Q2 2023 Delek Logistics Partners LP Earnings Call
Turn the conference over to Rosy <unk> click.
Vice President of Investor Relations. Please go ahead.
Welcome to the Delek logistics partners second quarter earnings Conference call.
Participants on today's call will include avid golf Toric, President Joseph Israel, EVP operations, Reuven, Spiegel, EVP, and Chief Financial Officer, and <unk>, the SVP Delek logistics.
As a reminder, this conference call will contain forward looking statements as defined under the federal securities laws, including without limitations statements regarding guidance and future business outlook. These statements involve risks and uncertainties that may cause actual results to differ from our forecast for more information. Please refer to the <unk>.
Risk factors discussed in the company's most recently filed annual report on the Form 10-K and quarterly report on Form 10-Q filed with the SEC along with the press release associated with this call. The company assumes no obligation to update any forward looking statements or information, which speaks as of their respective.
Data.
I'll now turn the call over to <unk> for opening remarks.
Thanks Ali.
Good logistics, Bob delivered another great quarter with $93 million of EBITDA.
There's logistics has been able to provide consistent results and stable cash flow.
We are encouraged by our positive outlook.
Silver production in the Permian Basin ramps up we continue on our promising goldsmith with increased scale and efficiency.
We are proud to say that our acreage is outperformed average growth in the basin.
The Midland gathering system volumes have more than doubled from a year ago, and we're excited to identify more value add opportunities with our producers.
Our Delaware gathering assets are performing well and meeting our expectations.
We now expect to exceed 100 million dollar.
Quarterly EBITDA run rate by Q4 of this year.
On July 26, our board of directors put five 1% increase.
In the quarterly distribution from the prior year to $1 <unk> and $3.05 per limited partner unit for the second quarter of 2020.
We are committed to continuing increasing the quarterly distribution.
Now ended over toward.
Thank you Rafi Gulf.
Total EBITDA for logistics was $93 million for the second quarter of 2003, compared with $65 million for the same period in 2002 for the second quarter of 'twenty three distributable cash flow was $60 million in the DCF coverage ratio was 134.
But the gathering and processing segment EBITDA this quarter was $53 million compared with $38 million in the second quarter of 2002. The increase was primarily driven from strong contributions by the Midland gathering system as well as Delaware gathering.
Throughput for the Midland the gathering averaged approximately 222000 barrels per day for the second quarter of 'twenty three more than twice. The average 100000 barrels per day in the second quarter of 'twenty to.
The wholesale marketing and Terminalling segment, EBITDA of $28 million for the quarter compared with $19 million in the second quarter of 'twenty two there.
The increase was due to higher terminalling throughput in east, Texas and higher gross margin in our <unk> operation the.
The storage and transportation segment had EBITDA of $15 million this quarter, which is in line with the last year results and lastly, the investment in pipeline joint venture segment contributed 7 million towards the second quarter of 'twenty three flat with the second quarter of 2002 moves.
Moving onto capital expenditures second quarter of 'twenty three capital spending was $19 million most of that spend was for growth projects, namely advancing new connections in the Delaware and Midland gathering systems for 2023, we maintain with our capital outlook of $81 million with that we can open the call for questions.
And we will now begin the question and answer session to ask a question you May press star one on your Touchtone phone.
We're using a speakerphone please pick up your handset before pressing the keys if at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.
And again, if you would like to pose a question.
Its star one.
Since we have no questions at this time.
Sure.
Ill turn the conference over back to <unk> for any closing remarks.
So I want to thank.
The executive and the turbine.
To our employees to the board of directors and to your vessel for another great quarter over to you Ken.
Well very much committed to the pathway ahead, we see a sustainable growth.
We are committed to.
On the call.
We'll talk again in the next quarter. Thank you.
And this ends the conference today. Thank you for attending today's presentation you may now disconnect.
With regard.
With regard.
Sure.
With regard.