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HF Sinclair 8-K Report, Financial Results (Feb 20, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 20, 2025
Period End
February 20, 2025
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 February 20, 2025. Cited figures are marked; the original filing is the authoritative source.

HF Sinclair Corporation reported a fourth-quarter 2024 net loss attributable to HF Sinclair stockholders of $214 milliona, or $(1.14) per diluted share, compared with a net loss of $62 million, or $(0.34) per diluted share, in the fourth quarter of 2023.

Excluding adjustments, adjusted net loss for the quarter was $191 millionb, or $(1.02) per diluted share, versus adjusted net income of $165 million, or $0.87 per diluted share, a year earlier. Fourth-quarter EBITDA was $9 million and Adjusted EBITDA was $28 million, down from $129 million and $428 million. Sales and other revenues fell 15% to $6.5 billion, and Refining segment results were the main drag, with Adjusted refinery gross margin of $6.68 per produced barrel sold, a 51% decrease from $13.58.

For full year 2024, the company reported net income attributable to HF Sinclair stockholders of $177 millionc, or $0.91 per diluted share, and adjusted net income of $197 million, or $1.01 per diluted share. Full-year EBITDA was $1,133 million and Adjusted EBITDA was $1,149 million. The company said its Midstream and Marketing segments achieved record earnings in 2024 and that Lubricants & Specialties delivered another strong year.

The Company returned $1,058 milliond to stockholders through dividends and share repurchases during 2024. Year-end cash and cash equivalents were $800 million, and consolidated debt was $2,638 million.

The Board declared a regular quarterly dividend of $0.50 per share, payable March 20, 2025, to holders of record on March 6, 2025. The results also include a one-time $35 million regulatory penalty related to the 2025 consent decree at the Artesia, New Mexico refinery.

02—Key points

Key Highlights

  1. Fourth-quarter 2024 net loss attributable to HF Sinclair stockholders of $214 million, or $(1.14) per diluted share, versus a $62 million loss, or $(0.34) per diluted share, in Q4 2023.
  2. Fourth-quarter Adjusted EBITDA of $28 million, compared with $428 million in the prior-year quarter; full-year 2024 Adjusted EBITDA was $1,149 million, compared with $3,208 million in 2023.
  3. Refining segment Adjusted EBITDA was $(169) million in Q4 2024 versus $276 million in Q4 2023, driven by lower adjusted refinery gross margins in the West and Mid-Continent regions.
  4. Full-year 2024 net income attributable to HF Sinclair stockholders of $177 million, or $0.91 per diluted share, versus $1,590 million, or $8.29 per diluted share, in 2023.
  5. Company declared a regular quarterly dividend of $0.50 per share, payable March 20, 2025, to holders of record on March 6, 2025.
  6. Year-end 2024 cash and cash equivalents of $800 million, down from $1,354 million at December 31, 2023; consolidated debt was $2,638 million.
  7. A one-time $35 million regulatory penalty related to the 2025 consent decree at the Artesia, New Mexico refinery reduced Q4 results.

03—Questions

Frequently Asked Questions

  1. Why did HF Sinclair report a net loss in the fourth quarter of 2024?

    The company attributed the loss mainly to the cyclical downturn in refining. Refining segment loss before interest and income taxes was $332 million, driven by lower adjusted refinery gross margins in both the West and Mid-Continent regions due to high global supply of transportation fuels and lower refined product sales volumes. Strength in the Midstream, Lubricants & Specialties and Marketing segments partially offset the decline.

  2. What dividend did HF Sinclair announce?

    The Board declared a regular quarterly dividend of $0.50 per share, payable on March 20, 2025, to holders of record of common stock on March 6, 2025. The company paid $95 million in regular quarterly dividends during the fourth quarter of 2024.

  3. How much did HF Sinclair return to shareholders in 2024?

    The company returned $1,058 million to stockholders through dividends and share repurchases during the full year 2024.

  4. What were the segment highlights for full-year 2024?

    Management said the company achieved record earnings in both its Midstream and Marketing businesses for full-year 2024 and delivered another strong year of earnings in its Lubricants & Specialties business. Full-year Midstream segment EBITDA was $431 million and Marketing segment EBITDA was $75 million.

  5. What is the $35 million regulatory charge?

    The regulatory charge represents a one-time penalty of $35 million related to the 2025 consent decree at the Artesia, New Mexico refinery. The company excludes this charge from its adjusted results.

04—Continue

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