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Delek Logistics Partners, L.P. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net revenues of $214 million for the third quarter of 2024, a decrease from $275.8 million in the same quarter of the previous year. This decrease is attributed to lower revenues in the West Texas marketing operations and the reclassification of certain revenues to interest income under sales-type lease accounting.
Cost of materials and other expenses decreased to $117.5 million from $150.6 million in the third quarter of 2023, primarily due to reduced costs in the West Texas marketing operations.
Operating expenses for the quarter were $27.9 million, down from $33 million the previous year, mainly due to a decrease in outside services.
General and administrative expenses rose to $15.7 million from $5.5 million in the same quarter of 2023, driven by transaction costs related to acquisitions and amendments of agreements.
Depreciation and amortization expenses decreased to $21.2 million from $24.6 million, largely due to the derecognition of fixed assets following the recognition of sales-type leases.
Interest income for the quarter was $23.5 million, compared to none in the previous year, due to the reclassification of certain revenues.
Interest expense was $37 million, slightly up from $36.9 million in the third quarter of 2023.
Income from equity method investments increased to $15.6 million from $9.3 million, primarily due to the acquisition of the Wink to Webster Investment.
Net income attributable to partners for the quarter was $33.7 million, down slightly from $34.8 million in the previous year.
Cash provided by operating activities was $156.4 million for the nine months ended September 30, 2024, compared to $110.6 million in the same period of 2023.
Net cash used in investing activities was $314.5 million, primarily due to acquisitions and increased capital expenditures.
Net cash provided by financing activities was $161.6 million, reflecting proceeds from equity offerings and debt issuances.
As of September 30, 2024, Delek Logistics had total indebtedness of $1.9 billion, with a weighted average interest rate of 7.7% on its revolving credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Delek Logistics Partners L.P. representing Limited Partner Interests quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.