DKL

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How DKL rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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The Partnership provides gathering, processing, pipeline and other transportation services primarily for crude oil and natural gas customers, storage; wholesale marketing and terminalling services primarily for intermediate and refined product customers; and water disposal and recycling services, all through its owned assets and joint ventures located primarily in the Permian Basin (including the Delaware sub-basin) and other select areas in the Gulf Coast region.
A significant portion of our existing assets are both integral to and dependent upon the success of Delek Holdings' refining operations, as many of our assets are contracted exclusively to Delek Holdings in support of its Tyler, Texas (the "Tyler Refinery"), El Dorado, Arkansas (the "El Dorado Refinery") and Big Spring, Texas (the "Big Spring Refinery"), collectively (the "Delek Refineries").
Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Joint Ventures Approximately 1,326 miles of crude and refined product pipeline (1) Approximately 10.0 million barrels of active shell capacity Approximately 310 MBbl/d of water disposal capacity Approximately 1,015 MBbl/d of operations capacity Approximately 195 MMcf/d of gas processing capacity 9 light product distribution terminals Approximately 1.3 million barrels active shell capacity Sales of wholesale products in the West Texas market.
Tanks, offloading facilities and trucks and ancillary assets. 8 tanks with approximately 0.3 million barrels active shell capacity at the North Little Rock terminal. 161 tractors and 306 trailers Crude oil pipeline joint ventures: Andeavor Logistics Rio Pipeline LLC ("Andeavor Logistics") Caddo Pipeline LLC ("CP LLC") Red River Pipeline Company LLC ("Red River") Wink to Webster Holdings, LLC ("W2W Holdings") (1) Excludes approximately 462 miles of decommissioned gathering system pipeline.
The following chart illustrates the Partnership's current structure: 7 | Business and Properties Our Vision We are a full-suite provider offering integrated crude, gas and water services to the Partnership's customers in the Permian basin.
We operate in the most prolific part of the Permian Basin and we will continue to take advantage of the multiple growth opportunities we continue to see in our operating regions.
Core Values Our culture is guided by our core values.
These core values are integrated into daily operations, fostering a culture of continuous improvement and alignment with our strategic goals.
We expect that our Long-Term Sustainability Framework will involve iterative, living evolution as we transform as a company.
Management's Discussion and Analysis, of this Annual Report on Form 10-K. 8 | Business and Properties We have a history of successful acquisitions that have added value to our business model and recurring cash flows while simultaneously strengthening our balance sheet.
Delek Holdings $100 million and 5.0 million common limited partner units June 1, 2022 Acquired 100% of the limited liability company interests in 3 Bear from 3 Bear Energy – New Mexico LLC, related to crude oil and natural gas gathering, processing and transportation businesses, as well as water disposal and recycling operations, located in the Delaware Basin of New Mexico, which enhanced our third party revenues, further diversified of our customer and product mix and, expanded our footprint into the Delaware basin. 3 Bear Energy – New Mexico LLC $628.3 million August 5, 2024 (1) Acquired from Delek Holdings, 50% equity interest in W2W Holdings.
Delek Holdings $83.9 million cash, forgiveness of a $60.0 million receivable from Delek Holdings and 2.3 of common limited partner units September 11, 2024 (1) Acquired 100% limited liability interest in H2O Midstream Intermediate, LLC, H2O Midstream Permian LLC, and H2O Midstream LLC ("H2O Midstream"), related to water disposal and recycling operations in the Midland Basin in Texas, which supports our core strategy of providing a full midstream service solution to our existing and third-party customers in the Permian Basin.
Gravity Water Holdings LLC $209.3 million and ~2.175 million common limited partner units (1) See Note 3 to our consolidated financial statements in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K, for additional information. 9 | Business and Properties Information About Our Segments Additional segment and financial information is contained in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations; and Note 14, Segment Data, of our consolidated financial statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
The Delaware Gathering Assets support our crude oil and natural gas gathering, treatment, acid gas injection, processing, and transportation businesses, including operations at the Libby 1 and Libby 2 processing plants, as well as water disposal and recycling operations, located in the Delaware Basin of New Mexico, and serving primarily third-party producers and customers.
A substantial majority of these revenues are derived from commercial agreements with Delek Holdings with terms of five or more years, which gives us a contractual revenue base that we believe enhances the stability of our cash flows.
Competition The Permian Basin has been one of the most prolific oil and gas producing regions in the United States ("U.S.").
We primarily operate our gathering and processing operations in the Delaware and Midland Basins within the Permian Basin.
Our Delaware Basin operations focus on crude oil gathering and natural gas gathering, treatment, acid gas injection, processing, and transportation, as well as gas and water processing, and primarily serve third-party producers and customers, while our Midland Basin operations focus on crude oil gathering and transportation, which serves the refineries of Delek Holdings, our largest customer, and water processing operations that primarily serve third-party customers. 10 | Business and Properties With respect to our Delaware Basin Gathering and Processing operations, competition is impacted by the prevalence of other midstream companies in the region with gathering lines, compression facilities, processing plants, and storage and transportation capabilities.
Because virtually all of our business in the Delaware Basin is third-party, our competitive position is dependent upon our ability to develop relationships with producers, to provide an integrated gathering, treatment, acid gas injection and processing asset infrastructure, including rights-of-way, that allows us to demonstrate the breadth, quality, and relevance of our gathering and processing service offerings, and to secure strategic long-term contracts with those producers.
We have worked with our sponsor, Delek Holdings, to purchase crude oil volumes gathered from producers and then, through the Partnership’s logistics network and physical exchange transactions, source those volumes, or equivalent barrels, for production at Delek Holdings’ refineries.
Midland Gathering Assets The Midland Gathering System is a system of pipelines that primarily gathers and transports crude oil, located primarily near the Big Spring Refinery in Texas, which provides access to hydrocarbons directly from wellheads located in the Midland Basin.
These assets consist of approximately 258 miles of gathering assets, which include the Plains connection system, approximately 65 tank battery connections, terminals with total storage capacity of approximately 400,000 barrels and applicable rights-of-way assets.
The following assets support our crude oil gathering operations, natural gas gathering, processing, and transportation operations, and water disposal and recycling operations.
These assets are anchored by the Libby 1 and Libby 2 natural gas processing plants: Natural Gas Gathering & Processing Crude Oil Gathering & Storage Water Gathering, Disposal & Recycling Dedicated Acreage 57,600 160,160 132,480 System Capacity 195 MMcf/d Processing (1) 120 MBbl Storage (2) 310 MBbl/d Disposal (2) Pipeline Capacity 150 MMcf/d (1) 140 MBbl/d (2) 220 MBbl/d (2) Miles of Pipeline (1) Million cubic feet ("MMcf") per day ("MMcf/d") (2) Thousand barrels ("MBbl") per day ("MBbl/d") 11 | Business and Properties Midland Water Gathering Assets The Midland water gathering assets consists of water disposal and recycling operations primarily in the Midland Basin.
These assets include the following: Permian approximately 278,450 dedicated acres approximately 512 miles of pipeline approximately 852 MBbl/d of operational capacity approximately 937 MBbl/d of interconnected disposal capacity Bakken approximately 48,000 dedicated acres approximately 55 miles of pipeline approximately 163 MBbl/d of operational capacity approximately 164 MBbl/d of interconnected disposal capacity Pipeline Assets Pipeline, Diameter (inches) Length (miles) Throughput Capacity (bpd) Commodity Associated Refinery Origin/Termination Point Third-Party System Connections El Dorado Assets Magnolia Pipeline, 12 and 16 (1) 68,500 crude oil El Dorado Shreveport, LA to Magnolia, AR ETP/ExxonMobil's LOLA System Magnolia Station (2) N/A N/A crude oil El Dorado N/A N/A El Dorado Pipeline, 12 (3) 75,000 crude oil El Dorado Magnolia Station to Delek Holdings' Sandhill Station N/A Refined Products Pipeline System (4) 12- inch diesel pipeline N/A diesel El Dorado El Dorado Refinery to the Enterprise TE Products Pipeline El Dorado Station TE Products Pipeline 10-inch gasoline pipeline N/A gasoline El Dorado El Dorado Refinery to the Enterprise TE Products Pipeline El Dorado Station TE Products Pipeline Paline Pipeline System (5) Longview to Nederland Pipeline, 10 (6) 42,000 crude oil N/A Longview, TX to the Phillips 66-operated Beaumont terminal in Nederland, TX N/A East Texas Crude Logistics System Nettleton Pipeline, 8 and 10 25,000 crude oil Tyler Tank Farms in Longview, TX to (a) Bullard Junction at the Tyler Refinery, and (b) our other tank farms in Longview, TX N/A McMurrey Pipeline System, 6, 8 and 12 24,000 crude oil N/A Tank Farms in Longview, TX, runs roughly parallel to the Nettleton Pipeline N/A Tyler Assets (7) Tyler-Big Sandy Product Pipeline, 8 (8) 30,000 refined product Tyler Tyler Refinery to Big Sandy Station N/A Big Spring Logistics Assets (9) Refined Product Pipeline, 6 20,000 (10) refined product Big Spring Big Spring, TX to Midland, TX N/A Crude oil gathering system 250,000 crude oil Big Spring N/A N/A (1) Third-party pipelines connect to the Magnolia Pipeline near Shreveport, Louisiana, which allows for the receipt of crude oil transported from Longview, Texas.
We own Tank 192 and Tank 120 and lease the underlying ground from Lion Oil Company, LLC (formerly known as Lion Oil Company) under a long-term ground lease.
(4) Pursuant to a capacity lease with Enterprise, we also lease capacity of approximately 14,000 bpd on the approximately 240-mile Enterprise Products Pipeline from Enterprise's El Dorado Station to our refined products terminal in Memphis, Tennessee.
(5) Operated as a common carrier pipeline. 12 | Business and Properties (6) The Longview to Nederland Pipeline includes a three-mile section that runs north from Kilgore, Texas.
In addition, these assets include 5 truck receipt locations, approximately 185 pipeline gathering and receiving stations and 17 relay stations to deliver crude oil to the Magnolia Station, the El Dorado Pipeline System or directly to the El Dorado Refinery.
The following table summarizes information with respect to these terminals: Terminal Number of Tanks Active Shell Capacity (barrels) Shell capacity not in service (barrels) LaGloria Station 450,000 N/A Nettleton Station (1) 165,000 N/A Arp Station 55,000 55,000 Big Sandy Station 176,000 N/A (1) The Nettleton Station is located on property that is owned by third parties in which we have leasehold interests.
The current term of this agreement expires in June 2036. 13 | Business and Properties Wholesale Marketing and Terminalling Overview Our wholesale marketing and terminalling segment provides wholesale marketing and terminalling services to Delek Holdings’ refining operations and to independent third parties, generating fees from the marketing, transportation, storage, and terminalling of refined products, as well as revenues from the wholesale marketing of refined products.
Pursuant to an exclusive marketing agreements with Delek Holdings, we marketed 100% of the refined products output of the Tyler Refinery (other than jet fuel and petroleum coke) to various customers in return for a marketing fee.
The marketing agreement expired as of January 1, 2026.
However, as a result of our physical integration with the Tyler Refinery, and our contractual relationships with Delek Holdings related to the Tyler refinery, we do not believe that we will face significant competition for these services or for the storage or throughput of intermediate or refined products at the refinery, particularly during the term of our agreement with Delek Holdings.
However, should Delek Holdings' wholesale customers reduce their purchases of refined products due to the increased availability of more competitively priced products from other suppliers or for other reasons, the volumes we sell could decrease.
On May 1, 2025, the Partnership entered into an agreement to terminate this marketing agreement in its entirety, effective as of January 1, 2026.
West Texas In our West Texas marketing operations, we generate revenue by purchasing refined products from independent third-party suppliers and from Delek Holdings for sale and exchange to Delek Holdings and third parties at our Abilene and San Angelo, Texas terminals and at third-party terminals located elsewhere in Texas. 14 | Business and Properties We own approximately 100 miles of product pipelines in West Texas that connect our Abilene and San Angelo, Texas terminals to the Magellan Orion Pipeline.
The table below provides the number of tanks, their storage capacities, number of truck loading lanes and maximum daily available truck loading capacity for the year ended December 31, 2025 at the Abilene and San Angelo terminals associated with our marketing activities.
See “Commercial Agreements—Other Agreements with Third Parties—West Texas." Terminal Location Number of Tanks Active Aggregate Shell Capacity (bbls) Number of Truck Loading Lanes Maximum Daily Available Truck Loading Capacity (bpd) Abilene, TX (1) 330,000 15,000 San Angelo, TX 96,000 15,000 Total 426,000 30,000 (1) Excludes approximately 47,000 barrels of shell capacity that is out of service.
The table below provides the locations of our refined product terminals associated with our terminalling activities and their storage capacities, number of truck loading lanes and maximum daily available truck loading capacity for the year ended December 31, 2025.

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The Partnership provides gathering, pipeline and other transportation services primarily for crude oil and natural gas customers, storage, wholesale marketing and terminalling services primarily for intermediate and refined product customers, and water disposal and recycling services through its owned assets and joint ventures located primarily in the Permian Basin (including the Delaware sub-basin) and other select areas in the Gulf Coast region.
A majority of our existing assets are both integral to and dependent upon the success of Delek Holdings' refining operations, as many of our assets are contracted exclusively to Delek Holdings in support of its Tyler, Texas (the "Tyler Refinery"), El Dorado, Arkansas (the "El Dorado Refinery") and Big Spring, Texas (the "Big Spring Refinery").
Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Joint Ventures Approximately 2,204 miles of crude and refined product pipeline (1) Approximately 10.0 million barrels of active shell capacity Approximately 310 MBbl/d of water disposal capacity Approximately 945 MBbl/d of operations capacity Approximately 88 MMcf/d of gas processing capacity 9 light product distribution terminals Approximately 0.9 million barrels active shell capacity Sales of wholesale products in the West Texas market.
Tanks, offloading facilities and trucks and ancillary assets. 8 tanks with approximately 0.3 million barrels active shell capacity at the North Little Rock terminal. 161 tractors and 306 trailers Crude oil pipeline joint ventures: Andeavor Logistics Rio Pipeline LLC ("Andeavor Logistics") Caddo Pipeline LLC ("CP LLC") Red River Pipeline Company LLC ("Red River") Wink to Webster Holdings, LLC ("W2W Holdings") (1) Includes approximately 240 miles of leased capacity and 489 miles of decommissioned gathering system pipeline.
The following chart illustrates the Partnership's current structure, which reflects the issuance of 2,175,209 common limited partner units on January 2, 2025, in connection with the closing of the Gravity Acquisition: 7 | Business and Properties Our Vision Our core vision is to be a full suite (crude, gas and water) service provider to the Partnership's customers in the Permian basin.
We are in the most prolific part of the Permian Basin and we will continue to take advantage of the multiple growth opportunities we continue to see in our operating regions.
For these reasons, in partnership with our sponsor Delek Holdings, we have developed a Long-Term Sustainability Framework , representing a continuously evolving foundation out of which we identify our strategic objectives and initiatives, which collectively form our Long-term Sustainability Strategy for 2025.
As discussed above, we expect that our Long-Term Sustainability Framework will involve iterative, living evolution as we transform as a company.
Long-Term Sustainability Framework: Key Initiatives Integral to our Long-Term Sustainability Framework and the achievement of the initial overarching objectives are the following key initiatives : • Maintain safe, reliable, and environmentally responsible operations. • Create shareholder value by rewarding our shareholders with a competitive long-term capital allocation framework. • Continuous evaluation of our business model in terms of long-term economic and operational sustainability.
Management's Discussion and Analysis, of this Annual Report on Form 10-K. 8 | Business and Properties Core Strategy The Partnership is positioned to be a full-suite service provider, delivering crude, gas, and water solutions to our customers in the Permian Basin.
We are also well positioned to take advantage of several attractive growth opportunities we are currently seeing in the Midland and Delaware basins.
We are continuing to strengthen our offering in the Midland basin through the acquisitions of H2O Midstream and Gravity.
On the Delaware side, our gas processing plant expansion, including adding acid gas injection ("AGI") and sour gas treating capabilities, are setting us up for multiple years of growth in the basin.
These growth opportunities will continue to support our strong distribution growth while maintaining a healthy distributable cash flow coverage and leverage ratios.
As producers continue to ramp up production within the prime acreage of the Permian, the Partnership is well positioned to continue to add value through our gathering and processing services, including crude, natural gas and water.
Our positioning allows our customers the ability to control quality and add optionality to place barrels in a variety of markets.
Additionally, through our joint venture projects, we have increased our supply network to take advantage of growth opportunities in expanding markets and added additional flexibility which has delivered realized value through the entire system.
We have a history of successful acquisitions that have added value to our business model and recurring cash flows while simultaneously strengthening our balance sheet.
Delek Holdings $100 million and 5.0 million common limited partner units May 1, 2020 Acquired Delek Trucking, LLC consisting of certain leased and owned tractors and trailers and related assets (the "Trucking Assets") from Delek Holdings, such transaction the "Trucking Assets Acquisition." The Trucking Assets are recorded in our transportation segment and include approximately 150 trucks and trailers.
The Trucking Assets Acquisition was considered a transaction between entities under common control.
Delek Holdings $48 million June 1, 2022 Acquired 100% of the limited liability company interests in 3 Bear from 3 Bear Energy – New Mexico LLC, related to crude oil and natural gas gathering, processing and transportation businesses, as well as water disposal and recycling operations, located in the Delaware Basin of New Mexico, which enhanced our third party revenues, further diversified of our customer and product mix and, expanded our footprint into the Delaware basin. 3 Bear Energy – New Mexico LLC $628.3 million August 5, 2024 (1) Acquired from Delek Holdings, 50% equity interest in W2W Holdings.
Delek Holdings $83.9 million cash, forgiveness of a $60.0 million receivable from Delek Holdings and 2.3 of common limited partner units September 11, 2024 (1) Acquired 100% limited liability interest in H2O Midstream Intermediate, LLC, H2O Midstream Permian LLC, and H2O Midstream LLC ("H20 Midstream"), related to water disposal and recycling operations in the Midland Basin in Texas, which supports our core strategy of providing a full midstream service solution to our existing and third-party customers in the Permian Basin.
Gravity Water Holdings LLC $209.3 million and ~2.175 million common limited partner units (1) See Note 3 to our consolidated financial statements in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K, for additional information. 9 | Business and Properties Evolving Strategic View The Partnership has also embraced opportunities to enhance our environmental stewardship.
While we expect that non-hydrocarbon renewables will continue to grow as a percentage of total energy consumption, liquid transportation fuels will continue to be in high demand during transition.
For these reasons, we are consistently evaluating existing and arising market factors and technologies, as we look to the future of energy.
In connection with the development of our Long-Term Sustainability Framework, we have expanded the scope of our growth and business development strategy to one that is also focused on operational, economic and environmental sustainability, including increased emphasis on sustainable carbon efficiency.
As an initial foundational change, this expanded scope includes the implementation of an enhanced screening process for proposed future growth projects to incorporate key considerations regarding their environmental and social impact, including quantitative and qualitative data corresponding to several sustainability criteria, such as GHG emissions, carbon intensity, water usage, electricity usage, waste generation, biodiversity impact, and impact on indigenous peoples, among other environmental conscious considerations.
This type of data provides management with a more thorough understanding of a project’s potential environmental and social impacts to better make investment decisions that are aligned with our long-term sustainability view.
As we move into the future and begin to execute on new growth transactions under the sustainability framework, this data will enable us not only to more closely track the impact we have on both the communities in which we operate and the environment at large, but also to realize the exponential impact of sustainable growth on the long-term value to our stakeholders. 10 | Business and Properties Information About Our Segments Additional segment and financial information is contained in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations; and Note 14, Segment Data, of our consolidated financial statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
The Delaware Gathering Assets support our crude oil and natural gas gathering, processing and transportation businesses, as well as water disposal and recycling operations, located in the Delaware Basin of New Mexico, and serving primarily third-party producers and customers.
A substantial majority of these revenues are derived from commercial agreements with Delek Holdings with initial terms ranging from five to ten years, which gives us a contractual revenue base that we believe enhances the stability of our cash flows.
Competition The Permian Basin has been one of the most prolific oil and gas producing regions in the U.S.
We primarily operate our gathering and processing operations in the Delaware and Midland Basins within the overall Permian Basin, with our Delaware operations focused on crude and gas gathering as well as gas and water processing and primarily services third-party customers, and our Midland activities focused on crude gathering and transportation which ultimately services the refineries of Delek Holdings, our largest customer, as well as water processing primarily servicing third-party customers. 11 | Business and Properties With respect to our Delaware Basin Gathering and Processing operations, competition is impacted by the prevalence of other midstream companies in the region with gathering lines, compression facilities, processing plants, and storage and transportation capabilities.
Because virtually all of our business in the Delaware Basin is third-party, our competitive position is dependent upon our ability to develop relationships with producers, to provide an integrated gathering and processing asset infrastructure, including rights-of-way, that allows us to demonstrate the breadth, quality, and relevance of our gathering and processing service offerings, and to secure strategic long-term contracts with those producers.
And that is, we have worked with our sponsor, Delek Holdings, to purchase first barrels of crude oil gathered from producers and then utilizing the Partnership’s network of logistics assets, combined with physical exchange trades, in order to ultimately source those (or equivalent) barrels for production at Delek Holdings refineries.
Midland Gathering Assets The Midland Gathering System is a system of pipelines that primarily gathers and transports crude oil, located primarily near the Big Spring Refinery in Texas, which provide access to hydrocarbons directly from wellheads located in the Midland Basin.
These assets consist of approximately 240 miles of gathering assets, approximately 65 tank battery connections, terminals with total storage capacity of approximately 400,000 barrels and applicable rights-of-way assets.
The following assets support our crude oil and natural gas gathering, processing and transportation business, as well as water disposal and recycling operations: Natural Gas Gathering & Processing Crude Oil Gathering & Storage Water Gathering, Disposal & Recycling Dedicated Acreage 57,600 160,160 132,480 System Capacity 88 MMcf/d Processing (1) 120 MBbl Storage (2) 200 MBbl/d Disposal (2) Pipeline Capacity 150 MMcf/d (1) 140 MBbl/d (2) 220 MBbl/d (2) Miles of Pipeline 120 220 170 (1) Million cubic feet ("MMcf") per day ("MMcf/d") (2) Thousand barrels ("MBbl") per day ("MBbl/d") 12 | Business and Properties Midland Water Gathering Assets The Midland water gathering assets consists of water disposal and recycling operations primarily in the Midland Basin.
These assets include the following: H2O Midstream approximately 101,451 dedicated acres approximately 262 miles of pipeline 337 MBbl/d peak gathered volumes approximately 245 MBbl/d of operational capacity approximately 110 MBbl/d of interconnected disposal capacity Gravity approximately 225,000 dedicated acres approximately 232 miles of produced water gathering lines approximately 65 miles of fresh water supply pipelines approximately 700 MBbl/d of operational capacity approximately 1,015 MBbl/d of permitted capacity Pipeline Assets Pipeline, Diameter (inches) Length (miles) Throughput Capacity (bpd) Commodity Associated Refinery Origin/Termination Point Third-Party System Connections El Dorado Assets Magnolia Pipeline, 12 and 16 (1) 77 68,500 crude oil El Dorado Shreveport, LA to Magnolia, AR ETP/ExxonMobil's LOLA System Magnolia Station (2) N/A N/A crude oil El Dorado N/A N/A El Dorado Pipeline, 12 (3) 31 75,000 crude oil El Dorado Magnolia Station to Delek Holdings' Sandhill Station N/A Refined Products Pipeline System (4) 12- inch diesel pipeline 8 N/A diesel El Dorado El Dorado Refinery to the Enterprise TE Products Pipeline El Dorado Station TE Products Pipeline 10-inch gasoline pipeline 8 N/A gasoline El Dorado El Dorado Refinery to the Enterprise TE Products Pipeline El Dorado Station TE Products Pipeline Paline Pipeline System (5) Longview to Nederland Pipeline, 10 (6) 195 42,000 crude oil N/A Longview, TX to the Phillips 66-operated Beaumont terminal in Nederland, TX N/A East Texas Crude Logistics System Nettleton Pipeline, 8 and 10 36 25,000 crude oil Tyler Tank Farms in Longview, TX to (a) Bullard Junction at the Tyler Refinery, and (b) our other tank farms in Longview, TX N/A McMurrey Pipeline System, 6, 8 and 12 59 24,000 crude oil N/A Tank Farms in Longview, TX, runs roughly parallel to the Nettleton Pipeline N/A Tyler Assets (7) Tyler-Big Sandy Product Pipeline, 8 (8) 32 30,000 refined product Tyler Tyler Refinery to Big Sandy Station N/A Big Spring Logistics Assets (9) Refined Product Pipeline, 6 40 20,000 (10) refined product Big Spring Big Spring, TX to Midland, TX N/A Crude oil gathering system 240 250,000 crude oil Big Spring N/A N/A (1) Third-party pipelines connect to the Magnolia Pipeline near Shreveport, Louisiana, which allows for the receipt of crude oil transported from Longview, Texas.
We own Tank 192 and Tank 120 and lease the underlying ground from Lion Oil Company, LLC (formerly known as Lion Oil Company) under a long-term ground lease. 13 | Business and Properties (4) Pursuant to a capacity lease with Enterprise, we also lease capacity of approximately 14,000 bpd on the approximately 240-mile Enterprise Products Pipeline from Enterprise's El Dorado Station to our refined products terminal in Memphis, Tennessee.

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