Delek Logistics Partners Q2 2026 Earnings Report

Delek Logistics Partners EPS Results

• Actual EPS: $0.54
• Consensus EPS: $0.93
• Beat/Miss: Missed by -$0.39
• One Year Ago EPS: N/A

Delek Logistics Partners Revenue Results

• Actual Revenue: $384.76 million
• Expected Revenue: $293.64 million
• Beat/Miss: Beat by +$91.12 million
• YoY Revenue Growth: N/A

Delek Logistics Partners Announcement Details

• Quarter: Q2 2026
• Date: 8/5/2026
• Time: Before Market Opens
• Conference Call Date: Wednesday, August 5, 2026
• Conference Call Time: 12:30PM ET

Delek Logistics Partners (NYSE:DKL) L.P. (NYSE: DKL) is a master limited partnership formed in 2011 through contributions of pipeline, terminal and crude oil gathering assets by its sponsor, Delek US Holdings, Inc. Headquartered in Brentwood, Tennessee, the partnership is managed by Delek Logistics GP, LLC, an affiliate of Delek US. Delek Logistics Partners owns and operates an integrated network of petroleum pipelines and terminals that support the movement, storage and throughput of crude oil and refined products.

The partnership’s core operations include crude oil gathering and processing systems, long-haul pipeline transportation and storage terminal services. Its crude gathering systems collect and transport domestic production into shippers’ pipelines, refineries and storage facilities. The long-haul pipeline network connects key supply hubs and refining centers across the Mid-Continent and Gulf Coast regions, while the terminal segment provides bulk storage and throughput capabilities that serve refiners, marketers and other third-party customers.

Delek Logistics Partners primarily serves regions in Arkansas, Kansas, Mississippi, Oklahoma and Texas, linking major production areas with Delek US refineries and other industry outlets. The partnership’s growth initiatives have focused on strategic expansions of pipeline capacity, storage infrastructure and processing facilities to enhance connectivity and optimize throughput. As a logistics-focused MLP, Delek Logistics Partners generates stable fee-based cash flows under long-term agreements with diversified counterparties.

The partnership’s governance structure includes an independent board of directors and an experienced management team with deep expertise in midstream energy operations. Through disciplined capital investment and alignment with its sponsor’s integrated refining platform, Delek Logistics Partners seeks to support reliable energy infrastructure and meet customer needs across its service territories.

Delek Logistics Partners Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record quarterly performance: Adjusted EBITDA reached approximately $144 million, up from $127 million a year ago, while full-year 2026 guidance of $520 million–$560 million was reaffirmed. Distributable cash flow coverage remained solid at 1.33x.
• Positive Sentiment: Strong operating momentum across the Permian: Delaware crude gathering volumes reached a record 157,000 barrels per day, produced-water volumes rose to more than 687,000 barrels per day, and gas volumes increased to over 80 MMcf per day. Management expects a further step-up as the Libby sour-gas solution comes online later this year.
• Positive Sentiment: Growth investments are nearing completion: The company is advancing its Libby Gas Complex, first AGI well, sour-gas gathering infrastructure, and compression capacity, with approximately $180 million–$190 million of 2026 growth capital expected to generate up to $75 million of run-rate EBITDA.
• Positive Sentiment: Capital returns and liquidity remained favorable: DKL approved its 54th consecutive distribution increase, raising the quarterly payout to $1.135 per unit, while refinancing activities lowered debt costs and extended maturities. Liquidity was approximately $1.1 billion.
• Negative Sentiment: Some financial pressure remains: Leverage increased modestly to 4.23x due to growth spending, above management’s long-term 3.5x target, and wholesale marketing and terminaling EBITDA fell to approximately $13 million from $23 million a year earlier.

Presentation

[Operator]

Hello, everyone. Thank you for joining us, and welcome to the Delek Logistics Partners second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Robert Wright, EVP and Chief Financial Officer. Robert, please go ahead.

[Robert Wright, EVP and CFO at Delek Logistics Partners]

Good morning. Welcome to the Delek Logistics Partners second quarter earnings conference call. Participants joining me on today's call will include Avigal Soreq, President and Chairman, Mark Hobbs, EVP, as well as other members of our management team. As a reminder, this conference call will contain forward-looking statements as defined under the Federal Securities laws, including statements regarding guidance and future business outlook. Any forward-looking statements made during today's call involve risks and uncertainties that may cause actual results to differ materially from today's comments. Factors that could cause actual results to differ are included in our SEC filings. The company assumes no obligation to update any forward-looking statements. I will now turn the call over to Avigal for opening remarks. Avigal?

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Thank you, Robert. Today, DKL reported $144 million in adjusted EBITDA in the second quarter, reaffirming full-year EBITDA guidance of $520 million-$560 million. DKL's strong results are a reminder of our advanced position as a premier full-service provider of crude gas and water in the Permian Basin. As of July 1st, Mark moved from his CFO position at Delek to lead role at Delek Logistics, and we recently brought on Kris Kindrick as our new SVP of Commercial. I am highly confident that Mark, Kris, and the rest of the Delek Logistics team will deliver the next chapter of growth for DKL. All three of our segments are doing well, and I will provide more detail on each one of these segments. Starting with gas. We are nearing the completion of our integrated sour gas processing, treating, and enhancing solution of Libby Gas Complex.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

The comprehensive system will serve our customer by further supporting long-term oil and gas production growth in the Delaware Basin. Moving to crude. Both DPG and DDG continue to see strong performance, with DDG crude gathering delivering a record quarter. We look forward to further optimize and growing the system. Our water business continues to perform well, and we are continuing to explore growth opportunities in this space. Our combined gas, crude, and water offering in the Permian Basin has improved our competitive position and established a platform for future growth. We will continue to pursue growth opportunities in a disciplined manner while maintaining a focus on leverage and coverage. We will also intend to remain a good steward of our stakeholders' capital. Our board of directors has approved our 54th consecutive quarterly distribution increase, raising the distribution to $1.13 and a half per unit.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

This is an extraordinary milestone. It reflects the exceptional work of our team and the financial discipline that has brought us to this point. With the foundation we have built and the opportunities ahead, we are confident in our ability to continue delivering sustainable growth and long-term value for our unitholders. I will now turn it over to Mark, who will provide additional detail on our operations.

[Mark Hobbs, EVP at Delek Logistics Partners]

Thank you, Avigal. I'm excited about the opportunity to join Delek Logistics and to work with the exceptional team that we have at DKL. I see tremendous growth potential for Delek Logistics as we are uniquely positioned to meet our customers' increasing needs for midstream services across crude gas and water in the Permian Basin. We continue to see heightened activity by producers in securing undeveloped acreage and future drilling locations in the northern Delaware in Lea and Eddy counties. Higher crude prices as a result of the ongoing conflict in the Middle East, combined with strengthening Waha prices as additional takeaway capacity comes online by early next year, should drive increased demand for our three-stream service platform, strategically centered in Lea County. As Avigal mentioned, our competitive position as a three-stream provider sets us up well for future growth.

[Mark Hobbs, EVP at Delek Logistics Partners]

Our strong and growing third-party business continues to increase our economic separation from our sponsor, DK. In 2026, on a pro forma basis, we continue to expect approximately 80% of our run rate EBITDA will come from third parties. Turning to our business, we operated well in the second quarter, delivering safe and reliable performance for our customers. We continue to see an increasing need for incremental sour gas gathering and processing capabilities in New Mexico to support our customers' growth plans. During the second quarter, we made great progress advancing our industry-leading sour gas solution in the Delaware Basin. With the increased capacity at our Libby processing complex and the completion of our first AGI well, we are focusing our efforts on building out our sour gas gathering infrastructure, including compressor stations.

[Mark Hobbs, EVP at Delek Logistics Partners]

We are aligned with our customers. Our sour solution will unlock future growth for producers in the region and demand for our services. We achieved higher volumes in the second quarter in our gas business versus the first quarter and are expecting to see a step change in our utilization as our sour gas solution comes online later this year.

[Mark Hobbs, EVP at Delek Logistics Partners]

We continue to evaluate options for future investments that will support further expansions of the Libby Complex based on anticipated customer needs for additional sour gas processing in the region. Moving to crude. Our Delaware crude gathering business achieved record volumes in the second quarter. Our crude gathering business in both the Delaware and the Midland are well-positioned, and our combined crude and water offering continues to yield great results. In our water business, we are seeing strong operating performance, driven by the successful integration of the H2O and Gravity acquisitions in late 2024 and early last year, respectively. Produced water handling and disposal continues to be a critical and increasing need of our customers.

[Mark Hobbs, EVP at Delek Logistics Partners]

Our scale and capabilities across the Delaware and Midland basins present us with unique opportunities to drive future growth in our water business, and I look forward to updating the market as we advance these solutions. With that, I will pass it on to Robert.

[Robert Wright, EVP and CFO at Delek Logistics Partners]

Thank you, Mark. As Avigal and Mark highlighted, we are pleased to report another exceptionally strong quarter for the partnership with adjusted EBITDA reaching a quarterly record of approximately $144 million. Importantly, we are delivering this growth while staying focused and disciplined on our long-term leverage and coverage targets. We ended the quarter with a leverage ratio of 4.23x, up modestly from the first quarter. This uptick reflects capital investments we are making that are expected to generate up to $75 million of run rate EBITDA, a highly attractive return on our $180 million-$190 million growth capital program for the year. We exited the quarter with a strong balance sheet. During the quarter, we proactively refinanced our high-yield capital structure to lower our cost of debt, issuing a new $800 million senior note due 2034, fully retiring our 2028 notes and partially redeeming our 2029 notes.

[Robert Wright, EVP and CFO at Delek Logistics Partners]

Together, these transactions reduce annual interest costs and extend our maturity profile. Liquidity remains robust at approximately $1.1 billion. Turning to our results, adjusted EBITDA for the quarter was approximately $144 million, compared to $127 million in the same period last year. Distributable cash flow, as adjusted, came in at approximately $81 million, and our DCF coverage ratio held steady at approximately 1.33x. We are also proud to announce our 54th consecutive distribution increase, which brings the quarterly distribution to $1.135 per unit. As to our segment results, starting with gathering and processing, adjusted EBITDA for the second quarter was $104 million, up from $78 million in the second quarter of 2025. The improvement was driven primarily by higher utilization at the Libby Gas Complex, along with stronger realized margins in our Permian Basin crude business.

[Robert Wright, EVP and CFO at Delek Logistics Partners]

In wholesale marketing and terminaling, adjusted EBITDA was approximately $13 million versus $23 million a year ago, with the decline largely attributable to the effects of the 2024 amend and extend agreement with Delek. Storage and transportation delivered adjusted EBITDA of $16 million, compared with $17 million in the prior period. The modest decrease primarily reflects the January 2026 related party transaction. Finally, our investments in pipeline joint venture segment contributed $21 million this quarter, up from $17 million in the second quarter of 2025, led by continued strong results from the Wink to Webster joint venture. Moving now to capital expenditures. Total capital spending for the second quarter was approximately $61 million, of which $51 million was for growth capital. That spend was primarily directed toward the drilling of our first AGI well and continued build-out of newer sour gas gathering infrastructure.

[Robert Wright, EVP and CFO at Delek Logistics Partners]

The balance funded other growth initiatives, including work to advance reliable power solutions for the Libby Gas Complex. Looking ahead to the remainder of 2026, as Avigal noted, our confidence in the earnings trajectory of the partnership remain intact, and we are reaffirming our full year 2026 adjusted EBITDA guidance range of $520 million-$560 million. With that, we will now open the call for questions.

[Operator]

We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question from the line of Doug Irwin from Citigroup. Doug, your line is open. Please go ahead.

[Doug Irwin, Analyst at Citigroup]

Hey, team. Thanks for the question. I just wanted to start with gathering-

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Go ahead, Doug.

[Doug Irwin, Analyst at Citigroup]

Processing segment. Thanks. You called out some stronger margins on gathering and processing on the quarter. Just wondering if you could help unpack what drove that strength a little bit more here. Just curious how much of that is tied to the commodity environment and just generally how durable you see that margin strength being from here.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

We are very confident about the results we see on the second quarter. Obviously, we are starting the year very well. We are very confident about the guidance we are seeing. As I said on my prepared remarks, both DPG and DDG performed very well. I think the DDG had a record number around it. We're very happy about the process that we are seeing on the gas plant that increased quarter-over-quarter-over-quarter. As we said on the prepared remark, we are very close to completing the gas treating solution on the sour side, which will take us to, as Mark said, to a step change and we'll let Mark to complete.

[Mark Hobbs, EVP at Delek Logistics Partners]

Thanks, Avigal. Doug, look, I'll just touch on the business performance. Like across the board, we're performing well in the second quarter and continue to do so. We have great infrastructure, which, as you know, is strategically positioned in the right location, and we continue to see a lot of activity amongst our customers in the Northern Delaware with close proximity to our assets. As Avigal mentioned, our Delaware crude business had a record volume in Q2 at over 157,000 barrels per day, up from around 129 in Q1. Our produced water volumes in both the Midland and Delaware increased as well to over 687,000 barrels a day, up from 557 in Q1. As Avigal mentioned, our gas volumes continue to ramp.

[Mark Hobbs, EVP at Delek Logistics Partners]

We were over 80 million cubic feet a day in Q2, up from around 64 in Q1, and we continue to see that trend continue in Q3. Both Libby One and Libby Two plants are running well. The volumes are increasing, and as we said in our prepared remarks, we're nearing the completion of our full sour gas solution build-out. We do expect to see a step change in our gas volumes through the rest of the year.

[Doug Irwin, Analyst at Citigroup]

Yeah. That's helpful. Maybe tying into that a little bit as it relates to guidance for the rest of the year, if I were to just look at your second quarter results and extend that through the year, you're already kind of pointing towards the high end of your guidance range based on those numbers. Then you kind of pointed to an expected ramp with Libby. Just kind of curious how you're thinking about potential upside here is kind of the midpoint of guidance, potentially pretty conservative here, and just kind of how you're thinking about what could potentially drive either end of the range.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Yeah. You are correct. The math that you are doing is absolutely right, and I will give you some more context around it. We are very happy about the results we have. We are very happy about the business we have, each one of them, the strategy that we put together, working extremely well, and we are very happy about the management team that we have over there. We're going to follow the same sequence that we had in the last year, that the Q4 and Q4 call, we are submitting the guidance. If we see a way to upgrade the guidance, we're going to do. We did it last year in Q3. Stay tight, and more news to come.

[Doug Irwin, Analyst at Citigroup]

Fair enough. Thanks for the time.

[Operator]

Your next question from the line of Gabriel Moreen with Mizuho. Gabriel, your line is open. Please go ahead.

[Gabriel Moreen, Analyst at Mizuho]

Hey, good morning, everyone.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Hey, Gabriel. Good morning. Hey, Gabriel.

[Gabriel Moreen, Analyst at Mizuho]

Quick question, I guess, in terms of the interplay on commodity prices. I just wonder if I could maybe put a finer point on things. Waha has clearly traded better. Crude oil prices have come up, although pulled back a bit here. I'm just wondering your latest expectations around customer conversations and what you're seeing heading into 2027, whether you're seeing some rigs potentially being added back to some of your acreage relative to your expectations. I'm just curious. Also whether, again, I think you mentioned last quarter, Waha shutdowns didn't really impact you, but whether that's having any impact on volumes with pricing being better here.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Absolutely. You touch a very good point. Obviously, we are in close touch with our customer on a daily, weekly basis, and they are very excited about their business, which make us very excited about our business. I've seen your note earlier about the rigs in the area and the wells that we have in our acreage, and that's very good to see how detailed it become, the discussion. We are very optimistic about where we are. We have a prime location. We have very good producer in our acreage. You've seen the statistics about the Permian Basin as a general, going from the beginning of the event to now by around 20 rigs. We see increase in the increased forecast in our acreage as well. We are very optimistic about where we are and who do we do business with.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Stay tuned, and more to come. Mohit, you want to talk about the Waha here?

[Mohit Bhardwaj, EVP of New Energy, Strategy, and Investor Relations at Delek Logistics Partners]

I think, Avigal, you covered it very well. Gabe, you and I have discussed this previously as well. There are two positive effects happening at the same time. First is, there is some strength in the commodity prices. Based on that, we have seen incremental production. Because of that, we've seen forecast for not only second half of 2026, but 2027 rise. Second is this development around Waha. Waha prices have strengthened. This is a minor positive for us just from a results standpoint, but it's a much bigger positive from a volume standpoint. We should see that reflected. Beyond that, we have talked about in the past that we are working on $185 million of growth CapEx, which will yield $75 million in EBITDA 15 in 2026 and 16 2027. Our setup on a go-forward basis is very, very strong.

[Mohit Bhardwaj, EVP of New Energy, Strategy, and Investor Relations at Delek Logistics Partners]

We are very excited about the things that we are seeing.

[Gabriel Moreen, Analyst at Mizuho]

Thanks, Mohit. Maybe I could just follow up. Remind me on your contracting behind your water assets, to what degree things are volumetric versus take or pay, and is there any change or shift in kind of your contracting strategy going forward?

[Mohit Bhardwaj, EVP of New Energy, Strategy, and Investor Relations at Delek Logistics Partners]

Yeah, Gabriel, I can add to that. We don't really share our contracting strategy, but we're very excited about our produced water gathering business as Mark alluded in his prepared remarks and also as an answer to the previous question. We have scale in the business. We are seeing a three-stream service, gas, water, and crude, really reaping results. Even in the Midland where we just have two streams, crude and water, we are seeing incremental positive results. We are very excited about the water business that we have. We are building upon it, and we'll share more details around this when we are ready.

[Gabriel Moreen, Analyst at Mizuho]

Great. Thanks, everyone.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Thank you.

[Operator]

Your final question from the line of Ivan Scotto with UBS. Ivan, your line is open. Please go ahead.

[Ivan Scotto, Analyst at UBS]

Hey, team.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Hi, Ivan.

[Ivan Scotto, Analyst at UBS]

Thanks for taking the question.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Welcome. Absolutely.

[Ivan Scotto, Analyst at UBS]

Thank you. Congrats on the strong quarter. It's good to hear about the integrated completion on the Libby gas complex, just wondering how you're thinking about capitalizing on sour gas treating and AGI demand over the long term, including any possible expansions to Libby. What would need to happen, or what would you need to see in the market to make you comfortable commissioning that?

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Obviously, the king here is the rock, we're seeing the rock going a bit sour. The second part of that is our ability is our drilling of AGI well and building a sour complex. The combination of that make us very uniquely positioned, that we have three things coming together, our location, the sour gas that we see coming out of the ground, and our infrastructure all coming together very nicely that give us competitive advantage, we are very excited about that. I will let Mark, that is very close to it, share some of his thoughts.

[Mark Hobbs, EVP at Delek Logistics Partners]

Thanks, Avigal. As we've mentioned in the past, we are seeing increasingly more sour gas production from our customers moving from sweet to sour. As you rightfully said, we're seeing that trend continue. We've added a lot of capacity in preparation to handle that. As you know, adding Libby 2, completing the AGI well, as Avigal mentioned, we're now near completion of our sour gas gathering and adding compression. This is going to provide us with the much needed sort of unique sour gas solution in the Northern Delaware, which will support our customers' future production growth plans. Not only will we see a step change in our gas volumes because of this capability, but it positions us extremely well for future growth in the region.

[Ivan Scotto, Analyst at UBS]

Got it. That makes sense. Just turning to leverage and coverage targets. Anything to note on how you're working toward achieving these long-term targets? I know you hit 1.3x coverage this quarter, but curious if there were any initiatives that you want to highlight that helped you achieve that, or just any general comments on how you're working toward achieving these targets would be great.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Obviously, we are very disciplined around our capital deployment. As you can see, we are very disciplined around what we did with M&A. We did both water, a bolt-on acquisition around five to six times, where they traded now around probably nine to 10. We are not going to do something which is not accretive to leverage ratio, coverage ratio, free cash flow, and not supported by our strategy. The answer is the combination of extremely disciplined on one side, but on the other side, extremely aggressive of getting the company towards the right direction and very disciplined around capital allocation. I will let Robert to chime in.

[Robert Wright, EVP and CFO at Delek Logistics Partners]

Thanks, Avigal Soreq. Ivan, great question. We continue to remain comfortable in our long-term leverage target of 3.5x. We're seeing significant growth opportunities, and similar to what we've said in the past, because of that, we will manage our leverage ratio around that 4x as we grow. As we said on the prepared remarks, our leverage ratio right now does sit around the 4.23x, and that's largely due to a lot of the growth spend that Mo had talked about. We expect return up to $75 million in EBITDA on spend of around $180 million-$190 million, so a very low multiple there. Considering this, we expect to manage our leverage ratio down as we start to realize this EBITDA in our results. It's probably also just important to note that despite all this recent growth spending, we've maintained a strong balance sheet.

[Robert Wright, EVP and CFO at Delek Logistics Partners]

We have over $1 billion of availability, which will facilitate our continued growth trajectory into the future.

[Ivan Scotto, Analyst at UBS]

Awesome. Super helpful. Thank you.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Thanks, Ivan.

[Operator]

Your next question from the line of Gabe Daoud with Truist. Gabe, your line is open. Please go ahead.

[Gabe Daoud, Analyst at Truist]

Thanks, operator. Hey, everyone. Just wanted to maybe follow up a little bit on the comments around what you're seeing on the ground as you progress through 2026. Obviously, some pretty big outperformance in the quarter and just looking at third-party data suggests that you've already tied in on the gas side a decent amount of wells, especially relative to what you did last year. Could you maybe just comment on that, and how should we think about well connects on the gas side as you progress through the year? I guess similarly, how should we expect Libby Two to ramp in the back half?

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Yeah, absolutely. I would start and let Mark chime in. Obviously the connections that we are seeing on the ground now are going very well, both on the compressor side and on the plant itself. We have a very good close relationship with our producers, and we are committed to give the best service we can on time, on budget, and making sure it all ties together with the right offering between sweet and sour. We have seen increases, we mentioned earlier, between Q1 to Q2 and between Q2 to Q3. We'll see more progression around that once we are completing our sour gas offering. Why don't you chime in, Mark?

[Mark Hobbs, EVP at Delek Logistics Partners]

Sure, Avigal. I think Avigal said it well, Gabe. We're seeing this shift from sweet to sour. We've seen our gas kind of ramp up as we've built out our capabilities. We're optimizing our system around compression, and look forward to, like I said, a step change in our volumes as we move through some of that completion here in the third quarter as we move into the fourth quarter. I think we're on a great trajectory to really increase the utilization of our plant as we move through the year.

[Gabe Daoud, Analyst at Truist]

Got it. Okay. That's a great color. Thanks, guys. Just a quick follow-up. What are you seeing on the inorganic opportunity front? Is that something that would still be attractive to you, or do you think you have enough organic opportunity to keep you busy over the next couple of years?

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Yeah. Obviously we have, all the time, our eyes open around inorganic opportunities. As I said in the past, in order for something to get to the finish line, it needs to be accretive to leverage ratio, coverage ratio, and free cash flow. That we are extremely disciplined around that. When we saw those opportunities coming our way, we didn't hesitate. We acted on that very quickly and aggressively as needed. Inorganic, that's not the objective. The objective is to grow the company in a measured, disciplined, smart way. On the other side, we can be very happy if you're putting on the intrinsic value that we see on our asset. We bought something around five to six times, probably now it's around 10x.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

We have seen lately the gas deal that was in the market was low to mid-teens, which if you are doing the intrinsic value of each one of our assets as it stands now, and with including the development that we are now doing, you will get to a very high unit price. There is a tremendous amount of value that we created versus where the market is now. Our commitment to the market is still to create additional, more value. We grew that company 15% year-over-year in the last few years, and we increased distribution 54 quarters in a row. All of that is probably the best combination between growth and yield to our investors overall. We are very proud of what we do, and we'll keep doing it.

[Gabe Daoud, Analyst at Truist]

That's a great color. Thanks, Avigal. Thanks, everyone.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Thank you.

[Operator]

There are no further questions at this time. I will now turn the call back to Avigal Soreq, President and Chairman, for closing remarks.

[Avigal Soreq, President and Chairman of the Board at Delek Logistics Partners]

Thank you. I would like to thank my colleagues around the table for the hard work and dedication. I would like to thank our board for their trust and support. I would like to thank you, the investor, of seeing that nice, huge transformation in DKL. Most importantly, I would like to thank the entire employees of making this company as good as we possibly can every day. Thank you.

[Operator]

This concludes today's call. Thank you for attending. You may now disconnect.

Participants

Executives

• Robert Wright, EVP and CFO
• Avigal Soreq, President and Chairman of the Board
• Mark Hobbs, EVP
• Mohit Bhardwaj, EVP of New Energy, Strategy, and Investor Relations

Analysts

• Doug Irwin, Analyst at Citigroup
• Gabriel Moreen, Analyst at Mizuho
• Ivan Scotto, Analyst at UBS
• Gabe Daoud, Analyst at Truist