What happened with DKL today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Delek Logistics Partners, LP connects oil and gas production with processing facilities and refineries, mainly in the Permian Basin and selected Gulf Coast areas. Producers pay it to collect and process oil and gas and handle wastewater; refiners and other customers pay it to move and store crude oil and fuels. Gathering and processing is its largest revenue business. Service fees generally depend on volumes handled, with long-term contracts often reserving production from specified acreage or requiring minimum volumes. It generally does not own the oil and gas handled in these operations, so commodity prices do not directly determine those fees.
Wholesale fuel marketing is another major revenue source: the company buys refined products and resells or exchanges them with Delek Holdings and third parties in West Texas. Unlike its fee-based services, this business exposes it to fuel-price changes while it owns inventory. It also earns a share of profits from pipeline joint ventures.
Delek Holdings is its primary customer and supplies a significant portion of revenue. Many assets specifically serve Delek Holdings’ Tyler, El Dorado and Big Spring refineries, making their operating volumes and continued contracts important to the business. Some agreements require Delek Holdings’ consent before the company can serve other customers on those assets. Certain pipelines also face federal or state regulation of rates and service, limiting what the company can charge.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Delek Logistics depends heavily on Delek US Holdings, Inc., its primary paying logistics customer and a supplier of refined products for wholesale resale; Delek US directly or indirectly accounted for 49.3% of its revenue in 2025. Watch operations at Delek US’s Tyler, El Dorado and Big Spring refineries, which many Delek Logistics assets exclusively support.
Kinetik Holdings Inc. competes with Delek Logistics for Permian producers paying to process natural gas, gather crude oil and handle water produced with oil and gas. Kinetik’s new producer contracts and gas-processing volumes are worth watching as signs of competition for Delek Logistics’ third-party business in the Delaware Basin.
Plains All American Pipeline, L.P. and Delek Logistics both collect, transport and store Permian crude for producers and refinery customers, putting their fee businesses in the path of the same production and refinery-demand changes. Plains’ crude pipeline throughput and transportation fees offer a comparison for demand on Delek Logistics’ crude network.
Targa Resources Corp. competes with Delek Logistics for producers’ business collecting and processing natural gas, and both also gather crude oil. Watch Targa’s new gas-supply wins: its ability to move gas, natural gas liquids and crude from wells to market is a selling point against Delek Logistics’ integrated producer services.
HighPeak Energy, Inc.’s Midland oil production and long-term crude sales to Delek connect its drilling activity to volumes supporting Delek Logistics’ gathering network. Watch its production and new wells against its commitment to deliver 23,500 gross barrels per day by pipeline for the first ten years beginning May 1, 2024.
MPLX LP shares Delek Logistics’ mix of refinery-linked oil transportation and storage with natural gas services, so refinery activity and producer volumes matter to both. MPLX’s crude and products logistics results offer a comparison for Delek Logistics’ refinery business: MPLX moves and stores fuels for MPC, while Delek Logistics supports Delek Holdings’ refineries.
Energy Transfer LP competes with Delek Logistics for producers and refiners needing gas collection and processing, crude transportation and terminal handling. Its gas-supply contracts are worth watching for competition over the producer volumes that feed Delek Logistics’ gathering and processing business.
Plains GP Holdings, L.P. gives investors indirect ownership of Plains All American, whose Permian crude gathering, pipeline and storage services compete with Delek Logistics for customer business. Plains GP has no direct operating assets; its cash comes through AAP from Plains All American distributions, so watch the underlying crude transportation volumes and fee income rather than treating it as another pipeline operator.
ONEOK and Delek Logistics both collect and process producers’ gas and transport petroleum, with overlapping exposure to Permian supply and service fees rather than just commodity prices. Watch ONEOK’s gathering, processing and pipeline expansions: it warns that competing infrastructure can redirect supply volumes from the Permian Basin.
Enterprise Products Partners L.P. competes with Delek Logistics in moving and handling crude, natural gas, natural gas liquids and refined products for producers and downstream customers. Enterprise’s results across those services offer a broader comparison for supply and customer demand, rather than a direct read on oil-price exposure in Delek Logistics’ fee-based transportation and storage operations.
EIA Crude Oil Stocks Change (Oct/16)
Delek Logistics’ West Texas wholesale business buys and sells refined products, so US crude and gasoline stock levels—which indicate how tight supply is relative to demand—can shift product prices, customer purchases and the margins it earns between buying and selling.
Read stocks as a signal of supply against demand, not a direct measure of Delek Logistics’ volumes: tighter crude and fuel supply can support prices and potentially wholesale margins, while looser supply can pressure prices, customer purchases and margins.
Fed Interest Rate Decision
Delek Logistics earns volume-based fees moving crude, gas and refined products, while its $211.9 million of revolving debt can reprice with interest rates, changing cash available after interest payments.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise interest on Delek Logistics’ floating-rate revolving debt, leaving less cash for operations, investment or quarterly distributions; higher borrowing costs may also make funding growth projects harder.
If it comes in below expectations
Lower rates can reduce interest on Delek Logistics’ floating-rate revolving debt, leaving more cash for operations, investment or quarterly distributions and potentially easing borrowing for growth projects.
Kinetik Holdings Inc. earningsKNTK
Kinetik’s producer contracts and gas-processing volumes show how strongly it is competing for Delaware Basin customers that Delek Logistics also serves.
Look at Kinetik’s new producer contracts alongside its gas-processing volumes. More contracts and higher volumes would show it is winning more producer business, sharpening competition for Delek Logistics’ third-party gathering and processing work in the Delaware Basin. Weaker figures would suggest less added competitive pressure. The question is whether Kinetik is winning the same kind of producer customers Delek Logistics serves.
HighPeak Energy, Inc. earningsHPK
HighPeak’s production and new wells show how much Midland crude supply may feed volumes connected to Delek Logistics’ gathering network.
Read HighPeak’s Midland production and new-well activity alongside its commitment to deliver 23,500 gross barrels per day by pipeline for the first ten years beginning May 1, 2024. Stronger production and delivery progress would support the crude supply connected to Delek Logistics’ gathering network; weaker production could limit added supply, though the commitment remains an important part of the picture. The conclusion is whether this supply link can support gathering volumes, not that HighPeak’s production directly equals Delek Logistics’ revenue.
DELEK LOGISTICS PARTNERS, LP earningsThis company
This report shows whether Delek Logistics is turning Permian gathering and processing, and refinery-linked services, into stronger segment results.
Read gathering and processing volumes alongside segment EBITDA, the partnership’s measure of segment performance, and check results in wholesale marketing and terminalling, and storage and transportation. Rising volumes and EBITDA together would show that more activity is producing stronger segment earnings; declines in both would point to operating pressure. If revenue falls while interest income rises, some fees may have been presented as interest under sales-type lease accounting rather than as revenue, so the change need not mean less customer activity. The conclusion is whether the underlying business weakened or its accounting presentation changed.
Delek US Holdings, Inc. earningsDK
Delek US’s refinery operations show whether Delek Logistics’ largest customer is sustaining activity for its refinery-linked assets and supplying products for resale.
Look at operations at Delek US’s Tyler, El Dorado and Big Spring refineries alongside product supply and related logistics activity. Continued operations and steady product flows would support the pipelines, storage and terminals Delek Logistics has dedicated to those refineries, as well as the supply link for wholesale resale. Reduced or suspended refining could leave some dedicated assets underused and pressure related volumes and fees. Delek US accounted for 49.3% of Delek Logistics’ revenue in 2025, so the conclusion is whether its main customer’s refinery activity supports demand for these services.
