Core Insights - HF Sinclair Corporation (DINO) reported third-quarter 2025 earnings that exceeded expectations, driven by soft input prices and favorable demand for refined petroleum products [1][6] Financial Performance - DINO's Q3 earnings per share were $2.44, surpassing the Zacks Consensus Estimate of $1.94 [2] - Total quarterly revenues reached $7.3 billion, exceeding the Zacks Consensus Estimate of $7 billion and increasing from $7.2 billion in the previous year [2] Market Conditions - The U.S. Energy Information Administration (EIA) forecasts West Texas Intermediate spot average prices to decline to $65 per barrel in 2025 and $48.50 per barrel in 2026, down from $76.60 per barrel in 2024 [3] - Rising global oil inventories are negatively impacting commodity prices, which is beneficial for HF Sinclair's refining business as it purchases raw crude [4] Refining Capacity and Demand - HF Sinclair has a refining capacity of 678,000 barrels of crude oil per day and expects favorable refining fundamentals through 2026 due to rising demand for distillates and limited new capacity [4] Financial Health - The company has a strong balance sheet with a debt-to-capitalization ratio of 22.6%, significantly lower than the industry average of 37.67% [5] - Competitors PBF Energy and Valero Energy have higher debt-to-capitalization ratios of 31.1% and 28.35%, respectively [5] Strategic Expansion - HF Sinclair plans to expand its existing pipelines to transport up to 150,000 barrels of fuel daily to Western U.S. markets, including Nevada and California [8] Stock Performance - Year-to-date, DINO's stock has surged 57.4%, outperforming the industry's growth of 21.1% [9] - Competitors PBF Energy and Valero Energy gained 38% and 42.3%, respectively, during the same period [9] Valuation - DINO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 6.45X, above the industry average of 4.37X, indicating that investors are willing to pay a premium for the stock [11]

Core Insights - HF Sinclair Corporation (NYSE:DINO) is a significant entity in the energy sector, focusing on refining and marketing petroleum products, competing with companies like Valero Energy and Marathon Petroleum [1] - UBS analyst Manav Gupta has set a price target of $65 for DINO, indicating a potential upside of approximately 21.75% from the current price of $53.39 [1][5] Institutional Investor Activity - D.A. Davidson & CO. has reduced its holdings in HF Sinclair by 3.3% during the second quarter, now owning 6,966 shares valued at $286,000, reflecting a cautious stance [2] - Conversely, GAMMA Investing LLC increased its stake in DINO by 152.4%, holding 4,467 shares valued at $147,000, while Miller Howard Investments Inc. NY boosted its holdings by 11.9%, totaling 31,128 shares worth $1.023 million, indicating positive sentiment among some investors [3][5] Stock Performance - The current stock price for DINO is $53.39, reflecting an increase of 3.47% or $1.79, with fluctuations between a low of $51.27 and a high of $53.61 on the day [4] - Over the past year, DINO has experienced significant volatility, reaching a high of $55.63 and a low of $24.66, with a market capitalization of approximately $10.03 billion and a trading volume of 2,842,844 shares on the NYSE [4]

Financial Performance - Net income attributable to HF Sinclair stockholders for the three months ended September 30, 2025, was $403 million, compared to a net loss of $76 million for the same period in 2024[28]. - Operating income for the three months ended September 30, 2025, was $564 million, a significant recovery from an operating loss of $121 million in the same period of 2024[28]. - For the three months ended September 30, 2025, net income was $405 million, compared to a net loss of $74 million for the same period in 2024, representing a significant turnaround[37]. - For the nine months ended September 30, 2025, net income was $613 million, a substantial increase from $396 million for the same period in 2024, representing a growth of 54.8%[40]. - Net income attributable to HF Sinclair stockholders for the nine months ended September 30, 2025, was $607 million ($3.21 per share), a $216 million increase from $391 million in the same period of 2024[213]. Revenue and Sales - Sales and other revenues for the three months ended September 30, 2025, were $7,251 million, slightly up from $7,207 million in the same period of 2024[28]. - For the nine months ended September 30, 2025, total sales and other revenues were $20,405 million, down from $22,080 million in 2024, reflecting a decrease of approximately 7.57%[58]. - Refined product revenues for the three months ended September 30, 2025, totaled $6,664 million, compared to $6,735 million in 2024, indicating a decrease of approximately 1.05%[58]. - Revenues from external customers for Q3 2025 reached $7,251 million, an increase from $7,207 million in Q3 2024, representing a growth of 0.6%[153]. - Sales and other revenues decreased 8% from $22,080 million for the nine months ended September 30, 2024, to $20,405 million for the same period in 2025, due to lower refined product sales prices[214]. Assets and Liabilities - Total assets increased to $17,264 million as of September 30, 2025, up from $16,643 million at December 31, 2024, representing a growth of 3.7%[25]. - Total liabilities rose to $7,769 million as of September 30, 2025, from $7,297 million at December 31, 2024, indicating an increase of 6.5%[25]. - Cash and cash equivalents increased to $1,451 million as of September 30, 2025, compared to $800 million at the beginning of the period[34]. - Total long-term debt amounted to $2,768 million as of September 30, 2025, compared to $2,288 million as of December 31, 2024[104]. Earnings and Dividends - The company reported a basic earnings per share of $2.15 for the three months ended September 30, 2025, compared to a loss per share of $0.40 in the same period of 2024[28]. - The company declared dividends of $0.50 per common share, totaling $94 million for the three months ended September 30, 2025, compared to $95 million for the same period in 2024[37]. - The company declared dividends of $1.50 per common share for the nine months ended September 30, 2025, totaling $284 million, compared to $291 million for the same period in 2024[40]. - The company announced a regular quarterly dividend of $0.50 per share, payable on December 5, 2025[168]. Operational Highlights - The company generated net cash provided by operating activities of $1,307 million for the nine months ended September 30, 2025, compared to $1,250 million for the same period in 2024[34]. - The company reported an income before income taxes of $528 million for Q3 2025, compared to a loss of $131 million in Q3 2024[153]. - The refining segment generated $5,507 million in revenues for Q3 2025, up from $5,387 million in Q3 2024, indicating a growth of 2.2%[153]. - The company is evaluating a multi-phased expansion of its Midstream footprint in response to evolving market conditions[166]. Segment Performance - The company operates five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties, and Midstream, with intersegment transactions eliminated in consolidated financial statements[142]. - The Renewables segment experienced lower margins due to elevated feedstock costs, but the company anticipates capturing more value from the Producer's Tax Credit in Q4 2025[162]. - The Marketing segment aims to grow the number of branded sites by approximately 10% annually, leveraging strong value from Sinclair branded sites[163]. - The Midstream segment benefited from higher pipeline revenues and throughput volumes, along with lower operating expenses compared to the previous quarter[165]. Cost Management - Operating costs and expenses decreased to $6,687 million for the three months ended September 30, 2025, down from $7,328 million in the same period of 2024[28]. - Interest expense increased to $153 million for the nine months ended September 30, 2025, from $127 million in the same period of 2024, primarily due to unrealized losses on precious metals financing arrangements[222]. - Operating expenses for Q3 2025 were $590 million, a decrease from $630 million in Q3 2024, reflecting a reduction of 6.3%[153]. Environmental and Legal Matters - The company is involved in various litigation and legal proceedings, which are not expected to have a material adverse effect on its financial condition[131]. - HFS Navajo reached a settlement agreement with the EPA, DOJ, and NMED on January 17, 2025, resulting in a civil penalty of $34 million, with $20 million paid within 30 days of the consent decree[141]. - HFS Navajo must implement injunctive relief and mitigation measures at an estimated cost of $137 million, with completion deadlines extending to 2031[141].

Core Insights - HF Sinclair reported $7.25 billion in revenue for Q3 2025, a year-over-year increase of 0.6%, with an EPS of $2.44 compared to $0.51 a year ago, exceeding Zacks Consensus Estimates for revenue and EPS [1] - The company demonstrated strong performance metrics, with a stock return of +3.8% over the past month, outperforming the S&P 500 composite's +3.6% change, and holds a Zacks Rank 1 (Strong Buy) [3] Financial Performance - Revenue of $7.25 billion surpassed the Zacks Consensus Estimate of $7.02 billion, resulting in a surprise of +3.33% [1] - EPS of $2.44 exceeded the consensus estimate of $1.94, leading to an EPS surprise of +25.77% [1] - Consolidated average per produced barrel adjusted refinery gross margin was $19.16, above the $16.42 average estimate [4] - Sales of produced refined products totaled 661.14 million barrels, slightly below the estimated 667.52 million barrels [4] Regional Performance - In the West Region, the average per produced barrel adjusted refinery gross margin was $20.38, exceeding the estimated $18.05 [4] - Mid-Continent Region sales of produced refined products reached 281.04 million barrels, surpassing the estimate of 275.08 million barrels [4] - Average per produced barrel adjusted refinery gross margin in the Mid-Continent Region was $17.5, compared to the $14.12 estimate [4] Revenue Breakdown - Sales and other revenues from lubricants and specialties were $655 million, below the estimate of $704.88 million, reflecting a year-over-year decline of -4.5% [4] - Midstream revenues were $160 million, slightly below the estimated $165.38 million, representing a -2.4% change year-over-year [4] - Marketing revenues were $898 million, slightly above the estimate of $893.54 million, with a year-over-year change of -5.5% [4] - Refining revenues were reported at $6.44 billion, exceeding the estimate of $4.4 billion, with a +1% change year-over-year [4] - Renewables revenues reached $277 million, significantly above the estimate of $170.97 million, marking a +4.4% change year-over-year [4] - Corporate, Other and Eliminations reported revenues of -$1.18 billion, slightly below the estimate of -$1.15 billion, reflecting a -4.7% change year-over-year [4]

Financial Data and Key Metrics Changes - HF Sinclair reported a third quarter net income attributable to shareholders of $403 million, or $2.15 per diluted share, with adjusted net income of $459 million, or $2.44 per diluted share, compared to $96 million, or $0.51 per diluted share, for the same period in 2024 [13][14] - Adjusted EBITDA for the third quarter was $870 million, up from $316 million in the third quarter of 2024 [13] - The company returned $254 million in cash to shareholders, consisting of $160 million in share repurchases and $94 million in dividends [9][12] Business Line Data and Key Metrics Changes - In the refining segment, adjusted EBITDA was $661 million, significantly up from $110 million in the same quarter of 2024, driven by higher gross margins [14] - The marketing segment reported record EBITDA of $29 million, an increase from $22 million in the third quarter of 2024, attributed to high margins and improved store mix [16] - The lubricants and specialty segments reported EBITDA of $78 million, slightly up from $76 million in the same quarter of 2024, driven by improved mix and FIFO benefits [16] Market Data and Key Metrics Changes - Total sales volumes were 57 million gallons for the third quarter of 2025, down from 69 million gallons in the same quarter of 2024 [16] - Crude oil charge averaged 639,000 barrels per day for the third quarter, marking the second highest quarter on record [15] Company Strategy and Development Direction - HF Sinclair is focusing on expanding its midstream refined products footprint across PADD 4 and PADD 5 to address supply and demand imbalances in key Western U.S. markets [10][11] - The company is evaluating a multi-phased expansion projected to enable incremental supply of up to 150,000 barrels per day into various West Coast markets [11] - Strategic projects include the CARB project at the PSR refinery and a jet project to enhance flexibility in product output [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining market, citing a global shortfall of approximately 800,000 barrels per day and supportive demand for distillate fuels [26][29] - The company anticipates continued strong performance in refining margins due to ongoing supply constraints and increasing demand [27][29] - Management remains committed to returning excess cash to shareholders while maintaining an investment-grade balance sheet [9][12] Other Important Information - HF Sinclair issued $500 million of senior notes at 5.5% due 2032 to redeem higher interest notes, allowing for a reduction in the weighted average cost of debt [17] - The company has approximately $1.5 billion in cash and a debt-to-cap ratio of 23% as of September 30, 2025 [17] Q&A Session Summary Question: Can you elaborate on the multi-phased expansion targeting PADD 4 and PADD 5? - Management believes they are strategically positioned due to existing infrastructure and the ability to quickly deliver refined products to markets facing shortages [21][24] Question: What is the outlook for refining margins in the near term? - Management is bullish on refining margins, expecting continued support from demand for distillate fuels and low product inventories [25][27] Question: Can you clarify the impact of small refinery exemptions (SREs) on your financials? - The $115 million benefit from SREs is reflected in cost of sales, while the $56 million is from trading benefits associated with RINs [35][46] Question: How do you plan to finance the pipeline expansion projects? - Management indicated multiple financing options, including liquidity on the balance sheet and potential joint ventures [60][61] Question: What is the current state of the lubricants market and M&A opportunities? - The lubricants market is performing well, and the company continues to explore bolt-on acquisitions to enhance its portfolio [73][76]

Financial Data and Key Metrics Changes - HF Sinclair reported third quarter net income attributable to shareholders of $403 million, or $2.15 per diluted share, with adjusted net income of $459 million, or $2.44 per diluted share, compared to $96 million, or $0.51 per diluted share, for the same period in 2024 [13][14] - Adjusted EBITDA for the third quarter was $870 million, up from $316 million in the third quarter of 2024 [14] - Net cash provided by operations totaled $809 million, including $31 million of turnaround spend, with capital expenditures of $121 million for the quarter [17] Business Line Data and Key Metrics Changes - In the refining segment, adjusted EBITDA was $661 million, compared to $110 million in the third quarter of 2024, driven by higher gross margins [14] - The marketing segment reported record EBITDA of $29 million, up from $22 million in the third quarter of 2024, primarily due to high margins [16] - The lubricants and specialty segments reported EBITDA of $78 million, slightly up from $76 million in the same period last year, driven by improved mix and FIFO benefits [16] Market Data and Key Metrics Changes - Total sales volumes were 57 million gallons for the third quarter of 2025, down from 69 million gallons for the same period in 2024 [16] - Crude oil charge averaged 639,000 barrels per day for the third quarter, the second highest quarter on record [15] Company Strategy and Development Direction - HF Sinclair is focused on expanding its midstream refined products footprint across PADD 4 and PADD 5 to address supply and demand imbalances in key Western U.S. markets [10][11] - The company is evaluating a multi-phased expansion projected to enable incremental supply of up to 150,000 barrels a day into various West Coast markets [11] - Strategic projects include the CARB project at the Puget Sound Refinery and a new jet project to enhance flexibility in product output [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about refining margins, citing a global shortfall of approximately 800,000 barrels a day and supportive demand for distillate products [26][29] - The company anticipates continued strong performance in refining and marketing segments, with a focus on reliability and integration [12][100] Other Important Information - HF Sinclair returned $254 million in cash to shareholders in the quarter, consisting of $160 million in share repurchases and $94 million in dividends [9] - The company has returned over $4.5 billion in cash to shareholders since the Sinclair acquisition in March 2022 [9] Q&A Session Summary Question: Can you elaborate on the multi-phased expansion targeting PADD 4 and PADD 5? - Management believes they are strategically positioned due to existing infrastructure and the ability to debottleneck or expand to meet market demands, especially with refinery closures in California [21][24] Question: What is the outlook for refining margins in the near term? - Management is bullish on refining margins, expecting demand for distillate products to remain strong, supported by low product inventories and geopolitical factors [26][29] Question: Can you clarify the impact of small refinery exemptions (SREs) on your financials? - The $115 million benefit from SREs is reflected in cost of sales, while the $56 million is from trading benefits associated with RINs [35][46] Question: How do you plan to finance the pipeline expansion projects? - Management indicated multiple financing options, including liquidity on the balance sheet and potential joint ventures, but specifics will be determined closer to final investment decisions [59][60] Question: What is the current state of the lubricants market and M&A opportunities? - The lubricants market is performing well, and the company continues to explore bolt-on acquisitions to enhance its portfolio [75][78]

Financial Data and Key Metrics Changes - HF Sinclair reported third quarter net income attributable to shareholders of $403 million, or $2.15 per diluted share, with adjusted net income of $459 million, or $2.44 per diluted share, compared to $96 million, or $0.51 per diluted share, for the same period in 2024 [12][13] - Adjusted EBITDA for the third quarter was $870 million, up from $316 million in the third quarter of 2024 [12][13] - The company returned $254 million in cash to shareholders, consisting of $160 million in share repurchases and $94 million in dividends [5][8] Business Line Data and Key Metrics Changes - In the refining segment, adjusted EBITDA was $661 million, compared to $110 million in the third quarter of 2024, driven by higher gross margins and small refinery RINs waivers [12][13] - The marketing segment achieved record EBITDA of $29 million, up from $22 million in the third quarter of 2024, attributed to high margins and improved store mix [14] - The lubricants and specialty segments reported EBITDA of $78 million, slightly up from $76 million in the same period last year, driven by improved mix and FIFO benefits [15] Market Data and Key Metrics Changes - Total sales volumes were 57 million gallons for the third quarter of 2025, down from 69 million gallons in the third quarter of 2024 [14] - Crude oil charge averaged 639,000 barrels per day for the third quarter, marking the second highest quarter on record [13] Company Strategy and Development Direction - HF Sinclair is focusing on expanding its midstream refined products footprint across PADD 4 and PADD 5 to address supply and demand imbalances in key Western U.S. markets [9][10] - The company is evaluating a multi-phased expansion projected to enable incremental supply of up to 150,000 barrels per day into various West Coast markets [10] - Strategic projects include enhancing the Puget Sound Refinery's capabilities to produce CARB gasoline and jet fuel, providing flexibility to meet market demands [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining market, citing a global shortfall of approximately 800,000 barrels per day and supportive demand for distillate fuels [24][26] - The company anticipates continued strong refining margins into 2026, driven by demand growth outpacing supply growth [26][27] - Management emphasized the importance of reliability, integration, and optimization in driving future growth across all business segments [11][120] Other Important Information - HF Sinclair's cash balance was approximately $1.5 billion as of September 30, 2025, with a debt-to-cap ratio of 23% and net debt-to-cap ratio of 11% [16] - The company plans to spend approximately $775 million in sustaining capital and $100 million in growth capital investments for the full year 2025 [17] Q&A Session Summary Question: Can you elaborate on the multi-phased expansion targeting PADD 4 and PADD 5? - Management believes they are strategically positioned due to existing infrastructure and the ability to deliver products competitively in light of refinery closures in California [21][22] Question: What is the outlook for refining margins in the near term? - Management is bullish on refining margins, citing strong demand for distillate fuels and low product inventories as supportive factors [24][26] Question: Can you clarify the impact of small refinery exemptions (SREs) on your financials? - The $115 million benefit from SREs was a direct result of waivers granted by the EPA, while the $56 million was related to trading benefits from RINs [30][32] Question: How do you plan to finance the pipeline expansion projects? - Management indicated multiple financing options, including liquidity on the balance sheet and potential joint venture partnerships [61][63] Question: What is the expected capital spending for the business? - Management confirmed that capital spending is on track with guidance, expecting lower costs and fewer turnarounds in 2026 [105][106]

Financial Performance - Net income attributable to HF Sinclair stockholders for Q3 2025 was $403 million, or $2.15 per diluted share, compared to a net loss of $76 million, or $(0.40) per diluted share, in Q3 2024[2]. - Adjusted net income for Q3 2025 was $459 million, or $2.44 per diluted share, compared to $96 million, or $0.51 per diluted share, in Q3 2024[2]. - Net income attributable to HF Sinclair stockholders increased by 55% to $607 million, up from $391 million in 2024[16]. - Basic earnings per share increased by 60% to $3.21 from $2.01[16]. - EBITDA rose by 40% to $1,574 million compared to $1,124 million in 2024[16]. - Adjusted EBITDA increased by 55% to $1,736 million from $1,121 million[16]. - For the three months ended September 30, 2025, net income attributable to HF Sinclair stockholders was $403 million, compared to a loss of $76 million in the same period of 2024[53]. - EBITDA for the three months ended September 30, 2025, was $796 million, significantly up from $99 million in the same period of 2024[53]. Revenue and Sales - Total sales and other revenues for Q3 2025 were $7,251 million, a 1% increase from $7,207 million in Q3 2024[15]. - Revenues from external customers for Q3 2025 reached $7,251 million, an increase from $7,207 million in Q3 2024, representing a growth of 0.6%[25]. - Sales and other revenues decreased by 8% to $20,405 million compared to $22,080 million in 2024[16]. - Refining segment sales and other revenues for Q3 2025 were $6,443 million, a slight increase from $6,382 million in Q3 2024[61]. - Renewables segment sales and other revenues for Q3 2025 were $277 million, up from $265 million in Q3 2024[64]. - Marketing segment sales and other revenues for Q3 2025 were $898 million, a decrease from $950 million in Q3 2024[67]. Segment Performance - Refining segment income before interest and income taxes was $476 million for Q3 2025, a significant recovery from a loss of $212 million in Q3 2024[3]. - The Renewables segment reported a loss before interest and income taxes of $55 million in Q3 2025, compared to a loss of $23 million in Q3 2024[4]. - The Midstream segment income before interest and income taxes increased to $98 million in Q3 2025, up from $80 million in Q3 2024[8]. - The refining segment reported an EBITDA of $615 million for the three months ended September 30, 2025, compared to a negative EBITDA of $89 million in 2024[54]. - The Marketing segment's EBITDA for the three months ended September 30, 2025, was $29 million, up from $22 million in the same period of 2024[57]. - The Lubricants & Specialties segment reported an EBITDA of $78 million for the three months ended September 30, 2025, compared to $76 million in 2024[58]. Cost and Expenses - Cost of materials and other decreased by 12% to $16,608 million from $18,835 million[16]. - Cost of sales for Q3 2025 was $6,348 million, compared to $6,990 million in Q3 2024, indicating a decrease of 9.2%[25]. - Selling, general and administrative expenses for Q3 2025 were $105 million, compared to $118 million in Q3 2024, a reduction of 11.0%[25]. - Operating expenses per throughput barrel in the Mid-Continent region for the three months ended September 30, 2025, were $5.88, a decrease from $6.45 in 2024, indicating improved cost efficiency[31]. - Operating expenses per throughput barrel decreased to $7.12 in Q3 2025 from $8.12 in Q3 2024, a reduction of 12.3%[44]. Cash Flow and Capital Expenditures - Net cash provided by operations totaled $809 million for Q3 2025, with cash and cash equivalents increasing to $1,451 million[9]. - Capital expenditures in Q3 2025 totaled $121 million, slightly down from $124 million in Q3 2024[25]. - Capital expenditures for the nine months ended September 30, 2025, amounted to $318 million, up from $297 million in the same period of 2024, reflecting an increase of approximately 7.1%[26]. Shareholder Returns - The company returned $254 million to shareholders through dividends and share repurchases in Q3 2025[6]. - The regular quarterly dividend announced was $0.50 per share, payable on December 5, 2025[10]. Taxation - The income tax expense for the nine months ended September 30, 2025, was $160 million, up from $52 million in 2024[73]. - The effective income tax rate for GAAP financial statements for the three months ended September 30, 2025, was 23.3%, compared to 43.6% in 2024[73]. - The adjusted effective tax rate for the three months ended September 30, 2025, was 23.4%, while it was (14.3)% in 2024[73]. Operational Metrics - The average gross margin per produced barrel sold in the Mid-Continent region for the three months ended September 30, 2025, was $8.08, a significant improvement from $(3.91) in the same period of 2024[31]. - The refinery utilization rate for the Mid-Continent region was 107.8% for the three months ended September 30, 2025, compared to 101.2% in 2024, demonstrating enhanced operational performance[31]. - Consolidated refinery throughput for Q3 2025 was 681,080 BPD, compared to 649,750 BPD in Q3 2024, reflecting a 4.8% increase[33]. - Crude charge in the West Region for Q3 2025 was 358,810 BPD, up from 343,840 BPD in Q3 2024, representing a 4.3% increase[32]. Future Outlook - The company plans to continue focusing on refining performance and market expansion strategies to enhance overall profitability[60].

Core Insights - HF Sinclair Corporation reported a net income of $403 million, or $2.15 per diluted share, for Q3 2025, a significant recovery from a net loss of $76 million, or $(0.40) per diluted share, in Q3 2024 [1] Financial Performance - The company achieved a net income of $403 million for the quarter ended September 30, 2025 [1] - This represents a turnaround from the previous year's net loss of $76 million for the same quarter [1] - Earnings per diluted share improved from $(0.40) in Q3 2024 to $2.15 in Q3 2025 [1]

Core Viewpoint - HF Sinclair is considering a strategic expansion of its midstream refined products footprint across the Rocky Mountain and West Coast regions [1] Company Summary - HF Sinclair is a U.S. refiner exploring opportunities for growth in the midstream sector [1]