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05/01/26 6:46 AM

Post #87

HF Sinclair Reports 2026 First Quarter Results and Announces Regular Cash Dividend

May 1, 2026 6:30 AM
Business Wire

Reported Net income attributable to HF Sinclair stockholders of $648 million, or $3.56 per diluted share, and adjusted net income attributable to HF Sinclair stockholders of $127 million, or $0.69 per diluted share

Reported EBITDA of $1,097 million and Adjusted EBITDA of $426 million

Returned $167 million to stockholders through dividends and share repurchases in the first quarter

Announced regular quarterly dividend of $0.50 per share

HF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) (“HF Sinclair” or the “Company”) today reported Net income attributable to HF Sinclair stockholders of $648 million, or $3.56 per diluted share, for the quarter ended March 31, 2026, compared to Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, for the quarter ended March 31, 2025. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the first quarter of 2026 was $127 million, or $0.69 per diluted share, compared to adjusted net loss attributable to HF Sinclair stockholders of $50 million, or $(0.27) per diluted share, for the first quarter of 2025.

HF Sinclair’s Chief Executive Officer, Franklin Myers, commented, “During the quarter, we delivered strong results across each of our business segments supported by safe and reliable operations. Looking forward, we remain focused on the execution of our strategic priorities and believe each of our business segments is well positioned to take advantage of the current favorable macroeconomic backdrop.”

Refining segment income before interest and income taxes was $514 million for the first quarter of 2026 compared to a loss of $30 million for the first quarter of 2025. Excluding the Lower of cost or market inventory valuation adjustment benefit of $604 million, the segment reported Adjusted EBITDA of $55 million for the first quarter of 2026 compared to $(8) million for the first quarter of 2025. This increase was principally driven by higher adjusted refinery gross margins in the West region and increased refined product sales volumes, partially offset by lower adjusted refinery gross margins in the Mid-Continent region. Small refinery RINs waivers granted by the EPA in the fourth quarter of 2025 increased adjusted refinery gross margins by $21 million in the first quarter of 2026. Adjusted refinery gross margin was $9.95 per produced barrel sold, a 9% increase compared to $9.12 for the first quarter of 2025. Crude oil charge averaged 613,050 barrels per day (“BPD”) for the first quarter of 2026 compared to 606,140 BPD for the first quarter of 2025.

Renewables segment income before interest and income taxes was $182 million for the first quarter of 2026 compared to a loss of $39 million for the first quarter of 2025. Excluding the Lower of cost or market inventory valuation adjustment benefit of $68 million, the segment reported Adjusted EBITDA of $133 million in the first quarter of 2026, compared to $(17) million in the first quarter of 2025. This increase was principally driven by higher adjusted renewables gross margins and increased sales volumes in the first quarter of 2026. Adjusted renewables gross margins increased as a result of the narrowing of the BOHO spread, higher RINs prices and the recognition of significantly more in Producer’s Tax Credit (“PTC”) benefits compared to the first quarter of 2025. Results for the first quarter of 2026 include prior year PTC benefits of $49 million that were recognized following the February 2026 proposed ruling by the United States Department of the Treasury and Internal Revenue Service. Total sales volumes were 52 million gallons for the first quarter of 2026 compared to 44 million gallons for the first quarter of 2025.

Marketing segment income before interest and income taxes was $20 million for the first quarter of 2026, consistent with the first quarter of 2025. The segment reported EBITDA of $28 million for the first quarter of 2026 compared to $27 million for the first quarter of 2025. Total branded fuel sales volumes were 325 million gallons for the first quarter of 2026 compared to 294 million gallons for the first quarter of 2025.

Lubricants & Specialties segment income before interest and income taxes was $78 million for the first quarter of 2026 compared to $63 million in the first quarter of 2025. The segment reported Adjusted EBITDA of $103 million for the first quarter of 2026 compared to $85 million in the first quarter of 2025. The increase was primarily driven by a larger FIFO benefit in the first quarter of 2026 compared to the first quarter of 2025, partially offset by the dislocation between rising feedstock costs and product sales price increases. During the first quarter of 2026, we recognized a FIFO benefit of $53 million compared to a FIFO benefit of $8 million during the first quarter of 2025.

Midstream segment income before interest and income taxes was $94 million for the first quarter of 2026 compared to $63 million for the first quarter of 2025. The segment reported Adjusted EBITDA of $111 million for the first quarter of 2026 compared to $119 million for the first quarter of 2025. The decrease was primarily driven by an increase in operating costs as a result of a fuel-contamination incident at one of our product terminals in Colorado in the first quarter of 2026.

For the first quarter of 2026, net cash provided by operations totaled $457 million. At March 31, 2026, the Company’s Cash and cash equivalents totaled $1,148 million, a $170 million increase compared to Cash and cash equivalents of $978 million at December 31, 2025. During the first quarter of 2026, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $91 million and spent $76 million on share repurchases. Additionally, at March 31, 2026, the Company’s consolidated debt was $2,771 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 2, 2026 to holders of record of common stock on May 11, 2026.

The Company has scheduled a webcast conference call for today, May 1, 2026, at 8:30 AM Eastern Time to discuss first quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/126280302. An audio archive of this webcast will be available using the above-noted link through May 15, 2026.

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 1,750 branded stations and licenses the use of the Sinclair brand to more than 350 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 societal expectations that companies address climate impacts 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 or other production facility 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, or exemptions from, 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, war or any associated military campaigns, including those in oil producing regions, such as the ongoing military conflict in the Middle East, 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 or implementation 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,						Change from 2025
		2026			2025		Change			Percent

	(In millions, except share and per share data)
Sales and other revenues	$	7,123		$	6,370		$	753		12	%

Operating costs and expenses:
Cost of sales: ⁽¹⁾
Cost of materials and other ⁽²⁾		5,980			5,476			504		9	%
Lower of cost or market inventory valuation adjustments		(672	)		(117	)		(555	)	474	%
Operating expenses		624			596			28		5	%
		5,932			5,955			(23	)	—	%
Selling, general and administrative expenses ⁽¹⁾		115			104			11		11	%
Depreciation and amortization		229			225			4		2	%
Other operating expenses, net		—			5			(5	)	(100	)%
Total operating costs and expenses		6,276			6,289			(13	)	—	%
Income from operations		847			81			766		946	%

Other income (expense):
Earnings of equity method investments		8			11			(3	)	(27	)%
Interest income		10			9			1		11	%
Interest expense		(41	)		(49	)		8		(16	)%
Other income (expense), net		15			(53	)		68		NM
		(8	)		(82	)		74		(90	)%
Income (loss) before income taxes		839			(1	)		840		NM
Income tax expense		189			1			188		18,800	%
Net income (loss)		650			(2	)		652		NM
Less: net income attributable to noncontrolling interests		2			2			—		—	%
Net income (loss) attributable to HF Sinclair stockholders	$	648		$	(4	)	$	652		NM

Earnings (loss) per share attributable to HF Sinclair stockholders:
Basic	$	3.56		$	(0.02	)	$	3.58		NM
Diluted	$	3.56		$	(0.02	)	$	3.58		NM
Cash dividends declared per common share	$	0.50		$	0.50		$	—		—	%

Average number of common shares outstanding (in thousands):
Basic		180,653			188,488			(7,835	)	(4	)%
Diluted		180,653			188,488			(7,835	)	(4	)%

EBITDA	$	1,097		$	262		$	835		319	%
Adjusted EBITDA	$	426		$	201		$	225		112	%

(1)		Exclusive of Depreciation and amortization.
(2)		Exclusive of Lower of cost or market inventory valuation adjustments.

Balance Sheet Data

	March 31, 2026		December 31, 2025

	(In millions)
Cash and cash equivalents	$	1,148	$	978
Working capital	$	2,849	$	2,327
Total assets	$	18,172	$	16,510
Total debt	$	2,771	$	2,769
Total equity	$	9,729	$	9,249

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, Rocky Mountains and 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. Branded fuel is also sold to non-Sinclair branded sites and includes revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of sites in our West and Mid-Continent regions. In February 2026, we formed the joint venture Green Trail Fuels, LLC in which we hold a 50% non-operating economic interest. The joint venture includes various retail sites across Colorado and New Mexico and is supplied fuel by our proximate regional refineries.

The Lubricants & Specialties segment includes Petro-Canada Lubricants’ production operations, located in Mississauga, Ontario, which produces lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants 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 facilities that are marketed throughout North America and are distributed in Central and South America and includes the operations of Red Giant Oil, 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, and 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, 2026
Sales and other revenues:
Revenues from external customers	$	5,439		$	208		$	792	$	653	$	31		$	—		$	7,123
Intersegment revenues and other ⁽¹⁾		832			126			—		1		135			(1,094	)		—
		6,271			334			792		654		166			(1,094	)		7,123
Cost of sales: ⁽²⁾
Cost of materials and other ⁽³⁾		5,691			178			756		450		—			(1,095	)		5,980
Lower of cost or market inventory valuation adjustments		(604	)		(68	)		—		—		—			—			(672	)
Operating expenses		468			22			—		74		59			1			624
		5,555			132			756		524		59			(1,094	)		5,932
Selling, general and administrative expenses ⁽²⁾		57			1			8		42		2			5			115
Depreciation and amortization		145			19			8		24		19			14			229
Income (loss) from operations		514			182			20		64		86			(19	)		847
Earnings of equity method investments		—			—			—		—		8			—			8
Other income (expense), net		—			—			—		14		—			1			15
Income (loss) before interest and income taxes		514			182			20		78		94			(18	)		870
Interest income																		10
Interest expense																		(41	)
Income before income taxes																	$	839

Net income attributable to noncontrolling interests	$	—		$	—		$	—	$	—	$	2		$	—		$	2
Capital expenditures	$	64		$	1		$	18	$	6	$	12		$	1		$	102

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																		9
Interest expense																		(49	)
Loss before income taxes																	$	(1	)

Net income attributable to noncontrolling interests	$	—		$	—		$	—	$	—	$	2		$	—		$	2
Capital expenditures	$	58		$	1		$	6	$	10	$	9		$	2		$	86

(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 relate 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,
		2026			2025

*Mid-Continent Region*
Crude charge (BPD) ⁽¹⁾		263,880			260,610
Refinery throughput (BPD)⁽²⁾		282,380			276,490
Sales of produced refined products (BPD) ⁽³⁾		272,810			255,360
Refinery utilization ⁽⁴⁾		101.5	%		100.2	%

Average per produced barrel sold: ⁽⁵⁾
Gross margin ⁽⁶⁾	$	8.80		$	1.21

Adjusted refinery gross margin ⁽⁷⁾	$	3.58		$	7.60
Less: operating expenses ⁽⁸⁾		7.20			7.12
Adjusted refinery gross margin, less operating expenses	$	(3.62	)	$	0.48

Operating expenses per throughput barrel ⁽⁹⁾	$	6.96		$	6.57

Feedstocks:
Sweet crude oil		51	%		51	%
Sour crude oil		26	%		25	%
Heavy sour crude oil		16	%		18	%
Other feedstocks and blends		7	%		6	%
Total		100	%		100	%

Sales of produced refined products:
Gasolines		50	%		53	%
Diesel fuels		31	%		29	%
Jet fuels		8	%		8	%
Fuel oil		1	%		1	%
Asphalt		4	%		3	%
Base oils		4	%		4	%
LPG and other		2	%		2	%
Total		100	%		100	%

	Three Months Ended March 31,
		2026			2025

*West Region*
Crude charge (BPD) ⁽¹⁾		349,170			345,530
Refinery throughput (BPD)⁽²⁾		374,540			370,090
Sales of produced refined products (BPD) ⁽³⁾		373,330			366,430
Refinery utilization ⁽⁴⁾		83.5	%		82.7	%

Average per produced barrel sold: ⁽⁵⁾
Gross margin ⁽⁶⁾	$	10.55		$	(0.01	)

Adjusted refinery gross margin ⁽⁷⁾	$	14.61		$	10.19
Less: operating expenses ⁽⁸⁾		8.65			9.06
Adjusted refinery gross margin, less operating expenses	$	5.96		$	1.13

Operating expenses per throughput barrel ⁽⁹⁾	$	8.62		$	8.97

Feedstocks:
Sweet crude oil		29	%		31	%
Sour crude oil		47	%		44	%
Heavy sour crude oil		11	%		12	%
Wax crude oil		6	%		6	%
Other feedstocks and blends		7	%		7	%
Total		100	%		100	%

Sales of produced refined products:
Gasolines		52	%		54	%
Diesel fuels		30	%		33	%
Jet fuels		7	%		6	%
Fuel oil		4	%		2	%
Asphalt		2	%		1	%
LPG and other		5	%		4	%
Total		100	%		100	%

*Consolidated*
Crude charge (BPD) ⁽¹⁾		613,050			606,140
Refinery throughput (BPD)⁽²⁾		656,920			646,580
Sales of produced refined products (BPD) ⁽³⁾		646,140			621,790
Refinery utilization ⁽⁴⁾		90.4	%		89.4	%

Average per produced barrel sold: ⁽⁵⁾
Gross margin ⁽⁶⁾	$	9.82		$	0.49

Adjusted refinery gross margin ⁽⁷⁾	$	9.95		$	9.12
Less: operating expenses ⁽⁸⁾		8.04			8.26
Adjusted refinery gross margin, less operating expenses	$	1.91		$	0.86

Operating expenses per throughput barrel ⁽⁹⁾	$	7.91		$	7.95

	Three Months Ended March 31,
	2026	2025

*Consolidated*
Feedstocks:
Sweet crude oil	38 %	39 %
Sour crude oil	39 %	36 %
Heavy sour crude oil	13 %	15 %
Wax crude oil	3 %	3 %
Other feedstocks and blends	7 %	7 %
Total	100 %	100 %

Sales of produced refined products:
Gasolines	51 %	53 %
Diesel fuels	30 %	31 %
Jet fuels	7 %	7 %
Fuel oil	3 %	2 %
Asphalt	3 %	2 %
Base oils	2 %	2 %
LPG and other	4 %	3 %
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 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 March 31,
	2026		2025

*Renewables*
Sales of produced renewables products (in thousand gallons)		52,448		44,464
Average per produced gallon sold:⁽¹⁾
Gross margin ⁽²⁾	$	3.47	$	(0.86	)

Adjusted renewables gross margin ⁽³⁾	$	2.96	$	0.16
Less: operating expenses ⁽⁴⁾		0.42		0.52
Adjusted renewables gross margin, less operating expenses	$	2.54	$	(0.36	)

(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,
	2026		2025

*Marketing*
Number of branded sites at period end ⁽¹⁾		1,769		1,664
Sales of refined products (in thousand gallons)		324,624		293,865
Average per gallon sold: ⁽²⁾
Gross margin ⁽³⁾	$	0.09	$	0.09
Adjusted marketing gross margin ⁽⁴⁾	$	0.11	$	0.12

(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,
	2026		2025

*Lubricants & Specialties*
Sales of produced refined products (BPD)	33,076		28,940

Sales of produced refined products:
Finished products	48	%	54	%
Base oils	26	%	26	%
Other	26	%	20	%
Total	100	%	100	%

Midstream Segment Operating Data

The following table sets forth information about our midstream operations.

	Three Months Ended March 31,
	2026	2025

*Midstream*
Volumes (BPD)
Pipelines:
Affiliates—refined product pipelines	175,498	163,991
Affiliates—intermediate pipelines	151,420	138,402
Affiliates—crude pipelines	447,761	424,891
	774,679	727,284
Third parties—refined product pipelines	26,449	39,753
Third parties—crude pipelines	182,060	199,023
	983,188	966,060
Terminals and loading racks:
Affiliates	1,036,257	990,867
Third parties	26,037	34,915
	1,062,294	1,025,782
Total for pipelines and terminal assets (BPD)	2,045,482	1,991,842

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 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 or Income 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.

The Company cannot reliably predict or estimate certain items or expenses, or their impact on financial statements in future periods. Accordingly, the Company believes that a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort.

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

	Three Months Ended March 31,
		2026			2025

	(In millions)
Net income (loss) attributable to HF Sinclair stockholders	$	648		$	(4	)
Add: interest expense		41			49
Less: interest income		(10	)		(9	)
Add: income tax expense		189			1
Add: depreciation and amortization		229			225
EBITDA	$	1,097		$	262
Add: lower of cost or market inventory valuation adjustments		(672	)		(117	)
Add: acquisition integration and regulatory costs		1			—
Add: asset impairments		—			1
Add: loss on sale of equity method investment		—			40
Add: loss on early extinguishment of debt		—			15
Adjusted EBITDA	$	426		$	201

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

	Three Months Ended March 31,
Refining Segment		2026			2025

	(In millions)
Income (loss) before interest and income taxes ⁽¹⁾	$	514		$	(30	)
Add: depreciation and amortization		145			137
EBITDA	$	659		$	107
Add: lower of cost or market inventory valuation adjustments		(604	)		(116	)
Add: asset impairments		—			1
Adjusted EBITDA	$	55		$	(8	)

(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.

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

	Three Months Ended March 31,
Renewables Segment		2026			2025

	(In millions)
Income (loss) before interest and income taxes ⁽¹⁾	$	182		$	(39	)
Add: depreciation and amortization		19			23
EBITDA	$	201		$	(16	)
Add: lower of cost or market inventory valuation adjustments		(68	)		(1	)
Adjusted EBITDA	$	133		$	(17	)

(1)

Income (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	2026		2025

	(In millions)
Income before interest and income taxes ⁽¹⁾	$	20	$	20
Add: depreciation and amortization		8		7
EBITDA	$	28	$	27

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

	Three Months Ended March 31,
Lubricants & Specialties Segment	2026		2025

	(In millions)
Income before interest and income taxes ⁽¹⁾	$	78	$	63
Add: depreciation and amortization		24		22
EBITDA	$	102	$	85
Add: acquisition integration and regulatory costs		1		—
Adjusted EBITDA	$	103	$	85

(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	2026		2025

	(In millions)
Income before interest and income taxes ⁽¹⁾	$	94	$	63
Add: depreciation and amortization		19		18
Less: net income attributable to noncontrolling interest		2		2
EBITDA	$	111	$	79
Add: loss on sale of equity method investment		—		40
Adjusted EBITDA	$	111	$	119

(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.

Reconciliation of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in the 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, Operating expenses and Depreciation and amortization, divided by sales volumes of produced refined products. This margin measure excludes 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,
		2026			2025

	(In millions, except barrel and per barrel amounts)
Refining segment
Sales and other revenues	$	6,271		$	5,651
Cost of sales ⁽¹⁾		5,555			5,485
Depreciation and amortization		145			137
Gross margin	$	571		$	29
Add: lower of cost or market inventory valuation adjustments		(604	)		(116	)
Add: operating expenses		468			461
Add: depreciation and amortization		145			137
Adjusted refinery gross margin	$	580		$	511

Sales of produced refined products (BPD) ⁽²⁾		646,140			621,790

Average per produced barrel sold:
Gross margin	$	9.82		$	0.49
Add: lower of cost or market inventory valuation adjustments		(10.39	)		(2.09	)
Add: operating expenses		8.04			8.26
Add: depreciation and amortization		2.48			2.46
Adjusted refinery gross margin	$	9.95		$	9.12
Less: operating expenses		8.04			8.26
Adjusted refinery gross margin, less operating expenses	$	1.91		$	0.86

(1)		Exclusive of Depreciation and amortization.
(2)		Represents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and excludes 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 the 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, Operating expenses and Depreciation and amortization, divided by sales volumes of produced renewables products. This margin measure excludes 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,
		2026			2025

	(In millions, except gallon and per gallon amounts)
Renewables segment
Sales and other revenues	$	334		$	190
Cost of sales ⁽¹⁾		132			205
Depreciation and amortization		19			23
Gross margin	$	183		$	(38	)
Add: lower of cost or market inventory valuation adjustments		(68	)		(1	)
Add: operating expenses		22			23
Add: depreciation and amortization		19			23
Adjusted renewables gross margin	$	156		$	7

Sales of produced renewables products (in thousand gallons)		52,448			44,464

Average per produced gallon sold:
Gross margin	$	3.47		$	(0.86	)
Add: lower of cost or market inventory valuation adjustments		(1.29	)		(0.02	)
Add: operating expenses		0.42			0.52
Add: depreciation and amortization		0.36			0.52
Adjusted renewables gross margin	$	2.96		$	0.16
Less: operating expenses		0.42			0.52
Adjusted renewables gross margin, less operating expenses	$	2.54		$	(0.36	)

(1)

Exclusive of Depreciation and amortization.

Reconciliation of marketing operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in the 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,
	2026		2025

	(In millions, except gallon and per gallon amounts)
Marketing segment
Sales and other revenues	$	792	$	686
Cost of sales ⁽¹⁾		756		652
Depreciation and amortization		8		7
Gross margin	$	28	$	27
Add: depreciation and amortization		8		7
Adjusted marketing gross margin	$	36	$	34

Sales of refined products (in thousand gallons)		324,624		293,865

Average per gallon sold:
Gross margin	$	0.09	$	0.09
Add: depreciation and amortization		0.02		0.03
Adjusted marketing gross margin	$	0.11	$	0.12

(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 (loss) 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 and loss on early extinguishment of debt. 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,
		2026			2025

	(In millions, except per share amounts)
*Consolidated*
GAAP:
Income (loss) before income taxes	$	839		$	(1	)
Income tax expense		189			1
Net income (loss)	$	650		$	(2	)
Less: net income attributable to noncontrolling interest		2			2
Net income (loss) attributable to HF Sinclair stockholders	$	648		$	(4	)

Non-GAAP adjustments to arrive at adjusted results:
Lower of cost or market inventory valuation adjustments	$	(672	)	$	(117	)
Acquisition and integration costs		1			—
Asset impairments		—			1
Loss on sale of equity method investment		—			40
Loss on early extinguishment of debt		—			15
Total adjustments to income (loss) before income taxes	$	(671	)	$	(61	)
Adjustment to income tax expense (benefit) ⁽¹⁾		(150	)		(15	)
Total adjustments, net of tax	$	(521	)	$	(46	)

Adjusted results - non-GAAP:
Adjusted income (loss) before income taxes	$	168		$	(62	)
Adjusted income tax expense (benefit) ⁽²⁾		39			(14	)
Adjusted net income (loss)	$	129		$	(48	)
Less: net income attributable to noncontrolling interests		2			2
Adjusted net income (loss) attributable to HF Sinclair stockholders	$	127		$	(50	)
Adjusted earnings (loss) per share - diluted ⁽³⁾	$	0.69		$	(0.27	)

(1)

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

	Three Months Ended March 31,
		2026			2025

	(In millions)
Non-GAAP income tax expense (benefit) ⁽²⁾	$	39		$	(14	)
GAAP income tax expense		189			1
Non-GAAP adjustment to income tax expense (benefit)	$	(150	)	$	(15	)

(1)		Non-GAAP income tax 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 (loss) 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 (loss) per share calculation is calculated the same way as that used in GAAP diluted earnings per share calculation.

Reconciliation of effective income tax rate to adjusted effective tax rate

	Three Months Ended March 31,
		2026			2025

	(In millions)
GAAP:
Income (loss) before income taxes	$	839		$	(1	)
Income tax expense	$	189		$	1
Effective income tax rate for GAAP financial statements ⁽¹⁾		22.5	%		(205.2	)%
Adjusted - non-GAAP:
Effect of non-GAAP adjustments		1.0	%		227.8	%
Effective tax rate for adjusted results		23.5	%		22.6	%

(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/20260501276001/en/

FOR FURTHER INFORMATION, Contact:

Vivek Garg, Acting Chief Financial Officer, Vice President, Chief Accounting Officer and Controller

Craig Biery, Vice President, Investor Relations

HF Sinclair Corporation

214-954-6510

Original: HF Sinclair Reports 2026 First Quarter Results and Announces Regular Cash Dividend

US Market News

03/30/26 5:16 PM

Post #86

HF Sinclair Corporation First Quarter 2026 Earnings Release and Conference Webcast

March 30, 2026 5:00 PM
Business Wire

HF Sinclair Corporation (NYSE and NYSE Texas: DINO) (“HF Sinclair”) plans to announce results for the quarter ending March 31, 2026, on May 1, 2026, before the opening of trading on the NYSE and NYSE Texas. HF Sinclair has scheduled a webcast conference on May 1, 2026, at 8:30 a.m. Eastern time to discuss financial results.

This webcast may be accessed at:

https://events.q4inc.com/attendee/126280302

An audio archive of this webcast will be available using the above noted link through May 15, 2026.

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 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 its 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 1,700 branded stations and licenses the use of the Sinclair brand to more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330631131/en/

HF Sinclair Corporation

Craig Biery, 214-954-6510

Vice President, Investor Relations

or

Trey Schonter, 214-954-6510

Director, Investor Relations

Original: HF Sinclair Corporation First Quarter 2026 Earnings Release and Conference Webcast

US Market News

02/18/26 7:02 AM

Post #85

HF Sinclair Accelerates Branded Marketing Growth with Joint Venture

February 18, 2026 6:45 AM
Business Wire

HF Sinclair Corporation (NYSE: DINO) today announced the formation of Green Trail Fuels, LLC (“Green Trail Fuels”), a new joint venture with UPOP Holdings (“UPOP”), in which HF Sinclair will hold a 50% non-operating economic interest. The joint venture will include 30 retail sites across Colorado and New Mexico.

As part of the joint venture, HF Sinclair will supply fuel from its proximate regional refineries, strengthening the company’s branded marketing footprint in the Rockies and Southwest regions.

“This joint venture represents a strategic step forward for our Marketing segment,” said Steve Ledbetter, executive vice president, Commercial, HF Sinclair. “The establishment of this new partnership allows us to accelerate growth of the Sinclair brand at an expedited pace and capture synergies across our integrated asset base.”

Green Trail Fuels is expected to:

Accelerate growth of Sinclair-branded locations through incremental branded retail sites

Create operational and logistics synergies with HF Sinclair’s existing midstream and refining assets

Provide a scalable platform for future growth opportunities that augment its existing wholesale network and are aligned with HF Sinclair’s disciplined growth strategy

Provide exposure to additional margin streams through the partnership

HF Sinclair will supply fuel from its existing refinery locations, with UPOP operating the retail sites as a trusted, growth-oriented partner.

For a list of Sinclair-branded retail locations, please visit https://www.sinclairoil.com/find-sinclair-gas-station-near-you.

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 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 its refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacic Northwest and in other neighboring Plains states and supplies high-quality fuels to more than 1,700 branded stations and licenses the use of the Sinclair brand to more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, 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.

Forward-Looking Statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218075261/en/

HF Sinclair Corporation

Craig Biery, 214-954-6510

Vice President, Investor Relations

Trey Schonter, 214-954-6510

Sr. Manager, Investor Relations

Original: HF Sinclair Accelerates Branded Marketing Growth with Joint Venture

US Market News

02/18/26 6:46 AM

Post #84

HF Sinclair Reports 2025 Fourth Quarter and Unaudited Full Year Results and Announces Regular Cash Dividend

February 18, 2026 6:30 AM
Business Wire

Fourth Quarter

Reported Net loss attributable to HF Sinclair stockholders of $28 million, or $(0.16) per diluted share, and adjusted net income attributable to HF Sinclair stockholders of $221 million, or $1.20 per diluted share

Reported EBITDA of $235 million and Adjusted EBITDA of $564 million

Returned $230 million to stockholders through dividends and share repurchases in the fourth quarter

Announced regular quarterly dividend of $0.50 per share

Full Year 2025

Reported Net income attributable to HF Sinclair stockholders of $579 million, or $3.08 per diluted share, and adjusted net income attributable to HF Sinclair stockholders of $951 million, or $5.06 per diluted share

Reported EBITDA of $1.8 billion and Adjusted EBITDA of $2.3 billion

Returned $724 million to stockholders through dividends and share repurchases

The audit of the Company’s financial statements for 2025 is not yet complete, as the Company’s Audit Committee is engaged (as discussed below) in assessing certain matters relating to the Company’s disclosure processes. Accordingly, all results discussed in this release are unaudited. The Audit Committee has determined that these matters under review do not affect the results for the fourth quarter of 2025 or for full-year 2025 announced in this release.

HF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) (“HF Sinclair” or the “Company”) today reported fourth quarter Net loss attributable to HF Sinclair stockholders of $28 million, or $(0.16) per diluted share, for the quarter ended December 31, 2025, compared to Net loss attributable to HF Sinclair stockholders of $214 million, or $(1.14) per diluted share, for the quarter ended December 31, 2024. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the fourth quarter of 2025 was $221 million, or $1.20 per diluted share, compared to adjusted net loss attributable to HF Sinclair stockholders of $191 million, or $(1.02) per diluted share, for the fourth quarter of 2024.

As separately announced this morning, HF Sinclair’s Chief Executive Officer and President, Tim Go, is taking a voluntary leave of absence from his duties, and the Board of Directors (the “Board”) has appointed Mr. Franklin Myers as Chief Executive Officer and President on a temporary basis. Mr. Myers also continues to serve as Chairperson of the Board.

The Company’s fourth quarter results reflect seasonal weakness in refining cracks, along with the Puget Sound Refinery turnaround and the unplanned Artesia refinery event. For full-year 2025, the Company achieved record earnings in both its Midstream and Marketing businesses and achieved the Company’s lowest annual refining operating expense per barrel. During the year, the Company also returned over $724 million in cash to shareholders through share repurchases and dividends, and today, the Company announced a $0.50 regular quarterly dividend. Looking forward, the Company remains focused on safe and reliable operations, continued growth in its Midstream, Lubricants and Marketing segments and returning excess cash to the Company’s shareholders.

Refining segment loss before interest and income taxes was $49 million for the fourth quarter of 2025 compared to a loss of $332 million for the fourth quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustment charge of $313 million and certain items, the segment reported Adjusted EBITDA of $403 million for the fourth quarter of 2025 compared to $(169) million for the fourth quarter of 2024. This increase was principally driven by higher adjusted refinery gross margins in both the West and Mid-Continent regions, partially offset by the Puget Sound refinery planned turnaround and the unplanned Artesia refinery event. Small refinery RINs waivers granted by the EPA increased adjusted refinery gross margins by $313 million in the fourth quarter of 2025, which includes $43 million of benefits related to the small refinery RINs waivers received in the third quarter but recognized in the fourth quarter of 2025. Adjusted refinery gross margin was $16.28 per produced barrel sold, a 144% increase compared to $6.68 for the fourth quarter of 2024. Crude oil charge averaged 556,460 barrels per day (“BPD”) for the fourth quarter of 2025 compared to 562,020 BPD for the fourth quarter of 2024.

Renewables segment loss before interest and income taxes was $35 million for the fourth quarter of 2025 compared to a loss of $13 million for the fourth quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustment charge of $7 million, the segment reported Adjusted EBITDA of $(6) million in the fourth quarter of 2025 compared to $(9) million in the fourth quarter of 2024. In the fourth quarter of 2025 we recognized incrementally more in value from the Producer’s Tax Credit. Total sales volumes were 57 million gallons for the fourth quarter of 2025 compared to 62 million gallons for the fourth quarter of 2024.

Marketing segment income before interest and income taxes was $14 million for the fourth quarter of 2025 compared to $13 million for the fourth quarter of 2024. The segment reported EBITDA of $22 million for the fourth quarter of 2025 compared to $21 million for the fourth quarter of 2024. This increase was primarily driven by higher margins and high-grading our mix of stores throughout 2025. Total branded fuel sales volumes were 337 million gallons for the fourth quarter of 2025 compared to 333 million gallons for the fourth quarter of 2024.

Lubricants & Specialties segment income before interest and income taxes was $19 million for the fourth quarter of 2025 compared to $46 million in the fourth quarter of 2024. The segment reported EBITDA of $43 million for the fourth quarter of 2025 compared to Adjusted EBITDA of $70 million in the fourth quarter of 2024. The decrease was primarily driven by lower finished and specialty product sales volumes, lower base oil margins and higher operating expenses.

Midstream segment income before interest and income taxes was $96 million for the fourth quarter of 2025 compared to $97 million for the fourth quarter of 2024. The segment reported EBITDA of $114 million for the fourth quarter of 2025, consistent with the fourth quarter of 2024.

For the fourth quarter of 2025, net cash provided by operations totaled $8 million. At December 31, 2025, the Company’s Cash and cash equivalents totaled $978 million, a $178 million increase compared to Cash and cash equivalents of $800 million at December 31, 2024. During the fourth quarter of 2025, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $92 million and spent $138 million on share repurchases. Additionally, at December 31, 2025, the Company’s consolidated debt was $2,769 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 March 12, 2026 to holders of record of common stock on March 2, 2026.

The Company has scheduled a webcast conference call for today, February 18, 2026, at 8:30 AM Eastern Time to discuss fourth quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/560135108. An audio archive of this webcast will be available using the above noted link through March 4, 2026.

The Company will not be filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Form 10-K”) today, given that the Audit Committee of the Board is in the process of assessing certain matters relating to the Company’s disclosure processes. The Audit Committee has determined that these matters do not affect the results for the fourth quarter of 2025 or for full-year 2025 announced in this release. The Audit Committee and all other parties are working diligently to complete this review as soon as possible. The Company will file its Form 10-K following completion of the audit process. At the present time, the Company expects that it will be able to timely file its Form 10-K.

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 1,700 branded stations and licenses the use of the Sinclair brand to more than 350 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 societal expectations that companies address climate impacts 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, or exemptions from, 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 uncertainty regarding the effects and duration of global hostilities, war or any associated military campaigns, including those in oil producing regions, 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 or implementation 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; information under review by the Audit Committee of the Board and its assessment of the Company’s disclosure processes and the ability of the Company’s outside accountants to complete their audit of the Company’s financial statements on a timely basis; 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 December 31,						Change from 2024
		2025			2024		Change			Percent

	(In millions, except share and per share data)
Sales and other revenues	$	6,464		$	6,500		$	(36	)	(1	)%

Operating costs and expenses:
Cost of sales: ⁽¹⁾
Cost of materials and other ⁽²⁾		5,152			5,747			(595	)	(10	)%
Lower of cost or market inventory valuation adjustments		320			(23	)		343		NM
Operating expenses		633			656			(23	)	(4	)%
		6,105			6,380			(275	)	(4	)%
Selling, general and administrative expenses ⁽¹⁾		133			119			14		12	%
Depreciation and amortization		228			219			9		4	%
Other operating expenses, net		(9	)		7			(16	)	NM
Total operating costs and expenses		6,457			6,725			(268	)	(4	)%
Income (loss) from operations		7			(225	)		232		NM

Other income (expense):
Earnings of equity method investments		6			8			(2	)	(25	)%
Interest income		15			16			(1	)	(6	)%
Interest expense		(64	)		(38	)		(26	)	68	%
Other income (expense), net		(5	)		9			(14	)	NM
		(48	)		(5	)		(43	)	860	%
Loss before income taxes		(41	)		(230	)		189		(82	)%
Income tax benefit		(14	)		(18	)		4		(22	)%
Net loss		(27	)		(212	)		185		(87	)%
Less: net income attributable to noncontrolling interest		1			2			(1	)	(50	)%
Net loss attributable to HF Sinclair stockholders	$	(28	)	$	(214	)	$	186		(87	)%

Loss per share attributable to HF Sinclair stockholders:
Basic	$	(0.16	)	$	(1.14	)	$	0.98		(86	)%
Diluted	$	(0.16	)	$	(1.14	)	$	0.98		(86	)%
Cash dividends declared per common share	$	0.50		$	0.50		$	—		—	%

Average number of common shares outstanding (in thousands):
Basic		182,835			188,307			(5,472	)	(3	)%
Diluted		182,835			188,307			(5,472	)	(3	)%

EBITDA	$	235		$	9		$	226		2,511	%
Adjusted EBITDA	$	564		$	28		$	536		1,914	%

	Years Ended December 31,						Change from 2024
		2025			2024		Change			Percent

	(In millions, except share and per share data)
Sales and other revenues	$	26,869		$	28,580		$	(1,711	)	(6	)%

Operating costs and expenses:
Cost of sales: ⁽¹⁾
Cost of materials and other ⁽²⁾		21,760			24,582			(2,822	)	(11	)%
Lower of cost or market inventory valuation adjustments		417			(43	)		460		NM
Operating expenses		2,391			2,484			(93	)	(4	)%
		24,568			27,023			(2,455	)	(9	)%
Selling, general and administrative expenses ⁽¹⁾		456			447			9		2	%
Depreciation and amortization		909			832			77		9	%
Other operating expenses, net		9			17			(8	)	(47	)%
Total operating costs and expenses		25,942			28,319			(2,377	)	(8	)%
Income from operations		927			261			666		255	%

Other income (expense):
Earnings of equity method investments		33			32			1		3	%
Interest income		42			75			(33	)	(44	)%
Interest expense		(217	)		(165	)		(52	)	32	%
Other income (expense), net		(53	)		15			(68	)	NM
		(195	)		(43	)		(152	)	353	%
Income before income taxes		732			218			514		236	%
Income tax expense		146			34			112		329	%
Net income		586			184			402		218	%
Less: net income attributable to noncontrolling interest		7			7			—		—	%
Net income attributable to HF Sinclair stockholders	$	579		$	177		$	402		227	%

Earnings per share attributable to HF Sinclair stockholders:
Basic	$	3.08		$	0.91		$	2.17		238	%
Diluted	$	3.08		$	0.91		$	2.17		238	%
Cash dividends declared per common share	$	2.00		$	2.00		$	—		—	%

Average number of common shares outstanding (in thousands):
Basic		186,465			192,073			(5,608	)	(3	)%
Diluted		186,465			192,073			(5,608	)	(3	)%

EBITDA	$	1,809		$	1,133		$	676		60	%
Adjusted EBITDA	$	2,300		$	1,149		$	1,151		100	%

(1) Exclusive of Depreciation and amortization.
(2) Exclusive of Lower of cost or market inventory valuation adjustments.

Balance Sheet Data

	Years Ended December 31,
	2025		2024

	(In millions)
Cash and cash equivalents	$	978	$	800
Working capital	$	2,327	$	1,971
Total assets	$	16,510	$	16,643
Total debt	$	2,769	$	2,638
Total equity	$	9,249	$	9,346

Segment Information

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 Lubricants & Specialties segment includes Petro-Canada Lubricants’ production operations, located in Mississauga, Ontario, which produces lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants 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, 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, 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 December 31, 2025
Sales and other revenues:
Revenues from external customers	$	4,948		$	163		$	732	$	587	$	34		$	—		$	6,464
Intersegment revenues and other ⁽¹⁾		761			103			—		1		136			(1,001	)		—
		5,709			266			732		588		170			(1,001	)		6,464
Cost of sales: ⁽²⁾
Cost of materials and other ⁽³⁾		4,781			247			696		429		—			(1,001	)		5,152
Lower of cost or market inventory valuation adjustments		313			7			—		—		—			—			320
Operating expenses		476			23			—		73		58			3			633
		5,570			277			696		502		58			(998	)		6,105
Selling, general and administrative expenses ⁽²⁾		60			2			14		43		2			12			133
Depreciation and amortization		138			22			8		24		19			17			228
Other operating expenses, net		(10	)		—			—		—		—			1			(9	)
Income (loss) from operations		(49	)		(35	)		14		19		91			(33	)		7
Earnings of equity method investments		—			—			—		—		6			—			6
Other expense, net		—			—			—		—		(1	)		(4	)		(5	)
Income (loss) before interest and income taxes	$	(49	)	$	(35	)	$	14	$	19	$	96		$	(37	)	$	8
Interest income																		15
Interest expense																		(64	)
Loss before income taxes																	$	(41	)
Net income attributable to noncontrolling interest	$	—		$	—		$	—	$	—	$	1		$	—		$	1
Capital expenditures	$	77		$	2		$	13	$	17	$	13		$	9		$	131

Three Months Ended December 31, 2024
Sales and other revenues:
Revenues from external customers	$	4,971		$	124		$	760	$	616	$	29		$	—		$	6,500
Intersegment revenues and other ⁽¹⁾		805			114			—		1		139			(1,059	)		—
		5,776			238			760		617		168			(1,059	)		6,500
Cost of sales: ⁽²⁾
Cost of materials and other ⁽³⁾		5,410			222			729		444		—			(1,058	)		5,747
Lower of cost or market inventory valuation adjustments		(10	)		(13	)		—		—		—			—			(23	)
Operating expenses		506			24			—		66		58			2			656
		5,906			233			729		510		58			(1,056	)		6,380
Selling, general and administrative expenses ⁽²⁾		64			1			10		37		1			6			119
Depreciation and amortization		132			17			8		23		19			20			219
Other operating expenses, net		6			—			—		1		—			—			7
Income (loss) from operations		(332	)		(13	)		13		46		90			(29	)		(225	)
Earnings of equity method investments		—			—			—		—		7			1			8
Other income, net		—			—			—		—		—			9			9
Income (loss) before interest and income taxes	$	(332	)	$	(13	)	$	13	$	46	$	97		$	(19	)	$	(208	)
Interest income																		16
Interest expense																		(38	)
Loss before income taxes																	$	(230	)
Net income attributable to noncontrolling interest	$	—		$	—		$	—	$	—	$	2		$	—		$	2
Capital expenditures	$	107		$	2		$	18	$	19	$	12		$	15		$	173

	Refining		Renewables			Marketing		Lubricants & Specialties		Midstream			Corporate, Other and Eliminations			Consolidated Total

	(In millions)
Year Ended December 31, 2025
Sales and other revenues:
Revenues from external customers	$	20,536	$	551		$	3,142	$	2,519	$	121		$	—		$	26,869
Intersegment revenues and other ⁽¹⁾		3,286		440			—		7		522			(4,255	)		—
		23,822		991			3,142		2,526		643			(4,255	)		26,869
Cost of sales: ⁽²⁾
Cost of materials and other ⁽³⁾		20,244		935			3,000		1,838		—			(4,257	)		21,760
Lower of cost or market inventory valuation adjustments		415		2			—		—		—			—			417
Operating expenses		1,825		90			—		271		199			6			2,391
		22,484		1,027			3,000		2,109		199			(4,251	)		24,568
Selling, general and administrative expenses ⁽²⁾		219		4			40		158		7			28			456
Depreciation and amortization		548		93			29		94		74			71			909
Other operating expenses, net		8		—			—		—		—			1			9
Income (loss) from operations		563		(133	)		73		165		363			(104	)		927
Earnings of equity method investments		—		—			—		—		33			—			33
Other income (expense), net		—		—			1		2		(41	)		(15	)		(53	)
Income (loss) before interest and income taxes	$	563	$	(133	)	$	74	$	167	$	355		$	(119	)	$	907
Interest income																	42
Interest expense																	(217	)
Income before income taxes																$	732
Net income attributable to noncontrolling interest	$	—	$	—		$	—	$	—	$	7		$	—		$	7
Capital expenditures	$	286	$	4		$	46	$	45	$	43		$	25		$	449

Year Ended December 31, 2024
Sales and other revenues:
Revenues from external customers	$	21,701		$	644		$	3,428	$	2,700		$	107	$	—		$	28,580
Intersegment revenues and other ⁽¹⁾		3,639			347			—		12			537		(4,535	)		—
		25,340			991			3,428		2,712			644		(4,535	)		28,580
Cost of sales: ⁽²⁾
Cost of materials and other ⁽³⁾		22,907			910			3,319		1,977			—		(4,531	)		24,582
Lower of cost or market inventory valuation adjustments		(32	)		(11	)		—		—			—		—			(43	)
Operating expenses		1,912			100			—		254			214		4			2,484
		24,787			999			3,319		2,231			214		(4,527	)		27,023
Selling, general and administrative expenses ⁽²⁾		219			5			34		150			11		28			447
Depreciation and amortization		495			78			27		90			72		70			832
Other operating expenses, net		6			—			—		1			10		—			17
Income (loss) from operations		(167	)		(91	)		48		240			337		(106	)		261
Earnings of equity method investments		—			—			—		—			29		3			32
Other income (expense), net		—			—			—		(1	)		—		16			15
Income (loss) before interest and income taxes	$	(167	)	$	(91	)	$	48	$	239		$	366	$	(87	)	$	308
Interest income																		75
Interest expense																		(165	)
Income before income taxes																	$	218
Net income attributable to noncontrolling interest	$	—		$	—		$	—	$	—		$	7	$	—		$	7
Capital expenditures	$	268		$	9		$	52	$	42		$	48	$	51		$	470

(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

	Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024

*Mid-Continent Region*
Crude charge (BPD) ⁽¹⁾		274,300			218,820			267,030			251,650
Refinery throughput (BPD)⁽²⁾		295,590			234,390			284,620			267,200
Sales of produced refined products (BPD) ⁽³⁾		287,590			238,230			270,920			267,130
Refinery utilization ⁽⁴⁾		105.5	%		84.2	%		102.7	%		96.8	%

Average per produced barrel sold ⁽⁵⁾
Gross margin ⁽⁶⁾	$	1.92		$	(5.86	)	$	3.45		$	(0.27	)
Operating expenses ⁽⁷⁾		6.36			7.93			6.48			6.65

Adjusted refinery gross margin ⁽⁸⁾	$	16.20		$	4.09		$	14.38		$	8.21
Less: adjusted refinery operating expenses ⁽⁹⁾		6.36			7.93			6.48			6.65
Adjusted refinery gross margin, less adjusted refinery operating expenses	$	9.84		$	(3.84	)	$	7.90		$	1.56

Operating expenses per throughput barrel ⁽¹⁰⁾	$	6.19		$	8.06		$	6.16		$	6.65
Adjusted refinery operating expenses per throughput barrel ^{(9) (11)}	$	6.19		$	8.06		$	6.16		$	6.65

Feedstocks:
Sweet crude oil		50	%		56	%		51	%		54	%
Sour crude oil		28	%		24	%		26	%		23	%
Heavy sour crude oil		15	%		13	%		17	%		17	%
Other feedstocks and blends		7	%		7	%		6	%		6	%
Total		100	%		100	%		100	%		100	%

Sales of produced refined products:
Gasolines		53	%		50	%		52	%		52	%
Diesel fuels		31	%		30	%		31	%		31	%
Jet fuels		7	%		8	%		7	%		6	%
Fuel oil		1	%		1	%		1	%		1	%
Asphalt		3	%		4	%		3	%		4	%
Base oils		3	%		4	%		4	%		4	%
LPG and other		2	%		3	%		2	%		2	%
Total		100	%		100	%		100	%		100	%

	Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024

*West Region*
Crude charge (BPD) ⁽¹⁾		282,160			343,200			337,320			350,430
Refinery throughput (BPD)⁽²⁾		324,420			369,310			367,460			376,050
Sales of produced refined products (BPD) ⁽³⁾		332,360			358,570			367,160			370,040
Refinery utilization ⁽⁴⁾		67.5	%		82.1	%		80.7	%		83.8	%

Average per produced barrel sold ⁽⁵⁾
Gross margin ⁽⁶⁾	$	(1.62	)	$	(4.04	)	$	3.35		$	0.61
Operating expenses⁽⁷⁾		10.07			10.08			8.84			9.32

Adjusted refinery gross margin ⁽⁸⁾	$	16.35		$	8.40		$	16.10		$	12.04
Less: adjusted refinery operating expenses ⁽⁹⁾		10.07			9.02			8.84			9.06
Adjusted refinery gross margin, less adjusted refinery operating expenses	$	6.28		$	(0.62	)	$	7.26		$	2.98

Operating expenses per throughput barrel ⁽¹⁰⁾	$	10.31		$	9.79		$	8.83		$	9.17
Adjusted refinery operating expenses per throughput barrel ^{(9) (11)}	$	10.31		$	8.76		$	8.83		$	8.92

Feedstocks:
Sweet crude oil		34	%		33	%		32	%		34	%
Sour crude oil		38	%		45	%		44	%		43	%
Heavy sour crude oil		10	%		9	%		11	%		10	%
Wax crude oil		5	%		6	%		5	%		6	%
Other feedstocks and blends		13	%		7	%		8	%		7	%
Total		100	%		100	%		100	%		100	%

Sales of produced refined products:
Gasolines		57	%		56	%		54	%		52	%
Diesel fuels		31	%		32	%		32	%		32	%
Jet fuels		3	%		4	%		5	%		6	%
Fuel oil		1	%		2	%		2	%		2	%
Asphalt		3	%		2	%		2	%		2	%
LPG and other		5	%		4	%		5	%		6	%
Total		100	%		100	%		100	%		100	%

	Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024

*Consolidated*
Crude charge (BPD) ⁽¹⁾		556,460			562,020			604,350			602,080
Refinery throughput (BPD)⁽²⁾		620,010			603,700			652,080			643,250
Sales of produced refined products (BPD) ⁽³⁾		619,950			596,800			638,080			637,170
Refinery utilization ⁽⁴⁾		82.1	%		82.9	%		89.1	%		88.8	%

Average per produced barrel sold: ⁽⁵⁾
Gross margin ⁽⁶⁾	$	0.02		$	(4.77	)	$	3.39		$	0.24
Operating expenses ⁽⁷⁾		8.35			9.22			7.84			8.20

Adjusted refinery gross margin ⁽⁸⁾	$	16.28		$	6.68		$	15.37		$	10.43
Less: adjusted refinery operating expenses ⁽⁹⁾		8.35			8.58			7.84			8.05
Adjusted refinery gross margin, less adjusted refinery operating expenses	$	7.93		$	(1.90	)	$	7.53		$	2.38

Operating expenses per throughput barrel ⁽¹⁰⁾	$	8.35		$	9.12		$	7.67		$	8.12
Adjusted refinery operating expenses per throughput barrel ^{(9) (11)}	$	8.35		$	8.49		$	7.67		$	7.98

Feedstocks:
Sweet crude oil		42	%		42	%		40	%		42	%
Sour crude oil		33	%		37	%		36	%		35	%
Heavy sour crude oil		12	%		11	%		14	%		13	%
Wax crude oil		3	%		3	%		3	%		4	%
Other feedstocks and blends		10	%		7	%		7	%		6	%
Total		100	%		100	%		100	%		100	%

Sales of produced refined products:
Gasolines	55	%	53	%	53	%	53	%
Diesel fuels	31	%	31	%	31	%	31	%
Jet fuels	5	%	6	%	6	%	6	%
Fuel oil	1	%	1	%	2	%	1	%
Asphalt	3	%	3	%	2	%	3	%
Base oils	1	%	2	%	2	%	2	%
LPG and other	4	%	4	%	4	%	4	%
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 produced refined products.
(7)		Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of produced refined products.
(8)		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.
(9)		Adjusted refinery operating expenses is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.
(10)		Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by refinery throughput.
(11)		Represents total Refining segment adjusted refinery operating expenses, exclusive of Depreciation and amortization, divided by refinery throughput.

Renewables Segment Operating Data

	Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024

*Renewables*
Sales of produced renewables products (in thousand gallons)		57,305			62,155			213,713			255,639
Average per produced gallon sold:⁽¹⁾
Gross margin ⁽²⁾	$	(0.58	)	$	(0.19	)	$	(0.60	)	$	(0.33	)

Adjusted renewables gross margin ⁽³⁾	$	0.33		$	0.25		$	0.26		$	0.33
Less: operating expenses ⁽⁴⁾		0.41			0.38			0.42			0.39
Adjusted renewables gross margin, less operating expenses	$	(0.08	)	$	(0.13	)	$	(0.16	)	$	(0.06	)

(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

	Three Months Ended December 31,				Years Ended December 31,
	2025		2024		2025		2024

*Marketing*
Number of branded sites at period end ⁽¹⁾		1,744		1,627		1,744		1,627
Sales of refined products (in thousand gallons)		336,512		333,108		1,328,006		1,376,291
Average per gallon sold: ⁽²⁾
Gross margin ⁽³⁾	$	0.08	$	0.07	$	0.08	$	0.06
Adjusted marketing gross margin ⁽⁴⁾	$	0.10	$	0.09	$	0.11	$	0.08

(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 December 31,				Years Ended December 31,
	2025		2024		2025		2024

*Lubricants & Specialties*
Sales of produced refined products (BPD)	29,995		29,492		30,733		32,100

Sales of produced refined products:
Finished products	45	%	49	%	50	%	48	%
Base oils	27	%	26	%	26	%	26	%
Other	28	%	25	%	24	%	26	%
Total	100	%	100	%	100	%	100	%

Midstream Segment Operating Data

The following table sets forth information about our midstream operations.

	Three Months Ended December 31,		Years Ended December 31,
	2025	2024	2025	2024

*Midstream*
Volumes (BPD)
Pipelines:
Affiliates—refined product pipelines	156,169	168,568	151,879	166,722
Affiliates—intermediate pipelines	146,594	151,336	139,563	146,643
Affiliates—crude pipelines	475,427	487,227	437,281	453,606
	778,190	807,131	728,723	766,971
Third parties—refined product pipelines	36,068	41,364	38,995	39,721
Third parties—crude pipelines	168,953	212,976	188,347	204,202
	983,211	1,061,471	956,065	1,010,894
Terminals and loading racks:
Affiliates	1,052,864	916,686	1,014,900	988,566
Third parties	34,202	38,047	37,524	37,728
	1,087,066	954,733	1,052,424	1,026,294
Total for pipelines and terminal assets (BPD)	2,070,277	2,016,204	2,008,489	2,037,188

Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles

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) loss on sale of equity method investment, (iii) loss on early extinguishment of debt, (iv) decommissioning and closure costs, (v) asset impairments, (vi) regulatory charges and (vii) 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 December 31,						Years Ended December 31,
		2025			2024			2025			2024

	(In millions)
Net income (loss) attributable to HF Sinclair stockholders	$	(28	)	$	(214	)	$	579		$	177
Add: interest expense		64			38			217			165
Less: interest income		(15	)		(16	)		(42	)		(75	)
Add: income tax expense (benefit)		(14	)		(18	)		146			34
Add: depreciation and amortization		228			219			909			832
EBITDA	$	235		$	9		$	1,809		$	1,133
Add: lower of cost or market inventory valuation adjustments		320			(23	)		417			(43	)
Add: loss on sale of equity method investment		7			—			47			—
Add: loss on early extinguishment of debt		—			—			24			—
Add: decommissioning and closure costs ⁽¹⁾		—			—			—			5
Add: asset impairments		2			7			3			17
Add: regulatory charge ⁽²⁾		—			35			—			35
Add: acquisition integration costs		—			—			—			2
Adjusted EBITDA	$	564		$	28		$	2,300		$	1,149

(1)		Net of certain unrelated costs and benefits in our Refining segment and Midstream segment, respectively.
(2)		Regulatory charges represent a one-time penalty of $35 million related to the 2025 Consent Decree at the Artesia, New Mexico refinery (the “2025 Consent Decree”).

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

	Three Months Ended December 31,						Years Ended December 31,
Refining Segment		2025			2024		2025			2024

	(In millions)
Income (loss) before interest and income taxes ⁽¹⁾	$	(49	)	$	(332	)	$	563	$	(167	)
Add: depreciation and amortization		138			132			548		495
EBITDA	$	89		$	(200	)	$	1,111	$	328
Add: lower of cost or market inventory valuation adjustments		313			(10	)		415		(32	)
Add: decommissioning and closure costs		—			—			4		—
Add: asset impairments		1			6			2		6
Add: regulatory charge ⁽²⁾		—			35			—		35
Adjusted EBITDA	$	403		$	(169	)	$	1,532	$	337

(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 (benefit).
(2)		Regulatory charges represent a one-time penalty of $35 million related to the 2025 Consent Decree.

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

	Three Months Ended December 31,						Years Ended December 31,
Renewables Segment		2025			2024			2025			2024

	(In millions)
Loss before interest and income taxes ⁽¹⁾	$	(35	)	$	(13	)	$	(133	)	$	(91	)
Add: depreciation and amortization		22			17			93			78
EBITDA	$	(13	)	$	4		$	(40	)	$	(13	)
Add: lower of cost or market inventory valuation adjustments		7			(13	)		2			(11	)
Adjusted EBITDA	$	(6	)	$	(9	)	$	(38	)	$	(24	)

(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 (benefit).

EBITDA attributable to our Marketing segment is set forth below:

	Three Months Ended December 31,				Years Ended December 31,
Marketing Segment	2025		2024		2025		2024

	(In millions)
Income before interest and income taxes ⁽¹⁾	$	14	$	13	$	74	$	48
Add: depreciation and amortization		8		8		29		27
EBITDA	$	22	$	21	$	103	$	75

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

	Three Months Ended December 31,				Years Ended December 31,
Lubricants & Specialties Segment	2025		2024		2025		2024

	(In millions)
Income before interest and income taxes ⁽¹⁾	$	19	$	46	$	167	$	239
Add: depreciation and amortization		24		23		94		90
EBITDA	$	43	$	69	$	261	$	329
Add: asset impairments		—		1		—		1
Adjusted EBITDA	$	43	$	70	$	261	$	330

(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 are presented below:

	Three Months Ended December 31,						Years Ended December 31,
Midstream Segment		2025			2024			2025			2024

	(In millions)
Income before interest and income taxes ⁽¹⁾	$	96		$	97		$	355		$	366
Add: depreciation and amortization		19			19			74			72
Less: net income attributable to noncontrolling interest		(1	)		(2	)		(7	)		(7	)
EBITDA	$	114		$	114		$	422		$	431
Add: loss on sale of equity method investment		—			—			40			—
Add: loss on early extinguishment of debt		—			—			1			—
Add: decommissioning and closure costs		—			—			(4	)		5
Add: asset impairments		—			—			—			10
Add: acquisition integration costs		—			—			—			1
Adjusted EBITDA	$	114		$	114		$	459		$	447

(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 the 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, Operating expenses and Depreciation and amortization, divided by sales volumes of produced refined products. This margin measure excludes 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.

	Three Months Ended December 31,					Years Ended December 31,
	2025			2024		2025			2024

	(In millions, except barrel and per barrel amounts)
Refining segment
Sales and other revenues	$	5,709	$	5,776		$	23,822	$	25,340
Cost of sales ⁽¹⁾		5,570		5,906			22,484		24,787
Depreciation and amortization		138		132			548		495
Gross margin	$	1	$	(262	)	$	790	$	58
Add: lower of cost or market inventory valuation adjustments		313		(10	)		415		(32	)
Add: operating expenses		476		506			1,825		1,912
Add: depreciation and amortization		138		132			548		495
Adjusted refinery gross margin	$	928	$	366		$	3,578	$	2,433

Operating expenses	$	476	$	506		$	1,825	$	1,912
Less: regulatory charge ⁽²⁾		—		35			—		35
Adjusted refinery operating expenses	$	476	$	471		$	1,825	$	1,877

Sales of produced refined products (BPD) ⁽³⁾		619,950		596,800			638,080		637,170

Average per produced barrel sold:
Gross margin	$	0.02	$	(4.77	)	$	3.39	$	0.24
Add: lower of cost or market inventory valuation adjustments		5.47		(0.18	)		1.78		(0.14	)
Add: operating expenses		8.35		9.22			7.84		8.20
Add: depreciation and amortization		2.44		2.41			2.36		2.13
Adjusted refinery gross margin	$	16.28	$	6.68		$	15.37	$	10.43
Operating expenses		8.35		9.22			7.84		8.20
Less: regulatory charge ⁽²⁾		—		0.64			—		0.15
Adjusted refinery operating expenses		8.35		8.58			7.84		8.05
Adjusted refinery gross margin, less adjusted refinery operating expenses	$	7.93	$	(1.90	)	$	7.53	$	2.38

(1)		Exclusive of Depreciation and amortization.
(2)		Regulatory charges represent a one-time penalty of $35 million related to the 2025 Consent Decree.
(3)		Represents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and excludes 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 the financial statements.

	Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024

	(In millions, except gallon and per gallon amounts)
Renewables segment
Sales and other revenues	$	266		$	238		$	991		$	991
Cost of sales ⁽¹⁾		277			233			1,027			999
Depreciation and amortization		22			17			93			78
Gross margin	$	(33	)	$	(12	)	$	(129	)	$	(86	)
Add: lower of cost or market inventory valuation adjustments		7			(13	)		2			(11	)
Add: operating expenses		23			24			90			100
Add: depreciation and amortization		22			17			93			78
Adjusted renewables gross margin	$	19		$	16		$	56		$	81

Sales of produced renewables products (in thousand gallons)		57,305			62,155			213,713			255,639

Average per produced gallon sold:
Gross margin	$	(0.58	)	$	(0.19	)	$	(0.60	)	$	(0.33	)
Add: lower of cost or market inventory valuation adjustments		0.12			(0.21	)		0.01			(0.04	)
Add: operating expenses		0.41			0.38			0.42			0.39
Add: depreciation and amortization		0.38			0.27			0.43			0.31
Adjusted renewables gross margin	$	0.33		$	0.25		$	0.26		$	0.33
Less: operating expenses		0.41			0.38			0.42			0.39
Adjusted renewables gross margin, less operating expenses	$	(0.08	)	$	(0.13	)	$	(0.16	)	$	(0.06	)

(1) Exclusive of Depreciation and amortization.

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

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

	Three Months Ended December 31,				Years Ended December 31,
	2025		2024		2025		2024

	(In millions, except gallon and per gallon amounts)
Marketing segment
Sales and other revenues	$	732	$	760	$	3,142	$	3,428
Cost of sales ⁽¹⁾		696		729		3,000		3,319
Depreciation and amortization		8		8		29		27
Gross margin	$	28	$	23	$	113	$	82
Add: depreciation and amortization		8		8		29		27
Adjusted marketing gross margin	$	36	$	31	$	142	$	109

Sales of refined products (in thousand gallons)		336,512		333,108		1,328,006		1,376,291

Average per gallon sold:
Gross margin	$	0.08	$	0.07	$	0.08	$	0.06
Add: depreciation and amortization		0.02		0.02		0.03		0.02
Adjusted marketing gross margin	$	0.10	$	0.09	$	0.11	$	0.08

(1) Exclusive of Depreciation and amortization.

Reconciliation of Net income (loss) 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, loss on sale of equity method investment, loss on early extinguishment of debt, decommissioning and closure costs, asset impairments, regulatory charges 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 December 31,						Years Ended December 31,
		2025			2024		2025			2024

	(In millions, except per share amounts)
*Consolidated*
GAAP:
Income (loss) before income taxes	$	(41	)	$	(230	)	$	732	$	218
Income tax expense (benefit)		(14	)		(18	)		146		34
Net income (loss)	$	(27	)	$	(212	)	$	586	$	184
Less: net income attributable to noncontrolling interest		1			2			7		7
Net income (loss) attributable to HF Sinclair stockholders	$	(28	)	$	(214	)	$	579	$	177

Non-GAAP adjustments to arrive at adjusted results:
Lower of cost or market inventory valuation adjustments	$	320		$	(23	)	$	417	$	(43	)
Loss on sale of equity method investment		7			—			47		—
Loss on early extinguishment of debt		—			—			24		—
Decommissioning and closure costs ⁽¹⁾		—			—			—		5
Asset impairments		2			7			3		17
Regulatory charge ⁽²⁾		—			35			—		35
Acquisition integration costs		—			—			—		2
Total adjustments to income (loss) before income taxes	$	329		$	19		$	491	$	16
Adjustment to income tax expense (benefit) ⁽³⁾		80			(4	)		119		(4	)
Total adjustments, net of tax	$	249		$	23		$	372	$	20

Adjusted results - non-GAAP:
Adjusted income (loss) before income taxes	$	288		$	(211	)	$	1,223	$	234
Adjusted income tax expense (benefit) ⁽⁴⁾		66			(22	)		265		30
Adjusted net income (loss)	$	222		$	(189	)	$	958	$	204
Less: net income attributable to noncontrolling interest		1			2			7		7
Adjusted net income (loss) attributable to HF Sinclair stockholders	$	221		$	(191	)	$	951	$	197
Adjusted earnings (loss) per share - diluted ⁽⁵⁾	$	1.20		$	(1.02	)	$	5.06	$	1.01

(1)		Net of certain unrelated costs and benefits in our Refining segment and Midstream segment, respectively.
(2)		Regulatory charges represent a one-time penalty of $35 million related to the 2025 Consent Decree.
(3)		Represents adjustment to GAAP income tax expense (benefit) to arrive at adjusted income tax expense, which is computed as follows:

	Three Months Ended December 31,						Years Ended December 31,
		2025			2024		2025			2024

	(In millions)
Non-GAAP income tax expense (benefit) ⁽³⁾	$	66		$	(22	)	$	265	$	30
GAAP income tax expense (benefit)		(14	)		(18	)		146		34
Non-GAAP adjustment to income tax expense (benefit)	$	80		$	(4	)	$	119	$	(4	)

(4)		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.
(5)		Adjusted earnings 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 income tax rate to adjusted effective tax rate

	Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024

	(In millions)
GAAP:
Income (loss) before income taxes	$	(41	)	$	(230	)	$	732		$	218
Income tax expense (benefit)	$	(14	)	$	(18	)	$	146		$	34
Effective income tax rate for GAAP financial statements ⁽¹⁾		35.0	%		7.8	%		19.9	%		15.6	%
Adjusted - non-GAAP:
Effect of non-GAAP adjustments		(12.3	)%		2.5	%		1.7	%		(3.0	)%
Effective tax rate for adjusted results		22.7	%		10.3	%		21.6	%		12.6	%

(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/20260218265777/en/

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

Craig Biery, Vice President, Investor Relations

HF Sinclair Corporation

214-954-6510

Original: HF Sinclair Reports 2025 Fourth Quarter and Unaudited Full Year Results and Announces Regular Cash Dividend

Gary Lewis, CEO of AEF, commented: "Fluorite Ridge is a rare opportunity to consolidate a historic fluorspar district at a time when domestic supply chains are becoming increasingly important. We believe the Project has the potential to become a strategically important source of US-aligned fluorspar feedstock supporting hydrofluoric acid and advanced manufacturing supply chains."

US Market News

02/18/26 6:46 AM

Post #83

HF Sinclair Corporation Announces Voluntary Leave by CEO

February 18, 2026 6:30 AM
Business Wire

HF Sinclair Corporation (NYSE and NYSE Texas: DINO) (the “Company” or “HF Sinclair”) today announced that, on February 17, 2026, the Board of Directors of HF Sinclair (the “Board”) received a request from Mr. Tim Go, the Company’s Chief Executive Officer and President, and a member of the Board, to take a voluntary leave of absence from his duties. The Board has accepted the request and, in a special meeting, elected the current Chairperson of the Board, Mr. Franklin Myers, as Chief Executive Officer and President of the Company on a temporary basis. The Board has directed the Nominating, Governance and Social Responsibility Committee of the Board to commence a process to determine what future actions, whether interim or otherwise, should be taken in relation to the position of Chief Executive Officer and President.

As separately announced today in the Company’s earnings press release, the Audit Committee of the Board is assessing certain matters relating to the Company’s disclosure processes. The Audit Committee and all other parties are working diligently to complete this review as soon as possible. The Company is issuing earnings for 2025, on an unaudited basis, this morning. The Company will file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Form 10-K”) following completion of the audit process. At the present time, the Company expects that it will be able to timely file its Form 10-K.

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 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 1,700 branded stations and licenses the use of the Sinclair brand to more than 350 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.

Forward-Looking Statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218841838/en/

HF Sinclair Corporation

Craig Biery, 214-954-6510

Vice President, Investor Relations

or

Trey Schonter, 214-954-6510

Sr. Manager, Investor Relations

Original: HF Sinclair Corporation Announces Voluntary Leave by CEO

OldAIMGuy

03/24/22 4:13 PM

Post #82

My journey with HFC began at a share price of $50.18. So at today's price/share for DINO it's still under water.

I've averaged down since starting, lowering my average cost/share and raising the effective dividend a bit. That "trading around the core" has reduced the loss percentage from around 27% on Price/share to break-even.

So, the 'story' is long from over and a new chapter is just getting started.

Best regards,
OAG Tom

OldAIMGuy

03/24/22 4:08 PM

Post #81

Re: #80: @OldAIMGuy - Here's the link to the new DINO board:

The Ticker was changed here to the new DINO from HFC.

Please ignore the previous message.

Best wishes,
OAG

OldAIMGuy

03/21/22 1:54 PM

Post #80

Re: #79: @OldAIMGuy - See the new DINO board for more information

Here's the link to the new DINO board:

https://investorshub.advfn.com/H-F-Sinclair-Corp-DINO-40974

OAG Tom

OldAIMGuy

03/18/22 1:39 PM

Post #79

See the new DINO board for more information on the new H F Sinclair Corp.

Search the DINO ticker and you should find the new i-Hub board.

Best wishes,
OAG Tom

OldAIMGuy

03/18/22 1:28 PM

Post #78

HF Sinclair, DINO, the new combined company exchanged shares on a 1:1 basis, so the new price/share is essentially what it was before HFC became DINO.

Best wishes,
OAG Tom

OldAIMGuy

03/15/22 4:13 PM

Post #77

HFC officially became HF - Sinclar as of today.

New Ticker is DINO....

OAG Tom

OldAIMGuy

02/16/22 10:07 AM

Post #76

HFC has been rising with gasoline prices. Sword rattling in the Ukraine has added a bit of support, too. Price/Share is the best it's been in 11 months.

Best wishes,
OAG

OldAIMGuy

01/14/21 4:37 PM

Post #75

Nice move today for HFC. It was enough to trigger a GTC Limit sell order I had at $28.98 liberating 10% of my shares.

Best wishes,
OAG Tom

OldAIMGuy

12/04/20 9:40 AM

Post #74

HFC's added nearly 50% to its share price since the start of November. Even so it's still down about 45% from a year ago. There is a bit of stock accumulation in the latest month but far less than what one would expect with a big gain like we have seen recently.

Maybe tax loss selling is offsetting the buying keeping Accum/Dist somewhat flat.
Daily:
http://schrts.co/iCSDCzyw
Weekly:
http://schrts.co/mbSbDygM

OAG Tom

OldAIMGuy

12/02/20 3:38 PM

Post #73

Was today a short squeeze day?

OldAIMGuy

09/23/20 3:58 PM

Post #72

Re: #71: @OldAIMGuy - HFC announces $0.35 Dividend..............

I added another 12% to my position in HFC this afternoon. Price/share is now making the Price/Book a value of 0.60. That's hard to pass up.
OAG Tom

OldAIMGuy

08/12/20 10:20 AM

Post #71

HFC announces $0.35 Dividend..............

https://finance.yahoo.com/news/income-investors-know-hollyfrontier-corporation-123824034.html

OAG

TFMG

07/24/20 6:41 PM

Post #70

$HFC | #Hollyfrontier - Weekly Chart Bullish

Weekly chart showing potential reversal underway.
Fibonacci Golden pocket has held as support.
A Break above Middle Bollinger Band would be very positive.
Bullish short covering signals on Indicators .
Alert set for $28 setting up move to $35
PLEASE GIVE US A LIKE IF YOU FIND OUR CONTENT HELPFUL, THANK YOU.

OldAIMGuy

05/28/20 7:55 AM

Post #69

My last purchase of shares (+12% added) was at $23.38 on 03/26/2020 so that block is profitable at this point. The previous two blocks are also profitable (bot at $25.10 and $32.94) but not by as nice a margin.

There's now 84% more shares in the account than when I started this position back in April, 2019 but the cash is essentially depleted. It's still showing a loss overall but that negative number has been shrinking in recent weeks.

There's a big difference between its forward looking and trailing P/E (12.3 vs 6.3) so we have to assume earnings are taking a beating right now. The current 4.6% yield helps to smooth out some bumps here assuming it's relatively secure. Current Book Value/Share is around 0.78 making it a reasonable value play. Value Line sees it lagging the market in the short term but moving nicely upward ($60 to $90/share) over the 3-5 year time frame.

OAG Tom

OldAIMGuy

02/24/20 2:27 PM

Post #68

I threw out a fish net to see if I could add 12% to my HFC position this AM. It's in at a limit price, so I'll have to wait for the markets to move it down a bit more. It's closing in on its 52 week Low today.

OAG

OldAIMGuy

02/03/20 2:22 PM

Post #67

Re: #65: @whytestocks - News: $HFC These 2 High-Yield Stocks Are Teaming

Hi W,

Today I recycled some cash from past sales to add 12% more shares to my position in HFC. They are added with an effective yield of ~3% which is better than the cash was earning.

OAG Tom

OldAIMGuy

11/20/19 9:21 AM

Post #66

Re: #65: @whytestocks - News: $HFC These 2 High-Yield Stocks Are Teaming

HFC should be paying its quarterly dividend on the 26th.

Further, the biodiesel build plans and share buy-back anticipated should help firm up the price/share.
https://finance.yahoo.com/news/1-hollyfrontier-build-biodiesel-plant-122538610.html

OAG

whytestocks

10/06/19 4:30 PM

Post #65

News: $HFC These 2 High-Yield Stocks Are Teaming Up to Fuel Faster Growth

The midstream sector has undergone several changes in recent years. Companies used to have no problem obtaining cheap outside financing to expand their operations. However, given the continued challenges of the oil market, it's much more expensive to fund projects these days. That's forced the...

In case you are interested HFC - These 2 High-Yield Stocks Are Teaming Up to Fuel Faster Growth

OldAIMGuy

06/20/19 12:50 PM

Post #64

After a longish slide, HFC is up nicely since the end of May. Up 4.5% today.
No specific news. Maybe it's a reaction to the news about Iran.

OldAIMGuy

04/26/19 12:04 PM

Post #63

I started a modest position in HFC yesterday. I had another stock
(different sector) that seemed to have caught up with its future potential
and needed to be replaced. HFC's current relatively low price, P/E, and
Price/Book Value are attractive along with a reasonable dividend. As a
replacement it is a far better "value" lowering my portfolio's average P/E
and Price/Book while adding a dividend the other stock didn't provide.

Here's a 3 year look-back:

I've kept some cash back to work the bottoming process if need be. My
intent is to trade around this modest core position to improve average
cost/share and average dividend yield over time.

dragon52

01/17/19 3:07 PM

Post #62

Picked up some Mar 15 @ 55 Call - Chart looks bullish

HFC Chart Bullish on the rise...

Timothy Smith

09/28/15 10:11 PM

Post #61

Re: #58: @wormwood - I agree about that. Ichan is part of

HollyFrontier (HFC +5.8%) surges following a rumor of renewed takeover interest by rival Tesoro (TSO +2.3%).

Acquisition talks earlier this year failed when HFC's board balked at the terms, according to reports at the time.

Timothy Smith

09/11/15 4:24 AM

Post #60

HollyFrontier stock has posted the biggest gain in this space of nearly 24% this year.

However, as school begins and the busy summer driving season comes to an end, the gasoline demand will witness a seasonal drop through fall and winter.

Refineries will also begin to temporarily shut down for maintenance which could lead to a drop of 1.3 million barrels per day of volumes.

Volumes usually drop to their lowest level in early October right in the middle of the autumn maintenance, or turnaround, season, gradually recovering by the end of the year. This could lead to a sequential drop in earnings in the fourth quarter.

Timothy Smith

09/04/15 7:11 AM

Post #59

Re: #58: @wormwood - I agree about that. Ichan is part of

@Timothy Smith: HollyFrontier (NYSE:HFC) said a month ago that it ran its refineries in Tulsa, Okla., and El Dorado, Kan., at rates above 100% in Q2; in the entire Midwest region, refiners ran at 100.3% of capacity in the week to July 31, according to EIA data.

wormwood

08/03/15 9:37 AM

Post #58

Re: #57: @Timothy Smith - $CHK is ripe for M & A and

I agree about that. Ichan is part of the big picture IMO.

Timothy Smith

08/02/15 10:48 PM

Post #57

Re: #56: @wormwood - TS Thank you, you confirmed what I thought.

$CHK is ripe for M & A and rest assured that is what Icahn has in mind.

wormwood

08/02/15 9:37 PM

Post #56

Re: #55: @Timothy Smith - Mergers & acquisitions. Referring mainly to the proposed

TS
Thank you, you confirmed what I thought. I also have my eye on CHK.

Timothy Smith

08/02/15 8:22 PM

Post #55

Re: #54: @wormwood - thank you, Sir but I am not sure

Mergers & acquisitions. Referring mainly to the proposed deal with Tesoro.

wormwood

08/02/15 8:12 PM

Post #54

Re: #53: @Timothy Smith - Downstream continues to have very nice margins on

thank you, Sir but I am not sure what you mean about m and a.

Timothy Smith

08/02/15 4:08 PM

Post #53

Re: #52: @wormwood - TS I know you are a lot wiser then

Downstream continues to have very nice margins on products. The potential for M & A offers a lot more upside.

wormwood

08/02/15 3:19 PM

Post #52

Re: #51: @Timothy Smith - HollyFrontier (HFC +4.4%) is higher following a Reuters

TS
I know you are a lot wiser then I am on stock. I used to own HFC and took a profit 2 month's ago. If I would have waited I would have done better. I am not sure what to do now. Thinking about jumping back in.

Timothy Smith

08/02/15 8:17 AM

Post #51

Re: #50: @wormwood - Thank you.

HollyFrontier (HFC +4.4%) is higher following a Reuters report that Tesoro (TSO -2.5%) approached the company about a potential buyout but talks were not successful.

wormwood

06/04/15 3:48 PM

Post #50

Re: #49: @Timothy Smith - The EPA proposes requiring 15.93B gallons of total

Thank you.

Timothy Smith

06/04/15 8:55 AM

Post #49

Re: #48: @wormwood - Tim,Are you familiar with CHK?

The EPA proposes requiring 15.93B gallons of total renewable fuel in 2014, 16.3B gallons in 2015, and 17.4B gallons in 2016, but the proposal for the total renewable fuel requirement falls short of levels Congress mandated, which were 20.5B gallons in 2015 and 22.5B gallons in 2016.

wormwood

05/25/15 5:35 PM

Post #48

Re: #47: @Timothy Smith - I am feeling optimistic long term here.

Tim,Are you familiar with CHK?

Timothy Smith

05/25/15 12:13 AM

Post #47

Re: #46: @wormwood - Thanks Tim

I am feeling optimistic long term here.

wormwood

05/24/15 8:49 PM

Post #46

Re: #45: @Timothy Smith - With the company set to aggressively repurchase its

Thanks Tim
decisions being made should increase shareholder value.

Timothy Smith

05/24/15 2:01 PM

Post #45

Re: #43: @wormwood - Hoping for a good week.

With the company set to aggressively repurchase its undervalued shares, strong throughput volumes, and solid demand fundamentals, I think HollyFrontier is poised to deliver strong returns for shareholders.

While broader market dynamics, i.e. the price of oil, dictating much of trading, shares can swoon for a while.

However, I would bet on Jennings and his talented management team to wisely allocate capital and move the share price higher in the next year.

Timothy Smith

05/24/15 2:00 PM

Post #44

Re: #43: @wormwood - Hoping for a good week.

HollyFrontier (NYSE:HFC) declares $0.33/share quarterly dividend, 3.1% increase from prior dividend of $0.32.

Forward yield 3.17%.

Payable June 26; for shareholders of record June 5; ex-div June 3.

wormwood

05/23/15 4:09 PM

Post #43

Re: #42: @Timothy Smith - Liking the outlook on this one my friend.

Hoping for a good week.

Timothy Smith

05/11/15 10:33 AM

Post #42

Re: #41: @wormwood - Thanks Tim. Powerful information/

Liking the outlook on this one my friend.

wormwood

05/11/15 10:21 AM

Post #41

Re: #40: @Timothy Smith - As a result of strong margins, free cash

Thanks Tim. Powerful information/

Timothy Smith

05/11/15 2:42 AM

Post #40

Re: #38: @wormwood - Yes it is.

As a result of strong margins, free cash flow of $113 million.

That's roughly equal to half of the free cash flow generated in 2015, and I anticipate the company to continue to aggressively retire shares.

The share count dropped by 1.4 million in Q1, and the board of directors recently replaced the $462 million remaining on its buyback program with a fresh $1 billion authorization

Timothy Smith

05/11/15 2:41 AM

Post #39

Holly did a great job utilizing capacity in Q1 by utilizing 99.2% of production and increasing throughput.

As a result, opex per barrel fell to 15% y/y to $4.67.

This, as well as a favorable crack, drove margins up 40% y/y to $12.33/bbl.

wormwood

05/08/15 4:41 PM

Post #38

Re: #37: @Timothy Smith - Looking very strong here.

Yes it is.

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