Hf Sinclair Corporation · NYSE:DINO
Hf Sinclair — Investor Presentation (December 2025)
35 slides from Hf Sinclair's investor presentation, December 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION December 2025 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
Executive Summary Positioned for Value & Growth Across All Segments LUBRICANTS & REFINING MARKETING MIDSTREAM RENEWABLES SPECIALTIES ▪ 7 refineries in the Mid- ▪ Iconic DINO brand and ▪ Operates crude and ▪ Integrated specialty ▪ 10,000 BPD1 Renewable Continent, West and customer loyalty product pip
Slide 4: HF Sinclair Asset Footprint
HF Sinclair Asset Footprint 4 1. As of June 30, 2025.
Slide 5: 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 6: Cost Improvements
Cost Improvements Continued Progress Reducing Operating Costs and Increasing Utilization Through Reliability Initiatives Operating Expenses per Throughput bbl1 Operating Expenses ($ in millions) $9.00 $1,900 $1,879 $1,877 2 $8.50 $8.35 $1,850 $7.98 2 $7.95 $1,799 $8.00 $1,800 $7.50 $7.32 $1,750 FY 2
Slide 7: Crude and Product Advantage
Crude and Product Advantage Proximity to North American Crude High Value Premium Product Distribution Areas Production Laid-In Crude Advantage Regional Gasoline Pricing vs Gulf Coast1 2020 2021 2022 2023 2024 Average ▪ Refinery location and configuration enables fleet- $37 $32 wide crude slate disco
Slide 8: Marketing Overview
Marketing Overview Diversifying with HF Sinclair’s Iconic Brand and Integrated Distribution Network Provides a consistent sales channel for produced fuels Driving growth and leveraging with stable margins as well as additional earnings from increased distribution network brand licensing and credit c
Slide 9: Marketing Growth
Marketing Growth Delivering Consistent EBITDA Growth Marketing EBITDA • Record EBITDA in Q3 2025 of $29M ($ in millions) • Increased site count 39%1 since $120 Sinclair acquisition • 130 signed sites expected to come $108 online in the next 6-12 months2 1,705 $100 sites $80 $75 1,627 $61 sites $60 1
Slide 10: Marketing Footprint
Marketing Footprint Broad Reach of Branded Retail Sites with Opportunity for Expansion within Current Asset Footprint1 33 states 10 1. Reflective of independent branded and licensed sites, which are not owned or operated by HF Sinclair Corporation. As of June 30, 2025.
Slide 11: Midstream Overview
Midstream Overview Midstream operates substantially all of the refined product pipeline and terminalling assets that support HF Sinclair’s refining and marketing operations in the Mid-Continent, Southwest and Northwest regions of the United States ▪ Approximately 4,200 miles of crude oil and petrole
Slide 12: Midstream Adjusted EBITDA Growth
Midstream Adjusted EBITDA Growth Platform for Growth Supported by Commercial Optimization of Integrated Pipeline, Terminalling and Storage Network Adj. EBITDA ($ in millions) $480 $460 $460 $447 $440 $420 $400 $393 $380 $360 $340 FY 2023 FY 2024 9/30/25 YTD Annualized 12
Slide 13: Westward Expansion Pipeline Project
Westward Expansion Pipeline Project Opportunity for Growth Utilizing Multi-PADD Footprint Westward Expansion Strategic Rationale: - Announced evaluation of multi-phased expansion of HF Sinclair Midstream refined product footprint across PADD 4 & PADD 5 - Designed to address the increasing supply and
Slide 14: Lubricants & Specialties
Lubricants & Specialties Integrated Model from Crude to Finished Products Base Oil Blending Distribution R&D Marketing Sales Production & Packaging Finished Lubricants & Greases VGO/HCB Petrolatums Mississauga Base Oil Plant Sodium Sulfonates Waxes White Oils 3rd Party Base Oil Specialty Products Ba
Slide 15: Lubricants & Specialties
Lubricants & Specialties Diverse Suite of Products Supplied to Major Industrial and Consumer Brands Brands • Finished Lubricants & • Finished Lubricants & • Finished Products & • Specialty Products Greases Greases Greases • Waxes Product • Specialty Products • Waxes • Base Oils Type • Waxes • White
Slide 16: 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 increase of ~$50/bbl1 Margin Value $/bbl 2024 Product Slate by Volume Finished Lubricants & Greases Other 26% Petrolat
Slide 17: High Grading Product Mix
High Grading Product Mix Enhancing Earnings Profile of the Portfolio by High Grading Our Existing Base Oils Base Oils % of Sales1 29% 28% 28% 27% 27% 26% 26% 25% 25% 24% 23% 22% 21% 20% FY 2022 FY 2023 FY 2024 9/30/2025 YTD 17 1. Represents sales of produced refined products.
Slide 18: Renewables Overview
Renewables Overview Creating Large Scale Leading Renewables Business ▪ A leading U.S. producer of Renewable Diesel with 3 production facilities Renewable Diesel Defined ▪ ~380 million gallons of renewable diesel annual capacity ▪ Renewable diesel is a cleaner burning fuel with 50% to 80% lower lifec
Slide 19: Renewable Diesel Asset Profile
Renewable Diesel Asset Profile ~380 Million Gallons of Renewable Diesel Annual Capacity Renewable Diesel Units Pre-Treatment Unit Sinclair Renewable Diesel Unit ▪ Pre-treatment capacity allows our Renewable Diesel Units to process a variety of feedstocks ▪ 10,000 BPD RDU co-located at Sinclair, WY R
Slide 20: Financial Strategy
A FINANCIAL STRATEGY ACH Sinclar
Slide 21: Capital Allocation Strategy
Capital Allocation Strategy1 Free Cash Flow2 Drives Capital Returns & Balanced Capital Allocation Near-term Mid to Long-term 2026 and Beyond Pay $0.50 regular quarterly dividend Target 50% Payout Ratio1,2 (increased quarterly dividend from $0.45 to $0.50 in Q1 2024) (dividends + repurchases) of Adju
Slide 22: Shareholder Returns
Shareholder Returns Consistent Return of Capital Through the Cycle >$4 billion returned to shareholders through dividends and share repurchases1 $1,000 $951 Total Cash Return Yield2 $900 2022: 16% 2023: 12% $800 2024: 16% $700 $669 25% Dividend Increase since Sinclair Acquisition $600 $475 $467 $500
Slide 23: Share Repurchases
Share Repurchases Committed to Consistent Share Repurchases Shares Outstanding 230 (In millions) Since Sinclair Acquisition 223 220 62 Million >$3 Billion 18% reduction 212 Shares in Share in shares Repurchased Repurchases outstanding 210 199 199 200 195 192 192 190 187 188 188 188 190 186 185 180 1
Slide 24: Investment Grade Balance Sheet
Investment Grade Balance Sheet No debt maturities until 2028 Net Leverage Ratio1 ($ in millions) $2,500 0.75x $2,000 Revolving Credit Facility $1,500 $2,000 $2.0 billion $1,000 undrawn $500 Liquidity2 $750 $650 $500 $500 $400 $- $- $- $- $3.3 billion 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Slide 25: Capital Expenditures
Capital Expenditures Completed Catch-up Capital Cycle and Entering Normalized Phase Capital Expenditures Growth Capital Expenditures ($ in millions) ($ in millions) $950 $941 $130 $125 $110 $100 $90 $75 $900 $70 $883 $875 $50 2024 2025 2026 Guidance Guidance $850 $800 $775 $750 $700 2023 2024 2025 G
Slide 26: Appendix
A APPENDIX ACH Sinclar
Slide 27: Refining Segment Earnings Power
Refining Segment Earnings Power Illustrative Mid-Cycle Refining EBITDA1 HF Sinclair Consolidated 3-2-1 Index3 $/barrel $39.57 $40 HF Sinclair Index $21.50 HF Sinclair Index $36.04 Avg since 2020 $35 Capture Rate 70% Adjusted Refinery Gross Margin Per Barrel2 $15.00 $30 Operating Expenses Per Barrel2
Slide 28: 2026 Capex Guidance
2026 Capex Guidance HF Sinclair Capital Expenditures Plan (In Millions) 2026 Expected Capex Allocation Sustaining Capital Investments Refining $ 225 Renewables 6 Growth 16% Marketing 30 Refining 29% Lubricants & Specialties 25 Midstream 4% Midstream 30 Corporate 9 Turnarounds & Catalysts 325 Total S
Slide 29: HF Sinclair Capital Structure
HF Sinclair Capital Structure Strengthening Credit Profile through Reduced Leverage, Increased Scale and Portfolio Diversification HF Sinclair Consolidated Capital Structure: as of 9/30/2025 (in millions) Cash and Cash Equivalents $1,451 HF SINCLAIR Consolidated Debt 5.000% Senior Notes due 2028 $50
Slide 30: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG)1 Environmental Social Governance Scope 1 and Scope 2 GHG Intensity Target “One HF Sinclair Culture” program instills Board leadership provides significant integrity, teamwork and ownership at every industry expertise, alongside diverse ▪ Established goal to
Slide 31: HF Sinclair Index
HF Sinclair Index Note: Updates to this index are published on a monthly basis on the first business day of each month under the “HF Sinclair Index” tab of the HF Sinclair Investor Relations website at https://investor.hfsinclair.com/investor-relations/default.aspx 31 1. West region includes Puget S
Slide 32: HF Sinclair Disclosure
HF Sinclair Disclosure 32 Note: HF Sinclair Index includes Parco Refinery and Casper Refinery weighting contribution as of April 2022 .
Slide 33: Business Definitions
Business Definitions BPD: the number of barrels per calendar day of crude oil or petroleum products. Blenders Tax Credit (BTC): Federal tax credit where qualified biodiesel blenders are eligible for an income tax credit of $1.00 per gallon of biodiesel or renewable diesel that is blended with petrol
Slide 34: Non-GAAP Definitions
Non-GAAP Definitions Non-GAAP measurements: We report certain financial measures that are not prescribed or authorized by U.S. generally accepted accounting principles ("GAAP"). We discuss management's reasons for reporting these non-GAAP measures below. Although management evaluates and presents th
Slide 35: HF Sinclair contact details
2323 Victory Avenue, Suite 1400 Dallas, TX 75219 214-954-6510 HFSinclair.com Craig Biery | VP, Investor Relations, FP&A Trey Schonter | Sr. Manager, Investor Relations investors@hfsinclair.com 214-954-6510 NYSE: DINO