HF Sinclair Corporation
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Items 1 and 2. Business and Properties
COMPANY OVERVIEW
References herein to HF Sinclair Corporation (“HF Sinclair” or the “Company”) include HF Sinclair and its consolidated subsidiaries. In this document, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or, in certain contexts, to HF Sinclair or an individual consolidated subsidiary and not to any other person, with certain exceptions. References herein to Holly Energy Partners, L.P. (“HEP”) with respect to time periods prior to the HEP Merger Transaction (as defined below) refer to HEP and its consolidated subsidiaries.
We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. We were incorporated in Delaware in 1947 and maintain our principal corporate offices at 2323 Victory Avenue, Suite 1400, Dallas, Texas 75219. Our telephone number is 214-871-3555, and our internet website address is www.hfsinclair.com. We use our website and social media accounts, including LinkedIn (@HF Sinclair) and Facebook (@HF Sinclair), as a means of disclosing information about us and our services, which information may be deemed material. Except as specifically noted, the information found on our website and social media accounts is not incorporated by reference into, and do not constitute part of, this Annual Report on Form 10-K or any other report filed with or furnished to the Securities and Exchange Commission (“SEC”). A print copy of this Annual Report on Form 10-K will be provided without charge upon written request to the Vice President, Investor Relations at the above address. A direct link to our SEC filings is available on our website under the Investor Relations tab. Also available on our website are copies of our Corporate Governance Guidelines, Audit Committee Charter, Compensation Committee Charter, Nominating, Governance and Social Responsibility Committee Charter, Finance Committee Charter, Environmental, Health, Safety, and Public Policy Committee Charter and Code of Business Conduct and Ethics, all of which will be provided without charge upon written request to the Vice President, Investor Relations at the above address. Our Code of Business Conduct and Ethics applies to all of our officers, employees and directors, including our principal executive officer, principal financial officer and principal accounting officer. Our common stock is traded on the New York Stock Exchange and NYSE Texas, Inc. under the trading symbol “DINO.”
HEP Merger Transaction
On December 1, 2023, we completed the merger of HEP into an indirect wholly owned subsidiary of HF Sinclair pursuant to an Agreement and Plan of Merger dated August 15, 2023 (the “HEP Merger Transaction”). Consideration paid in connection with the merger included cash and shares of HF Sinclair common stock.
Operations Overview
As of December 31, 2025, we:
•owned and operated a refinery in El Dorado, Kansas (the “El Dorado Refinery”), two refinery facilities located in Tulsa, Oklahoma (collectively, the “Tulsa Refineries”), the Puget Sound refinery in Anacortes, Washington (the “Puget Sound Refinery”), a refinery in Artesia, New Mexico and a refinery in Lovington, New Mexico (collectively, the “Navajo Refineries”), a refinery in West Bountiful, Utah (the “Woods Cross Refinery”), a refinery in Sinclair, Wyoming (the “Parco Refinery”) and a refinery in Casper, Wyoming (the “Casper Refinery”);
•owned and operated an RDU in Artesia, New Mexico (the “Artesia RDU”), an RDU in Cheyenne, Wyoming (the “Cheyenne RDU”) and an RDU in Sinclair, Wyoming (the “Sinclair RDU”), and a pre-treatment unit (“PTU”) in Artesia, New Mexico (the “Artesia PTU”);
•owned and operated a manufacturing facility in Mississauga, Ontario, which produces base oils and other specialized lubricant products for our Petro-Canada Lubricants business;
•owned and operated manufacturing facilities in Petrolia, Pennsylvania and the Netherlands, which produce specialty lubricant products for our Sonneborn business, such as white oils, petrolatums and waxes;
•owned and operated Red Giant Oil Company LLC (“Red Giant Oil”), which supplies locomotive engine oil and has blending, storage and packaging capabilities, and distribution facilities in Iowa and Texas;
•owned and operated HF Sinclair Asphalt Company LLC (“Asphalt”), which operates various asphalt terminals in Arizona, New Mexico and Oklahoma; and
•owned and operated logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units that principally support our refining operations in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States.
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As of December 31, 2025, our operations were organized into five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. The Refining segment includes the operations of our El Dorado, Tulsa, Puget Sound, Navajo, Woods Cross, Parco and Casper refineries and Asphalt. The Renewables segment includes the operations of the Artesia, Cheyenne and Sinclair RDUs and the Artesia PTU. The Marketing segment includes branded fuel sales. The Lubricants & Specialties segment includes the operations of our Petro-Canada Lubricants, Red Giant Oil and Sonneborn businesses in addition to specialty lubricant products produced at our Tulsa West refinery. The Midstream segment includes petroleum product and crude pipelines, and terminal, tankage and loading rack facilities that primarily support our refining operations. See Note 19 “Segment Information” in the Notes to Consolidated Financial Statements in Item 8 of Part II of this Annual Report on Form 10-K for additional information on our reportable segments.
REFINERY OPERATIONS
Our refinery operations serve the Mid-Continent, Southwest and Rocky Mountains extending into the Pacific Northwest geographic regions of the United States. We own and operate seven complex refineries having a combined crude oil processing capacity of 678,000 BPSD. Each of our refineries has the complexity to convert discounted, heavy or sour crude oils into a high percentage of gasoline, diesel and other high-value refined products.
Products and Customers
Light products are shipped to customers via product pipelines or are available for loading at our refinery truck facilities, marine dock and terminals. Light products are also made available to customers at various other locations via exchange with other parties.
Our principal customers for gasoline include other refiners, branded sites, convenience store chains, independent marketers and retailers. Diesel fuel is sold to other refiners, branded sites, truck stop chains, wholesalers and railroads. Jet fuel is sold for commercial airline use. Base oils are sold to our Lubricants & Specialties segment through intercompany transactions. LPG’s are sold to LPG wholesalers and LPG retailers. We produce and purchase asphalt products that are sold to governmental entities, paving contractors or manufacturers. Asphalt is also blended into fuel oil and is either sold locally or is shipped to the Gulf Coast. For the year ended December 31, 2025, no customers accounted for 10% or more of our total annual revenues. For the years ended December 31, 2024 and 2023, we had one customer, Shell, together with certain of its affiliates, that accounted for 10% or more of our total annual revenues at approximately 11% and 12%, respectively. See Note 4 “Revenues” in the Notes to Consolidated Financial Statements for additional information on our revenues.
Mid-Continent Region
Facilities
The El Dorado Refinery is a high-complexity coking refinery with a 135,000 BPSD processing capacity and the ability to process significant volumes of heavy and sour crudes. The integrated refining processes at the Tulsa West and East refinery facilities provide us with a highly complex refining operation having a combined crude processing rate of approximately 125,000 BPSD.
The El Dorado Refinery is located on 1,100 acres south of El Dorado, Kansas and is a fully integrated refinery. The principal processing units at the El Dorado Refinery consist of crude and vacuum distillation; hydrodesulfurization of naphtha, kerosene, diesel, and gas oil streams; naphtha fractionation; isomerization; catalytic reforming; aromatics recovery; catalytic cracking; alkylation; delayed coking; hydrogen production; hydrogen generation; and sulfur recovery.
The Tulsa West facility is located on a 750-acre site in Tulsa, Oklahoma. The principal processing units at the Tulsa West facility consist of crude and vacuum distillation (with light ends recovery), naphtha hydrodesulfurization, propane de-asphalting, lubes extraction, MEK dewaxing, delayed coker and butane splitter units.
The Tulsa East facility is located on a 466-acre site also in Tulsa, Oklahoma. The principal processing units at the Tulsa East facility consist of crude and vacuum distillation, naphtha hydrodesulfurization, FCC, isomerization, catalytic reforming, alkylation, scanfiner, diesel hydrodesulfurization and sulfur units.
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Crude Oil and Feedstock Supplies
Both of our Mid-Continent refineries are connected via pipeline to Cushing, Oklahoma, a significant crude oil pipeline trading and storage hub. The El Dorado Refinery and the Tulsa Refineries are located approximately 125 miles and 50 miles, respectively, from Cushing, Oklahoma. Local pipelines provide direct access to regional Oklahoma crude production as well as access to United States onshore and Canadian crudes. The proximity of the refineries to the Cushing pipeline and storage hub provides the flexibility to optimize their crude slate with a wide variety of crude oil supply options. Additionally, we have transportation service agreements to transport Canadian crude oil on the Spearhead and Keystone Pipelines, enabling us to transport Canadian crude oil to Cushing for subsequent shipment to either of our Mid-Continent refineries.
We also purchase isobutane, natural gasoline, butane and other feedstocks for processing at our Mid-Continent refineries. The El Dorado Refinery is connected to Conway, Kansas, a major gas liquids trading and storage hub, via the ONEOK, Inc. (“ONEOK”) Pipeline. From time to time, other feedstocks, such as gas oil, naphtha and light cycle oil, are purchased from other refiners for use at our refineries.
Markets and Competition
The El Dorado Refinery primarily serves Colorado and the Plains states, which includes the Kansas City metropolitan area. The gasoline, diesel and jet fuel produced by the El Dorado Refinery are primarily shipped via pipeline to terminals for distribution by truck or rail. We ship product via the NuStar Pipeline Operating Partnership L.P. pipeline to the northern Plains states, via the ONEOK mountain pipeline to Denver, Colorado, and on the ONEOK mid-continent pipeline to the Plains states. Additionally, our midstream operations’ on-site truck and rail racks facilitate access to local refined product markets.
The El Dorado Refinery faces competition from other Plains states and Mid-Continent refiners, but the principal competitors for the El Dorado Refinery are Gulf Coast refiners. The Gulf Coast refiners typically have lower production costs due to greater economies of scale; however, they incur higher refined product transportation costs, which allows the El Dorado Refinery to compete effectively in the Plains states and Rocky Mountains region.
The Tulsa Refineries serve the Mid-Continent geographic region of the United States. Distillates and gasolines are primarily delivered from the Tulsa Refineries to market via pipelines owned and operated by ONEOK. These pipelines connect the refinery to distribution channels throughout Colorado, Oklahoma, Kansas, Missouri, Illinois, Iowa, Minnesota, Nebraska and Arkansas. Additionally, our midstream operations’ on-site truck and rail racks facilitate geographic refined product distribution within the Mid-Continent region.
West Region
Facilities
The Navajo Refineries have a crude oil processing capacity of 100,000 BPSD and have the ability to process sour crude oils into high-value light products such as gasoline, diesel fuel and jet fuel. The Woods Cross Refinery has a crude oil processing capacity of 45,000 BPSD and processes regional sweet and wax crude oil into high-value light products. The Puget Sound Refinery, which is a complex refinery with a 149,000 BPSD processing capacity, has the ability to process a variety of light, medium, heavy sweet and sour crudes. The Parco Refinery, which has a crude oil processing capacity of 94,000 BPSD, has the ability to process heavy and sweet crudes. The Casper Refinery has a crude oil processing capacity of 30,000 BPSD and processes regional sweet crude into high-value light products.
The Artesia facility is located on a 561-acre site in Artesia, New Mexico, and is a fully integrated refinery with crude oil distillation, vacuum distillation, FCC, ROSE (solvent deasphalter), HF alkylation, catalytic reforming, hydrodesulfurization, mild hydrocracking, isomerization, sulfur recovery and product blending units.
The Lovington facility is located in Lovington, New Mexico, approximately 65 miles east of Artesia. The principal equipment at the Lovington facility consists of a crude oil distillation unit and associated vacuum distillation units. The Lovington facility processes crude oil into intermediate products that are transported to Artesia by three of our midstream operations’ intermediate pipelines. These products are then upgraded into finished products at the Artesia facility. In addition to crude oil throughput, the Navajo Refineries typically processes or blends an additional 10,000 BPSD of natural gasoline, butane, gas oil and naphtha.
The Woods Cross Refinery facility is located on a 200-acre site in West Bountiful, Utah and is a fully integrated refinery with crude oil distillation, solvent deasphalter, FCC, HF alkylation, catalytic reforming, hydrodesulfurization, isomerization, polymerization, sulfur recovery and product blending units. In addition, our Woods Cross Refinery includes a crude unit, which is primarily an atmospheric distillation tower, a desalter and heat exchanger. The facility typically processes or blends an additional 2,000 BPSD of natural gasoline, butane and gas oil over its crude oil throughput.
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The Puget Sound Refinery facility is located on approximately 850 acres in Anacortes, Washington and is a fully integrated refinery. The principal processing units at the Puget Sound Refinery consist of crude and vacuum distillation, FCC, delayed coking, sulfuric alkylation, catalytic reforming, hydrodesulfurization, isomerization, sulfur recovery, cogeneration and product blending. In addition to refining assets and an on-site cogeneration facility, the Puget Sound Refinery also includes a deep-water marine dock, a light product loading rack, a rail terminal and storage tanks with approximately 5.8 million barrels of crude, product and other hydrocarbon storage capacity.
The Parco Refinery facility is located on approximately 420 acres in Sinclair, Wyoming and is a fully integrated refinery. The principal processing units at the Parco Refinery consist of gas oil hydrocracking, gas oil hydrotreating, delayed coking units and associated hydrogen generation.
The Casper Refinery facility is located on approximately 250 acres in Casper, Wyoming and is a fully integrated refinery. The principal processing units at the Casper Refinery consist of crude oil distillation, FCC, catalytic reforming, hydrodesulfurization, sulfur recovery and product blending. In addition to refining assets, the Casper Refinery also includes a light product loading rack, a heavy oil rail terminal and crude and product storage tanks.
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Financial statements
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Item 7 contains “forward-looking” statements. See “Forward-Looking Statements” at the beginning of this Annual Report on Form 10-K. In this document, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person with certain exceptions.
We use certain non-GAAP financial measures in our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”). For a description of each of the non-GAAP measures used in this MD&A, please refer to the discussion under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” in Item 7 of Part II of this Annual Report on Form 10-K. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this Annual Report.
The comparison between the years ended December 31, 2024 and 2023 have been omitted from this Annual Report on Form 10-K for the year ended December 31, 2025, as such information can be found in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed on February 20, 2025.
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OVERVIEW
We are 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. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. We market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states, and we supply high-quality fuels to more than 1,700 branded stations and license the use of the Sinclair brand to more than 350 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and one facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries.
Market Developments
For the year ended December 31, 2025, Net income attributable to HF Sinclair stockholders was $579 million compared to $177 million for the year ended December 31, 2024. Adjusted refinery gross margin per produced barrel sold in our Refining segment for 2025 increased 47% over the year ended December 31, 2024.
In the Refining segment, we saw improved refining margins in the Mid-Continent and West regions in 2025. Small refinery RINs waivers granted by the EPA increased adjusted refinery gross margins by $485 million. Additionally, our results were impacted by planned turnarounds at our Parco, Puget Sound and Tulsa refineries that were completed during 2025. For the first quarter of 2026, we expect to run between 585,000-615,000 barrels per day of crude oil, which reflects the planned turnarounds at our Puget Sound and Woods Cross refineries.
In the Renewables segment, we saw lower volumes and margins. Margins were negatively impacted by the lower value of benefit from the recognition of the Producer’s Tax Credit (“PTC”) in 2025 compared to the Blender’s Tax Credit in 2024. Margins were also impacted by volatility in feedstock costs, RINs and LCFS prices. For the first quarter of 2026, we expect continued volatility in RINs and LCFS prices and to capture incrementally more value from the PTC.
In the Marketing segment, we saw strong value in the Sinclair branded sites during 2025 as the marketing business provided a consistent sales channel with margin uplift for our produced fuels. We expect to grow the number of branded sites by approximately 10% annually. In February 2026, we announced the formation of Green Trail Fuels, LLC, a new joint venture in which we will hold a 50% non-operating economic interest. The joint venture will include retail sites across Colorado and New Mexico and will be supplied fuel by our refineries, strengthening our branded marketing footprint in the Rocky Mountain and Southwest regions.
In the Lubricants & Specialties segment, we continued to improve our sales mix optimization and base oil integration across our portfolio during 2025. Our results were impacted by the planned turnaround at our Mississauga facility and headwinds related to base oil margins. In the first quarter of 2026, we completed our acquisition of Industrial Oils Unlimited, LLC for $38 million, which will enable us to continue improving our sales mix optimization and base oil integration efforts across our portfolio.
In the Midstream segment, our results benefited from higher third-party pipeline revenues and lower operating expenses in 2025.
We continue to adjust our operational plans to evolving market conditions. The extent to which our future results are affected by volatile regional and global economic conditions, including ongoing tariff and trade negotiations, will depend on various factors and consequences beyond our control.
On May 7, 2024, our Board of Directors authorized a $1.0 billion share repurchase program (the “2024 Share Repurchase Program”). The timing and amount of share repurchases under the 2024 Share Repurchase Program, including those from REH Advisors Inc. (“REH”), will depend on market conditions and corporate, tax, regulatory and other relevant conditions. We repurchased 6,908,293 shares for $340 million for the year ended December 31, 2025, under open market and privately negotiated purchases.
On February 18, 2026, our Board of Directors announced that it 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.
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One Big Beautiful Bill Act
On July 4, 2025, the President signed the One Big Beautiful Bill Act (“OBBBA”) into law. Among other things, OBBBA extends the PTC under Section 45Z through the end of 2029, indefinitely extends the first-year depreciation allowance on qualified property placed in service after January 19, 2025, and extends and enhances many of the provisions enacted under the 2017 Tax Cuts and Jobs Act. The enactment of OBBBA did not materially impact our results of operations but did reduce cash taxes paid.
Renewable Fuel Standard Regulations
Pursuant to the 2007 Energy Independence and Security Act, the EPA promulgated the Renewable Fuel Standard (“RFS”) regulations, which increased the volume of renewable fuels mandated to be blended into the nation’s fuel supply. The regulations, in part, require refiners to annually increase amounts of “renewable fuels” relative to their petroleum products or purchase credits, known as RINs, in lieu of such blending. Compliance with RFS regulations significantly increases our Cost of materials and other, with RINs costs totaling $475 million for the year ended December 31, 2025. Small refinery RINs waivers granted by the EPA increased pre-tax earnings by $485 million, of which $203 million was recognized in Cost of materials and other and $282 million was recognized in Sales and other revenues. At December 31, 2025, our open RINs credit obligations were $43 million.
HF Sinclair Management and Audit Committee Process
As previously disclosed, the Audit Committee of our Board of Directors engaged in an assessment of certain matters relating to the Company’s disclosure processes in relation to the reporting of the Company’s financial results for the fourth quarter of 2025 and full-year 2025. That assessment began in January 2026 after Mr. Atanas Atanasov, the Company’s Executive Vice President and Chief Financial Officer, raised concerns that certain actions taken by Mr. Tim Go, Chief Executive Officer and President, created an unfavorable “tone at the top” in relation to the 2025 disclosure processes. The Company’s management and the Audit Committee, with the support of external legal counsel, reviewed the concerns and other relevant information. In the course of these reviews, the Board of Directors developed separate concerns about the approach taken by Mr. Go in some communications made to management during the 2025 disclosure processes. Also, as previously discussed, on February 17, 2026, the Board of Directors received a request from Mr. Go to take a voluntary leave of absence from his duties as an officer and director of the Company. The Board of Directors accepted Mr. Go’s request, and his leave commenced on such date.
On February 17, 2026, the Board of Directors also appointed the current Chairperson of the Board of Directors, Mr. Franklin Myers, as Chief Executive Officer and President of the Company on a temporary basis.
Also, during the latter stages of this review, a separate concern developed relating to certain actions taken by Mr. Atanasov bearing upon the review process conducted by the Company’s management and the Audit Committee and the viability of his future working relationships with other members of the Company’s management team. After discussion of these concerns, on February 24, 2026, the Board of Directors received a request from Mr. Atanasov to take a voluntary leave of absence from his duties. The Board of Directors accepted Mr. Atanasov’s request, and his leave commenced on such date. Also on February 24, 2026, the Board of Directors appointed Mr. Vivek Garg, the Company’s Vice President, Chief Accounting Officer and Controller, as acting Chief Financial Officer of the Company, effective as of such date. See Item 9B “Other Information.”
The Company currently expects to negotiate a mutually agreeable separation arrangement with each of Mr. Go and Mr. Atanasov.
The Audit Committee has completed its review and has concluded that the certain actions referenced above did not create an unfavorable “tone at the top” in relation to the 2025 disclosure processes and that the Company’s disclosure controls and procedures are effective. See Item 9A “Controls and Procedures.”
A more detailed discussion of our financial and operating results for the years ended December 31, 2025 and 2024 is presented in the following sections.
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RESULTS OF OPERATIONS
Financial Data
| Years Ended December 31, | |||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||
(In millions, except share and per share data) | |||||||||||||||||||||||
| Sales and other revenues | $ | 26,869 | $ | 28,580 | $ | 31,964 | |||||||||||||||||
| Operating costs and expenses: | |||||||||||||||||||||||
Cost of sales: (1) | |||||||||||||||||||||||
Cost of materials and other (2) | 21,760 | 24,582 | 25,784 | ||||||||||||||||||||
| Lower of cost or market inventory valuation adjustments | 417 | (43) | 271 | ||||||||||||||||||||
| Operating expenses | 2,391 | 2,484 | 2,438 | ||||||||||||||||||||
| 24,568 | 27,023 | 28,493 | |||||||||||||||||||||
Selling, general and administrative expenses (1) | 456 | 447 | 497 | ||||||||||||||||||||
| Depreciation and amortization | 909 | 832 | 771 | ||||||||||||||||||||
| Other operating expenses, net | 9 | 17 | — | ||||||||||||||||||||
| Total operating costs and expenses | 25,942 | 28,319 | 29,761 | ||||||||||||||||||||
| Income from operations | 927 | 261 | 2,203 | ||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Earnings of equity method investments | 33 | 32 | 17 | ||||||||||||||||||||
| Interest income | 42 | 75 | 94 | ||||||||||||||||||||
| Interest expense | (217) | (165) | (191) | ||||||||||||||||||||
Other income (expense), net | (53) | 15 | 30 | ||||||||||||||||||||
| (195) | (43) | (50) | |||||||||||||||||||||
| Income before income taxes | 732 | 218 | 2,153 | ||||||||||||||||||||
| Income tax expense (benefit): | |||||||||||||||||||||||
| Current | 139 | 83 | 249 | ||||||||||||||||||||
| Deferred | 7 | (49) | 193 | ||||||||||||||||||||
| 146 | 34 | 442 | |||||||||||||||||||||
| Net income | 586 | 184 | 1,711 | ||||||||||||||||||||
| Less: net income attributable to noncontrolling interest | 7 | 7 | 121 | ||||||||||||||||||||
| Net income attributable to HF Sinclair stockholders | $ | 579 | $ | 177 | $ | 1,590 | |||||||||||||||||
| Earnings per share attributable to HF Sinclair stockholders: | |||||||||||||||||||||||
| Basic | $ | 3.08 | $ | 0.91 | $ | 8.29 | |||||||||||||||||
| Diluted | $ | 3.08 | $ | 0.91 | $ | 8.29 | |||||||||||||||||
| Average number of common shares outstanding (in thousands): | |||||||||||||||||||||||
| Basic | 186,465 | 192,073 | 190,035 | ||||||||||||||||||||
| Diluted | 186,465 | 192,073 | 190,035 | ||||||||||||||||||||
(1)Exclusive of Depreciation and amortization.
(2)Exclusive of Lower of cost or market inventory valuation adjustments.
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Other Financial Data
| Years Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||
| (In millions) | |||||||||||||||||||
| Net cash provided by operating activities | $ | 1,315 | $ | 1,110 | $ | 2,297 | |||||||||||||
| Net cash used for investing activities | $ | (516) | $ | (468) | $ | (371) | |||||||||||||
| Net cash used for financing activities | $ | (631) | $ | (1,182) | $ | (2,244) | |||||||||||||
| Capital expenditures | $ | 449 | $ | 470 | $ | 385 | |||||||||||||
EBITDA (1) | $ | 1,809 | $ | 1,133 | $ | 2,900 | |||||||||||||
(1)Earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA,” is calculated as Net income attributable to HF Sinclair stockholders plus (i) Income tax expense (benefit), (ii) Interest expense, net of Interest income and (iii) Depreciation and amortization. EBITDA is not a calculation provided for under GAAP; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative 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 is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a financial indicator widely used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants. EBITDA presented above is reconciled to Net income under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” in Item 7 of Part II of this Annual Report on Form 10-K.
Supplemental Segment Operating Data
Our operations are organized into five reportable segments, Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. See Note 19 “Segment Information” in the Notes to Consolidated Financial Statements for additional information on our reportable segments.
Refining Segment Operating Data
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. The following tables set forth information, including non-GAAP 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” in Item 7 of Part II of this Annual Report on Form 10-K.
| Years Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||
| Mid-Continent Region | |||||||||||||||||||
Crude charge (BPD) (1) | 267,030 | 251,650 | 237,510 | ||||||||||||||||
Refinery throughput (BPD) (2) | 284,620 | 267,200 | 256,810 | ||||||||||||||||
Sales of produced refined products (BPD) (3) | 270,920 | 267,130 | 248,330 | ||||||||||||||||
Refinery utilization (4) | 102.7 | % | 96.8 | % | 91.4 | % | |||||||||||||
Average per produced barrel sold: (5) | |||||||||||||||||||
Gross margin (6) | $ | 3.45 | $ | (0.27) | $ | 6.65 | |||||||||||||
Operating expenses (7) | 6.48 | 6.65 | 6.92 | ||||||||||||||||
Adjusted refinery gross margin (8) | $ | 14.38 | $ | 8.21 | $ | 17.31 | |||||||||||||
Less: adjusted refinery operating expenses (9) | 6.48 | 6.65 | 6.92 | ||||||||||||||||
| Adjusted refinery gross margin, less adjusted refinery operating expenses | $ | 7.90 | $ | 1.56 | $ | 10.39 | |||||||||||||
Operating expenses per throughput barrel (10) | $ | 6.16 | $ | 6.65 | $ | 6.69 | |||||||||||||
Adjusted refinery operating expenses per throughput barrel (9) (11) | $ | 6.16 | $ | 6.65 | $ | 6.69 | |||||||||||||
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| Years Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||
| Mid-Continent Region | |||||||||||||||||||
| Feedstocks: | |||||||||||||||||||
| Sweet crude oil | 51 | % | 54 | % | 56 | % | |||||||||||||
| Sour crude oil | 26 | % | 23 | % | 20 | % | |||||||||||||
| Heavy sour crude oil | 17 | % | 17 | % | 16 | % | |||||||||||||
| Other feedstocks and blends | 6 | % | 6 | % | 8 | % | |||||||||||||
| Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Sales of produced refined products: | |||||||||||||||||||
| Gasolines | 52 | % | 52 | % | 51 | % | |||||||||||||
| Diesel fuels | 31 | % | 31 | % | 30 | % | |||||||||||||
| Jet fuels | 7 | % | 6 | % | 6 | % | |||||||||||||
| Fuel oil | 1 | % | 1 | % | 1 | % | |||||||||||||
| Asphalt | 3 | % | 4 | % | 4 | % | |||||||||||||
| Base oils | 4 | % | 4 | % | 4 | % | |||||||||||||
| LPG and other | 2 | % | 2 | % | 4 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||
| West Region | |||||||||||||||||
Crude charge (BPD) (1) | 337,320 | 350,430 | 330,030 | ||||||||||||||
Refinery throughput (BPD) (2) | 367,460 | 376,050 | 360,200 | ||||||||||||||
Sales of produced refined products (BPD) (3) | 367,160 | 370,040 | 353,950 | ||||||||||||||
Refinery utilization (4) | 80.7 | % | 83.8 | % | 79.0 | % | |||||||||||
Average per produced barrel sold: (5) | |||||||||||||||||
Gross margin (6) | $ | 3.35 | $ | 0.61 | $ | 11.34 | |||||||||||
Operating expenses (7) | 8.84 | 9.32 | 9.69 | ||||||||||||||
Adjusted refinery gross margin (8) | $ | 16.10 | $ | 12.04 | $ | 23.69 | |||||||||||
Less: adjusted refinery operating expenses (9) | 8.84 | 9.06 | 9.69 | ||||||||||||||
| Adjusted refinery gross margin, less adjusted refinery operating expenses | $ | 7.26 | $ | 2.98 | $ | 14.00 | |||||||||||
Operating expenses per throughput barrel (10) | $ | 8.83 | $ | 9.17 | $ | 9.53 | |||||||||||
Adjusted refinery operating expenses per throughput barrel (9) (11) | $ | 8.83 | $ | 8.92 | $ | 9.53 | |||||||||||
| Feedstocks: | |||||||||||||||||
| Sweet crude oil | 32 | % | 34 | % | 30 | % | |||||||||||
| Sour crude oil | 44 | % | 43 | % | 45 | % | |||||||||||
| Heavy sour crude oil | 11 | % | 10 | % | 11 | % | |||||||||||
| Wax crude oil | 5 | % | 6 | % | 6 | % | |||||||||||
| Other feedstocks and blends | 8 | % | 7 | % | 8 | % | |||||||||||
| Total | 100 | % | 100 | % | 100 | % | |||||||||||
Sales of produced refined products: | |||||||||||||||||
| Gasolines | 54 | % | 52 | % | 54 | % | |||||||||||
| Diesel fuels | 32 | % | 32 | % | 31 | ||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-08-11 | MYERS FRANKLIN | CEO | Buy | +15,000 | $85.30 | $1,279,500 |
| 2026-08-05 | Kunneman Dale | SVP and CHRO | Sell | -8,936 | $84.58 | -$755,852 |
| 2026-06-16 | Hardy Rhoman J | Director | Buy | +1,508 | $66.32 | $100,011 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-10-29 10-Q expected by 2026-11-07 (in 46 days)
- ~2027-02-27 10-K expected by 2027-03-04 (in 167 days)
- ~2027-04-30 10-Q expected by 2027-05-09 (in 229 days)
- ~2027-07-29 10-Q expected by 2027-08-07 (in 319 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-09-02 S-8 Employee Benefit Plan Registration
- 2026-08-26 8-K Other Events
- 2026-08-05 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2026-07-30 10-Q Quarterly Report
- 2026-07-28 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-07-28 8-K Officer/Director Change
- 2026-07-08 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-05-19 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2026-05-13 8-K Officer/Director Change
- 2026-05-12 8-K Officer/Director Change; Financial Statements and Exhibits
- 2026-05-01 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-01 10-Q Quarterly Report
- 2026-03-31 8-K Officer/Director Change
- 2026-03-06 8-K Officer/Director Change
- 2026-02-27 10-K Annual Report