Delek Logistics Partners, LP (NYSE:DKL) Q4 2023 Earnings Conference Call February 27, 2024 12:30 PM ET

Company Participants

Rosy Zuklic - Vice President, Investor Relations

Avigal Soreq - President

Reuven Spiegel - Executive Vice President & Chief Financial Officer

Odely Sakazi - Senior Vice President, Delek Logistics

Conference Call Participants

Doug Irwin - Citi

Paul Langlois - Lord Abbett

Operator

Good morning, ladies and gentlemen, and welcome to the Delek Logistics Partners' Fourth Quarter 2023 Conference Call. [Operator Instructions] This call is being recorded on Tuesday, February 27, 2024. I would now like to hand the conference over to Rosy Zuklic, VP of Investor Relations. Please go ahead.

Rosy Zuklic

Good day, and welcome to the Delek Logistics Partners fourth quarter earnings conference call. Participants on today's call will include Avigal Soreq, President; Joseph Israel, EVP Operations; Reuven Spiegel, EVP and Chief Financial Officer; and Odely Sakazi, SVP Delek Logistics.

As a reminder, this conference call will contain forward-looking statements as defined under the federal securities laws, including without limitation, 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 risk factors discussed in the partnership’s most recently filed annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, along with the press release associated with this call. The partnership assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

I'll now turn the call over to Avigal for opening remarks.

Avigal Soreq

Thank you, Rosy. Delek Logistics Partners finished 2023 strong. We delivered another record quarter and achieved a record year. DKL exceeds $100 million in adjusted EBITDA this quarter. We saw a substantial growth from our new connection in our mid and gathering operations further validating our strong position in the Permian Basin.

I'm very proud of our employees, who are dedicated to making Delek Logistics succeed. It is their dedication to safe and reliable operation that makes our results possible. The team has gone without a lost time injury four years in a row and counting. We are also focused on growing third-party revenues, allocating capital in a disciplined manner and exploring natural gas opportunities in the Delaware Basin, where we see significant growth.

In January, the Board approved the 44th consecutive increase in the quarterly distribution to $1.055 per unit. Delek Logistics has shown a strong track record of delivering value to unitholders. We feel confident in our ability to maintain competitive distribution to our investors.