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HF Sinclair 8-K Report, Financial Results (May 1, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 1, 2025
Period End
May 1, 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 May 1, 2025. Cited figures are marked; the original filing is the authoritative source.

HF Sinclair Corporation reported a first quarter 2025 net loss attributable to HF Sinclair stockholders of $4 milliona, or $(0.02) per diluted share, compared with net income of $315 million, or $1.57 per diluted share, in the first quarter of 2024.

Excluding non-GAAP adjustments, adjusted net loss attributable to HF Sinclair stockholders was $50 millionb, or $(0.27) per diluted share, versus adjusted net income of $142 million, or $0.71 per diluted share, a year earlier. Sales and other revenues fell to $6,370 million from $7,027 million, and EBITDA was $262 million compared with $617 million, while Adjusted EBITDA was $201 million versus $399 million. The filing attributes the decline mainly to the Refining segment, which posted a loss before interest and income taxes of $30 million and Adjusted EBITDA of $(8) million, driven by lower adjusted refinery gross margins in the West and Mid-Continent regions and lower refined product sales volumes.

Adjusted refinery gross margin was $9.12c per produced barrel sold, down from $12.70. The Renewables segment also remained weak, citing lower sales volumes and the inability to recognize Producer's Tax Credit benefits due to legislative uncertainty. Segment results were mixed.

Management highlighted strong results in Marketing, Midstream and Lubricants & Specialties, with Midstream Adjusted EBITDA rising to $119 milliond from $110 million on higher pipeline revenues and Marketing EBITDA increasing to $27 million from $15 million on higher margins. CEO Tim Go noted sequential improvement in Refining and said the company is encouraged by recent improvement in refining margins. Cash and cash equivalents declined to $547 million at March 31, 2025 from $800 million at December 31, 2024, and net cash used for operations was $89 million.

Consolidated debt rose to $2,676 million from $2,638 million. The Board declared a regular quarterly dividend of $0.50 per share, payable June 3, 2025 to holders of record on May 15, 2025.

The company paid $95 million in regular dividends during the quarter. The results were furnished under Item 2.02 and are not deemed filed for Section 18 purposes.

02—Key points

Key Highlights

  1. Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, versus net income of $315 million, or $1.57 per diluted share, in Q1 2024
  2. Adjusted net loss of $50 million, or $(0.27) per diluted share, compared with adjusted net income of $142 million, or $0.71 per diluted share, a year earlier
  3. Adjusted EBITDA of $201 million versus $399 million; EBITDA of $262 million versus $617 million
  4. Refining segment Adjusted EBITDA of $(8) million versus $209 million, with adjusted refinery gross margin of $9.12 per barrel versus $12.70
  5. Midstream Adjusted EBITDA rose to $119 million from $110 million; Marketing EBITDA rose to $27 million from $15 million
  6. Quarterly regular dividend of $0.50 per share declared, payable June 3, 2025 to holders of record on May 15, 2025; $95 million paid in dividends during the quarter
  7. Cash and cash equivalents fell to $547 million from $800 million at year-end 2024; consolidated debt rose to $2,676 million from $2,638 million

03—Questions

Frequently Asked Questions

  1. Why did HF Sinclair swing to a net loss in the first quarter of 2025?

    The filing attributes the decline mainly to the Refining segment, which posted a loss before interest and income taxes of $30 million versus income of $312 million a year earlier. Management cited lower adjusted refinery gross margins in the West and Mid-Continent regions and lower refined product sales volumes. Sales and other revenues also declined to $6,370 million from $7,027 million.

  2. How did the Renewables segment perform?

    Renewables recorded a loss before interest and income taxes of $39 million, unchanged from the prior-year quarter. Adjusted EBITDA was $(17) million versus $(18) million. Management cited lower sales volumes, totaling 44 million gallons versus 61 million gallons, and the inability to recognize Producer's Tax Credit benefits due to uncertainty over the implementing legislation.

  3. Were any business segments profitable growth drivers this quarter?

    Midstream Adjusted EBITDA increased to $119 million from $110 million, driven primarily by higher pipeline revenues. Marketing EBITDA rose to $27 million from $15 million on higher margins. Lubricants & Specialties income before interest and income taxes was $63 million versus $65 million, with EBITDA of $85 million versus $87 million.

  4. What is the dividend and when is it payable?

    The Board declared a regular quarterly dividend of $0.50 per share, payable June 3, 2025 to holders of record of common stock on May 15, 2025. The company paid $95 million in regular quarterly dividends during the first quarter of 2025.

  5. How did the company's liquidity and balance sheet change?

    Cash and cash equivalents decreased to $547 million at March 31, 2025 from $800 million at December 31, 2024, a $253 million decline. Net cash used for operations totaled $89 million for the quarter. Consolidated debt increased to $2,676 million from $2,638 million, and working capital rose to $2,323 million from $1,971 million.

04—Continue

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