HF Sinclair(DINO) - 2024 Q1 - Quarterly Results

Financial Performance - Reported net income attributable to HF Sinclair stockholders of $314.7 million, or $1.57 per diluted share, for Q1 2024, compared to $353.3 million, or $1.79 per diluted share, for Q1 2023 [2]. - Adjusted net income for Q1 2024 was $142.3 million, or $0.71 per diluted share, down from $394.1 million, or $2.00 per diluted share, in Q1 2023 [2]. - Consolidated net income for Q1 2024 was $1,958, compared to $31,739 in Q1 2023, reflecting a significant decline [25]. - Adjusted net income attributable to HF Sinclair stockholders was $142,263, a decrease of 63.9% from $394,087 in Q1 2023 [54]. - Adjusted earnings per share - diluted fell to $0.71, down 64.5% from $2.00 in the same quarter last year [54]. - Income before income taxes decreased to $402,096, down 17.0% from $484,705 in Q1 2023 [56]. - Effective tax rate for adjusted results increased to 21.5%, compared to 20.6% in Q1 2023 [56]. Revenue and Sales - Sales and other revenues for Q1 2024 were $7,027,145, a decrease of $537,997 or 7% compared to Q1 2023 [15]. - Total revenues for the three months ended March 31, 2024, were $7,027,145, a decrease of 7.1% compared to $7,565,142 for the same period in 2023 [25]. - Total refining segment sales and other revenues decreased to $6,204,245 thousand in Q1 2024 from $6,718,615 thousand in Q1 2023, a decrease of 7.6% [47]. - Marketing segment sales decreased to $775,807, down 17.3% from $937,385 in the same quarter last year [51]. - Renewables segment sales decreased to $239,559, down 19.6% from $298,016 in the same quarter last year [49]. Segment Performance - Refining segment income before interest and income taxes was $312.0 million for Q1 2024, a decrease from $436.9 million in Q1 2023 [3]. - Renewables segment loss before interest and income taxes was $(40.0) million for Q1 2024, improved from a loss of $(64.6) million in Q1 2023 [4]. - Marketing segment income before interest and income taxes increased to $9.4 million in Q1 2024 from $0.5 million in Q1 2023 [5]. - Midstream segment income before interest and income taxes rose to $93.1 million for Q1 2024, compared to $73.9 million in Q1 2023 [7]. Margins and Expenses - Consolidated refinery gross margin was $12.70 per produced barrel, a 45% decrease from $23.20 in Q1 2023 [3]. - Refinery gross margin per produced barrel sold decreased to $12.70 in Q1 2024 from $23.20 in Q1 2023, a decline of 45.4% [47]. - Operating expenses (exclusive of depreciation and amortization) decreased by $32,271 or 5% to $607,112 compared to $639,383 in Q1 2023 [15]. - Renewables gross margin per produced gallon decreased to $0.15 in Q1 2024 from $0.77 in Q1 2023, a decline of 80.5% [32]. - Marketing gross margin increased to $23,277, up 74.5% from $13,336 in Q1 2023 [51]. - Marketing gross margin per gallon of sales increased to $0.07 in Q1 2024 from $0.04 in Q1 2023, an increase of 75% [36]. Cash Flow and Shareholder Returns - Net cash provided by operations totaled $316.9 million for Q1 2024, with cash and cash equivalents at $1,240.9 million as of March 31, 2024 [8]. - Returned $269 million to stockholders through dividends and share repurchases in Q1 2024 [3]. - Authorized a new $1.0 billion share repurchase program [3]. - Cash dividends declared per common share increased to $0.50, up $0.05 or 11% from $0.45 in Q1 2023 [15]. Asset and Debt Management - Total assets increased to $17,915,990 as of March 31, 2024, up from $17,716,265 at the end of 2023 [16]. - Total debt decreased to $2,678,645 from $2,739,083, indicating a reduction in leverage [16]. - Cash and cash equivalents were reported at $1,240,860, down from $1,353,747 at the end of 2023 [16]. Operational Metrics - Refinery throughput in the Mid-Continent region increased to 273,890 BPD in Q1 2024, up from 231,260 BPD in Q1 2023, representing an 18.5% increase [28]. - The West region's refinery utilization improved to 82.8% in Q1 2024, compared to 68.7% in Q1 2023 [29]. - The company reported a total crude charge of 604,930 BPD for consolidated operations in Q1 2024, an increase from 498,500 BPD in Q1 2023, representing a 21.4% increase [29]. - Midstream segment volumes increased to 1,765,398 BPD in Q1 2024 from 1,676,762 BPD in Q1 2023, an increase of 5.3% [38]. - The number of branded sites in the marketing segment increased to 1,547 at the end of Q1 2024 from 1,511 at the end of Q1 2023, an increase of 2.4% [36]. Capital Expenditures - Capital expenditures for Q1 2024 totaled $89,108, a decrease from $100,069 in Q1 2023, reflecting a 10.9% reduction [25].