Delek Logistics is a publicly traded limited partnership formed by Delek in 2012 that owns and operates crude oil, refined products and natural gas logistics and marketing assets as well as water disposal and recycling assets. A substantial majority of Delek Logistics' assets are integral to Delek’s refining and marketing operations. As of March 31, 2025, we owned a 63.4% interest in Delek Logistics, consisting of 33,868,203 common limited partner units and the non-economic general partner interest. The limited partner interests in Delek Logistics not owned by us are reflected in net income attributable to non-controlling interest in the accompanying condensed consolidated statements of income and in non-controlling interest in subsidiaries in the accompanying condensed consolidated balance sheets.

On January 2, 2025, Delek Logistics completed the Gravity Acquisition in which it acquired water disposal and recycling operations in the Permian Basin and the Bakken for total consideration of $300.8 million, subject to customary adjustments for net working capital. See Note 2 - Acquisitions for additional information.

On March 12, 2024, Delek Logistics completed a public offering of its common units in which it sold 3,584,416 common units (including an overallotment option of 467,532 common units) to the underwriters of the offering at a price to the public of $38.50 per unit. The proceeds received from this offering (net of underwriting discounts, commissions and expenses) were $132.2 million and were used to repay a portion of the outstanding borrowings under the Delek Logistics Revolving Facility (defined below). Underwriting discounts totaled $5.5 million.

On February 24, 2025, we entered into a Common Unit Purchase Agreement with Delek Logistics (the “Common Unit Purchase Agreement”) whereby Delek Logistics may repurchase common units from time to time from us in one or more transactions for an aggregate purchase price of up to $150.0 million through December 31, 2026 (each such repurchase, a “Repurchase”). The purchase price per common unit in each Repurchase will be the 30-day volume weighted average price of the common units at the close of trading on the day prior to the closing date, subject to certain limitations set forth in the Common Unit Purchase Agreement. During the three months ended March 31, 2025, 243,075 common units were repurchased from us and cancelled at the time of the transaction for a total of $10.0 million. No common units were repurchased for the three months ended March 31, 2024. As of March 31, 2025, there was $140.0 million of authorization remaining under the Common Unit Repurchase Agreement.

Delek Logistics is a VIE, as defined under GAAP, and is consolidated into our condensed consolidated financial statements, representing our logistics segment. The assets of Delek Logistics can only be used to settle its own obligations and its creditors have no recourse to our assets. Exclusive of intercompany balances, and prior to August 5, 2024, the marketing agreement intangible asset between Delek Logistics and Delek which are eliminated in consolidation, the Delek Logistics condensed consolidated balance sheets are included in the condensed consolidated balance sheets of Delek. The Delek Logistics condensed consolidated balance sheets are presented below (in millions):


	As of March 31, 2025		As of December 31, 2024
ASSETS
Cash and cash equivalents	$	2.1	$	5.4
Accounts receivable	68.7		54.7
Accounts receivable from related parties	54.9		33.3
Lease receivable - affiliate	21.1		22.8
Inventory	8.6		5.4
Other current assets	1.5		24.2
Property, plant and equipment, net	1,322.0		1,064.3
Equity method investments	317.5		317.2
Operating lease right-of-use assets	17.1		16.7
Goodwill	12.2		12.2
Intangible assets, net	363.6		281.5
Net lease investment - affiliate	189.7		193.1
Other non-current assets	16.5		10.8
Total assets	$	2,395.5	$	2,041.6
LIABILITIES AND EQUITY
Accounts payable	$	59.9	$	41.4


Current portion of operating lease liabilities	5.5		5.3
Accrued expenses and other current liabilities	32.0		42.1
Long-term debt, net of current portion	2,145.7		1,875.4
Asset retirement obligations	23.3		15.6
Operating lease liabilities, net of current portion	6.2		6.0
Other non-current liabilities	25.5		20.3

Equity	97.4		35.5
Total liabilities and equity	$	2,395.5	$	2,041.6