HF Sinclair Corp

Previous wording

For the three months ended June 30, 2025, Net income attributable to HF Sinclair stockholderswas$208 million compared to a Net income attributable to HF Sinclair stockholdersof $152 million for the same period last year. For the six months ended June 30, 2025, Net income attributable to HF Sinclair stockholderswas$204 million compared to$466 million for thesix months ended June 30, 2024.

Current wording

For the three months ended September 30, 2025, Net income attributable to HF Sinclair stockholderswas $403 million compared to a Net loss attributable to HF Sinclair stockholdersof $76 million for the same period last year. For the nine months ended September 30, 2025, Net income attributable to HF Sinclair stockholderswas $607 million compared to $391 million for the nine months ended September 30, 2024.

Previous wording

In the Refining segment, we saw improved refining margins leading into summer driving season in both the Mid-Continent and West regions for the three months ended June 30, 2025. Additionally, our results were impacted by the completion of the planned turnarounds at our Tulsa and Parco refineries. For the third quarter of 2025, we expect to run between 615,000-645,000 barrels per day of crude oil, which reflects the planned turnaround at our Puget Sound refinery.

Current wording

In the Refining segment, we continued to see improved refining margins during the third quarter of 2025 in both the Mid-Continent and West regions. Additionally, our results were impacted by the start of the planned turnaround at our Puget Sound refinery. For the fourth quarter of 2025, we expect to run between 550,000-590,000 barrels per day of crude oil, which reflects the completion of the planned turnaround at our Puget Sound refinery.

Previous wording

In the Renewables segment, we saw improved margins, partially driven by higher RINs prices in the second quarter of 2025. Additionally, in the second quarter of 2025, we began recognizing partial benefits from the Producer’s Tax Credit (“PTC”) and continue to work to pursue expansion of those benefits. For the third quarter of 2025, we expect to capture additional incremental value from the PTC.

Current wording

In the Renewables segment, we saw lower margins, primarily due to elevated feedstock costs in the third quarter of 2025. Additionally, we recognized incrementally more in value from the Producer’s Tax Credit (“PTC”) in the third quarter of 2025. For the fourth quarter of 2025, we expect to capture incrementally more value from the PTC.

Previous wording

In the Marketing segment, we continued to see strong value in the Sinclair branded sites during the three months ended June 30, 2025 as the marketing business provided a consistent sales channel with margin uplift for our produced fuels. We expect to grow the number of branded sites by approximately 10% annually. During the three months ended June 30, 2025, we added 55 net new branded sites.

Current wording

In the Marketing segment, we continued to see strong value in the Sinclair branded sites during the three months ended September 30, 2025 as the marketing business provided a consistent sales channel with margin uplift for our produced fuels. We expect to grow the number of branded sites by approximately 10% annually.

Previous wording

In the Lubricants & Specialties segment, we continued to see solid performance (excluding first-in, first out (“FIFO”) impacts), driven by sales mix optimization and base oil integration across our portfolio during the three months ended June 30, 2025 and increased sales volumes compared to a quarter ago. Additionally, our results were impacted by the completion of the planned turnaround at our Mississauga facility.

Current wording

In the Lubricants & Specialties segment, we continued to see solid performance (excluding first-in, first-out (“FIFO”) impacts), driven by sales mix optimization and base oil integration across our portfolio during the three months ended September 30, 2025 and increased sales volumes compared to a quarter ago.

Previous wording

In the Midstream segment, our results continued to benefit from higher pipeline revenues and lower operating expenses, partially offset by lower throughput volumes during the three months ended June 30, 2025.

Current wording

In the Midstream segment, our results benefited from higher pipeline revenues and throughput volumes and lower operating expenses during the three months ended September 30, 2025 compared to a quarter ago.

Previous wording

We continue to adjust our operational plans to evolving market conditions. The extent to which our future results are affected by volatile regional and global economic conditions, including ongoing tariff and trade negotiations, will depend on various factors and consequences beyond our control.

Current wording

We continue to adjust our operational plans to evolving market conditions, including our recent announcement regarding the evaluation of a multi-phased expansion of our Midstream footprint. The extent to which our future results are affected by volatile regional and global economic conditions, including ongoing tariff and trade negotiations, will depend on various factors and consequences beyond our control.

Previous wording

On July 4, 2025, the President signed the One Big Beautiful Bill Act (“OBBBA”) into law. Among other things, OBBBA extends the Producer’s Tax Credit under Section 45Z through the end of 2029, indefinitely extends the first-year depreciation allowance on qualified property placed in service after January 19, 2025, and extends and enhances many of the provisions enacted under the 2017 Tax Cuts and Jobs Act. We are still analyzing the impacts of OBBBA.

Current wording

On July 4, 2025, the President signed the One Big Beautiful Bill Act (“OBBBA”) into law. Among other things, OBBBA extends the Producer’s Tax Credit under Section 45Z through the end of 2029, indefinitely extends the first-year depreciation allowance on qualified property placed in service after January 19, 2025, and extends and enhances many of the provisions enacted under the 2017 Tax Cuts and Jobs Act. The enactment of OBBBA will not have a material impact on our results of operations but will affect our financial position by resulting in a reduction of cash taxes paid.

Previous wording

Pursuant to the 2007 Energy Independence and Security Act, the Environmental Protection Agency (“EPA”) promulgated the Renewable Fuel Standard (“RFS”) regulations, which increased the volume of renewable fuels mandated to be blended into the nation’s fuel supply. The regulations, in part, require refiners to increase amounts annually of “renewable fuels” to their petroleum products or purchase credits, known as RINs, in lieu of such blending. Compliance with RFS regulations significantly increases our Cost of materials and other, with RINs costs totaling $180 million and $318 million for the three and six months ended June 30, 2025, respectively, compared to $108 million and $214 million for the three and six months ended June 30, 2024, respectively. At June 30, 2025, our open RINs credit obligations were $83 million.

Current wording

Pursuant to the 2007 Energy Independence and Security Act, the Environmental Protection Agency (“EPA”) promulgated the Renewable Fuel Standard (“RFS”) regulations, which increased the volume of renewable fuels mandated to be blended into the nation’s fuel supply. The regulations, in part, require refiners to increase amounts annually of “renewable fuels” to their petroleum products or purchase credits, known as RINs, in lieu of such blending. Compliance with RFS regulations significantly increases our Cost of materials and other, with RINs costs totaling $76 million and $394 million for the three and nine months ended September 30, 2025, respectively, compared to $119 million and $334 million for the three and nine months ended September 30, 2024, respectively. Small refinery RINs waivers granted by the EPA increased pre-tax earnings by $171 million for each of the three and nine months ended September 30, 2025, of which $115 million was recognized in Cost of materials and other and $56 million was recognized in Sales and other revenues. At September 30, 2025, our open RINs credit obligations were $44 million.

Previous wording

A more detailed discussion of our financial and operating results for the three and six months ended June 30, 2025 and 2024 is presented in the following sections.

Current wording

A more detailed discussion of our financial and operating results for the three and nine months ended September 30, 2025 and 2024 is presented in the following sections.