HF Sinclair(DINO) - 2024 Q4 - Annual Results

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]