HF Sinclair Corp
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
DINO$98.76-1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $316,622 | $385,005 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 198,729 | 173,983 |
| Lower of cost or market inventory valuation adjustment | (219,370) | 47,597 |
| Earnings of equity method investments, inclusive of distributions | (3,821) | (1,799) |
| Gain on sale of assets | (782) | (414) |
| Deferred income taxes | 14,769 | 15,305 |
| Equity-based compensation expense | 5,380 | 3,325 |
| Change in fair value – derivative instruments | (7,764) | 15,402 |
| (Increase) decrease in current assets: | ||
| Accounts receivable | (92,036) | 86,369 |
| Inventories | 1,120 | (280,263) |
| Income taxes receivable | 13,462 | 10,494 |
| Prepayments and other | 1,263 | 28,007 |
| Increase (decrease) in current liabilities: | ||
| Accounts payable | 64,664 | (220,018) |
| Income taxes payable | 48,689 | 51,697 |
| Accrued liabilities | 30,655 | 32,424 |
| Turnaround expenditures | (70,379) | (163,734) |
| Other, net | 15,694 | (5,675) |
| Net cash provided by operating activities | 316,895 | 177,705 |
| Cash flows from investing activities: | ||
| Additions to properties, plants and equipment | (89,108) | (100,069) |
| Proceeds from sale of assets | 811 | 1,572 |
| Investment in Osage Pipe Line Company LLC | (5,000) | (2,500) |
| Distributions from equity method investments in excess of equity earnings | 1,925 | 760 |
| Net cash used for investing activities | (91,372) | (100,237) |
| Cash flows from financing activities: | ||
| Borrowings under credit agreements | — | 42,000 |
| Repayments under credit agreements | (61,500) | (58,500) |
| Purchase of treasury stock | (169,612) | (245,566) |
| Dividends | (99,353) | (87,987) |
| Distributions to noncontrolling interests | (2,395) | (25,986) |
| Payments on finance leases | (2,600) | (3,071) |
| Net cash used for financing activities | (335,460) | (379,110) |
| Effect of exchange rate on cash flow | (2,950) | 1,506 |
| Cash and cash equivalents: | ||
| Decrease for the period | (112,887) | (300,136) |
| Beginning of period | 1,353,747 | 1,665,066 |
| End of period | $1,240,860 | $1,364,930 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $(23,600) | $(25,934) |
| Income taxes, net | $(7,644) | $(22,010) |
| Decrease in accrued and unpaid capital expenditures | $(5,678) | $(17,819) |
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