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HF Sinclair 8-K Report, Regulation FD Disclosure (Dec 16, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed December 16, 2024
Period End
December 16, 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 · Sep ’22Sep ’22
  2. Material agreement8-K · Jul ’23Jul ’23
  3. Leadership change8-K · Jul ’24Jul ’24
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed December 16, 2024. Cited figures are marked; the original filing is the authoritative source.

HF Sinclair Corporation (NYSE: DINO) furnished a December 2024 investor presentation under Item 7.01 (Regulation FD Disclosure) via this 8-K, filed December 16, 2024.

The filing itself contains no new financial results; the presentation is furnished as Exhibit 99.1 and is not deemed "filed" for Section 18 purposes. The presentation describes the company as operating 678,000 BPD of refining capacity across seven refineries in the Mid-Continent, West and Pacific Northwest regions, alongside marketing (over 1,500 branded retail sites), midstream (approximately 4,400 miles of pipelines), lubricants and specialties (34,000 BPD of production capacity), and renewables (roughly 380 million gallons of annual renewable diesel capacity). Financially, the presentation states that as of September 30, 2024, cash and cash equivalents were $1,229 milliona, total long-term debt was $2,650 million, and consolidated total liquidity was $3,729 million.

Consolidated debt to capitalization was 22%, and net debt to capitalization was 12%. The company stated it returned approximately $954 millionb through dividends and share repurchases in 2024 as of September 30, 2024, compared with over $1.3 billion in 2023. Its capital allocation target is a 50% payout ratio of adjusted net income, with a $0.50 quarterly dividend and $799 million remaining under a $1.0 billion share repurchase program authorized May 7, 2024.

The presentation also outlines 2025 capital expenditure guidance of $875 millionc total capital, including $775 million sustaining and $100 million growth, with turnarounds and catalysts at $410 million. It includes illustrative mid-cycle refining EBITDA of approximately $1.6 billion, based on management's current expectations, and notes the forward-looking nature of these estimates.

02—Key points

Key Highlights

  1. Refining capacity of 678,000 BPD across seven refineries, with fleet-wide crude discounts to WTI.
  2. Capital returns: approximately $954 million returned through dividends and buybacks as of September 30, 2024, versus over $1.3 billion in 2023.
  3. Dividend increased from $0.45 to $0.50 per quarter in Q1 2024; $799 million remaining under the $1.0 billion repurchase authorization as of September 30, 2024.
  4. Balance sheet as of September 30, 2024: $1,229 million cash, $2,650 million long-term debt, $3,729 million total liquidity, and 22% consolidated debt to capitalization.
  5. 2025 planned total capital of $875 million, including $775 million sustaining (of which $410 million is turnarounds and catalysts) and $100 million growth.
  6. Illustrative mid-cycle refining EBITDA of approximately $1.6 billion, based on management's current expectations.
  7. Renewables platform of approximately 380 million gallons per year of renewable diesel capacity across three units, with a 2030 Scope 1 and 2 GHG intensity reduction target of 25% versus 2020.

03—Questions

Frequently Asked Questions

  1. What did HF Sinclair actually file in this 8-K?

    The company furnished an investor presentation (Exhibit 99.1) under Item 7.01 for use in meetings with current and potential investors. The filing is furnished rather than filed, so it is not subject to Section 18 liabilities. It does not report new quarterly or annual results.

  2. How much capital has HF Sinclair returned to shareholders recently?

    The presentation states approximately $954 million was returned through dividends and share repurchases in 2024 as of September 30, 2024, compared with over $1.3 billion in 2023. The target is a 50% payout ratio of adjusted net income.

  3. What is the company's financial position and leverage?

    As of September 30, 2024, the presentation shows $1,229 million in cash, $2,650 million in total long-term debt, and $3,729 million in consolidated total liquidity. Consolidated debt to capitalization was 22% and net debt to capitalization was 12%. Credit ratings cited are BBB- (S&P), Baa3 (Moody's) and BBB- (Fitch).

  4. What are the company's capital spending plans for 2025?

    The presentation outlines total 2025 capital of $875 million: $775 million sustaining, including $410 million for turnarounds and catalysts and $240 million for refining, plus $100 million in growth capital.

  5. What is the company's earnings power in the refining segment?

    Management's illustrative mid-cycle refining EBITDA is approximately $1.6 billion, based on a $21.50 HF Sinclair index, 70% capture rate, $15.00 adjusted refinery gross margin per barrel, $7.25 operating expenses per barrel, 640,000 barrels per day target throughput and $225 million refining SG&A. These are management estimates and are not reconciled to GAAP.

04—Continue

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