HF Sinclair Reports 2025 First Quarter Results and Announces Regular Cash Dividend
First Quarter
- Reported Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, and adjusted net loss of $50 million, or $(0.27) per diluted share
- Reported EBITDA of $262 million and Adjusted EBITDA of $201 million
- Paid $95 million in regular quarterly dividends
- Announced regular quarterly dividend of $0.50 per share
DALLAS–(BUSINESS WIRE)–HF Sinclair Corporation (NYSE:DINO) (“HF Sinclair” or the “Company”) today reported first quarter Net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, for the quarter ended March 31, 2025, compared to Net income attributable to HF Sinclair stockholders of $315 million, or $1.57 per diluted share, for the quarter ended March 31, 2024. Excluding the adjustments shown in the accompanying earnings release table, adjusted net loss attributable to HF Sinclair stockholders for the first quarter of 2025 was $50 million, or $(0.27) per diluted share, compared to adjusted net income of $142 million, or $0.71 per diluted share, for the first quarter of 2024.
HF Sinclair’s Chief Executive Officer, Tim Go, commented, “For the first quarter, we delivered strong results in our Marketing, Midstream and Lubricants & Specialties businesses, and saw sequential improvement in Refining, despite the market headwinds and uncertainty caused by tariffs. Looking forward, we are encouraged by the recent improvement in refining margins and continue to focus on the execution of our strategic priorities to capture value across all of our business segments.”
Refining segment loss before interest and income taxes was $30 million for the first quarter of 2025 compared to income of $312 million for the first quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustments and certain items, the segment reported Adjusted EBITDA of $(8) million for the first quarter of 2025 compared to $209 million for the first quarter of 2024. This decrease was principally driven by lower adjusted refinery gross margins in both the West and Mid-Continent regions and lower refined product sales volumes. Adjusted refinery gross margin was $9.12 per produced barrel sold, a 28% decrease compared to $12.70 for the first quarter of 2024. Crude oil charge averaged 606,140 barrels per day (“BPD”) for the first quarter of 2025 compared to 604,930 BPD for the first quarter of 2024.
Renewables segment loss before interest and income taxes was $39 million for the first quarter of 2025 compared to a loss of $39 million for the first quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustments, the segment reported Adjusted EBITDA of $(17) million in the first quarter of 2025 compared to $(18) million in the first quarter of 2024. Our first quarter 2025 results were impacted by lower sales volumes and our inability to recognize benefits associated with the Producer’s Tax Credit due to the uncertainty surrounding the implementation of the legislation. Total sales volumes were 44 million gallons for the first quarter of 2025 compared to 61 million gallons for the first quarter of 2024.
Marketing segment income before interest and income taxes was $20 million for the first quarter of 2025 compared to $9 million for the first quarter of 2024. The segment reported EBITDA of $27 million for the first quarter of 2025 compared to $15 million for the first quarter of 2024. This increase was primarily driven by higher margins in the first quarter of 2025. Total branded fuel sales volumes were 294 million gallons for the first quarter 2025 as compared to 321 million gallons for the first quarter of 2024.
Lubricants & Specialties segment income before interest and income taxes was $63 million for the first quarter of 2025 compared to $65 million in the first quarter of 2024. The segment reported EBITDA of $85 million for the first quarter of 2025 compared to $87 million in the first quarter of 2024. During the first quarter of 2025, we recognized a FIFO benefit of $8 million compared to a FIFO charge of $1 million during the first quarter of 2024.
Midstream segment income before interest and income taxes was $63 million for the first quarter of 2025 compared to $92 million for the first quarter of 2024. Excluding certain items, the segment reported Adjusted EBITDA of $119 million for the first quarter of 2025 compared to $110 million for the first quarter of 2024. This increase was primarily driven by higher pipeline revenues in the first quarter of 2025 as compared to the first quarter of 2024.
For the first quarter of 2025, net cash used for operations totaled $89 million. At March 31, 2025, the Company’s Cash and cash equivalents totaled $547 million, a $253 million decrease compared to Cash and cash equivalents of $800 million at December 31, 2024. During the first quarter of 2025, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $95 million. Additionally, at March 31, 2025, the Company’s consolidated debt was $2,676 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 3, 2025 to holders of record of common stock on May 15, 2025.
The Company has scheduled a webcast conference call for today, May 1, 2025, at 8:30 AM Eastern Time to discuss first quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/726973923. An audio archive of this webcast will be available using the above noted link through May 15, 2025.
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 1,600 branded stations and licenses the use of the Sinclair brand at more than 300 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 the increasing societal expectations that companies address climate change 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 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 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, including shipping disruptions in the Red Sea, the Israel-Gaza and Hezbollah conflict, the Russia-Ukraine war, and any associated military campaigns 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 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 |
|
Change from 2024 |
|||||||||||
|
|
2025 |
|
2024 |
|
Change |
|
Percent |
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
(In millions, except share and per share data) |
|||||||||||||
|
Sales and other revenues |
$ |
6,370 |
|
|
$ |
7,027 |
|
|
$ |
(657 |
) |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|||||||
|
Cost of sales: (1) |
|
|
|
|
|
|
|
|||||||
|
Cost of materials and other (2) |
|
5,476 |
|
|
|
5,927 |
|
|
|
(451 |
) |
|
(8 |
)% |
|
Lower of cost or market inventory valuation adjustments |
|
(117 |
) |
|
|
(219 |
) |
|
|
102 |
|
|
(47 |
)% |
|
Operating expenses |
|
596 |
|
|
|
607 |
|
|
|
(11 |
) |
|
(2 |
)% |
|
|
|
5,955 |
|
|
|
6,315 |
|
|
|
(360 |
) |
|
(6 |
)% |
|
Selling, general and administrative expenses (1) |
|
104 |
|
|
|
103 |
|
|
|
1 |
|
|
1 |
% |
|
Depreciation and amortization |
|
225 |
|
|
|
198 |
|
|
|
27 |
|
|
14 |
% |
|
Other operating expenses, net |
|
5 |
|
|
|
— |
|
|
|
5 |
|
|
100 |
% |
|
Total operating costs and expenses |
|
6,289 |
|
|
|
6,616 |
|
|
|
(327 |
) |
|
(5 |
)% |
|
Income from operations |
|
81 |
|
|
|
411 |
|
|
|
(330 |
) |
|
(80 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Other income (expense): |
|
|
|
|
|
|
|
|||||||
|
Earnings of equity method investments |
|
11 |
|
|
|
7 |
|
|
|
4 |
|
|
57 |
% |
|
Interest income |
|
9 |
|
|
|
22 |
|
|
|
(13 |
) |
|
(59 |
)% |
|
Interest expense |
|
(49 |
) |
|
|
(41 |
) |
|
|
(8 |
) |
|
20 |
% |
|
Other income (expense), net |
|
(53 |
) |
|
|
3 |
|
|
|
(56 |
) |
|
(1,867 |
)% |
|
|
|
(82 |
) |
|
|
(9 |
) |
|
|
(73 |
) |
|
811 |
% |
|
Income (loss) before income taxes |
|
(1 |
) |
|
|
402 |
|
|
|
(403 |
) |
|
(100 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Income tax expense |
|
1 |
|
|
|
85 |
|
|
|
(84 |
) |
|
(99 |
)% |
|
Net income (loss) |
|
(2 |
) |
|
|
317 |
|
|
|
(319 |
) |
|
(101 |
)% |
|
Less: net income attributable to noncontrolling interest |
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
— |
% |
|
Net income (loss) attributable to HF Sinclair stockholders |
$ |
(4 |
) |
|
$ |
315 |
|
|
$ |
(319 |
) |
|
(101 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Earnings (loss) per share attributable to HF Sinclair stockholders: |
|
|
|
|
|
|
|
|||||||
|
Basic |
$ |
(0.02 |
) |
|
$ |
1.57 |
|
|
$ |
(1.59 |
) |
|
(101 |
)% |
|
Diluted |
$ |
(0.02 |
) |
|
$ |
1.57 |
|
|
$ |
(1.59 |
) |
|
(101 |
)% |
|
Cash dividends declared per common share |
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
— |
|
|
— |
% |
|
Average number of common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|||||||
|
Basic |
|
188,488 |
|
|
|
198,710 |
|
|
|
(10,222 |
) |
|
(5 |
)% |
|
Diluted |
|
188,488 |
|
|
|
198,710 |
|
|
|
(10,222 |
) |
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
EBITDA |
$ |
262 |
|
|
$ |
617 |
|
|
$ |
(355 |
) |
|
(58 |
)% |
|
Adjusted EBITDA |
$ |
201 |
|
|
$ |
399 |
|
|
$ |
(198 |
) |
|
(50 |
)% |
|
(1) |
Exclusive of Depreciation and amortization. |
|
(2) |
Exclusive of Lower of cost or market inventory valuation adjustments. |
Balance Sheet Data
|
|
March 31, 2025 |
|
December 31, 2024 |
||
|
|
|
|
|
||
|
|
(In millions) |
||||
|
Cash and cash equivalents |
$ |
547 |
|
$ |
800 |
|
Working capital |
$ |
2,323 |
|
$ |
1,971 |
|
Total assets |
$ |
16,542 |
|
$ |
16,643 |
|
Total debt |
$ |
2,676 |
|
$ |
2,638 |
|
Total equity |
$ |
9,253 |
|
$ |
9,346 |
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 and Rocky Mountains extending into the 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. The Marketing segment also includes branded fuel sales to non-Sinclair branded sites and revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of the sites located in our West and Mid-Continent regions.
The Lubricants & Specialties segment represents Petro-Canada Lubricants Inc.’s production operations, located in Mississauga, Ontario, which includes lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants Inc.’s 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 refineries that are marketed throughout North America and are distributed in Central and South America and the operations of Red Giant Oil Company LLC, 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 as well as 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, 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 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2 |
|
|
3 |
|
|
|
4 |
|
|
|
9 |
|
|
Interest expense |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
— |
|
|
(3 |
) |
|
|
(44 |
) |
|
|
(49 |
) |
|
Income (loss) before income taxes |
|
$ |
(30 |
) |
|
$ |
(41 |
) |
|
$ |
20 |
|
$ |
65 |
|
$ |
63 |
|
|
$ |
(78 |
) |
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income attributable to noncontrolling interest |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
2 |
|
|
Capital expenditures |
|
$ |
58 |
|
|
$ |
1 |
|
|
$ |
6 |
|
$ |
10 |
|
$ |
9 |
|
|
$ |
2 |
|
|
$ |
86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31, 2024 |
||||||||||||||||||||||||||
|
Sales and other revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Revenues from external customers |
|
$ |
5,373 |
|
|
$ |
179 |
|
|
$ |
776 |
|
$ |
676 |
|
$ |
23 |
|
|
$ |
— |
|
|
$ |
7,027 |
|
|
Intersegment revenues and other (1) |
|
|
831 |
|
|
|
60 |
|
|
|
— |
|
|
2 |
|
|
132 |
|
|
|
(1,025 |
) |
|
|
— |
|
|
|
|
|
6,204 |
|
|
|
239 |
|
|
|
776 |
|
|
678 |
|
|
155 |
|
|
|
(1,025 |
) |
|
|
7,027 |
|
|
Cost of sales: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cost of materials and other (3) |
|
|
5,475 |
|
|
|
230 |
|
|
|
753 |
|
|
493 |
|
|
— |
|
|
|
(1,024 |
) |
|
|
5,927 |
|
|
Lower of cost or market inventory valuation adjustments |
|
|
(220 |
) |
|
|
1 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(219 |
) |
|
Operating expenses |
|
|
472 |
|
|
|
26 |
|
|
|
— |
|
|
64 |
|
|
46 |
|
|
|
(1 |
) |
|
|
607 |
|
|
|
|
|
5,727 |
|
|
|
257 |
|
|
|
753 |
|
|
557 |
|
|
46 |
|
|
|
(1,025 |
) |
|
|
6,315 |
|
|
Selling, general and administrative expenses (2) |
|
|
48 |
|
|
|
1 |
|
|
|
8 |
|
|
34 |
|
|
4 |
|
|
|
8 |
|
|
|
103 |
|
|
Depreciation and amortization |
|
|
117 |
|
|
|
20 |
|
|
|
6 |
|
|
22 |
|
|
20 |
|
|
|
13 |
|
|
|
198 |
|
|
Income (loss) from operations |
|
|
312 |
|
|
|
(39 |
) |
|
|
9 |
|
|
65 |
|
|
85 |
|
|
|
(21 |
) |
|
|
411 |
|
|
Earnings of equity method investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
Other income (expense), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
|
Income (loss) before interest and income taxes |
|
|
312 |
|
|
|
(39 |
) |
|
|
9 |
|
|
65 |
|
|
92 |
|
|
|
(18 |
) |
|
|
421 |
|
|
Interest income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2 |
|
|
2 |
|
|
|
18 |
|
|
|
22 |
|
|
Interest expense |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
— |
|
|
(8 |
) |
|
|
(31 |
) |
|
|
(41 |
) |
|
Income (loss) before income taxes |
|
$ |
312 |
|
|
$ |
(41 |
) |
|
$ |
9 |
|
$ |
67 |
|
$ |
86 |
|
|
$ |
(31 |
) |
|
$ |
402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income attributable to noncontrolling interest |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
2 |
|
|
Capital expenditures |
|
$ |
55 |
|
|
$ |
3 |
|
|
$ |
8 |
|
$ |
5 |
|
$ |
8 |
|
|
$ |
10 |
|
|
$ |
89 |
|
|
(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 relates 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, |
||||||
|
|
|
2025 |
|
2024 |
||||
|
|
|
|
|
|
||||
|
Mid-Continent Region |
|
|
||||||
|
Crude charge (BPD) (1) |
|
|
260,610 |
|
|
|
259,030 |
|
|
Refinery throughput (BPD) (2) |
|
|
276,490 |
|
|
|
273,890 |
|
|
Sales of produced refined products (BPD) (3) |
|
|
255,360 |
|
|
|
272,460 |
|
|
Refinery utilization (4) |
|
|
100.2 |
% |
|
|
99.6 |
% |
|
|
|
|
|
|
||||
|
Average per produced barrel sold (5) |
|
|
|
|
||||
|
Gross margin (6) |
|
$ |
1.21 |
|
|
$ |
7.44 |
|
|
|
|
|
|
|
||||
|
Adjusted refinery gross margin (7) |
|
$ |
7.60 |
|
|
$ |
10.47 |
|
|
Less: operating expenses (8) |
|
|
7.12 |
|
|
|
6.40 |
|
|
Adjusted refinery gross margin, less operating expenses |
|
$ |
0.48 |
|
|
$ |
4.07 |
|
|
|
|
|
|
|
||||
|
Operating expenses per throughput barrel (9) |
|
$ |
6.57 |
|
|
$ |
6.37 |
|
|
|
|
|
|
|
||||
|
Feedstocks: |
|
|
|
|
||||
|
Sweet crude oil |
|
|
51 |
% |
|
|
50 |
% |
|
Sour crude oil |
|
|
25 |
% |
|
|
25 |
% |
|
Heavy sour crude oil |
|
|
18 |
% |
|
|
19 |
% |
|
Other feedstocks and blends |
|
|
6 |
% |
|
|
6 |
% |
|
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
||||
|
Sales of produced refined products: |
|
|
|
|
||||
|
Gasolines |
|
|
53 |
% |
|
|
52 |
% |
|
Diesel fuels |
|
|
29 |
% |
|
|
32 |
% |
|
Jet fuels |
|
|
8 |
% |
|
|
6 |
% |
|
Fuel oil |
|
|
1 |
% |
|
|
1 |
% |
|
Asphalt |
|
|
3 |
% |
|
|
3 |
% |
|
Base oils |
|
|
4 |
% |
|
|
4 |
% |
|
LPG and other |
|
|
2 |
% |
|
|
2 |
% |
|
Total |
|
|
100 |
% |
|
|
100 |
% |
Contacts
Atanas H. Atanasov, Executive Vice President and Chief Financial Officer
Craig Biery, Vice President, Investor Relations
HF Sinclair Corporation
214-954-6510
