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DINO · HF Sinclair

15 filings

10-Q

DINO 10-Q Quarterly Reports

HF Sinclair - 15 quarterly reports

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

2026-Q3
HF Sinclair Quarterly Report for Q3 Ended Sep 30, 2026
HF Sinclair Corporation reported a sharply stronger third quarter of 2026, with net income attributable to HF Sinclair stockholders of $2,015 million ($11.38 per diluted share), compared with $403 million ($2.15 per share) in the third quarter of 2025. Sales and other revenues rose to $10,857 million from $7,251 million, and income from operations increased to $2,672 million from $564 million. The Refining segment drove the improvement, with adjusted refinery gross margin per produced barrel sold of $54.22, up from $19.16, reflecting higher crack spreads and small refinery RINs waivers granted by the EPA. For the nine months, net income attributable to HF Sinclair stockholders was $3,555 million ($19.75 per share), versus $607 million a year earlier. The filing also notes a $672 million lower of cost or market inventory valuation benefit for the nine months, versus a $97 million charge in the prior-year period. The company announced plans in July 2026 to separate its Lubricants & Specialties segment through a distribution of at least 80.1% of the new company's stock, substantially completed over 2027, and decided to retire its Mississauga, Ontario base oil refinery, with related costs of $109 million recorded in the third quarter. It also entered a joint venture to form the proposed Western Gateway Pipeline, in which it will hold a 15.0% interest. Cash and cash equivalents rose to $3,333 million at September 30, 2026, from $978 million at year-end 2025, and liquidity was approximately $5.3 billion. During the nine months, the company repurchased shares for $741 million under its share repurchase programs, and the Board approved a new $1.5 billion program in August 2026, with $1.2 billion remaining at quarter end. The filing also discloses ongoing litigation over EPA small refinery exemption decisions, which the company says it is unable to estimate the impact of. On October 28, 2026, the Board declared a regular quarterly dividend of $0.525 per share, payable December 2, 2026.
Oct 28, 2026
2026-Q2
HF Sinclair Quarterly Report for Q2 Ended Jun 30, 2026
HF Sinclair Corporation's Form 10-Q for the quarter ended June 30, 2026 shows a sharp improvement in profitability. Net income attributable to HF Sinclair stockholders was $892 million ($4.93 per diluted share) for the three months ended June 30, 2026, versus $208 million ($1.10 per share) a year earlier. For the six months, net income attributable to stockholders was $1.54 billion ($8.48 per share), compared with $204 million ($1.07 per share). Sales and other revenues rose 53% in the quarter to $10.39 billion, driven by higher average refined product prices and volumes. Adjusted refinery gross margin per barrel sold increased to $25.95 from $16.50 in the quarter, and the company reported a Lower of cost or market inventory valuation charge of only $30 million, compared with $148 million a year earlier. Balance sheet strength improved. Cash and cash equivalents rose to $2.26 billion from $978 million at December 31, 2025, and operating cash flow for the six months was $1.97 billion versus $498 million. Total debt was $2.77 billion, and the company had about $4.3 billion of liquidity, including $2.0 billion available under its revolving credit facility. The company repurchased 2,509,918 shares in the quarter for $175 million, including 1,455,180 shares bought from REH Advisors for $100 million, and declared a quarterly dividend of $0.525 per share, up 5% from $0.50. The filing also discloses strategic actions and contingent risks. On July 28, 2026, HF Sinclair announced plans to pursue a separation of its Lubricants & Specialties segment through the capital markets and to retire its Mississauga, Ontario base oil refining assets. The company expects total pre-tax costs of approximately $405 million to $505 million for the Mississauga retirement and a workforce reduction of about 250 employees. In addition, litigation over small refinery exemptions under the Renewable Fuel Standard remains pending, and the company says it is unable to estimate the impact of these matters.
Jul 30, 2026
2026-Q1
HF Sinclair Quarterly Report for Q1 Ended Mar 31, 2026
HF Sinclair Corporation's first-quarter 2026 results show a sharp swing to profitability. Net income attributable to HF Sinclair stockholders was $648 million ($3.56 per basic and diluted share), compared with a net loss of $4 million ($(0.02) per share) in the first quarter of 2025. Sales and other revenues rose $753 million, or 12%, to $7,123 million, principally on higher average refined product prices and higher sales volumes. The filing attributes the improvement primarily to a $672 million pre-tax lower of cost or market inventory valuation benefit, along with higher adjusted refinery gross margin ($9.95 per barrel sold versus $9.12) and higher adjusted renewables gross margin. Income tax expense rose to $189 million, and EBITDA was $1,097 million versus $262 million a year earlier. Cash generation improved meaningfully. Net cash provided by operating activities was $457 million, compared with a use of $89 million in the prior-year quarter, driven by working capital changes that added $316 million. Cash and cash equivalents ended the quarter at $1,148 million, and total liquidity was approximately $3.1 billion, including $2.0 billion available under the HF Sinclair Credit Agreement. Long-term debt, net, was $2,771 million, with no borrowings outstanding under the revolver. The company repurchased 1,514,810 shares for $76 million, paid $91 million in dividends, and had $383 million of remaining authorization under its 2024 Share Repurchase Program. Management flagged several items for the coming quarters: expected second-quarter crude throughput of 600,000 to 630,000 barrels per day, continued strength in RINs and LCFS prices, and ongoing exposure to Renewable Fuel Standard small refinery exemption litigation. On April 7, 2026, the D.C. Circuit ruled unanimously in the company's favor that the EPA erred in denying the Parco refinery's 2024 exemption, remanding it to the agency. The company's opening brief in the consolidated cases is due July 10, 2026. Management also declared a $0.50 per share quarterly dividend on May 1, 2026, payable June 2, 2026.
May 1, 2026
2025-Q3
HF Sinclair Quarterly Report for Q3 Ended Sep 30, 2025
HF Sinclair Corporation reported net income attributable to HF Sinclair stockholders of $403 million ($2.15 per diluted share) for the third quarter ended September 30, 2025, compared with a net loss of $76 million ($(0.40) per share) in the same period of 2024. For the nine months, net income attributable to stockholders was $607 million ($3.21 per diluted share), up from $391 million. Management attributed the improvement mainly to higher adjusted refinery gross margins in both the West and Mid-Continent regions, which rose to $19.16 per produced barrel sold in the quarter from $10.79, driven by lower crude and feedstock prices and small refinery RINs waivers granted by the EPA in August 2025. Sales and other revenues were $7.25 billion for the quarter, up 1%, while the company noted that the Puget Sound refinery turnaround affected results. Balance sheet and cash flow were stronger. Cash and cash equivalents rose to $1.45 billion from $800 million at year-end 2024, and the company reported liquidity of approximately $3.3 billion. Net cash provided by operating activities was $1.31 billion for the nine months. Total debt was $2.77 billion at September 30, 2025, after the company issued $1.4 billion of senior notes in January and $500 million in August, refinanced its revolving credit facilities into a new $2.0 billion facility maturing in April 2030, and redeemed or tendered for a portion of older notes. The company repurchased $216 million of treasury stock and paid $284 million in dividends during the nine months. Key items for investors include the EPA's August 2025 small refinery exemption decisions, which increased pre-tax earnings by $171 million in both the quarter and nine months, and the company's October 2025 lawsuits challenging the EPA's denials, with the costs of those lawsuits not estimable. The board declared a regular quarterly dividend of $0.50 per share, payable December 5, 2025. The company also expects to run 550,000-590,000 barrels per day of crude oil in the fourth quarter.
Oct 30, 2025
2025-Q2
HF Sinclair Quarterly Report for Q2 Ended Jun 30, 2025
HF Sinclair Corporation's Form 10-Q for the quarter ended June 30, 2025 reports second-quarter net income attributable to HF Sinclair stockholders of $208 million ($1.10 per basic and diluted share), up from $152 million ($0.79 per share) in the same period of 2024. Sales and other revenues fell 14% to $6,784 million, principally on lower refined product sales prices and volumes. Income from operations rose to $275 million from $197 million, helped by adjusted refinery gross margin per produced barrel sold of $16.50 versus $11.33, though the quarter absorbed a $148 million lower of cost or market inventory valuation charge compared with a $3 million benefit a year earlier. For the six months, net income attributable to HF Sinclair stockholders was $204 million ($1.07 per share), down from $466 million ($2.38 per share), principally because of lower of cost or market inventory adjustments, a $40 million loss on sale of an equity method investment (Cheyenne Pipeline, LLC), and a $15 million early extinguishment loss on debt. Net cash provided by operating activities was $498 million, versus $541 million, as turnaround expenditures rose to $284 million from $169 million. Cash and cash equivalents were $874 million at June 30, 2025, and liquidity was approximately $2.9 billion, including $2.0 billion available under a new revolving credit facility. In the first half, the company issued $1.4 billion of senior notes, used proceeds for a tender offer and redemptions, and replaced its revolving credit facilities with a new $2.0 billion facility maturing in April 2030. Dividends of $190 million and share repurchases of $50 million were paid in the six months. The Board declared a regular quarterly dividend of $0.50 per share on July 31, 2025, and $749 million remained under the May 2024 share repurchase program at June 30, 2025.
Jul 31, 2025
2025-Q1
HF Sinclair Quarterly Report for Q1 Ended Mar 31, 2025
HF Sinclair Corporation reported a net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per basic and diluted share, for the three months ended March 31, 2025, compared with net income of $315 million, or $1.57 per share, in the same period of 2024. Sales and other revenues fell 9.3% to $6,370 million from $7,027 million, principally on lower refined product prices and volumes. Income from operations dropped to $81 million from $411 million. The filing attributes the decline mainly to lower adjusted refinery gross margins in the West and Mid-Continent regions, which fell to $9.12 per produced barrel sold from $12.70, and to lower refined product sales volumes. Lower of cost or market inventory valuation adjustments added $117 million to pre-tax earnings, versus $219 million a year earlier. Other expense, net of $53 million included a $40 million loss on the assignment of the Cheyenne Pipeline, LLC interest and a $15 million debt extinguishment loss. Cash flow weakened sharply. Operating cash flow was negative $89 million, compared with $317 million a year earlier, driven by working capital changes, lower net income and higher turnaround spending of $105 million. The company issued $1.4 billion of senior notes in January 2025 and used the proceeds to tender for and redeem debt. Cash and cash equivalents ended the quarter at $547 million, and total debt was $2,676 million. Liquidity was approximately $3.4 billion at quarter end, including undrawn credit facilities. On April 3, 2025, the company replaced its existing revolving credit facilities with a new $2.0 billion senior unsecured facility maturing in April 2030. The Board declared a regular quarterly dividend of $0.50 per share on May 1, 2025, and the company made no share repurchases in the first quarter under its $1.0 billion May 2024 program, which had $799 million remaining. The company guided to 600,000–630,000 barrels per day of crude runs for the second quarter, reflecting completion of the Tulsa turnaround and a Parco turnaround. The filing also describes a 2025 Consent Decree with the EPA, DOJ and New Mexico for the Navajo Artesia refinery, requiring a $34 million civil penalty and about $137 million of injunctive relief measures.
May 1, 2025
2024-Q3
HF Sinclair Quarterly Report for Q3 Ended Sep 30, 2024
HF Sinclair Corporation reported a net loss attributable to HF Sinclair stockholders of $(75.9) million, or $(0.40) per basic and diluted share, for the three months ended September 30, 2024, compared with net income of $790.9 million, or $4.23 per share, in the same period of 2023. For the nine months ended September 30, 2024, net income attributable to HF Sinclair stockholders was $390.5 million, or $2.01 per share, versus $1,651.8 million, or $8.57 per share, a year earlier. The company attributed the decline principally to lower adjusted refinery gross margins in both the West and Mid-Continent regions, which fell to $10.79 per produced barrel sold in the quarter from $26.27 a year earlier. Sales and other revenues fell 19.1% in the quarter to $7.21 billion, and a $202.3 million lower-of-cost-or-market inventory charge further weighed on results. Cash and cash equivalents were $1.23 billion at September 30, 2024, and liquidity was approximately $3.7 billion, including an undrawn $1.65 billion HF Sinclair credit facility and $850.0 million of availability under the HEP Credit Agreement. Total debt was $2.64 billion, including $350.0 million of HEP Credit Agreement borrowings classified as current debt maturing July 2025. Operating cash flow for the nine months was $1.25 billion, down from $2.07 billion, while the company repurchased $667.3 million of common stock and paid $290.5 million in dividends. Management expects fourth-quarter 2024 crude throughput of 565,000 to 600,000 barrels per day, reflecting the planned El Dorado refinery turnaround, and expects continued weakness in RINs and LCFS prices to affect renewable diesel margins. The filing also reports a July 26, 2024 D.C. Circuit decision vacating the EPA's denial of the company's small refinery exemption petitions, the impact of which the company says is too early to determine. Separately, HFS Navajo received a proposed penalty demand from New Mexico and federal agencies in September 2024 related to alleged Clean Air Act noncompliance at the Artesia refinery, and the company says it is unable to estimate the costs it may incur. The board declared a regular quarterly dividend of $0.50 per share on October 31, 2024.
Oct 31, 2024
2024-Q2
HF Sinclair Quarterly Report for Q2 Ended Jun 30, 2024
HF Sinclair Corporation reported a sharp earnings decline for the second quarter of 2024. Net income attributable to HF Sinclair stockholders was $151.8 million ($0.79 per share) for the three months ended June 30, 2024, down $355.9 million from $507.7 million ($2.62 per share) a year earlier. For the six months, net income attributable to stockholders was $466.5 million ($2.38 per share) versus $860.9 million ($4.40 per share). Management attributed the decline principally to lower adjusted refinery gross margins in both the West and Mid-Continent regions, partially offset by higher refined product sales volumes. Adjusted refinery gross margin per produced barrel sold fell to $11.33 for the quarter from $21.99, and high industry refinery utilization was cited as a factor. Consolidated refinery utilization was 93.6% in the quarter versus 81.7% a year earlier. Cash generation and capital returns remained substantial. Net cash provided by operating activities was $542.8 million for the six months, compared with $667.7 million, and the company repurchased $540.8 million of common stock and paid $195.3 million in dividends during the period. Cash and cash equivalents declined to $866.3 million at June 30, 2024, and total liquidity was approximately $3.37 billion. Management approved a new $1.0 billion share repurchase program in May 2024, with $925.0 million remaining at quarter end, and declared a regular quarterly dividend of $0.50 per share on August 1, 2024. The filing also disclosed a favorable July 26, 2024 D.C. Circuit decision vacating the EPA's denial of the company's small refinery exemption petitions, which the company said is still subject to appeal and whose final impact it cannot yet determine. Ongoing environmental matters at the Navajo and Puget Sound refineries remain open, with no penalties demanded to date.
Aug 1, 2024
2024-Q1
HF Sinclair Quarterly Report for Q1 Ended Mar 31, 2024
HF Sinclair Corporation reported net income attributable to HF Sinclair stockholders of $314.7 million, or $1.57 per basic and diluted share, for the three months ended March 31, 2024, compared to $353.3 million, or $1.79 per share, in the prior-year quarter. Sales and other revenues fell 7% to $7.03 billion from $7.57 billion. The company attributed the decline in net income principally to lower refinery gross margins in both the West and Mid-Continent regions, partially offset by higher refined product sales volumes. Refinery gross margin per produced barrel fell to $12.70 from $23.20, and a $219.4 million pre-tax lower of cost or market inventory benefit (versus a $47.6 million charge a year earlier) cushioned results. Income from operations declined 19% to $410.8 million. Cash flow from operations improved to $316.9 million from $177.7 million, driven mainly by working capital changes and lower turnaround spending ($70.4 million versus $163.7 million). Cash and cash equivalents ended the quarter at $1.24 billion, and liquidity was approximately $3.70 billion, including undrawn availability under the $1.65 billion HF Sinclair Credit Agreement. Total debt was $2.68 billion. The company repurchased $169.6 million of stock and paid $99.4 million in dividends during the quarter. Subsequent to quarter-end, the company repurchased 5,000,000 shares from REH Company for $296.1 million on April 1, 2024, and on May 7, 2024, the Board approved a new $1.0 billion share repurchase program. The Board also declared a regular quarterly dividend of $0.50 per share, payable June 5, 2024. Management expects second-quarter 2024 crude throughput of 620,000 to 650,000 barrels per day, with refined product margins expected to strengthen and renewable diesel margins expected to remain pressured by weak RINs and LCFS prices.
May 8, 2024
2023-Q3
HF Sinclair Quarterly Report for Q3 Ended Sep 30, 2023
HF Sinclair Corporation's Form 10-Q for the quarter ended September 30, 2023 reports third-quarter net income attributable to HF Sinclair stockholders of $790.9 million ($4.23 per diluted share), down from $954.4 million ($4.45 per share) in the third quarter of 2022. Sales and other revenues fell 16% to $8,905.5 million, and the filing attributes the decline in profit principally to lower refinery gross margins in both the West and Mid-Continent regions and lower refined product sales volumes. Refinery gross margin per produced barrel sold decreased to $26.59 from $31.47. For the nine months, net income attributable to HF Sinclair stockholders was $1,651.8 million ($8.57 per diluted share), compared with $2,335.6 million ($11.35 per share) a year earlier. Cash flow and capital returns were significant in the period. Net cash provided by operating activities was $2,066.6 million for the nine months, down from $2,862.2 million, reflecting higher turnaround spending of $471.1 million. The company repurchased $833.6 million of common stock and paid $258.9 million in dividends during the nine months. Cash and cash equivalents stood at $2.21 billion at September 30, 2023, and the company describes standalone liquidity of approximately $3.85 billion, including an undrawn $1.65 billion credit facility. A new $1.0 billion share repurchase program was authorized on August 15, 2023, with $825.0 million remaining at quarter end. The filing's most significant forward-looking item is the proposed HEP Merger Transaction, under which Holly Energy Partners, L.P. would become an indirect wholly owned subsidiary of HF Sinclair. Each outstanding HEP common unit not already owned by HF Sinclair would be converted into 0.315 shares of HF Sinclair common stock and $4.00 in cash, with closing expected in the fourth quarter of 2023 subject to stockholder and unitholder approvals. The company also disclosed an exchange offer for HEP senior notes and expects the 2023 combined capital and turnaround spending range to be $900.0 million to $1,060.0 million.
Nov 2, 2023
2023-Q2
HF Sinclair Quarterly Report for Q2 Ended Jun 30, 2023
HF Sinclair Corporation (DINO) reported sharply lower second-quarter 2023 results versus 2022, as refining margins compressed. For the three months ended June 30, 2023, sales and other revenues fell 30% to $7,833.6 million from $11,162.2 million, and net income attributable to HF Sinclair stockholders was $507.7 million ($2.62 per diluted share), down from $1,221.3 million ($5.43 per share) a year earlier. The company attributed the decline principally to lower refinery gross margins and lower refined product sales volumes. Refinery gross margin per produced barrel sold fell to $22.22 from $36.36. For the six months, net income attributable to stockholders was $860.9 million ($4.40 per diluted share) versus $1,381.2 million a year earlier. Balance sheet and cash flow data show a company still holding substantial liquidity. Cash and cash equivalents were $1.61 billion at June 30, 2023, and total debt was $3.20 billion. Standalone liquidity, excluding HEP, was approximately $3.26 billion. Operating cash flow for the six months fell to $667.7 million from $1,989.4 million, driven by lower operating income and turnaround spending of $347.1 million. The company repurchased $248.0 million of common stock and paid $175.3 million in dividends during the period. On August 2, 2023, it repurchased 8,200,000 shares from REH Company for $410.6 million, funded with cash on hand, and declared a $0.45 quarterly dividend. The filing also discloses a non-binding May 3, 2023 proposal to acquire all outstanding common units of Holly Energy Partners (HEP) not already owned by HF Sinclair or its affiliates. The filing states that no definitive agreement has been executed. Management expects third-quarter 2023 crude throughput of 585,000 to 615,000 barrels per day, reflecting planned maintenance at the Casper and Tulsa refineries.
Aug 3, 2023
2023-Q1
HF Sinclair Quarterly Report for Q1 Ended Mar 31, 2023
HF Sinclair Corporation (formerly HollyFrontier Corporation, NYSE: DINO) reported net income attributable to HF Sinclair stockholders of $353.3 million, or $1.79 per basic and diluted share, for the three months ended March 31, 2023, compared to $160.0 million, or $0.90 per share, in the prior-year quarter. Sales and other revenues rose to $7.57 billion from $7.46 billion, while income from operations increased to $504.2 million from $232.8 million. The filing attributes the earnings increase principally to higher refinery gross margins, which reached $23.70 per produced barrel sold versus $12.69 a year earlier. Results also reflect the March 14, 2022 Sinclair Transactions, which added the Acquired Sinclair Businesses and HEP's acquisition of STC. Cash flow was weaker. Net cash provided by operating activities fell to $177.7 million from $461.0 million, driven by higher turnaround spending of $163.7 million. Cash and cash equivalents declined to $1.36 billion from $1.67 billion at year-end 2022, reflected in $245.6 million of treasury stock purchases and $88.0 million of dividends. The company repurchased 4,793,857 shares for $240.3 million during the quarter, leaving $419.8 million of authorization under its $1.0 billion program, and declared a $0.45 quarterly dividend. The most significant development is a non-binding proposal, submitted May 3, 2023, to acquire all publicly held common units of Holly Energy Partners, L.P. (HEP) in exchange for HF Sinclair common stock at a fixed exchange ratio of 0.3714 per unit. The proposal is subject to negotiation of a definitive agreement, and the filing states there is no assurance that one will be executed or that any transaction will be consummated. HF Sinclair also disclosed ongoing EPA small refinery exemption litigation and Navajo refinery Clean Air Act discussions, with the company stating it is too early to predict outcomes.
May 5, 2023
2022-Q3
HF Sinclair Quarterly Report for Q3 Ended Sep 30, 2022
HF Sinclair Corporation (NYSE: DINO) reported strong third-quarter and nine-month 2022 results following its March 14, 2022 combination with Sinclair Oil and Sinclair Transportation Company (STC). Sales and other revenues were $10,599.0 million for the three months ended September 30, 2022, up 126% from $4,685.1 million, and net income attributable to HF Sinclair stockholders was $954.4 million ($4.45 per diluted share), compared with $280.8 million ($1.71 per share) a year earlier. For the nine months, net income attributable to stockholders was $2,335.6 million ($11.35 per diluted share). Management attributed the increase principally to stronger product demand, higher sales prices, and the Puget Sound Refinery and Sinclair acquisitions. Refinery gross margin per produced barrel sold rose to $31.47 in the quarter from $14.87. The balance sheet expanded substantially, with total assets of $18,226.3 million at September 30, 2022, cash and cash equivalents of $1,447.4 million, and long-term debt of $3,334.2 million. Total equity was $9,778.5 million. The company repurchased $977.0 million of common stock and paid $175.4 million in dividends during the nine months, and it announced a new $1.0 billion share repurchase program in September 2022. Management expects fourth-quarter 2022 crude throughput of 620,000 to 650,000 barrels per day and a regular quarterly dividend of $0.40 per share. The filing also discloses legal and regulatory exposures, including litigation over EPA reversals of small refinery exemptions for the Woods Cross and Cheyenne refineries, an EPA Clean Air Act matter involving the Artesia refinery, and a $849,850 Cheyenne penalty that has been resolved. Management states that the outcomes of the pending matters cannot yet be predicted.
Nov 7, 2022
2022-Q2
HF Sinclair Quarterly Report for Q2 Ended Jun 30, 2022
HF Sinclair Corporation (NYSE: DINO) reported strong results for the second quarter and first six months of 2022, driven by the March 14, 2022 closing of the Sinclair Transactions, which added the Acquired Sinclair Businesses (Sinclair Oil and Sinclair Transportation Company) to HollyFrontier and Holly Energy Partners. Net income attributable to HF Sinclair stockholders was $1,221.3 million ($5.43 per diluted share) for the three months ended June 30, 2022, compared to $168.9 million ($1.03 per share) a year earlier. Sales and other revenues rose to $11,162.2 million from $4,577.1 million, and refinery gross margin per produced barrel sold increased to $36.36 from $11.71. For the six months, net income attributable to HF Sinclair stockholders was $1,381.2 million ($6.86 per diluted share), and net cash provided by operating activities was $1,989.4 million. The balance sheet expanded significantly, with total assets of $19,177.9 million at June 30, 2022, versus $12,916.6 million at December 31, 2021, and goodwill of $2,948.6 million. Cash and cash equivalents rose to $1,702.3 million. The company issued 60,230,036 HF Sinclair shares to Sinclair HoldCo in the transaction, which was valued at approximately $2,149 million, and recorded preliminary goodwill of $656.4 million from the acquisition. Management reported that it repurchased 2,730,000 shares for $132.3 million in the quarter under its $1.0 billion program, with $867.7 million remaining authorization, and declared a regular quarterly dividend of $0.40 per share. Management's outlook calls for third-quarter 2022 crude throughput of 630,000 to 650,000 barrels per day, with the Artesia, Sinclair and Cheyenne renewable diesel units all online and full production expected by the end of the third quarter. The filing also notes that the EPA reversed small refinery exemptions for Woods Cross and Cheyenne for the 2016 and 2018 compliance years, and that the company is pursuing legal challenges to those decisions and is unable to estimate the associated costs at this time.
Aug 8, 2022
2022-Q1
HF Sinclair Quarterly Report for Q1 Ended Mar 31, 2022
HF Sinclair Corporation (formerly HollyFrontier Corporation, NYSE: DINO) reported first-quarter 2022 net income attributable to HF Sinclair stockholders of $160.0 million, or $0.90 per basic and diluted share, compared with $148.2 million, or $0.90 per share, in the first quarter of 2021. Sales and other revenues rose to $7.46 billion from $3.50 billion, principally reflecting higher sales prices, higher refined product volumes, and the acquisitions of the Puget Sound refinery and the Sinclair Oil businesses. Refinery gross margin per produced barrel increased to $12.69 from $8.00. The company closed the Sinclair Transactions on March 14, 2022, issuing 60,230,036 shares to Sinclair HoldCo, valued at approximately $2,149 million, and paying $231.2 million in cash net of cash acquired, with goodwill of $559.7 million recognized on a preliminary basis. At March 31, 2022, cash and cash equivalents were $592.3 million, up from $234.4 million at year-end 2021, and total assets were $17.73 billion. Long-term debt was $3.37 billion, including $1.14 billion of borrowings under the Holly Energy Partners (HEP) credit agreement. Operating cash flow was $461.0 million, compared with $62.3 million a year earlier. The filing notes that the company reinstated its quarterly dividend at $0.40 per share, and that it intends to resume share repurchases under its $1.0 billion program after completing its renewables capital projects in the second quarter of 2022. Subsequent to quarter-end, HF Sinclair completed debt exchange offers on April 27, 2022, and entered into a $1.65 billion senior unsecured revolving credit facility. HEP issued $400 million of 6.375% senior notes on April 8, 2022. The company also disclosed pending environmental matters, including EPA stipulated penalty assessments at the Cheyenne refinery and continuing Clean Air Act discussions at the Navajo refinery, along with a May 6, 2022 lawsuit challenging the EPA's denial of a 2018 small refinery exemption.
May 9, 2022