HF Sinclair(DINO) - 2025 Q1 - Quarterly Results

Financial Performance - Reported net loss attributable to HF Sinclair stockholders of $4 million, or $(0.02) per diluted share, compared to net income of $315 million, or $1.57 per diluted share, for Q1 2024 [2] - Adjusted EBITDA for Q1 2025 was $201 million, a 50% decrease from $399 million in Q1 2024 [15] - The company reported a net income before income taxes of $39 million for Q1 2025, compared to $402 million in Q1 2024, indicating a significant decrease in profitability [25] - EBITDA for Q1 2025 was $262 million, a significant decrease from $617 million in Q1 2024, with adjusted EBITDA at $201 million compared to $399 million in the prior year [49] - Consolidated net income attributable to HF Sinclair stockholders was $(4) million in Q1 2025, compared to $315 million in Q1 2024, a significant decline [64] - Adjusted net income attributable to HF Sinclair stockholders was $(50) million in Q1 2025, down from $142 million in Q1 2024, indicating a decrease of 135.2% [64] - For the three months ended March 31, 2025, the income (loss) before income taxes was $(1) million, compared to $402 million in 2024 [65] Segment Performance - Refining segment loss before interest and income taxes was $30 million for Q1 2025, down from income of $312 million in Q1 2024, with adjusted refinery gross margin decreasing by 28% to $9.12 per barrel [3] - Renewables segment reported a loss before interest and income taxes of $39 million for Q1 2025, unchanged from Q1 2024, with total sales volumes dropping to 44 million gallons from 61 million gallons [4] - Marketing segment income before interest and income taxes increased to $20 million in Q1 2025 from $9 million in Q1 2024, driven by higher margins despite a decrease in total branded fuel sales volumes [5] - Lubricants & Specialties segment income before interest and income taxes was $63 million for Q1 2025, slightly down from $65 million in Q1 2024, with EBITDA of $85 million compared to $87 million [6] - Midstream segment income before interest and income taxes decreased to $63 million in Q1 2025 from $92 million in Q1 2024, but adjusted EBITDA increased to $119 million from $110 million [9] Revenue and Sales - Total sales and other revenues for Q1 2025 were $6.37 billion, a 9% decrease from $7.03 billion in Q1 2024 [15] - Refining segment revenues from external customers totaled $4,923 million for the three months ended March 31, 2025, compared to $5,373 million in the same period of 2024, representing a decrease of 8.4% [25] - The Marketing segment generated revenues of $686 million in Q1 2025, compared to $776 million in Q1 2024, marking a decrease of 11.6% [25] - The Lubricants & Specialties segment reported revenues of $638 million for Q1 2025, a decrease from $676 million in Q1 2024, representing a decline of 5.6% [25] - Renewables segment's sales and other revenues fell to $190 million in Q1 2025 from $239 million in Q1 2024, a decrease of 20.5% [58] Operational Metrics - Cash and cash equivalents decreased to $547 million as of March 31, 2025, down from $800 million at December 31, 2024 [17] - Total capital expenditures for the three months ended March 31, 2025, were $86 million, slightly down from $89 million in the same period of 2024 [25] - Consolidated refinery throughput increased to 646,580 BPD in Q1 2025 from 643,300 BPD in Q1 2024, reflecting a utilization rate of 89.4% [32] - Total volumes for midstream operations decreased slightly to 1,991,842 BPD in Q1 2025 from 1,996,453 BPD in Q1 2024 [45] Margins and Costs - Adjusted refinery gross margin per produced barrel sold in the Mid-Continent region was $7.60 for Q1 2025, down from $10.47 in Q1 2024, indicating a decline of 27.5% [30] - Adjusted refinery gross margin decreased to $9.12 per barrel in Q1 2025 from $12.70 per barrel in Q1 2024, with operating expenses per throughput barrel at $7.95 [32] - Operating expenses in the renewables segment increased to $0.52 per gallon in Q1 2025 from $0.43 in Q1 2024, leading to an adjusted renewables gross margin, less operating expenses, of $(0.36) [35] - The marketing segment reported a gross margin of $0.09 per gallon sold in Q1 2025, up from $0.05 in Q1 2024, with 1,664 branded sites at period end [39] - Marketing segment's adjusted gross margin per gallon sold increased to $0.12 in Q1 2025 from $0.07 in Q1 2024, an increase of 71.4% [61] Dividends and Taxation - The company declared a regular quarterly dividend of $0.50 per share, totaling $95 million, payable on June 3, 2025 [11] - The income tax expense for the same period in 2025 was $1 million, resulting in an effective tax rate of (205.2)% for GAAP financial statements, compared to 21.3% in 2024 [65] - The adjusted effective tax rate for non-GAAP results was 22.6% in 2025, slightly up from 21.5% in 2024 [65] - The effect of non-GAAP adjustments contributed to an increase in the effective tax rate by 227.8% in 2025, compared to only 0.2% in 2024 [65]