HF Sinclair (DINO) Q2 2025 Earnings Call July 31, 2025 09:30 AM ET Speaker0Welcome to H. S. Sinclair Corporation's Second Quarter twenty twenty five Conference Call and Webcast. Hosting the call today is Tim Goh, Chief Executive Officer of H. F.Sinclair. He is joined by Atanasov, Chief Financial Officer Steve Ledbetter, EVP of Commercial Vali Ponta, EVP of Operations and Matt Joyce, SVP of Lubricants and Specialties. At this time, all participants have been placed in a listen only mode and the floor will be ...

Financial Data and Key Metrics Changes - Second quarter reported earnings were $877 million or $2.15 per share, while adjusted earnings were $973 million or $2.38 per share, reflecting a significant recovery from a prior quarter's adjusted loss of $368 million [13][15] - Operating cash flow generated was $845 million, with cash flow excluding working capital at $1.9 billion [14][16] - Net debt to capital ratio stood at 41%, influenced by the acquisition of Coastal Bend assets for $2.2 billion [14] Business Line Data and Key Metrics Changes - Refining assets operated at 98% utilization, the highest since 2018, with clean product yield exceeding 86% [5][7] - Midstream generated adjusted EBITDA of approximately $1 billion, on track to meet the $4.5 billion annual EBITDA target by 2027 [5][10] - Marketing and Specialties reported its strongest quarter since 2022, contributing to a robust capital allocation framework [6][15] Market Data and Key Metrics Changes - Year-to-date market capture improved by 5% compared to the first half of the previous year, reaching 99% in the second quarter [8][15] - The second quarter PSX market indicator was just over $11 per barrel, with an estimated EBITDA increase of approximately $170 million for every dollar per barrel increase [8][15] Company Strategy and Development Direction - The company remains focused on enhancing refining competitiveness, driving organic growth in midstream, reducing debt, and returning over 50% of net operating cash flow to shareholders [11][12] - Strategic investments include the acquisition of Coastal Bend and capacity expansion projects aimed at growing Midstream EBITDA [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture market opportunities and improve performance despite external challenges [4][22] - The outlook for refining remains positive, with expectations of strong margins driven by tight distillate markets and seasonal demand [90] Other Important Information - The company plans to reduce turnaround expenses by $100 million for the full year, reflecting improved execution and planning [18][110] - New board members have been onboarded to enhance strategic discussions and shareholder value creation [12] Q&A Session Summary Question: Strategy after recent shareholder engagement - Management remains committed to the integrated company strategy, with ongoing evaluations of strategic alternatives to maximize shareholder value [21][24] Question: Debt levels and mid-cycle conditions - Current debt levels are viewed as manageable, with plans to reduce debt through operational cash flow and asset dispositions [31][62] Question: Refining performance drivers - The significant quarter-over-quarter improvement in refining was attributed to higher utilization rates and disciplined operational focus [36][38] Question: Chemicals and renewable fuels outlook - Chemicals faced challenges due to tariffs, but long-term outlook remains positive; renewable fuels are running at reduced rates due to weak margins [70][74] Question: Midstream growth and integration - The company is confident in its midstream growth outlook, supported by contracted third-party volumes and ongoing integration efforts [82][83]

Financial Performance - Q2 2025 - Adjusted earnings reached $973 million, or $2.38 per share[16] - Operating cash flow totaled $845 million[16] - Shareholder distributions amounted to $906 million[17] - Capital expenditures and investments were $587 million[17] - Net debt-to-capital ratio stood at 41%[17] Segment Performance - Q2 2025 - Midstream adjusted EBITDA was $1 billion[11] - Refining adjusted pre-tax income was $392 million[20] - Marketing & Specialties adjusted pre-tax income was $660 million[20] - Renewable Fuels had an adjusted pre-tax loss of $133 million[20] Refining Metrics - Q2 2025 - Refining crude utilization was 98%[43] - Clean product yield was 86%[43] - Market capture was 99%[43] - Refining adjusted controllable costs were $5.46 per barrel[43] Outlook - Q3 2025 - Global Olefins & Polyolefins utilization is projected in the mid-90% range[25] - Refining crude utilization is expected in the low to mid-90% range[25] - Refining turnaround expense is estimated between $50 million and $60 million[25] - Corporate & Other costs are projected between $350 million and $370 million[25]

Core Insights - Phillips 66 (PSX) is expected to report quarterly earnings of $1.63 per share, a decline of 29.4% year-over-year, with revenues forecasted at $30.54 billion, down 21.5% from the previous year [1] Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised upward by 4.7%, indicating analysts' reassessment of their initial forecasts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue and Key Metrics - Analysts predict 'Sales and other operating revenues' to be $30.66 billion, reflecting a year-over-year decrease of 19.6% [5] - The estimated 'Equity in earnings of affiliates' is $316.23 million, indicating a decline of 35.1% compared to the prior year [5] - 'Revenues and Other Income - Other income' is projected to reach $41.52 million, down 28.4% from the year-ago quarter [6] - 'Revenues - Total Refining' is expected to be $15.63 billion, showing a significant increase of 69.9% year-over-year [6] Refining Operations - 'Refining operations - Gulf Coast - Crude oil processed' is forecasted at 495.27 thousand barrels per day, down from 507.00 thousand barrels per day in the same quarter last year [7] - 'Refining operations - Atlantic Basin/Europe - Crude oil capacity' is estimated to remain stable at 537.00 thousand barrels per day, unchanged from the previous year [8] - 'Refining operations - Worldwide - Crude oil processed' is expected to be 1,751.92 thousand barrels per day, down from 1,802.00 thousand barrels per day in the same quarter last year [9] - 'Refining operations - Atlantic Basin/Europe - Capacity utilization' is projected at 94.6%, down from 98.0% year-over-year [9] - 'Refining operations - Atlantic Basin/Europe - Crude oil processed' is expected to be 508.20 thousand barrels per day, down from 527.00 thousand barrels per day in the previous year [10] - 'Refining operations - West Coast - Crude oil processed' is forecasted at 228.29 thousand barrels per day, slightly up from 227.00 thousand barrels per day last year [10] - 'Refining operations - West Coast - Capacity' is expected to remain at 244.00 thousand barrels per day, unchanged from the previous year [11] - 'Refining operations - West Coast - Capacity utilization' is projected at 93.6%, slightly up from 93.0% in the same quarter last year [12] Stock Performance - Over the past month, Phillips 66 shares have returned +6.9%, outperforming the Zacks S&P 500 composite's +5.7% change [13]

Financial Performance - Phillips 66 is expected to report fiscal Q2 earnings of $1.75 per share and sales of $32.1 billion, reflecting a 26% decrease in earnings and a 16% drop in sales compared to last year's figures of $2.38 per share and $38.1 billion [2] - In Q1, the company reported net earnings of $487 million, a significant increase from $8 million in Q4, with strong performance in midstream, chemical, and marketing segments offsetting losses in refining [2] - The current market capitalization of Phillips 66 stands at $51 billion, with total revenue over the past twelve months reaching $138 billion, and operating profits of $604 million alongside net income of $1.9 billion [2] Historical Trends - Historical data indicates that Phillips 66 stock has fallen 63% of the time on the day following earnings announcements, with a median decline of 2.5% and maximum one-day negative returns reaching 6% [2] - Over the past five years, there have been 19 earnings data points, with favorable one-day returns observed approximately 37% of the time, which increases to 45% when considering the last three years [4] - The median of the seven positive returns is 1.5%, while the median of the twelve negative returns is -2.5% [4] Correlation Analysis - A strategy to analyze the correlation between immediate and medium-term returns following earnings announcements can help traders adjust their positions accordingly [3][5] - The correlation between 1D post-earnings returns and subsequent 5D returns can be utilized to position trades effectively, especially if the 1D return is positive [5]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The strategy of buying and holding income-generating assets can enhance total returns compared to non-income producing growth stocks [2] - The article emphasizes the importance of dividends in boosting total returns [2] Group 2 - The content is intended for informational purposes and does not constitute financial advice [3] - Past performance is not indicative of future results, and no specific investment recommendations are provided [4]

Investment Rating - The report does not explicitly state an investment rating for the oil industry in China Core Insights - Chinese apparent oil demand showed year-on-year growth for the first time in three months, increasing by 160 thousand barrels per day (kb/d) to 15.9 million barrels per day (mb/d) in May, driven by strong demand for petrochemicals and travel fuels during the Labour Day holiday [3][6] - Crude imports fell by 720 kb/d month-on-month (MoM) and 90 kb/d year-on-year (YoY) in May, attributed to peak refinery maintenance and high inventory levels [52][61] - Refinery throughput decreased by 200 kb/d MoM, with offline capacity reaching 2.1 mb/d due to maintenance at major state-owned refiners [5][64] - Diesel demand weakened, falling by 60 kb/d MoM and 220 kb/d YoY, influenced by the penetration of new energy vehicles (NEVs) and a struggling real estate sector [12][15] - Jet fuel demand rose by 55 kb/d MoM, supported by increased travel during the Labour Day holiday, although it was down 120 kb/d YoY [26][34] Summary by Sections Supply and Demand - Chinese apparent oil demand increased by 1% YoY in May, with strong naphtha demand as refiners replaced US LPG and ethane imports [3][6] - Crude imports softened further in May, with Iranian crude imports dropping by 40% MoM due to sanctions risk and high inventory levels [4][53] - Refinery throughput fell by 200 kb/d MoM, with all major state-owned refiners offline during peak maintenance [5][64] Product Exports and Imports - Refined product net exports weakened in May, with diesel exports reduced due to strong domestic margins [6][67] - Total product exports fell by 180 kb/d MoM and 220 kb/d YoY, driven by lower gasoline and fuel oil exports [68][93] - LPG imports decreased by 230 kb/d MoM due to a 125% tariff on US LPG, which was later reduced to 10% [76][41] Inventory Data - Crude stocks built rapidly in May, adding approximately 33 million barrels due to low refinery demand [156] - Observable product inventories drew by around 20 million barrels in May, with significant draws in diesel and gasoline stocks [157][161] Refining Data - Gasoline cracks averaged $14.0/bbl in May, down $2.0/bbl from April, while diesel cracks rose to $21.4/bbl [112][113] - Refinery output of diesel and gasoline declined in May, with jet fuel output increasing due to higher demand [141][147] Trade Quotas - China has released two batches of clean product export quotas for 2025, totaling 31.8 million tons, slightly lower YoY [98][100] - The allocation of quotas primarily favors state-owned companies, with Sinopec and PetroChina receiving about 72% of available quotas [98][100]

Delek US Holdings, Inc. Investor Presentation March 2018 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; collectively with Delek US, defined as "we", "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively, and, as such, are governed by the rules and regulations of the United States Securities and Exchange Commission. These slides and any accompanying oral and writte ...

Core Insights - Calumet, Inc. reported a net loss of $162.0 million for Q1 2025, compared to a loss of $41.6 million in Q1 2024, with a basic loss per share of $1.87 [1][2][31] - Adjusted EBITDA with Tax Attributes for Q1 2025 was $55.0 million, reflecting significant adjustments for RINs and Production Tax Credits [2][6][37] - The company is focusing on strategic growth in its Renewables business, having secured a $782 million DOE loan and initiated a deleveraging program [1][2][4] Financial Performance - Total sales for Q1 2025 were $993.9 million, slightly down from $1,005.8 million in Q1 2024 [31] - The gross profit (loss) for Q1 2025 was $(81.4) million, compared to a profit of $78.5 million in the same quarter of the previous year [31] - Adjusted EBITDA for the Specialty Products and Solutions segment was $56.3 million in Q1 2025, up from $47.2 million in Q1 2024 [4][5] Segment Performance - The Specialty Products and Solutions (SPS) segment reported strong sales, with approximately 23,000 barrels per day sold, marking one of the best sales volume quarters on record [4] - The Performance Brands (PB) segment achieved an Adjusted EBITDA of $15.8 million in Q1 2025, up from $13.4 million in Q1 2024, driven by a 7% increase in sales volume [5] - The Montana/Renewables (MR) segment saw a significant improvement, reporting Adjusted EBITDA with Tax Attributes of $3.3 million in Q1 2025, compared to a loss of $(13.4) million in the prior year [6][37] Strategic Initiatives - The company is accelerating its MaxSAF™ expansion, aiming to increase SAF capacity to 120-150 million gallons by Q2 2026 at a cost of $20 million to $30 million [1][2] - A partial redemption notice for $150 million of 2026 Notes has been issued, with a redemption date set for May 24, 2025 [8] - A company-wide cost reduction plan is on track, achieving a $22 million year-over-year reduction in operating costs [2][4]

May 6, 2025 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas e ...