HF Sinclair Corp

We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. We market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states, and we supply high-quality fuels to more than 1,700 branded stations and license the use of the Sinclair brand to more than 300 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries.

Market Developments

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.

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.

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.

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.

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.

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.

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.

On May 7, 2024, our Board of Directors authorized a $1.0 billion share repurchase program (the “May 2024 Share Repurchase Program”), which replaced all existing share repurchase programs. The timing and amount of share repurchases under the May 2024 Share Repurchase Program, including those from REH Company, LLC (“REH Company” and together with its affiliate REH Advisors Inc., “REH”), will depend on market conditions and corporate, tax, regulatory and other relevant conditions.

On October 30, 2025, our Board of Directors announced that it declared a regular quarterly dividend in the amount of $0.50 per share, payable on December 5, 2025 to holders of record of common stock on November 19, 2025.

One Big Beautiful Bill Act

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.

Renewable Fuel Standard Regulations

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.

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.