump arrangement abstract assets, which is included as a basal of net revenues in our accompanying abridged circumscribed statements of income.
— Distributable banknote breeze – affected as net banknote breeze from operating activities added or bare changes in assets and liabilities, beneath aliment basal expenditures net of reimbursements and added adjustments not accepted to achieve in cash. Delek Acumen believes this is an adapted absorption of a clamminess admeasurement by which users of its banking statements can appraise its adeptness to accomplish cash.
EBITDA and distributable banknote breeze are non-U.S. GAAP added banking measures that administration and alien users of our abridged circumscribed banking statements, such as industry analysts, investors, lenders and appraisement agencies, may use to assess:
— Delek Logistics’ operating achievement as compared to added about traded partnerships in the midstream activity industry, afterwards attention to absolute amount base or, in the case of EBITDA, costs methods;
— the adeptness of our assets to accomplish acceptable banknote breeze to accomplish distributions to our unitholders;
— Delek Logistics’ adeptness to acquire and account debt and armamentarium basal expenditures; and
Delek Acumen believes that the presentation of EBITDA, distributable banknote breeze and distributable banknote breeze advantage arrangement accommodate advantageous advice to investors in assessing its banking condition, its after-effects of operations and the banknote breeze its business is generating. EBITDA, distributable banknote breeze and distributable banknote breeze advantage arrangement should not be advised in abreast or as alternatives to net income, operating income, banknote breeze from operating activities or any added admeasurement of banking achievement or clamminess presented in accordance with U.S. GAAP.
Non-GAAP measures accept important limitations as analytic tools, because they exclude some, but not all, items that affect net assets and net banknote provided by operating activities. These measures should not be advised substitutes for their best anon commensurable U.S. GAAP banking measures. Additionally, because EBITDA and distributable banknote breeze may be authentic abnormally by added partnerships in its industry, Delek Logistics’ definitions of EBITDA and distributable banknote breeze may not be commensurable to analogously blue-blooded measures of added partnerships, thereby abbreviating their utility. See the accompanying tables in this antithesis absolution for a adaptation of these non-GAAP measures to the best anon commensurable GAAP measures.
(1) Distributable banknote breeze advantage arrangement is affected by adding distributable banknote breeze by distributions to be paid in anniversary corresponding period.
Affiliate acquirement for the broad business and terminalling articulation is presented net of acquittal amount pertaining to the business arrangement abstract we acquired in affiliation with the Big Spring acquisition.
Excludes jet ammunition and petroleum coke.
Throughputs for the twelve months concluded December 31, 2018 are for the 306 canicule we marketed assertive accomplished articles produced at or awash from the Big Spring Refinery afterward the beheading of the Big Spring Business Agreement, able March 31, 2018.
Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas, our El Dorado and North Little Rock, Arkansas and our Memphis and Nashville, Tennessee terminals. Throughputs for the Big Spring terminal for twelve months concluded December 31, 2018 are for the 306 canicule we operated the terminal afterward its accretion able March 1, 2018. Barrels per day are affected for alone the canicule we operated anniversary terminal. Absolute throughput for the twelve months concluded months concluded December 31, 2018 was 56.6 actor barrels, which averaged 155,193 bpd for the period.
Investor/Media Relations Contacts:
Blake Fernandez, Senior Vice President of Investor Relations and Bazaar Intelligence, 615-224-1312
Jeb Bachmann, Manager of Investor Relations and Bazaar Intelligence, 615-224-1118
Lenny Raymond, Manager of Investor Relations and Bazaar Intelligence, 615-224-0828
Keith Johnson, Vice President of Investor Relations, 615-435-1366
Media/Public Affairs Contact:
Michael P. Ralsky, Vice President – Government Affairs, Accessible Affairs & Communications, 615-435-1407
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5 Top Risks Of Attending Form 5 Tax Matters Partner | Form 5 Tax Matters Partner – form 1065 tax matters partner
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