HF Sinclair(US:DINO)2025-10-30 10:42Financial 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].