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 - The corporation expects to accept for payment notes validly tendered and not withdrawn by January 28, 2025, with a cap of $150 million on the 2027 Notes [6][8].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 ...

DALLAS, Jan. 8, 2025 /PRNewswire/ -- HF Sinclair Corporation (NYSE: DINO) (the "Corporation") today announced that it is increasing the aggregate purchase price (the "Maximum Aggregate Purchase Price") of its previously announced cash tender offer (the "Tender Offer") to up to $1.05 billion (excluding accrued interest), from the previously announced Maximum Aggregate Purchase Price of $900.0 million.  The Tender Offer is for the outstanding notes listed in the table below (collectively, the "Notes" and each ...

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]

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Group 1 - HF Sinclair (NYSE: DINO) was assigned a sell rating due to high operating expenses per barrel amid declining margins in PADD 3 [1] - The analysis is based on the author's professional experience in the Nuclear Power industry, focusing on evaluating equities for long-term investment [1] - The author emphasizes investing in income-producing equities and rental real estate for cash flow and long-term appreciation [1] Group 2 - The article expresses the author's personal opinions and does not involve compensation from any company mentioned [2] - There is no business relationship with any company whose stock is discussed in the article [2]

Financial Performance - Sales and other revenues for Q3 2024 were $7,207,140, a decrease of 19% from $8,905,471 in Q3 2023[6]. - Net income attributable to HF Sinclair stockholders for Q3 2024 was a loss of $75,944 compared to a profit of $790,922 in Q3 2023[6]. - Operating costs and expenses for Q3 2024 totaled $7,327,888, down from $7,834,109 in Q3 2023, reflecting a decrease of approximately 6.5%[6]. - The company reported a loss from operations of $120,748 in Q3 2024, compared to an income of $1,071,362 in Q3 2023[6]. - Total comprehensive income (loss) for Q3 2024 was $(66,064), significantly lower than $813,697 in Q3 2023[21]. - Net income for the three months ended September 30, 2024, was a loss of $74,081 thousand compared to a net income of $825,061 thousand for the same period in 2023, representing a significant decline[24]. - For the nine months ended September 30, 2024, HF Sinclair reported total revenues of $22.08 billion, a decrease from $24.30 billion for the same period in 2023, reflecting a decline of approximately 9%[130]. - Net loss attributable to HF Sinclair stockholders for the three months ended September 30, 2024, was $(75.9) million, compared to a net income of $790.9 million for the same period in 2023[133]. - The company reported a net cash provided by operating activities of $707,578 for the three months ended September 30, 2024, compared to $1,398,906 in the same period of 2023[152]. Assets and Liabilities - Total current assets decreased from $6,146,454 to $5,356,142, a decline of approximately 12.9%[17]. - Total liabilities decreased from $7,478,967 to $7,217,251, a reduction of about 3.5%[17]. - Long-term debt decreased from $2,739,083 to $2,286,805, a decline of approximately 16.5%[17]. - Total equity decreased from $10,237,298 to $9,670,410, a reduction of about 5.5%[17]. - Cash and cash equivalents decreased from $1,353,747 to $1,229,482, a decline of approximately 9.2%[17]. - Cash and cash equivalents at the end of the period for Q3 2024 were $1,229,482, down from $2,214,751 at the end of Q3 2023[23]. - Total debt as of September 30, 2024, was $2,636,805, a slight decrease from $2,739,083 as of December 31, 2023[150]. - The company has a $1.65 billion senior unsecured revolving credit facility, with no outstanding borrowings as of September 30, 2024[71]. - HEP Credit Agreement has outstanding borrowings of $350.0 million as of September 30, 2024, down from $455.5 million at December 31, 2023[85]. Shareholder Returns - Dividends declared per common share increased to $0.50 for the three months ended September 30, 2024, compared to $0.45 for the same period in 2023[25]. - The Board of Directors declared a regular quarterly dividend of $0.50 per share, payable on December 4, 2024[102]. - The company approved a new $1.0 billion share repurchase program on May 7, 2024, replacing the previous program with approximately $214.2 million remaining[99]. - During the three months ended September 30, 2024, the company repurchased 2,665,000 shares for $126.5 million, compared to 11,274,917 shares for $585.6 million in 2023[100]. - As of September 30, 2024, the remaining authorization for share repurchases under the May 2024 program is $798.5 million[101]. Operational Highlights - The company operates refineries in six states and markets refined products primarily in the Southwest United States and the Rocky Mountains, serving over 1,500 branded stations[30]. - Renewable diesel production is conducted at two facilities in Wyoming and one in New Mexico, contributing to the company's product offerings[30]. - The company has expanded its market reach by exporting products to over 80 countries, enhancing its global presence[30]. - The company reported a net unrealized gain of $456,000 in other comprehensive income (OCI) for commodity contracts for the three months ended September 30, 2024, while a loss of $3,506,000 was recognized for the same period in 2023[91]. - The company recognized a valuation reserve of $198.8 million for its refining segment inventories as of September 30, 2024, resulting in an increase to cost of sales of $198.8 million for the three months ended September 30, 2024[64]. Market and Segment Performance - The Refining segment generated revenues of $5,386,710, while the Renewables segment contributed $160,038, and the Marketing segment reported revenues of $950,050, leading to a consolidated total revenue of $7,207,140 for the three months ended September 30, 2024[129]. - The Lubricants & Specialties segment showed strong performance driven by increased sales volumes and sales mix optimization during Q3 2024[137]. - The Renewables segment experienced increased sales volumes despite ongoing weakness in Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) prices, which are expected to continue affecting margins in Q4 2024[135]. - The Marketing segment anticipates a growth of approximately 10% in the number of branded sites over the next six to twelve months, indicating a positive outlook for sales channels[136]. Environmental and Regulatory Matters - The company is engaged in ongoing discussions with the EPA regarding compliance with the Clean Air Act at its New Mexico refineries[117]. - The DC Circuit issued a favorable decision vacating the EPA's denial of the company's small refinery exemption petitions, which may impact future compliance obligations[115]. - The company continues to assess potential penalties related to alleged noncompliance at the Artesia refinery and is working with regulatory agencies to resolve these issues[118]. Future Outlook and Strategy - The company believes current cash and cash equivalents, along with future cash flow, will be sufficient to fund planned capital projects and liquidity needs[204]. - The company may seek to retire outstanding debt through various transactions depending on market conditions and liquidity requirements[204]. - Future growth strategy includes optimizing existing units and selectively acquiring complementary assets to increase earnings and cash flow[204]. - The company expects to use cash for dividends and share repurchases under the May 2024 Share Repurchase Program[204].

Financial Data and Key Metrics - Q3 2024 net loss attributable to shareholders was $76 million, or negative $0.40 per diluted share, impacted by special items totaling $172 million [19] - Adjusted net income for Q3 2024 was $97 million, or $0.51 per diluted share, compared to $760 million, or $4.06 per diluted share in Q3 2023 [20] - Adjusted EBITDA for Q3 2024 was $316 million, down from $1.2 billion in Q3 2023 [20] - Net cash provided by operations totaled $708 million, including $90 million in turnaround spend [26] - Capital expenditures for Q3 2024 were $124 million, with full-year 2024 guidance of $800 million in sustaining capital and $75 million in growth capital [27][28] Business Segment Performance Refining - Adjusted EBITDA for Refining was $110 million in Q3 2024, down from $1 billion in Q3 2023, driven by lower margins in West and Mid-Con regions [21] - Crude oil charge averaged 607,000 barrels per day, up from 602,000 barrels per day in Q3 2023, due to improved reliability and reduced turnaround activities [22] - Jet production reached a quarterly record, and Woods Cross refinery set a record for premium production [9] Renewables - Adjusted EBITDA for Renewables was $2 million in Q3 2024, down from $5 million in Q3 2023, despite record sales volumes of 69 million gallons [23] - Operating expenses per gallon reached the lowest level, with efforts focused on reducing high-cost inventories and increasing low CI feedstock mix [10][11] Marketing - Marketing segment EBITDA was $22 million in Q3 2024, up from $21 million in Q3 2023, driven by higher margins [24] - Added 22 net new branded sites in Q3 2024, with a total of 46 branded sites added year-to-date [11][12] Lubricants and Specialties - Lubricants and Specialties EBITDA was $76 million in Q3 2024, down from $118 million in Q3 2023, primarily due to a $27 million FIFO charge [24] - Underlying business improvements included increased sales volumes, sales mix optimization, and base oil integration [24] Midstream - Midstream adjusted EBITDA was $112 million in Q3 2024, up from $101 million in Q3 2023, driven by higher volumes and tariffs [25] - Record affiliate and third-party transportation volumes were achieved, supported by strong crude pipeline systems in the Rockies and Southwest [15] Market and Strategic Focus - The company returned $222 million to shareholders in Q3 2024 through share repurchases and dividends, with a total of $3.9 billion returned since the Sinclair acquisition in March 2022 [16][17] - The company is focused on improving reliability, optimizing its portfolio, and returning excess cash to shareholders [106][107] - Strategic initiatives include expanding the marketing business, optimizing the lubricants and specialties segment, and leveraging midstream assets for growth [12][13][78] Management Commentary on Market Conditions - Management highlighted the weakening global refining margins but emphasized the strength of the diversified portfolio, particularly in Marketing, Midstream, and Lubricants and Specialties [7] - The company remains committed to maintaining a strong balance sheet and investment-grade credit rating while returning cash to shareholders [17][31] - Management expects 2025 to be closer to mid-cycle margins, with demand outpacing supply and supportive market conditions [67][70] Q&A Session Highlights Cash Allocation and Balance Sheet Management - The company plans to maintain a strong balance sheet and continue returning cash to shareholders, with a focus on dividends and buybacks [31][32] Refining Operations and Reliability - Improved reliability and operational efficiency have contributed to lower operating expenses and higher throughput [34][35] Marketing Business Growth - The marketing business is seen as a key growth area, with strategic advantages in logistics and brand value [38][39][40] Lubricants and Specialties Performance - The lubricants business has shown resilience, with underlying growth driven by operational efficiencies and new product offerings [44][45][46] Renewable Diesel and Market Dynamics - The company is focused on optimizing feedstock and reducing costs in the renewable diesel business, with expectations of higher LCFS credit prices in 2025 [71][73] Midstream Growth Opportunities - Midstream is viewed as a growth engine, with opportunities for organic growth and potential bolt-on acquisitions [78][80][81] Demand and Market Outlook - Management expects demand to outpace supply in 2025, with regional advantages in the Pacific Northwest and Southwest [83][84][85] Refining Capture Rates - The company is focused on optimizing jet production, premium production, and heavy oil upgrading to improve refining capture rates [96][97] Inorganic Growth in Lubricants - While the focus is on organic growth, the company is open to bolt-on acquisitions in the fragmented lubricants market [100][102]

HF Sinclair (DINO) came out with quarterly earnings of $0.51 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $4.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 75.86%. A quarter ago, it was expected that this independent energy company would post earnings of $0.72 per share when it actually produced earnings of $0.78, delivering a surprise of 8.33%.Over the last four quarters ...