DKL - Delek Logistics lifts Permian Basin footprint with $624M 3Bear Energy deal

Delek Logistics Partners (NYSE:DKL) said Monday it will acquire 100% of 3Bear Delaware Holding, including crude oil and gas gathering, processing and transportation businesses in the Delaware Basin in New Mexico, for $624.7M in cash. 3Bear's asset base includes 485 miles of pipelines, 88M cf/day of cryogenic natural gas processing capacity, 120K barrels of crude storage capacity and 200K bbl/day of water disposal capacity. Delek Logistics says the deal significantly enhances its third party revenue and further diversifies its customer and product mix, expands its footprint into the Delaware Basin, and provides immediate accretion to distributable cash flow. Delek Logistics has racked up 36 straight dividend hikes since its IPO, Double Dividend Stocks writes in a bullish analysis published on Seeking Alpha.

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Delek Logistics lifts Permian Basin footprint with $624M 3Bear Energy deal