Slide 1: Investor Presentation November 2023
NYSE: DINO INVESTOR PRESENTATION November 2023
Slide 2: Disclosure Statement
2 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,” “fore
Slide 3: Executive Summary: Positioned for Value Across All Segments
3 Executive Summary Positioned for Value Across All Segments 1. BPD: Barrels per day 2. Includes non-Sinclair branded sites from legacy HollyFrontier agreements. REFINING MARKETING RENEWABLES SPECIALTY LUBRICANTS MIDSTREAM 7 refineries in the Mid- Continent, West and Pacific Northwest regions 67
Slide 4: HF Sinclair Asset Footprint
4 HF Sinclair Asset Footprint
Slide 5: Environmental, Social and Governance (ESG)
5 Environmental, Social and Governance (ESG)1 1. Please see HF Sinclair 2022 Sustainability Report for additional ESG related information. https://www.hfsinclair.com/sustainability/sustainability-report/default.aspx 2. OSHA: Occupational Safety and Health Act Scope 1 and Scope 2 GHG Intensity Target
Slide 6: Refining Overview
6 Refining Overview Expanded Footprint centered around Mid-Continent, Southwest, Rocky Mountain and Pacific Northwest with 678,000 BPD oil processing capacity West Region Puget Sound Refinery (Anacortes, WA) 149,000 BPD capacity Crude slate: Canadian mixed sweet and sour and Alaskan North Slope
Slide 7: Crude and Product Advantage
7 Crude and Product Advantage Proximity to North American Crude Production High Value Premium Product Markets Laid-In Crude Advantage Refinery location and configuration enables fleet- wide crude slate discounts to WTI Approximately 140,000 – 160,000 barrels per day Canadian, primarily heavy swe
Slide 8: Refining Segment Earnings Power
8 Refining Segment Earnings Power Illustrative Mid-Cycle Refining EBITDA1 Gulf Coast 3-2-1 Crack $10.00 Brent/WTI Spread $4.00 Product Transportation to HF Sinclair Markets $4.00 HF Sinclair Index $18.00 Capture Rate 70% Realized Gross Margin Per Barrel $12.60 Operating Expense Per Barrel $6.00 Targ
Slide 9: Marketing Overview
9 Marketing Overview Diversifying with HF Sinclair’s Iconic Brand and Integrated Distribution Network Provides a consistent sales channel for produced fuels with stable margins as well as additional earnings from brand licensing and credit card programs Footprint1: Iconic DINO brand 1,500+2 whol
Slide 10: Marketing Footprint
10 Marketing Footprint Broad Reach of Branded Retail Sites with Opportunity for Expansion within Current Asset Footprint1 1. Reflective of independent branded and licensed sites, which are not owned or operated by HF Sinclair Corporation. As of March 14, 2022.
Slide 11: Renewables Overview
11 Renewables Overview Creating Large Scale Leading Renewables Business A leading U.S. producer of Renewable Diesel with 3 production facilities ~380 million gallons of renewable diesel annual capacity Pre-treatment unit providing significant feedstock flexibility Size and scale support oper
Slide 12: Renewable Diesel Asset Profile
12 Renewable Diesel Asset Profile ~380 million gallons of renewable diesel annual capacity Renewable Diesel Units Sinclair Renewable Diesel Unit 10,000 BPD RDU co-located at Sinclair, WY refinery Operational since 2018 LCFS program pathways in California and British Columbia Cheyenne Renewable
Slide 13: Lubricants & Specialty Products: Integrated Model from Crude to Finished Products
13 Lubricants & Specialty Products Integrated Model from Crude to Finished Products Mississauga Base Oil Plant Base Oil Production Blending & Packaging MarketingDistribution R&D VGO/HCB Base Oil White Oils Specialty Products Waxes Finished Lubricants & Greases Sales Base Oil Petrolatums Sodium Sulfo
Slide 14: Lubricants & Specialty Products: Diverse Suite of Products
14 Lubricants & Specialty Products Diverse Suite of Products Supplied to Major Industrial and Consumer Brands Brands Product Type • Finished Lubricants & Greases • Specialty Products • Waxes • White Oils • Base Oils • Finished Lubricants & Greases • Waxes • White Oils • Petrolatums • Specialty Produ
Slide 15: Opportunity Across the Value Chain
15 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 2022 Product Slate by Volume Finished Lubricants & Greases Petrolatums Waxes White Oils Speci
Slide 16: Lubricants & Specialty Products Multiple Up-Lift
16 Lubricants & Specialty Products Multiple Up-Lift Note: Multiple represents range of Enterprise Value (EV) / EBITDA multiples for the referenced peer group, which are sourced from Bloomberg. EV / EBITDA is not a financial measure prepared in accordance with GAAP and should not be viewed as an alte
Slide 17: Holly Energy Partners (HEP) Company Profile
17 Holly Energy Partners (HEP) Company Profile STABLE EARNINGS FINANCIAL TARGETS & GUIDANCE BALANCE SHEET HIGHLIGHTS Revenues are nearly 100% fee-based with de minimis commodity risk Customer base consisting of refining companies (contracts not with E&Ps) Minimum Volume Commitments (MVCs) comp
Slide 18: HEP Assets
18 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 crud
Slide 19: HEP Ownership Structure
19 HEP Ownership Structure1 99.999% interest 66,810,171 HEP units2 53% LP interest $1,426mm Value3 59,630,030 HEP units2 47% LP interest $1,273mm Value3 HF SINCLAIR CORPORATION (HF Sinclair) GENERAL PARTNER (GP) HOLLY LOGISTIC SERVICES L.L.C. HOLLY ENERGY PARTNERS, L.P. (HEP) PUBLIC Non-economic GP
Slide 20: Financial Strategy
yd FINANCIAL STRATEGY aH Snel
Slide 21: Capital Allocation Strategy
Capital Allocation Strategy1 Free Cash Flow2 Drives Capital Returns & Balanced Capital Allocation 21 2023 and Beyond Target 50% Payout Ratio1,3 (dividends + repurchases) of Adjusted Net Income2 Pay $0.45 regular quarterly dividend New $1 billion share repurchase program authorized on August 15, 2023
Slide 22: Appendix
yd APPENDIX aH Snel
Slide 23: HF Sinclair Capital Structure
HF Sinclair Capital Structure Strengthening Credit Profile through Reduced Leverage, Increased Scale and Portfolio Diversification 23 ($ in millions) Cash and Cash Equivalents $2,215 HF SINCLAIR CORPORATION 2.625% Senior Notes due 20231 $308 5.875% Senior Notes due 2026 $1,000 4.500% Senior Notes du
Slide 24: 2023 Capex Guidance
Note: Reflective of Capex expectations provided in 3Q 2023 10-Q filing. Refining - $250 – $270 million Renewables - $25 – $30 million Lubricants & Specialty Products - $35– $45 million Marketing - $20 – $30 million Corporate - $40 – $60 million Turnarounds & Catalysts - $500 – $585 milli
Slide 25: Business Definitions
Business Definitions 25 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 pet
Slide 26: 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 t
Slide 27: Non-GAAP Definitions
Non-GAAP Definitions Distribution Coverage Ratio: Distribution coverage ratio is the ratio of distributable cash flow attributable to GP and LP unitholders to total GP and LP distributions declared. Earnings Per Share (EPS): earnings per share is calculated as net income (loss) attributable to stock
Slide 28: HF Sinclair Index
HF Sinclair Index 28 1. West region includes Puget Sound Refinery starting November 1, 2021. 2. West region includes Parco and Casper Refineries acquired March 14, 2022 starting April 1, 2022. Note: Updates to this index are published on a monthly basis on the first day of each month under the “HF S
Slide 29: HF Sinclair Disclosure Light Product Index
HF Sinclair Disclosure 29 Light Product Index Appendix 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
Slide 30: Contact details
NYSE: DINO 2828 N. Harwood, Suite 1300 Dallas, TX 75201 214-954-6510 HFSinclair.com Craig Biery | VP, Investor Relations, FP&A Trey Schonter | Sr. Manager, Investor Relations investors@hfsinclair.com 214-954-6510