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

DALLAS--(BUSINESS WIRE)-- 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)

Balance Sheet Data

Segment Information

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

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

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

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

The Lubricants & Specialties segment 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 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.