Slide 1: HF Sinclair Investor Presentation
HF Sinclair Investor Presentation July 2026
Slide 2: Disclaimer
Disclaimer 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. Forward-looking statements use words such as “anticipate,” “project,” “will,” “expect,” “p
Slide 3: HF Sinclair Pursuing Separation of Lubricants & Specialties and Announcing Retirement of Canada Refining Assets
HF Sinclair Pursuing Separation of Lubricants & Specialties and Announcing Retirement of Canada Refining Assets Creating Independent Lubricants & Specialties Industry Leader Separation via the capital markets to create two independent public companies in a manner that is tax-efficient for HF Sinclai
Slide 4: Transaction Rationale
Transaction Rationale Two Independent Companies Positioned to Deliver Sustainable Long-Term Value to Shareholders RemainCo / HF Sinclair NewCo / Lubricants & Specialties Investment Integrated downstream company maximizing free cash flow through Specialty lubricants and ingredients business deliverin
Slide 5: RemainCo – HF Sinclair: A Resilient, Cash-Generative Downstream Leader
RemainCo – HF Sinclair: A Resilient, Cash- Generative Downstream Leader Integrated Refining, Midstream, Marketing and Renewables Built for Through-Cycle Free Cash Flow Investment Highlights Diversified refining footprint with product mix skewed toward high-value gasoline and distillates Capital Retu
Slide 6: NewCo – Lubricants & Specialties: A Capital-Light Global Leader
NewCo – Lubricants & Specialties A Capital-Light Global Lubricants & Specialties Leader Investment Highlights Key Brands Differentiated portfolio with industry-leading technology and formulation expertise Customer-centric service model driving retention and long-term relationships 2025A Sales Volume
Slide 7: A Transformed, Higher-Quality Lubricants & Specialties Business
A Transformed, Higher-Quality Lubricants & Specialties Business Repositioning Around Margin, Brands and Customer Value — Building a More Resilient and Rateable Free Cash Flow Business From To (Refiner Approach) (Specialties Approach) Margin discipline — enhanced margin Volume-Driven Margin-Driven ac
Slide 8: Retirement of Mississauga Base Oil Refinery
Retirement of Mississauga Base Oil Refinery A Deliberate Shift to a Capital-Light Supply Model – Enhancing Free Cash Flow and Supply Flexibility Business Model Evolution Best-in-Class Long Term Base Oil Suppliers Overall Margin Improvement Sourcing base oils competitively expected to Group I & enhan
Slide 9: Path Forward
Path Forward Timing ▪ Separation of Lubricants & Specialties anticipated in H2 2027 ▪ Filing and effectiveness of applicable filings with SEC (including registration statements) ▪ Receipt of a private letter ruling and tax opinion regarding the intended tax-free treatment for HF Sinclair and its sha
Slide 10: Key Contacts
Key Contacts Investor Relations Contacts Additional Information Q2 2026 Earnings Release & Conference Call Craig Biery ▪ Earnings call to be held July 28th at 8:30 a.m. Eastern time. The Vice President, Investor Relations webcast may be accessed at: https://events.q4inc.com/attendee/654044265 Invest
Slide 11: AHF Sinclair
AHF Sinclair