HF Sinclair Reports 2026 Second Quarter Results and Announces Increase in Regular Cash Dividend

About this update from Hf Sinclair Corporation

[{"type":"text","content":" \nHF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) (“HF Sinclair” or the “Company”) today reported Net income attributable to HF Sinclair stockholders of $892 million, or $4.93 per diluted share, for the quarter ended June 30, 2026, compared to Net income attributable to HF Sinclair stockholders of $208 million, or $1.10 per diluted share, for the quarter ended June 30, 2025. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the second quarter of 2026 was $960 million, or $5.31 per diluted share, compared to adjusted net income attributable to HF Sinclair stockholders of $322 million, or $1.70 per diluted share, for the second quarter of 2025.\n\n \nHF Sinclair’s Chief Executive Officer, Franklin Myers, commented, “During the quarter, we delivered strong financial results across each of our business segments, underpinned by strong operational and commercial execution. We returned $265 million to stockholders through dividends and share repurchases and today we also announced a 5% increase to our quarterly dividend, demonstrating our continued commitment to return capital to shareholders. Looking forward, we believe the fundamentals that drove strong second quarter results across each of our business segments will persist in the third quarter, providing a positive backdrop as we move through the remainder of the year.”\n\n \nRefining segment income before interest and income taxes was $877 million for the second quarter of 2026 compared to income of $166 million for the second quarter of 2025. The segment reported Adjusted EBITDA of $1,023 million for the second quarter of 2026 compared to $476 million for the second quarter of 2025. This increase was principally driven by strong refining margins and volumes in the Mid-Continent and West regions as a result of steady demand, tight supply and favorable crack spreads. Adjusted refinery gross margin was $25.95 per produced barrel sold, a 57% increase compared to $16.50 for the second quarter of 2025. Crude oil charge averaged 639,680 barrels per day (“BPD”) for the second quarter of 2026 compared to 615,930 BPD for the second quarter of 2025.\n\n \nRenewables segment income before interest and income taxes was $30 million for the second quarter of 2026 compared to a loss of $4 million for the second quarter of 2025. Excluding the Lower of cost or market inventory valuation adjustment charge of $30 million, and an impairment charge of $47 million, the segment reported Adjusted EBITDA of $123 million in the second quarter of 2026, compared to $(2) million in the second quarter of 2025. Adjusted renewables gross margins increased as a result of improved RINs prices, higher Producer’s Tax Credit (“PTC”) benefits and increased volumes compared to the second quarter of 2025. Total sales volumes were 60 million gallons for the second quarter of 2026 compared to 55 million gallons for the second quarter of 2025.\n\n \nMarketing segment income before interest and income taxes was $20 million for the second quarter of 2026, compared to $18 million in the second quarter of 2025. The segment reported EBITDA of $28 million for the second quarter of 2026 compared to $25 million for the second quarter of 2025. Total branded fuel sales volumes were 387 million gallons for the second quarter of 2026 compared to 337 million gallons for the second quarter of 2025.\n\n \nLubricants & Specialties segment income before interest and income taxes was $181 million for the second quarter of 2026 compared to $33 million in the second quarter of 2025. The segment reported Adjusted EBITDA of $207 million for the second quarter of 2026 compared to $55 million in the second quarter of 2025. The increase was primarily driven by higher sales volumes and product prices in the second quarter of 2026 compared to the second quarter of 2025. During the second quarter of 2026, we recognized a FIFO benefit of $46 million compared to a FIFO charge of $20 million during the second quarter of 2025.\n\n \nMidstream segment income before interest and income taxes was $95 million for the second quarter of 2026 compared to $98 million for the second quarter of 2025. The segment reported Adjusted EBITDA of $112 million in the second quarter of 2026 and 2025.\n\n \nFor the second quarter of 2026, net cash provided by operations totaled $1,510 million. At June 30, 2026, the Company’s Cash and cash equivalents totaled $2,262 million, a $1,284 million increase compared to Cash and cash equivalents of $978 million at December 31, 2025. During the second quarter of 2026, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $89 million and spent $179 million on share repurchases, inclusive of excise tax of $3 million. Additionally, at June 30, 2026, the Company’s consolidated debt was $2,772 million.\n\n \nEarlier today, HF Sinclair announced plans to pursue a separation of its Lubricants & Specialties segment through the capital markets, creating a new independent, publicly traded company. As part of this transformation, HF Sinclair has decided to retire its base oil refining assets in Mississauga, Ontario with the transition expected to be substantially completed over the course of 2027. HF Sinclair anticipates the separation of Lubricants & Specialties in a tax-efficient manner for HF Sinclair and its shareholders, and the transaction is intended to be executed over the next 12-18 months. Additional information can be found in the related press release and investor presentation at https://investor.hfsinclair.com/investor-relations/events-and-presentations .\n\n \nHF Sinclair also announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.525 per share, an increase of 5% over our previous dividend of $0.50 per share. The dividend is payable on September 2, 2026 to holders of record of common stock on August 11, 2026.\n\n \nThe Company has scheduled a webcast conference call for today, July 28, 2026, at 8:30 AM Eastern Time to discuss second quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/654044265 . An audio archive of this webcast will be available using the above-noted link through August 11, 2026.\n\n \nHF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and supplies high-quality fuels to more than 1,800 branded stations and licenses the use of the Sinclair brand to more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in New Mexico. In addition, we produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries.\n\n \nThe following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are “forward-looking statements” based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in the Company’s filings with the Securities and Exchange Commission (the “SEC”). All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Forward-looking statements use words such as “anticipate,” “project,” “will,” “expect,” “plan,” “goal,” “forecast,” “strategy,” “intend,” “should,” “would,” “could,” “believe,” “may” and similar expressions and statements regarding the Company’s plans and objectives for future operations. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot assure you that the Company’s expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the demand for and supply of feedstocks, crude oil and refined products, including uncertainty regarding societal expectations that companies address climate impacts and greenhouse gas emissions; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in the Company’s markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of crude oil, refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery or other production facility operations or pipelines, whether due to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, infection in the workforce, weather events, global health events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, vandalism or other catastrophes or disruptions affecting the Company’s operations, production facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing at the Company’s suppliers, customers, or third-party providers, and any potential asset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions; the effects of current and/or future governmental and environmental regulations and policies, including compliance with, or exemptions from, existing, new and changing environmental and health and safety laws and regulations, related reporting requirements and pipeline integrity programs; the availability and cost of financing to the Company; the effectiveness of the Company’s capital investments and marketing strategies; the Company’s efficiency in carrying out and consummating construction projects, including the Company’s ability to complete announced capital projects on time and within capital guidance; the Company’s ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of the Company to acquire complementary assets or businesses to the Company’s existing assets and businesses on acceptable terms and to integrate any existing or future acquired operations and realize the expected synergies of any such transaction on the expected timeline; the possibility of vandalism or other disruptive activity, or terrorist or cyberattacks and the consequences of any such activities or attacks; uncertainty regarding the effects and duration of global hostilities, war or any associated military campaigns, including those in oil producing regions, such as the ongoing military conflict in the Middle East, which may disrupt crude oil supplies and markets for the Company’s refined products and create instability in the financial markets that could restrict the Company’s ability to raise capital; general economic conditions, including uncertainties regarding trade policies, such as the imposition or implementation of tariffs, or economic slowdowns caused by a local or national recession or other adverse economic conditions, such as periods of increased or prolonged inflation; limitations on the Company’s ability to make future dividend payments or effectuate share repurchases due to market conditions and corporate, tax, regulatory and other considerations; the possibility that strategic transactions related to our Lubricants & Specialties segment may not be completed on the contemplated terms or timeline, or may not be completed at all, and the possibility that, if completed, such strategic transactions will not achieve the intended financial, strategic and operational benefits; the possibility that asset retirements may incur significant costs, charges and liabilities beyond our expectations, may not be completed on the contemplated timeline, or may not be completed at all; and other business, financial, operational and legal risks. Additional information on risks and uncertainties that could affect our business prospects and performance is provided in the reports filed by us with the SEC. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.\n\n RESULTS OF OPERATIONS \nFinancial Data (all information in this release is unaudited) \n \n\n \nThree Months Ended June 30, \n \n\n \nChange from 2025 \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \nChange \n \n\n \nPercent \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions, except share and per share data)\n\n \nSales and other revenues \n$\n\n \n10,390\n\n \n \n\n \n \n\n \n$\n\n \n6,784\n\n \n \n\n \n \n\n \n$\n\n \n3,606\n\n \n \n\n \n \n\n \n53\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOperating costs and expenses: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of sales: (1) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of materials and other (2) \n \n\n \n8,133\n\n \n \n\n \n \n\n \n \n\n \n5,440\n\n \n \n\n \n \n\n \n \n\n \n2,693\n\n \n \n\n \n \n\n \n50\n\n \n%\n\n \nLower of cost or market inventory valuation adjustments\n\n \n \n\n \n30\n\n \n \n\n \n \n\n \n \n\n \n148\n\n \n \n\n \n \n\n \n \n\n \n(118\n\n \n)\n\n \n \n\n \n(80\n\n \n)%\n\n \nOperating expenses\n\n \n \n\n \n654\n\n \n \n\n \n \n\n \n \n\n \n572\n\n \n \n\n \n \n\n \n \n\n \n82\n\n \n \n\n \n \n\n \n14\n\n \n%\n\n \n \n\n \n \n\n \n8,817\n\n \n \n\n \n \n\n \n \n\n \n6,160\n\n \n \n\n \n \n\n \n \n\n \n2,657\n\n \n \n\n \n \n\n \n43\n\n \n%\n\n \nSelling, general and administrative expenses (1) \n \n\n \n130\n\n \n \n\n \n \n\n \n \n\n \n114\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n14\n\n \n%\n\n \nDepreciation and amortization\n\n \n \n\n \n228\n\n \n \n\n \n \n\n \n \n\n \n226\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \nOther operating expenses, net\n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n \n\n \n9\n\n \n \n\n \n \n\n \n \n\n \n38\n\n \n \n\n \n \n\n \n422\n\n \n%\n\n \nTotal operating costs and expenses \n \n\n \n9,222\n\n \n \n\n \n \n\n \n \n\n \n6,509\n\n \n \n\n \n \n\n \n \n\n \n2,713\n\n \n \n\n \n \n\n \n42\n\n \n%\n\n \nIncome from operations \n \n\n \n1,168\n\n \n \n\n \n \n\n \n \n\n \n275\n\n \n \n\n \n \n\n \n \n\n \n893\n\n \n \n\n \n \n\n \n325\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOther income (expense): \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nEarnings of equity method investments\n\n \n \n\n \n6\n\n \n \n\n \n \n\n \n \n\n \n10\n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n(40\n\n \n)%\n\n \nInterest income\n\n \n \n\n \n15\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n8\n\n \n \n\n \n \n\n \n114\n\n \n%\n\n \nInterest expense\n\n \n \n\n \n(20\n\n \n)\n\n \n \n\n \n \n\n \n(53\n\n \n)\n\n \n \n\n \n \n\n \n33\n\n \n \n\n \n \n\n \n(62\n\n \n)%\n\n \nOther income, net\n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n(57\n\n \n)%\n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n \n\n \n(29\n\n \n)\n\n \n \n\n \n \n\n \n33\n\n \n \n\n \n \n\n \nNM\n\n \n \n\n \nIncome before income taxes \n \n\n \n1,172\n\n \n \n\n \n \n\n \n \n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n926\n\n \n \n\n \n \n\n \n376\n\n \n%\n\n \nIncome tax expense\n\n \n \n\n \n279\n\n \n \n\n \n \n\n \n \n\n \n36\n\n \n \n\n \n \n\n \n \n\n \n243\n\n \n \n\n \n \n\n \n675\n\n \n%\n\n \nNet income \n \n\n \n893\n\n \n \n\n \n \n\n \n \n\n \n210\n\n \n \n\n \n \n\n \n \n\n \n683\n\n \n \n\n \n \n\n \n325\n\n \n%\n\n \nLess: net income attributable to noncontrolling interests\n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n(1\n\n \n)\n\n \n \n\n \n(50\n\n \n)%\n\n \nNet income attributable to HF Sinclair stockholders \n$\n\n \n892\n\n \n \n\n \n \n\n \n$\n\n \n208\n\n \n \n\n \n \n\n \n$\n\n \n684\n\n \n \n\n \n \n\n \n329\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nEarnings per share attributable to HF Sinclair stockholders: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n$\n\n \n4.93\n\n \n \n\n \n \n\n \n$\n\n \n1.10\n\n \n \n\n \n \n\n \n$\n\n \n3.83\n\n \n \n\n \n \n\n \n348\n\n \n%\n\n \nDiluted\n\n \n$\n\n \n4.93\n\n \n \n\n \n \n\n \n$\n\n \n1.10\n\n \n \n\n \n \n\n \n$\n\n \n3.83\n\n \n \n\n \n \n\n \n348\n\n \n%\n\n \nCash dividends declared per common share\n\n \n$\n\n \n0.50\n\n \n \n\n \n \n\n \n$\n\n \n0.50\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAverage number of common shares outstanding (in thousands): \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n \n\n \n179,417\n\n \n \n\n \n \n\n \n \n\n \n188,110\n\n \n \n\n \n \n\n \n \n\n \n(8,693\n\n \n)\n\n \n \n\n \n(5\n\n \n)%\n\n \nDiluted\n\n \n \n\n \n179,417\n\n \n \n\n \n \n\n \n \n\n \n188,110\n\n \n \n\n \n \n\n \n \n\n \n(8,693\n\n \n)\n\n \n \n\n \n(5\n\n \n)%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nEBITDA \n$\n\n \n1,404\n\n \n \n\n \n \n\n \n$\n\n \n516\n\n \n \n\n \n \n\n \n$\n\n \n888\n\n \n \n\n \n \n\n \n172\n\n \n%\n\n \nAdjusted EBITDA \n$\n\n \n1,482\n\n \n \n\n \n \n\n \n$\n\n \n665\n\n \n \n\n \n \n\n \n$\n\n \n817\n\n \n \n\n \n \n\n \n123\n\n \n%\n\n \n \n\n \n \n\n \nSix Months Ended June 30, \n \n\n \nChange from 2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \nChange \n \n\n \nPercent \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions, except share and per share data)\n\n \nSales and other revenues \n \n\n \n$\n\n \n17,513\n\n \n \n\n \n \n\n \n$\n\n \n13,154\n\n \n \n\n \n \n\n \n$\n\n \n4,359\n\n \n \n\n \n \n\n \n33\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOperating costs and expenses: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of sales: (1) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of materials and other (2) \n \n\n \n \n\n \n14,113\n\n \n \n\n \n \n\n \n \n\n \n10,916\n\n \n \n\n \n \n\n \n \n\n \n3,197\n\n \n \n\n \n \n\n \n29\n\n \n%\n\n \nLower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n(642\n\n \n)\n\n \n \n\n \n \n\n \n31\n\n \n \n\n \n \n\n \n \n\n \n(673\n\n \n)\n\n \n \n\n \nNM\n\n \n \n\n \nOperating expenses\n\n \n \n\n \n \n\n \n1,278\n\n \n \n\n \n \n\n \n \n\n \n1,168\n\n \n \n\n \n \n\n \n \n\n \n110\n\n \n \n\n \n \n\n \n9\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n14,749\n\n \n \n\n \n \n\n \n \n\n \n12,115\n\n \n \n\n \n \n\n \n \n\n \n2,634\n\n \n \n\n \n \n\n \n22\n\n \n%\n\n \nSelling, general and administrative expenses (1) \n \n\n \n \n\n \n245\n\n \n \n\n \n \n\n \n \n\n \n218\n\n \n \n\n \n \n\n \n \n\n \n27\n\n \n \n\n \n \n\n \n12\n\n \n%\n\n \nDepreciation and amortization\n\n \n \n\n \n \n\n \n457\n\n \n \n\n \n \n\n \n \n\n \n451\n\n \n \n\n \n \n\n \n \n\n \n6\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \nOther operating expenses, net\n\n \n \n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n \n\n \n14\n\n \n \n\n \n \n\n \n \n\n \n33\n\n \n \n\n \n \n\n \n236\n\n \n%\n\n \nTotal operating costs and expenses \n \n\n \n \n\n \n15,498\n\n \n \n\n \n \n\n \n \n\n \n12,798\n\n \n \n\n \n \n\n \n \n\n \n2,700\n\n \n \n\n \n \n\n \n21\n\n \n%\n\n \nIncome from operations \n \n\n \n \n\n \n2,015\n\n \n \n\n \n \n\n \n \n\n \n356\n\n \n \n\n \n \n\n \n \n\n \n1,659\n\n \n \n\n \n \n\n \n466\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOther income (expense): \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nEarnings of equity method investments\n\n \n \n\n \n \n\n \n14\n\n \n \n\n \n \n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n(33\n\n \n)%\n\n \nInterest income\n\n \n \n\n \n \n\n \n25\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n9\n\n \n \n\n \n \n\n \n56\n\n \n%\n\n \nInterest expense\n\n \n \n\n \n \n\n \n(61\n\n \n)\n\n \n \n\n \n \n\n \n(102\n\n \n)\n\n \n \n\n \n \n\n \n41\n\n \n \n\n \n \n\n \n(40\n\n \n)%\n\n \nOther income (expense), net\n\n \n \n\n \n \n\n \n18\n\n \n \n\n \n \n\n \n \n\n \n(46\n\n \n)\n\n \n \n\n \n \n\n \n64\n\n \n \n\n \n \n\n \nNM\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n(111\n\n \n)\n\n \n \n\n \n \n\n \n107\n\n \n \n\n \n \n\n \n(96\n\n \n)%\n\n \nIncome before income taxes \n \n\n \n \n\n \n2,011\n\n \n \n\n \n \n\n \n \n\n \n245\n\n \n \n\n \n \n\n \n \n\n \n1,766\n\n \n \n\n \n \n\n \n721\n\n \n%\n\n \nIncome tax expense\n\n \n \n\n \n \n\n \n468\n\n \n \n\n \n \n\n \n \n\n \n37\n\n \n \n\n \n \n\n \n \n\n \n431\n\n \n \n\n \n \n\n \n1,165\n\n \n%\n\n \nNet income \n \n\n \n \n\n \n1,543\n\n \n \n\n \n \n\n \n \n\n \n208\n\n \n \n\n \n \n\n \n \n\n \n1,335\n\n \n \n\n \n \n\n \n642\n\n \n%\n\n \nLess: net income attributable to noncontrolling interests\n\n \n \n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n \n\n \n(1\n\n \n)\n\n \n \n\n \n(25\n\n \n)%\n\n \nNet income attributable to HF Sinclair stockholders \n \n\n \n$\n\n \n1,540\n\n \n \n\n \n \n\n \n$\n\n \n204\n\n \n \n\n \n \n\n \n$\n\n \n1,336\n\n \n \n\n \n \n\n \n655\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nEarnings per share attributable to HF Sinclair stockholders: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n \n\n \n$\n\n \n8.48\n\n \n \n\n \n \n\n \n$\n\n \n1.07\n\n \n \n\n \n \n\n \n$\n\n \n7.41\n\n \n \n\n \n \n\n \n693\n\n \n%\n\n \nDiluted\n\n \n \n\n \n$\n\n \n8.48\n\n \n \n\n \n \n\n \n$\n\n \n1.07\n\n \n \n\n \n \n\n \n$\n\n \n7.41\n\n \n \n\n \n \n\n \n693\n\n \n%\n\n \nCash dividends declared per common share\n\n \n \n\n \n$\n\n \n1.00\n\n \n \n\n \n \n\n \n$\n\n \n1.00\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAverage number of common shares outstanding (in thousands): \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n \n\n \n \n\n \n180,032\n\n \n \n\n \n \n\n \n \n\n \n188,298\n\n \n \n\n \n \n\n \n \n\n \n(8,266\n\n \n)\n\n \n \n\n \n(4\n\n \n)%\n\n \nDiluted\n\n \n \n\n \n \n\n \n180,032\n\n \n \n\n \n \n\n \n \n\n \n188,298\n\n \n \n\n \n \n\n \n \n\n \n(8,266\n\n \n)\n\n \n \n\n \n(4\n\n \n)%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nEBITDA \n \n\n \n$\n\n \n2,501\n\n \n \n\n \n \n\n \n$\n\n \n778\n\n \n \n\n \n \n\n \n$\n\n \n1,723\n\n \n \n\n \n \n\n \n221\n\n \n%\n\n \nAdjusted EBITDA \n \n\n \n$\n\n \n1,908\n\n \n \n\n \n \n\n \n$\n\n \n866\n\n \n \n\n \n \n\n \n$\n\n \n1,042\n\n \n \n\n \n \n\n \n120\n\n \n%\n\n \n(1)\n\n \nExclusive of Depreciation and amortization .\n\n \n(2)\n\n \nExclusive of Lower of cost or market inventory valuation adjustments .\n\n \nBalance Sheet Data \n \n\n \nJune 30, 2026 \n \n\n \nDecember 31, 2025   \n \n\n \n(In millions)\n\n \nCash and cash equivalents\n\n \n$\n\n \n2,262\n\n \n \n\n \n$\n\n \n978\n\n \nWorking capital\n\n \n$\n\n \n3,639\n\n \n \n\n \n$\n\n \n2,327\n\n \nTotal assets\n\n \n$\n\n \n18,994\n\n \n \n\n \n$\n\n \n16,510\n\n \nTotal debt\n\n \n$\n\n \n2,772\n\n \n \n\n \n$\n\n \n2,769\n\n \nTotal equity\n\n \n$\n\n \n10,350\n\n \n \n\n \n$\n\n \n9,249\n\n \nSegment Information \nOur operations are organized into five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. Our operations that are not included in one of these five reportable segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.\n\n \nThe Refining segment represents the operations of our El Dorado, Tulsa, Navajo, Woods Cross, Puget Sound, Parco and Casper refineries and HF Sinclair Asphalt Company LLC (“Asphalt”). Refining activities involve the purchase and refining of crude oil and wholesale marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest, Rocky Mountains and Pacific Northwest geographic regions of the United States. Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma.\n\n \nThe Renewables segment represents the operations of our Cheyenne renewable diesel unit (“RDU”), Artesia RDU, Sinclair RDU and the pre-treatment unit at our Artesia, New Mexico facility.\n\n \nThe Marketing segment represents branded fuel sales to Sinclair branded sites in the United States and licensing fees for the use of the Sinclair brand at additional locations throughout the country. Branded fuel is also sold to non-Sinclair branded sites and includes revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of sites in our West and Mid-Continent regions. In February 2026, we formed the joint venture Green Trail Fuels, LLC in which we hold a 50% non-operating economic interest. The joint venture includes various retail sites across Colorado and New Mexico and is supplied fuel by our proximate regional refineries.\n\n \nThe Lubricants & Specialties segment includes Petro-Canada Lubricants’ production operations in Mississauga, Ontario, which produce lubricant products such as base oils, white oils, specialty products and finished lubricants, as well as Petro-Canada Lubricants’ marketing operations, which distribute products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States and Europe. Additionally, the Lubricants & Specialties segment includes the Sinclair Lubricants brand and specialty lubricant products produced at our Tulsa facilities that are marketed throughout North America and distributed in Central and South America, and the operations of Red Giant Oil, one of the leading suppliers of locomotive engine oil in North America. The Lubricants & Specialties segment also includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe, and Industrial Oils Unlimited, a producer of high-quality lubricants and specialty fluids with blending, warehousing and terminal facilities in the United States.\n\n \nThe Midstream segment includes all of the operations of our wholly-owned subsidiary Holly Energy Partners, L.P., which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, and terminals, tankage and loading rack facilities in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. The Midstream segment also includes 50% ownership interests in each of Osage Pipeline Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas, and Cushing Connect Pipeline & Terminal LLC, the owner of a pipeline running from Cushing, Oklahoma to Tulsa, Oklahoma, a 26.08% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a pipeline running from the Powder River Basin to Casper, Wyoming, and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline running from Sinclair, Wyoming to the North Salt Lake City, Utah terminal. Revenues and other income from the Midstream segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations, and revenues relating to pipeline transportation, terminalling operations and tankage facilities provided for our refining operations.\n\n \n \n\n \n \n\n \nRefining \n \n\n \nRenewables \n \n\n \nMarketing \n \n\n \nLubricants\n &\n Specialties \n \n\n \nMidstream \n \n\n \nCorporate,\n Other and\n Eliminations \n \n\n \nConsolidated\n Total \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions)\n\n \nThree Months Ended June 30, 2026 \nSales and other revenues:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nRevenues from external customers\n\n \n \n\n \n$\n\n \n7,747\n\n \n \n\n \n$\n\n \n243\n\n \n \n\n \n \n\n \n$\n\n \n1,370\n\n \n \n\n \n$\n\n \n998\n\n \n \n\n \n$\n\n \n32\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n10,390\n\n \n \n\n \nIntersegment revenues and other (1) \n \n\n \n \n\n \n1,481\n\n \n \n\n \n \n\n \n243\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n135\n\n \n \n\n \n \n\n \n(1,860\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n9,228\n\n \n \n\n \n \n\n \n486\n\n \n \n\n \n \n\n \n \n\n \n1,370\n\n \n \n\n \n \n\n \n999\n\n \n \n\n \n \n\n \n167\n\n \n \n\n \n \n\n \n(1,860\n\n \n)\n\n \n \n\n \n \n\n \n10,390\n\n \n \n\n \nCost of sales: (2) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of materials and other (3) \n \n\n \n \n\n \n7,649\n\n \n \n\n \n \n\n \n339\n\n \n \n\n \n \n\n \n \n\n \n1,332\n\n \n \n\n \n \n\n \n674\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(1,861\n\n \n)\n\n \n \n\n \n \n\n \n8,133\n\n \n \n\n \nLower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n30\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n30\n\n \n \n\n \nOperating expenses\n\n \n \n\n \n \n\n \n491\n\n \n \n\n \n \n\n \n23\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n78\n\n \n \n\n \n \n\n \n60\n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n654\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n8,140\n\n \n \n\n \n \n\n \n392\n\n \n \n\n \n \n\n \n \n\n \n1,332\n\n \n \n\n \n \n\n \n752\n\n \n \n\n \n \n\n \n60\n\n \n \n\n \n \n\n \n(1,859\n\n \n)\n\n \n \n\n \n \n\n \n8,817\n\n \n \n\n \nSelling, general and administrative expenses (2) \n \n\n \n \n\n \n65\n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n10\n\n \n \n\n \n \n\n \n41\n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n11\n\n \n \n\n \n \n\n \n \n\n \n130\n\n \n \n\n \nDepreciation and amortization\n\n \n \n\n \n \n\n \n146\n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n8\n\n \n \n\n \n \n\n \n25\n\n \n \n\n \n \n\n \n18\n\n \n \n\n \n \n\n \n15\n\n \n \n\n \n \n\n \n \n\n \n228\n\n \n \n\n \nOther operating expenses, net\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n47\n\n \n \n\n \nIncome (loss) from operations\n\n \n \n\n \n$\n\n \n877\n\n \n \n\n \n$\n\n \n30\n\n \n \n\n \n \n\n \n$\n\n \n20\n\n \n \n\n \n$\n\n \n181\n\n \n \n\n \n$\n\n \n87\n\n \n \n\n \n$\n\n \n(27\n\n \n)\n\n \n \n\n \n$\n\n \n1,168\n\n \n \n\n \nEarnings of equity method investments\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n6\n\n \n \n\n \nInterest income\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n15\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(20\n\n \n)\n\n \nOther income, net\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n3\n\n \n \n\n \nIncome before income taxes\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n1,172\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income attributable to noncontrolling interests\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n1\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n1\n\n \n \n\n \nCapital expenditures\n\n \n \n\n \n$\n\n \n69\n\n \n \n\n \n$\n\n \n1\n\n \n \n\n \n \n\n \n$\n\n \n25\n\n \n \n\n \n$\n\n \n7\n\n \n \n\n \n$\n\n \n11\n\n \n \n\n \n$\n\n \n5\n\n \n \n\n \n \n\n \n$\n\n \n118\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nThree Months Ended June 30, 2025 \nSales and other revenues:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nRevenues from external customers\n\n \n \n\n \n$\n\n \n5,158\n\n \n \n\n \n$\n\n \n131\n\n \n \n\n \n \n\n \n$\n\n \n826\n\n \n \n\n \n$\n\n \n641\n\n \n \n\n \n$\n\n \n28\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n6,784\n\n \n \n\n \nIntersegment revenues and other (1) \n \n\n \n \n\n \n861\n\n \n \n\n \n \n\n \n127\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n129\n\n \n \n\n \n \n\n \n(1,121\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n6,019\n\n \n \n\n \n \n\n \n258\n\n \n \n\n \n \n\n \n \n\n \n826\n\n \n \n\n \n \n\n \n645\n\n \n \n\n \n \n\n \n157\n\n \n \n\n \n \n\n \n(1,121\n\n \n)\n\n \n \n\n \n \n\n \n6,784\n\n \n \n\n \nCost of sales: (2) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of materials and other (3) \n \n\n \n \n\n \n5,045\n\n \n \n\n \n \n\n \n238\n\n \n \n\n \n \n\n \n \n\n \n792\n\n \n \n\n \n \n\n \n486\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(1,121\n\n \n)\n\n \n \n\n \n \n\n \n5,440\n\n \n \n\n \nLower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n172\n\n \n \n\n \n \n\n \n(24\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n148\n\n \n \n\n \nOperating expenses\n\n \n \n\n \n \n\n \n441\n\n \n \n\n \n \n\n \n22\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n63\n\n \n \n\n \n \n\n \n45\n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n572\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n5,658\n\n \n \n\n \n \n\n \n236\n\n \n \n\n \n \n\n \n \n\n \n792\n\n \n \n\n \n \n\n \n549\n\n \n \n\n \n \n\n \n45\n\n \n \n\n \n \n\n \n(1,120\n\n \n)\n\n \n \n\n \n \n\n \n6,160\n\n \n \n\n \nSelling, general and administrative expenses (2) \n \n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n9\n\n \n \n\n \n \n\n \n43\n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n8\n\n \n \n\n \n \n\n \n \n\n \n114\n\n \n \n\n \nDepreciation and amortization\n\n \n \n\n \n \n\n \n134\n\n \n \n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n22\n\n \n \n\n \n \n\n \n19\n\n \n \n\n \n \n\n \n18\n\n \n \n\n \n \n\n \n \n\n \n226\n\n \n \n\n \nOther operating expenses, net\n\n \n \n\n \n \n\n \n9\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n9\n\n \n \n\n \nIncome (loss) from operations\n\n \n \n\n \n$\n\n \n166\n\n \n \n\n \n$\n\n \n(4\n\n \n)\n\n \n \n\n \n$\n\n \n18\n\n \n \n\n \n$\n\n \n31\n\n \n \n\n \n$\n\n \n91\n\n \n \n\n \n$\n\n \n(27\n\n \n)\n\n \n \n\n \n$\n\n \n275\n\n \n \n\n \nEarnings of equity method investments\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n10\n\n \n \n\n \nInterest income\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(53\n\n \n)\n\n \nOther income, net\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \nIncome before income taxes\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income attributable to noncontrolling interests\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n2\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n2\n\n \n \n\n \nCapital expenditures\n\n \n \n\n \n$\n\n \n71\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n11\n\n \n \n\n \n$\n\n \n11\n\n \n \n\n \n$\n\n \n12\n\n \n \n\n \n$\n\n \n6\n\n \n \n\n \n \n\n \n$\n\n \n111\n\n \n \n\n \n \n\n \n \n\n \nRefining \n \n\n \nRenewables \n \n\n \nMarketing \n \n\n \nLubricants\n &\n Specialties \n \n\n \nMidstream \n \n\n \nCorporate,\n Other and\n Eliminations \n \n\n \nConsolidated\n Total \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions)\n\n \nSix Months Ended June 30, 2026 \nSales and other revenues:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nRevenues from external customers\n\n \n \n\n \n$\n\n \n13,186\n\n \n \n\n \n \n\n \n$\n\n \n451\n\n \n \n\n \n \n\n \n$\n\n \n2,162\n\n \n \n\n \n$\n\n \n1,651\n\n \n \n\n \n$\n\n \n63\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n17,513\n\n \n \n\n \nIntersegment revenues and other (1) \n \n\n \n \n\n \n2,313\n\n \n \n\n \n \n\n \n \n\n \n369\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n270\n\n \n \n\n \n \n\n \n(2,954\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n15,499\n\n \n \n\n \n \n\n \n \n\n \n820\n\n \n \n\n \n \n\n \n \n\n \n2,162\n\n \n \n\n \n \n\n \n1,653\n\n \n \n\n \n \n\n \n333\n\n \n \n\n \n \n\n \n(2,954\n\n \n)\n\n \n \n\n \n \n\n \n17,513\n\n \n \n\n \nCost of sales: (2) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of materials and other (3) \n \n\n \n \n\n \n13,340\n\n \n \n\n \n \n\n \n \n\n \n517\n\n \n \n\n \n \n\n \n \n\n \n2,088\n\n \n \n\n \n \n\n \n1,124\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(2,956\n\n \n)\n\n \n \n\n \n \n\n \n14,113\n\n \n \n\n \nLower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n(604\n\n \n)\n\n \n \n\n \n \n\n \n(38\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(642\n\n \n)\n\n \nOperating expenses\n\n \n \n\n \n \n\n \n959\n\n \n \n\n \n \n\n \n \n\n \n45\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n152\n\n \n \n\n \n \n\n \n119\n\n \n \n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n1,278\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n13,695\n\n \n \n\n \n \n\n \n \n\n \n524\n\n \n \n\n \n \n\n \n \n\n \n2,088\n\n \n \n\n \n \n\n \n1,276\n\n \n \n\n \n \n\n \n119\n\n \n \n\n \n \n\n \n(2,953\n\n \n)\n\n \n \n\n \n \n\n \n14,749\n\n \n \n\n \nSelling, general and administrative expenses (2) \n \n\n \n \n\n \n122\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n18\n\n \n \n\n \n \n\n \n83\n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n245\n\n \n \n\n \nDepreciation and amortization\n\n \n \n\n \n \n\n \n291\n\n \n \n\n \n \n\n \n \n\n \n35\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n49\n\n \n \n\n \n \n\n \n37\n\n \n \n\n \n \n\n \n29\n\n \n \n\n \n \n\n \n \n\n \n457\n\n \n \n\n \nOther operating expenses, net\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n47\n\n \n \n\n \nIncome (loss) from operations\n\n \n \n\n \n$\n\n \n1,391\n\n \n \n\n \n \n\n \n$\n\n \n212\n\n \n \n\n \n \n\n \n$\n\n \n40\n\n \n \n\n \n$\n\n \n245\n\n \n \n\n \n$\n\n \n173\n\n \n \n\n \n$\n\n \n(46\n\n \n)\n\n \n \n\n \n$\n\n \n2,015\n\n \n \n\n \nEarnings of equity method investments\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n14\n\n \n \n\n \nInterest income\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n25\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(61\n\n \n)\n\n \nOther income, net\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n18\n\n \n \n\n \nIncome before income taxes\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n2,011\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income attributable to noncontrolling interests\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n3\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n3\n\n \n \n\n \nCapital expenditures\n\n \n \n\n \n$\n\n \n133\n\n \n \n\n \n \n\n \n$\n\n \n2\n\n \n \n\n \n \n\n \n$\n\n \n43\n\n \n \n\n \n$\n\n \n13\n\n \n \n\n \n$\n\n \n23\n\n \n \n\n \n$\n\n \n6\n\n \n \n\n \n \n\n \n$\n\n \n220\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSix Months Ended June 30, 2025 \nSales and other revenues:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nRevenues from external customers\n\n \n \n\n \n$\n\n \n10,081\n\n \n \n\n \n \n\n \n$\n\n \n225\n\n \n \n\n \n \n\n \n$\n\n \n1,512\n\n \n \n\n \n$\n\n \n1,278\n\n \n \n\n \n$\n\n \n58\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n13,154\n\n \n \n\n \nIntersegment revenues and other (1) \n \n\n \n \n\n \n1,589\n\n \n \n\n \n \n\n \n \n\n \n223\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n5\n\n \n \n\n \n \n\n \n255\n\n \n \n\n \n \n\n \n(2,072\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n11,670\n\n \n \n\n \n \n\n \n \n\n \n448\n\n \n \n\n \n \n\n \n \n\n \n1,512\n\n \n \n\n \n \n\n \n1,283\n\n \n \n\n \n \n\n \n313\n\n \n \n\n \n \n\n \n(2,072\n\n \n)\n\n \n \n\n \n \n\n \n13,154\n\n \n \n\n \nCost of sales: (2) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCost of materials and other (3) \n \n\n \n \n\n \n10,185\n\n \n \n\n \n \n\n \n \n\n \n421\n\n \n \n\n \n \n\n \n \n\n \n1,444\n\n \n \n\n \n \n\n \n939\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(2,073\n\n \n)\n\n \n \n\n \n \n\n \n10,916\n\n \n \n\n \nLower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n56\n\n \n \n\n \n \n\n \n \n\n \n(25\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n31\n\n \n \n\n \nOperating expenses\n\n \n \n\n \n \n\n \n902\n\n \n \n\n \n \n\n \n \n\n \n45\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n127\n\n \n \n\n \n \n\n \n91\n\n \n \n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n1,168\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n11,143\n\n \n \n\n \n \n\n \n \n\n \n441\n\n \n \n\n \n \n\n \n \n\n \n1,444\n\n \n \n\n \n \n\n \n1,066\n\n \n \n\n \n \n\n \n91\n\n \n \n\n \n \n\n \n(2,070\n\n \n)\n\n \n \n\n \n \n\n \n12,115\n\n \n \n\n \nSelling, general and administrative expenses (2) \n \n\n \n \n\n \n106\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n79\n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n12\n\n \n \n\n \n \n\n \n \n\n \n218\n\n \n \n\n \nDepreciation and amortization\n\n \n \n\n \n \n\n \n271\n\n \n \n\n \n \n\n \n \n\n \n49\n\n \n \n\n \n \n\n \n \n\n \n14\n\n \n \n\n \n \n\n \n44\n\n \n \n\n \n \n\n \n37\n\n \n \n\n \n \n\n \n36\n\n \n \n\n \n \n\n \n \n\n \n451\n\n \n \n\n \nOther operating expenses, net\n\n \n \n\n \n \n\n \n14\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n14\n\n \n \n\n \nIncome (loss) from operations\n\n \n \n\n \n$\n\n \n136\n\n \n \n\n \n \n\n \n$\n\n \n(43\n\n \n)\n\n \n \n\n \n$\n\n \n38\n\n \n \n\n \n$\n\n \n94\n\n \n \n\n \n$\n\n \n181\n\n \n \n\n \n$\n\n \n(50\n\n \n)\n\n \n \n\n \n$\n\n \n356\n\n \n \n\n \nEarnings of equity method investments\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n21\n\n \n \n\n \nInterest income\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(102\n\n \n)\n\n \nOther expense, net\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(46\n\n \n)\n\n \nIncome before income taxes\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n245\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income attributable to noncontrolling interests\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n$\n\n \n4\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n4\n\n \n \n\n \nCapital expenditures\n\n \n \n\n \n$\n\n \n130\n\n \n \n\n \n \n\n \n$\n\n \n1\n\n \n \n\n \n \n\n \n$\n\n \n16\n\n \n \n\n \n$\n\n \n20\n\n \n \n\n \n$\n\n \n21\n\n \n \n\n \n$\n\n \n9\n\n \n \n\n \n \n\n \n$\n\n \n197\n\n \n \n\n \n(1)\n\n \nRefining intersegment revenues relate to transportation fuels sold to the Marketing segment. Renewables intersegment revenues relate to the sale of transportation fuels and RINs sold to the Refining segment. Midstream intersegment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.\n\n \n(2)\n\n \nExclusive of Depreciation and amortization .\n\n \n(3)\n\n \nExclusive of Lower of cost or market inventory valuation adjustments .\n\n Refining Segment Operating Data \nThe following tables set forth information, including non-GAAP (generally accepted accounting principles) performance measures, about our consolidated refinery operations. Adjusted refinery gross margin per produced barrel sold is total Refining segment gross margin plus Lower of cost or market inventory valuation adjustments , Depreciation and amortization and Operating expenses , divided by sales volumes of produced refined products. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments , which relate to inventory held at the end of the period. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \nThe disaggregation of our refining geographic operating data is presented in two regions, Mid-Continent and West, to best reflect the economic drivers of our refining operations. The Mid-Continent region is comprised of the El Dorado and Tulsa refineries. The West region is comprised of the Puget Sound, Navajo, Woods Cross, Parco and Casper refineries.\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Mid-Continent Region \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCrude charge (BPD) (1) \n \n\n \n \n\n \n272,430\n\n \n \n\n \n \n\n \n \n\n \n252,690\n\n \n \n\n \n \n\n \n \n\n \n268,180\n\n \n \n\n \n \n\n \n \n\n \n256,630\n\n \n \n\n \nRefinery throughput (BPD) (2) \n \n\n \n \n\n \n287,200\n\n \n \n\n \n \n\n \n \n\n \n269,850\n\n \n \n\n \n \n\n \n \n\n \n284,800\n\n \n \n\n \n \n\n \n \n\n \n273,150\n\n \n \n\n \nSales of produced refined products (BPD) (3) \n \n\n \n \n\n \n266,690\n\n \n \n\n \n \n\n \n \n\n \n259,220\n\n \n \n\n \n \n\n \n \n\n \n269,730\n\n \n \n\n \n \n\n \n \n\n \n257,300\n\n \n \n\n \nRefinery utilization (4) \n \n\n \n \n\n \n104.8\n\n \n%\n\n \n \n\n \n \n\n \n97.2\n\n \n%\n\n \n \n\n \n \n\n \n103.1\n\n \n%\n\n \n \n\n \n \n\n \n98.7\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAverage per produced barrel sold: (5) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGross margin (6) \n \n\n \n$\n\n \n9.64\n\n \n \n\n \n \n\n \n$\n\n \n2.29\n\n \n \n\n \n \n\n \n$\n\n \n9.22\n\n \n \n\n \n \n\n \n$\n\n \n1.76\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted refinery gross margin (7) \n \n\n \n$\n\n \n19.00\n\n \n \n\n \n \n\n \n$\n\n \n15.52\n\n \n \n\n \n \n\n \n$\n\n \n11.24\n\n \n \n\n \n \n\n \n$\n\n \n11.61\n\n \n \n\n \nLess: operating expenses (8) \n \n\n \n \n\n \n7.23\n\n \n \n\n \n \n\n \n \n\n \n6.28\n\n \n \n\n \n \n\n \n \n\n \n7.22\n\n \n \n\n \n \n\n \n \n\n \n6.69\n\n \n \n\n \nAdjusted refinery gross margin, less operating expenses\n\n \n \n\n \n$\n\n \n11.77\n\n \n \n\n \n \n\n \n$\n\n \n9.24\n\n \n \n\n \n \n\n \n$\n\n \n4.02\n\n \n \n\n \n \n\n \n$\n\n \n4.92\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOperating expenses per throughput barrel (9) \n \n\n \n$\n\n \n6.72\n\n \n \n\n \n \n\n \n$\n\n \n6.03\n\n \n \n\n \n \n\n \n$\n\n \n6.83\n\n \n \n\n \n \n\n \n$\n\n \n6.31\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nFeedstocks:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSweet crude oil\n\n \n \n\n \n \n\n \n54\n\n \n%\n\n \n \n\n \n \n\n \n50\n\n \n%\n\n \n \n\n \n \n\n \n52\n\n \n%\n\n \n \n\n \n \n\n \n50\n\n \n%\n\n \nSour crude oil\n\n \n \n\n \n \n\n \n26\n\n \n%\n\n \n \n\n \n \n\n \n25\n\n \n%\n\n \n \n\n \n \n\n \n26\n\n \n%\n\n \n \n\n \n \n\n \n25\n\n \n%\n\n \nHeavy sour crude oil\n\n \n \n\n \n \n\n \n15\n\n \n%\n\n \n \n\n \n \n\n \n19\n\n \n%\n\n \n \n\n \n \n\n \n16\n\n \n%\n\n \n \n\n \n \n\n \n19\n\n \n%\n\n \nOther feedstocks and blends\n\n \n \n\n \n \n\n \n5\n\n \n%\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \nTotal\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSales of produced refined products:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGasolines\n\n \n \n\n \n \n\n \n49\n\n \n%\n\n \n \n\n \n \n\n \n51\n\n \n%\n\n \n \n\n \n \n\n \n50\n\n \n%\n\n \n \n\n \n \n\n \n52\n\n \n%\n\n \nDiesel fuels\n\n \n \n\n \n \n\n \n33\n\n \n%\n\n \n \n\n \n \n\n \n32\n\n \n%\n\n \n \n\n \n \n\n \n32\n\n \n%\n\n \n \n\n \n \n\n \n31\n\n \n%\n\n \nJet fuels\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \nFuel oil\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \nAsphalt\n\n \n \n\n \n \n\n \n4\n\n \n%\n\n \n \n\n \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n4\n\n \n%\n\n \n \n\n \n \n\n \n3\n\n \n%\n\n \nBase oils\n\n \n \n\n \n \n\n \n4\n\n \n%\n\n \n \n\n \n \n\n \n4\n\n \n%\n\n \n \n\n \n \n\n \n4\n\n \n%\n\n \n \n\n \n \n\n \n4\n\n \n%\n\n \nLPG and other\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \nTotal\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n West Region \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCrude charge (BPD) (1) \n \n\n \n \n\n \n367,250\n\n \n \n\n \n \n\n \n \n\n \n363,240\n\n \n \n\n \n \n\n \n \n\n \n358,260\n\n \n \n\n \n \n\n \n \n\n \n354,430\n\n \n \n\n \nRefinery throughput (BPD) (2) \n \n\n \n \n\n \n393,950\n\n \n \n\n \n \n\n \n \n\n \n390,790\n\n \n \n\n \n \n\n \n \n\n \n384,300\n\n \n \n\n \n \n\n \n \n\n \n380,500\n\n \n \n\n \nSales of produced refined products (BPD) (3) \n \n\n \n \n\n \n401,980\n\n \n \n\n \n \n\n \n \n\n \n389,990\n\n \n \n\n \n \n\n \n \n\n \n387,740\n\n \n \n\n \n \n\n \n \n\n \n378,280\n\n \n \n\n \nRefinery utilization (4) \n \n\n \n \n\n \n87.9\n\n \n%\n\n \n \n\n \n \n\n \n86.9\n\n \n%\n\n \n \n\n \n \n\n \n85.7\n\n \n%\n\n \n \n\n \n \n\n \n84.8\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAverage per produced barrel sold: (5) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGross margin (6) \n \n\n \n$\n\n \n19.33\n\n \n \n\n \n \n\n \n$\n\n \n4.89\n\n \n \n\n \n \n\n \n$\n\n \n15.13\n\n \n \n\n \n \n\n \n$\n\n \n2.53\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted refinery gross margin (7) \n \n\n \n$\n\n \n30.57\n\n \n \n\n \n \n\n \n$\n\n \n17.15\n\n \n \n\n \n \n\n \n$\n\n \n22.93\n\n \n \n\n \n \n\n \n$\n\n \n13.80\n\n \n \n\n \nLess: operating expenses (8) \n \n\n \n \n\n \n8.65\n\n \n \n\n \n \n\n \n \n\n \n8.23\n\n \n \n\n \n \n\n \n \n\n \n8.65\n\n \n \n\n \n \n\n \n \n\n \n8.63\n\n \n \n\n \nAdjusted refinery gross margin, less operating expenses\n\n \n \n\n \n$\n\n \n21.92\n\n \n \n\n \n \n\n \n$\n\n \n8.92\n\n \n \n\n \n \n\n \n$\n\n \n14.28\n\n \n \n\n \n \n\n \n$\n\n \n5.17\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOperating expenses per throughput barrel (9) \n \n\n \n$\n\n \n8.82\n\n \n \n\n \n \n\n \n$\n\n \n8.21\n\n \n \n\n \n \n\n \n$\n\n \n8.72\n\n \n \n\n \n \n\n \n$\n\n \n8.58\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nFeedstocks:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSweet crude oil\n\n \n \n\n \n \n\n \n29\n\n \n%\n\n \n \n\n \n \n\n \n30\n\n \n%\n\n \n \n\n \n \n\n \n29\n\n \n%\n\n \n \n\n \n \n\n \n31\n\n \n%\n\n \nSour crude oil\n\n \n \n\n \n \n\n \n49\n\n \n%\n\n \n \n\n \n \n\n \n47\n\n \n%\n\n \n \n\n \n \n\n \n49\n\n \n%\n\n \n \n\n \n \n\n \n45\n\n \n%\n\n \nHeavy sour crude oil\n\n \n \n\n \n \n\n \n10\n\n \n%\n\n \n \n\n \n \n\n \n11\n\n \n%\n\n \n \n\n \n \n\n \n10\n\n \n%\n\n \n \n\n \n \n\n \n11\n\n \n%\n\n \nWax crude oil\n\n \n \n\n \n \n\n \n5\n\n \n%\n\n \n \n\n \n \n\n \n5\n\n \n%\n\n \n \n\n \n \n\n \n5\n\n \n%\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \nOther feedstocks and blends\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \nTotal\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSales of produced refined products:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGasolines\n\n \n \n\n \n \n\n \n51\n\n \n%\n\n \n \n\n \n \n\n \n52\n\n \n%\n\n \n \n\n \n \n\n \n51\n\n \n%\n\n \n \n\n \n \n\n \n53\n\n \n%\n\n \nDiesel fuels\n\n \n \n\n \n \n\n \n30\n\n \n%\n\n \n \n\n \n \n\n \n31\n\n \n%\n\n \n \n\n \n \n\n \n30\n\n \n%\n\n \n \n\n \n \n\n \n32\n\n \n%\n\n \nJet fuels\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \nFuel oil\n\n \n \n\n \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \n \n\n \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \nAsphalt\n\n \n \n\n \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \nLPG and other\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \n \n\n \n \n\n \n6\n\n \n%\n\n \n \n\n \n \n\n \n7\n\n \n%\n\n \n \n\n \n \n\n \n5\n\n \n%\n\n \nTotal\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n100\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Consolidated \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCrude charge (BPD) (1) \n \n\n \n \n\n \n639,680\n\n \n \n\n \n \n\n \n \n\n \n615,930\n\n \n \n\n \n \n\n \n \n\n \n626,440\n\n \n \n\n \n \n\n \n \n\n \n611,060\n\n \n \n\n \nRefinery throughput (BPD) (2) \n \n\n \n \n\n \n681,150\n\n \n \n\n \n \n\n \n \n\n \n660,640\n\n \n \n\n \n \n\n \n \n\n \n669,100\n\n \n \n\n \n \n\n \n \n\n \n653,650\n\n \n \n\n \nSales of produced refined products (BPD) (3) \n \n\n \n \n\n \n668,670\n\n \n \n\n \n \n\n \n \n\n \n649,210\n\n \n \n\n \n \n\n \n \n\n \n657,470\n\n \n \n\n \n \n\n \n \n\n \n635,580\n\n \n \n\n \nRefinery utilization (4) \n \n\n \n \n\n \n94.3\n\n \n%\n\n \n \n\n \n \n\n \n90.8\n\n \n%\n\n \n \n\n \n \n\n \n92.4\n\n \n%\n\n \n \n\n \n \n\n \n90.1\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAverage per produced barrel sold: (5) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGross margin (6) \n \n\n \n$\n\n \n15.46\n\n \n \n\n \n \n\n \n$\n\n \n3.85\n\n \n \n\n \n \n\n \n$\n\n \n12.70\n\n \n \n\n \n \n\n \n$\n\n \n2.22\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted refinery gross margin (7) \n \n\n \n$\n\n \n25.95\n\n \n \n\n \n \n\n \n$\n\n \n16.50\n\n \n \n\n \n \n\n \n$\n\n \n18.13\n\n \n \n\n \n \n\n \n$\n\n \n12.91\n\n \n \n\n \nLess: operating expenses (8) \n \n\n \n \n\n \n8.08\n\n \n \n\n \n \n\n \n \n\n \n7.45\n\n \n \n\n \n \n\n \n \n\n \n8.06\n\n \n \n\n \n \n\n \n \n\n \n7.85\n\n \n \n\n \nAdjusted refinery gross margin, less operating expenses\n\n \n \n\n \n$\n\n \n17.87\n\n \n \n\n \n \n\n \n$\n\n \n9.05\n\n \n \n\n \n \n\n \n$\n\n \n10.07\n\n \n \n\n \n \n\n \n$\n\n \n5.06\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nOperating expenses per throughput barrel (9) \n \n\n \n$\n\n \n7.93\n\n \n \n\n \n \n\n \n$\n\n \n7.32\n\n \n \n\n \n \n\n \n$\n\n \n7.92\n\n \n \n\n \n \n\n \n$\n\n \n7.63\n\n \n \n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Consolidated \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nFeedstocks:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSweet crude oil\n\n \n \n\n \n40 %\n\n \n \n\n \n38 %\n\n \n \n\n \n39 %\n\n \n \n\n \n39 %\n\n \nSour crude oil\n\n \n \n\n \n39 %\n\n \n \n\n \n38 %\n\n \n \n\n \n39 %\n\n \n \n\n \n37 %\n\n \nHeavy sour crude oil\n\n \n \n\n \n12 %\n\n \n \n\n \n14 %\n\n \n \n\n \n13 %\n\n \n \n\n \n14 %\n\n \nWax crude oil\n\n \n \n\n \n3 %\n\n \n \n\n \n3 %\n\n \n \n\n \n3 %\n\n \n \n\n \n3 %\n\n \nOther feedstocks and blends\n\n \n \n\n \n6 %\n\n \n \n\n \n7 %\n\n \n \n\n \n6 %\n\n \n \n\n \n7 %\n\n \nTotal\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSales of produced refined products:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGasolines\n\n \n \n\n \n51 %\n\n \n \n\n \n52 %\n\n \n \n\n \n51 %\n\n \n \n\n \n52 %\n\n \nDiesel fuels\n\n \n \n\n \n31 %\n\n \n \n\n \n31 %\n\n \n \n\n \n31 %\n\n \n \n\n \n31 %\n\n \nJet fuels\n\n \n \n\n \n7 %\n\n \n \n\n \n6 %\n\n \n \n\n \n7 %\n\n \n \n\n \n7 %\n\n \nFuel oil\n\n \n \n\n \n2 %\n\n \n \n\n \n2 %\n\n \n \n\n \n2 %\n\n \n \n\n \n2 %\n\n \nAsphalt\n\n \n \n\n \n3 %\n\n \n \n\n \n2 %\n\n \n \n\n \n3 %\n\n \n \n\n \n2 %\n\n \nBase oils\n\n \n \n\n \n2 %\n\n \n \n\n \n2 %\n\n \n \n\n \n2 %\n\n \n \n\n \n2 %\n\n \nLPG and other\n\n \n \n\n \n4 %\n\n \n \n\n \n5 %\n\n \n \n\n \n4 %\n\n \n \n\n \n4 %\n\n \nTotal\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n(1)\n\n \nCrude charge represents the barrels per day of crude oil processed at our refineries.\n\n \n(2)\n\n \nRefinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.\n\n \n(3)\n\n \nRepresents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and does not include volumes of refined products purchased for resale or volumes of excess crude oil sold.\n\n \n(4)\n\n \nRepresents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity is 678,000 BPSD.\n\n \n(5)\n\n \nRepresents the average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \n(6)\n\n \nGross margin represents total Refining segment Sales and other revenues less Cost of materials and other, Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization , divided by sales volumes of produced refined products.\n\n \n(7)\n\n \nAdjusted refinery gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \n(8)\n\n \nRepresents total Refining segment Operating expenses, exclusive of Depreciation and amortization , divided by sales volumes of produced refined products.\n\n \n(9)\n\n \nRepresents total Refining segment Operating expenses , exclusive of Depreciation and amortization , divided by refinery throughput.\n\n Renewables Segment Operating Data \nThe following table sets forth information, including non-GAAP performance measures, about our renewables operations. Adjusted renewables gross margin per produced gallon sold is total Renewables segment gross margin plus Lower of cost or market inventory valuation adjustments , Depreciation and amortization and Operating expenses , divided by sales volumes of produced renewables products. This margin measure does not include the non-cash effects of Lower of cost or market inventory valuation adjustments , which relate to volumes in inventory at the end of the period. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Renewables \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSales of produced renewables products (in thousand gallons)\n\n \n \n\n \n \n\n \n59,905\n\n \n \n\n \n \n\n \n54,786\n\n \n \n\n \n \n\n \n \n\n \n112,353\n\n \n \n\n \n \n\n \n99,250\n\n \n \n\n \nAverage per produced gallon sold: (1) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGross margin (2) \n \n\n \n$\n\n \n1.31\n\n \n \n\n \n$\n\n \n(0.05\n\n \n)\n\n \n \n\n \n$\n\n \n2.32\n\n \n \n\n \n$\n\n \n(0.42\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAdjusted renewables gross margin (3) \n \n\n \n$\n\n \n2.46\n\n \n \n\n \n$\n\n \n0.36\n\n \n \n\n \n \n\n \n$\n\n \n2.69\n\n \n \n\n \n$\n\n \n0.27\n\n \n \n\n \nLess: operating expenses (4) \n \n\n \n \n\n \n0.37\n\n \n \n\n \n \n\n \n0.39\n\n \n \n\n \n \n\n \n \n\n \n0.40\n\n \n \n\n \n \n\n \n0.45\n\n \n \n\n \nAdjusted renewables gross margin, less operating expenses\n\n \n \n\n \n$\n\n \n2.09\n\n \n \n\n \n$\n\n \n(0.03\n\n \n)\n\n \n \n\n \n$\n\n \n2.29\n\n \n \n\n \n$\n\n \n(0.18\n\n \n)\n\n \n(1)\n\n \nRepresents the average amount per produced gallon sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \n(2)\n\n \nGross margin represents total Renewables segment Sales and other revenues less Cost of materials and other, Lower of cost or market inventory valuation adjustments, Operating expenses and Depreciation and amortization , divided by sales volumes of produced renewables products.\n\n \n(3)\n\n \nAdjusted renewables gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \n(4)\n\n \nRepresents total Renewables segment Operating expenses , exclusive of Depreciation and amortization , divided by sales volumes of produced renewables products.\n\n Marketing Segment Operating Data \nThe following table sets forth information, including non-GAAP performance measures, about our marketing operations and includes our Sinclair branded fuel business. Adjusted marketing gross margin per gallon sold is total Marketing segment gross margin plus Depreciation and amortization , divided by sales volumes of marketing products. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Marketing \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNumber of branded sites at period end (1) \n \n\n \n \n\n \n1,832\n\n \n \n\n \n \n\n \n1,719\n\n \n \n\n \n \n\n \n1,832\n\n \n \n\n \n \n\n \n1,719\n\n \nSales of refined products (in thousand gallons)\n\n \n \n\n \n \n\n \n386,656\n\n \n \n\n \n \n\n \n337,147\n\n \n \n\n \n \n\n \n711,279\n\n \n \n\n \n \n\n \n631,012\n\n \nAverage per gallon sold: (2) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nGross margin (3) \n \n\n \n$\n\n \n0.08\n\n \n \n\n \n$\n\n \n0.08\n\n \n \n\n \n$\n\n \n0.08\n\n \n \n\n \n$\n\n \n0.09\n\n \nAdjusted marketing gross margin (4) \n \n\n \n$\n\n \n0.10\n\n \n \n\n \n$\n\n \n0.10\n\n \n \n\n \n$\n\n \n0.11\n\n \n \n\n \n$\n\n \n0.11\n\n \n(1)\n\n \nIncludes certain non-Sinclair branded sites.\n\n \n(2)\n\n \nRepresents the average amount per gallon sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n \n(3)\n\n \nGross margin represents total Marketing segment Sales and other revenues less Cost of materials and other and Depreciation and amortization , divided by sales volumes of marketing products.\n\n \n(4)\n\n \nAdjusted marketing gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.\n\n Lubricants & Specialties Segment Operating Data \nThe following table sets forth information about our lubricants and specialties operations.\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Lubricants & Specialties \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSales of produced refined products (BPD)\n\n \n \n\n \n39,847\n\n \n \n\n \n31,963\n\n \n \n\n \n36,480\n\n \n \n\n \n30,460\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSales of produced refined products:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nFinished products\n\n \n \n\n \n44 %\n\n \n \n\n \n51 %\n\n \n \n\n \n46 %\n\n \n \n\n \n52 %\n\n \nBase oils\n\n \n \n\n \n29 %\n\n \n \n\n \n24 %\n\n \n \n\n \n27 %\n\n \n \n\n \n25 %\n\n \nOther\n\n \n \n\n \n27 %\n\n \n \n\n \n25 %\n\n \n \n\n \n27 %\n\n \n \n\n \n23 %\n\n \nTotal\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n \n \n\n \n100 %\n\n Midstream Segment Operating Data \nThe following table sets forth information about our midstream operations.\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Midstream \n \n\n \n \n\n \nVolumes (BPD) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nPipelines:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAffiliates—refined product pipelines\n\n \n \n\n \n149,081\n\n \n \n\n \n145,940\n\n \n \n\n \n162,217\n\n \n \n\n \n154,916\n\n \nAffiliates—intermediate pipelines\n\n \n \n\n \n136,780\n\n \n \n\n \n133,296\n\n \n \n\n \n144,060\n\n \n \n\n \n135,835\n\n \nAffiliates—crude pipelines\n\n \n \n\n \n469,267\n\n \n \n\n \n383,374\n\n \n \n\n \n458,573\n\n \n \n\n \n404,018\n\n \n \n\n \n \n\n \n755,128\n\n \n \n\n \n662,610\n\n \n \n\n \n764,850\n\n \n \n\n \n694,769\n\n \nThird parties—refined product pipelines\n\n \n \n\n \n33,313\n\n \n \n\n \n42,458\n\n \n \n\n \n29,900\n\n \n \n\n \n41,113\n\n \nThird parties—crude pipelines\n\n \n \n\n \n180,580\n\n \n \n\n \n189,918\n\n \n \n\n \n181,316\n\n \n \n\n \n194,445\n\n \n \n\n \n \n\n \n969,021\n\n \n \n\n \n894,986\n\n \n \n\n \n976,066\n\n \n \n\n \n930,327\n\n \nTerminals and loading racks:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAffiliates\n\n \n \n\n \n1,026,169\n\n \n \n\n \n969,791\n\n \n \n\n \n1,031,184\n\n \n \n\n \n980,271\n\n \nThird parties\n\n \n \n\n \n27,608\n\n \n \n\n \n41,258\n\n \n \n\n \n26,827\n\n \n \n\n \n38,104\n\n \n \n\n \n \n\n \n1,053,777\n\n \n \n\n \n1,011,049\n\n \n \n\n \n1,058,011\n\n \n \n\n \n1,018,375\n\n \nTotal for pipelines and terminal assets (BPD) \n \n\n \n2,022,798\n\n \n \n\n \n1,906,035\n\n \n \n\n \n2,034,077\n\n \n \n\n \n1,948,702\n\n Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA excluding special items (“Adjusted EBITDA”) to amounts reported under generally accepted accounting principles (“GAAP”) in the financial statements. \nEarnings before interest, taxes, depreciation and amortization, referred to as EBITDA, is calculated as Net income attributable to HF Sinclair stockholders plus (i) Interest expense , net of Interest income , (ii) Income tax expense and (iii) Depreciation and amortization . Adjusted EBITDA is calculated as EBITDA plus or minus (i) Lower of cost or market inventory valuation adjustments , (ii) asset impairments, (iii) loss on sale of equity method investment, (iv) loss on early extinguishment of debt, (v) decommissioning and closure costs and (vi) acquisition integration and regulatory costs.\n\n \nEBITDA and Adjusted EBITDA are not calculations provided for under accounting principles generally accepted in the United States; however, the amounts included in these calculations are derived from amounts included in our consolidated financial statements. EBITDA and Adjusted EBITDA should not be considered as alternatives to Net income or Income from operations as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures of other companies. These are presented here because they are financial indicators widely used by investors and analysts to measure our operating performance. EBITDA and Adjusted EBITDA are also used by our management for internal analysis and as a basis for financial covenants.\n\n \nThe Company cannot reliably predict or estimate certain items or expenses, or their impact on financial statements in future periods. Accordingly, the Company believes that a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort.\n\n \nSet forth below is our calculation of EBITDA and Adjusted EBITDA:\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions)\n\n \nNet income attributable to HF Sinclair stockholders\n\n \n \n\n \n$\n\n \n892\n\n \n \n\n \n \n\n \n$\n\n \n208\n\n \n \n\n \n \n\n \n$\n\n \n1,540\n\n \n \n\n \n \n\n \n$\n\n \n204\n\n \n \n\n \nAdd: interest expense\n\n \n \n\n \n \n\n \n20\n\n \n \n\n \n \n\n \n \n\n \n53\n\n \n \n\n \n \n\n \n \n\n \n61\n\n \n \n\n \n \n\n \n \n\n \n102\n\n \n \n\n \nLess: interest income\n\n \n \n\n \n \n\n \n(15\n\n \n)\n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n \n\n \n(25\n\n \n)\n\n \n \n\n \n \n\n \n(16\n\n \n)\n\n \nAdd: income tax expense\n\n \n \n\n \n \n\n \n279\n\n \n \n\n \n \n\n \n \n\n \n36\n\n \n \n\n \n \n\n \n \n\n \n468\n\n \n \n\n \n \n\n \n \n\n \n37\n\n \n \n\n \nAdd: depreciation and amortization\n\n \n \n\n \n \n\n \n228\n\n \n \n\n \n \n\n \n \n\n \n226\n\n \n \n\n \n \n\n \n \n\n \n457\n\n \n \n\n \n \n\n \n \n\n \n451\n\n \n \n\n \nEBITDA\n\n \n \n\n \n$\n\n \n1,404\n\n \n \n\n \n \n\n \n$\n\n \n516\n\n \n \n\n \n \n\n \n$\n\n \n2,501\n\n \n \n\n \n \n\n \n$\n\n \n778\n\n \n \n\n \nAdd: lower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n30\n\n \n \n\n \n \n\n \n \n\n \n148\n\n \n \n\n \n \n\n \n \n\n \n(642\n\n \n)\n\n \n \n\n \n \n\n \n31\n\n \n \n\n \nAdd: asset impairments\n\n \n \n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \nAdd: loss on sale of equity method investment\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n40\n\n \n \n\n \nAdd: loss on early extinguishment of debt\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \nAdd: decommissioning and closure costs (1) \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nAdd: acquisition integration and regulatory costs\n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nAdjusted EBITDA\n\n \n \n\n \n$\n\n \n1,482\n\n \n \n\n \n \n\n \n$\n\n \n665\n\n \n \n\n \n \n\n \n$\n\n \n1,908\n\n \n \n\n \n \n\n \n$\n\n \n866\n\n \n \n\n \n(1)\n\n \nNet of certain unrelated costs of $4 million in the Refining segment by $4 million benefits in the Midstream segment, respectively.\n\n \nEBITDA and Adjusted EBITDA attributable to our Refining segment are set forth below:\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \nRefining Segment \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions)\n\n \nIncome before interest and income taxes (1) \n \n\n \n$\n\n \n877\n\n \n \n\n \n$\n\n \n166\n\n \n \n\n \n$\n\n \n1,391\n\n \n \n\n \n \n\n \n$\n\n \n136\n\n \nAdd: depreciation and amortization\n\n \n \n\n \n \n\n \n146\n\n \n \n\n \n \n\n \n134\n\n \n \n\n \n \n\n \n291\n\n \n \n\n \n \n\n \n \n\n \n271\n\n \nEBITDA\n\n \n \n\n \n$\n\n \n1,023\n\n \n \n\n \n$\n\n \n300\n\n \n \n\n \n$\n\n \n1,682\n\n \n \n\n \n \n\n \n$\n\n \n407\n\n \nAdd: lower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n172\n\n \n \n\n \n \n\n \n(604\n\n \n)\n\n \n \n\n \n \n\n \n56\n\n \nAdd: decommissioning and closure costs\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \nAdd: asset impairments\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \nAdjusted EBITDA\n\n \n \n\n \n$\n\n \n1,023\n\n \n \n\n \n$\n\n \n476\n\n \n \n\n \n$\n\n \n1,078\n\n \n \n\n \n \n\n \n$\n\n \n468\n\n \n(1)\n\n \nIncome before interest and income taxes of our Refining segment represents income plus (i) Interest expense , net of Interest income and (ii) Income tax expense .\n\n \nEBITDA and Adjusted EBITDA attributable to our Renewables segment are set forth below:\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \nRenewables Segment \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions)\n\n \nIncome (loss) before interest and income taxes (1) \n \n\n \n$\n\n \n30\n\n \n \n\n \n$\n\n \n(4\n\n \n)\n\n \n \n\n \n$\n\n \n212\n\n \n \n\n \n \n\n \n$\n\n \n(43\n\n \n)\n\n \nAdd: depreciation and amortization\n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n35\n\n \n \n\n \n \n\n \n \n\n \n49\n\n \n \n\n \nEBITDA\n\n \n \n\n \n$\n\n \n46\n\n \n \n\n \n$\n\n \n22\n\n \n \n\n \n \n\n \n$\n\n \n247\n\n \n \n\n \n \n\n \n$\n\n \n6\n\n \n \n\n \nAdd: lower of cost or market inventory valuation adjustments\n\n \n \n\n \n \n\n \n30\n\n \n \n\n \n \n\n \n(24\n\n \n)\n\n \n \n\n \n \n\n \n(38\n\n \n)\n\n \n \n\n \n \n\n \n(25\n\n \n)\n\n \nAdd: asset impairments\n\n \n \n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n47\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nAdjusted EBITDA\n\n \n \n\n \n$\n\n \n123\n\n \n \n\n \n$\n\n \n(2\n\n \n)\n\n \n \n\n \n$\n\n \n256\n\n \n \n\n \n \n\n \n$\n\n \n(19\n\n \n)\n\n \n(1)\n\n \nIncome (loss) before interest and income taxes of our Renewables segment represents loss plus (i) Interest expense , net of Interest income and (ii) Income tax expense .\n\n \nEBITDA attributable to our Marketing segment is set forth below:\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \nMarketing Segment \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions)\n\n \nIncome before interest and income taxes (1) \n \n\n \n$\n\n \n20\n\n \n \n\n \n$\n\n \n18\n\n \n \n\n \n$\n\n \n40\n\n \n \n\n \n$\n\n \n38\n\n \nAdd: depreciation and amortization\n\n \n \n\n \n \n\n \n8\n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n14\n\n \nEBITDA\n\n \n \n\n \n$\n\n \n28\n\n \n \n\n \n$\n\n \n25\n\n \n \n\n \n$\n\n \n56\n\n \n \n\n \n$\n\n \n52\n\n \n(1)\n\n \nIncome before interest and income taxes of our Marketing segment represents income plus (i) Interest expense , net of Interest income and (ii) Income tax expense .\n\n \nEBITDA and Adjusted EBITDA attributable to our Lubricants & Specialties segment are set forth below:\n\n \n \n\n \n \n\n \nThree Months Ended June 30, \n \n\n \nSix Months Ended June 30, \nLubricants & Specialties Segment \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n2026 \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(In millions)\n\n \nIncome before interest and income taxes (1) \n \n\n \n$\n\n \n181\n\n \n \n\n \n$\n\n \n33\n\n \n \n\n \n$\n\n \n259\n\n \n \n\n \n$\n\n \n96\n\n \nAdd: depreciation and amortization\n\n \n \n\n \n \n\n \n25\n\n \n \n\n \n \n\n \n22\n\n \n \n\n \n \n\n \n49\n\n \n \n\n \n \n\n \n44\n\n \nEBITDA\n\n \n \n\n \n$\n...

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