Slide 1: Investor Presentation
INVESTOR PRESENTATION September 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 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 pipelines, l
Slide 4: HF Sinclair Asset Footprint
HF Sinclair Asset Footprint 4 1. As of June 30, 2025.
Slide 5: 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 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 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: 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 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 Broad Reach of Branded Retail Sites with Opportunity for Expansion within Current Asset Footprint1 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 Assets
Midstream Assets 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 petroleum
Slide 12: 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 13: 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 14: 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 15: 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 16: 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 17: Financial Strategy
A FINANCIAL STRATEGY ACH Sinclar
Slide 18: 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 19: Appendix
A APPENDIX ACH Sinclar
Slide 20: 2025 Capex Guidance
2025 Capex Guidance HF Sinclair Capital Expenditures Plan (In Millions) 2025 Expected Capex Allocation Sustaining Capital Investments Refining $ 240 Growth 11% Midstream 3% Renewables 5 Marketing 30 Refining 27% Lubricants & Specialties 40 Midstream 30 Corporate 20 Turnarounds & Catalysts 410 Total
Slide 21: 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 6/30/20251 (in millions) Cash and Cash Equivalents $874 HF SINCLAIR Consolidated Debt 5.875% Senior Notes due 2026 $154
Slide 22: 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 23: 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 24: 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 24 1. West region includes Puget S
Slide 25: HF Sinclair Disclosure
HF Sinclair Disclosure 25 Note: HF Sinclair Index includes Parco Refinery and Casper Refinery weighting contribution as of April 2022 .
Slide 26: 2323 Victory Avenue, Dallas, TX – Investor Relations Contact
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