Delek Logistics Partners, LP (NYSE:DKL) Q1 2022 Earnings Conference Call May 3, 2022 10:30 AM ET
Company Participants
Blake Fernandez - Senior Vice President of investor relations
Uzi Yemin - Chairman and Chief Executive Officer
Reuven Spiegel - Chief Financial Officer
Conference Call Participants
Chad Bryant - Credit Suisse
Operator
00:04 Good day, and welcome to the Delek Logistics Partners First Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
00:30 I would now like to turn the conference over to Mr. Blake Fernandez. Please go ahead, sir.
Blake Fernandez
00:35 Good morning. I would like to thank everyone for joining us on today's webcast to discuss Delek Logistics Partners first quarter '22 financial results. Joining me on today's call will be Uzi Yemin, our General Partners' Chairman and CEO; and Reuven Spiegel, CFO, as well as other members of our management team.
00:52 As a reminder, this conference call will contain forward-looking statements as that term is defined under federal securities laws, including without limitation, statements regarding guidance and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in the company's most recent filing, Annual Report or Form 10-K and Form 8-K filed with the SEC, along with the associated press release. The company assumes no obligation to update any forward-looking statements or information which speak of respective dates.
01:32 On today's call, Reuven will begin with financial overview, I will review results, and Uzi will offer a few closing strategic remarks.
01:39 With that, I will turn the call over to Reuven.
Reuven Spiegel
01:42 Thank you, Blake. Our distributable cash flow was approximately $52 million in the first quarter of 2022 compared to $53 million in the first quarter of '21. Our DCF coverage ratio was 1.21 times for the first quarter compared to 1.31 times in the prior year period. EBITDA was $66 million, which represents 12% increase over prior year period.
02:06 Our Board approved an increase in the quarterly distribution to $0.98 per limited partner unit for the quarter ended March 31. This distribution will be paid on May 12 to unit holders of record on May 5 and represent 0.5% increase from the fourth quarter of 2021 and 6.5% increase from the first quarter of 2021.