Delek Logistics Partners: Solid Results, But Distribution Coverage Is Weak

Delek Logistics Partners, LP delivered strong Q3 2026 results, with revenue up 42.6% and net income up 4.1% year-over-year. DKL's natural gas volumes surged, driven by the Libby 2 plant and Permian Basin activity, positioning natural gas as its key growth lever. Revenue diversification continues, with third-party contracts now nearly half of total revenue and a projected 80% of EBITDA from non-affiliates in 2026.