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]

分组1 - HF Sinclair reported a quarterly loss of $1.02 per share, missing the Zacks Consensus Estimate of a loss of $0.91, and compared to earnings of $0.87 per share a year ago, representing an earnings surprise of -12.09% [1] - The company posted revenues of $6.5 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 6.33%, and down from $7.66 billion year-over-year [2] - HF Sinclair has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates two times in the same period [2] 分组2 - The stock has gained about 8% since the beginning of the year, outperforming the S&P 500's gain of 4.5% [3] - The current consensus EPS estimate for the coming quarter is $0.05 on revenues of $7.09 billion, and for the current fiscal year, it is $2.39 on revenues of $29.13 billion [7] - The Zacks Industry Rank for Oil and Gas - Refining and Marketing is currently in the bottom 28% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Financial Performance - Reported net loss attributable to HF Sinclair stockholders of $214 million, or $(1.14) per diluted share, for Q4 2024, compared to a net loss of $62 million, or $(0.34) per diluted share, for Q4 2023[3] - Adjusted net loss for Q4 2024 was $191 million, or $(1.02) per diluted share, compared to adjusted net income of $165 million, or $0.87 per diluted share, for Q4 2023[3] - Net loss attributable to HF Sinclair stockholders for the three months ended December 31, 2024, was $214 million, an increase of $152 million or 245% compared to a net loss of $62 million in 2023[17] - Net income attributable to HF Sinclair stockholders for the year ended December 31, 2024, was $177 million, a decrease of $1,413 million or 89% compared to $1,590 million in 2023[18] - The company reported a net income attributable to HF Sinclair stockholders of $177 million for the year ended December 31, 2024, compared to $1,590 million in 2023, a decrease of 88.89%[55] Revenue and Sales - Sales and other revenues for the three months ended December 31, 2024, were $6,500 million, a decrease of $1,160 million or 15% compared to $7,660 million in 2023[17] - Revenues from external customers for Q4 2024 were $6,500 million, a decrease from $7,660 million in Q4 2023, representing a decline of 15.1%[28] - Revenues from external customers for the year ended December 31, 2024, totaled $28,580 million, a decrease from $31,964 million in 2023, representing a decline of approximately 10.5%[29] - Refining segment sales and other revenues decreased to $5,776 million in Q4 2024 from $6,863 million in Q4 2023, representing a decline of 15.8%[64] - Marketing segment sales and other revenues decreased to $760 million in Q4 2024 from $909 million in Q4 2023, a decline of 16.4%[70] Costs and Expenses - Total operating costs and expenses for the three months ended December 31, 2024, were $6,725 million, a decrease of $1,013 million or 13% compared to $7,738 million in 2023[17] - The cost of materials and other for Q4 2024 was $5,747 million, compared to $6,471 million in Q4 2023, indicating a reduction of 11.2%[28] - Operating expenses for Q4 2024 totaled $656 million, up from $629 million in Q4 2023, reflecting an increase of 4.3%[28] - The cost of sales for 2024 was $27,023 million, compared to $28,493 million in 2023, indicating a reduction of about 5.2%[29] EBITDA and Margins - Reported EBITDA of $9 million and adjusted EBITDA of $28 million for Q4 2024[4] - Adjusted refinery gross margin was $6.68 per produced barrel sold, a 51% decrease compared to $13.58 for Q4 2023[5] - Adjusted refinery gross margin for 2024 was $8.21, compared to $17.31 in 2023, showing a decrease of approximately 52.6%[33] - Adjusted refinery gross margin for Q4 2024 was $366 million, down 55.5% from $822 million in Q4 2023[64] - Adjusted EBITDA for the year ended December 31, 2024, was $1,149 million, compared to $3,208 million in 2023, reflecting a decrease of 64.2%[55] Shareholder Returns - Returned over $1 billion in cash to shareholders through share repurchases and dividends during 2024[4] - Announced a regular quarterly dividend of $0.50 per share, payable on March 20, 2025[11] - Cash dividends declared per common share increased to $2.00 in 2024, up from $1.80 in 2023, representing an increase of 11%[18] Segment Performance - Midstream segment income before interest and income taxes was $97 million for Q4 2024, compared to $87 million for Q4 2023[9] - The Renewables segment experienced a loss before interest and income taxes of $91 million for the year ended December 31, 2024, compared to a loss of $133 million in 2023[59] - The Marketing segment's EBITDA increased to $75 million for the year ended December 31, 2024, up from $61 million in 2023, representing a growth of 22.95%[60] - The Lubricants & Specialties segment achieved an Adjusted EBITDA of $70 million for the three months ended December 31, 2024, compared to $57 million in the same period of 2023, an increase of 22.8%[61] Cash and Liquidity - Cash and cash equivalents totaled $800 million at December 31, 2024, a decrease of $554 million compared to $1,354 million at December 31, 2023[10] - Total assets as of December 31, 2024, were $16,643 million, a decrease of $1,073 million or 6% compared to $17,716 million in 2023[20] - Total debt as of December 31, 2024, was $2,638 million, a slight decrease from $2,739 million in 2023[20] Operational Metrics - Refining segment loss before interest and income taxes was $332 million for Q4 2024, compared to a loss of $75 million for Q4 2023[5] - The refinery utilization rate for Q4 2024 was 84.2%, down from 99.8% in Q4 2023, indicating a decline of about 15.6%[33] - Crude charge for the consolidated segment decreased to 562,020 BPD in Q4 2024 from 614,160 BPD in Q4 2023, representing a decline of 8.5%[35] - Refinery throughput for the consolidated segment was 603,700 BPD in Q4 2024, down from 664,390 BPD in Q4 2023, a decrease of 9.1%[35] Taxation - The effective tax rate for GAAP financial statements for the year ended December 31, 2024, was 15.6%, down from 20.5% in 2023[76] - The adjusted effective tax rate for the three months ended December 31, 2024, was 10.4%, compared to 14.7% for the same period in 2023[76] - The GAAP income tax expense for the year ended December 31, 2024, was $34 million, compared to $442 million in 2023[76]

Core Viewpoint - HF Sinclair (DINO) is expected to report a quarterly loss of $0.91 per share, reflecting a significant decline of 204.6% year over year, with revenues projected at $6.94 billion, a decrease of 9.4% compared to the previous year [1]. Financial Estimates - Analysts predict 'Sales and other revenues - Lubricants and Specialty Products' to be $603.04 million, indicating an 8.4% decline from the prior-year quarter [4]. - The estimated 'Sales and other revenues - Refining' is projected at $3.80 billion, showing a substantial decrease of 44.7% year over year [4]. - 'Sales and other revenues - Corporate, Other and Eliminations' is expected to reach -$1.15 billion, suggesting a drastic change of -193.9% year over year [5]. - 'Sales and other revenues - Renewables' is forecasted at $185.55 million, reflecting a decline of 35.3% from the prior-year quarter [5]. Production Metrics - The 'Mid-Continent Region - Sales of produced refined products (BPD)' is estimated to be 225.32 million barrels per day, down from 289.47 million barrels per day in the previous year [6]. - The 'Consolidated - Average per produced barrel - Refinery gross margin' is expected to be $6.76, compared to $13.88 per barrel in the same quarter last year [7]. - 'Consolidated - Sales of produced refined products (BPD)' is projected at 598.37 million barrels per day, down from 658.9 million barrels per day year over year [7]. - 'Consolidated - Refinery throughput (BPD)' is expected to be 605.53 million barrels per day, compared to 664.39 million barrels per day in the same quarter of the previous year [9]. Market Performance - HF Sinclair shares have seen a change of +4.6% over the past month, slightly underperforming the +4.7% move of the Zacks S&P 500 composite [11].

Core Insights - HF Sinclair (DINO) is projected to report a quarterly loss of $0.91 per share, reflecting a significant decline of 204.6% year over year [1] - Revenue estimates for the quarter are expected to reach $6.94 billion, down 9.4% from the same quarter last year [1] - Over the past 30 days, the consensus EPS estimate has been revised downward by 62.5%, indicating a reassessment by analysts [1] Revenue Estimates - Analysts estimate 'Sales and other revenues - Lubricants and Specialty Products' to be $603.04 million, a decrease of 8.4% year over year [4] - 'Sales and other revenues - Refining' is projected at $3.80 billion, indicating a decline of 44.7% from the previous year [4] - 'Sales and other revenues - Corporate, Other and Eliminations' is expected to be -$1.15 billion, reflecting a change of -193.9% year over year [5] - 'Sales and other revenues - Renewables' is forecasted to reach $185.55 million, down 35.3% from the same quarter last year [5] Production Metrics - The consensus estimate for 'Mid-Continent Region - Sales of produced refined products (BPD)' is 225.32 million barrels per day, down from 289.47 million barrels per day in the same quarter last year [6] - 'Consolidated - Sales of produced refined products (BPD)' is expected to be 598.37 million barrels per day, compared to 658.9 million barrels per day in the previous year [8] - 'Consolidated - Refinery throughput (BPD)' is projected at 605.53 million barrels per day, down from 664.39 million barrels per day in the same quarter last year [9] Gross Margin Estimates - The average per produced barrel - Refinery gross margin for the West Region is expected to be $7.93, down from $16.95 year over year [5] - The Mid-Continent Region's average per produced barrel - Refinery gross margin is projected at $4.83, compared to $9.97 in the previous year [6] - The consolidated average per produced barrel - Refinery gross margin is estimated at $6.76, down from $13.88 in the same quarter last year [7] Market Performance - HF Sinclair shares have shown a return of +4.6% over the past month, slightly trailing the Zacks S&P 500 composite's +4.7% change [10] - The company holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance relative to the overall market [10]

Core Viewpoint - HF Sinclair Corporation has announced the pricing terms for its cash tender offer to purchase outstanding notes, with all other terms remaining unchanged from the previous Offer to Purchase [1][2]. Tender Offer Details - The total consideration for each series of notes accepted for purchase is based on a fixed spread over the yield of applicable U.S. Treasury Securities, with an Early Tender Premium of $30 per $1,000 principal amount of notes [2][4]. - The corporation expects to accept for payment notes validly tendered and not withdrawn by January 28, 2025, with a cap of $150 million on the 2027 Notes [6][8]. - The Tender Offer will remain open until 5:00 p.m. on February 7, 2025, unless extended or terminated [7]. Financial Information - The aggregate principal amounts accepted for purchase include: - 2027 Notes: $361,067,000 accepted from a total of $399,875,000 outstanding, with a final proration factor of 41.5% and total tender offer consideration of $1,018.64 per $1,000 [3]. - 2026 Notes: $448,090,000 accepted from a total of $797,100,000 outstanding, with a total tender offer consideration of $1,010.01 per $1,000 [3]. Company Overview - HF Sinclair Corporation is an independent energy company that produces and markets high-value light products, including gasoline, diesel fuel, and renewable diesel, operating refineries across several states [11][12].

DALLAS, Jan. 23, 2025 /PRNewswire/ -- HF Sinclair Corporation (NYSE: DINO) (the "Corporation") today announced the early results of the previously announced cash tender offer (the "Tender Offer") to purchase the outstanding notes listed in the table below (collectively, the "Notes" and each a "Series" of Notes). All terms and conditions of the Tender Offer remain unchanged and are described in the Offer to Purchase dated January 8, 2025, as amended on January 8, 2025 (the "Offer to Purchase"). The Financing ...

Core Viewpoint - HF Sinclair Corporation has announced an increase in the Maximum Aggregate Purchase Price for its cash tender offer to up to $1.05 billion from the previous $900 million, aimed at repurchasing outstanding notes [1]. Summary by Relevant Sections Tender Offer Details - The Tender Offer is for outstanding notes, with specific priority levels for acceptance [2][4]. - The 2027 Notes Tender Cap represents the maximum principal amount of the 2027 Notes that will be purchased, with the Corporation reserving the right to adjust this cap [3][8]. Financial Terms - The Total Tender Offer Consideration for each $1,000 in principal amount of Notes will be determined based on a fixed spread over the yield of the applicable Reference U.S. Treasury Security [10]. - An Early Tender Premium of $30 per $1,000 principal amount will be provided for Notes tendered before the Early Tender Deadline [10]. Important Dates - The Tender Offer will expire on February 7, 2025, with an Early Tender Deadline set for January 23, 2025 [9]. - The expected Early Settlement Date is January 28, 2025, and the Final Settlement Date is anticipated to be February 11, 2025 [11]. Conditions and Prioritization - The acceptance of Notes is subject to the Maximum Aggregate Purchase Price and the 2027 Notes Tender Cap, with higher Acceptance Priority Levels being accepted first [12][14]. - The Corporation's obligation to accept Notes is conditioned upon receiving sufficient gross proceeds from a Concurrent Notes Offering [14]. Company Overview - HF Sinclair Corporation is an independent energy company that produces and markets high-value light products, operating refineries across several states and providing various petroleum-related services [17].

Tender Offer Details - HF Sinclair Corporation has commenced a cash tender offer to purchase outstanding notes for an aggregate purchase price of up to $900 million, excluding accrued interest [1] - The tender offer prioritizes the purchase of notes in the order specified, with a cap on the 2027 Notes set at $150 million [1][2] - The total consideration for each $1,000 principal amount of notes tendered before the Early Tender Deadline includes a $30 premium and is calculated based on the yield of the applicable U S Treasury Security plus a fixed spread [10] Acceptance Priority and Settlement - Notes will be accepted based on their Acceptance Priority Level, with Level 1 being the highest priority and Level 3 the lowest [4] - The Early Tender Deadline is January 23, 2025, and the Expiration Date is February 7, 2025, unless extended [9] - The Early Settlement Date is expected to be January 28, 2025, and the Final Settlement Date is expected to be February 11, 2025 [11] Conditions and Flexibility - The tender offer is subject to conditions, including the receipt of sufficient proceeds from a concurrent public offering of senior debt securities [7] - The company reserves the right to modify the Maximum Aggregate Purchase Price and the 2027 Notes Tender Cap at any time [8] - The company may purchase additional notes in the open market or through other means in the future, which could affect the price of remaining notes [15] Company Overview - HF Sinclair Corporation is an independent energy company headquartered in Dallas, Texas, producing and marketing high-value light products such as gasoline, diesel fuel, and renewable diesel [19] - The company operates refineries in multiple states and markets its products primarily in the Southwest U S , the Rocky Mountains, and the Pacific Northwest [19] - HF Sinclair also produces renewable diesel at facilities in Wyoming and New Mexico and markets specialized lubricants globally [19]

Stock Analysis - HF Sinclair (NYSE: DINO) experienced a significant price decline, and the stock was expected to fall further due to weak crack spreads [1] - The stock has now reached the previously set price target [1] Analyst Background - The analyst is a Licensed Professional Engineer with experience in the Nuclear Power industry, leveraging expertise in the power/energy sectors to evaluate long-term investment opportunities [1] - The analyst focuses on income-producing equities and rental real estate properties for cash flow and long-term appreciation [1] Article Purpose - The article serves as a platform to present the underlying fundamentals and long-term potential of the equity/business being analyzed [1]