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    HF Sinclair Reports 2025 First Quarter Results and Announces Regular Cash Dividend

    5/1/25 6:30:00 AM ET
    $DINO
    Natural Gas Distribution
    Energy
    Get the next $DINO alert in real time by email

    First Quarter

    • Reported Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, and adjusted net loss of $50 million, or $(0.27) per diluted share
    • Reported EBITDA of $262 million and Adjusted EBITDA of $201 million
    • Paid $95 million in regular quarterly dividends
    • Announced regular quarterly dividend of $0.50 per share

    HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair" or the "Company") today reported first quarter Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, for the quarter ended March 31, 2025, compared to Net income attributable to HF Sinclair stockholders of $315 million, or $1.57 per diluted share, for the quarter ended March 31, 2024. Excluding the adjustments shown in the accompanying earnings release table, adjusted net loss attributable to HF Sinclair stockholders for the first quarter of 2025 was $50 million, or $(0.27) per diluted share, compared to adjusted net income of $142 million, or $0.71 per diluted share, for the first quarter of 2024.

    HF Sinclair's Chief Executive Officer, Tim Go, commented, "For the first quarter, we delivered strong results in our Marketing, Midstream and Lubricants & Specialties businesses, and saw sequential improvement in Refining, despite the market headwinds and uncertainty caused by tariffs. Looking forward, we are encouraged by the recent improvement in refining margins and continue to focus on the execution of our strategic priorities to capture value across all of our business segments."

    Refining segment loss before interest and income taxes was $30 million for the first quarter of 2025 compared to income of $312 million for the first quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustments and certain items, the segment reported Adjusted EBITDA of $(8) million for the first quarter of 2025 compared to $209 million for the first quarter of 2024. This decrease was principally driven by lower adjusted refinery gross margins in both the West and Mid-Continent regions and lower refined product sales volumes. Adjusted refinery gross margin was $9.12 per produced barrel sold, a 28% decrease compared to $12.70 for the first quarter of 2024. Crude oil charge averaged 606,140 barrels per day ("BPD") for the first quarter of 2025 compared to 604,930 BPD for the first quarter of 2024.

    Renewables segment loss before interest and income taxes was $39 million for the first quarter of 2025 compared to a loss of $39 million for the first quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustments, the segment reported Adjusted EBITDA of $(17) million in the first quarter of 2025 compared to $(18) million in the first quarter of 2024. Our first quarter 2025 results were impacted by lower sales volumes and our inability to recognize benefits associated with the Producer's Tax Credit due to the uncertainty surrounding the implementation of the legislation. Total sales volumes were 44 million gallons for the first quarter of 2025 compared to 61 million gallons for the first quarter of 2024.

    Marketing segment income before interest and income taxes was $20 million for the first quarter of 2025 compared to $9 million for the first quarter of 2024. The segment reported EBITDA of $27 million for the first quarter of 2025 compared to $15 million for the first quarter of 2024. This increase was primarily driven by higher margins in the first quarter of 2025. Total branded fuel sales volumes were 294 million gallons for the first quarter 2025 as compared to 321 million gallons for the first quarter of 2024.

    Lubricants & Specialties segment income before interest and income taxes was $63 million for the first quarter of 2025 compared to $65 million in the first quarter of 2024. The segment reported EBITDA of $85 million for the first quarter of 2025 compared to $87 million in the first quarter of 2024. During the first quarter of 2025, we recognized a FIFO benefit of $8 million compared to a FIFO charge of $1 million during the first quarter of 2024.

    Midstream segment income before interest and income taxes was $63 million for the first quarter of 2025 compared to $92 million for the first quarter of 2024. Excluding certain items, the segment reported Adjusted EBITDA of $119 million for the first quarter of 2025 compared to $110 million for the first quarter of 2024. This increase was primarily driven by higher pipeline revenues in the first quarter of 2025 as compared to the first quarter of 2024.

    For the first quarter of 2025, net cash used for operations totaled $89 million. At March 31, 2025, the Company's Cash and cash equivalents totaled $547 million, a $253 million decrease compared to Cash and cash equivalents of $800 million at December 31, 2024. During the first quarter of 2025, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $95 million. Additionally, at March 31, 2025, the Company's consolidated debt was $2,676 million.

    HF Sinclair also announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.50 per share. The dividend is payable on June 3, 2025 to holders of record of common stock on May 15, 2025.

    The Company has scheduled a webcast conference call for today, May 1, 2025, at 8:30 AM Eastern Time to discuss first quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/726973923. An audio archive of this webcast will be available using the above noted link through May 15, 2025.

    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 1,600 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"). All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. 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 crude oil, 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 at 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 uncertainties regarding trade policies, such as the imposition of tariffs, or economic slowdowns caused by a local or national recession or other adverse economic conditions, 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

    March 31, 2025

     

    Change from 2024

     

    2025

     

    2024

     

    Change

     

    Percent

     

     

     

     

     

     

     

     

     

    (In millions, except share and per share data)

    Sales and other revenues

    $

    6,370

     

     

    $

    7,027

     

     

    $

    (657

    )

     

    (9

    )%

     

     

     

     

     

     

     

     

    Operating costs and expenses:

     

     

     

     

     

     

     

    Cost of sales: (1)

     

     

     

     

     

     

     

    Cost of materials and other (2)

     

    5,476

     

     

     

    5,927

     

     

     

    (451

    )

     

    (8

    )%

    Lower of cost or market inventory valuation adjustments

     

    (117

    )

     

     

    (219

    )

     

     

    102

     

     

    (47

    )%

    Operating expenses

     

    596

     

     

     

    607

     

     

     

    (11

    )

     

    (2

    )%

     

     

    5,955

     

     

     

    6,315

     

     

     

    (360

    )

     

    (6

    )%

    Selling, general and administrative expenses (1)

     

    104

     

     

     

    103

     

     

     

    1

     

     

    1

    %

    Depreciation and amortization

     

    225

     

     

     

    198

     

     

     

    27

     

     

    14

    %

    Other operating expenses, net

     

    5

     

     

     

    —

     

     

     

    5

     

     

    100

    %

    Total operating costs and expenses

     

    6,289

     

     

     

    6,616

     

     

     

    (327

    )

     

    (5

    )%

    Income from operations

     

    81

     

     

     

    411

     

     

     

    (330

    )

     

    (80

    )%

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

    Earnings of equity method investments

     

    11

     

     

     

    7

     

     

     

    4

     

     

    57

    %

    Interest income

     

    9

     

     

     

    22

     

     

     

    (13

    )

     

    (59

    )%

    Interest expense

     

    (49

    )

     

     

    (41

    )

     

     

    (8

    )

     

    20

    %

    Other income (expense), net

     

    (53

    )

     

     

    3

     

     

     

    (56

    )

     

    (1,867

    )%

     

     

    (82

    )

     

     

    (9

    )

     

     

    (73

    )

     

    811

    %

    Income (loss) before income taxes

     

    (1

    )

     

     

    402

     

     

     

    (403

    )

     

    (100

    )%

     

     

     

     

     

     

     

     

    Income tax expense

     

    1

     

     

     

    85

     

     

     

    (84

    )

     

    (99

    )%

    Net income (loss)

     

    (2

    )

     

     

    317

     

     

     

    (319

    )

     

    (101

    )%

    Less: net income attributable to noncontrolling interest

     

    2

     

     

     

    2

     

     

     

    —

     

     

    —

    %

    Net income (loss) attributable to HF Sinclair stockholders

    $

    (4

    )

     

    $

    315

     

     

    $

    (319

    )

     

    (101

    )%

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

    Basic

    $

    (0.02

    )

     

    $

    1.57

     

     

    $

    (1.59

    )

     

    (101

    )%

    Diluted

    $

    (0.02

    )

     

    $

    1.57

     

     

    $

    (1.59

    )

     

    (101

    )%

    Cash dividends declared per common share

    $

    0.50

     

     

    $

    0.50

     

     

    $

    —

     

     

    —

    %

    Average number of common shares outstanding (in thousands):

     

     

     

     

     

     

     

    Basic

     

    188,488

     

     

     

    198,710

     

     

     

    (10,222

    )

     

    (5

    )%

    Diluted

     

    188,488

     

     

     

    198,710

     

     

     

    (10,222

    )

     

    (5

    )%

     

     

     

     

     

     

     

     

    EBITDA

    $

    262

     

     

    $

    617

     

     

    $

    (355

    )

     

    (58

    )%

    Adjusted EBITDA

    $

    201

     

     

    $

    399

     

     

    $

    (198

    )

     

    (50

    )%

    (1)

    Exclusive of Depreciation and amortization.

    (2)

    Exclusive of Lower of cost or market inventory valuation adjustments.

    Balance Sheet Data

     

    March 31,

    2025

     

    December 31,

    2024

     

     

     

     

     

    (In millions)

    Cash and cash equivalents

    $

    547

     

    $

    800

    Working capital

    $

    2,323

     

    $

    1,971

    Total assets

    $

    16,542

     

    $

    16,643

    Total debt

    $

    2,676

     

    $

    2,638

    Total equity

    $

    9,253

     

    $

    9,346

    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 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 our wholly-owned subsidiary Holly Energy Partners, L.P., 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, and Cushing Connect Pipeline & Terminal LLC, the owner of a pipeline running from Cushing, Oklahoma to Tulsa, Oklahoma, a 26.08% 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.

     

     

    Refining

     

    Renewables

     

    Marketing

     

    Lubricants

    &

    Specialties

     

    Midstream

     

    Corporate,

    Other and

    Eliminations

     

    Consolidated

    Total

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (In millions)

    Three Months Ended March 31, 2025

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    4,923

     

     

    $

    94

     

     

    $

    686

     

    $

    638

     

    $

    29

     

     

    $

    —

     

     

    $

    6,370

     

    Intersegment revenues and other (1)

     

     

    728

     

     

     

    96

     

     

     

    —

     

     

    —

     

     

    127

     

     

     

    (951

    )

     

     

    —

     

     

     

     

    5,651

     

     

     

    190

     

     

     

    686

     

     

    638

     

     

    156

     

     

     

    (951

    )

     

     

    6,370

     

    Cost of sales: (2)

    Cost of materials and other (3)

     

     

    5,140

     

     

     

    183

     

     

     

    652

     

     

    453

     

     

    —

     

     

     

    (952

    )

     

     

    5,476

     

    Lower of cost or market inventory valuation adjustments

     

     

    (116

    )

     

     

    (1

    )

     

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    (117

    )

    Operating expenses

     

     

    461

     

     

     

    23

     

     

     

    —

     

     

    64

     

     

    46

     

     

     

    2

     

     

     

    596

     

     

     

     

    5,485

     

     

     

    205

     

     

     

    652

     

     

    517

     

     

    46

     

     

     

    (950

    )

     

     

    5,955

     

    Selling, general and administrative expenses (2)

     

     

    54

     

     

     

    1

     

     

     

    7

     

     

    36

     

     

    2

     

     

     

    4

     

     

     

    104

     

    Depreciation and amortization

     

     

    137

     

     

     

    23

     

     

     

    7

     

     

    22

     

     

    18

     

     

     

    18

     

     

     

    225

     

    Other operating expenses, net

     

     

    5

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    5

     

    Income (loss) from operations

     

     

    (30

    )

     

     

    (39

    )

     

     

    20

     

     

    63

     

     

    90

     

     

     

    (23

    )

     

     

    81

     

    Earnings of equity method investments

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    12

     

     

     

    (1

    )

     

     

    11

     

    Other income (expense), net

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    (39

    )

     

     

    (14

    )

     

     

    (53

    )

    Income (loss) before interest and income taxes

     

     

    (30

    )

     

     

    (39

    )

     

     

    20

     

     

    63

     

     

    63

     

     

     

    (38

    )

     

     

    39

     

    Interest income

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    2

     

     

    3

     

     

     

    4

     

     

     

    9

     

    Interest expense

     

     

    —

     

     

     

    (2

    )

     

     

    —

     

     

    —

     

     

    (3

    )

     

     

    (44

    )

     

     

    (49

    )

    Income (loss) before income taxes

     

    $

    (30

    )

     

    $

    (41

    )

     

    $

    20

     

    $

    65

     

    $

    63

     

     

    $

    (78

    )

     

    $

    (1

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    2

     

     

    $

    —

     

     

    $

    2

     

    Capital expenditures

     

    $

    58

     

     

    $

    1

     

     

    $

    6

     

    $

    10

     

    $

    9

     

     

    $

    2

     

     

    $

    86

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended March 31, 2024

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    5,373

     

     

    $

    179

     

     

    $

    776

     

    $

    676

     

    $

    23

     

     

    $

    —

     

     

    $

    7,027

     

    Intersegment revenues and other (1)

     

     

    831

     

     

     

    60

     

     

     

    —

     

     

    2

     

     

    132

     

     

     

    (1,025

    )

     

     

    —

     

     

     

     

    6,204

     

     

     

    239

     

     

     

    776

     

     

    678

     

     

    155

     

     

     

    (1,025

    )

     

     

    7,027

     

    Cost of sales: (2)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of materials and other (3)

     

     

    5,475

     

     

     

    230

     

     

     

    753

     

     

    493

     

     

    —

     

     

     

    (1,024

    )

     

     

    5,927

     

    Lower of cost or market inventory valuation adjustments

     

     

    (220

    )

     

     

    1

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    (219

    )

    Operating expenses

     

     

    472

     

     

     

    26

     

     

     

    —

     

     

    64

     

     

    46

     

     

     

    (1

    )

     

     

    607

     

     

     

     

    5,727

     

     

     

    257

     

     

     

    753

     

     

    557

     

     

    46

     

     

     

    (1,025

    )

     

     

    6,315

     

    Selling, general and administrative expenses (2)

     

     

    48

     

     

     

    1

     

     

     

    8

     

     

    34

     

     

    4

     

     

     

    8

     

     

     

    103

     

    Depreciation and amortization

     

     

    117

     

     

     

    20

     

     

     

    6

     

     

    22

     

     

    20

     

     

     

    13

     

     

     

    198

     

    Income (loss) from operations

     

     

    312

     

     

     

    (39

    )

     

     

    9

     

     

    65

     

     

    85

     

     

     

    (21

    )

     

     

    411

     

    Earnings of equity method investments

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    7

     

     

     

    —

     

     

     

    7

     

    Other income (expense), net

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    3

     

     

     

    3

     

    Income (loss) before interest and income taxes

     

     

    312

     

     

     

    (39

    )

     

     

    9

     

     

    65

     

     

    92

     

     

     

    (18

    )

     

     

    421

     

    Interest income

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    2

     

     

    2

     

     

     

    18

     

     

     

    22

     

    Interest expense

     

     

    —

     

     

     

    (2

    )

     

     

    —

     

     

    —

     

     

    (8

    )

     

     

    (31

    )

     

     

    (41

    )

    Income (loss) before income taxes

     

    $

    312

     

     

    $

    (41

    )

     

    $

    9

     

    $

    67

     

    $

    86

     

     

    $

    (31

    )

     

    $

    402

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    2

     

     

    $

    —

     

     

    $

    2

     

    Capital expenditures

     

    $

    55

     

     

    $

    3

     

     

    $

    8

     

    $

    5

     

    $

    8

     

     

    $

    10

     

     

    $

    89

     

    (1)

    Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including 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. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relates to inventory held 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

    Mid-Continent Region

     

     

    Crude charge (BPD) (1)

     

     

    260,610

     

     

     

    259,030

     

    Refinery throughput (BPD) (2)

     

     

    276,490

     

     

     

    273,890

     

    Sales of produced refined products (BPD) (3)

     

     

    255,360

     

     

     

    272,460

     

    Refinery utilization (4)

     

     

    100.2

    %

     

     

    99.6

    %

     

     

     

     

     

    Average per produced barrel sold (5)

     

     

     

     

    Gross margin (6)

     

    $

    1.21

     

     

    $

    7.44

     

     

     

     

     

     

    Adjusted refinery gross margin (7)

     

    $

    7.60

     

     

    $

    10.47

     

    Less: operating expenses (8)

     

     

    7.12

     

     

     

    6.40

     

    Adjusted refinery gross margin, less operating expenses

     

    $

    0.48

     

     

    $

    4.07

     

     

     

     

     

     

    Operating expenses per throughput barrel (9)

     

    $

    6.57

     

     

    $

    6.37

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

    Sweet crude oil

     

     

    51

    %

     

     

    50

    %

    Sour crude oil

     

     

    25

    %

     

     

    25

    %

    Heavy sour crude oil

     

     

    18

    %

     

     

    19

    %

    Other feedstocks and blends

     

     

    6

    %

     

     

    6

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

    Gasolines

     

     

    53

    %

     

     

    52

    %

    Diesel fuels

     

     

    29

    %

     

     

    32

    %

    Jet fuels

     

     

    8

    %

     

     

    6

    %

    Fuel oil

     

     

    1

    %

     

     

    1

    %

    Asphalt

     

     

    3

    %

     

     

    3

    %

    Base oils

     

     

    4

    %

     

     

    4

    %

    LPG and other

     

     

    2

    %

     

     

    2

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

    West Region

     

     

     

     

    Crude charge (BPD) (1)

     

     

    345,530

     

     

     

    345,900

     

    Refinery throughput (BPD) (2)

     

     

    370,090

     

     

     

    369,410

     

    Sales of produced refined products (BPD) (3)

     

     

    366,430

     

     

     

    359,010

     

    Refinery utilization (4)

     

     

    82.7

    %

     

     

    82.8

    %

     

     

     

     

     

    Average per produced barrel sold (5)

     

     

     

     

    Gross margin (6)

     

    $

    (0.01

    )

     

    $

    5.40

     

     

     

     

     

     

    Adjusted refinery gross margin (7)

     

    $

    10.19

     

     

    $

    14.39

     

    Less: operating expenses (8)

     

     

    9.06

     

     

     

    9.59

     

    Adjusted refinery gross margin, less operating expenses

     

    $

    1.13

     

     

    $

    4.80

     

     

     

     

     

     

    Operating expenses per throughput barrel (9)

     

    $

    8.97

     

     

    $

    9.32

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

    Sweet crude oil

     

     

    31

    %

     

     

    32

    %

    Sour crude oil

     

     

    44

    %

     

     

    43

    %

    Heavy sour crude oil

     

     

    12

    %

     

     

    12

    %

    Wax crude oil

     

     

    6

    %

     

     

    7

    %

    Other feedstocks and blends

     

     

    7

    %

     

     

    6

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

    Gasolines

     

     

    54

    %

     

     

    53

    %

    Diesel fuels

     

     

    33

    %

     

     

    32

    %

    Jet fuels

     

     

    6

    %

     

     

    5

    %

    Fuel oil

     

     

    2

    %

     

     

    2

    %

    Asphalt

     

     

    1

    %

     

     

    2

    %

    LPG and other

     

     

    4

    %

     

     

    6

    %

    Total

     

     

    100

    %

     

     

    100

    %

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

    Consolidated

     

     

     

     

    Crude charge (BPD) (1)

     

     

    606,140

     

     

     

    604,930

     

    Refinery throughput (BPD) (2)

     

     

    646,580

     

     

     

    643,300

     

    Sales of produced refined products (BPD) (3)

     

     

    621,790

     

     

     

    631,470

     

    Refinery utilization (4)

     

     

    89.4

    %

     

     

    89.2

    %

     

     

     

     

     

    Average per produced barrel sold (5)

     

     

     

     

    Gross margin (6)

     

    $

    0.49

     

     

    $

    6.28

     

     

     

     

     

     

    Adjusted refinery gross margin (7)

     

    $

    9.12

     

     

    $

    12.70

     

    Less: operating expenses (8)

     

     

    8.26

     

     

     

    8.22

     

    Adjusted refinery gross margin, less operating expenses

     

    $

    0.86

     

     

    $

    4.48

     

     

     

     

     

     

    Operating expenses per throughput barrel (9)

     

    $

    7.95

     

     

    $

    8.06

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

    Sweet crude oil

     

     

    39

    %

     

     

    39

    %

    Sour crude oil

     

     

    36

    %

     

     

    36

    %

    Heavy sour crude oil

     

     

    15

    %

     

     

    15

    %

    Wax crude oil

     

     

    3

    %

     

     

    4

    %

    Other feedstocks and blends

     

     

    7

    %

     

     

    6

    %

    Total

     

     

    100

    %

     

     

    100

    %

    Sales of produced refined products:

     

     

     

     

     

     

    Gasolines

     

     

    53

    %

     

     

    53

    %

    Diesel fuels

     

     

    31

    %

     

     

    32

    %

    Jet fuels

     

     

    7

    %

     

     

    6

    %

    Fuel oil

     

     

    2

    %

     

     

    1

    %

    Asphalt

     

     

    2

    %

     

     

    2

    %

    Base oils

     

     

    2

    %

     

     

    2

    %

    LPG and other

     

     

    3

    %

     

     

    4

    %

    Total

     

     

    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 produced refined products.

    (7)

    Adjusted refinery gross margin is a non-GAAP measure. 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 produced refined products.

    (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. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relates to inventory held 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

    Renewables

     

     

     

     

    Sales of produced renewables products (in thousand gallons)

     

     

    44,464

     

     

     

    61,172

     

    Average per produced gallon sold: (1)

     

     

     

     

    Gross margin (2)

     

    $

    (0.86

    )

     

    $

    (0.63

    )

     

     

     

     

     

    Adjusted renewables gross margin (3)

     

    $

    0.16

     

     

    $

    0.15

     

    Less: operating expenses (4)

     

     

    0.52

     

     

     

    0.43

     

    Adjusted renewables gross margin, less operating expenses

     

    $

    (0.36

    )

     

    $

    (0.28

    )

    (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 produced renewables products.

    (3)

    Adjusted renewables gross margin is a non-GAAP measure. 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 produced renewables products.

    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. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

    Marketing

     

     

     

     

    Number of branded sites at period end (1)

     

     

    1,664

     

     

    1,547

    Sales of refined products (in thousand gallons)

     

     

    293,865

     

     

    321,010

    Average per gallon sold: (2)

     

     

     

     

    Gross margin (3)

     

    $

    0.09

     

    $

    0.05

    Adjusted marketing gross margin (4)

     

    $

    0.12

     

    $

    0.07

    (1)

    Includes certain non-Sinclair branded sites.

    (2)

    Represents the 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.

    (4)

    Adjusted marketing gross margin is a non-GAAP measure. 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

    Lubricants & Specialties

     

     

     

     

    Sales of produced refined products (BPD)

     

    28,940

     

     

    31,104

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

    Finished products

     

    54

    %

     

    49

    %

    Base oils

     

    26

    %

     

    27

    %

    Other

     

    20

    %

     

    24

    %

    Total

     

    100

    %

     

    100

    %

    Midstream Segment Operating Data

    The following table sets forth information about our midstream operations.

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

    Midstream

     

     

     

    Volumes (BPD)

     

     

     

     

     

    Pipelines:

     

     

     

     

     

    Affiliates—refined product pipelines

     

    163,991

     

     

    164,628

     

    Affiliates—intermediate pipelines

     

    138,402

     

     

    138,071

     

    Affiliates—crude pipelines

     

    424,891

     

     

    441,454

     

     

     

    727,284

     

     

    744,153

     

    Third parties—refined product pipelines

     

    39,753

     

     

    36,723

     

    Third parties—crude pipelines

     

    199,023

     

     

    162,493

     

     

     

    966,060

     

     

    943,369

     

    Terminals and loading racks: (1)

     

     

     

     

     

     

    Affiliates

     

    990,867

     

     

    1,019,974

     

    Third parties

     

    34,915

     

     

    33,110

     

     

     

    1,025,782

     

     

    1,053,084

     

    Total for pipelines and terminal assets (BPD)

     

    1,991,842

     

     

    1,996,453

     

    (1)

    Certain 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) loss on sale of equity method investment, (iv) loss on early extinguishment of debt, and (v) acquisition integration 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 financial indicators widely used by investors and analysts to measure our operating 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

    Net income (loss) attributable to HF Sinclair stockholders

     

    $

    (4

    )

     

    $

    315

     

    Add: interest expense

     

     

    49

     

     

     

    41

     

    Less: interest income

     

     

    (9

    )

     

     

    (22

    )

    Add: income tax expense

     

     

    1

     

     

     

    85

     

    Add: depreciation and amortization

     

     

    225

     

     

     

    198

     

    EBITDA

     

    $

    262

     

     

    $

    617

     

    Add: lower of cost or market inventory valuation adjustments

     

     

    (117

    )

     

     

    (219

    )

    Add: asset impairments

     

     

    1

     

     

     

    —

     

    Add: loss on sale of equity method investment

     

     

    40

     

     

     

    —

     

    Add: loss on early extinguishment of debt

     

     

    15

     

     

     

    —

     

    Add: acquisition integration costs

     

     

    —

     

     

     

    1

     

    Adjusted EBITDA

     

    $

    201

     

     

    $

    399

     

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

     

     

    Three Months Ended

    March 31,

    Refining Segment

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

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

     

    $

    (30

    )

     

    $

    312

     

    Add: depreciation and amortization

     

     

    137

     

     

     

    117

     

    EBITDA

     

    $

    107

     

     

    $

    429

     

    Add: lower of cost or market inventory valuation adjustments

     

     

    (116

    )

     

     

    (220

    )

    Add: asset impairments

     

     

    1

     

     

     

    —

     

    Adjusted EBITDA

     

    $

    (8

    )

     

    $

    209

     

    (1)

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

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

     

     

    Three Months Ended

    March 31,

    Renewables Segment

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

    Loss before interest and income taxes (1)

     

    $

    (39

    )

     

    $

    (39

    )

    Add: depreciation and amortization

     

     

    23

     

     

     

    20

     

    EBITDA

     

    $

    (16

    )

     

    $

    (19

    )

    Add: lower of cost or market inventory valuation adjustments

     

     

    (1

    )

     

     

    1

     

    Adjusted EBITDA

     

    $

    (17

    )

     

    $

    (18

    )

    (1)

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

    EBITDA attributable to our Marketing segment is set forth below:

     

     

    Three Months Ended

    March 31,

    Marketing Segment

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

    Income before interest and income taxes (1)

     

    $

    20

     

    $

    9

    Add: depreciation and amortization

     

     

    7

     

     

    6

    EBITDA

     

    $

    27

     

    $

    15

    (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.

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

     

     

    Three Months Ended

    March 31,

    Lubricants & Specialties Segment

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

    Income before interest and income taxes (1)

     

    $

    63

     

    $

    65

    Add: depreciation and amortization

     

     

    22

     

     

    22

    EBITDA

     

    $

    85

     

    $

    87

    (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.

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

     

     

    Three Months Ended

    March 31,

    Midstream Segment

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

    Income before interest and income taxes (1)

     

    $

    63

     

    $

    92

    Add: depreciation and amortization

     

     

    18

     

     

    20

    Less: net income attributable to noncontrolling interest

     

     

    2

     

     

    2

    EBITDA

     

    $

    79

     

    $

    110

    Add: loss on sale of equity method investment

     

     

    40

     

     

    —

    Adjusted EBITDA

     

    $

    119

     

    $

    110

    (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.

    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. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to inventory held at the end of the period. Adjusted refinery gross margin is a non-GAAP performance measure 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions, except barrel and per barrel amounts)

    Refining segment

     

     

     

     

    Sales and other revenues

     

    $

    5,651

     

     

    $

    6,204

     

    Cost of sales (1)

     

     

    5,485

     

     

     

    5,727

     

    Depreciation and amortization

     

     

    137

     

     

     

    117

     

    Gross margin

     

    $

    29

     

     

    $

    360

     

    Add: lower of cost or market inventory valuation adjustments

     

     

    (116

    )

     

     

    (220

    )

    Add: operating expenses

     

     

    461

     

     

     

    472

     

    Add: depreciation and amortization

     

     

    137

     

     

     

    117

     

    Adjusted refinery gross margin

     

    $

    511

     

     

    $

    729

     

     

     

     

     

     

    Sales of produced refined products (BPD) (2)

     

     

    621,790

     

     

     

    631,470

     

     

     

     

     

     

    Average per produced barrel sold:

     

     

     

     

    Gross margin

     

    $

    0.49

     

     

    $

    6.28

     

    Add: lower of cost or market inventory valuation adjustments

     

     

    (2.09

    )

     

     

    (3.84

    )

    Add: operating expenses

     

     

    8.26

     

     

     

    8.22

     

    Add: depreciation and amortization

     

     

    2.46

     

     

     

    2.04

     

    Adjusted refinery gross margin

     

    $

    9.12

     

     

    $

    12.70

     

    Less: operating expenses

     

     

    8.26

     

     

     

    8.22

     

    Adjusted refinery operating expenses, less operating expenses

     

    $

    0.86

     

     

    $

    4.48

     

    (1)

    Exclusive of Depreciation and amortization.

    (2)

    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.

    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. 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions, except gallon and per gallon amounts)

    Renewables segment

     

     

     

     

    Sales and other revenues

     

    $

    190

     

     

    $

    239

     

    Costs of sales (1)

     

     

    205

     

     

     

    257

     

    Depreciation and amortization

     

     

    23

     

     

     

    20

     

    Gross margin

     

    $

    (38

    )

     

    $

    (38

    )

    Add: lower of cost or market inventory valuation adjustments

     

     

    (1

    )

     

     

    1

     

    Add: operating expenses

     

     

    23

     

     

     

    26

     

    Add: depreciation and amortization

     

     

    23

     

     

     

    20

     

    Adjusted renewables gross margin

     

    $

    7

     

     

    $

    9

     

     

     

     

     

     

    Sales of produced renewables products (in thousand gallons)

     

     

    44,464

     

     

     

    61,172

     

     

     

     

     

     

    Average per produced gallon sold:

     

     

     

     

    Gross margin

     

    $

    (0.86

    )

     

    $

    (0.63

    )

    Add: lower of cost or market inventory valuation adjustments

     

     

    (0.02

    )

     

     

    0.02

     

    Add: operating expenses

     

     

    0.52

     

     

     

    0.43

     

    Add: depreciation and amortization

     

     

    0.52

     

     

     

    0.33

     

    Adjusted renewables gross margin

     

    $

    0.16

     

     

    $

    0.15

     

    Less: operating expenses

     

     

    0.52

     

     

     

    0.43

     

    Adjusted renewables gross margin, less operating expenses

     

    $

    (0.36

    )

     

    $

    (0.28

    )

    (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. 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions, except gallon and per gallon amounts)

    Marketing segment

     

     

     

     

    Sales and other revenues

     

    $

    686

     

    $

    776

    Costs of sales (1)

     

     

    652

     

     

    753

    Depreciation and amortization

     

     

    7

     

     

    6

    Gross margin

     

    $

    27

     

    $

    17

    Add: depreciation and amortization

     

     

    7

     

     

    6

    Adjusted marketing gross margin

     

    $

    34

     

    $

    23

     

     

     

     

     

    Sales of refined products (in thousand gallons)

     

     

    293,865

     

     

    321,010

     

     

     

     

     

    Average per gallon sold:

     

     

     

     

    Gross margin

     

    $

    0.09

     

    $

    0.05

    Add: depreciation and amortization

     

     

    0.03

     

     

    0.02

    Adjusted marketing gross margin

     

    $

    0.12

     

    $

    0.07

    (1)

    Exclusive of Depreciation and amortization.

    Reconciliation of Net income (loss) attributable to HF Sinclair stockholders to adjusted net income (loss) 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, loss on sale of equity method investment, loss on early extinguishment of debt and acquisition integration 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions, except per share amounts)

    Consolidated

     

     

     

     

    GAAP:

     

     

     

     

    Income (loss) before income taxes

     

    $

    (1

    )

     

    $

    402

     

    Income tax expense

     

     

    1

     

     

     

    85

     

    Net income (loss)

     

    $

    (2

    )

     

    $

    317

     

    Less: net income attributable to noncontrolling interest

     

     

    2

     

     

     

    2

     

    Net income (loss) attributable to HF Sinclair stockholders

     

    $

    (4

    )

     

    $

    315

     

     

     

     

     

     

    Non-GAAP adjustments to arrive at adjusted results:

     

     

     

     

    Lower of cost or market inventory valuation adjustments

     

    $

    (117

    )

     

    $

    (219

    )

    Asset impairments

     

     

    1

     

     

     

    —

     

    Loss on sale of equity method investment

     

     

    40

     

     

     

    —

     

    Loss on early extinguishment of debt

     

     

    15

     

     

     

    —

     

    Acquisition integration costs

     

     

    —

     

     

     

    1

     

    Total adjustments to income (loss) before income taxes

     

    $

    (61

    )

     

    $

    (218

    )

    Adjustment to income tax expense (benefit) (1)

     

     

    (15

    )

     

     

    (45

    )

    Adjustments to net income attributable to noncontrolling interest

     

     

    —

     

     

     

    —

     

    Total adjustments, net of tax

     

    $

    (46

    )

     

    $

    (173

    )

     

     

     

     

     

    Adjusted results - non-GAAP:

     

     

     

     

    Adjusted income (loss) before income taxes

     

     

    (62

    )

     

     

    184

     

    Adjusted income tax expense (benefit) (2)

     

     

    (14

    )

     

     

    40

     

    Adjusted net income (loss)

     

    $

    (48

    )

     

    $

    144

     

    Less: net income attributable to noncontrolling interest

     

     

    2

     

     

     

    2

     

    Adjusted net income (loss) attributable to HF Sinclair stockholders

     

    $

    (50

    )

     

    $

    142

     

    Adjusted earnings (loss) per share - diluted (3)

     

    $

    (0.27

    )

     

    $

    0.71

    (1)

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

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

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

     

    $

    (14

    )

     

    $

    40

     

    GAAP income tax expense

     

     

    1

     

     

     

    85

     

    Non-GAAP adjustment to income tax expense

     

    $

    (15

    )

     

    $

    (45

    )

    (2)

    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.

    (3)

    Adjusted earnings (loss) per share - diluted is calculated as adjusted net income 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

    March 31,

     

     

    2025

     

    2024

     

     

     

     

     

     

     

    (In millions)

    GAAP:

     

     

     

     

    Income (loss) before income taxes

     

    $

    (1

    )

     

    $

    402

     

    Income tax expense

     

    $

    1

     

     

    $

    85

     

    Effective tax rate for GAAP financial statements (1)

     

     

    (205.2

    )%

     

     

    21.3

    %

    Adjusted - non-GAAP:

     

     

     

     

    Effect of non-GAAP adjustments

     

     

    227.8

    %

     

     

    0.2

    %

    Effective tax rate for adjusted results

     

     

    22.6

    %

     

     

    21.5

    %

    (1)

    Due to rounding of reported numbers, some amounts may not calculate exactly.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250501479258/en/

    Atanas H. Atanasov, Executive Vice President and Chief Financial Officer

    Craig Biery, Vice President, Investor Relations

    HF Sinclair Corporation

    214-954-6510

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    • Director Fernandez Manuel J bought $19,990 worth of shares (635 units at $31.48), increasing direct ownership by 5% to 14,235 units (SEC Form 4)

      4 - HF Sinclair Corp (0001915657) (Issuer)

      3/5/25 5:18:23 PM ET
      $DINO
      Natural Gas Distribution
      Energy
    • Director Myers Franklin bought $178,314 worth of shares (5,000 units at $35.66), increasing direct ownership by 3% to 154,065 units (SEC Form 4)

      4 - HF Sinclair Corp (0001915657) (Issuer)

      2/26/25 5:03:18 PM ET
      $DINO
      Natural Gas Distribution
      Energy
    • EVP and CFO Atanasov Atanas H bought $168,855 worth of shares (5,000 units at $33.77), increasing direct ownership by 7% to 78,927 units (SEC Form 4)

      4 - HF Sinclair Corp (0001915657) (Issuer)

      12/19/24 7:25:49 PM ET
      $DINO
      Natural Gas Distribution
      Energy

    $DINO
    Press Releases

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    • HF Sinclair Corporation Announces Dual Listing On NYSE Texas

      HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair") today announced the dual listing of its common stock on NYSE Texas, the newly launched fully electronic equities exchange headquartered in Dallas, Texas. HF Sinclair will maintain its primary listing on the New York Stock Exchange (NYSE) and continue to trade under the same ticker symbol, "DINO," on the NYSE and NYSE Texas. "We are pleased to join NYSE Texas as a Founding Member," said HF Sinclair's Chief Executive Officer, Tim Go. "This dual listing demonstrates our support for business-friendly principles and the growing capital markets infrastructure in the state of Texas." "As a leader in the energy industry based in Dallas, we're

      6/25/25 4:30:00 PM ET
      $DINO
      Natural Gas Distribution
      Energy
    • HF Sinclair Corporation Second Quarter 2025 Earnings Release and Conference Webcast

      HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair") plans to announce results for the quarter ending June 30, 2025, on July 31, 2025, before the opening of trading on the NYSE. HF Sinclair has scheduled a webcast conference on July 31, 2025, at 9:30 a.m. Eastern time to discuss financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/918922726 An audio archive of this webcast will be available using the above noted link through August 14, 2025. About HF Sinclair Corporation: 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 fue

      6/23/25 4:30:00 PM ET
      $DINO
      Natural Gas Distribution
      Energy
    • Sinclair Oil Expands DINO Days Customer Promotion Across the DINO Footprint

      Sinclair Oil (Sinclair), an HF Sinclair (NYSE:DINO) brand, today announced its second annual DINO Days (June 1-3, 2025), a customer promotion in honor of National Dinosaur Day. After the success of last year's DINO Day, Sinclair has expanded the campaign from one day to three. Throughout the first three days of June, DINO Days will feature trivia and selfie sweepstakes, where one lucky winner in each sweepstakes will receive a $250 Sinclair gift card, plus additional chances to win DINO swag. On June 3, Sinclair customers can save up to 30 cents per gallon on Sinclair's Premium Gasoline* with DINOCARE®. To access the June 3 gasoline savings, customers must use DINOPAY®, Sinclair's easy-to

      5/22/25 9:00:00 AM ET
      $DINO
      Natural Gas Distribution
      Energy

    $DINO
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • HF Sinclair upgraded by Mizuho with a new price target

      Mizuho upgraded HF Sinclair from Neutral to Outperform and set a new price target of $47.00

      5/13/25 8:50:52 AM ET
      $DINO
      Natural Gas Distribution
      Energy
    • TD Cowen reiterated coverage on HF Sinclair with a new price target

      TD Cowen reiterated coverage of HF Sinclair with a rating of Hold and set a new price target of $29.00 from $27.00 previously

      5/2/25 8:33:09 AM ET
      $DINO
      Natural Gas Distribution
      Energy
    • TD Cowen reiterated coverage on HF Sinclair with a new price target

      TD Cowen reiterated coverage of HF Sinclair with a rating of Hold and set a new price target of $35.00 from $43.00 previously

      12/18/24 7:58:52 AM ET
      $DINO
      Natural Gas Distribution
      Energy

    $DINO
    Financials

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    • HF Sinclair Reports 2025 First Quarter Results and Announces Regular Cash Dividend

      First Quarter Reported Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, and adjusted net loss of $50 million, or $(0.27) per diluted share Reported EBITDA of $262 million and Adjusted EBITDA of $201 million Paid $95 million in regular quarterly dividends Announced regular quarterly dividend of $0.50 per share HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair" or the "Company") today reported first quarter Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, for the quarter ended March 31, 2025, compared to Net income attributable to HF Sinclair stockholders of $315 million, or $1.57 per dilu

      5/1/25 6:30:00 AM ET
      $DINO
      Natural Gas Distribution
      Energy
    • HF Sinclair Corporation Reports 2024 Fourth Quarter and Full Year Results and Announces Regular Cash Dividend

      Fourth Quarter Reported Net loss attributable to HF Sinclair stockholders of $214 million, or $(1.14) per diluted share, and adjusted net loss of $191 million, or $(1.02) per diluted share Reported EBITDA of $9 million and Adjusted EBITDA of $28 million Paid $95 million in regular quarterly dividends Announced regular quarterly dividend of $0.50 per share Full Year 2024 Reported Net income attributable to HF Sinclair stockholders of $177 million, or $0.91 per diluted share, and adjusted net income of $197 million, or $1.01 per diluted share Reported EBITDA of $1,133 million and Adjusted EBITDA of $1,149 million Returned $1,058 million to stockholders through dividends a

      2/20/25 6:30:00 AM ET
      $DINO
      Natural Gas Distribution
      Energy
    • HF Sinclair Corporation Reports 2024 Third Quarter Results and Announces Regular Cash Dividend

      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,

      10/31/24 6:30:00 AM ET
      $DINO
      Natural Gas Distribution
      Energy

    $DINO
    Leadership Updates

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    • HF Sinclair Corporation Announces Dual Listing On NYSE Texas

      HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair") today announced the dual listing of its common stock on NYSE Texas, the newly launched fully electronic equities exchange headquartered in Dallas, Texas. HF Sinclair will maintain its primary listing on the New York Stock Exchange (NYSE) and continue to trade under the same ticker symbol, "DINO," on the NYSE and NYSE Texas. "We are pleased to join NYSE Texas as a Founding Member," said HF Sinclair's Chief Executive Officer, Tim Go. "This dual listing demonstrates our support for business-friendly principles and the growing capital markets infrastructure in the state of Texas." "As a leader in the energy industry based in Dallas, we're

      6/25/25 4:30:00 PM ET
      $DINO
      Natural Gas Distribution
      Energy
    • Sinclair Oil Renews Commitment to Folds of Honor Campaign for Fall 2024

      Annual Fueling Folds of Honor program activates on Veterans Day to honor American heroes Sinclair Oil (Sinclair), an HF Sinclair (NYSE:DINO) brand, today announced its upcoming partnership with Folds of Honor, a nonprofit organization that helps the families of American fallen or disabled service members and first responders gain an education through scholarship funding. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241110639158/en/Graphic by Sinclair Oil for its 2024 Fueling Folds of Honor Campaign, assisting families of fallen or disabled service members and first responders gain an education through scholarship funding. De

      11/11/24 11:15:00 AM ET
      $DINO
      Natural Gas Distribution
      Energy
    • HF Sinclair Corporation Announces Appointment of Eric L. Nitcher as Executive Vice President, General Counsel

      HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair" or the "Company") today announced that Eric L. Nitcher has been appointed as Executive Vice President, General Counsel of the Company, effective July 10, 2024. Prior to the joining the Company, Mr. Nitcher served as Group General Counsel & Executive Vice President, Legal of BP p.l.c., from January 2017 until his retirement in December 2023, where he was responsible for supporting the BP p.l.c. executive team and board and managed a global legal team supporting a broad range of complex matters. Mr. Nitcher began his career as a litigation and regulatory lawyer in Wichita, Kansas. He first joined BP p.l.c., then Amoco, in 1990 and held vari

      7/10/24 5:20:00 PM ET
      $DINO
      Natural Gas Distribution
      Energy

    $DINO
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by HF Sinclair Corporation

      SC 13G/A - HF Sinclair Corp (0001915657) (Subject)

      11/13/24 12:54:34 PM ET
      $DINO
      Natural Gas Distribution
      Energy
    • Amendment: SEC Form SC 13G/A filed by HF Sinclair Corporation

      SC 13G/A - HF Sinclair Corp (0001915657) (Subject)

      7/10/24 1:14:41 PM ET
      $DINO
      Natural Gas Distribution
      Energy
    • Amendment: SEC Form SC 13D/A filed by HF Sinclair Corporation

      SC 13D/A - HF Sinclair Corp (0001915657) (Subject)

      6/14/24 5:36:50 PM ET
      $DINO
      Natural Gas Distribution
      Energy