HF Sinclair Corporation DINO reported mixed first-quarter 2025 results on Thursday.The company suffered an adjusted net loss of $50 million, or 27 cents per share. That's above the Wall Street expectation of a 44-cent loss. First-quarter revenue declined 9.4% year-over-year to $6.37 billion, below the consensus of $6.67 billion.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 ...

Financial Performance - For the three months ended March 31, 2025, HF Sinclair Corporation reported sales and other revenues of $6,370 million, a decrease of 9.3% compared to $7,027 million in the same period of 2024[28]. - The net loss attributable to HF Sinclair stockholders for Q1 2025 was $4 million, compared to a net income of $315 million in Q1 2024, representing a significant decline[28]. - Revenues from external customers for the first quarter of 2025 totaled $6,370 million, a decrease from $7,027 million in the first quarter of 2024, representing a decline of approximately 9.3%[143]. - Net income for the three months ended March 31, 2025, was a loss of $2 million compared to a net income of $317 million for the same period in 2024[50]. - The company reported a net loss attributable to stockholders of $4 million, compared to a net income of $315 million for the same period last year[143]. - Operating income fell by 80% to $81 million in Q1 2025 compared to $411 million in Q1 2024[155]. - EBITDA decreased by 58% to $262 million in Q1 2025 from $617 million in Q1 2024[157]. - The company’s basic earnings per share for the three months ended March 31, 2025, was $(0.02), down from $1.57 in the same period of 2024[66]. Assets and Liabilities - Total current assets decreased to $4,987 million as of March 31, 2025, down from $5,014 million at the end of 2024[25]. - Total liabilities remained relatively stable at $7,289 million as of March 31, 2025, compared to $7,297 million at the end of 2024[25]. - HF Sinclair's total equity decreased to $9,253 million as of March 31, 2025, from $9,346 million at the end of 2024[25]. - The company’s accrued liabilities increased to $461 million as of March 31, 2025, compared to $377 million at the end of 2024[73]. - Total debt increased slightly to $2,676 million as of March 31, 2025, from $2,638 million at the end of 2024[156]. Cash Flow and Financing - Cash and cash equivalents at the end of Q1 2025 were $547 million, a decrease of 31.6% from $800 million at the beginning of the period[34]. - The company experienced a net cash used for operating activities of $89 million in Q1 2025, compared to a net cash provided of $317 million in Q1 2024[34]. - Net cash flows used for financing activities for the three months ended March 31, 2025, were $80 million, including $95 million paid in dividends and $350 million repaid under the HEP Credit Agreement[206]. - Liquidity as of March 31, 2025, was approximately $3.4 billion, consisting of $0.5 billion in cash and cash equivalents, an undrawn $1.65 billion credit facility, and $1.2 billion available under the HEP Credit Agreement[196]. Revenue Segments - Refined product revenues for the same period were $5,877 million, down 11.6% from $6,652 million in the prior year[50]. - Transportation fuels revenues decreased to $4,961 million from $5,555 million, reflecting a decline of 10.7%[50]. - The Refining segment includes operations from multiple refineries, with a focus on purchasing and refining crude oil and marketing refined products such as gasoline and diesel fuel[129]. - The Renewables segment encompasses operations from several renewable diesel units, contributing to the company's sustainability efforts[130]. - The Marketing segment includes branded fuel sales and licensing fees, with a significant presence in the West and Mid-Continent regions of the United States[131]. - The Lubricants & Specialties segment includes production operations in Ontario and specialty lubricant products marketed throughout North America[132]. - The Midstream segment operates logistics and refinery assets, including pipelines and terminals, primarily in the Mid-Continent, Southwest, and Rocky Mountains regions[133]. Operational Metrics - The company reported a consolidated refinery utilization rate of 89.4% in Q1 2025, slightly up from 89.2% in Q1 2024[161]. - Refinery throughput in the Mid-Continent region increased to 276,490 BPD in Q1 2025 from 273,890 BPD in Q1 2024, reflecting a utilization rate of 100.2%[160]. - In the West region, refinery throughput increased to 370,090 BPD in Q1 2025 from 369,410 BPD in Q1 2024, with an adjusted gross margin of $10.19 per barrel[161]. - Adjusted refinery gross margin per produced barrel sold in the Mid-Continent region decreased to $7.60 in Q1 2025 from $10.47 in Q1 2024[160]. - Adjusted refinery gross margin per produced barrel sold decreased by 28% from $12.70 in Q1 2024 to $9.12 in Q1 2025[176]. Environmental and Regulatory Matters - Environmental credit obligations increased to $71 million as of March 31, 2025, compared to $17 million at the end of 2024[73]. - The company has ongoing litigation regarding small refinery exemptions, with a favorable decision from the DC Circuit on July 26, 2024, vacating the EPA's denial of all small refinery exemption petitions[121]. - HFS Navajo reached a settlement agreement with the EPA, DOJ, and NMED, resulting in a new consent decree to resolve alleged violations of the Clean Air Act and New Mexico Air Quality Control Act[125]. - Under the 2025 Consent Decree, HFS Navajo is required to pay a total civil penalty of $34 million, with $10 million due to the United States and $10 million to the State of New Mexico within 30 days of the decree's effective date[126]. Shareholder Returns - The company declared dividends of $0.50 per common share, totaling $95 million for the current quarter, compared to $99 million in the same quarter of the previous year[50]. - A regular quarterly dividend of $0.50 per share was declared on May 1, 2025, payable on June 3, 2025[151]. - The company had remaining authorization to repurchase up to $799 million under the May 2024 Share Repurchase Program as of March 31, 2025[111]. - During the three months ended March 31, 2024, the company repurchased 2,930,742 shares for $166 million, while no shares were repurchased in the same period of 2025[111]. Risk Management - The company is exposed to commodity price risk and uses derivative contracts to mitigate price exposure related to crude oil and refined products[213]. - The company maintains various insurance coverages, including general liability and cyber insurance, but is not fully insured against certain risks due to insurability issues[219]. - A risk management oversight committee is in place to monitor the risk environment and mitigate identified risks that may affect goal achievement[221]. - Financial stability of counterparties is regularly reviewed, and no difficulties in honoring commitments under derivative contracts are expected[220].

HF Sinclair (DINO) reported $6.37 billion in revenue for the quarter ended March 2025, representing a year-over-year decline of 9.4%. EPS of -$0.27 for the same period compares to $0.71 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $7.08 billion, representing a surprise of -10.06%. The company delivered an EPS surprise of +34.15%, with the consensus EPS estimate being -$0.41.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

HF Sinclair (DINO) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of a loss of $0.41. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 34.15%. A quarter ago, it was expected that this independent energy company would post a loss of $0.91 per share when it actually produced a loss of $1.02, delivering a surprise of -12.09%.Over the last four quarters, the ...

HF Sinclair (DINO) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Welcome to HF Sinclair Corporation's First Quarter twenty twenty five Conference Call and Webcast. Hosting the call today is Tim Goh, Chief Executive Officer of HF Sinclair. He is joined by Atanas Atanas, Chief Financial Officer Steve Ledbetter, EVP of Commercial Valerie Pompa, EVP of Operations and Matt Joyce, SVP of Lubricants and Specialties. At this time, all participants have been placed in a listen only mode and the floor will ...

Financial Data and Key Metrics Changes - For Q1 2025, HF Sinclair reported a net loss attributable to shareholders of $4 million or negative $0.02 per diluted share, with an adjusted net loss of $50 million or negative $0.27 per diluted share compared to adjusted net income of $142 million or $0.71 per diluted share for Q1 2024 [12][13] - Adjusted EBITDA for Q1 2025 was $201 million, down from $399 million in Q1 2024 [13] - Net cash used for operations totaled $89 million, including $105 million of turnaround spend, with capital expenditures of $86 million for the quarter [16] Business Line Data and Key Metrics Changes - The Marketing segment achieved a record EBITDA of $27 million, up from $15 million in Q1 2024, driven by improved execution and high grading the portfolio [10][15] - The Lubricants and Specialties segment reported EBITDA of $85 million, slightly down from $87 million in Q1 2024, with a focus on high-margin specialty products [10][15] - The Midstream segment generated a record adjusted EBITDA of $119 million, an increase from $110 million in Q1 2024, benefiting from higher pipeline revenues [10][15] - The Refining segment reported an adjusted EBITDA of negative $8 million, down from $29 million in Q1 2024, primarily due to lower gross margins and refined product sales volumes [13][15] Market Data and Key Metrics Changes - Total sales volumes in the Renewables segment were 44 million gallons for Q1 2025, down from 61 million gallons in Q1 2024, impacted by lower sales volumes and the absence of benefits from the producer's tax credit [14] - The average oil charge was 606,000 barrels per day for Q1 2025, slightly up from 605,000 barrels per day in Q1 2024 [14] Company Strategy and Development Direction - The company remains focused on commercial and operational excellence, turnaround execution, and capital discipline, with a strategic priority to capture value across all business segments [7][11] - HF Sinclair plans to spend approximately $775 million in sustaining capital for 2025, down $25 million from 2024, and expects to invest $100 million in growth capital across its business segments [19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the recent strength of refining margins as the summer driving season approaches, indicating a focus on executing strategic priorities [11] - The company aims to maintain a breakeven to slightly positive position in the renewable diesel business despite regulatory uncertainties, with expectations for improved conditions in the future [36][42] Other Important Information - The Board of Directors declared a regular quarterly dividend of $0.50 per share, payable on June 3, 2025 [11] - As of March 31, 2025, HF Sinclair had a cash balance of $547 million and $2.7 billion of debt outstanding, with a debt-to-cap ratio of 23% [16][17] Q&A Session Summary Question: What is driving the growth in the midstream business and the outlook for continued growth? - Management highlighted increased focus on products and crude pipelines, indicating that the midstream business is not fully optimized yet and presents growth opportunities [22][23] Question: What is the confidence level of earnings in the lubricants business? - Management noted that the lubricants business is performing well, with a focus on high-growth end users and a strong product mix contributing to stability [25][26] Question: Can you discuss demand across markets and the impact on product sales? - Management indicated that demand is relatively flat, with distillate demand up due to colder weather and regulatory impacts, affecting sales patterns positively [32][33] Question: How did the regulatory changes impact the renewable diesel business? - Management stated that no tax credits were recognized in Q1 due to regulatory uncertainty, but they believe clarity will help improve the business moving forward [35][36] Question: What is the strategy regarding turnaround operations and cash management? - Management confirmed that Q1 was a heavier turnaround quarter, with expectations for better cash flow in the future, allowing for potential shareholder returns [64][67] Question: How are tariffs affecting the lubricants business? - Management emphasized efforts to tariff-proof the lubricants business, ensuring compliance with USMCA and closely monitoring costs [71][74]

Press Release Dallas, Texas, May 1, 2025 ‑ 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 lo ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for HF Sinclair despite higher revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - The earnings report is expected on May 1, 2025, with an anticipated EPS of $0.59, reflecting a -16.9% change year-over-year, while revenues are projected at $7.08 billion, a 0.8% increase from the previous year [3]. - The consensus EPS estimate has been revised 1.05% higher in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model compares the Most Accurate Estimate to the Zacks Consensus Estimate, suggesting that recent analyst revisions may provide more accurate predictions [6]. - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3, with a historical success rate of nearly 70% for such combinations [8]. Current Position of HF Sinclair - For HF Sinclair, the Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, making it challenging to predict an earnings beat [10][11]. - The company currently holds a Zacks Rank of 3, indicating a neutral position in terms of expected performance [11]. Historical Performance - HF Sinclair has beaten consensus EPS estimates three out of the last four quarters, although it missed expectations in the most recent quarter with a loss of $1.02 compared to an expected loss of $0.91, resulting in a -12.09% surprise [12][13]. Conclusion - While HF Sinclair does not appear to be a strong candidate for an earnings beat, investors should consider other factors influencing stock performance ahead of the earnings release [16].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-K _________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ ...

Financial Data and Key Metrics Changes - For Q4 2024, HF Sinclair reported a net loss attributable to shareholders of $214 million, or negative $1.14 per share, compared to an adjusted net income of $165 million, or $0.87 per share in Q4 2023 [19][20] - Adjusted EBITDA for Q4 2024 was $28 million, a significant decrease from $428 million in Q4 2023 [20] - The refining segment's adjusted EBITDA was negative $169 million in Q4 2024, down from $276 million in Q4 2023, primarily due to lower refinery gross margins and reduced refined product sales volumes [20][21] Business Line Data and Key Metrics Changes - In the refining segment, annual adjusted operating expenses were reduced to 7.98% per throughput barrel, a decrease of $0.37% year-over-year [11] - The renewables segment reported adjusted EBITDA of negative $9 million for Q4 2024, compared to negative $3 million in Q4 2023, impacted by high-priced inventory drawdown [22] - The marketing segment achieved record annual EBITDA of $75 million, a 23% increase over 2023, with a net growth of 87 branded sites [13] - The lubricants and specialties segment reported adjusted EBITDA of $70 million for Q4 2024, up from $57 million in Q4 2023, driven by strong sales volumes and product mix optimization [23] - The midstream segment reported adjusted EBITDA of $114 million in Q4 2024, compared to $110 million in Q4 2023, reflecting higher revenues from increased tariffs [24] Market Data and Key Metrics Changes - Crude oil charge averaged 562,000 barrels per day in Q4 2024, down from 614,000 barrels per day in Q4 2023, primarily due to a turnaround at the El Dorado refinery [21] - Total sales volumes in the renewables segment were 62 million gallons in Q4 2024, slightly down from 63 million gallons in Q4 2023 [22] Company Strategy and Development Direction - The company focuses on three strategic priorities: improving reliability, optimization and integration, and commitment to shareholder returns [7][10] - The company aims to grow its branded sites by 10% annually and continues to see strategic value in integrating the DINO brand into its portfolio [13][14] - The company is committed to maintaining a strong balance sheet while returning over $1 billion to shareholders in 2024 through dividends and share repurchases [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recent uptick in refining indicator margins and believes the company is well-positioned to capture anticipated rebounds in cracks during the driving season [17] - The management highlighted the importance of reliability and efficiency improvements in achieving cost reduction targets [62][67] - The company remains focused on maximizing shareholder value through organic growth and potential small bolt-on acquisitions in the lubricants and specialties business [45][131] Other Important Information - The company declared a regular quarterly dividend of $0.50 per share, payable on March 20, 2025 [17] - As of December 31, 2024, total liquidity stood at approximately $3.3 billion, including a cash balance of $800 million [25] Q&A Session Summary Question: Understanding leverage to the West Coast market - Management noted that recent unplanned events and heavy turnaround seasons have improved market fundamentals, benefiting the Puget Sound refinery and other supply points [30][32] Question: Growth in the marketing business - Management indicated that the marketing segment is a significant untapped value from the Sinclair acquisition, with plans for organic growth and a net addition of 87 stores [34][35] Question: Outlook for the lubricants business - Management acknowledged a down cycle in the base oil market but expressed optimism for recovery, expecting to return to a $350 million run-rate in 2025 [39][42] Question: Return of capital strategy - Management reaffirmed commitment to a long-term capital return strategy of 50% to shareholders, with confidence in meeting this target as margins improve [72][74] Question: Small refinery exemptions - Management discussed the uncertainty surrounding small refinery exemptions and the potential for favorable rulings in the future [120][121] Question: Optionality in the lubricants business - Management clarified that the lubricants business is independent, providing flexibility for growth, acquisitions, or monetization [131]