HF Sinclair Corporation (DINO)

HF Sinclair Corporation Second Quarter 2026 Earnings Release and Conference WebcastJune 23, 2026 4:30 PM
Business Wire HF Sinclair Corporation (NYSE and NYSE Texas: DINO) (“HF Sinclair”) plans to announce results for the quarter ending June 30, 2026, on July 28, 2026, before the opening of trading on the NYSE and NYSE Texas. HF Sinclair has scheduled a webcast conference on July 28, 2026, at 8:30 a.m. Eastern time to discuss financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/654044265 An audio archive of this webcast will be available using the above noted link through August 11, 2026. About HF Sinclair Corporation: HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to its refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and supplies high-quality fuels to more than 1,750 branded stations and licenses the use of the Sinclair brand to more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. View source version on businesswire.com: https://www.businesswire.com/news/home/20260618490106/en/ HF Sinclair Corporation
Craig Biery, 214-954-6510
Vice President, Investor Relations
or
Trey Schonter, 214-954-6510
Director, Investor Relations Original: HF Sinclair Corporation Second Quarter 2026 Earnings Release and Conference Webcast

Nevada's Only Refinery Is Switching On -- Just as the West Loses the Capacity It Can't ReplaceJune 22, 2026 10:38 AM
PR Newswire (US) Issued on behalf of Sky Quarry Inc.After a period of repairs and balance-sheet work, Sky Quarry says it is entering its production phase — with crude already on-site, storage in place, and a strategic position in a fuel market the West keeps shrinkingUSA News Group News Commentary BOCA RATON, Fla., June 22, 2026 /PRNewswire/ -- The American refining map is shrinking, and the math behind that simple fact is becoming one of the more overlooked stories in energy. Across the Western United States, refineries have been closing or announcing closures, pulling meaningful capacity out of a market where demand for gasoline, diesel, and jet fuel has stayed stubbornly resilient. When supply contracts and demand does not, the assets that remain become more valuable — and harder to replace. Against that backdrop, a small Nevada-focused energy company says it is flipping the switch on an asset that sits squarely in the gap. On its latest update, Sky Quarry Inc. (NASDAQ: SKYQ) told shareholders it is entering the production phase at its Foreland Refinery — described as the only operating refinery in the State of Nevada — marking a transition the company has spent years working toward. Key TakeawaysEntering production: Sky Quarry says it is moving into the production phase at the Foreland Refinery near Ely, Nevada — the only operating refinery in the state — with refinery operations expected to commence in July.Inventory already in place: The company reports approximately 10,000 barrels of crude oil and in-process inventory on-site and moving through the refining process, which it frames as both operational readiness and an immediate working asset.Storage and readiness: Foreland has more than 100,000 barrels of total storage capacity, which the company expects to provide operational flexibility and describes as an important component of the refinery's long-term value.A scarce strategic position: Nevada is one of the most fuel-import-dependent states in the country, and the company argues Foreland's in-state refining capacity is increasingly valuable as Western refining capacity exits the market.From preparation to performance: Management frames this as an inflection point — shifting focus from repairing and funding the asset toward production, customer deliveries, operating margins, and cash flow — though it remains a micro-cap working through that transition.Why a Single Refinery Matters So MuchTo understand why Sky Quarry frames this moment as pivotal, you have to understand the unusual scarcity of what it owns. Refineries are extraordinarily difficult to build today: they require enormous capital, years of permitting, and the navigation of environmental and community opposition that has effectively halted new refinery construction in much of the United States. The practical consequence is that existing, permitted, operating refineries have become high-barrier infrastructure — assets that would be very difficult, and in many regions effectively impossible, to replicate. When one of them sits in a state that has none other, its strategic weight grows accordingly.That is the case Sky Quarry makes for Foreland. Nevada consumes substantial quantities of gasoline, diesel, and other refined products, yet has historically relied on fuel imported from neighboring regions — making it one of the most fuel-import-dependent states in the nation. A refinery physically located within Nevada occupies a distinctive position in that supply chain, able to serve in-state demand and the broader Intermountain West without the logistics and cost penalties of long-haul imports. As the company puts it, Foreland provides refining capacity directly within a market that otherwise depends on barrels trucked or piped in from outside.The Capacity Squeeze Working in Its FavorThe macro trend underpinning the story is the steady erosion of Western refining capacity. Several large refining facilities in California have either ceased operations or announced plans to do so, removing meaningful capacity from the Western market. Each closure tightens the regional supply-demand balance and, in the company's framing, reinforces the strategic importance of the refining assets that remain. It is a dynamic that does not depend on any single dramatic event; it is the cumulative, structural drift of a region losing the ability to make its own fuel even as it keeps consuming it.That backdrop is what gives a sub-scale asset like Foreland outsized relevance. The company describes a combination of attributes that, taken together, it considers increasingly difficult to replicate: refining infrastructure, substantial storage capacity, access to regional crude supply, operating permits, customer relationships, and a strategic location serving a fuel-deficient market. Individually, none of these is unique. Collectively, in a region where replacement refining capacity has become scarce, the company argues they form a genuinely defensible position. Foreland has operated for more than two decades, processing heavy crude sourced from Nevada and Utah into diesel, vacuum gas oil, naphtha, and liquid paving asphalt for Western markets.What "Entering Production" Actually Means HereThe substance of the update is a shift from preparation to operation. Sky Quarry says recent work has included repairs, upgrades, and enhancements across critical operating systems, including storage infrastructure that now gives the company more than 100,000 barrels of total storage capacity — capacity that provides operational flexibility and, the company argues, represents an important component of the refinery's long-term value. With that work in its final stages, management expects to commence refinery operations in July.Critically, the company says it is entering operations with inventory already in place — approximately 10,000 barrels of crude oil and in-process inventory on-site and moving through the refining process. Sky Quarry frames that inventory as both a sign of operational readiness and an immediate working asset as production begins, positioning the company to participate in the value-creation process of converting crude into refined products from the outset rather than starting from a standstill."As refinery operations commence, Sky Quarry's focus shifts toward production, customer deliveries, operating margins, and cash flow generation," said Marcus Laun, Interim Chief Executive Officer of Sky Quarry, describing what the company calls a fundamental transition in its corporate evolution. For much of its recent history, management's attention was centered on repairing infrastructure, securing working capital, and preparing Foreland for operations; as operations begin, the company says that focus turns to running the asset and generating cash flow — a materially different operating profile, in its telling, than it carried earlier in the year.The Economics: Margins, Not Just Oil PricesOne nuance worth understanding is how a refiner actually makes money. While headlines tend to fixate on the price of crude oil, a refinery's economics are driven primarily by refining margins — the spread between what it pays for crude feedstock and what it earns for the refined products it sells. Crude oil is the principal input, and in a healthy demand environment, lower feedstock costs can actually benefit a refiner rather than hurt it. Sky Quarry has emphasized that its focus is on operating efficiently, managing costs, and capturing attractive margins through disciplined execution, rather than betting on the direction of crude prices themselves. For investors more accustomed to thinking of energy companies as leveraged plays on oil, that distinction matters: a refiner can prosper in environments that pressure producers, and vice versa.The Names That Frame the Refining TradeSky Quarry is, by any measure, a micro-cap minnow in a sector dominated by far larger operators, but the broader independent-refining landscape helps frame both the economics it is entering and the scale of its established peers. Looking at a few of the most relevant public names illustrates the sector — and the gulf between a single-refinery developer and the industry's incumbents.HF Sinclair Corporation (NYSE: DINO) is arguably the most geographically on-point comparison. The integrated refiner operates facilities across the Rocky Mountain, Mid-Continent, Southwest, and Pacific Northwest regions — including refineries in Wyoming, Utah, and Washington — serving the very Intermountain West fuel markets that Foreland targets, and its Utah operations are configured to run the kind of regional waxy crude that the eastern-Utah basin around Sky Quarry's PR Spring resource is known for. As a large, established operator in Foreland's own backyard, HF Sinclair illustrates both the scale of the regional refining incumbents and the strategic value of refining capacity positioned to serve these inland markets.Par Pacific Holdings, Inc. (NYSE: PARR) offers perhaps the most apt comparison in spirit. Par Pacific has built a business around refineries in logistically isolated, niche Western markets such as Hawaii, Wyoming, and the Pacific Northwest — markets where local refining enjoys a natural advantage over distant imports, much as Sky Quarry argues Foreland does in Nevada. As a mid-cap that has rewarded investors handsomely while carrying the volatility inherent to refining, Par Pacific illustrates both the appeal and the risk of the regionally advantaged refining model.CVR Energy, Inc. (NYSE: CVI) is an independent petroleum refiner and marketer focused on the mid-continent region. CVR exemplifies the margin-driven nature of the refining business — its fortunes rise and fall with the spread between crude costs and refined-product prices — and serves as a reminder that even established refiners operate in a cyclical, margin-sensitive industry where execution and cost discipline determine outcomes.Calumet, Inc. (NASDAQ: CLMT) rounds out the group as one of the closest comparisons in profile, if not in product mix. A specialty-products refiner with facilities positioned from Louisiana to Montana, Calumet is among the smaller, more niche-focused names in the public refining universe — a reminder that not every refiner competes on commodity-fuel scale, and that specialized positioning and disciplined operations matter as much as size. Calumet illustrates the challenges and opportunities facing smaller refining operations, including the leverage and margin sensitivity that come with the territory. These companies are referenced to illustrate the sector and do not imply any partnership, endorsement, affiliation, or comparable financial performance; they are larger and more established multi-facility operators, while Sky Quarry is a micro-cap operating a single refinery and entering its production phase.The Risks Behind the StoryThe strategic logic is compelling, but the risks are substantial and deserve clear emphasis. Sky Quarry is a development-stage micro-cap, and the production phase it is entering follows a difficult stretch: the Foreland refinery experienced outages for boiler repairs that halted production and sharply reduced revenue, and the company has been working through the financial consequences. Management states that repairs are complete and operations are expected to commence in July, but a planned restart is not the same as sustained, profitable production, and ramp-up timelines can slip. The company's ability to procure feedstock, run reliably, and capture healthy margins all remain to be demonstrated at scale.Beyond operational execution, the company carries the ordinary risks of a small-cap energy operator: exposure to volatile refining margins and commodity prices, the need for continued access to capital, and a balance sheet that — while improved, by the company's account — reflects a business still establishing consistent cash generation. As a micro-cap, its shares can be volatile, and its development ambitions beyond the refinery depend on financing that is not assured. Investors should weigh the genuine strategic appeal of a scarce, in-state refining asset against the real and well-documented execution, financing, and commodity risks that accompany a company at this stage.The Bottom LineSky Quarry's update marks a genuine inflection point in its corporate story: the moment a company that has spent years repairing, funding, and preparing an asset says it is ready to actually run it. The value of the Foreland Refinery has historically been viewed through the lens of its potential; as operations commence and throughput builds, it will increasingly be judged on operational performance, cash-generating capability, and its strategic position within a Western fuel market that keeps losing the capacity it cannot easily replace. That is a meaningfully different way for the market to evaluate the company — and a higher bar.Whether Sky Quarry can convert a scarce, strategically located refining asset into sustained, profitable production remains to be proven, and the execution and financing risks facing any micro-cap at this stage are real. But the underlying question the company is built around — who will supply fuel to a region steadily losing the ability to make its own — is a genuinely important one. For investors tracking where the shrinking Western refining map creates value, the switching-on of Nevada's only refinery is a development worth following closely.CONTINUED … Learn more about Sky Quarry Inc. at: https://usanewsgroup.com/skyq-landing.SEE WHAT THE MARKET IS TALKING ABOUT BEFORE IT MOVESEagle Eye reads social, forum, and news chatter across thousands of investor conversations in real time — and surfaces the tickers the crowd is piling into, along with the sentiment and catalysts behind them.Explore Eagle Eye free (for now) at https://Eagle-Eye.dev.CONTACT:
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info@worldstreetintelligence.comSOURCES:[1] Sky Quarry Inc. — "Sky Quarry Enters Production Phase at Nevada's Only Refinery" / shareholder business update (June 2026; primary source for the production-phase transition, ~10,000 bbl on-site inventory, 100,000+ bbl storage, ~$4M liquidity, July operations commencement, CEO Marcus Laun quotes): https://skyquarry.com/investor-information/new-events/.
[2] Sky Quarry Inc. — "Sky Quarry's Nevada Refinery Gains Strategic Value as Brent Crude Surpasses $110 and West Coast Refining Capacity Shrinks" (ACCESS Newswire, April 2, 2026; Foreland ~5,000 bpd permitted capacity, products slate, California refinery closures, Nevada import dependence).
[3] Sky Quarry Inc. — corporate / SEC disclosure (NASDAQ: SKYQ; Foreland / Eagle Springs facility, Railroad Valley near Ely, NV; 1-for-8 reverse split March 2026; Q1 2026 boiler-repair outages and revenue impact; PR Spring, ECOSolv).
[4] U.S. Energy Information Administration — Western U.S. refining capacity, California refinery closures, and regional fuel supply dynamics (context for shrinking PADD 5 refining capacity and import dependence): https://www.eia.gov/petroleum/refinerycapacity/.
[5] Yahoo Finance / sector coverage — independent and downstream refining peer context (HF Sinclair DINO, Par Pacific PARR, CVR Energy CVI, Calumet CLMT; refining margins, Intermountain West and Western-market exposure).DISCLAIMER:USANewsGroup.com ("USA") is a wholly-owned subsidiary of Market IQ Media Group Limited, a company incorporated under the laws of Ireland ("MIQL"). This communication is for digital media distribution purposes only. MIQL has been paid a fee by Creative Direct Marketing Group ("CDMG") for digital media distribution and original content production related to Sky Quarry, Inc. on behalf of Sky Quarry, Inc. The owner/operator of MIQL does not currently own any shares of Sky Quarry, Inc. but reserves the right to buy and sell, and will buy and sell shares of Sky Quarry, Inc. at any time without any further notice commencing immediately and ongoing. The communications between MIQL and Sky Quarry, Inc. and the related compensation arrangements between MIQL, CDMG and Sky Quarry, Inc. have been reviewed and approved on behalf of Sky Quarry, Inc. by CDMG.This article was reviewed and approved on behalf of Sky Quarry, Inc. by CDMG, and also directly from the Sky Quarry Inc.Owners, employees, and agents of USA and MIQL are not registered broker-dealers or investment advisors. The information contained in this communication is not, and should not be construed as, investment advice, an offer to sell or a solicitation of an offer to buy any security. The information contained in this communication is current at the date of publication and is provided in good faith from sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Readers should conduct their own due diligence and consult with a registered broker-dealer or financial advisor before making any investment decision.This communication contains forward-looking statements within the meaning of applicable U.S. securities legislation. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: market and commodity price volatility; legal and regulatory risks; risks of being a small-capitalization company; the volatility of microcap and small-cap securities; risks associated with U.S. listing requirements; reliance on a single operating refinery; risks associated with operating in regulated U.S. energy markets; geopolitical risks; risks associated with development-stage assets; and risks of changes in U.S. federal and state energy policy. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this communication.This article references Sky Quarry, Inc.'s Request for Proposals to engage partners in accelerating development of the PR Spring oil sands asset. Independent investors should understand that the RFP is a non-binding solicitation of interest. There is no guarantee that any partnership transaction, joint venture, or development financing will result from the RFP process, or that any specific commercial terms will be agreed. Estimated production costs ($35 per barrel) and incremental capital requirements ($4 to $5 million) are based on prior engineering and feasibility work and are subject to change. The PR Spring resource estimate (approximately 180 million barrels) is based on prior technical reports and does not constitute proved reserves.Comparable companies referenced in this article (Valero Energy, HF Sinclair, Par Pacific, and Delek US) are presented for context purposes only. Sky Quarry, Inc. is materially different from each of these comparables in terms of market capitalization, refining throughput, leverage, and operating scope. Past performance of any comparable does not guarantee future performance of Sky Quarry, Inc.By reading this communication, the reader acknowledges that they have read and understand this disclaimer and the risks identified herein. View original content to download multimedia:https://www.prnewswire.com/news-releases/nevadas-only-refinery-is-switching-on--just-as-the-west-loses-the-capacity-it-cant-replace-302806475.html Original: Nevada's Only Refinery Is Switching On -- Just as the West Loses the Capacity It Can't Replace

Sinclair’s Largest Promotion of the Year Is Back and Too Big for Just One DayMay 29, 2026 10:30 AM
Business Wire Sinclair Oil (Sinclair), an HF Sinclair (NYSE: DINO) brand, announced today its third annual DINO Days, a five-day customer promotion running June 1–5, 2026, in honor of National Dinosaur Day. DINO Days has grown from a one-day promotion in 2024 to a five-day event featuring fuel savings, games and chances to win DINO merchandise. The promotion begins Monday, June 1, on Facebook and Instagram (@sinclairoilcorp), where followers will help build the ultimate summer road trip playlist. On Tuesday, June 2, to celebrate Sinclair’s 110th anniversary, DINO fans will have 110 chances to win a DINO merchandise box filled with fan-favorites. Winners to be announced June 5. On Wednesday, June 3, the fun continues with a secret password hidden on Sinclair’s social media channels. Once found, the first 110 customers can claim a fuel discount via direct message. On Thursday, June 4, Sinclair customers can save up to 30 cents per gallon on all fuel grades at participating locations. To access the discount, customers must clip the DINO Days coupon in DINOPAY®, Sinclair’s easy-to-use mobile payment app, available for free on the Apple App Store and Google Play. Additional information about the DINO Days gasoline promotion and DINOPAY® is available at SinclairOil.com/DINODays. DINO Days concludes on June 5 with Folds of Honor Friday. Customers who donate $50 or more in support of Folds of Honor will earn a 50-cent DINOPAY fuel coupon redeemable in July. Folds of Honor provides educational scholarships to the spouses and children of America’s fallen or disabled military service members and first responders. “This celebration, which coincides with National Dinosaur Day, keeps growing because it’s been such a hit with our customers and our distributors,” said Fergie Theriault, vice president of branded marketing for HF Sinclair. “DINO Days has expanded from one day to three days and now five days in 2026 as we continue to add more fun, more giveaways and more savings. With this year’s fuel discount applying to all grades of fuel, we’re excited to welcome even more customers to be a part of DINO Days.” Spotted on station signage from coast to coast, the Sinclair dinosaur first became associated with the company through advertising campaigns in the 1930s. Since then, the green dinosaur has become a symbol of Sinclair Oil and its parent company, HF Sinclair, appearing on gas pumps, station signage, merchandise and more. For more information, visit SinclairOil.com. About HF Sinclair Corporation: HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to its refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. It supplies high-quality fuels to more than 1,700 branded stations and licenses the use of the Sinclair brand at more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. About Sinclair Oil: Sinclair Oil, an HF Sinclair brand, is one of the oldest continuous brands in the energy business. Recognized for its iconic dinosaur, Sinclair has more than 1,800 independent Sinclair-branded and licensed stations throughout the country. DINOPAY® is an app-based payment system that allows users to pay for fuel and in-store items with their mobile device, track receipts, utilize fuel discounts and locate the nearest Sinclair location. Terms and conditions for DINO Days promotions are available at SinclairOil.com/DINODays View source version on businesswire.com: https://www.businesswire.com/news/home/20260529837685/en/ Media Inquiries
media@hfsinclair.com Original: Sinclair’s Largest Promotion of the Year Is Back and Too Big for Just One Day

180 Million Barrels Of Oil Sands, A 5,000 BPD Permitted Nevada Refinery, And A New Multi-Party SAF Collaboration Just Stacked Onto The U.S. Domestic Refining Capacity ConversationMay 29, 2026 8:56 AM
PR Newswire (US) Issued on behalf of Sky Quarry Inc.As Western U.S. refining capacity continues to consolidate, Brent crude trades in the ~$95.00 range, and the Trump administration prioritizes domestic refining under Presidential Determinations, one integrated energy and resource recovery company has positioned itself directly at the intersection of feedstock, infrastructure, and policy.USA News Group News CommentaryWOODS CROSS, Utah, May 29, 2026 /PRNewswire/ -- U.S. domestic refining capacity has entered a structurally tight phase. West Coast refining capacity has continued to shrink, the Q1 2026 earnings cycle for major U.S. refiners confirmed disciplined demand and tight margin discipline across the complex, and the Trump administration's Presidential Determinations on domestic refining capacity under the Defense Production Act have placed strategic priority on U.S.-based refining infrastructure. Inside that landscape, Sky Quarry, Inc. (NASDAQ: SKYQ), Valero Energy Corporation (NYSE: VLO), HF Sinclair Corporation (NYSE: DINO), Par Pacific Holdings, Inc. (NYSE: PARR), and Delek US Holdings, Inc. (NYSE: DK) collectively span the spectrum from emerging vertically integrated upstream-downstream operator to large-scale U.S. refining-and-marketing major.  Sky Quarry, Inc. (NASDAQ: SKYQ), an integrated energy and resource recovery company, has used the first half of 2026 to sequence a series of strategic announcements positioning the Company directly at the intersection of feedstock availability, U.S. refining capacity, and emerging low-carbon fuel pathways. On May 7, 2026, Sky Quarry executed a non-binding multi-party Memorandum of Understanding with Southern Energy Renewables, Inc. (a U.S.-based developer of carbon-negative fuels and large-scale biomass-to-Sustainable Aviation Fuel platforms) and DevvStream Corp. (a technology-driven environmental markets and carbon management company). The MOU has an initial three-year term and establishes a strategic collaboration focused on fuel innovation, refinery integration, and low-carbon fuel development.The collaboration targets pilot-scale validation of SAF, specialty fuels, and recycled-hydrocarbon blends at Sky Quarry's PR Spring oil sands asset in Utah — a resource the Company has disclosed at approximately 180 million barrels of oil — alongside technology upgrades at the Foreland Refinery in Nevada. The integrated pathway provides Sky Quarry access to carbon management, environmental attributes, and commercialization pathways across both the conventional refining and SAF sides of the U.S. fuel supply environment. Section 45Z Production Tax Credit framework on the SAF side and Defense Production Act policy on the conventional side together describe the most supportive operating environment U.S. integrated refining operators have seen in recent memory.Earlier in the quarter, on April 29, 2026 (with an expanded version released on May 4, 2026), Sky Quarry announced a Request for Proposals (RFP) to engage partners seeking to accelerate development and commercialization of the approximately 180 million barrels of oil at the PR Spring asset. The RFP includes potential integration of PR Spring heavy oil production directly into the Foreland Refinery — creating a vertically integrated upstream-to-downstream pathway from Utah feedstock to Western U.S. finished products. The Company has also issued a separate RFP to monetize 7 megawatts of installed surplus turbine generation at the same site, providing additional commercial flexibility around the underlying infrastructure base.The Foreland Refinery operates at 5,000 barrels per day of permitted capacity — a scarce, fully permitted, and recently upgraded asset inside a constrained Western U.S. fuel market. On January 27, 2026, Sky Quarry announced the completion of high-impact system upgrades at Foreland, unlocking strategic value across the refinery's 5,000 BPD permitted capacity. The Company's broader strategic growth plan, announced in 2025, targets up to 800,000 barrels of annual sustained production at Foreland — providing the operational scale-up roadmap for the integrated upstream-and-downstream model the Company is now executing against.Sky Quarry's positioning within the U.S. domestic refining capacity — reinforced by the April 23, 2026 press release citing the Trump administration's Presidential Determinations on domestic refining capacity under the Defense Production Act — places the Company at the intersection of the energy security policy framework now being deployed at the federal level. The combination of permitted refinery infrastructure, 180 million barrels of in-place feedstock, multi-party SAF collaboration, and Defense Production Act policy alignment provides the structural framework within which Sky Quarry's integrated platform is being evaluated. For more company information, visit USA News Group.In other industry developments and happenings in the market include:Valero Energy Corporation (NYSE: VLO) — among the largest independent petroleum refiners and marketers in the world — has continued to leverage tight U.S. refining margin economics through Q1 2026. The Company's portfolio of refineries across the U.S. Gulf Coast, mid-continent, West Coast, and Atlantic Coast provides the scale reference for what large-cap U.S. refining-and-marketing operations look like inside the current Western fuel supply environment. Recent quarterly results continued to reflect disciplined refining margin capture across the cycle.Valero's continued scale advantage and refining margin discipline provides the institutional reference for U.S. refining sector performance — and reinforces the structural premium attaching to permitted refining capacity inside the current Defense Production Act prioritization framework. Across the U.S. refining complex, the procurement environment continues to favor operators with established, permitted, and operationally upgraded refining infrastructure.HF Sinclair Corporation (NYSE: DINO) — formed via the 2022 merger of HollyFrontier and Sinclair — has continued to operate one of the larger integrated U.S. refining and marketing platforms through Q1 2026. The Company's refineries across the mid-continent and Rocky Mountain regions, combined with the Sinclair-branded retail network, provide diversified margin capture across the U.S. fuel supply chain.HF Sinclair's integrated refining-and-marketing model and continued operational platform discipline through 2026 reinforces the structural relevance of regional refining infrastructure inside the broader U.S. fuel supply environment. The Company's continued investment in renewable diesel and lower-carbon fuel pathways provides additional architectural reference for the integrated conventional-and-low-carbon strategy that mid-sized U.S. refiners are increasingly deploying.Par Pacific Holdings, Inc. (NYSE: PARR) operates refining assets in Hawaii, Wyoming, Montana, and Washington — making it one of the more geographically diversified mid-tier U.S. independent refiners. Par Pacific's positioning at the intersection of constrained regional markets (particularly Hawaii and the Pacific Northwest) has reinforced the strategic relevance of its refining footprint inside the tightening Western U.S. fuel supply environment through 2026.Par Pacific's regional refining concentration — particularly in Western and Pacific markets — provides direct reference for the structural value of permitted Western refining infrastructure. The Company's operating discipline and continued reinvestment in refining capacity reinforces the broader procurement environment thesis: Western U.S. refining capacity is structurally constrained, and operators with permitted, operationally upgraded assets are commanding strategic value.Delek US Holdings, Inc. (NYSE: DK) operates refining assets in the U.S. Gulf Coast and mid-continent regions, alongside a retail and logistics platform. The Company's Q1 2026 earnings cycle reinforced the broader U.S. refining sector observation: tight global capacity, disciplined demand, and structurally supported refining margins are providing the operating environment within which mid-sized U.S. independent refiners are operating.Delek's continued operational platform and disciplined capital allocation through 2026 provides the additional reference for U.S. independent refining performance inside the current cycle. Across the broader U.S. independent refining complex, the structural premium attaching to permitted refining capacity — combined with the Defense Production Act prioritization framework — continues to reinforce the institutional engagement around U.S.-based integrated refining-and-feedstock operations of all scales.Across the comparable set, the message is consistent: U.S. domestic refining capacity is constrained, Western fuel supply is tightening, and federal policy is actively reinforcing the strategic value of permitted refining infrastructure. Sky Quarry's May 7 multi-party MOU with Southern Energy Renewables and DevvStream, the April–May RFP for the 180-million-barrel PR Spring oil sands asset, the January 2026 Foreland refinery upgrades completion, and the April 23 Defense Production Act positioning collectively place the Company at the integrated upstream-and-downstream intersection inside the broader U.S. refining capacity priority. For investors building exposure to the U.S. domestic refining and energy security cycle, SKYQ deserves a closer look.CONTINUED… Read this and more news for Sky Quarry Inc. at: https://usanewsgroup.com/skyq-landing.Logo: https://mma.prnewswire.com/media/2838876/USA_News_Group_Logo.jpgCONTACT:
USA News Group
info @therooster-2873Article Sources:[1] https://www.stocktitan.net/news/SKYQ/sky-quarry-enters-strategic-multi-party-mou-to-advance-next-3x4zih3h99i6.html
[2] https://www.prnewswire.com/news-releases/180-million-barrels-of-utah-oil-sands-resource-under-development-by-sky-quarry-302769254.html
[3] https://www.globenewswire.com/news-release/2026/05/12/3293082/0/en/The-Unlikely-Intersection-of-America-s-Only-Nevada-Refinery-and-Sustainable-Aviation-Fuel.html
[4] https://www.valero.com/news
[5] https://hfsinclair.com/news
[6] https://www.parpacific.com/news
[7] https://www.delekus.com/newsDISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by USA News Group on behalf of Market IQ Media Group Inc. ("MIQ"). Regarding this publication, MIQ has been paid a fee for Sky Quarry, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Sky Quarry, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ does not currently own shares of Sky Quarry, Inc. but reserves the right to buy and sell, and will buy and sell shares of Sky Quarry, Inc. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. Please let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of Sky Quarry, Inc. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Issued on behalf of Sky Quarry, Inc. by USA News Group / Market IQ Media Group, Inc. View original content:https://www.prnewswire.com/news-releases/180-million-barrels-of-oil-sands-a-5-000-bpd-permitted-nevada-refinery-and-a-new-multi-party-saf-collaboration-just-stacked-onto-the-us-domestic-refining-capacity-conversation-302785492.htmlSOURCE USA News Group Original: 180 Million Barrels Of Oil Sands, A 5,000 BPD Permitted Nevada Refinery, And A New Multi-Party SAF Collaboration Just Stacked Onto The U.S. Domestic Refining Capacity Conversation

Sinclair Celebrates 110 Years With DINO-Venture, a Nine-City Road Trip Across the WestMay 22, 2026 11:00 AM
Business Wire Sinclair Oil (Sinclair), an HF Sinclair (NYSE: DINO) brand, announced today DINO-Venture, a nine-city road trip celebrating the brand’s 110th anniversary and the U.S. summer road trip tradition. From May 22 through June 15, Sinclair’s beloved green DINO will travel more than 3,000 miles across the West with a custom LED mobile truck, visiting Sinclair stations, distributor partners and the communities that have fueled the brand’s journey since 1916. “For 110 years, Sinclair has been part of the American road trip, and DINO has been part of those memories,” said Fergie Theriault, vice president of branded marketing for HF Sinclair. “DINO-Venture brings us to the communities we serve — meeting customers where they are, celebrating our distributors and partners, and showing how Sinclair fuels the journey, wherever it leads.” The DINO-Venture route winds through nine communities central to Sinclair’s heritage and growth: Seattle, Washington Boise, Idaho Yellowstone National Park, Wyoming Casper, Wyoming Rapid City, South Dakota Grand Junction, Colorado Flagstaff, Arizona Salt Lake City, Utah Tulsa, Oklahoma At select stops, the LED mobile truck will anchor on-site activations featuring DINO, brand ambassadors and local creators. Stops will feature giveaways, photo moments and city-specific promotional offers tied to seasonal moments, including National Road Trip Day, National Dinosaur Day and Father’s Day, as well as America’s 250th anniversary. DINO-Venture also highlights the family-owned distributors and operators who help bring the Sinclair brand to communities nationwide. The road trip will conclude in Tulsa with a Folds of Honor scholarship ceremony. Sinclair and DINO will serve as presenting sponsors, recognizing a scholarship recipient from a military or first responder family. The event continues a multiyear partnership between Sinclair and Folds of Honor. The brand’s 2025 Fueling Folds of Honor campaign raised more than $1 million for scholarship recipients. “This is an important storytelling journey in celebration of our brand’s history,” Theriault added. “We’re capturing the stories of the people, places and partners that help define Sinclair and sharing them throughout the summer.” Content from DINO-Venture will roll out across Sinclair’s social channels from May 22 through Labor Day. Follow the journey at @sinclairoilcorp on Instagram and Facebook and learn more about DINOPAY and DINOCARE at sinclairoil.com. About HF Sinclair Corporation: HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to its refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. It supplies high-quality fuels to more than 1,700 branded stations and licenses the use of the Sinclair brand at more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. About Sinclair Oil: Sinclair Oil, an HF Sinclair brand, is one of the oldest continuous brands in the energy business. Recognized for its iconic dinosaur, Sinclair has more than 1,800 independent Sinclair-branded and licensed stations throughout the country. DINOPAY® is an app-based payment system that allows users to pay for fuel and in-store items with their mobile device, track receipts, utilize fuel discounts and locate the nearest Sinclair location. View source version on businesswire.com: https://www.businesswire.com/news/home/20260522153540/en/ Media Inquiries
media@hfsinclair.com Original: Sinclair Celebrates 110 Years With DINO-Venture, a Nine-City Road Trip Across the West

HF Sinclair Reports 2026 First Quarter Results and Announces Regular Cash DividendMay 1, 2026 6:30 AM
Business Wire

Reported Net income attributable to HF Sinclair stockholders of $648 million, or $3.56 per diluted share, and adjusted net income attributable to HF Sinclair stockholders of $127 million, or $0.69 per diluted share



Reported EBITDA of $1,097 million and Adjusted EBITDA of $426 million



Returned $167 million to stockholders through dividends and share repurchases in the first quarter



Announced regular quarterly dividend of $0.50 per share



HF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) (“HF Sinclair” or the “Company”) today reported Net income attributable to HF Sinclair stockholders of $648 million, or $3.56 per diluted share, for the quarter ended March 31, 2026, compared to Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, for the quarter ended March 31, 2025. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the first quarter of 2026 was $127 million, or $0.69 per diluted share, compared to adjusted net loss attributable to HF Sinclair stockholders of $50 million, or $(0.27) per diluted share, for the first quarter of 2025.


HF Sinclair’s Chief Executive Officer, Franklin Myers, commented, “During the quarter, we delivered strong results across each of our business segments supported by safe and reliable operations. Looking forward, we remain focused on the execution of our strategic priorities and believe each of our business segments is well positioned to take advantage of the current favorable macroeconomic backdrop.”


Refining segment income before interest and income taxes was $514 million for the first quarter of 2026 compared to a loss of $30 million for the first quarter of 2025. Excluding the Lower of cost or market inventory valuation adjustment benefit of $604 million, the segment reported Adjusted EBITDA of $55 million for the first quarter of 2026 compared to $(8) million for the first quarter of 2025. This increase was principally driven by higher adjusted refinery gross margins in the West region and increased refined product sales volumes, partially offset by lower adjusted refinery gross margins in the Mid-Continent region. Small refinery RINs waivers granted by the EPA in the fourth quarter of 2025 increased adjusted refinery gross margins by $21 million in the first quarter of 2026. Adjusted refinery gross margin was $9.95 per produced barrel sold, a 9% increase compared to $9.12 for the first quarter of 2025. Crude oil charge averaged 613,050 barrels per day (“BPD”) for the first quarter of 2026 compared to 606,140 BPD for the first quarter of 2025.


Renewables segment income before interest and income taxes was $182 million for the first quarter of 2026 compared to a loss of $39 million for the first quarter of 2025. Excluding the Lower of cost or market inventory valuation adjustment benefit of $68 million, the segment reported Adjusted EBITDA of $133 million in the first quarter of 2026, compared to $(17) million in the first quarter of 2025. This increase was principally driven by higher adjusted renewables gross margins and increased sales volumes in the first quarter of 2026. Adjusted renewables gross margins increased as a result of the narrowing of the BOHO spread, higher RINs prices and the recognition of significantly more in Producer’s Tax Credit (“PTC”) benefits compared to the first quarter of 2025. Results for the first quarter of 2026 include prior year PTC benefits of $49 million that were recognized following the February 2026 proposed ruling by the United States Department of the Treasury and Internal Revenue Service. Total sales volumes were 52 million gallons for the first quarter of 2026 compared to 44 million gallons for the first quarter of 2025.


Marketing segment income before interest and income taxes was $20 million for the first quarter of 2026, consistent with the first quarter of 2025. The segment reported EBITDA of $28 million for the first quarter of 2026 compared to $27 million for the first quarter of 2025. Total branded fuel sales volumes were 325 million gallons for the first quarter of 2026 compared to 294 million gallons for the first quarter of 2025.


Lubricants & Specialties segment income before interest and income taxes was $78 million for the first quarter of 2026 compared to $63 million in the first quarter of 2025. The segment reported Adjusted EBITDA of $103 million for the first quarter of 2026 compared to $85 million in the first quarter of 2025. The increase was primarily driven by a larger FIFO benefit in the first quarter of 2026 compared to the first quarter of 2025, partially offset by the dislocation between rising feedstock costs and product sales price increases. During the first quarter of 2026, we recognized a FIFO benefit of $53 million compared to a FIFO benefit of $8 million during the first quarter of 2025.


Midstream segment income before interest and income taxes was $94 million for the first quarter of 2026 compared to $63 million for the first quarter of 2025. The segment reported Adjusted EBITDA of $111 million for the first quarter of 2026 compared to $119 million for the first quarter of 2025. The decrease was primarily driven by an increase in operating costs as a result of a fuel-contamination incident at one of our product terminals in Colorado in the first quarter of 2026.


For the first quarter of 2026, net cash provided by operations totaled $457 million. At March 31, 2026, the Company’s Cash and cash equivalents totaled $1,148 million, a $170 million increase compared to Cash and cash equivalents of $978 million at December 31, 2025. During the first quarter of 2026, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $91 million and spent $76 million on share repurchases. Additionally, at March 31, 2026, the Company’s consolidated debt was $2,771 million.


HF Sinclair also announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.50 per share. The dividend is payable on June 2, 2026 to holders of record of common stock on May 11, 2026.


The Company has scheduled a webcast conference call for today, May 1, 2026, at 8:30 AM Eastern Time to discuss first quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/126280302. An audio archive of this webcast will be available using the above-noted link through May 15, 2026.


HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and supplies high-quality fuels to more than 1,750 branded stations and licenses the use of the Sinclair brand to more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in New Mexico. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries.


The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are “forward-looking statements” based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in the Company’s filings with the Securities and Exchange Commission (the “SEC”). All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Forward-looking statements use words such as “anticipate,” “project,” “will,” “expect,” “plan,” “goal,” “forecast,” “strategy,” “intend,” “should,” “would,” “could,” “believe,” “may,” and similar expressions and statements regarding the Company’s plans and objectives for future operations. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot assure you that the Company’s expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the demand for and supply of feedstocks, crude oil and refined products, including uncertainty regarding societal expectations that companies address climate impacts and greenhouse gas emissions; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in the Company’s markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of crude oil, refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery or other production facility operations or pipelines, whether due to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, infection in the workforce, weather events, global health events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, vandalism or other catastrophes or disruptions affecting the Company’s operations, production facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing at the Company’s suppliers, customers, or third-party providers, and any potential asset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions; the effects of current and/or future governmental and environmental regulations and policies, including compliance with, or exemptions from, existing, new and changing environmental and health and safety laws and regulations, related reporting requirements and pipeline integrity programs; the availability and cost of financing to the Company; the effectiveness of the Company’s capital investments and marketing strategies; the Company’s efficiency in carrying out and consummating construction projects, including the Company’s ability to complete announced capital projects on time and within capital guidance; the Company’s ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of the Company to acquire complementary assets or businesses to the Company’s existing assets and businesses on acceptable terms and to integrate any existing or future acquired operations and realize the expected synergies of any such transaction on the expected timeline; the possibility of vandalism or other disruptive activity, or terrorist or cyberattacks and the consequences of any such activities or attacks; uncertainty regarding the effects and duration of global hostilities, war or any associated military campaigns, including those in oil producing regions, such as the ongoing military conflict in the Middle East, which may disrupt crude oil supplies and markets for the Company’s refined products and create instability in the financial markets that could restrict the Company’s ability to raise capital; general economic conditions, including uncertainties regarding trade policies, such as the imposition or implementation of tariffs, or economic slowdowns caused by a local or national recession or other adverse economic conditions, such as periods of increased or prolonged inflation; limitations on the Company’s ability to make future dividend payments or effectuate share repurchases due to market conditions and corporate, tax, regulatory and other considerations; and other business, financial, operational and legal risks. Additional information on risks and uncertainties that could affect our business prospects and performance is provided in the reports filed by us with the SEC. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


RESULTS OF OPERATIONS


Financial Data (all information in this release is unaudited)




 






Three Months Ended March 31,






 






Change from 2025








 






 






2026






 






 






 






2025






 






 






Change






 






Percent








 






 






 






 






 






 






 






 








 






(In millions, except share and per share data)








Sales and other revenues






$






7,123






 






 






$






6,370






 






 






$






753






 






 






12






%








 






 






 






 






 






 






 






 








Operating costs and expenses:






 






 






 






 






 






 






 








Cost of sales: (1)






 






 






 






 






 






 






 








Cost of materials and other (2)






 






5,980






 






 






 






5,476






 






 






 






504






 






 






9






%








Lower of cost or market inventory valuation adjustments






 






(672






)






 






 






(117






)






 






 






(555






)






 






474






%








Operating expenses






 






624






 






 






 






596






 






 






 






28






 






 






5






%








 






 






5,932






 






 






 






5,955






 






 






 






(23






)






 






—






%








Selling, general and administrative expenses (1)






 






115






 






 






 






104






 






 






 






11






 






 






11






%








Depreciation and amortization






 






229






 






 






 






225






 






 






 






4






 






 






2






%








Other operating expenses, net






 






—






 






 






 






5






 






 






 






(5






)






 






(100






)%








Total operating costs and expenses






 






6,276






 






 






 






6,289






 






 






 






(13






)






 






—






%








Income from operations






 






847






 






 






 






81






 






 






 






766






 






 






946






%








 






 






 






 






 






 






 






 








Other income (expense):






 






 






 






 






 






 






 








Earnings of equity method investments






 






8






 






 






 






11






 






 






 






(3






)






 






(27






)%








Interest income






 






10






 






 






 






9






 






 






 






1






 






 






11






%








Interest expense






 






(41






)






 






 






(49






)






 






 






8






 






 






(16






)%








Other income (expense), net






 






15






 






 






 






(53






)






 






 






68






 






 






NM






 








 






 






(8






)






 






 






(82






)






 






 






74






 






 






(90






)%








Income (loss) before income taxes






 






839






 






 






 






(1






)






 






 






840






 






 






NM






 








Income tax expense






 






189






 






 






 






1






 






 






 






188






 






 






18,800






%








Net income (loss)






 






650






 






 






 






(2






)






 






 






652






 






 






NM






 








Less: net income attributable to noncontrolling interests






 






2






 






 






 






2






 






 






 






—






 






 






—






%








Net income (loss) attributable to HF Sinclair stockholders






$






648






 






 






$






(4






)






 






$






652






 






 






NM






 








 






 






 






 






 






 






 






 








Earnings (loss) per share attributable to HF Sinclair stockholders:






 






 






 






 






 






 






 








Basic






$






3.56






 






 






$






(0.02






)






 






$






3.58






 






 






NM






 








Diluted






$






3.56






 






 






$






(0.02






)






 






$






3.58






 






 






NM






 








Cash dividends declared per common share






$






0.50






 






 






$






0.50






 






 






$






—






 






 






—






%








 






 






 






 






 






 






 






 








Average number of common shares outstanding (in thousands):






 






 






 






 






 






 






 








Basic






 






180,653






 






 






 






188,488






 






 






 






(7,835






)






 






(4






)%








Diluted






 






180,653






 






 






 






188,488






 






 






 






(7,835






)






 






(4






)%








 






 






 






 






 






 






 






 








EBITDA






$






1,097






 






 






$






262






 






 






$






835






 






 






319






%








Adjusted EBITDA






$






426






 






 






$






201






 






 






$






225






 






 






112






%








(1)


Exclusive of Depreciation and amortization.







(2)


Exclusive of Lower of cost or market inventory valuation adjustments.







Balance Sheet Data




 






March 31, 2026






 






December 31, 2025








 






 






 






 








 






(In millions)








Cash and cash equivalents






$






1,148






 






$






978








Working capital






$






2,849






 






$






2,327








Total assets






$






18,172






 






$






16,510








Total debt






$






2,771






 






$






2,769








Total equity






$






9,729






 






$






9,249







Segment Information


Our operations are organized into five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. Our operations that are not included in one of these five reportable segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.


The Refining segment represents the operations of our El Dorado, Tulsa, Navajo, Woods Cross, Puget Sound, Parco and Casper refineries and HF Sinclair Asphalt Company LLC (“Asphalt”). Refining activities involve the purchase and refining of crude oil and wholesale marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest, Rocky Mountains and Pacific Northwest geographic regions of the United States. Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma.


The Renewables segment represents the operations of our Cheyenne renewable diesel unit (“RDU”), Artesia RDU, Sinclair RDU and the pre-treatment unit at our Artesia, New Mexico facility.


The Marketing segment represents branded fuel sales to Sinclair branded sites in the United States and licensing fees for the use of the Sinclair brand at additional locations throughout the country. Branded fuel is also sold to non-Sinclair branded sites and includes revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of sites in our West and Mid-Continent regions. In February 2026, we formed the joint venture Green Trail Fuels, LLC in which we hold a 50% non-operating economic interest. The joint venture includes various retail sites across Colorado and New Mexico and is supplied fuel by our proximate regional refineries.


The Lubricants & Specialties segment includes Petro-Canada Lubricants’ production operations, located in Mississauga, Ontario, which produces lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States and Europe. Additionally, the Lubricants & Specialties segment includes specialty lubricant products produced at our Tulsa facilities that are marketed throughout North America and are distributed in Central and South America and includes the operations of Red Giant Oil, one of the leading suppliers of locomotive engine oil in North America. Also, the Lubricants & Specialties segment includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.


The Midstream segment includes all of the operations of our wholly-owned subsidiary Holly Energy Partners, L.P., which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, and terminals, tankage and loading rack facilities in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. The Midstream segment also includes 50% ownership interests in each of Osage Pipeline Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas, and Cushing Connect Pipeline & Terminal LLC, the owner of a pipeline running from Cushing, Oklahoma to Tulsa, Oklahoma, a 26.08% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a pipeline running from the Powder River Basin to Casper, Wyoming, and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline running from Sinclair, Wyoming to the North Salt Lake City, Utah terminal. Revenues and other income from the Midstream segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations, and revenues relating to pipeline transportation, terminalling operations and tankage facilities provided for our refining operations.




 






 






Refining






 






Renewables






 






Marketing






 






Lubricants & Specialties






 






Midstream






 






Corporate, Other and Eliminations






 






Consolidated Total








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






(In millions)








Three Months Ended March 31, 2026








Sales and other revenues:






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Revenues from external customers






 






$






5,439






 






 






$






208






 






 






$






792






 






$






653






 






$






31






 






 






$






—






 






 






$






7,123






 








Intersegment revenues and other (1)






 






 






832






 






 






 






126






 






 






 






—






 






 






1






 






 






135






 






 






 






(1,094






)






 






 






—






 








 






 






 






6,271






 






 






 






334






 






 






 






792






 






 






654






 






 






166






 






 






 






(1,094






)






 






 






7,123






 








Cost of sales: (2)








Cost of materials and other (3)






 






 






5,691






 






 






 






178






 






 






 






756






 






 






450






 






 






—






 






 






 






(1,095






)






 






 






5,980






 








Lower of cost or market inventory valuation adjustments






 






 






(604






)






 






 






(68






)






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






 






(672






)








Operating expenses






 






 






468






 






 






 






22






 






 






 






—






 






 






74






 






 






59






 






 






 






1






 






 






 






624






 








 






 






 






5,555






 






 






 






132






 






 






 






756






 






 






524






 






 






59






 






 






 






(1,094






)






 






 






5,932






 








Selling, general and administrative expenses (2)






 






 






57






 






 






 






1






 






 






 






8






 






 






42






 






 






2






 






 






 






5






 






 






 






115






 








Depreciation and amortization






 






 






145






 






 






 






19






 






 






 






8






 






 






24






 






 






19






 






 






 






14






 






 






 






229






 








Income (loss) from operations






 






 






514






 






 






 






182






 






 






 






20






 






 






64






 






 






86






 






 






 






(19






)






 






 






847






 








Earnings of equity method investments






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






8






 






 






 






—






 






 






 






8






 








Other income (expense), net






 






 






—






 






 






 






—






 






 






 






—






 






 






14






 






 






—






 






 






 






1






 






 






 






15






 








Income (loss) before interest and income taxes






 






 






514






 






 






 






182






 






 






 






20






 






 






78






 






 






94






 






 






 






(18






)






 






 






870






 








Interest income






 






 






 






 






 






 






 






 






 






 






 






 






 






 






10






 








Interest expense






 






 






 






 






 






 






 






 






 






 






 






 






 






 






(41






)








Income before income taxes






 






 






 






 






 






 






 






 






 






 






 






 






 






$






839






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income attributable to noncontrolling interests






 






$






—






 






 






$






—






 






 






$






—






 






$






—






 






$






2






 






 






$






—






 






 






$






2






 








Capital expenditures






 






$






64






 






 






$






1






 






 






$






18






 






$






6






 






$






12






 






 






$






1






 






 






$






102






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Three Months Ended March 31, 2025








Sales and other revenues:






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Revenues from external customers






 






$






4,923






 






 






$






94






 






 






$






686






 






$






638






 






$






29






 






 






$






—






 






 






$






6,370






 








Intersegment revenues and other (1)






 






 






728






 






 






 






96






 






 






 






—






 






 






—






 






 






127






 






 






 






(951






)






 






 






—






 








 






 






 






5,651






 






 






 






190






 






 






 






686






 






 






638






 






 






156






 






 






 






(951






)






 






 






6,370






 








Cost of sales: (2)






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cost of materials and other (3)






 






 






5,140






 






 






 






183






 






 






 






652






 






 






453






 






 






—






 






 






 






(952






)






 






 






5,476






 








Lower of cost or market inventory valuation adjustments






 






 






(116






)






 






 






(1






)






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






 






(117






)








Operating expenses






 






 






461






 






 






 






23






 






 






 






—






 






 






64






 






 






46






 






 






 






2






 






 






 






596






 








 






 






 






5,485






 






 






 






205






 






 






 






652






 






 






517






 






 






46






 






 






 






(950






)






 






 






5,955






 








Selling, general and administrative expenses (2)






 






 






54






 






 






 






1






 






 






 






7






 






 






36






 






 






2






 






 






 






4






 






 






 






104






 








Depreciation and amortization






 






 






137






 






 






 






23






 






 






 






7






 






 






22






 






 






18






 






 






 






18






 






 






 






225






 








Other operating expenses, net






 






 






5






 






 






 






—






 






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






 






5






 








Income (loss) from operations






 






 






(30






)






 






 






(39






)






 






 






20






 






 






63






 






 






90






 






 






 






(23






)






 






 






81






 








Earnings of equity method investments






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






12






 






 






 






(1






)






 






 






11






 








Other income (expense), net






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






(39






)






 






 






(14






)






 






 






(53






)








Income (loss) before interest and income taxes






 






 






(30






)






 






 






(39






)






 






 






20






 






 






63






 






 






63






 






 






 






(38






)






 






 






39






 








Interest income






 






 






 






 






 






 






 






 






 






 






 






 






 






 






9






 








Interest expense






 






 






 






 






 






 






 






 






 






 






 






 






 






 






(49






)








Loss before income taxes






 






 






 






 






 






 






 






 






 






 






 






 






 






$






(1






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income attributable to noncontrolling interests






 






$






—






 






 






$






—






 






 






$






—






 






$






—






 






$






2






 






 






$






—






 






 






$






2






 








Capital expenditures






 






$






58






 






 






$






1






 






 






$






6






 






$






10






 






$






9






 






 






$






2






 






 






$






86






 








(1)


Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.







(2)


Exclusive of Depreciation and amortization.







(3)


Exclusive of Lower of cost or market inventory valuation adjustments.







Refining Segment Operating Data


The following tables set forth information, including non-GAAP (generally accepted accounting principles) performance measures, about our consolidated refinery operations. Adjusted refinery gross margin per produced barrel sold is total Refining segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of produced refined products. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to inventory held at the end of the period. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.


The disaggregation of our refining geographic operating data is presented in two regions, Mid-Continent and West, to best reflect the economic drivers of our refining operations. The Mid-Continent region is comprised of the El Dorado and Tulsa refineries. The West region is comprised of the Puget Sound, Navajo, Woods Cross, Parco and Casper refineries.




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








Mid-Continent Region






 






 








Crude charge (BPD) (1)






 






 






263,880






 






 






 






260,610






 








Refinery throughput (BPD) (2)






 






 






282,380






 






 






 






276,490






 








Sales of produced refined products (BPD) (3)






 






 






272,810






 






 






 






255,360






 








Refinery utilization (4)






 






 






101.5






%






 






 






100.2






%








 






 






 






 






 








Average per produced barrel sold: (5)






 






 






 






 








Gross margin (6)






 






$






8.80






 






 






$






1.21






 








 






 






 






 






 








Adjusted refinery gross margin (7)






 






$






3.58






 






 






$






7.60






 








Less: operating expenses (8)






 






 






7.20






 






 






 






7.12






 








Adjusted refinery gross margin, less operating expenses






 






$






(3.62






)






 






$






0.48






 








 






 






 






 






 








Operating expenses per throughput barrel (9)






 






$






6.96






 






 






$






6.57






 








 






 






 






 






 








Feedstocks:






 






 






 






 








Sweet crude oil






 






 






51






%






 






 






51






%








Sour crude oil






 






 






26






%






 






 






25






%








Heavy sour crude oil






 






 






16






%






 






 






18






%








Other feedstocks and blends






 






 






7






%






 






 






6






%








Total






 






 






100






%






 






 






100






%








 






 






 






 






 








Sales of produced refined products:






 






 






 






 








Gasolines






 






 






50






%






 






 






53






%








Diesel fuels






 






 






31






%






 






 






29






%








Jet fuels






 






 






8






%






 






 






8






%








Fuel oil






 






 






1






%






 






 






1






%








Asphalt






 






 






4






%






 






 






3






%








Base oils






 






 






4






%






 






 






4






%








LPG and other






 






 






2






%






 






 






2






%








Total






 






 






100






%






 






 






100






%









 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








West Region






 






 






 






 








Crude charge (BPD) (1)






 






 






349,170






 






 






 






345,530






 








Refinery throughput (BPD) (2)






 






 






374,540






 






 






 






370,090






 








Sales of produced refined products (BPD) (3)






 






 






373,330






 






 






 






366,430






 








Refinery utilization (4)






 






 






83.5






%






 






 






82.7






%








 






 






 






 






 








Average per produced barrel sold: (5)






 






 






 






 








Gross margin (6)






 






$






10.55






 






 






$






(0.01






)








 






 






 






 






 








Adjusted refinery gross margin (7)






 






$






14.61






 






 






$






10.19






 








Less: operating expenses (8)






 






 






8.65






 






 






 






9.06






 








Adjusted refinery gross margin, less operating expenses






 






$






5.96






 






 






$






1.13






 








 






 






 






 






 








Operating expenses per throughput barrel (9)






 






$






8.62






 






 






$






8.97






 








 






 






 






 






 








Feedstocks:






 






 






 






 








Sweet crude oil






 






 






29






%






 






 






31






%








Sour crude oil






 






 






47






%






 






 






44






%








Heavy sour crude oil






 






 






11






%






 






 






12






%








Wax crude oil






 






 






6






%






 






 






6






%








Other feedstocks and blends






 






 






7






%






 






 






7






%








Total






 






 






100






%






 






 






100






%








 






 






 






 






 








Sales of produced refined products:






 






 






 






 








Gasolines






 






 






52






%






 






 






54






%








Diesel fuels






 






 






30






%






 






 






33






%








Jet fuels






 






 






7






%






 






 






6






%








Fuel oil






 






 






4






%






 






 






2






%








Asphalt






 






 






2






%






 






 






1






%








LPG and other






 






 






5






%






 






 






4






%








Total






 






 






100






%






 






 






100






%








 






 






 






 






 








Consolidated






 






 






 






 








Crude charge (BPD) (1)






 






 






613,050






 






 






 






606,140






 








Refinery throughput (BPD) (2)






 






 






656,920






 






 






 






646,580






 








Sales of produced refined products (BPD) (3)






 






 






646,140






 






 






 






621,790






 








Refinery utilization (4)






 






 






90.4






%






 






 






89.4






%








 






 






 






 






 








Average per produced barrel sold: (5)






 






 






 






 








Gross margin (6)






 






$






9.82






 






 






$






0.49






 








 






 






 






 






 








Adjusted refinery gross margin (7)






 






$






9.95






 






 






$






9.12






 








Less: operating expenses (8)






 






 






8.04






 






 






 






8.26






 








Adjusted refinery gross margin, less operating expenses






 






$






1.91






 






 






$






0.86






 








 






 






 






 






 








Operating expenses per throughput barrel (9)






 






$






7.91






 






 






$






7.95






 









 






 






Three Months Ended March 31,








 






 






2026






 






2025








 






 






 






 






 








Consolidated






 






 






 






 








Feedstocks:






 






 






 






 








Sweet crude oil






 






38 %






 






39 %








Sour crude oil






 






39 %






 






36 %








Heavy sour crude oil






 






13 %






 






15 %








Wax crude oil






 






3 %






 






3 %








Other feedstocks and blends






 






7 %






 






7 %








Total






 






100 %






 






100 %








 






 






 






 






 








Sales of produced refined products:






 






 






 






 








Gasolines






 






51 %






 






53 %








Diesel fuels






 






30 %






 






31 %








Jet fuels






 






7 %






 






7 %








Fuel oil






 






3 %






 






2 %








Asphalt






 






3 %






 






2 %








Base oils






 






2 %






 






2 %








LPG and other






 






4 %






 






3 %








Total






 






100 %






 






100 %








(1)


Crude charge represents the barrels per day of crude oil processed at our refineries.







(2)


Refinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.







(3)


Represents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and does not include volumes of refined products purchased for resale or volumes of excess crude oil sold.







(4)


Represents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity is 678,000 BPSD.







(5)


Represents the average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.







(6)


Gross margin represents total Refining segment Sales and other revenues less Cost of materials and other, Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization, divided by sales volumes of produced refined products.







(7)


Adjusted refinery gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.







(8)


Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of produced refined products.







(9)


Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by refinery throughput.







Renewables Segment Operating Data


The following table sets forth information, including non-GAAP performance measures, about our renewables operations. Adjusted renewables gross margin per produced gallon sold is total Renewables segment gross margin plus Lower of cost or market inventory valuation adjustments, Depreciation and amortization and Operating expenses, divided by sales volumes of produced renewables products. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to volumes in inventory at the end of the period. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.




 






 






Three Months Ended March 31,








 






 






2026






 






2025








 






 






 






 






 








Renewables






 






 






 






 








Sales of produced renewables products (in thousand gallons)






 






 






52,448






 






 






44,464






 








Average per produced gallon sold: (1)






 






 






 






 








Gross margin (2)






 






$






3.47






 






$






(0.86






)








 






 






 






 






 








Adjusted renewables gross margin (3)






 






$






2.96






 






$






0.16






 








Less: operating expenses (4)






 






 






0.42






 






 






0.52






 








Adjusted renewables gross margin, less operating expenses






 






$






2.54






 






$






(0.36






)








(1)


Represents the average amount per produced gallon sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.







(2)


Gross margin represents total Renewables segment Sales and other revenues less Cost of materials and other, Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization, divided by sales volumes of produced renewables products.







(3)


Adjusted renewables gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.







(4)


Represents total Renewables segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of produced renewables products.







Marketing Segment Operating Data


The following table sets forth information, including non-GAAP performance measures, about our marketing operations and includes our Sinclair branded fuel business. Adjusted marketing gross margin per gallon sold is total Marketing segment gross margin plus Depreciation and amortization, divided by sales volumes of marketing products. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.




 






 






Three Months Ended March 31,








 






 






2026






 






2025








 






 






 






 






 








Marketing






 






 






 






 








Number of branded sites at period end (1)






 






 






1,769






 






 






1,664








Sales of refined products (in thousand gallons)






 






 






324,624






 






 






293,865








Average per gallon sold: (2)






 






 






 






 








Gross margin (3)






 






$






0.09






 






$






0.09








Adjusted marketing gross margin (4)






 






$






0.11






 






$






0.12








(1)


Includes certain non-Sinclair branded sites.







(2)


Represents the average amount per gallon sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.







(3)


Gross margin represents total Marketing segment Sales and other revenues less Cost of materials and other and Depreciation and amortization, divided by sales volumes of marketing products.







(4)


Adjusted marketing gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.







Lubricants & Specialties Segment Operating Data


The following table sets forth information about our lubricants and specialties operations.




 






 






Three Months Ended March 31,








 






 






2026






 






2025








 






 






 






 






 








Lubricants & Specialties






 






 






 






 








Sales of produced refined products (BPD)






 






33,076






 






 






28,940






 








 






 






 






 






 








Sales of produced refined products:






 






 






 






 








Finished products






 






48






%






 






54






%








Base oils






 






26






%






 






26






%








Other






 






26






%






 






20






%








Total






 






100






%






 






100






%







Midstream Segment Operating Data


The following table sets forth information about our midstream operations.




 






 






Three Months Ended March 31,








 






 






2026






 






2025








 






 






 






 






 








Midstream






 






 








Volumes (BPD)






 






 






 






 








Pipelines:






 






 






 






 








Affiliates—refined product pipelines






 






175,498






 






163,991








Affiliates—intermediate pipelines






 






151,420






 






138,402








Affiliates—crude pipelines






 






447,761






 






424,891








 






 






774,679






 






727,284








Third parties—refined product pipelines






 






26,449






 






39,753








Third parties—crude pipelines






 






182,060






 






199,023








 






 






983,188






 






966,060








Terminals and loading racks:






 






 






 






 








Affiliates






 






1,036,257






 






990,867








Third parties






 






26,037






 






34,915








 






 






1,062,294






 






1,025,782








Total for pipelines and terminal assets (BPD)






 






2,045,482






 






1,991,842







Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles


Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA excluding special items (“Adjusted EBITDA”) to amounts reported under generally accepted accounting principles (“GAAP”) in the financial statements.


Earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, is calculated as Net income (loss) attributable to HF Sinclair stockholders plus (i) Interest expense, net of Interest income, (ii) Income tax expense (benefit) and (iii) Depreciation and amortization. Adjusted EBITDA is calculated as EBITDA plus or minus (i) Lower of cost or market inventory valuation adjustments, (ii) asset impairments, (iii) loss on sale of equity method investment, (iv) loss on early extinguishment of debt and (v) acquisition integration and regulatory costs.


EBITDA and Adjusted EBITDA are not calculations provided for under accounting principles generally accepted in the United States; however, the amounts included in these calculations are derived from amounts included in our consolidated financial statements. EBITDA and Adjusted EBITDA should not be considered as alternatives to Net income or Income from operations as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures of other companies. These are presented here because they are financial indicators widely used by investors and analysts to measure our operating performance. EBITDA and Adjusted EBITDA are also used by our management for internal analysis and as a basis for financial covenants.


The Company cannot reliably predict or estimate certain items or expenses, or their impact on financial statements in future periods. Accordingly, the Company believes that a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort.


Set forth below is our calculation of EBITDA and Adjusted EBITDA:




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions)








Net income (loss) attributable to HF Sinclair stockholders






 






$






648






 






 






$






(4






)








Add: interest expense






 






 






41






 






 






 






49






 








Less: interest income






 






 






(10






)






 






 






(9






)








Add: income tax expense






 






 






189






 






 






 






1






 








Add: depreciation and amortization






 






 






229






 






 






 






225






 








EBITDA






 






$






1,097






 






 






$






262






 








Add: lower of cost or market inventory valuation adjustments






 






 






(672






)






 






 






(117






)








Add: acquisition integration and regulatory costs






 






 






1






 






 






 






—






 








Add: asset impairments






 






 






—






 






 






 






1






 








Add: loss on sale of equity method investment






 






 






—






 






 






 






40






 








Add: loss on early extinguishment of debt






 






 






—






 






 






 






15






 








Adjusted EBITDA






 






$






426






 






 






$






201






 







EBITDA and Adjusted EBITDA attributable to our Refining segment are presented below:




 






 






Three Months Ended March 31,








Refining Segment






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions)








Income (loss) before interest and income taxes (1)






 






$






514






 






 






$






(30






)








Add: depreciation and amortization






 






 






145






 






 






 






137






 








EBITDA






 






$






659






 






 






$






107






 








Add: lower of cost or market inventory valuation adjustments






 






 






(604






)






 






 






(116






)








Add: asset impairments






 






 






—






 






 






 






1






 








Adjusted EBITDA






 






$






55






 






 






$






(8






)








(1)


Income (loss) before interest and income taxes of our Refining segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense.







EBITDA and Adjusted EBITDA attributable to our Renewables segment are set forth below:




 






 






Three Months Ended March 31,








Renewables Segment






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions)








Income (loss) before interest and income taxes (1)






 






$






182






 






 






$






(39






)








Add: depreciation and amortization






 






 






19






 






 






 






23






 








EBITDA






 






$






201






 






 






$






(16






)








Add: lower of cost or market inventory valuation adjustments






 






 






(68






)






 






 






(1






)








Adjusted EBITDA






 






$






133






 






 






$






(17






)








(1)


Income (loss) before interest and income taxes of our Renewables segment represents loss plus (i) Interest expense, net of Interest income and (ii) Income tax expense.







EBITDA attributable to our Marketing segment is set forth below:




 






 






Three Months Ended March 31,








Marketing Segment






 






2026






 






2025








 






 






 






 






 








 






 






(In millions)








Income before interest and income taxes (1)






 






$






20






 






$






20








Add: depreciation and amortization






 






 






8






 






 






7








EBITDA






 






$






28






 






$






27








(1)


Income before interest and income taxes of our Marketing segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense.







EBITDA and Adjusted EBITDA attributable to our Lubricants & Specialties segment is set forth below:




 






 






Three Months Ended March 31,








Lubricants & Specialties Segment






 






2026






 






2025








 






 






 






 






 








 






 






(In millions)








Income before interest and income taxes (1)






 






$






78






 






$






63








Add: depreciation and amortization






 






 






24






 






 






22








EBITDA






 






$






102






 






$






85








Add: acquisition integration and regulatory costs






 






 






1






 






 






—








Adjusted EBITDA






 






$






103






 






$






85








(1)


Income before interest and income taxes of our Lubricants & Specialties segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense.







EBITDA and Adjusted EBITDA attributable to our Midstream segment are presented below:




 






 






Three Months Ended March 31,








Midstream Segment






 






2026






 






2025








 






 






 






 






 








 






 






(In millions)








Income before interest and income taxes (1)






 






$






94






 






$






63








Add: depreciation and amortization






 






 






19






 






 






18








Less: net income attributable to noncontrolling interest






 






 






2






 






 






2








EBITDA






 






$






111






 






$






79








Add: loss on sale of equity method investment






 






 






—






 






 






40








Adjusted EBITDA






 






$






111






 






$






119








(1)


Income before interest and income taxes of our Midstream segment represents income plus (i) Interest expense, net of Interest income and (ii) Income tax expense.







Reconciliation of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in the financial statements.


Adjusted refinery gross margin is a non-GAAP performance measure that is used by our management and others to compare our refining performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our refining performance on a relative and absolute basis, including against publicly available crack spread data. Adjusted refinery gross margin per produced barrel sold is total Refining segment gross margin plus Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization, divided by sales volumes of produced refined products. This margin measure excludes the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to inventory held at the end of the period. Adjusted refinery gross margin is a non-GAAP performance measure and should not be considered in isolation or as a substitute for Refining segment gross margin. The GAAP measure most directly comparable to adjusted refinery gross margin is Refining segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.


Reconciliation of Refining segment gross margin to adjusted refinery gross margin to adjusted refinery gross margin per produced barrel sold and adjusted refinery gross margin, less operating expenses per produced barrel sold




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions, except barrel and per barrel amounts)








Refining segment






 






 






 






 








Sales and other revenues






 






$






6,271






 






 






$






5,651






 








Cost of sales (1)






 






 






5,555






 






 






 






5,485






 








Depreciation and amortization






 






 






145






 






 






 






137






 








Gross margin






 






$






571






 






 






$






29






 








Add: lower of cost or market inventory valuation adjustments






 






 






(604






)






 






 






(116






)








Add: operating expenses






 






 






468






 






 






 






461






 








Add: depreciation and amortization






 






 






145






 






 






 






137






 








Adjusted refinery gross margin






 






$






580






 






 






$






511






 








 






 






 






 






 








Sales of produced refined products (BPD) (2)






 






 






646,140






 






 






 






621,790






 








 






 






 






 






 








Average per produced barrel sold:






 






 






 






 








Gross margin






 






$






9.82






 






 






$






0.49






 








Add: lower of cost or market inventory valuation adjustments






 






 






(10.39






)






 






 






(2.09






)








Add: operating expenses






 






 






8.04






 






 






 






8.26






 








Add: depreciation and amortization






 






 






2.48






 






 






 






2.46






 








Adjusted refinery gross margin






 






$






9.95






 






 






$






9.12






 








Less: operating expenses






 






 






8.04






 






 






 






8.26






 








Adjusted refinery gross margin, less operating expenses






 






$






1.91






 






 






$






0.86









(1)


Exclusive of Depreciation and amortization.







(2)


Represents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and excludes volumes of refined products purchased for resale or volumes of excess crude oil sold.







Reconciliation of renewables operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in the financial statements.


Adjusted renewables gross margin is a non-GAAP performance measure that is used by our management and others to compare our renewables performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our renewables performance on a relative and absolute basis. Adjusted renewables gross margin per produced gallon sold is total Renewables segment gross margin plus Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization, divided by sales volumes of produced renewables products. This margin measure excludes the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to volumes in inventory at the end of the period. Adjusted renewables gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Renewables segment gross margin. The GAAP measure most directly comparable to adjusted renewables gross margin is Renewables segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.


Reconciliation of Renewables segment gross margin to adjusted renewables gross margin to adjusted renewables gross margin per produced gallon sold and adjusted renewables gross margin, less operating expenses per produced gallon sold




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions, except gallon and per gallon amounts)








Renewables segment






 






 






 






 








Sales and other revenues






 






$






334






 






 






$






190






 








Cost of sales (1)






 






 






132






 






 






 






205






 








Depreciation and amortization






 






 






19






 






 






 






23






 








Gross margin






 






$






183






 






 






$






(38






)








Add: lower of cost or market inventory valuation adjustments






 






 






(68






)






 






 






(1






)








Add: operating expenses






 






 






22






 






 






 






23






 








Add: depreciation and amortization






 






 






19






 






 






 






23






 








Adjusted renewables gross margin






 






$






156






 






 






$






7






 








 






 






 






 






 








Sales of produced renewables products (in thousand gallons)






 






 






52,448






 






 






 






44,464






 








 






 






 






 






 








Average per produced gallon sold:






 






 






 






 








Gross margin






 






$






3.47






 






 






$






(0.86






)








Add: lower of cost or market inventory valuation adjustments






 






 






(1.29






)






 






 






(0.02






)








Add: operating expenses






 






 






0.42






 






 






 






0.52






 








Add: depreciation and amortization






 






 






0.36






 






 






 






0.52






 








Adjusted renewables gross margin






 






$






2.96






 






 






$






0.16






 








Less: operating expenses






 






 






0.42






 






 






 






0.52






 








Adjusted renewables gross margin, less operating expenses






 






$






2.54






 






 






$






(0.36






)








(1)


Exclusive of Depreciation and amortization.







Reconciliation of marketing operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in the financial statements.


Adjusted marketing gross margin is a non-GAAP performance measure that is used by our management and others to compare our marketing performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our marketing performance on a relative and absolute basis. Adjusted marketing gross margin per gallon sold is total Marketing segment gross margin plus Depreciation and amortization, divided by sales volumes of marketing products. Adjusted marketing gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Marketing segment gross margin. The GAAP measure most directly comparable to adjusted marketing gross margin is Marketing segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.


Reconciliation of Marketing segment gross margin to adjusted marketing gross margin to adjusted marketing gross margin per gallon sold




 






 






Three Months Ended March 31,








 






 






2026






 






2025








 






 






 






 






 








 






 






(In millions, except gallon and per gallon amounts)








Marketing segment






 






 






 






 








Sales and other revenues






 






$






792






 






$






686








Cost of sales (1)






 






 






756






 






 






652








Depreciation and amortization






 






 






8






 






 






7








Gross margin






 






$






28






 






$






27








Add: depreciation and amortization






 






 






8






 






 






7








Adjusted marketing gross margin






 






$






36






 






$






34








 






 






 






 






 








Sales of refined products (in thousand gallons)






 






 






324,624






 






 






293,865








 






 






 






 






 








Average per gallon sold:






 






 






 






 








Gross margin






 






$






0.09






 






$






0.09








Add: depreciation and amortization






 






 






0.02






 






 






0.03








Adjusted marketing gross margin






 






$






0.11






 






$






0.12








(1)


Exclusive of Depreciation and amortization.







Reconciliation of Net income (loss) attributable to HF Sinclair stockholders to adjusted net income (loss) attributable to HF Sinclair stockholders


Adjusted net income (loss) attributable to HF Sinclair stockholders is a non-GAAP financial measure that excludes non-cash Lower of cost or market inventory valuation adjustments, asset impairments, loss on sale of equity method investment and loss on early extinguishment of debt. We believe this measure is helpful to investors and others in evaluating our financial performance and to compare our results to that of other companies in our industry. Similarly titled performance measures of other companies may not be calculated in the same manner.




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions, except per share amounts)








Consolidated






 






 






 






 








GAAP:






 






 






 






 








Income (loss) before income taxes






 






$






839






 






 






$






(1






)








Income tax expense






 






 






189






 






 






 






1






 








Net income (loss)






 






$






650






 






 






$






(2






)








Less: net income attributable to noncontrolling interest






 






 






2






 






 






 






2






 








Net income (loss) attributable to HF Sinclair stockholders






 






$






648






 






 






$






(4






)








 






 






 






 






 








Non-GAAP adjustments to arrive at adjusted results:








Lower of cost or market inventory valuation adjustments






 






$






(672






)






 






$






(117






)








Acquisition and integration costs






 






 






1






 






 






 






—






 








Asset impairments






 






 






—






 






 






 






1






 








Loss on sale of equity method investment






 






 






—






 






 






 






40






 








Loss on early extinguishment of debt






 






 






—






 






 






 






15






 








Total adjustments to income (loss) before income taxes






 






$






(671






)






 






$






(61






)








Adjustment to income tax expense (benefit) (1)






 






 






(150






)






 






 






(15






)








Total adjustments, net of tax






 






$






(521






)






 






$






(46






)








 






 






 






 






 








Adjusted results - non-GAAP:






 






 






 






 








Adjusted income (loss) before income taxes






 






$






168






 






 






$






(62






)








Adjusted income tax expense (benefit) (2)






 






 






39






 






 






 






(14






)








Adjusted net income (loss)






 






$






129






 






 






$






(48






)








Less: net income attributable to noncontrolling interests






 






 






2






 






 






 






2






 








Adjusted net income (loss) attributable to HF Sinclair stockholders






 






$






127






 






 






$






(50






)








Adjusted earnings (loss) per share - diluted (3)






 






$






0.69






 






 






$






(0.27






)








(1)


Represents adjustment to GAAP income tax expense to arrive at adjusted income tax expense (benefit), which is computed as follows:









 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions)








Non-GAAP income tax expense (benefit) (2)






 






$






39






 






 






$






(14






)








GAAP income tax expense






 






 






189






 






 






 






1






 








Non-GAAP adjustment to income tax expense (benefit)






 






$






(150






)






 






$






(15






)








(1)


Non-GAAP income tax benefit is computed by (a) adjusting HF Sinclair’s consolidated estimated Annual Effective Tax Rate (“AETR”) for GAAP purposes for the effects of the above Non-GAAP adjustments, (b) applying the resulting Adjusted Non-GAAP AETR to Non-GAAP adjusted income before income taxes and (c) adjusting for discrete tax items applicable to the period.







(2)


Adjusted earnings (loss) per share - diluted is calculated as adjusted net income (loss) attributable to HF Sinclair stockholders divided by the average number of shares of common stock outstanding assuming dilution, which is based on weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings (loss) per share calculation is calculated the same way as that used in GAAP diluted earnings per share calculation.







Reconciliation of effective income tax rate to adjusted effective tax rate




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






 






 






 








 






 






(In millions)








GAAP:






 






 






 






 








Income (loss) before income taxes






 






$






839






 






 






$






(1






)








Income tax expense






 






$






189






 






 






$






1






 








Effective income tax rate for GAAP financial statements (1)






 






 






22.5






%






 






 






(205.2






)%








Adjusted - non-GAAP:






 






 






 






 








Effect of non-GAAP adjustments






 






 






1.0






%






 






 






227.8






%








Effective tax rate for adjusted results






 






 






23.5






%






 






 






22.6






%









(1)







Due to rounding of reported numbers, some amounts may not calculate exactly.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260501276001/en/
FOR FURTHER INFORMATION, Contact:


Vivek Garg, Acting Chief Financial Officer, Vice President, Chief Accounting Officer and Controller

Craig Biery, Vice President, Investor Relations

HF Sinclair Corporation

214-954-6510


Original: HF Sinclair Reports 2026 First Quarter Results and Announces Regular Cash Dividend