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HF Sinclair 8-K Report, Financial Results (Aug 1, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 1, 2024
Period End
August 1, 2024
Security
DINO
In the record · 2022–202610-K410-Q158-K125

DINO filed 4 annual reports (10-K), 15 quarterly reports (10-Q) and 125 current reports (8-K) between 2022 and 2026.

  1. Leadership change8-K · Feb ’23Feb ’23
  2. Leadership change8-K · Feb ’24Feb ’24
  3. Material agreement8-K · Jan ’25Jan ’25
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed August 1, 2024. Cited figures are marked; the original filing is the authoritative source.

HF Sinclair Corporation reported second quarter 2024 results on August 1, 2024, with net income attributable to HF Sinclair stockholders of $151.8 milliona, or $0.79 per diluted share, compared to $507.7 million, or $2.62 per diluted share, in the second quarter of 2023.

Adjusted net income attributable to HF Sinclair stockholders was $149.3 millionb, or $0.78 per diluted share, versus $503.8 million, or $2.60 per diluted share, a year earlier. Sales and other revenues were $7.85 billion, essentially flat with $7.83 billion in the prior-year quarter, while EBITDA fell to $408.0 million from $872.3 million and Adjusted EBITDA fell to $405.8 million from $868.2 million. The decline was driven mainly by the Refining segment, where adjusted refinery gross margin was $11.33 per produced barrel sold, compared to $21.99 a year earlier, as high industry refining utilization pressured margins.

Refining segment Adjusted EBITDA was $186.9 millionc versus $732.4 million in the prior-year quarter. Crude charge rose to 634,730 barrels per day from 553,940 barrels per day, reflecting lower turnaround activity and improved reliability. The Lubricants & Specialties and Midstream segments were stronger, with Midstream Adjusted EBITDA of $109.8 million compared to $88.4 million, and Lubricants & Specialties EBITDA of $97.1 million compared to $70.9 million.

The Renewables segment's Adjusted EBITDA improved to $2.2 milliond from a loss of $(11.3) million. Capital returns remained significant. The company paid a $0.50 per share dividend totaling $95.9 million and spent $371.2 million on share repurchases during the quarter, returning $467.1 million to stockholders in total.

Cash and cash equivalents were $866.3 million at June 30, 2024, down from $1,353.7 million at December 31, 2023, and consolidated debt was $2,635.7 million. The Board declared a regular quarterly dividend of $0.50 per share, payable September 5, 2024 to holders of record on August 21, 2024.

02—Key points

Key Highlights

  1. Net income attributable to HF Sinclair stockholders was $151.8 million, or $0.79 per diluted share, versus $507.7 million, or $2.62 per diluted share, in Q2 2023.
  2. Adjusted net income attributable to HF Sinclair stockholders was $149.3 million, or $0.78 per diluted share, versus $503.8 million, or $2.60 per diluted share, a year earlier.
  3. EBITDA was $408.0 million and Adjusted EBITDA was $405.8 million, compared with $872.3 million and $868.2 million in Q2 2023.
  4. Refining adjusted refinery gross margin fell to $11.33 per produced barrel sold from $21.99, with Refining Adjusted EBITDA of $186.9 million versus $732.4 million.
  5. Midstream Adjusted EBITDA rose to $109.8 million from $88.4 million, and Lubricants & Specialties EBITDA rose to $97.1 million from $70.9 million.
  6. The company returned $467.1 million to stockholders through dividends and share repurchases, including $371.2 million in buybacks.
  7. The Board declared a regular quarterly dividend of $0.50 per share, payable September 5, 2024 to holders of record on August 21, 2024.

03—Questions

Frequently Asked Questions

  1. How did HF Sinclair's second quarter 2024 earnings compare with the prior-year quarter?

    Net income attributable to HF Sinclair stockholders was $151.8 million, or $0.79 per diluted share, compared with $507.7 million, or $2.62 per diluted share, in the second quarter of 2023. Adjusted net income was $149.3 million, or $0.78 per diluted share, versus $503.8 million, or $2.60 per diluted share.

  2. What drove the decline in earnings?

    The filing attributes the decrease principally to lower adjusted refinery gross margins in both the West and Mid-Continent regions, caused by high refining utilization rates across the industry. Adjusted refinery gross margin was $11.33 per produced barrel sold, compared with $21.99 a year earlier.

  3. Which segments performed better this quarter?

    Midstream Adjusted EBITDA increased to $109.8 million from $88.4 million, driven by higher sales volumes and tariffs. Lubricants & Specialties EBITDA increased to $97.1 million from $70.9 million, largely due to higher sales volumes, sales mix optimization and base oil integration. Renewables Adjusted EBITDA improved to $2.2 million from $(11.3) million.

  4. How much did the company return to shareholders and what is the dividend?

    HF Sinclair returned $467.1 million to stockholders through dividends and share repurchases in the second quarter. It paid a $0.50 per share dividend totaling $95.9 million and spent $371.2 million on share repurchases. The Board declared another $0.50 per share regular quarterly dividend, payable September 5, 2024 to holders of record on August 21, 2024.

  5. What is the company's liquidity and debt position?

    Cash and cash equivalents totaled $866.3 million at June 30, 2024, a decrease of $487.5 million from $1,353.7 million at December 31, 2023. Consolidated debt was $2,635.7 million at June 30, 2024, and net cash provided by operations for the quarter was $225.9 million.

04—Continue

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