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DINO · HF Sinclair

4 filings

10-K

DINO 10-K Annual Reports

HF Sinclair - 4 annual reports

Filing record · 2022–202610-K410-Q158-K125

2025
HF Sinclair Annual Report, Year Ended Dec 31, 2025
HF Sinclair Corporation (NYSE and NYSE Texas: DINO) reported net income attributable to HF Sinclair stockholders of $579 million, or $3.08 per diluted share, for 2025, compared with $177 million, or $0.91 per share, in 2024. Sales and other revenues fell to $26,869 million from $28,580 million, principally due to lower refined product sales prices. Income from operations rose to $927 million from $261 million. Adjusted refinery gross margin per produced barrel sold increased 47% to $15.37 from $10.43, driven by lower crude and feedstock prices and small refinery RINs waivers granted by the EPA, which increased adjusted refinery gross margins by $485 million. Cash flow from operations was $1,315 million, and EBITDA was $1,809 million, versus $1,133 million in 2024. The Renewables segment weakened, with an adjusted renewables gross margin of $0.26 per gallon versus $0.33 in 2024, and management cited a lower producer's tax credit benefit compared with the 2024 blender's credit. Liquidity was approximately $3.0 billion at year-end, including $978 million of cash. The company repurchased 6,908,293 shares for $340 million during 2025 and declared a $0.50 quarterly dividend in February 2026. Governance developments are significant for investors. On February 17, 2026, CEO Tim Go took a voluntary leave of absence and Chairperson Franklin Myers was appointed CEO and President on a temporary basis. On February 24, 2026, CFO Atanas Atanasov took a voluntary leave, and Vivek Garg was appointed acting CFO. The Audit Committee's review of disclosure processes concluded that the matters did not create an unfavorable tone at the top, and management and the Audit Committee determined that disclosure controls and internal control over financial reporting were effective. The company expects to negotiate separation arrangements with both executives.
Feb 27, 2026
2024
HF Sinclair Annual Report, Year Ended Dec 31, 2024
HF Sinclair Corporation (NYSE: DINO) reported a sharp earnings decline for 2024. Net income attributable to HF Sinclair stockholders was $177 million, or $0.91 per diluted share, compared with $1,590 million ($8.29 per share) in 2023 and $2,923 million ($14.28 per share) in 2022. The decrease was principally driven by lower adjusted refinery gross margins, which fell to $10.43 per produced barrel sold from $21.06 in 2023, partially offset by higher refined product sales volumes. Sales and other revenues declined to $28.58 billion from $31.96 billion, and income from operations fell to $261 million from $2.20 billion. Cash flow from operations was $1.11 billion, down from $2.30 billion, and EBITDA was $1.13 billion versus $2.90 billion a year earlier. The company ended 2024 with cash and cash equivalents of $800 million and total liquidity of approximately $3.3 billion. It repurchased $664 million of common stock during 2024 and paid $386 million in dividends, and the Board declared a regular quarterly dividend of $0.50 per share on February 20, 2025. Subsequent to year-end, HF Sinclair issued $1.4 billion of senior notes in January 2025 and used the proceeds to repay $350 million of HEP credit facility borrowings, complete a $646 million tender offer, and redeem HollyFrontier's 5.875% notes due 2026. Management's 2025 capital guidance totals $875 million, including $410 million for turnarounds and catalyst. The filing also discloses a $34 million civil penalty and $137 million of injunctive relief and mitigation measures under a 2025 Consent Decree with the EPA, DOJ and New Mexico Environment Department related to the Navajo Refinery's Artesia facility. Management also reports that the DC Circuit vacated the EPA's denial of the company's small refinery exemption petitions in July 2024, though the final financial impact is not yet determinable.
Feb 20, 2025
2023
HF Sinclair Annual Report, Year Ended Dec 31, 2023
HF Sinclair Corporation (NYSE: DINO) reported net income attributable to HF Sinclair stockholders of $1,589.7 million, or $8.29 per diluted share, for 2023, compared with $2,922.7 million ($14.28 per share) in 2022. Sales and other revenues were $31.96 billion, down from $38.20 billion, principally due to lower refined product sales prices and volumes. Gross refinery margin per produced barrel sold fell to $21.39 from $26.78, and income from operations was $2.20 billion versus $4.05 billion. Operating cash flow was $2.30 billion, compared with $3.78 billion in 2022, reflecting higher turnaround spending of $555.7 million. The company ended 2023 with liquidity of approximately $3.75 billion, including cash and cash equivalents of $1.35 billion and an undrawn $1.65 billion revolving credit facility. The company completed the HEP Merger Transaction on December 1, 2023, acquiring all remaining Holly Energy Partners units for $267.6 million in cash and 21,072,326 shares of common stock from treasury. During 2023 it repurchased 18,779,880 shares for $974.5 million, and in February 2024 declared a quarterly dividend of $0.50 per share, up from $0.45. Remaining repurchase authorization was $591.4 million as of February 15, 2024. The filing also highlights risks including Renewable Fuel Standard compliance costs, which were $790.8 million for 2023, the EPA's denial of small refinery exemption petitions, pending Oregon Climate Protection Program rulemaking, and REH Company's approximately 13.3% ownership stake. Goodwill totaled $2.98 billion, and the auditor identified goodwill impairment testing for the El Dorado Refinery reporting unit as a critical audit matter.
Feb 21, 2024
2022
HF Sinclair Annual Report, Year Ended Dec 31, 2022
HF Sinclair Corporation (NYSE: DINO) reported net income attributable to HF Sinclair stockholders of $2,922.7 million, or $14.28 per diluted share, for 2022, compared with $558.3 million ($3.39 per share) in 2021 and a net loss of $601.4 million in 2020. Sales and other revenues rose to $38.20 billion from $18.39 billion, principally reflecting higher sales prices, higher refined product volumes, and the acquisitions of the Puget Sound Refinery and the Acquired Sinclair Businesses. Refinery gross margin per produced barrel sold increased to $26.78 from $10.89. Net cash provided by operating activities was $3.78 billion, compared with $406.7 million in 2021. The March 14, 2022 Sinclair Transactions added the Parco and Casper refineries, the Sinclair renewable diesel unit, roughly 1,300 Sinclair-branded stations plus licensing at more than 300 locations, and midstream assets acquired by Holly Energy Partners. REH Company received 60,230,036 HF Sinclair shares, and at February 15, 2023 owned approximately 20.8% of common stock. Capital expenditures were $524.0 million in 2022, and 2023 expected total cash spending is $940.0 million to $1,150.0 million. The company repurchased 25,716,042 shares for $1,313.0 million during 2022, and the Board declared a quarterly dividend of $0.45 per share, up from $0.40. The filing also discloses pending matters, including an EPA and DOJ compliance review at the Artesia refinery with no penalties demanded to date, and legal challenges to EPA small refinery exemption decisions, for which the company states it is too early to predict outcomes. Management's assessment of internal control excluded the Acquired Sinclair Businesses, which represented about 17% of total assets and 26% of revenues.
Feb 28, 2023