Slide 1: Investor Presentation March 2022
Exhibit 99.1 INVESTOR PRESENTATION March 2022 NYSE: DINO
Slide 2: Disclosure Statement
Disclosure Statement Statements made during the course of this presentation that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “project,” “will”, “expect,” “plan,” “goal,” “foreca
Slide 3: Executive Summary: Positioned for Value Across All Segments
Executive Summary Positioned for Value Across All Segments SPECIALTY MARKETING REFINING RENEWABLES MIDSTREAM LUBRICANTS 1 § 7 refineries in the Mid-§ Iconic DINO brand and § 10,000 BPD Renewable § Integrated specialty § Operate crude and Continent, West and customer loyalty Diesel Unit at Sinclair,
Slide 4: HF Sinclair Asset Footprint
HF Sinclair Asset Footprint 4 Note: Renewable Diesel Unit at Artesia, NM expected to be completed in 2Q 2022.
Slide 5: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Environmental Social Governance Annual Sustainability Report Board leadership provides significant Reduction in GHG emissions 1 highlighting ESG efforts industry expertise, alongside diverse § Significant investment in 3 Renewable business, financial and EH
Slide 6: Refining Overview
Refining Overview Expanded Footprint centered around Mid-Continent, Southwest, Rocky Mountain and Pacific Northwest with 678,000 BPD oil processing capacity West Region Mid-Continent Region Puget Sound Refinery (Anacortes, WA) El Dorado Refinery (El Dorado, KS) § 149,000 BPD capacity § 135,000 BPD c
Slide 7: Crude and Product Advantage
Crude and Product Advantage Proximity to North American Crude High Value Premium Product Markets Production 1 Regional Gasoline Pricing vs Gulf Coast Laid-In Crude Advantage 2017 2018 2019 2020 2021 Average $25 § Refinery location and configuration enables fleet- $13.11 $20 wide crude slate discount
Slide 8: Refining Segment Earnings Power
Refining Segment Earnings Power 1 2 Mid-Cycle Refining EBITDA HF Sinclair Consolidated 3-2-1 Index $/Barrel Gulf Coast 3-2-1 Crack $10.00 Brent/WTI Spread $4.00 $21.26 $21.17 $21.03 $20.62 Product Transportation to HFC Markets $4.00 $20 $19.14 HFC Index $18.00 Capture Rate 70% Realized Gross Margin
Slide 9: Marketing Overview
Marketing Overview Diversifying with HF Sinclair’s Iconic Brand and Integrated Distribution Network Provides a consistent sales channel for produced Driving growth and fuels with stable margins as well as additional leveraging increased earnings from brand licensing and credit card distribution netw
Slide 10: Marketing Footprint
Marketing Footprint 1 Broad Reach of Branded Retail Sites with Opportunity for Expansion within Current Asset Footprint 10 1. Reflective of independent branded and licensed sites that are not owned or operated by HF Sinclair Corporation.
Slide 11: Renewables Overview
Renewables Overview Creating Large Scale Leading Renewables Business § A leading U.S. producer of Renewable Diesel with 3 production facilities § ~380 million gallons of expected renewable diesel annual Renewable Diesel Defined production § Renewable diesel is a cleaner burning fuel 1 § 2 pre-treatm
Slide 12: Renewable Diesel Asset Profile
Renewable Diesel Asset Profile HF Sinclair expected to produce ~380 million gallons of renewable diesel annually Renewable Diesel Units Pre-Treatment Units § Pre-treatment capacity allows our Renewable Diesel Sinclair Renewable Diesel Unit Units to process a variety of feedstocks § 10,000 BPD RDU co
Slide 13: Lubricants & Specialties: Integrated Model from Crude to Finished Products
Lubricants & Specialties Integrated Model from Crude to Finished Products • Rack Back captures the value between feedstock cost and base oil market prices (elastic index pricing) • Rack Forward captures the value between base oil market prices and product sales revenues from customers (inelastic ind
Slide 14: Lubricants & Specialty Products
Lubricants & Specialty Products Diverse Suite of Products Supplied to Major Industrial and Consumer Brands Brands • Finished Lubricants & • Finished Lubricants & • Finished Products & • Specialty Products Greases Greases Greases • Waxes • Specialty Products • Waxes • Base Oils Product • Waxes • Whit
Slide 15: Opportunity Across the Value Chain
Opportunity Across the Value Chain Upgrade Existing Base Oils into Finished Products Converting one barrel of Base Oil sales into Finished Product sales results in an average margin uplift of ~$50/bbl Margin Value $/bbl 2021 Product Slate by Volume Finished Lubricants & Greases Coproducts 23% Petrol
Slide 16: Rack Forward Multiple Up-Lift
Rack Forward Multiple Up-Lift Segment(s) Multiple Margin Profile Peer Group Integrateds: BP, CVX, SHEL, XOM Refining & 5-7x Variable Rack Back Refiners: CLMT, CVI, DK, MPC, PBF, PSX, VLO DKL, MPLX, PBFX MLP 6-9x Stable FPE GY, IOSP, KWR, NEU, VVV Rack Forward 10-13x Stable 16 Note: Multiple represen
Slide 17: Lubricants & Specialties Mid-Cycle Rack Forward EBITDA
Lubricants & Specialties Mid-Cycle Rack Forward EBITDA Mid-Cycle Rack Forward § RF Adjusted EBITDA Margin 11-16% Adjusted EBITDA ($ in $265 § Annual SG&A $190 - $200MM millions) § Annual DD&A $80 - $90MM Target Multiple 11x § Upside with Organic Growth and M&A Opportunities Enterprise Value $2,915 (
Slide 18: Holly Energy Partners (HEP) Company Profile
Holly Energy Partners (HEP) Company Profile § A system of petroleum product and crude pipelines, storage tanks, distribution terminals, loading racks and processing units located at or near HF Sinclair COMPANY Corporation’s refining assets in high growth markets OVERVIEW § Assets strategically locat
Slide 19: HEP Assets
HEP Assets Holly Energy Partners owns and operates substantially all of the refined product pipeline and terminalling assets that support HF Sinclair’s refining and marketing operations in the Mid- Continent, Southwest and Northwest regions of the United States § Approximately 4,400 miles of crude o
Slide 20: HEP Ownership Structure
HEP Ownership Structure HF SINCLAIR Corporate Ratings: Baa3/BBB- /BBB- CORPORATION 99.999% (HF Sinclair) interest GENERAL PARTNER (GP) 1 59,630,030 HEP units Non-economic 1 HOLLY LOGISTIC 47% LP interest GP Interest PUBLIC 3 $988mm Value SERVICES L.L.C. HOLLY ENERGY 1,2 66,810,171 HEP units PARTNERS
Slide 21: HEP Avenues for Growth
HEP Avenues for Growth DROPDOWNS FROM HF ORGANIC EXTERNAL TRANSACTIONS SINCLAIR § Leverage HEP’s § Pursue logistics assets in § Partnering with HF existing footprint to HEP’s current geographic Sinclair to build and/or capitalize on region acquire new commercial assets/businesses § Replace incumbent
Slide 22: Sinclair Acquisition Highlights
Sinclair Acquisition Highlights Expansive Network of Crude and Products Assets in Key Demand Centers Pipelines § 1,200 miles of pipelines Combined Company § Regional crude gathering system for Sinclair’s refineries and § Expected pro forma Further Adjusted EBITDA $400- 3rd parties 1 $450 million § R
Slide 23: HEP Pro Forma Earnings Profile
1 HEP Pro Forma Earnings Profile Incremental Earnings Uplift HEP 2021A Adjusted § Expected $70-80 million of adjusted EBITDA uplift from Sinclair’s EBITDA: midstream assets $339 million § Amount differs from historical results, reflecting new minimum volume commitments to be entered into between HEP
Slide 24: HEP Capital Allocation Strategy
1 HEP Capital Allocation Strategy Transaction Visible Deleveraging Sustainable Increase Delivers: Pathway Free Cash Flow unitholder returns Near-term Mid to Long-term Strategy § Continue to reduce leverage§ Focus on funding all capex and distributions within operating cash flow § Pay sustainable qua
Slide 25: Financial Strategy
y 4 FINANCIAL STRATEGY ad Snelar
Slide 26: Driving Significant Uplift to Free Cash Flow
Driving Significant Uplift to Free Cash Flow 1 Mid-Cycle Adjusted EBITDA Uplift : ($mm's) HFC PSR Sinclair HF Sinclair REFINING $1,000 $175 $175 $1,350 MIDSTREAM $350 $75 $425 RENEWABLES $250 $150 $400 MARKETING $50 $50 LUBRICANTS $250 $250 EXPECTED ANNUAL SYNERGIES $100 2 TOTAL ADJUSTED EBITDA $1,8
Slide 27: Sinclair Acquisition Synergies
Sinclair Acquisition Synergies Transaction to Drive Cost Savings & Efficiencies Annual Synergies Expected within two years $20 million $40 million $100 million $40 million Commercial Operating expense SG&A improvements reductions § Downward integration of § Renewable diesel logistics § Corporate sav
Slide 28: Capital Allocation Strategy
1 Capital Allocation Strategy Free Cash Flow Drives Capital Returns & Balanced Capital Allocation Transaction Sustainable Free Cash Visible Deleveraging Increase shareholder Delivers: Flow Pathway returns Near-term Mid-term Long-term by Q1 2023 2023 and Beyond by Q2 2022 $1 Billion of cash 50% Payou
Slide 29: Appendix
y 4 APPENDIX ad Snelar
Slide 30: HF Sinclair Capital Structure
HF Sinclair Capital Structure Strengthening Credit Profile through Reduced Leverage, Increased Scale and Portfolio Diversification HFC Consolidated Capital Structure: As of 12/31/2021 ($mm's) HFC Sinclair HF Sinclair Pro-Forma Cash and Cash Equivalents $234 $93 $328 HOLLYFRONTIER CORPORATION HFC 2.6
Slide 31: Sinclair Transaction Overview
Sinclair Transaction Overview Creating a More Diverse, Downward Integrated Business with Scale Holly Energy Partners Transaction HollyFrontier Transaction Structure & Purchase Price Structure & Purchase Price § Sinclair contributed all of the equity of Sinclair Transportation § All-stock transaction
Slide 32: HEP Adjusted EBITDA Reconciliation
HEP Adjusted EBITDA Reconciliation Holly Energy Partners HEP HEP PF Sinclair 12/31/2021 12/31/2021 Net income attributable to the partners $ 214,946 $ 218,727 + Interest expense 5 3,818 76,055 - Interest income (29,925) (29,925) + State income tax expense 32 32 + Depreciation and amortization 9 3,80
Slide 33: Definitions
Definitions FURTHER ADJUSTED EBITDA: Further Adjusted EBITDA is calculated as Adjusted EBITDA plus Expected Sinclair EBITDA uplift. Further BPD: the number of barrels per calendar day of crude oil or petroleum products. Adjusted EBITDA is not a calculation based upon GAAP. However, the amounts inclu
Slide 34: HF Sinclair Index
HF Sinclair Index Crude Charge 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22* 436,000 350,000 391,000 380,000 348,000 416,000 416,000 421,000 490-510k *Anticipated crude charge based on guidance provided in the 2021 10-K and 2/23/2022 earnings call Refining Index 1Q 2022 2Q 2022 3Q 2022 4Q 2022 WTI B
Slide 35: HF Sinclair Disclosure
HF Sinclair Disclosure HF Sinclair's actual pricing and margins may differ from benchmark indicators due to many factors. For example: • Crude Slate differences – HF Sinclair runs a wide variety of crude oils across its refining system and crude slate may vary quarter to quarter. • Product Yield dif
Slide 36: 2828 N. Harwood, Suite 1300 Dallas, TX 75201 214-954-6510 HFSinclair.com Craig Biery | VP,
2828 N. Harwood, Suite 1300 Dallas, TX 75201 214-954-6510 HFSinclair.com Craig Biery | VP, Investor Relations Trey Schonter | Investor Relations investors@hollyfrontier.com 214-954-6510 NYSE: DINO