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    HF Sinclair Corporation Reports 2024 Third Quarter Results and Announces Regular Cash Dividend

    10/31/24 6:30:00 AM ET
    $DINO
    Natural Gas Distribution
    Energy
    Get the next $DINO alert in real time by email
    • Reported Net loss attributable to HF Sinclair stockholders of $(75.9) million, or $(0.40) per diluted share, and adjusted net income of $96.5 million, or $0.51 per diluted share, for the third quarter
    • Reported EBITDA of $98.6 million and Adjusted EBITDA of $316.0 million for the third quarter
    • Returned $221.8 million to stockholders through dividends and share repurchases in the third quarter
    • Announced a regular quarterly dividend of $0.50 per share

    HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair" or the "Company") today reported third quarter Net loss attributable to HF Sinclair stockholders of $(75.9) million, or $(0.40) per diluted share, for the quarter ended September 30, 2024, compared to $790.9 million, or $4.23 per diluted share, for the quarter ended September 30, 2023. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the third quarter of 2024 was $96.5 million, or $0.51 per diluted share, compared to $760.4 million, or $4.06 per diluted share, for the third quarter of 2023.

    HF Sinclair's Chief Executive Officer, Tim Go, commented, "We are pleased with our financial and operational performance, supported by strong and consistent earnings in our Marketing, Midstream and Lubricants & Specialties business segments. We returned $222 million in cash to shareholders in the third quarter and today announced a $0.50 quarterly dividend. Looking forward, we remain committed to safe and reliable operations, and we believe the diversification of our businesses positions us to generate through-cycle cash flows and continued returns to our shareholders."

    Refining segment loss before interest and income taxes was $(212.1) million for the third quarter of 2024 compared to income of $916.1 million for the third quarter of 2023. The segment reported EBITDA of $(88.8) million for the third quarter of 2024 compared to $1,034.2 million for the third quarter of 2023. Excluding the Lower of cost or market inventory valuation adjustments, the segment reported Adjusted EBITDA in the third quarter of 2024 of $110.0 million compared to $1,007.4 million in the third quarter of 2023. This decrease was principally driven by lower adjusted refinery gross margins in both the West and Mid-Continent regions as a result of high global supply of transportation fuels across the industry, which were partially offset by higher refined product sales volumes. Adjusted refinery gross margin was $10.79 per produced barrel sold, a 59% decrease compared to $26.27 for the third quarter of 2023. Crude oil charge averaged 607,010 barrels per day ("BPD") for the third quarter of 2024 compared to 601,930 BPD for the third quarter of 2023. This increase was primarily a result of improved reliability and decreased turnaround activities at our refineries compared to the third quarter of 2023.

    Renewables segment loss before interest and income taxes was $(23.1) million for the third quarter of 2024, compared to income of $3.1 million for the third quarter of 2023. The segment reported EBITDA of $(1.7) million for the third quarter of 2024 compared to $22.0 million for the third quarter of 2023. Excluding the Lower of cost or market inventory valuation adjustments, the segment reported Adjusted EBITDA of $1.8 million in the third quarter of 2024 compared to $5.0 million in the third quarter of 2023. This decrease was primarily due to lower indicator margins despite increased sales volumes and feedstock optimization in the third quarter of 2024. Total sales volumes were 69 million gallons for the third quarter of 2024 as compared to 55 million gallons for the third quarter of 2023.

    Marketing segment income before interest and income taxes was $15.6 million for the third quarter of 2024 compared to $15.1 million for the third quarter of 2023. The segment reported EBITDA of $22.1 million for the third quarter of 2024 compared to $21.1 million for the third quarter of 2023. This increase was primarily driven by higher margins in the third quarter of 2024. Total branded fuel sales volumes were 365 million gallons for the third quarter of 2024 as compared to 398 million gallons for the third quarter of 2023.

    Lubricants & Specialties segment income before interest and income taxes was $54.6 million for the third quarter of 2024, compared to $95.2 million for the third quarter of 2023. The segment reported EBITDA of $76.2 million for the third quarter of 2024 compared to $117.5 million in the third quarter of 2023. This decrease was driven by a $26.7 million FIFO charge from consumption of higher priced feedstock inventory in the third quarter of 2024 compared to a $29.9 million FIFO benefit in the third quarter of 2023, partially offset by increased sales volumes, sales mix optimization and base oil integration in the third quarter of 2024.

    Midstream segment income before interest and income taxes was $80.5 million for the third quarter of 2024 compared to $78.2 million for the third quarter of 2023. The segment reported EBITDA of $96.5 million for the third quarter of 2024 compared to $96.6 million for the third quarter of 2023. Excluding certain items, the segment reported Adjusted EBITDA of $111.6 million for the third quarter of 2024 compared to $100.9 million for the third quarter of 2023. This increase was primarily driven by higher revenues from increased volumes and higher tariffs in the third quarter of 2024.

    For the third quarter of 2024, net cash provided by operations totaled $707.6 million. At September 30, 2024, the Company's Cash and cash equivalents totaled $1,229.5 million, a $124.3 million decrease over Cash and cash equivalents of $1,353.7 million at December 31, 2023. During the third quarter of 2024, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $95.3 million and spent $126.5 million on share repurchases. Additionally, at September 30, 2024, the Company's consolidated debt was $2,636.8 million.

    HF Sinclair also announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.50 per share, payable on December 4, 2024 to holders of record of common stock on November 21, 2024.

    The Company has scheduled a webcast conference call for today, October 31, 2024, at 9:30 AM Eastern Time to discuss third quarter financial results. This webcast may be accessed at https://events.q4inc.com/attendee/465594914. An audio archive of this webcast will be available using the above noted link through November 14, 2024.

    HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and supplies high-quality fuels to more than 1,500 branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in New Mexico. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries.

    The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are "forward-looking statements" based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in the Company's filings with the Securities and Exchange Commission (the "SEC"). Forward-looking statements use words such as "anticipate," "project," "will," "expect," "plan," "goal," "forecast," "strategy," "intend," "should," "would," "could," "believe," "may," and similar expressions and statements regarding the Company's plans and objectives for future operations. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot assure you that the Company's expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the demand for and supply of feedstocks, crude oil and refined products, including uncertainty regarding the increasing societal expectations that companies address climate change and greenhouse gas emissions; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in the Company's markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, infection in the workforce, weather events, global health events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, vandalism or other catastrophes or disruptions affecting the Company's operations, production facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing of the Company's suppliers, customers, or third-party providers, and any potential asset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions; the effects of current and/or future governmental and environmental regulations and policies, including compliance with existing, new and changing environmental and health and safety laws and regulations, related reporting requirements and pipeline integrity programs; the availability and cost of financing to the Company; the effectiveness of the Company's capital investments and marketing strategies; the Company's efficiency in carrying out and consummating construction projects, including the Company's ability to complete announced capital projects on time and within capital guidance; the Company's ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of the Company to acquire complementary assets or businesses to the Company's existing assets and businesses on acceptable terms and to integrate any existing or future acquired operations and realize the expected synergies of any such transaction on the expected timeline; the possibility of vandalism or other disruptive activity, or terrorist or cyberattacks and the consequences of any such activities or attacks; uncertainty regarding the effects and duration of global hostilities, including shipping disruptions in the Red Sea, the Israel-Gaza and Hezbollah conflict, the Russia-Ukraine war, and any associated military campaigns which may disrupt crude oil supplies and markets for the Company's refined products and create instability in the financial markets that could restrict the Company's ability to raise capital; general economic conditions, including economic slowdowns caused by a local or national recession or other adverse economic condition, such as periods of increased or prolonged inflation; limitations on the Company's ability to make future dividend payments or effectuate share repurchases due to market conditions and corporate, tax, regulatory and other considerations; and other business, financial, operational and legal risks. Additional information on risks and uncertainties that could affect our business prospects and performance is provided in the reports filed by us with the SEC. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    RESULTS OF OPERATIONS

     

    Financial Data (all information in this release is unaudited)

     

     

    Three Months Ended September 30,

     

    Change from 2023

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    Percent

     

     

     

     

     

     

     

     

     

    (In thousands, except per share data)

    Sales and other revenues

    $

    7,207,140

     

     

    $

    8,905,471

     

     

    $

    (1,698,331

    )

     

    (19

    )%

    Operating costs and expenses:

     

     

     

     

     

     

     

    Cost of sales: (1)

     

     

     

     

     

     

     

    Cost of materials and other (2)

     

    6,158,294

     

     

     

    6,935,650

     

     

     

    (777,356

    )

     

    (11

    )%

    Lower of cost or market inventory valuation adjustments

     

    202,307

     

     

     

    (43,848

    )

     

     

    246,155

     

     

    (561

    )%

    Operating expenses

     

    629,573

     

     

     

    622,532

     

     

     

    7,041

     

     

    1

    %

     

     

    6,990,174

     

     

     

    7,514,334

     

     

     

    (524,160

    )

     

    (7

    )%

    Selling, general and administrative expenses (1)

     

    118,014

     

     

     

    124,213

     

     

     

    (6,199

    )

     

    (5

    )%

    Depreciation and amortization

     

    209,716

     

     

     

    195,562

     

     

     

    14,154

     

     

    7

    %

    Asset impairments

     

    9,984

     

     

     

    —

     

     

     

    9,984

     

     

    100

    %

    Total operating costs and expenses

     

    7,327,888

     

     

     

    7,834,109

     

     

     

    (506,221

    )

     

    (6

    )%

    Income (loss) from operations

     

    (120,748

    )

     

     

    1,071,362

     

     

     

    (1,192,110

    )

     

    (111

    )%

    Other income (expense):

     

     

     

     

     

     

     

    Earnings of equity method investments

     

    8,151

     

     

     

    3,009

     

     

     

    5,142

     

     

    171

    %

    Interest income

     

    18,309

     

     

     

    24,577

     

     

     

    (6,268

    )

     

    (26

    )%

    Interest expense

     

    (40,396

    )

     

     

    (48,686

    )

     

     

    8,290

     

     

    (17

    )%

    Gain on foreign currency transactions

     

    1,401

     

     

     

    860

     

     

     

    541

     

     

    63

    %

    Gain on sale of assets and other

     

    1,936

     

     

     

    8,954

     

     

     

    (7,018

    )

     

    (78

    )%

     

     

    (10,599

    )

     

     

    (11,286

    )

     

     

    687

     

     

    (6

    )%

    Income (loss) before income taxes

     

    (131,347

    )

     

     

    1,060,076

     

     

     

    (1,191,423

    )

     

    (112

    )%

    Income tax expense (benefit)

     

    (57,266

    )

     

     

    235,015

     

     

     

    (292,281

    )

     

    (124

    )%

    Net income (loss)

     

    (74,081

    )

     

     

    825,061

     

     

     

    (899,142

    )

     

    (109

    )%

    Less net income attributable to noncontrolling interest

     

    1,863

     

     

     

    34,139

     

     

     

    (32,276

    )

     

    (95

    )%

    Net income (loss) attributable to HF Sinclair stockholders

    $

    (75,944

    )

     

    $

    790,922

     

     

    $

    (866,866

    )

     

    (110

    )%

    Earnings (loss) per share attributable to HF Sinclair stockholders:

     

     

     

     

     

     

     

    Basic

    $

    (0.40

    )

     

    $

    4.23

     

     

    $

    (4.63

    )

     

    (109

    )%

    Diluted

    $

    (0.40

    )

     

    $

    4.23

     

     

    $

    (4.63

    )

     

    (109

    )%

    Cash dividends declared per common share

    $

    0.50

     

     

    $

    0.45

     

     

    $

    0.05

     

     

    11

    %

    Average number of common shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    189,840

     

     

     

    185,456

     

     

     

    4,384

     

     

    2

    %

    Diluted

     

    189,840

     

     

     

    185,456

     

     

     

    4,384

     

     

    2

    %

     

     

     

     

     

     

     

     

    EBITDA

    $

    98,593

     

     

    $

    1,245,608

     

     

    $

    (1,147,015

    )

     

    (92

    )%

    Adjusted EBITDA

    $

    316,004

     

     

    $

    1,206,491

     

     

    $

    (890,487

    )

     

    (74

    )%

     

    Nine Months Ended September 30,

     

    Change from 2023

     

     

    2024

     

     

     

    2023

     

     

    Change

     

    Percent

     

     

     

     

     

     

     

     

     

    (In thousands, except per share data)

    Sales and other revenues

    $

    22,080,116

     

     

    $

    24,304,259

     

     

    $

    (2,224,143

    )

     

    (9

    )%

    Operating costs and expenses:

     

     

     

     

     

     

     

    Cost of sales: (1)

     

     

     

     

     

     

     

    Cost of materials and other (2)

     

    18,835,319

     

     

     

    19,313,312

     

     

     

    (477,993

    )

     

    (2

    )%

    Lower of cost or market inventory valuation adjustments

     

    (20,186

    )

     

     

    (4,114

    )

     

     

    (16,072

    )

     

    391

    %

    Operating expenses

     

    1,828,002

     

     

     

    1,808,715

     

     

     

    19,287

     

     

    1

    %

     

     

    20,643,135

     

     

     

    21,117,913

     

     

     

    (474,778

    )

     

    (2

    )%

    Selling, general and administrative expenses (1)

     

    326,246

     

     

     

    347,514

     

     

     

    (21,268

    )

     

    (6

    )%

    Depreciation and amortization

     

    613,765

     

     

     

    558,905

     

     

     

    54,860

     

     

    10

    %

    Asset impairments

     

    9,984

     

     

     

    —

     

     

     

    9,984

     

     

    100

    %

    Total operating costs and expenses

     

    21,593,130

     

     

     

    22,024,332

     

     

     

    (431,202

    )

     

    (2

    )%

    Income from operations

     

    486,986

     

     

     

    2,279,927

     

     

     

    (1,792,941

    )

     

    (79

    )%

    Other income (expense):

     

     

     

     

     

     

     

    Earnings of equity method investments

     

    23,612

     

     

     

    10,436

     

     

     

    13,176

     

     

    126

    %

    Interest income

     

    58,983

     

     

     

    62,103

     

     

     

    (3,120

    )

     

    (5

    )%

    Interest expense

     

    (126,536

    )

     

     

    (141,490

    )

     

     

    14,954

     

     

    (11

    )%

    Gain on foreign currency transactions

     

    1,475

     

     

     

    2,478

     

     

     

    (1,003

    )

     

    (40

    )%

    Gain on sale of assets and other

     

    3,691

     

     

     

    11,737

     

     

     

    (8,046

    )

     

    (69

    )%

     

     

    (38,775

    )

     

     

    (54,736

    )

     

     

    15,961

     

     

    (29

    )%

    Income before income taxes

     

    448,211

     

     

     

    2,225,191

     

     

     

    (1,776,980

    )

     

    (80

    )%

    Income tax expense

     

    52,190

     

     

     

    480,640

     

     

     

    (428,450

    )

     

    (89

    )%

    Net income

     

    396,021

     

     

     

    1,744,551

     

     

     

    (1,348,530

    )

     

    (77

    )%

    Less net income attributable to noncontrolling interest

     

    5,513

     

     

     

    92,702

     

     

     

    (87,189

    )

     

    (94

    )%

    Net income attributable to HF Sinclair stockholders

    $

    390,508

     

     

    $

    1,651,849

     

     

    $

    (1,261,341

    )

     

    (76

    )%

    Earnings per share attributable to HF Sinclair stockholders:

     

     

     

     

     

     

     

    Basic

    $

    2.01

     

     

    $

    8.57

     

     

    $

    (6.56

    )

     

    (77

    )%

    Diluted

    $

    2.01

     

     

    $

    8.57

     

     

    $

    (6.56

    )

     

    (77

    )%

    Cash dividends declared per common share

    $

    1.50

     

     

    $

    1.35

     

     

    $

    0.15

     

     

    11

    %

    Average number of common shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    193,341

     

     

     

    191,047

     

     

     

    2,294

     

     

    1

    %

    Diluted

     

    193,341

     

     

     

    191,047

     

     

     

    2,294

     

     

    1

    %

     

     

     

     

     

     

     

     

    EBITDA

    $

    1,124,016

     

     

    $

    2,770,781

     

     

    $

    (1,646,765

    )

     

    (59

    )%

    Adjusted EBITDA

    $

    1,120,837

     

     

    $

    2,779,407

     

     

    $

    (1,658,570

    )

     

    (60

    )%

    (1)

    Exclusive of Depreciation and amortization.

    (2)

    Exclusive of Lower of cost or market inventory valuation adjustments.

    Balance Sheet Data

     

    September 30, 2024

     

    December 31, 2023

     

     

     

     

     

    (In thousands)

    Cash and cash equivalents

    $

    1,229,482

     

    $

    1,353,747

    Working capital

    $

    2,393,303

     

    $

    3,371,905

    Total assets

    $

    16,887,661

     

    $

    17,716,265

    Total debt

    $

    2,636,805

     

    $

    2,739,083

    Total equity

    $

    9,670,410

     

    $

    10,237,298

    Segment Information

    Our operations are organized into five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. Our operations that are not included in one of these five reportable segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.

    The Refining segment represents the operations of our El Dorado, Tulsa, Navajo, Woods Cross, Puget Sound, Parco and Casper refineries and HF Sinclair Asphalt Company LLC ("Asphalt"). Refining activities involve the purchase and refining of crude oil and wholesale marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountains extending into the Pacific Northwest geographic regions of the United States. Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma.

    The Renewables segment represents the operations of our Cheyenne renewable diesel unit ("RDU"), Artesia RDU, Sinclair RDU and the pre-treatment unit at our Artesia, New Mexico facility.

    The Marketing segment represents branded fuel sales to Sinclair branded sites in the United States and licensing fees for the use of the Sinclair brand at additional locations throughout the country. The Marketing segment also includes branded fuel sales to non-Sinclair branded sites from legacy HollyFrontier Corporation ("HollyFrontier") agreements and revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of the sites located in our West and Mid-Continent regions.

    The Lubricants & Specialties segment represents Petro-Canada Lubricants Inc.'s production operations, located in Mississauga, Ontario, which includes lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants Inc.'s business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States and Europe. Additionally, the Lubricants & Specialties segment includes specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America and the operations of Red Giant Oil Company LLC, one of the leading suppliers of locomotive engine oil in North America. Also, the Lubricants & Specialties segment includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.

    The Midstream segment includes all of the operations of Holly Energy Partners, L.P. ("HEP"), which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, and terminals, tankage and loading rack facilities in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. The Midstream segment also includes 50% ownership interests in each of Osage Pipeline Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas, Cheyenne Pipeline, LLC, the owner of a pipeline running from Fort Laramie, Wyoming to Cheyenne, Wyoming, and Cushing Connect, a 25.12% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a pipeline running from the Powder River Basin to Casper, Wyoming, and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline running from Sinclair, Wyoming to the North Salt Lake City, Utah Terminal. Revenues and other income from the Midstream segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation, terminalling operations and tankage facilities provided for our refining operations.

    Beginning in the first quarter of 2024, our Refining segment acquired from our Midstream segment the refinery processing units at our El Dorado and Woods Cross refineries. Additionally, we amended an intercompany agreement between certain of our subsidiaries within the Refining, Lubricants & Specialties and Midstream segments. As a result, we have revised our Refining, Lubricants & Specialties and Midstream segment information for the periods presented.

     

     

    Refining

     

    Renewables

     

    Marketing

     

    Lubricants & Specialties

     

    Midstream

     

    Corporate, Other and Eliminations

     

    Consolidated

    Total

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Three Months Ended September 30, 2024

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    5,386,710

     

     

    $

    160,038

     

     

    $

    950,050

     

    $

    682,589

     

    $

    27,753

     

    $

    —

     

     

    $

    7,207,140

     

    Intersegment revenues and other (1)

     

     

    995,001

     

     

     

    105,320

     

     

     

    —

     

     

    3,278

     

     

    136,115

     

     

    (1,239,714

    )

     

     

    —

     

     

     

     

    6,381,711

     

     

     

    265,358

     

     

     

    950,050

     

     

    685,867

     

     

    163,868

     

     

    (1,239,714

    )

     

     

    7,207,140

     

    Cost of sales: (2)

    Cost of materials and other (3)

     

     

    5,731,823

     

     

     

    237,321

     

     

     

    918,432

     

     

    509,204

     

     

    —

     

     

    (1,238,486

    )

     

     

    6,158,294

     

    Lower of cost or market inventory valuation adjustments

     

     

    198,759

     

     

     

    3,548

     

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

     

    202,307

     

    Operating expenses

     

     

    485,231

     

     

     

    24,959

     

     

     

    —

     

     

    60,404

     

     

    58,702

     

     

    277

     

     

     

    629,573

     

     

     

     

    6,415,813

     

     

     

    265,828

     

     

     

    918,432

     

     

    569,608

     

     

    58,702

     

     

    (1,238,209

    )

     

     

    6,990,174

     

    Selling, general and administrative expenses (2)

     

     

    54,632

     

     

     

    1,281

     

     

     

    9,476

     

     

    38,832

     

     

    3,820

     

     

    9,973

     

     

     

    118,014

     

    Depreciation and amortization

     

     

    123,348

     

     

     

    21,409

     

     

     

    6,588

     

     

    21,661

     

     

    17,824

     

     

    18,886

     

     

     

    209,716

     

    Asset impairments

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    9,984

     

     

    —

     

     

     

    9,984

     

    Income (loss) from operations

     

    $

    (212,082

    )

     

    $

    (23,160

    )

     

    $

    15,554

     

    $

    55,766

     

    $

    73,538

     

    $

    (30,364

    )

     

    $

    (120,748

    )

    Income (loss) before interest and income taxes

     

    $

    (212,108

    )

     

    $

    (23,141

    )

     

    $

    15,560

     

    $

    54,584

     

    $

    80,500

     

    $

    (24,655

    )

     

    $

    (109,260

    )

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    1,863

     

    $

    —

     

     

    $

    1,863

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    7,353

     

    $

    798

     

     

    $

    8,151

     

    Capital expenditures

     

    $

    70,655

     

     

    $

    1,268

     

     

    $

    12,874

     

    $

    10,580

     

    $

    15,996

     

    $

    12,231

     

     

    $

    123,604

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended September 30, 2023

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    6,717,926

     

     

    $

    213,144

     

     

    $

    1,259,205

     

    $

    686,123

     

    $

    29,073

     

    $

    —

     

     

    $

    8,905,471

     

    Intersegment revenues and other (1)

     

     

    1,333,008

     

     

     

    118,033

     

     

     

    —

     

     

    565

     

     

    123,540

     

     

    (1,575,146

    )

     

     

    —

     

     

     

     

    8,050,934

     

     

     

    331,177

     

     

     

    1,259,205

     

     

    686,688

     

     

    152,613

     

     

    (1,575,146

    )

     

     

    8,905,471

     

    Cost of sales: (2)

    Cost of materials and other (3)

     

     

    6,518,402

     

     

     

    294,682

     

     

     

    1,230,372

     

     

    466,459

     

     

    —

     

     

    (1,574,265

    )

     

     

    6,935,650

     

    Lower of cost or market inventory valuation adjustments

     

     

    (26,842

    )

     

     

    (17,006

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

     

    (43,848

    )

    Operating expenses

     

     

    478,847

     

     

     

    30,198

     

     

     

    —

     

     

    64,965

     

     

    50,489

     

     

    (1,967

    )

     

     

    622,532

     

     

     

     

    6,970,407

     

     

     

    307,874

     

     

     

    1,230,372

     

     

    531,424

     

     

    50,489

     

     

    (1,576,232

    )

     

     

    7,514,334

     

    Selling, general and administrative expenses (2)

     

     

    50,345

     

     

     

    1,336

     

     

     

    7,731

     

     

    40,051

     

     

    7,947

     

     

    16,803

     

     

     

    124,213

     

    Depreciation and amortization

     

     

    118,077

     

     

     

    18,904

     

     

     

    6,002

     

     

    22,366

     

     

    20,274

     

     

    9,939

     

     

     

    195,562

     

    Income (loss) from operations

     

    $

    912,105

     

     

    $

    3,063

     

     

    $

    15,100

     

    $

    92,847

     

    $

    73,903

     

    $

    (25,656

    )

     

    $

    1,071,362

     

    Income (loss) before interest and income taxes

     

    $

    916,139

     

     

    $

    3,087

     

     

    $

    15,134

     

    $

    95,181

     

    $

    78,194

     

    $

    (23,550

    )

     

    $

    1,084,185

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    1,886

     

    $

    32,253

     

     

    $

    34,139

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    3,581

     

    $

    (572

    )

     

    $

    3,009

     

    Capital expenditures

     

    $

    44,866

     

     

    $

    2,812

     

     

    $

    4,223

     

    $

    10,070

     

    $

    5,672

     

    $

    13,544

     

     

    $

    81,187

     

     

     

    Refining

     

    Renewables

     

    Marketing

     

    Lubricants & Specialties

     

    Midstream

     

    Corporate, Other and Eliminations

     

    Consolidated

    Total

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Nine Months Ended September 30, 2024

     

     

     

     

     

     

     

     

     

     

     

     

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    16,729,833

     

     

    $

    519,935

     

     

    $

    2,668,219

     

    $

    2,084,183

     

    $

    77,946

     

    $

    —

     

     

    $

    22,080,116

     

    Intersegment revenues and other (1)

     

     

    2,833,932

     

     

     

    233,260

     

     

     

    —

     

     

    11,070

     

     

    399,118

     

     

    (3,477,380

    )

     

     

    —

     

     

     

     

    19,563,765

     

     

     

    753,195

     

     

     

    2,668,219

     

     

    2,095,253

     

     

    477,064

     

     

    (3,477,380

    )

     

     

    22,080,116

     

    Cost of sales: (2)

    Cost of materials and other (3)

     

     

    17,497,374

     

     

     

    687,650

     

     

     

    2,590,573

     

     

    1,533,440

     

     

    —

     

     

    (3,473,718

    )

     

     

    18,835,319

     

    Lower of cost or market inventory valuation adjustments

     

     

    (21,799

    )

     

     

    1,613

     

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

     

    (20,186

    )

    Operating expenses

     

     

    1,406,414

     

     

     

    76,125

     

     

     

    —

     

     

    188,849

     

     

    155,309

     

     

    1,305

     

     

     

    1,828,002

     

     

     

     

    18,881,989

     

     

     

    765,388

     

     

     

    2,590,573

     

     

    1,722,289

     

     

    155,309

     

     

    (3,472,413

    )

     

     

    20,643,135

     

    Selling, general and administrative expenses (2)

     

     

    154,089

     

     

     

    4,067

     

     

     

    24,577

     

     

    111,609

     

     

    10,674

     

     

    21,230

     

     

     

    326,246

     

    Depreciation and amortization

     

     

    362,933

     

     

     

    61,467

     

     

     

    19,265

     

     

    66,888

     

     

    52,887

     

     

    50,325

     

     

     

    613,765

     

    Asset impairments

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    9,984

     

     

    —

     

     

     

    9,984

     

    Income (loss) from operations

     

    $

    164,754

     

     

    $

    (77,727

    )

     

    $

    33,804

     

    $

    194,467

     

    $

    248,210

     

    $

    (76,522

    )

     

    $

    486,986

     

    Income (loss) before interest and income taxes

     

    $

    164,579

     

     

    $

    (77,665

    )

     

    $

    34,078

     

    $

    193,410

     

    $

    270,055

     

    $

    (68,693

    )

     

    $

    515,764

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    5,513

     

    $

    —

     

     

    $

    5,513

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    21,899

     

    $

    1,713

     

     

    $

    23,612

     

    Capital expenditures

     

    $

    161,374

     

     

    $

    7,188

     

     

    $

    33,365

     

    $

    23,064

     

    $

    35,246

     

    $

    36,684

     

     

    $

    296,921

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Nine Months Ended September 30, 2023

     

     

     

     

     

     

     

     

     

     

     

     

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    18,284,853

     

     

    $

    590,620

     

     

    $

    3,237,523

     

    $

    2,105,941

     

    $

    85,322

     

    $

    —

     

     

    $

    24,304,259

     

    Intersegment revenues and other (1)

     

     

    3,524,078

     

     

     

    311,758

     

     

     

    —

     

     

    10,890

     

     

    339,596

     

     

    (4,186,322

    )

     

     

    —

     

     

     

     

    21,808,931

     

     

     

    902,378

     

     

     

    3,237,523

     

     

    2,116,831

     

     

    424,918

     

     

    (4,186,322

    )

     

     

    24,304,259

     

    Cost of sales: (2)

    Cost of materials and other (3)

     

     

    18,002,106

     

     

     

    816,226

     

     

     

    3,162,727

     

     

    1,515,900

     

     

    —

     

     

    (4,183,647

    )

     

     

    19,313,312

     

    Lower of cost or market inventory valuation adjustments

     

     

    —

     

     

     

    (4,114

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

     

    (4,114

    )

    Operating expenses

     

     

    1,391,930

     

     

     

    85,942

     

     

     

    —

     

     

    192,592

     

     

    138,021

     

     

    230

     

     

     

    1,808,715

     

     

     

     

    19,394,036

     

     

     

    898,054

     

     

     

    3,162,727

     

     

    1,708,492

     

     

    138,021

     

     

    (4,183,417

    )

     

     

    21,117,913

     

    Selling, general and administrative expenses (2)

     

     

    142,461

     

     

     

    3,587

     

     

     

    22,821

     

     

    124,229

     

     

    18,094

     

     

    36,322

     

     

     

    347,514

     

    Depreciation and amortization

     

     

    330,702

     

     

     

    57,846

     

     

     

    17,889

     

     

    62,113

     

     

    61,855

     

     

    28,500

     

     

     

    558,905

     

    Income (loss) from operations

     

    $

    1,941,732

     

     

    $

    (57,109

    )

     

    $

    34,086

     

    $

    221,997

     

    $

    206,948

     

    $

    (67,727

    )

     

    $

    2,279,927

     

    Income (loss) before interest and income taxes

     

    $

    1,946,071

     

     

    $

    (57,040

    )

     

    $

    34,218

     

    $

    223,916

     

    $

    218,940

     

    $

    (61,527

    )

     

    $

    2,304,578

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    5,177

     

    $

    87,525

     

     

    $

    92,702

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    11,008

     

    $

    (572

    )

     

    $

    10,436

     

    Capital expenditures

     

    $

    157,827

     

     

    $

    11,193

     

     

    $

    15,678

     

    $

    24,453

     

    $

    21,936

     

    $

    30,350

     

     

    $

    261,437

     

    (1)

    Includes income earned by certain of our subsidiaries in the Midstream segment related to intercompany transportation agreements with certain of our subsidiaries in the Refining and Lubricants & Specialties segments that represent leases. These transactions eliminate in consolidation.

    (2)

    Exclusive of Depreciation and amortization.

    (3)

    Exclusive of Lower of cost or market inventory valuation adjustments.

    Refining Segment Operating Data

    The following tables set forth information, including non-GAAP (generally accepted accounting principles) performance measures, about our consolidated refinery operations. Adjusted refinery gross margin per produced barrel sold is total Refining segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of produced refined products sold. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to volumes in inventory at the end of the period. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

    The disaggregation of our refining geographic operating data is presented in two regions, Mid-Continent and West, to best reflect the economic drivers of our refining operations. The Mid-Continent region is comprised of the El Dorado and Tulsa refineries. The West region is comprised of the Puget Sound, Navajo, Woods Cross, Parco and Casper refineries.

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    Mid-Continent Region

     

     

     

     

     

     

    Crude charge (BPD) (1)

     

     

    263,170

     

     

     

    250,280

     

     

     

    262,670

     

     

     

    230,130

     

    Refinery throughput (BPD) (2)

     

     

    279,210

     

     

     

    269,270

     

     

     

    278,210

     

     

     

    249,170

     

    Sales of produced refined products (BPD) (3)

     

     

    274,870

     

     

     

    257,270

     

     

     

    276,830

     

     

     

    234,470

     

    Refinery utilization (4)

     

     

    101.2

    %

     

     

    96.3

    %

     

     

    101.0

    %

     

     

    88.5

    %

     

     

     

     

     

     

     

     

     

    Average per produced barrel sold: (5)

     

     

     

     

     

     

     

     

    Gross margin (6)

     

    $

    (3.91

    )

     

    $

    13.78

     

     

    $

    1.35

     

     

    $

    10.80

     

     

     

     

     

     

     

     

     

     

    Adjusted refinery gross margin (7)

     

    $

    9.38

     

     

    $

    21.64

     

     

    $

    9.40

     

     

    $

    20.43

     

    Operating expenses (8)

     

     

    6.56

     

     

     

    6.69

     

     

     

    6.28

     

     

     

    7.34

     

    Adjusted refinery gross margin, less operating expenses

     

    $

    2.82

     

     

    $

    14.95

     

     

    $

    3.12

     

     

    $

    13.09

     

     

     

     

     

     

     

     

     

     

    Operating expenses per throughput barrel (9)

     

    $

    6.45

     

     

    $

    6.39

     

     

    $

    6.25

     

     

    $

    6.91

     

     

     

     

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

     

     

     

     

    Sweet crude oil

     

     

    54

    %

     

     

    53

    %

     

     

    53

    %

     

     

    59

    %

    Sour crude oil

     

     

    24

    %

     

     

    22

    %

     

     

    23

    %

     

     

    18

    %

    Heavy sour crude oil

     

     

    16

    %

     

     

    18

    %

     

     

    18

    %

     

     

    15

    %

    Other feedstocks and blends

     

     

    6

    %

     

     

    7

    %

     

     

    6

    %

     

     

    8

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

     

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Gasolines

     

     

    50

    %

     

     

    52

    %

     

     

    52

    %

     

     

    51

    %

    Diesel fuels

     

     

    31

    %

     

     

    30

    %

     

     

    31

    %

     

     

    30

    %

    Jet fuels

     

     

    7

    %

     

     

    6

    %

     

     

    6

    %

     

     

    6

    %

    Fuel oil

     

     

    1

    %

     

     

    1

    %

     

     

    1

    %

     

     

    1

    %

    Asphalt

     

     

    5

    %

     

     

    4

    %

     

     

    4

    %

     

     

    4

    %

    Base oils

     

     

    3

    %

     

     

    3

    %

     

     

    4

    %

     

     

    4

    %

    LPG and other

     

     

    3

    %

     

     

    4

    %

     

     

    2

    %

     

     

    4

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    West Region

     

     

     

     

     

     

     

     

    Crude charge (BPD) (1)

     

     

    343,840

     

     

     

    351,650

     

     

     

    352,860

     

     

     

    321,700

     

    Refinery throughput (BPD) (2)

     

     

    370,540

     

     

     

    375,830

     

     

     

    378,310

     

     

     

    351,880

     

    Sales of produced refined products (BPD) (3)

     

     

    379,530

     

     

     

    376,910

     

     

     

    373,890

     

     

     

    348,740

     

    Refinery utilization (4)

     

     

    82.3

    %

     

     

    84.1

    %

     

     

    84.4

    %

     

     

    77.0

    %

     

     

     

     

     

     

     

     

     

    Average per produced barrel sold: (5)

     

     

     

     

     

     

     

     

    Gross margin (6)

     

    $

    (1.67

    )

     

    $

    18.35

     

     

    $

    2.11

     

     

    $

    14.63

     

     

     

     

     

     

     

     

     

     

    Adjusted refinery gross margin (7)

     

    $

    11.82

     

     

    $

    29.42

     

     

    $

    13.21

     

     

    $

    26.25

     

    Operating expenses (8)

     

     

    9.15

     

     

     

    9.24

     

     

     

    9.08

     

     

     

    9.69

     

    Adjusted refinery gross margin, less operating expenses

     

    $

    2.67

     

     

    $

    20.18

     

     

    $

    4.13

     

     

    $

    16.56

     

     

     

     

     

     

     

     

     

     

    Operating expenses per throughput barrel (9)

     

    $

    9.37

     

     

    $

    9.27

     

     

    $

    8.97

     

     

    $

    9.60

     

     

     

     

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

     

     

     

     

    Sweet crude oil

     

     

    34

    %

     

     

    30

    %

     

     

    34

    %

     

     

    31

    %

    Sour crude oil

     

     

    44

    %

     

     

    45

    %

     

     

    43

    %

     

     

    43

    %

    Heavy sour crude oil

     

     

    9

    %

     

     

    13

    %

     

     

    10

    %

     

     

    12

    %

    Wax crude oil

     

     

    6

    %

     

     

    6

    %

     

     

    6

    %

     

     

    6

    %

    Other feedstocks and blends

     

     

    7

    %

     

     

    6

    %

     

     

    7

    %

     

     

    8

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

     

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Gasolines

     

     

    53

    %

     

     

    51

    %

     

     

    52

    %

     

     

    53

    %

    Diesel fuels

     

     

    31

    %

     

     

    32

    %

     

     

    32

    %

     

     

    31

    %

    Jet fuels

     

     

    6

    %

     

     

    7

    %

     

     

    6

    %

     

     

    6

    %

    Fuel oil

     

     

    1

    %

     

     

    2

    %

     

     

    2

    %

     

     

    2

    %

    Asphalt

     

     

    3

    %

     

     

    3

    %

     

     

    2

    %

     

     

    2

    %

    LPG and other

     

     

    6

    %

     

     

    5

    %

     

     

    6

    %

     

     

    6

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

    Consolidated

     

     

     

     

     

     

     

     

    Crude charge (BPD) (1)

     

     

    607,010

     

     

     

    601,930

     

     

     

    615,530

     

     

     

    551,830

     

    Refinery throughput (BPD) (2)

     

     

    649,750

     

     

     

    645,100

     

     

     

    656,520

     

     

     

    601,050

     

    Sales of produced refined products (BPD) (3)

     

     

    654,400

     

     

     

    634,180

     

     

     

    650,720

     

     

     

    583,210

     

    Refinery utilization (4)

     

     

    89.5

    %

     

     

    88.8

    %

     

     

    90.8

    %

     

     

    81.4

    %

     

     

     

     

     

     

     

     

     

    Average per produced barrel sold: (5)

     

     

     

     

     

     

     

     

    Gross margin (6)

     

    $

    (2.62

    )

     

    $

    16.50

     

     

    $

    1.79

     

     

    $

    13.09

     

     

     

     

     

     

     

     

     

     

    Adjusted refinery gross margin (7)

     

    $

    10.79

     

     

    $

    26.27

     

     

    $

    11.59

     

     

    $

    23.91

     

    Operating expenses (8)

     

     

    8.06

     

     

     

    8.21

     

     

     

    7.89

     

     

     

    8.74

     

    Adjusted refinery gross margin, less operating expenses

     

    $

    2.73

     

     

    $

    18.06

     

     

    $

    3.70

     

     

    $

    15.17

     

     

     

     

     

     

     

     

     

     

    Operating expenses per throughput barrel (9)

     

    $

    8.12

     

     

    $

    8.07

     

     

    $

    7.82

     

     

    $

    8.48

     

     

     

     

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

     

     

     

     

    Sweet crude oil

     

     

    42

    %

     

     

    40

    %

     

     

    42

    %

     

     

    43

    %

    Sour crude oil

     

     

    36

    %

     

     

    35

    %

     

     

    34

    %

     

     

    33

    %

    Heavy sour crude oil

     

     

    12

    %

     

     

    15

    %

     

     

    14

    %

     

     

    13

    %

    Wax crude oil

     

     

    3

    %

     

     

    3

    %

     

     

    4

    %

     

     

    3

    %

    Other feedstocks and blends

     

     

    7

    %

     

     

    7

    %

     

     

    6

    %

     

     

    8

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    100

    %

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

    Consolidated

     

     

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Gasolines

     

    52

    %

     

    52

    %

     

    52

    %

     

    53

    %

    Diesel fuels

     

    31

    %

     

    31

    %

     

    32

    %

     

    30

    %

    Jet fuels

     

    7

    %

     

    7

    %

     

    6

    %

     

    6

    %

    Fuel oil

     

    1

    %

     

    1

    %

     

    1

    %

     

    1

    %

    Asphalt

     

    4

    %

     

    3

    %

     

    3

    %

     

    3

    %

    Base oils

     

    1

    %

     

    1

    %

     

    2

    %

     

    2

    %

    LPG and other

     

    4

    %

     

    5

    %

     

    4

    %

     

    5

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    (1)

    Crude charge represents the barrels per day of crude oil processed at our refineries.

    (2)

    Refinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.

    (3)

    Represents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and does not include volumes of refined products purchased for resale or volumes of excess crude oil sold.

    (4)

    Represents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity is 678,000 BPSD.

    (5)

    Represents the average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

    (6)

    Gross margin represents total Refining segment Sales and other revenues less Cost of materials and other, Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization, divided by sales volumes of refined products produced at our refineries.

    (7)

    Adjusted refinery gross margin is a non-GAAP measure and represents total Refining segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of refined products produced at our refineries. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

    (8)

    Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of refined products produced at our refineries.

    (9)

    Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by refinery throughput.

    Renewables Segment Operating Data

    The following table sets forth information, including non-GAAP performance measures, about our renewables operations. Adjusted renewables gross margin per produced gallon sold is total Renewables segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of produced renewables products sold. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to volumes in inventory at the end of the period. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    Renewables

     

     

     

     

     

     

     

     

    Sales volumes (in thousand gallons)

     

     

    68,755

     

     

     

    54,909

     

     

    193,484

     

     

     

    152,896

     

    Average per produced gallon sold: (1)

     

     

     

     

     

     

     

     

    Gross margin (2)

     

    $

    (0.32

    )

     

    $

    0.08

     

    $

    (0.38

    )

     

    $

    (0.35

    )

     

     

     

     

     

     

     

     

     

    Adjusted renewables gross margin (3)

     

    $

    0.41

     

     

    $

    0.66

     

    $

    0.34

     

     

    $

    0.56

     

    Operating expenses (4)

     

     

    0.36

     

     

     

    0.55

     

     

    0.39

     

     

     

    0.56

     

    Adjusted renewables gross margin, less operating expenses

     

    $

    0.05

     

     

    $

    0.11

     

    $

    (0.05

    )

     

    $

    —

     

    (1)

    Represents the average amount per produced gallon sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

    (2)

    Gross margin represents total Renewables segment Sales and other revenues less Cost of materials and other, Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization, divided by sales volumes of renewable diesel produced at our renewable diesel units.

    (3)

    Adjusted renewables gross margin is a non-GAAP measure and represents total Renewables segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of renewable diesel produced at our renewable diesel units. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

    (4)

    Represents total Renewables segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of renewable diesel produced at our renewable diesel units.

    Marketing Segment Operating Data

    The following table sets forth information, including non-GAAP performance measures, about our marketing operations and includes our Sinclair branded fuel business. Adjusted marketing gross margin per gallon sold is total Marketing segment gross margin plus Depreciation and amortization, divided by sales volumes of marketing products sold. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

    Marketing

     

     

     

     

     

     

     

     

    Number of branded sites at period end (1)

     

     

    1,586

     

     

    1,535

     

     

    1,586

     

     

    1,535

    Sales volumes (in thousand gallons)

     

     

    365,036

     

     

    398,399

     

     

    1,043,183

     

     

    1,091,216

    Average per gallon sold: (2)

     

     

     

     

     

     

     

     

    Gross margin (3)

     

    $

    0.07

     

    $

    0.06

     

    $

    0.06

     

    $

    0.05

    Adjusted marketing gross margin (4)

     

    $

    0.09

     

    $

    0.07

     

    $

    0.07

     

    $

    0.07

    (1)

    Includes non-Sinclair branded sites from legacy HollyFrontier agreements.

    (2)

    Represents average amount per gallon sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

    (3)

    Gross margin represents total Marketing segment Sales and other revenues less Cost of materials and other and Depreciation and amortization, divided by sales volumes of marketing products sold.

    (4)

    Adjusted marketing gross margin is a non-GAAP measure and represents total Marketing segment gross margin plus Depreciation and amortization, divided by sales volumes of marketing products sold. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

    Lubricants & Specialties Segment Operating Data

    The following table sets forth information about our lubricants and specialties operations:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

    Lubricants & Specialties

     

     

     

     

     

     

     

     

    Sales of produced refined products (BPD)

     

    32,914

     

     

    30,400

     

     

    32,977

     

     

    30,440

     

     

     

     

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Finished products

     

    45

    %

     

    49

    %

     

    47

    %

     

    51

    %

    Base oils

     

    27

    %

     

    27

    %

     

    27

    %

     

    27

    %

    Other

     

    28

    %

     

    24

    %

     

    26

    %

     

    22

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    Midstream Segment Operating Data

    The following table sets forth information about our midstream operations:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

    Midstream

     

     

     

     

     

     

     

     

    Volumes (BPD)

     

     

     

     

     

     

     

     

    Pipelines:

     

     

     

     

     

     

     

     

    Affiliates—refined product pipelines

     

    156,346

     

    152,541

     

    165,566

     

    144,082

    Affiliates—intermediate pipelines

     

    145,236

     

    107,019

     

    145,068

     

    108,579

    Affiliates—crude pipelines

     

    459,273

     

    426,418

     

    442,317

     

    429,965

     

     

    760,855

     

    685,978

     

    752,951

     

    682,626

    Third parties—refined product pipelines

     

    39,190

     

    33,549

     

    39,170

     

    38,702

    Third parties—crude pipelines

     

    240,496

     

    204,970

     

    201,256

     

    196,552

     

     

    1,040,541

     

    924,497

     

    993,377

     

    917,880

    Terminals and loading racks:

     

     

     

     

     

     

     

     

    Affiliates (1)

     

    1,019,229

     

    971,678

     

    1,030,624

     

    902,101

    Third parties

     

    40,124

     

    40,440

     

    37,621

     

    44,263

     

     

    1,059,353

     

    1,012,118

     

    1,068,245

     

    946,364

    Total for pipelines and terminals assets (BPD)

     

    2,099,894

     

    1,936,615

     

    2,061,622

     

    1,864,244

    (1)

    Certain affiliate volumetric non-financial information has been recast to conform to current year presentation.

    Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles

    Reconciliations of earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA excluding special items ("Adjusted EBITDA") to amounts reported under generally accepted accounting principles ("GAAP") in the financial statements.

    Earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, is calculated as Net income (loss) attributable to HF Sinclair stockholders plus (i) Interest expense, net of Interest income, (ii) Income tax expense (benefit) and (iii) Depreciation and amortization. Adjusted EBITDA is calculated as EBITDA plus or minus (i) Lower of cost or market inventory valuation adjustments, (ii) Asset impairments, (iii) reclamation costs, (iv) HF Sinclair's pro-rata share of HEP's share of Osage environmental remediation costs and (v) acquisition integration and regulatory costs.

    EBITDA and Adjusted EBITDA are not calculations provided for under accounting principles generally accepted in the United States; however, the amounts included in these calculations are derived from amounts included in our consolidated financial statements. EBITDA and Adjusted EBITDA should not be considered as alternatives to Net income (loss) or Income (loss) from operations as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures of other companies. These are presented here because they are widely used financial indicators used by investors and analysts to measure performance. EBITDA and Adjusted EBITDA are also used by our management for internal analysis and as a basis for financial covenants.

    Set forth below is our calculation of EBITDA and Adjusted EBITDA:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Net income (loss) attributable to HF Sinclair stockholders

     

    $

    (75,944

    )

     

    $

    790,922

     

     

    $

    390,508

     

     

    $

    1,651,849

     

    Add interest expense

     

     

    40,396

     

     

     

    48,686

     

     

     

    126,536

     

     

     

    141,490

     

    Subtract interest income

     

     

    (18,309

    )

     

     

    (24,577

    )

     

     

    (58,983

    )

     

     

    (62,103

    )

    Add income tax expense

     

     

    (57,266

    )

     

     

    235,015

     

     

     

    52,190

     

     

     

    480,640

     

    Add depreciation and amortization

     

     

    209,716

     

     

     

    195,562

     

     

     

    613,765

     

     

     

    558,905

     

    EBITDA

     

     

    98,593

     

     

     

    1,245,608

     

     

     

    1,124,016

     

     

     

    2,770,781

     

    Add lower of cost or market inventory valuation adjustments

     

     

    202,307

     

     

     

    (43,848

    )

     

     

    (20,186

    )

     

     

    (4,114

    )

    Add asset impairments

     

     

    9,984

     

     

     

    —

     

     

     

    9,984

     

     

     

    —

     

    Add reclamation costs

     

     

    5,000

     

     

     

    —

     

     

     

    5,000

     

     

     

    —

     

    Add HF Sinclair's pro-rata share of HEP's share of Osage environmental remediation costs

     

     

    —

     

     

     

    33

     

     

     

    —

     

     

     

    608

     

    Add acquisition integration and regulatory costs

     

     

    120

     

     

     

    4,698

     

     

     

    2,023

     

     

     

    12,132

     

    Adjusted EBITDA

     

    $

    316,004

     

     

    $

    1,206,491

     

     

    $

    1,120,837

     

     

    $

    2,779,407

     

    EBITDA and Adjusted EBITDA attributable to our Refining segment is presented below:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    Refining Segment

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Income (loss) before interest and income taxes (1)

     

    $

    (212,108

    )

     

    $

    916,139

     

     

    $

    164,579

     

     

    $

    1,946,071

    Add depreciation and amortization

     

     

    123,348

     

     

     

    118,077

     

     

     

    362,933

     

     

     

    330,702

    EBITDA

     

     

    (88,760

    )

     

     

    1,034,216

     

     

     

    527,512

     

     

     

    2,276,773

    Add lower of cost or market inventory valuation adjustments

     

     

    198,759

     

     

     

    (26,842

    )

     

     

    (21,799

    )

     

     

    —

    Adjusted EBITDA

     

    $

    109,999

     

     

    $

    1,007,374

     

     

    $

    505,713

     

     

    $

    2,276,773

    (1)

    Income (loss) before interest and income taxes of our Refining segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense (benefit).

    EBITDA and Adjusted EBITDA attributable to our Renewables segment is set forth below:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    Renewables Segment

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Income (loss) before interest and income taxes (1)

     

    $

    (23,141

    )

     

    $

    3,087

     

     

    $

    (77,665

    )

     

    $

    (57,040

    )

    Add depreciation and amortization

     

     

    21,409

     

     

     

    18,904

     

     

     

    61,467

     

     

     

    57,846

     

    EBITDA

     

     

    (1,732

    )

     

     

    21,991

     

     

     

    (16,198

    )

     

     

    806

     

    Add lower of cost or market inventory valuation adjustments

     

     

    3,548

     

     

     

    (17,006

    )

     

     

    1,613

     

     

     

    (4,114

    )

    Adjusted EBITDA

     

    $

    1,816

     

     

    $

    4,985

     

     

    $

    (14,585

    )

     

    $

    (3,308

    )

    (1)

    Income (loss) before interest and income taxes of our Renewables segment represents income (loss) plus (i) Interest expense, net of Interest income and (ii) Income tax expense (benefit).

    EBITDA attributable to our Marketing segment is set forth below:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    Marketing Segment

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Income before interest and income taxes (1)

     

    $

    15,560

     

    $

    15,134

     

    $

    34,078

     

    $

    34,218

    Add depreciation and amortization

     

     

    6,588

     

     

    6,002

     

     

    19,265

     

     

    17,889

    EBITDA

     

    $

    22,148

     

    $

    21,136

     

    $

    53,343

     

    $

    52,107

    (1)

    Income before interest and income taxes of our Marketing segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense (benefit).

    EBITDA attributable to our Lubricants & Specialties segment is set forth below:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    Lubricants & Specialties Segment

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Income before interest and income taxes (1)

     

    $

    54,584

     

    $

    95,181

     

    $

    193,410

     

    $

    223,916

    Add depreciation and amortization

     

     

    21,661

     

     

    22,366

     

     

    66,888

     

     

    62,113

    EBITDA

     

    $

    76,245

     

    $

    117,547

     

    $

    260,298

     

    $

    286,029

    (1)

    Income before interest and income taxes of our Lubricants & Specialties segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense (benefit).

    EBITDA and Adjusted EBITDA attributable to our Midstream segment is presented below:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    Midstream Segment

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Income before interest and income taxes (1)

     

    $

    80,500

     

     

    $

    78,194

     

     

    $

    270,055

     

     

    $

    218,940

     

    Add depreciation and amortization

     

     

    17,824

     

     

     

    20,274

     

     

     

    52,887

     

     

     

    61,855

     

    Subtract net income attributable to noncontrolling interest

     

     

    (1,863

    )

     

     

    (1,886

    )

     

     

    (5,513

    )

     

     

    (5,177

    )

    EBITDA

     

     

    96,461

     

     

     

    96,582

     

     

     

    317,429

     

     

     

    275,618

     

    Add asset impairments

     

     

    9,984

     

     

     

    —

     

     

     

    9,984

     

     

     

    —

     

    Add reclamation costs

     

     

    5,000

     

     

     

    —

     

     

     

    5,000

     

     

     

    —

     

    Add share of Osage environmental remediation costs, net of insurance recoveries

     

     

    —

     

     

     

    69

     

     

     

    —

     

     

     

    1,289

     

    Add acquisition integration and regulatory costs

     

     

    203

     

     

     

    4,285

     

     

     

    308

     

     

     

    5,757

     

    Adjusted EBITDA

     

    $

    111,648

     

     

    $

    100,936

     

     

    $

    332,721

     

     

    $

    282,664

     

    (1)

    Income before interest and income taxes of our Midstream segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense (benefit).

    Reconciliations of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

    Adjusted refinery gross margin is a non-GAAP performance measure that is used by our management and others to compare our refining performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our refining performance on a relative and absolute basis, including against publicly available crack spread data. Adjusted refinery gross margin per produced barrel sold is total Refining segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of produced refined products sold. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to volumes in inventory at the end of the period. Adjusted refinery gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Refining segment gross margin. The GAAP measure most directly comparable to adjusted refinery gross margin is Refining segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.

    Reconciliation of Refining segment gross margin to adjusted refinery gross margin to adjusted refinery gross margin per produced barrel sold and adjusted refinery gross margin, less operating expenses per produced barrel sold

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

    (In thousands, except per barrel amounts)

    Refining segment

     

     

     

     

     

     

     

     

    Sales and other revenues

     

    $

    6,381,711

     

     

    $

    8,050,934

     

     

    $

    19,563,765

     

     

    $

    21,808,931

    Cost of sales (1)

     

     

    6,415,813

     

     

     

    6,970,407

     

     

     

    18,881,989

     

     

     

    19,394,036

    Depreciation and amortization

     

     

    123,348

     

     

     

    118,077

     

     

     

    362,933

     

     

     

    330,702

    Gross margin

     

     

    (157,450

    )

     

     

    962,450

     

     

     

    318,843

     

     

     

    2,084,193

    Add lower of cost or market inventory adjustments

     

     

    198,759

     

     

     

    (26,842

    )

     

     

    (21,799

    )

     

     

    —

    Add operating expenses

     

     

    485,231

     

     

     

    478,847

     

     

     

    1,406,414

     

     

     

    1,391,930

    Add depreciation and amortization

     

     

    123,348

     

     

     

    118,077

     

     

     

    362,933

     

     

     

    330,702

    Adjusted refinery gross margin

     

    $

    649,888

     

     

    $

    1,532,532

     

     

    $

    2,066,391

     

     

    $

    3,806,825

     

     

     

     

     

     

     

     

     

    Produced barrels sold (BPD) (2)

     

     

    654,400

     

     

     

    634,180

     

     

     

    650,720

     

     

     

    583,210

     

     

     

     

     

     

     

     

     

    Average per produced barrel sold:

     

     

     

     

     

     

     

     

    Gross margin

     

    $

    (2.62

    )

     

    $

    16.50

     

     

    $

    1.79

     

     

    $

    13.09

    Add lower of cost or market inventory adjustments

     

     

    3.30

     

     

     

    (0.46

    )

     

     

    (0.12

    )

     

     

    —

    Add operating expenses

     

     

    8.06

     

     

     

    8.21

     

     

     

    7.89

     

     

     

    8.74

    Add depreciation and amortization

     

     

    2.05

     

     

     

    2.02

     

     

     

    2.03

     

     

     

    2.08

    Adjusted refinery gross margin

     

    $

    10.79

     

     

    $

    26.27

     

     

    $

    11.59

     

     

    $

    23.91

    Less operating expenses

     

     

    8.06

     

     

     

    8.21

     

     

     

    7.89

     

     

     

    8.74

    Adjusted refinery gross margin, less operating expenses

     

    $

    2.73

     

     

    $

    18.06

     

     

    $

    3.70

     

     

    $

    15.17

    (1)

    Exclusive of Depreciation and amortization.

    (2)

    Represents the number of produced barrels sold per calendar day in the period.

    Reconciliation of renewables operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

    Adjusted renewables gross margin is a non-GAAP performance measure that is used by our management and others to compare our renewables performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our renewables performance on a relative and absolute basis. Adjusted renewables gross margin per produced gallon sold is total Renewables segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of produced renewables products sold. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to volumes in inventory at the end of the period. Adjusted renewables gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Renewables segment gross margin. The GAAP measure most directly comparable to adjusted renewables gross margin is Renewables segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.

    Reconciliation of Renewables segment gross margin to adjusted renewables gross margin to adjusted renewables gross margin per produced gallon sold and adjusted renewables gross margin, less Operating expenses per produced gallon sold

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands, except per gallon amounts)

    Renewables segment

     

     

     

     

     

     

     

     

    Sales and other revenues

     

    $

    265,358

     

     

    $

    331,177

     

     

    $

    753,195

     

     

    $

    902,378

     

    Cost of sales (1)

     

     

    265,828

     

     

     

    307,874

     

     

     

    765,388

     

     

     

    898,054

     

    Depreciation and amortization

     

     

    21,409

     

     

     

    18,904

     

     

     

    61,467

     

     

     

    57,846

     

    Gross margin

     

     

    (21,879

    )

     

     

    4,399

     

     

     

    (73,660

    )

     

     

    (53,522

    )

    Add lower of cost or market inventory adjustments

     

     

    3,548

     

     

     

    (17,006

    )

     

     

    1,613

     

     

     

    (4,114

    )

    Add operating expenses

     

     

    24,959

     

     

     

    30,198

     

     

     

    76,125

     

     

     

    85,942

     

    Add depreciation and amortization

     

     

    21,409

     

     

     

    18,904

     

     

     

    61,467

     

     

     

    57,846

     

    Adjusted renewables gross margin

     

    $

    28,037

     

     

    $

    36,495

     

     

    $

    65,545

     

     

    $

    86,152

     

     

     

     

     

     

     

     

     

     

    Produced gallons sold

     

     

    68,755

     

     

     

    54,909

     

     

     

    193,484

     

     

     

    152,896

     

     

     

     

     

     

     

     

     

     

    Average per produced gallon sold:

     

     

     

     

     

     

     

     

    Gross margin

     

    $

    (0.32

    )

     

    $

    0.08

     

     

    $

    (0.38

    )

     

    $

    (0.35

    )

    Add lower of cost or market inventory adjustments

     

     

    0.05

     

     

     

    (0.31

    )

     

     

    0.01

     

     

     

    (0.03

    )

    Add operating expenses

     

     

    0.36

     

     

     

    0.55

     

     

     

    0.39

     

     

     

    0.56

     

    Add depreciation and amortization

     

     

    0.32

     

     

     

    0.34

     

     

     

    0.32

     

     

     

    0.38

     

    Adjusted renewables gross margin

     

    $

    0.41

     

     

    $

    0.66

     

     

    $

    0.34

     

     

    $

    0.56

     

    Less operating expenses

     

     

    0.36

     

     

     

    0.55

     

     

     

    0.39

     

     

     

    0.56

     

    Adjusted renewables gross margin, less operating expenses

     

    $

    0.05

     

     

    $

    0.11

     

     

    $

    (0.05

    )

     

    $

    —

     

    (1)

    Exclusive of Depreciation and amortization.

    Reconciliation of marketing operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

    Adjusted marketing gross margin is a non-GAAP performance measure that is used by our management and others to compare our marketing performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our marketing performance on a relative and absolute basis. Adjusted marketing gross margin per gallon sold is total Marketing segment gross margin plus Depreciation and amortization, divided by sales volumes of marketing products sold. Adjusted marketing gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Marketing segment gross margin. The GAAP measure most directly comparable to adjusted marketing gross margin is Marketing segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.

    Reconciliation of Marketing segment gross margin to adjusted marketing gross margin to adjusted marketing gross margin per gallon sold

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

    (In thousands, except per gallon amounts)

    Marketing segment

     

     

     

     

     

     

     

     

    Sales and other revenues

     

    $

    950,050

     

    $

    1,259,205

     

    $

    2,668,219

     

    $

    3,237,523

    Cost of sales (1)

     

     

    918,432

     

     

    1,230,372

     

     

    2,590,573

     

     

    3,162,727

    Depreciation and amortization

     

     

    6,588

     

     

    6,002

     

     

    19,265

     

     

    17,889

    Gross margin

     

     

    25,030

     

     

    22,831

     

     

    58,381

     

     

    56,907

    Add depreciation and amortization

     

     

    6,588

     

     

    6,002

     

     

    19,265

     

     

    17,889

    Adjusted marketing gross margin

     

    $

    31,618

     

    $

    28,833

     

    $

    77,646

     

    $

    74,796

     

     

     

     

     

     

     

     

     

    Sales volumes

     

     

    365,036

     

     

    398,399

     

     

    1,043,183

     

     

    1,091,216

     

     

     

     

     

     

     

     

     

    Average per gallon sold:

     

     

     

     

     

     

     

     

    Gross margin

     

    $

    0.07

     

    $

    0.06

     

    $

    0.06

     

    $

    0.05

    Add depreciation and amortization

     

     

    0.02

     

     

    0.01

     

     

    0.01

     

     

    0.02

    Adjusted marketing gross margin

     

    $

    0.09

     

    $

    0.07

     

    $

    0.07

     

    $

    0.07

    (1)

    Exclusive of Depreciation and amortization.

    Reconciliation of Net income attributable to HF Sinclair stockholders to adjusted net income attributable to HF Sinclair stockholders

    Adjusted net income attributable to HF Sinclair stockholders is a non-GAAP financial measure that excludes non-cash Lower of cost or market inventory valuation adjustments, Asset impairments, reclamation costs, HEP's share of Osage environmental remediation costs and acquisition integration and regulatory costs. We believe this measure is helpful to investors and others in evaluating our financial performance and to compare our results to that of other companies in our industry. Similarly titled performance measures of other companies may not be calculated in the same manner.

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands, except per share amounts)

    Consolidated

     

     

     

     

     

     

     

     

    GAAP:

     

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

    $

    (131,347

    )

     

    $

    1,060,076

     

     

    $

    448,211

     

     

    $

    2,225,191

     

    Income tax expense (benefit)

     

     

    (57,266

    )

     

     

    235,015

     

     

     

    52,190

     

     

     

    480,640

     

    Net income (loss)

     

     

    (74,081

    )

     

     

    825,061

     

     

     

    396,021

     

     

     

    1,744,551

     

    Less net income attributable to noncontrolling interest

     

     

    1,863

     

     

     

    34,139

     

     

     

    5,513

     

     

     

    92,702

     

    Net income (loss) attributable to HF Sinclair stockholders

     

     

    (75,944

    )

     

     

    790,922

     

     

     

    390,508

     

     

     

    1,651,849

     

     

     

     

     

     

     

     

     

     

    Non-GAAP adjustments to arrive at adjusted results:

     

     

     

     

     

     

     

     

    Lower of cost or market inventory valuation adjustments

     

     

    202,307

     

     

     

    (43,848

    )

     

     

    (20,186

    )

     

     

    (4,114

    )

    Asset impairments

     

     

    9,984

     

     

     

    —

     

     

     

    9,984

     

     

     

    —

     

    Reclamation costs

     

     

    5,000

     

     

     

    —

     

     

     

    5,000

     

     

     

    —

     

    HEP's share of Osage environmental remediation costs

     

     

    —

     

     

     

    69

     

     

     

    —

     

     

     

    1,289

     

    Acquisition integration and regulatory costs

     

     

    120

     

     

     

    6,626

     

     

     

    2,023

     

     

     

    14,060

     

    Total adjustments to income (loss) before income taxes

     

     

    217,411

     

     

     

    (37,153

    )

     

     

    (3,179

    )

     

     

    11,235

     

    Adjustment to income tax expense (benefit) (1)

     

     

    44,964

     

     

     

    (8,633

    )

     

     

    (752

    )

     

     

    2,160

     

    Adjustment to net income attributable to noncontrolling interest

     

     

    —

     

     

     

    1,964

     

     

     

    —

     

     

     

    2,609

     

    Total adjustments, net of tax

     

     

    172,447

     

     

     

    (30,484

    )

     

     

    (2,427

    )

     

     

    6,466

     

     

     

     

     

     

     

     

     

     

    Adjusted results - Non-GAAP:

     

     

     

     

     

     

     

     

    Adjusted income before income taxes

     

     

    86,064

     

     

     

    1,022,923

     

     

     

    445,032

     

     

     

    2,236,426

     

    Adjusted income tax expense (benefit) (2)

     

     

    (12,302

    )

     

     

    226,382

     

     

     

    51,438

     

     

     

    482,800

     

    Adjusted net income

     

     

    98,366

     

     

     

    796,541

     

     

     

    393,594

     

     

     

    1,753,626

     

    Less net income attributable to noncontrolling interest

     

     

    1,863

     

     

     

    36,103

     

     

     

    5,513

     

     

     

    95,311

     

    Adjusted net income attributable to HF Sinclair stockholders

     

    $

    96,503

     

     

    $

    760,438

     

     

    $

    388,081

     

     

    $

    1,658,315

     

    Adjusted earnings per share - diluted (3)

     

    $

    0.51

     

     

    $

    4.06

     

     

    $

    2.00

     

     

    $

    8.60

     

    (1)

    Represents adjustment to GAAP income tax expense (benefit) to arrive at adjusted income tax expense (benefit), which is computed as follows:

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    Non-GAAP income tax expense (benefit) (2)

     

    $

    (12,302

    )

     

    $

    226,382

     

     

    $

    51,438

     

     

    $

    482,800

    Add GAAP income tax expense (benefit)

     

     

    (57,266

    )

     

     

    235,015

     

     

     

    52,190

     

     

     

    480,640

    Non-GAAP adjustment to income tax expense (benefit)

     

    $

    44,964

     

     

    $

    (8,633

    )

     

    $

    (752

    )

     

    $

    2,160

    (1)

    Non-GAAP income tax expense (benefit) is computed by (a) adjusting HF Sinclair's consolidated estimated Annual Effective Tax Rate ("AETR") for GAAP purposes for the effects of the above Non-GAAP adjustments, (b) applying the resulting Adjusted Non-GAAP AETR to Non-GAAP adjusted income before income taxes and (c) adjusting for discrete tax items applicable to the period.

    (2)

    Adjusted earnings per share - diluted is calculated as adjusted Net income (loss) attributable to HF Sinclair stockholders divided by the average number of shares of common stock outstanding assuming dilution, which is based on weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is calculated the same way as that used in GAAP diluted earnings per share calculation.

    Reconciliation of effective tax rate to adjusted effective tax rate

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    GAAP:

     

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

    $

    (131,347

    )

     

    $

    1,060,076

     

     

    $

    448,211

     

     

    $

    2,225,191

     

    Income tax expense (benefit)

     

    $

    (57,266

    )

     

    $

    235,015

     

     

    $

    52,190

     

     

    $

    480,640

     

    Effective tax rate for GAAP financial statements

     

     

    43.6

    %

     

     

    22.2

    %

     

     

    11.6

    %

     

     

    21.6

    %

    Adjusted - Non-GAAP:

     

     

     

     

     

     

     

     

    Effect of Non-GAAP adjustments

     

     

    (57.9

    )%

     

     

    (0.1

    )%

     

     

    —

    %

     

     

    —

    %

    Effective tax rate for adjusted results

     

     

    (14.3

    )%

     

     

    22.1

    %

     

     

    11.6

    %

     

     

    21.6

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241031040055/en/

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