000191565712/312024Q3falseP3MP1YP1YP3MP1YP1YP1Yhttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesdino:branded_stationdino:locationdino:facilitydino:countryxbrli:pureutr:bblutr:oztutr:MMBTUdino:lawsuitdino:segment00019156572024-01-012024-09-3000019156572024-10-2800019156572024-09-3000019156572023-12-3100019156572024-07-012024-09-3000019156572023-07-012023-09-3000019156572023-01-012023-09-300001915657us-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300001915657us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300001915657us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300001915657us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-3000019156572022-12-3100019156572023-09-300001915657us-gaap:CommonStockMember2024-06-300001915657us-gaap:AdditionalPaidInCapitalMember2024-06-300001915657us-gaap:RetainedEarningsMember2024-06-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001915657us-gaap:TreasuryStockCommonMember2024-06-300001915657us-gaap:NoncontrollingInterestMember2024-06-3000019156572024-06-300001915657us-gaap:RetainedEarningsMember2024-07-012024-09-300001915657us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001915657us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001915657us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001915657us-gaap:CommonStockMember2024-09-300001915657us-gaap:AdditionalPaidInCapitalMember2024-09-300001915657us-gaap:RetainedEarningsMember2024-09-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001915657us-gaap:TreasuryStockCommonMember2024-09-300001915657us-gaap:NoncontrollingInterestMember2024-09-300001915657us-gaap:CommonStockMember2023-06-300001915657us-gaap:AdditionalPaidInCapitalMember2023-06-300001915657us-gaap:RetainedEarningsMember2023-06-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001915657us-gaap:TreasuryStockCommonMember2023-06-300001915657us-gaap:NoncontrollingInterestMember2023-06-3000019156572023-06-300001915657us-gaap:RetainedEarningsMember2023-07-012023-09-300001915657us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001915657us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001915657us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001915657us-gaap:CommonStockMember2023-09-300001915657us-gaap:AdditionalPaidInCapitalMember2023-09-300001915657us-gaap:RetainedEarningsMember2023-09-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001915657us-gaap:TreasuryStockCommonMember2023-09-300001915657us-gaap:NoncontrollingInterestMember2023-09-300001915657us-gaap:CommonStockMember2023-12-310001915657us-gaap:AdditionalPaidInCapitalMember2023-12-310001915657us-gaap:RetainedEarningsMember2023-12-310001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001915657us-gaap:TreasuryStockCommonMember2023-12-310001915657us-gaap:NoncontrollingInterestMember2023-12-310001915657us-gaap:RetainedEarningsMember2024-01-012024-09-300001915657us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001915657us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001915657us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001915657us-gaap:CommonStockMember2022-12-310001915657us-gaap:AdditionalPaidInCapitalMember2022-12-310001915657us-gaap:RetainedEarningsMember2022-12-310001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001915657us-gaap:TreasuryStockCommonMember2022-12-310001915657us-gaap:NoncontrollingInterestMember2022-12-310001915657us-gaap:RetainedEarningsMember2023-01-012023-09-300001915657us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001915657us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001915657us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001915657us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001915657stpr:WY2024-09-300001915657dino:HollyEnergyPartnersLPMember2023-12-010001915657dino:HollyEnergyPartnersLPMember2023-12-012023-12-010001915657dino:CushingConnectPipelineAndTerminalLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-12-310001915657dino:CushingConnectPipelineAndTerminalLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001915657dino:CushingConnectPipelineAndTerminalLLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-09-300001915657dino:CushingConnectPipelineAndTerminalLLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-12-310001915657dino:TransportationFuelsMember2024-07-012024-09-300001915657dino:TransportationFuelsMember2023-07-012023-09-300001915657dino:TransportationFuelsMember2024-01-012024-09-300001915657dino:TransportationFuelsMember2023-01-012023-09-300001915657dino:LubricantsAndSpecialtyProductsMember2024-07-012024-09-300001915657dino:LubricantsAndSpecialtyProductsMember2023-07-012023-09-300001915657dino:LubricantsAndSpecialtyProductsMember2024-01-012024-09-300001915657dino:LubricantsAndSpecialtyProductsMember2023-01-012023-09-300001915657dino:AsphaltFuelOilAndOtherProductsMember2024-07-012024-09-300001915657dino:AsphaltFuelOilAndOtherProductsMember2023-07-012023-09-300001915657dino:AsphaltFuelOilAndOtherProductsMember2024-01-012024-09-300001915657dino:AsphaltFuelOilAndOtherProductsMember2023-01-012023-09-300001915657dino:RefinedProductMember2024-07-012024-09-300001915657dino:RefinedProductMember2023-07-012023-09-300001915657dino:RefinedProductMember2024-01-012024-09-300001915657dino:RefinedProductMember2023-01-012023-09-300001915657srt:CrudeOilMember2024-07-012024-09-300001915657srt:CrudeOilMember2023-07-012023-09-300001915657srt:CrudeOilMember2024-01-012024-09-300001915657srt:CrudeOilMember2023-01-012023-09-300001915657dino:RenewableDieselMember2024-07-012024-09-300001915657dino:RenewableDieselMember2023-07-012023-09-300001915657dino:RenewableDieselMember2024-01-012024-09-300001915657dino:RenewableDieselMember2023-01-012023-09-300001915657dino:TransportationAndLogisticServicesMember2024-07-012024-09-300001915657dino:TransportationAndLogisticServicesMember2023-07-012023-09-300001915657dino:TransportationAndLogisticServicesMember2024-01-012024-09-300001915657dino:TransportationAndLogisticServicesMember2023-01-012023-09-300001915657dino:MarketingSegmentMember2024-07-012024-09-300001915657dino:MarketingSegmentMember2023-07-012023-09-300001915657dino:MarketingSegmentMember2024-01-012024-09-300001915657dino:MarketingSegmentMember2023-01-012023-09-300001915657us-gaap:ProductAndServiceOtherMember2024-07-012024-09-300001915657us-gaap:ProductAndServiceOtherMember2023-07-012023-09-300001915657us-gaap:ProductAndServiceOtherMember2024-01-012024-09-300001915657us-gaap:ProductAndServiceOtherMember2023-01-012023-09-300001915657dino:USMidContinentRegionMemberdino:RefinedProductMember2024-07-012024-09-300001915657dino:USMidContinentRegionMemberdino:RefinedProductMember2023-07-012023-09-300001915657dino:USMidContinentRegionMemberdino:RefinedProductMember2024-01-012024-09-300001915657dino:USMidContinentRegionMemberdino:RefinedProductMember2023-01-012023-09-300001915657us-gaap:SouthwestRegionMemberdino:RefinedProductMember2024-07-012024-09-300001915657us-gaap:SouthwestRegionMemberdino:RefinedProductMember2023-07-012023-09-300001915657us-gaap:SouthwestRegionMemberdino:RefinedProductMember2024-01-012024-09-300001915657us-gaap:SouthwestRegionMemberdino:RefinedProductMember2023-01-012023-09-300001915657dino:USRockyMountainsRegionMemberdino:RefinedProductMember2024-07-012024-09-300001915657dino:USRockyMountainsRegionMemberdino:RefinedProductMember2023-07-012023-09-300001915657dino:USRockyMountainsRegionMemberdino:RefinedProductMember2024-01-012024-09-300001915657dino:USRockyMountainsRegionMemberdino:RefinedProductMember2023-01-012023-09-300001915657us-gaap:NortheastRegionMemberdino:RefinedProductMember2024-07-012024-09-300001915657us-gaap:NortheastRegionMemberdino:RefinedProductMember2023-07-012023-09-300001915657us-gaap:NortheastRegionMemberdino:RefinedProductMember2024-01-012024-09-300001915657us-gaap:NortheastRegionMemberdino:RefinedProductMember2023-01-012023-09-300001915657country:CAdino:RefinedProductMember2024-07-012024-09-300001915657country:CAdino:RefinedProductMember2023-07-012023-09-300001915657country:CAdino:RefinedProductMember2024-01-012024-09-300001915657country:CAdino:RefinedProductMember2023-01-012023-09-300001915657dino:EuropeAsiaAndLatinAmericaMemberdino:RefinedProductMember2024-07-012024-09-300001915657dino:EuropeAsiaAndLatinAmericaMemberdino:RefinedProductMember2023-07-012023-09-300001915657dino:EuropeAsiaAndLatinAmericaMemberdino:RefinedProductMember2024-01-012024-09-300001915657dino:EuropeAsiaAndLatinAmericaMemberdino:RefinedProductMember2023-01-012023-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:RefiningSegmentMember2024-07-012024-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:LubricantsAndSpecialtiesSegmentMember2024-07-012024-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:RefiningSegmentMember2024-01-012024-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:LubricantsAndSpecialtiesSegmentMember2024-01-012024-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:RefiningSegmentMember2023-07-012023-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:LubricantsAndSpecialtiesSegmentMember2023-07-012023-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:RefiningSegmentMember2023-01-012023-09-300001915657dino:AsphaltFuelOilAndOtherProductsMemberdino:LubricantsAndSpecialtiesSegmentMember2023-01-012023-09-3000019156572024-10-01dino:RefinedProductMember2024-09-3000019156572025-01-01dino:RefinedProductMember2024-09-3000019156572026-01-01dino:RefinedProductMember2024-09-3000019156572027-01-01dino:RefinedProductMember2024-09-300001915657dino:RefinedProductMember2024-09-300001915657dino:ThirdPartyCustomerMember2024-10-01dino:MidstreamSegmentMember2024-09-300001915657dino:ThirdPartyCustomerMember2025-01-01dino:MidstreamSegmentMember2024-09-300001915657dino:ThirdPartyCustomerMember2026-01-01dino:MidstreamSegmentMember2024-09-300001915657dino:ThirdPartyCustomerMember2027-01-01dino:MidstreamSegmentMember2024-09-300001915657dino:ThirdPartyCustomerMemberdino:MidstreamSegmentMember2024-09-300001915657dino:NymexFuturesContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001915657us-gaap:FairValueInputsLevel1Memberdino:NymexFuturesContractsMember2024-09-300001915657us-gaap:FairValueInputsLevel2Memberdino:NymexFuturesContractsMember2024-09-300001915657us-gaap:FairValueInputsLevel3Memberdino:NymexFuturesContractsMember2024-09-300001915657us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001915657us-gaap:FairValueInputsLevel1Memberus-gaap:ForwardContractsMember2024-09-300001915657us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMember2024-09-300001915657us-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMember2024-09-300001915657us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001915657us-gaap:FairValueInputsLevel1Member2024-09-300001915657us-gaap:FairValueInputsLevel2Member2024-09-300001915657us-gaap:FairValueInputsLevel3Member2024-09-300001915657us-gaap:SwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001915657us-gaap:FairValueInputsLevel1Memberus-gaap:SwapMember2024-09-300001915657us-gaap:FairValueInputsLevel2Memberus-gaap:SwapMember2024-09-300001915657us-gaap:FairValueInputsLevel3Memberus-gaap:SwapMember2024-09-300001915657us-gaap:ForeignExchangeForwardMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001915657us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMember2024-09-300001915657us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2024-09-300001915657us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2024-09-300001915657dino:NymexFuturesContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001915657us-gaap:FairValueInputsLevel1Memberdino:NymexFuturesContractsMember2023-12-310001915657us-gaap:FairValueInputsLevel2Memberdino:NymexFuturesContractsMember2023-12-310001915657us-gaap:FairValueInputsLevel3Memberdino:NymexFuturesContractsMember2023-12-310001915657us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001915657us-gaap:FairValueInputsLevel1Memberus-gaap:ForwardContractsMember2023-12-310001915657us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMember2023-12-310001915657us-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMember2023-12-310001915657us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001915657us-gaap:FairValueInputsLevel1Member2023-12-310001915657us-gaap:FairValueInputsLevel2Member2023-12-310001915657us-gaap:FairValueInputsLevel3Member2023-12-310001915657us-gaap:SwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001915657us-gaap:FairValueInputsLevel1Memberus-gaap:SwapMember2023-12-310001915657us-gaap:FairValueInputsLevel2Memberus-gaap:SwapMember2023-12-310001915657us-gaap:FairValueInputsLevel3Memberus-gaap:SwapMember2023-12-310001915657us-gaap:ForeignExchangeForwardMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001915657us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMember2023-12-310001915657us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2023-12-310001915657us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2023-12-310001915657us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2024-01-012024-09-300001915657us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2024-01-012024-09-300001915657us-gaap:PerformanceSharesMember2024-01-012024-09-300001915657us-gaap:PerformanceSharesMembersrt:MinimumMember2024-01-012024-09-300001915657us-gaap:PerformanceSharesMembersrt:MaximumMember2024-01-012024-09-300001915657us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-07-012023-09-300001915657us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-09-300001915657us-gaap:RestrictedStockUnitsRSUMember2023-12-310001915657us-gaap:PerformanceSharesMember2023-12-310001915657us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001915657us-gaap:RestrictedStockUnitsRSUMember2024-09-300001915657us-gaap:PerformanceSharesMember2024-09-300001915657dino:RefiningSegmentMember2024-09-300001915657dino:RefiningSegmentMember2023-12-310001915657dino:RefiningSegmentMember2024-07-012024-09-300001915657dino:RefiningSegmentMember2024-01-012024-09-300001915657dino:RefiningSegmentMember2024-06-300001915657dino:RefiningSegmentMember2023-07-012023-09-300001915657dino:RenewablesSegmentMember2024-09-300001915657dino:RenewablesSegmentMember2023-12-310001915657dino:RenewablesSegmentMember2024-07-012024-09-300001915657dino:RenewablesSegmentMember2023-07-012023-09-300001915657dino:RenewablesSegmentMember2024-01-012024-09-300001915657dino:RenewablesSegmentMember2023-01-012023-09-300001915657dino:HFSinclairCreditFacilityMember2024-09-300001915657dino:HEPCreditFacilityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:HEPCreditFacilityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LetterOfCreditMember2024-09-300001915657dino:HFSinclairCreditFacilityAndHEPCreditFacilityMemberus-gaap:LineOfCreditMemberdino:FedFundsEffectiveRateMember2022-04-272022-04-270001915657dino:HFSinclairCreditFacilityAndHEPCreditFacilityMemberus-gaap:LineOfCreditMemberdino:AdjustedSecuredOvernightFinancingRateSOFRMember2022-04-272022-04-270001915657dino:HFSinclairCreditFacilityAndHEPCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MinimumMember2022-04-272022-04-270001915657dino:HFSinclairCreditFacilityAndHEPCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MaximumMember2022-04-272022-04-270001915657dino:HFSinclairCreditFacilityAndHEPCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMember2022-04-272022-04-270001915657dino:HFSinclairCreditFacilityAndHEPCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMember2022-04-272022-04-270001915657dino:HEPCreditFacilityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LineOfCreditMember2024-09-300001915657dino:HEPCreditFacilityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-09-300001915657dino:A5000SeniorNotesDue2028Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SeniorNotesMember2023-12-040001915657dino:A6375SeniorNotesDue2027Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SeniorNotesMember2023-12-040001915657dino:HFSinclair5.000SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-12-040001915657dino:HFSinclair6.375SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2023-12-040001915657dino:HollyFrontier5875SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2024-09-300001915657dino:HollyFrontier5875SeniorNotesDue2026Member2024-09-300001915657dino:HollyFrontier5875SeniorNotesDue2026Member2023-12-310001915657dino:HollyFrontier4500SeniorNotesDue2030Memberus-gaap:SeniorNotesMember2024-09-300001915657dino:HollyFrontier4500SeniorNotesDue2030Member2024-09-300001915657dino:HollyFrontier4500SeniorNotesDue2030Member2023-12-310001915657dino:HollyFrontierSeniorNotesMember2024-09-300001915657dino:HollyFrontierSeniorNotesMember2023-12-310001915657dino:HFSinclair5875SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2024-09-300001915657dino:HFSinclair5875SeniorNotesDue2026Member2024-09-300001915657dino:HFSinclair5875SeniorNotesDue2026Member2023-12-310001915657dino:HFSinclair6.375SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2024-09-300001915657dino:HFSinclair6.375SeniorNotesDue2027Member2024-09-300001915657dino:HFSinclair6.375SeniorNotesDue2027Member2023-12-310001915657dino:HFSinclair5.000SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2024-09-300001915657dino:HFSinclair5.000SeniorNotesDue2028Member2024-09-300001915657dino:HFSinclair5.000SeniorNotesDue2028Member2023-12-310001915657dino:HFSinclair4500SeniorNotesDue2030Memberus-gaap:SeniorNotesMember2024-09-300001915657dino:HFSinclair4500SeniorNotesDue2030Member2024-09-300001915657dino:HFSinclair4500SeniorNotesDue2030Member2023-12-310001915657dino:HFSinclairSeniorNotesMember2024-09-300001915657dino:HFSinclairSeniorNotesMember2023-12-310001915657dino:A6375SeniorNotesDue2027Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SeniorNotesMember2024-09-300001915657dino:A6375SeniorNotesDue2027Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:A6375SeniorNotesDue2027Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001915657dino:A5000SeniorNotesDue2028Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SeniorNotesMember2024-09-300001915657dino:A5000SeniorNotesDue2028Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:A5000SeniorNotesDue2028Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001915657us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001915657dino:HFSinclairCreditFacilityMember2023-12-310001915657us-gaap:CommodityContractMember2024-07-012024-09-300001915657us-gaap:CommodityContractMember2023-07-012023-09-300001915657us-gaap:CommodityContractMember2024-01-012024-09-300001915657us-gaap:CommodityContractMember2023-01-012023-09-300001915657us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2024-07-012024-09-300001915657us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2023-07-012023-09-300001915657us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2024-01-012024-09-300001915657us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2023-01-012023-09-300001915657us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2024-07-012024-09-300001915657us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2023-07-012023-09-300001915657us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2024-01-012024-09-300001915657us-gaap:OperatingExpenseMemberus-gaap:CommodityContractMember2023-01-012023-09-300001915657us-gaap:InterestExpenseMemberus-gaap:CommodityContractMember2024-07-012024-09-300001915657us-gaap:InterestExpenseMemberus-gaap:CommodityContractMember2023-07-012023-09-300001915657us-gaap:InterestExpenseMemberus-gaap:CommodityContractMember2024-01-012024-09-300001915657us-gaap:InterestExpenseMemberus-gaap:CommodityContractMember2023-01-012023-09-300001915657us-gaap:ForeignExchangeContractMember2024-07-012024-09-300001915657us-gaap:ForeignExchangeContractMember2023-07-012023-09-300001915657us-gaap:ForeignExchangeContractMember2024-01-012024-09-300001915657us-gaap:ForeignExchangeContractMember2023-01-012023-09-300001915657dino:NymexWtiShortMember2024-01-012024-09-300001915657dino:MaturingInRemainderOfFiscalYearMemberdino:NymexWtiShortMember2024-01-012024-09-300001915657dino:MaturingInYearOneMemberdino:NymexWtiShortMember2024-01-012024-09-300001915657us-gaap:ForwardContractsMember2024-01-012024-09-300001915657dino:MaturingInRemainderOfFiscalYearMemberus-gaap:ForwardContractsMember2024-01-012024-09-300001915657dino:MaturingInYearOneMemberus-gaap:ForwardContractsMember2024-01-012024-09-300001915657us-gaap:ForeignExchangeForwardMember2024-09-300001915657dino:MaturingInRemainderOfFiscalYearMemberus-gaap:ForeignExchangeForwardMember2024-09-300001915657dino:MaturingInYearOneMemberus-gaap:ForeignExchangeForwardMember2024-09-300001915657dino:MaturingInRemainderOfFiscalYearMemberus-gaap:CommodityContractMember2024-01-012024-09-300001915657dino:MaturingInYearOneMemberus-gaap:CommodityContractMember2024-01-012024-09-300001915657us-gaap:SwapMember2024-01-012024-09-300001915657dino:MaturingInRemainderOfFiscalYearMemberus-gaap:SwapMember2024-01-012024-09-300001915657dino:MaturingInYearOneMemberus-gaap:SwapMember2024-01-012024-09-300001915657dino:NymexFuturesContractsMember2024-09-300001915657us-gaap:CommodityContractMember2024-09-300001915657us-gaap:ForwardContractsMember2024-09-300001915657dino:NymexFuturesContractsMember2023-12-310001915657us-gaap:CommodityContractMember2023-12-310001915657us-gaap:ForwardContractsMember2023-12-310001915657us-gaap:ForeignExchangeForwardMember2023-12-310001915657dino:May2024ShareRepurchaseProgramMember2024-05-070001915657dino:August2023ShareRepurchaseProgramMember2024-05-070001915657dino:REHCompanyMember2024-01-012024-09-300001915657dino:REHCompanyMember2023-07-012023-09-300001915657dino:REHCompanyMember2023-01-012023-09-300001915657dino:May2024ShareRepurchaseProgramMember2024-09-300001915657us-gaap:SubsequentEventMember2024-10-312024-10-310001915657us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300001915657us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300001915657us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300001915657us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001915657us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-012023-09-300001915657us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300001915657us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300001915657us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001915657us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300001915657us-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001915657us-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001915657us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001915657us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001915657us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001915657us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001915657us-gaap:PostemploymentRetirementBenefitsMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001915657us-gaap:PostemploymentRetirementBenefitsMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001915657us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001915657us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001915657us-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001915657us-gaap:CommodityContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001915657us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001915657us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001915657us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001915657us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001915657us-gaap:PostemploymentRetirementBenefitsMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001915657us-gaap:PostemploymentRetirementBenefitsMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001915657us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001915657us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001915657us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001915657us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001915657us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300001915657us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300001915657us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001915657dino:GrowthEnergyMember2022-06-242022-06-240001915657dino:CushingConnectPipelineAndTerminalLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:OsagePipeLineCompanyLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:CheyennePipelineLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:SaddleButtePipelineIIILLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:PioneerInvestmentsCorpMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001915657dino:MarketingSegmentMember2024-07-012024-09-300001915657dino:LubricantsAndSpecialtiesSegmentMember2024-07-012024-09-300001915657dino:MidstreamSegmentMember2024-07-012024-09-300001915657us-gaap:CorporateNonSegmentMember2024-07-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RefiningSegmentMember2024-07-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RenewablesSegmentMember2024-07-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MarketingSegmentMember2024-07-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:LubricantsAndSpecialtiesSegmentMember2024-07-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MidstreamSegmentMember2024-07-012024-09-300001915657us-gaap:IntersegmentEliminationMember2024-07-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:RefiningSegmentMember2024-07-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:RenewablesSegmentMember2024-07-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:MarketingSegmentMember2024-07-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:LubricantsAndSpecialtiesSegmentMember2024-07-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:MidstreamSegmentMember2024-07-012024-09-300001915657dino:CorporateAndEliminationsMember2024-07-012024-09-300001915657dino:MarketingSegmentMember2023-07-012023-09-300001915657dino:LubricantsAndSpecialtiesSegmentMember2023-07-012023-09-300001915657dino:MidstreamSegmentMember2023-07-012023-09-300001915657us-gaap:CorporateNonSegmentMember2023-07-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RefiningSegmentMember2023-07-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RenewablesSegmentMember2023-07-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MarketingSegmentMember2023-07-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:LubricantsAndSpecialtiesSegmentMember2023-07-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MidstreamSegmentMember2023-07-012023-09-300001915657us-gaap:IntersegmentEliminationMember2023-07-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:RefiningSegmentMember2023-07-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:RenewablesSegmentMember2023-07-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:MarketingSegmentMember2023-07-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:LubricantsAndSpecialtiesSegmentMember2023-07-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:MidstreamSegmentMember2023-07-012023-09-300001915657dino:CorporateAndEliminationsMember2023-07-012023-09-300001915657dino:MarketingSegmentMember2024-01-012024-09-300001915657dino:LubricantsAndSpecialtiesSegmentMember2024-01-012024-09-300001915657dino:MidstreamSegmentMember2024-01-012024-09-300001915657us-gaap:CorporateNonSegmentMember2024-01-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RefiningSegmentMember2024-01-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RenewablesSegmentMember2024-01-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MarketingSegmentMember2024-01-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:LubricantsAndSpecialtiesSegmentMember2024-01-012024-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MidstreamSegmentMember2024-01-012024-09-300001915657us-gaap:IntersegmentEliminationMember2024-01-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:RefiningSegmentMember2024-01-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:RenewablesSegmentMember2024-01-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:MarketingSegmentMember2024-01-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:LubricantsAndSpecialtiesSegmentMember2024-01-012024-09-300001915657us-gaap:OperatingSegmentsMemberdino:MidstreamSegmentMember2024-01-012024-09-300001915657dino:CorporateAndEliminationsMember2024-01-012024-09-300001915657dino:RefiningSegmentMember2023-01-012023-09-300001915657dino:MarketingSegmentMember2023-01-012023-09-300001915657dino:LubricantsAndSpecialtiesSegmentMember2023-01-012023-09-300001915657dino:MidstreamSegmentMember2023-01-012023-09-300001915657us-gaap:CorporateNonSegmentMember2023-01-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RefiningSegmentMember2023-01-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:RenewablesSegmentMember2023-01-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MarketingSegmentMember2023-01-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:LubricantsAndSpecialtiesSegmentMember2023-01-012023-09-300001915657us-gaap:IntersegmentEliminationMemberdino:MidstreamSegmentMember2023-01-012023-09-300001915657us-gaap:IntersegmentEliminationMember2023-01-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:RefiningSegmentMember2023-01-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:RenewablesSegmentMember2023-01-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:MarketingSegmentMember2023-01-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:LubricantsAndSpecialtiesSegmentMember2023-01-012023-09-300001915657us-gaap:OperatingSegmentsMemberdino:MidstreamSegmentMember2023-01-012023-09-300001915657dino:CorporateAndEliminationsMember2023-01-012023-09-30

美国
证券交易委员会
华盛顿特区20549
_________________________________________________________________
表格 10-Q
_________________________________________________________________
（标记一）
☒根据1934年证券交易法第13或15(d)节的季度报告
截至季度结束日期的财务报告2024年9月30日
或者
☐根据1934年证券交易法第13或15(d)节的转型报告书
在从__________到__________的过渡时期
委员会备案号001-41325
_________________________________________________________________
HF SINCLAIR CORPORATION
(根据其章程规定的注册人准确名称)
特拉华州87-2092143
（国家或其他管辖区的
公司成立或组织）		（纳税人识别号码）
2828 N. Harwood， Suite 1300
达拉斯, 得克萨斯州
75201
，（主要行政办公地址）(邮政编码)
(214) 871-3555
(注册人电话号码，包括区号)
_________________________________________________________________

（前名称、地址及财政年度，如果自上次报告以来有更改）
根据1934年证券交易法第12(b)条注册的证券:
每一类的名称交易标志在其上注册的交易所的名称
普通股票，每张面值0.01美元DINO请使用moomoo账号登录查看New York Stock Exchange
用复选标记表明注册人（1）在过去的12个月中（或注册人需要提交此类报告的较短期限）是否提交了1934年《证券交易法》第13或15（d）条要求提交的所有报告，以及（2）在过去的90天中是否受此类申报要求的约束。 是的  ☒没有☐
请勾选以下内容。申报人是否已在过去12个月内（或申报人需要提交此类文件的时间较短的期间内）逐个以电子方式提交了根据规则405提交的互动数据文件。这章的交易中规定。    是  ☒    否  ☐
请勾选注册者是大型加速文件提交者、加速文件提交者、非加速文件提交者、小型报告公司还是新兴增长公司。请参见《证交易法》规则120亿.2 中“大型加速文件提交者”、“加速文件提交者”、“小型报告公司”和“新兴增长公司”的定义。
大型加速报告人☒加速文件申报人☐非加速文件提交人☐更小的报告公司☐
新兴成长公司☐
如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。 ☐
请勾选：注册人是否为外壳公司（根据《交易所法案》120亿.2规定定义）。是 ☐    否  ☒
188,151,863 2024年10月28日，普通股股票每股面值0.01美元，已发行股数。





HF SINCLAIR CORPORATION
指数
 
 
第一部分 财务信息
2024年9月30日（未经审计）和2023年12月31日
Three and Nine Months Ended September 30, 2024 and 2023
Three and Nine Months Ended September 30, 2024 and 2023
2024年和2023年截至9月30日的九个月
2024年和2023年截至9月30日的三个月和九个月
2

目录
前瞻性声明

本文件中对HF Sinclair Corporation（“HF Sinclair”）的提及包括HF Sinclair及其合并子公司。在本文件中，“我们”，“我们的”，“我们的”及“我们”仅指HF Sinclair及其合并子公司或HF Sinclair或某个子公司，而不指任何其他人员，除非另有规定。本文件中对Holly Energy Partners, L.P.（“HEP”）在2023年12月1日HEP与HF Sinclair全资子公司合并完成之前的时间段的提及，指的是HEP及其合并子公司。

本季度10-Q表格中包含根据联邦证券法的定义属于“前瞻性声明”的某些声明。除本季度10-Q报告中包含的历史事实声明外，在“运营结果”、“流动性和资本资源”以及第I部分第2项“管理层对财务状况和运营结果的讨论与分析”下，以及第II部分第1项“法律诉讼”中的那些声明均属于前瞻性声明。前瞻性声明使用诸如“预计”、“展望”、“将”、“期待”、“计划”、“目标”、“预测”、“策略”、“打算”、“应该”、“将会”、“可以”、“相信”、“可能”等表达方式，并涉及我们对未来业务计划和目标的描述。这些声明基于管理层的信念和假设，使用当前可用信息和在本文件日期为止的期望，不保证未来绩效，涉及特定风险和不确定性。所有关于我们对未来运营结果的期望的声明都是基于对我们现有运营的预测，并不包括任何未来收购可能造成的潜在影响。尽管我们相信这些前瞻性声明所反映的期望是合理的，但我们无法向您保证我们的期望会被证明是正确的。因此，实际结果和绩效可能会与这些声明中所表达、暗示或预测的有重大差异。任何差异可能由多种因素引起，包括但不限于：

•对原料、原油和成品的需求和供应存在不确定性，包括关于公司应对气候变化和温室气体排放增加社会期望的不确定性；
•关于实际或潜在竞争性供应商和运输商在我们市场上提供的精炼石油产品、润滑油和特种产品的行动，存在风险和不确定性；
•精炼产品市场价格与wti原油市场价格之间的价差；
•关于精炼产品、润滑油和特种产品运输可能受限的可能性；
•在炼油厂或管道运营中可能存在效率低下，削减或停工的可能性，无论是由于需求减少、事故、意外泄漏或溢出、非计划性停工、员工感染、气象事件、全球卫生事件、内部不稳定、资产征用以及其他经济、外交、立法或政治事件或发展、恐怖主义、网络攻击、破坏行为或其他影响我们运营、生产设施、设备、管道和其他物流资产、设备或信息系统、或我们的供应商、客户或第三方提供商、以及由此造成的任何潜在资产减值，或由于未能获得充分保险覆盖或获得保险赔款而导致的潜在资产减值；
•当前和/或未来政府以及环保母基法规和政策的影响，包括遵守现有、新的和不断变化的环保、健康和安全法律法规、相关报告要求和管道完整性计划；
•我们的融资的可用性和成本；
•我们资本投资和营销策略的有效性；
•我们在执行和完成施工项目方面的效率，包括按时且符合资本指导完成已宣布的资本项目的能力；
•我们能够及时取得或持有许可证的能力，包括那些对运营或资本项目必要的许可证；
•我们有能力以可接受的条款收购与我们现有资产和业务互补的资产或企业，并整合任何现有或未来收购的操作，实现任何此类交易预期的协同效应，并在预期的时间表上实现。
•破坏行为或其他干扰性活动，或恐怖主义或网络攻击的可能性，以及任何此类活动或攻击的后果；
•全球货币敌对行动的影响和持续时间存在不确定性，包括红海的运输中断、以色列-加沙和真主党的冲突、俄乌战争，以及可能导致wti原油供应和市场受干扰并在我们成品市场造成不稳定并限制我们筹集资本能力的任何相关军事行动；
3

目录
•一般经济状况，包括由地方或全国性衰退或其他不利经济状况造成的经济放缓，例如增长或持续通货膨胀期间；
•由于市场状况、公司、税务、监管和其他因素对我们未来支付股息或进行股份回购的能力的限制；并且
•其他业务、财务、运营和法律风险，以及我们不时在美国证券交易所提交的具体风险和不确定性。

警示性声明识别出可能导致实际结果与我们的预期显著不同的重要因素，这些因素在本季度报告表10-Q中列出，包括上述提到的前瞻性声明。您不应对任何前瞻性声明过分依赖。在考虑前瞻性声明时，您应牢记风险因素和在我们截至2023年12月31日的年度报告表10-K的第1A项下的“风险因素”标题下列出的其他警示性声明，以及在本季度报告表10-Q的第1A项在“管理层对财务状况和经营结果的讨论与分析”一节下的“展望”和“流动性与资本资源”标题下的讨论。所有包含在本季度报告表10-Q中的前瞻性声明以及归因于我们或代表我们行动的人员的所有后续书面或口头前瞻性声明均明确完全受到这些警示性声明的限定。前瞻性声明仅在作出之日有效，除法律要求外，我们不承担公开更新或修订任何前瞻性声明的义务，无论是由于新的信息、未来事件还是其他原因。
4

目录
定义

在本报告中，以下术语具有特定的含义：

“调整后的炼油毛利率 每个出售的产成桶”是炼油业务毛利率总和加上 成本或市场库存估值调整的较低者, 折旧及摊销 和 营运费用, 除以销售的精炼产品销售量。此毛利率测量不包括 成本或市场价值较低的库存评估调整与期末库存的数量相关。

“每日桶数“表示每天每日历日的wti原油或石油股桶数。

“BPSD“BPSD”表示每流日的桶数（在24小时内的原油或石油产品的产能桶数）。

“基础油是一种润滑油级别的油，最初通过精炼wti原油或通过化学合成生产，用于生产润滑产品，如润滑脂、发动机油和金属加工液。

“LPG“代表液态石油气。”

“润滑剂」或「润滑油指的是一种用于商业重型发动机油、乘用车油和工业应用的特殊产品的中立石蜡溶剂，凡此类产品通常用于热传递、金属加工、橡胶以及其他一般工艺油。

“百万英热单位“”代表一百万英国热量单位。

“可再生柴油意味着一种由可再生原料（如植物油或动物脂肪）衍生的柴油燃料，通过多种工艺生产，最常见的是通过氢处理，在催化剂存在下在高温和压力下将原料与氢反应。

“RINs“可再生识别号码”是指根据环保母基局的可再生燃料标准法规，赋予可再生燃料生产所生成的信贷的序列号，这些法规要求将可再生燃料混合到国家的燃料供应中。炼油商可以购买这些可转让的信贷以遵守法规，而不进行混合。

“酸性wti原油意味着wti原油中硫的含量大于0.4%的重量，而“甜wti原油意味着wti原油中硫的含量等于或小于0.4%的重量。

“蜡质wti原油是一种低硫、低重力社的wti原油，产于犹他州东部的乌因塔盆地，具有某些特性，需要特定设施进行运输、储存和精炼成运输燃料。

“白油” 白油是一种极纯净、经过高度精炼的石油产品，具有广泛的用途，从药品到化妆品产品不等。

“WTI” WTI代表西德克萨斯中间基准，是一种常用的wti原油价格基准。WTI是一种优质原油，密度相对较低。


5

目录

第一部分. 财务资讯

项目1. 财务报表
HF 辛克莱公司
综合资产负债表
（单位：千元，股份数据除外）
2024年9月30日2023年12月31日
 (未经审计)
资产
流动资产:
现金及现金等价物$1,229,482 $1,353,747 
应收账款，净额：产品和运输1,187,864 1,527,950 
                                          wti原油转售139,696 197,169 
1,327,560 1,725,119 
存货：wti原油和精炼产品（注7）
2,412,431 2,645,724 
材料、供应品及其他275,249 276,107 
2,687,680 2,921,831 
所得税应收47,907 56,528 
预付款项及其他63,513 89,229 
流动资产总额5,356,142 6,146,454 
资产、厂房和设备，按成本计10,814,724 10,533,432 
减：累积折旧(4,271,458)(3,906,600)
6,543,266 6,626,832 
营运租赁使用权资产363,507 348,006 
其他资产：周转成本701,795 644,957 
                      商誉 2,977,842 2,977,744 
                      无形资产及其他945,109 972,272 
4,624,746 4,594,973 
总资产$16,887,661 $17,716,265 
负债和权益
流动负债：
应付账款$2,016,049 $2,205,759 
应付所得税19,891 8,772 
租赁负债78,181 106,973 
当前债务（附注11）
350,000 — 
应计负债（附注8）
498,718 453,045 
流动负债总额2,962,839 2,774,549 
长期债务，净额（附注11）
2,286,805 2,739,083 
非流动经营租赁负债 309,967 249,479 
递延所得税
1,239,463 1,297,130 
其他长期负债（附注8）
418,177 418,726 
总负债7,217,251 7,478,967 
承诺和事后负债（注15）
股权：
HF Sinclair 股东权益：
优先股，面额$0.01，授权股数为5,000,000股，发行且流通股数为截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。1.00 面值 – 5,000,000 授权的股份； 无 已发行
— — 
0.010.01 面值 – 320,000,000 授权的股份； 223,231,546 分别为2024年9月30日和2023年12月31日发行的股份
2,232 2,232 
额外资本6,001,233 5,993,661 
保留盈余5,479,152 5,379,182 
累计其他综合损失（注释14）
(19,296)(11,784)
库存普通股，按成本计 - 35,079,683 和 23,235,599 股份截至2024年9月30日和2023年12月31日，分别
(1,859,638)(1,194,201)
HF Sinclair的总股东权益9,603,683 10,169,090 
非控制权益66,727 68,208 
总股东权益9,670,410 10,237,298 
负债加股东权益总额$16,887,661 $17,716,265 
请参阅附注。
6

目录

HF 辛克莱公司
综合营运状况表
(未经审计)
(以千为单位，除每股数据外)

 截至九月三十日的三个月截至九月三十日的九个月。
 2024202320242023
销售和其他收入（注3）
$7,207,140 $8,905,471 $22,080,116 $24,304,259 
营运成本与费用:
销售成本： (1)
原材料成本和其他费用 (2)
6,158,294 6,935,650 18,835,319 19,313,312 
按成本或市场较低值调整存货估值（注7）
202,307 (43,848)(20,186)(4,114)
营运费用
629,573 622,532 1,828,002 1,808,715 
6,990,174 7,514,334 20,643,135 21,117,913 
销售、一般及行政支出 (1)
118,014 124,213 326,246 347,514 
折旧及摊销209,716 195,562 613,765 558,905 
资产减值9,984 — 9,984 — 
营业成本和费用总额7,327,888 7,834,109 21,593,130 22,024,332 
营业收入（亏损）(120,748)1,071,362 486,986 2,279,927 
其他收益（支出）：
股权法投资收益8,151 3,009 23,612 10,436 
利息收入18,309 24,577 58,983 62,103 
利息支出(40,396)(48,686)(126,536)(141,490)
外汇交易收益1,401 860 1,475 2,478 
资产出售收益及其他收益1,936 8,954 3,691 11,737 
(10,599)(11,286)(38,775)(54,736)
税前收入（亏损）：(131,347)1,060,076 448,211 2,225,191 
所得税费用（收益）（附注10）：
当前7,662 208,265 106,533 393,089 
递延(64,928)26,750 (54,343)87,551 
(57,266)235,015 52,190 480,640 
净利润（损失）(74,081)825,061 396,021 1,744,551 
减：归属于非控制权益的净利润1,863 34,139 5,513 92,702 
归属于HF Sinclair股东的净利润（损失）$(75,944)$790,922 $390,508 $1,651,849 
归属于HF Sinclair股东的每股收益（亏损）：
基本$(0.40)$4.23 $2.01 $8.57 
摊薄$(0.40)$4.23 $2.01 $8.57 
平均流通在外的普通股数量：
基本189,840 185,456 193,341 191,047 
摊薄189,840 185,456 193,341 191,047 

(1)独家 折旧及摊销.
(2)独占的 低于成本或市场的存货估值调整。

请参阅附注。
7

目录

HF 辛克莱公司
综合综合收益表
(未经审计)
(单位: 千元)
 
 截至九月三十日的三个月截至九月三十日的九个月。
 2024202320242023
净利润（损失）$(74,081)$825,061 $396,021 $1,744,551 
其他综合损益：
外币翻译调整10,188 (13,471)(7,659)(693)
避险工具：
现金流套期工具公允价值的变动
(62)(3,506)(5,110)(3,236)
现金流套期工具结算时重分类至净利润的损失
518 3,506 5,110 3,236 
对冲工具的未实现净收益456 — — — 
养老和其他退休后福利义务：
养老金计划（收益）损失重分类至净利润437 (45)869 (135)
退休后医疗计划收益重分类至净利润(933)(918)(2,790)(2,754)
养老恢复计划损失重分类至净利润6 3 16 9 
养老金及其他退休后福利义务的净变动(490)(960)(1,905)(2,880)
其他综合收益（损失）在所得税之前10,154 (14,431)(9,564)(3,573)
所得税费用（利益） 2,137 (3,067)(2,052)(843)
其他综合收益（亏损）8,017 (11,364)(7,512)(2,730)
总全面收益（损失）(66,064)813,697 388,509 1,741,821 
减：归属于非控制性权益的综合收益1,863 34,139 5,513 92,702 
归属于HF Sinclair股东的综合收益（损失）$(67,927)$779,558 $382,996 $1,649,119 

请参阅附带备注。

8

目录

HF 辛克莱公司
综合现金流量表
(未经审计)
(以千计)
 截至九月三十日的九个月。
 20242023
经营活动现金流量：
净利润$396,021 $1,744,551 
调整净利润以达经营活动所提供之净现金流量：
折旧及摊销613,765 558,905 
资产减值9,984 — 
成本或市场库存估值调整的较低者
(20,186)(4,114)
股权法投资的收益，扣除分配后的净额
(6,874)6,646 
资产出售收益(1,503)(7,718)
递延所得税(54,343)87,551 
股权报酬费用15,835 26,368 
公允价值变动 - 衍生工具(10,284)4,396 
(增加)减少流动资产：
应收账款395,294 (245,337)
存货247,960 83,068 
所得税应收8,548 24,568 
预付款项及其他22,750 27,729 
流动负债的增加（减少）：
应付账款(184,042)42,547 
应付所得税11,117 129,346 
应计负债43,483 82,123 
重振出资(258,771)(471,076)
其他，净额21,640 (22,982)
经营活动产生的净现金流量1,250,394 2,066,571 
投资活动之现金流量:
对物业、厂房和设备的新增投资(296,921)(261,437)
资产出售收益2,275 16,474 
对奥赛奇管道公司（Osage Pipe Line Company, LLC）的投资
(6,000)(4,750)
超出权益收益的权益法投资分配6,043 1,993 
投资活动中的净现金流出(294,603)(247,720)
来自筹资活动的现金流量:
根据信贷协议的借款— 60,000 
信用协议下的偿还(105,500)(149,500)
购回库藏股(667,340)(833,623)
股息(290,538)(258,856)
分配给非控股权益(6,994)(76,961)
融资租赁付款(8,044)(9,332)
其他，净额(310)(1)
融资活动中的净现金流出(1,078,726)(1,268,273)
汇率对现金流的影响(1,330)(893)
现金及现金等价物：
本期净变动(124,265)549,685 
期初现金及现金等价物余额1,353,747 1,665,066 
期末现金及现金等价物$1,229,482 $2,214,751 
现金流量资讯的补充披露：
期间内支付的现金：
利息$(105,196)$(119,752)
所得税净额$(85,960)$(240,347)
减少应计未支付的资本支出$(10,396)$(12,187)
请参阅附注。
9

目录
HF 辛克莱公司
股东权益合并报表
(未经审计)
(以千为单位，除每股数据外)

截至2024年9月30日的三个月
普通股额外资本保留盈余累积其他综合损失库藏股非控制权益总计
权益
股份金额股份金额
截至2024年6月30日的余额223,231$2,232 $5,996,600 $5,650,373 $(27,313)32,416$(1,731,960)$67,182 $9,957,114 
净利润（损失）
— — — (75,944)— — — 1,863 (74,081)
分红派息 ($0.50 每股普通股的分红派息
— — — (95,277)— — — — (95,277)
其他综合收益，扣除税项后— — — — 8,017 — — — 8,017 
根据激励补偿计划发行普通股— — (117)— — (2)117 — — 
基于股权的薪酬— — 4,750 — — — — — 4,750 
购买库存股票，包括消费税— — — — — 2,666 (127,795)— (127,795)
对非控制权益持有人的分红派息— — — — — — — (2,318)(2,318)
2024年9月30日的账面223,231$2,232 $6,001,233 $5,479,152 $(19,296)35,080$(1,859,638)$66,727 $9,670,410 


截至2023年9月30日的三个月
普通股额外资本保留盈余累积其他综合损失库藏股非控制权益总计
权益
股份金额股份金额
2023年6月30日结余223,231$2,232 $6,480,581 $4,815,908 $(13,379)30,918$(1,576,390)$781,752 $10,490,704 
净利润— — — 790,922 — — — 34,139 825,061 
分红派息 ($0.45 每股普通股的分红派息)
— — — (83,585)— — — (83,585)
其他综合损失，税后— — — — (11,364)— — — (11,364)
根据激励补偿计划发行普通股— — (43)— — (1)43 — — 
基于股权的薪酬— — 11,104 — — — — 370 11,474 
购买库藏股，包括消费税— — — — — 11,275(591,347)— (591,347)
对非控制权益持有人的分红派息— — — — — — — (25,676)(25,676)
2023年9月30日的结余223,231 $2,232 $6,491,642 $5,523,245 $(24,743)42,192$(2,167,694)$790,585 $10,615,267 

See accompanying notes.


10

目录
HF 辛克莱公司
股东权益合并报表
(未经审计)
(以千为单位，除每股数据外)


截至2024年9月30日的九个月
普通股 其他资本保留盈余累积其他综合损失库藏股非控制权益总计
权益
股份金额股份金额
截至2023年12月31日的余额223,231$2,232 $5,993,661 $5,379,182 $(11,784)23,236$(1,194,201)$68,208 $10,237,298 
净利润———390,508 ———5,513 396,021 
分红派息 ($1.50 每普通股分红派息的声明)
———(290,538)————(290,538)
其他综合损失，税后————(7,512)———(7,512)
根据激励薪酬计划发行普通股——(8,263)——(161)8,263—— 
基于股权的薪酬——15,835—————15,835 
购买国库股票，包括消费税—————12,005(673,700)—(673,700)
对非控制权益持有人的分红派息———————(6,994)(6,994)
2024年9月30日的账面223,231$2,232 $6,001,233 $5,479,152 $(19,296)35,080$(1,859,638)$66,727 $9,670,410 


2023年9月30日止九个月
普通股 其他资本保留盈余累积其他综合损失库藏股非控制权益总计
权益
股份金额股份金额
2022年12月31日结余223,231$2,232 $6,468,775 $4,130,252 $(22,013)26,152$(1,335,431)$773,757 $10,017,572 
净利润———1,651,849———92,7021,744,551 
分红派息 ($1.35 每股分红派息声明)
———(258,856)————(258,856)
其他综合损失，税后————(2,730)———(2,730)
根据激励补偿计划发行普通股——(2,413)——(47)2,413—— 
基于股权的薪酬——25,280————1,08826,368 
购买库存股票，包括消费税—————16,087(834,676)—(834,676)
对非控制权益持有人的分红派息———————(76,961)(76,961)
购买HEP单位用于股权授予— — — — — — — (1)(1)
2023年9月30日的结余223,231$2,232 $6,491,642 $5,523,245 $(24,743)42,192$(2,167,694)$790,585 $10,615,267 

请参阅附注。
11
目录
HF 辛克莱公司
合并财务报表附注
(未经审核)

注意 1:业务描述和基本报表呈现

业务描述
本文提到的HF Sinclair、"我们"、"我们的"、"我们的"和"我们"仅指HF Sinclair及其合并子公司，或仅指HF Sinclair或个别子公司，而不涉及任何其他人，但有一些例外。对于在2023年12月1日HEP合并交易（下文定义）关闭之前的时间段，本文中提到的霍利能源合伙企业L.P.（"HEP"）指的是HEP及其合并子公司。

我们是一家独立的能源公司，生产和销售高价值的轻质产品，如汽油、柴油、航空燃料、可再生柴油、润滑油和特种产品。我们在堪萨斯州、俄克拉荷马州、新墨西哥州、怀俄明州、华盛顿州和犹他州拥有并运营炼油厂。 我们为我们的炼油厂和石油行业提供石油产品和wti原油的运输、终端、存储和吞吐服务。 我们主要在美国西南部、延伸至太平洋西北部的落基山脉以及其他邻近平原州市场销售我们的精炼产品，并向更多的提供高质量的燃料 1,500 加油站，并在全国范围内授权使用Sinclair品牌的 300 附加地点。我们在怀俄明州的 两 设施和新墨西哥州的设施生产可再生柴油。此外，我们的子公司在美国、加拿大和荷兰生产和销售基础油及其他特种润滑油，并向超过 80 国家。

报告基础
临时合并基本报表未经审计。管理层认为，截止到2024年9月30日的合并基本报表包含了所有正常的定期调整，必要以公正地呈现我们的合并财务状况，截止到2024年和2023年9月30日的合并运营报表、综合收益和权益报表，以及截止到2024年和2023年9月30日的合并现金流量报表，均按照证券交易委员会（“SEC”）的规则和规定编制。虽然根据美国公认会计原则（“GAAP”）要求的某些附注和其他信息已被省略，但我们认为这些合并基本报表中的披露足以保证所提供的信息不具有误导性。这些合并基本报表应与我们截至2023年12月31日的10-k表年度报告结合阅读，该报告已重新编制以反映我们可报告部门的变化，如本报告附注16所述，幷包含在2024年3月31日季度报告的10-Q表的99.1号附录中，该报告于2024年5月8日提交。

HEP合并
2023年12月1日，根据2023年8月15日签署的《合并协议和计划》（“合并协议”），HEP、HF Sinclair、Navajo Pipeline Co.，L.P.（特拉华州有限合伙公司，也是HF Sinclair的一家间接全部拥有子公司）之间的协议，以及HF Sinclair的全资子公司——Holly Apple Holdings LLC（特拉华州有限责任公司），Holly Apple Holdings LLC的全资子公司——Merger Sub，HEP Logistics Holdings，L.P。（特拉华州有限合伙公司，HEP的普通合伙人），以及HLH的普通合伙人——Holly Logistic Services，L.L.C.（特拉华州有限责任公司），Merger Sub合并到HEP，HEP作为HF Sinclair的间接全资子公司存活下来（HEP合并交易）。

根据合并协议的条款，除了HF Sinclair及其子公司已拥有的HEP普通单位外，每个代表HEP的有限合伙人权益的未偿还普通单位（“HEP普通单位”）均被转换为接收的权利， 0.315 HF Sinclair普通股票的股份和$4.00 现金，无利息。 合并协议的对价总计为$267.6百万美元现金，并导致从国库股本中发行 21,072,326 HF Sinclair普通股票的股份。

HEP合并交易的会计处理遵循财务会计准则委员会会计标准汇编（“ASC”) 810, “整合。” 由于我们在HEP合并交易的发生前后都控制了HEP，因此由HEP合并交易引起的我们对HEP所有权权益的变化被视为权益交易，在我们的合并运营报表中没有确认任何收益或损失。HEP合并交易的税务影响被记录为对 递延所得税 和 额外资本 符合ASC 740，“所得税。”

有关我们现有债务的描述，以及与HEP合并交易相关的变化，请参见注释11。
12
目录
HF 辛克莱公司
合并财务报表附注
(未经审计)

会计准则 - 尚未采纳
2023年11月，发布了会计准则更新（“ASU”）2023-07，“可报告分部披露的改进”。ASU 2023-07要求在其他更新中，增强对定期提供给首席运营决策maker的重要分部费用的披露，以及报告的分部利润或亏损的衡量中包含的其他分部项目的总金额。这旨在通过提供更清晰的各可报告分部所发生费用的情况，向利益相关者提供更多决策有用的信息。ASU 2023-07的生效日期为2023年12月15日之后开始的财年，以及2024年12月15日之后开始的财年的中期，并要求追溯采用。允许提前采用。ASU 2023-07的采用不会影响我们的财务状况或经营成果，但将导致从我们2024年12月31日结束的财年开始及其后中期的年度期间需要额外的披露。

2023年12月，发布了ASU 2023-09，即“对所得税披露的改进”。ASU 2023-09要求增强每年的披露，以说明税率调节和按管辖区支付的所得税。ASU 2023-09对2024年12月15日后开始的财政年度生效，且可以选择前瞻性或追溯性采用。允许提前采用。我们预计将在2025年1月1日开始的财政年度采用该ASU。此次采用不会影响我们的财务状况或经营业绩，但会增加额外的披露。


注意2:Cushing Connect 创业公司

2019年，HEP Cushing LLC（“HEP Cushing”），当时是HEP的全资子公司，现在是HF Sinclair的全资子公司，与Plains Marketing, L.P.（Plains All American Pipeline, L.P.的全资子公司，“Plains”）成立了一家50/50的合资公司Cushing Connect Pipeline & Terminal LLC（“Cushing Connect”），致力于（i）开发、施工、拥有和运营一条新的 160,000 每天可运输的wti原油管道（“Cushing Connect Pipeline”），该管道将位于俄克拉荷马州的Cushing原油中心与我们的塔尔萨炼油厂相连接，以及（ii）在俄克拉荷马州Cushing的 1.5 百万桶wti原油的储存（“Cushing Connect Terminal”）。Cushing Connect与HEP的一个关联公司（现为HF Sinclair的子公司）签订了合同，以管理Cushing Connect Pipeline的操作，并与Plains的一个关联公司签订了合同，管理Cushing Connect Terminal的操作。Cushing Connect的总投资通常按比例在合作伙伴之间共享。然而，HEP需对任何超过预算的Cushing Connect Pipeline施工成本负全责。 10%.

Cushing Connect及其两家子公司（“Cushing Connect Entities”）是按照GAAP标准定义的变量利益实体（“VIE”）。VIE是指其股本所有者没有足够的股本风险来为实体提供融资，除非获得额外的次级财务支持，或者作为一组，股本持有人缺乏通过投票权来指导最显著地影响实体财务绩效的活动的能力，承担实体预期损失的义务或享有预期剩余回报的权利。Cushing Connect Entities是VIE，因为它们最初没有足够的股本风险来为其活动提供融资，需要额外的财务支持。我们是其中两家实体的主要受益人，因为HEP建造并运营了Cushing Connect Pipeline，我们有更多的能力来指导最显著地影响Cushing Connect和Cushing Connect Pipeline财务绩效的活动。因此，我们合并了Cushing Connect及相关的Cushing Connect Pipeline子公司。我们不是Cushing Connect Terminal的主要受益人，我们使用权益法作为账户处理。由于现有的长期运营协议支持运营，我们与Cushing Connect Terminal的参与导致的潜在损失不太可能发生。

13
目录
HF 辛克莱公司
合并财务报表附注
(未经审计)
除HEP Cushing的资产外，Cushing Connect实体的债权人无法要求我们其他资产。对HEP Cushing的任何要求将限于HEP Cushing的资产范围，除了其对Cushing Connect的投资外，这些资产并不重要。此外，我们的债权人无法向Cushing Connect实体的资产索赔。 Cushing Connect及Cushing Connect管道最重要的资产仅可用于偿还其义务，同时其债权人没有对我们一般信用的索赔权的最重要负债包括：

2024年9月30日2023年12月31日
(单位: 千元)
现金及现金等价物$1,919 $1,536 
资产、厂房和设备，按成本计$102,977 $102,936 
减：累积折旧$(10,681)$(8,022)
无形资产和其他$29,842 $32,473 


注意 3:收入

几乎所有营业收入活动都与销售精炼产品、品牌燃料、润滑油和特种产品、可再生柴油以及以市场价格（变量考虑）出售的过剩wti原油库存相关，这些销售是在与客户的合同下进行的。此外，我们还有来自于与第三方签订的石油产品和wti原油管道运输、加工、储存和终端协议提供的物流服务的收入。

收入细分如下：
截至九月三十日的三个月截至九月三十日的九个月。
2024202320242023
(单位: 千元)
按类型收入：
精炼产品收入
运输燃料 (1)
$4,480,825 $5,737,557 $14,114,991 $14,970,620 
润滑油和专业产品 (2)
609,772 612,817 1,868,156 1,928,054 
沥青、燃油和其他产品 (3)
540,179 576,274 1,592,455 1,589,133 
成品销售总收入5,630,776 6,926,648 17,575,602 18,487,807 
wti原油超额收入 (4)
360,347 440,851 1,064,239 1,773,498 
可再生柴油收入 (5)
194,110 213,144 563,916 590,620 
运输和物流服务27,753 29,073 77,946 85,322 
营销收入 (6)
950,050 1,259,205 2,668,219 3,237,523 
其他收入 (7)
44,104 36,550 130,194 129,489 
销售总额和其他收入$7,207,140 $8,905,471 $22,080,116 $24,304,259 

14
目录
HF 辛克莱公司
合并财务报表附注
(未经审计)
截至九月三十日的三个月截至九月三十日的九个月。
2024202320242023
(单位: 千元)
各市场的精炼产品收入：
美国：
中部地区$2,201,377 $2,598,477 $6,827,071 $6,882,470 
西南地区931,098 1,117,275 2,989,695 2,840,563 
落基山脉地区1,959,195 2,653,603 6,103,557 7,059,200 
东北部209,394 236,010 641,463 733,609 
加拿大266,653 261,841 810,701 767,517 
欧洲, 亚洲和拉丁美洲63,059 59,442 203,115 204,448 
成品销售总收入$5,630,776 $6,926,648 $17,575,602 $18,487,807 
(1)运输燃料收入归因于我们的炼油部门批发销售汽油、柴油和喷气燃料。
(2)润滑剂和特种产品由基础油、蜡、成品润滑剂及其他特种液体组成。
(3)沥青、燃油和其他产品的收入包括归属于我们的炼油和润滑油与特种产品部门的金额 $471.6 百万美元和$68.5 万美元， 截至2024年9月30日的三个月，分别为 $1,381.8 百万美元和$210.7 万美元， 截至2024年9月30日的九个月，分别为 $504.3百万和$72.0截至2023年9月30日的三个月，分别为百万，和$1,413.3 及175.8截至2023年9月30日的九个月，分别为百万。
(4)过剩的wti原油收入代表我们炼油厂购买的原油库存销售，有时超出了我们的供应需求。
(5)可再生柴油的收入主要归因于我们的可再生能源业务部门。
(6)营销收入主要来自品牌汽油和柴油。
(7)其他收入主要归因于我们的炼油部门。

我们的合并资产负债表反映了与未来服务义务相关的合同负债，这些负债归因于我们与第三方运输协议和来自我们Sonneborn控件的生产协议的未赚取收入。s. 下表展示了我们合同负债的变化：

截至九月三十日的九个月。
20242023
(单位: 千元)
1月1日结余$7,533 $10,722 
增加17,145 15,216 
被视为营业收入(17,191)(17,925)
九月三十日结余$7,487 $8,013 

截至2024年9月30日，我们与客户签订了长期合同，规定了以市场价格逐步销售的汽油、柴油、润滑油和特种产品的最低数量。 2034. F未来价格受市场波动影响，因此，我们选择根据ASC 606-10-50-14A条款，排除这些合同下的变量考虑。 我们与客户的长期产品销售合同下预计销售的合计最低数量（未来履约义务）如下：

合同最低限额2024年剩余部分20252026其后总计
(单位: 千元)
精炼产品销售量（桶）8,586 28,272 19,857 49,954 106,669 

15
目录
HF 辛克莱公司
合并财务报表附注
(未经审计)
此外，我们与第三方客户有长期合同，规定了通过我们的管道和终端运输的最低产品数量，从而导致固定的最低年收入h 2033. 截至2024年9月30日，我们第三方合同相关的年最低收入如下：

合同最低限额2024年剩余部分20252026其后总计
(单位: 千元)
中游-脑机运营收入$5,213 $11,242 $7,782 $43,308 $67,545 


NOTE 4:Fair Value Measurements

公允价值测量是基于输入（市场参与者在为资产或负债定价时使用的假设，包括关于风险的假设）推导出来的。GAAP将公允价值测量中使用的输入归类为以下三个广泛层次：

•(一级) 在活跃市场上对相同资产或负债的报价。
•(级别 2) 可观察的输入，包括在级别 1 中引用的价格之外的其他输入，例如活跃市场中类似资产和负债的报价、非活跃市场中类似资产和负债的报价，或者能够通过可观察市场数据进行确认的报价。
•(第3级) 基于市场活动很少或没有的不可观察输入，这些输入对于资产或负债的公允价值具有重要意义。这包括涉及显著不可观察输入的估值技术。

截至2024年9月30日和2023年12月31日，衍生工具和RINs信用义务的账面价值如下：
按输入水平评估的公允价值
帐面价值第1级第2级Level 3
(单位: 千元)
2024年9月30日
资产：
nymex 期货合约$840 $840 $— $— 
商品期货合约72 — 72 — 
总资产$912 $840 $72 $— 
负债：
商品价格互换$674 $— $674 $— 
商品期货合约21 — 21 — 
外汇即期合约4,270 — 4,270 — 
RINs 信贷义务 (1)
27,471 — 27,471 — 
总负债$32,436 $— $32,436 $— 

16
目录
HF 辛克莱公司
合并财务报表附注
(未经审计)
按输入级别划分的公允价值
帐面价值第1级第2级Level 3
(单位: 千元)
2023年12月31日
资产：
nymex 期货合约$836 $836 $— $— 
商品期货合约2,908 — 2,908 — 
总资产$3,744 $836 $2,908 $— 
负债：
商品价格掉期$7,808 $— $7,808 $— 
商品期货合约1,848 — 1,848 — 
外汇即期合约7,893 — 7,893 — 
总负债$17,549 $— $17,549 $— 
(1)代表在2024年9月30日之前，我们未能满足环保母基（“EPA”）规定的混合要求的RINs信用义务。

1级公平值量度
我们的纽约商业交易所（“nymex”）期货合约是交易所交易的，按公允价值计量和记录，使用报价市场价格，这是一级输入。

2级公平值量度
衍生工具包括外汇远期合约、商品价格互换以及远期销售和采购合同，使用二级输入以公允价值进行测量和记录。商品价格互换合同的公允价值基于预期未来现金流量的净现值，涉及到各自互换协议的变量和固定利率腿。测量是使用基于市场的可观察输入和相应商品价格互换的引用远期价格计算的。远期销售和采购合同的公允价值是利用引用远期商品价格计算的。外汇远期合同的公允价值基于第三方提供的数值，这些数值是使用类似类型工具的市场报价派生的，是一个二级输入。RINs信用义务的价值是基于独立定价服务的引用价格。


17
目录
HF 辛克莱公司
合并财务报表附注
(未经审计)
注意 5:每股盈利（亏损）

基本每股收益（亏损）计算为 归属于HF Sinclair股东的净利润（损失）调整后按参与证券在收益中的份额计算，并除以流通中的普通股平均数量。稀释每股收益（亏损）包含来自某些股权奖励的增量股份。 以下是归属于HF Sinclair股东的净利润基本和稀释每股计算的分母的重整：
 截至九月三十日的三个月截至九月三十日的九个月。
 2024202320242023
 (以千为单位，除每股数据外)
归属于HF Sinclair股东的净利润（损失）$(75,944)$790,922 $390,508 $1,651,849 
参与证券的收益分享 (1)
526 7,188 2,255 14,340 
归属于普通股的净利润（损失）$(76,470)$783,734 $388,253 $1,637,509 
流通在外的普通股平均数量189,840 185,456 193,341 191,047 
假设稀释情况下的流通在外普通股平均数量189,840 185,456 193,341 191,047 
基本每股盈利（亏损）$(0.40)$4.23 $2.01 $8.57 
稀释每股盈利（亏损）$(0.40)$4.23 $2.01 $8.57 
(1)未归属的限制性股票单位奖励和未归属的绩效分享单位，以HF Sinclair普通股结算，代表参与性证券，因为它们参与HF Sinclair普通股股东的不可没收的分红或分配。参与收益代表HF Sinclair分配和未分配的收益，归因于参与性证券。未归属的限制性股票单位奖励和绩效分享单位不参与未分配的净损失，因为它们没有合同上义务这样做。


注意事项6:基于股份的薪酬

我们有一个以股票为基础的主要薪酬计划，即HF Sinclair Corporation修订和重述的2020年长期激励计划（“2020计划”）。2020计划提供无限制和限制性股票、限制性股票单位、其他基于股票的奖励、期权、业绩奖励、替代奖励、现金奖励和股票增值权的授予。限制性股票单位奖励通常在一个 一 在权利益分享区间内， 三年经过一定期限后归属，限制解除后，限制性股票单位将转换为普通股或现金。这些业绩股票单位通常在一个 三年 期限内归属，并且在满足某些财务和业绩标准后可以以股票或现金支付。最终发放的股票数量或业绩股票单位所支付的现金可以在 零 在权利益分享区间内， 200% 的目标奖励金额。持有未归属限制性股票单位和业绩股票单位的股东有权获得分红派息。我们还有一项股票补偿延期计划，允许非员工董事推迟根据我们的基于股份的补偿计划授予的已归属股票的结算。

这些计划的赔偿成本为$4.5 百万美元和$12.8 在截至2024年9月30日的三个月内为百万 2023的三个月内实现，分别在结束于16.1百万和$27.4截至2024年和2023年9月30日九个月的收入分别为$。

此外，在HEP合并交易之前，HEP为普通合伙人的非员工董事及某些高管和员工维护了一项基于股权的薪酬计划。与HEP的基于股权的薪酬计划相关的薪酬成本为$0.4 百万美元和$1.1百万，截止至2023年9月30日的三个及九个月，分别为。

18
目录
HF 辛克莱公司
合并财务报表附注
(未经审计)
截至2024年9月30日的九个月内，限制性股票单位和业绩股票单位活动的汇总如下：
限制性股票单位业绩股票单位
截至2024年1月1日的余额1,102,755 485,531 
授予数量 (1)
21,421 3,093 
归属数量(158,927)(1,859)
被注销数量(227,804)(80,074)
截至2024年9月30日的余额737,445 406,691 
(1) 每单位加权平均授予日期公允价值。$49.19 $51.22 


注意 7:存货

存货 由以下元件组成:
2024年9月30日2023年12月31日
(单位: 千元)
原油$763,486 $858,411 
其他原材料和未完成的产品 (1)
699,643 683,066 
成品 (2)
1,260,686 1,435,817 
成本或市场储备的较低者(311,384)(331,570)
wti原油和精炼产品2,412,431 2,645,724 
处理化学品 (3)
44,701 50,917 
维修和维护用品及其他 (4)
230,548 225,190 
材料、用品及其他275,249 276,107 
库存总额$2,687,680 $2,921,831 
(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.
(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.
(3)Process chemicals include additives and other chemicals.
(4)Includes RINs.

Our Refining segment inventories that are valued at the lower of last-in, first out (“LIFO”) cost or market reflect a valuation reserve of $198.8 million and $220.6 million at September 30, 2024 and December 31, 2023, respectively. A new market reserve of $198.8 million as of September 30, 2024 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was an increase to Cost of sales totaling $198.8 million for the three months ended September 30, 2024 and a decrease of $21.8 million for the nine months ended September 30, 2024. The June 30, 2023 market reserve of $26.8 million reversed resulting in a decrease to Cost of sales totaling $26.8 million for the three months ended September 30, 2023.

Our Renewables segment inventories that are valued at the lower of LIFO cost or market reflect a valuation reserve of $112.6 million and $111.0 million at September 30, 2024 and December 31, 2023, respectively. A new market reserve of $112.6 million as of September 30, 2024 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was an increase to Cost of sales totaling $3.5 million for the three months ended September 30, 2024 and a decrease to Cost of sales totaling $17.0 million for the three months ended September 30, 2023. The effect of the change in the lower of cost or market reserve was an increase to Cost of sales totaling $1.6 million for the nine months ended September 30, 2024 and a decrease to Cost of sales totaling $4.1 million for the nine months ended September 30, 2023.


19
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 8:Accrued Liabilities and Other Long-Term Liabilities

Accrued liabilities consist of the following:

September 30, 2024December 31, 2023
(In thousands)
Accrued interest expense$56,370 $38,251 
Accrued taxes other than income45,916 29,172 
Derivatives4,965 17,549 
Environmental liabilities27,216 34,002 
Precious metal financing34,872 37,009 
Right-of-use (“ROU”) financing lease liabilities
10,767 10,842 
Wage and other employee-related liabilities154,634 84,565 
Environmental credit obligations41,567 6,400 
Other122,411 195,255 
Total accrued liabilities$498,718 $453,045 

Other long-term liabilities consist of the following:
September 30, 2024December 31, 2023
(In thousands)
Environmental liabilities$160,169 $161,375 
ROU financing lease liabilities71,343 74,860 
Other186,665 182,491 
Total other long-term liabilities$418,177 $418,726 


NOTE 9:Environmental

Environmental costs are charged to Operating expenses if they relate to an existing condition caused by past operations and do not contribute to current or future revenue generation. We have ongoing investigations of environmental matters at various locations and routinely assess our recorded environmental obligations, if any, with respect to such matters. Liabilities are recorded when site restoration, environmental remediation, cleanup and other obligations are known or considered probable and can be reasonably estimated. Such estimates are undiscounted and require judgment with respect to costs, time frame and extent of required remedial and cleanup activities and are subject to periodic adjustments based on currently available information. Recoveries of environmental costs through insurance, indemnification arrangements or other sources are included in Other assets to the extent such recoveries are considered probable.

We incurred expenses of $3.2 million and $1.6 million for the three months ended September 30, 2024 and 2023, respectively, and $5.6 million and $17.1 million for the nine months ended September 30, 2024 and 2023, respectively, for environmental remediation obligations. The accrued environmental liability reflected on our consolidated balance sheets was $187.4 million and $195.4 million at September 30, 2024 and December 31, 2023, respectively, of which $160.2 million and $161.4 million, respectively, were classified as Other long-term liabilities. These accruals include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated.


20
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 10:Taxes

For the nine months ended September 30, 2024, we recorded income tax expense of $52.2 million compared to $480.6 million for the nine months ended September 30, 2023. This decrease was principally due to lower pre-tax income during the nine months ended September 30, 2024, compared to the same period of 2023. Our effective tax rates were 11.6% and 21.6% for the nine months ended September 30, 2024 and 2023, respectively. The difference between the U.S. federal statutory rate and the effective tax rate for the nine months ended September 30, 2024 is primarily due to the relationship between pre-tax results and non-taxable permanent differences. The difference in the U.S. federal statutory rate and the effective tax rate for the nine months ended September 30, 2023 was primarily due to the impact of federal tax credits and the relationship between pre-tax results and the earnings attributable to the noncontrolling interest that is not included in income for tax purposes.


NOTE 11:Debt

HF Sinclair and HEP Credit Agreements
We have a $1.65 billion senior unsecured revolving credit facility maturing in April 2026 (the “HF Sinclair Credit Agreement”). The HF Sinclair Credit Agreement may be used for revolving credit loans and letters of credit from time to time and is available to fund general corporate purposes. At September 30, 2024, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $0.2 million under the HF Sinclair Credit Agreement.

Additionally, our wholly owned subsidiary, HEP, has a $1.2 billion senior secured revolving credit facility maturing in July 2025 (the “HEP Credit Agreement” and, together with the HF Sinclair Credit Agreement, the “Credit Agreements”). In connection with the consummation of the HEP Merger Transaction, we amended the HEP Credit Agreement to, among other things, (a) provide a guaranty from us and terminate all guaranties from subsidiaries of HEP, (b) amend the definition of “Investment Grade Rating” (as defined in the HEP Credit Agreement) to reference the credit rating of our senior unsecured indebtedness, (c) eliminate the requirement to deliver separate audited and unaudited financial statements for HEP and its subsidiaries and only provide certain segment-level reporting for HEP with any compliance certificate delivered in accordance with the HEP Credit Agreement and (d) amend certain covenants to eliminate certain restrictions on (i) amendments to intercompany contracts, (ii) transactions with us and our subsidiaries and (iii) investments in and contributions, dividends, transfers and distributions to us and our subsidiaries.

The HEP Credit Agreement is available to fund capital expenditures, investments, acquisitions, distribution payments, working capital and for general corporate purposes. It is also available to fund letters of credit up to a $50 million sub-limit and has an accordion feature that allows us to increase the commitments under the HEP Credit Agreement up to a maximum amount of $1.7 billion. At September 30, 2024, we were in compliance with all of its covenants, had outstanding borrowings of $350.0 million and no outstanding letters of credit under the HEP Credit Agreement.

Indebtedness under the Credit Agreements bears interest, at our option, for borrowings in U.S. dollars at either (a) a base rate equal to the sum of (1) the highest of (i) the prime rate (as publicly announced from time to time by the applicable administrative agent), (ii) the Federal Funds Effective Rate (as defined in the HF Sinclair Credit Agreement and as defined as the “Federal Funds Rate” in the HEP Credit Agreement) plus 0.5%, and (iii) Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement and as defined as “Adjusted Term SOFR” in the HEP Credit Agreement) for a one-month interest period plus 1%, plus (2) an applicable margin for base rate loans ranging from 0.25% to 1.125%, or (b) the sum of (1) Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement and as defined as “Adjusted Term SOFR” in the HEP Credit Agreement) for the applicable interest period, plus (2) an applicable margin for term SOFR loans ranging from 1.25% to 2.125%. The HF Sinclair Credit Agreement allows for borrowings in Sterling and Euros with similar interest rates. In each case and each Credit Agreement, the applicable margin is based on HF Sinclair’s debt rating assigned by Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. The weighted average interest rate in effect under the HEP Credit Agreement on our borrowings was 6.58% as of September 30, 2024.

During the nine months ended September 30, 2024, we had net repayments of $105.5 million under the HEP Credit Agreement.

21
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Restricted HF Sinclair Senior Notes Exchange
On December 4, 2023, we completed our offers to exchange any and all outstanding HEP 5.000% senior notes maturing February 2028 (the “HEP 5.000% Senior Notes”) and HEP 6.375% senior notes maturing April 2027 (the “HEP 6.375% Senior Notes” and, together with the HEP 5.000% Senior Notes, the “HEP Senior Notes”) for HF Sinclair 5.000% senior notes maturing February 2028 (the “HF Sinclair 5.000% Senior Notes”) and HF Sinclair 6.375% senior notes maturing April 2027 (the “HF Sinclair 6.375% Senior Notes” and, together with the HF Sinclair 5.000% Senior Notes, the “Restricted HF Sinclair Senior Notes”) to be issued by HF Sinclair with registration rights and cash. In connection with the exchange offers, we amended the indenture governing the HEP Senior Notes to eliminate (i) substantially all of the restrictive covenants, (ii) certain of the events which may lead to an “Event of Default,” (iii) the SEC reporting covenant and (iv) the requirement of HEP to offer to purchase the HEP Senior Notes upon a change of control. The Restricted HF Sinclair Senior Notes were issued in exchange for the HEP Senior Notes pursuant to a private exchange offer exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). This exchange was part of a broader corporate strategy, including the HEP Merger Transaction.

On May 10, 2024, HF Sinclair filed a registration statement, as amended, which was declared effective on August 5, 2024, to exchange the Restricted HF Sinclair Senior Notes for an equal principal amount of each respective series of the Restricted HF Sinclair Senior Notes (such notes offered in exchange, the “Registered HF Sinclair Senior Notes”). The Registered HF Sinclair Senior Notes are substantially identical to the Restricted HF Sinclair Senior Notes in all material respects except the Registered HF Sinclair Senior Notes are registered under the Securities Act and are not subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with the Registration Rights Agreement, dated December 4, 2023, and do not have the registration rights applicable to the Restricted HF Sinclair Senior Notes. On September 5, 2024, HF Sinclair completed its offers to exchange the Restricted HF Sinclair Senior Notes for the Registered HF Sinclair Senior Notes.

The Registered HF Sinclair Senior Notes are unsecured and unsubordinated obligations of ours and rank equally with all our other existing and future unsecured and unsubordinated indebtedness. Each series of the Registered HF Sinclair Senior Notes has the same interest rate, interest payment dates, maturity date and redemption terms as the corresponding series of Restricted HF Sinclair Senior Notes.

Senior Notes
Our unsecured senior notes and unsubordinated obligations (as set forth in the table below under “HF Sinclair Financing Arrangements”) rank equally with all future unsecured and unsubordinated indebtedness.

Further, we may from time to time seek to retire some or all of our outstanding debt agreements through cash purchases, and/or exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, may be material and will depend on prevailing market conditions, our liquidity requirements and other factors.

HF Sinclair Financing Arrangements
Certain of our wholly owned subsidiaries entered into financing arrangements whereby such subsidiaries sold a portion of their precious metals catalyst to a financial institution in exchange for cash and then financed the use of the precious metals catalyst for a term not to exceed one year. The volume of the precious metals catalyst and the interest rate are fixed over the term of each agreement, and the payments are recorded as Interest expense. Upon maturity of the financing arrangement, we must either satisfy the obligation at fair market value or refinance to extend the maturity. These financing arrangements are recorded at a Level 2 fair value totaling $34.4 million and $37.0 million at September 30, 2024 and December 31, 2023, respectively, and are included in Accrued liabilities on our consolidated balance sheets. See Note 4 for additional information on Level 2 inputs.

HF Sinclair may, from time to time, issue letters of credit pursuant to uncommitted letters of credit facilities with its lenders. At September 30, 2024, there were no letters of credit outstanding under such credit facilities.


22
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The principal and carrying amounts of Long-term debt are as follows:
Carrying Amount (1)
Maturity DateSeptember 30, 2024December 31, 2023
HollyFrontier Corporation Senior Notes:
5.875% Senior Notes
April 2026$202,900 $202,900 
4.500% Senior Notes
October 203074,966 74,966 
277,866 277,866 
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026797,100 797,100 
6.375% Senior Notes
April 2027399,875 399,875 
5.000% Senior Notes
February 2028498,879 498,879 
4.500% Senior Notes
October 2030325,034 325,034 
2,020,888 2,020,888 
HEP Senior Notes:
6.375% Senior Notes
April 2027125 125 
5.000% Senior Notes
February 20281,121 1,121 
1,246 1,246 
Total Senior Notes2,300,000 2,300,000 
HEP Credit AgreementJuly 2025350,000 455,500 
HF Sinclair Credit AgreementApril 2026— — 
Total Credit Agreements350,000 455,500 
Less current debt (2)
(350,000)— 
Unamortized discount and debt issuance costs(13,195)(16,417)
Total long-term debt, net$2,286,805 $2,739,083 
(1)As of September 30, 2024 and December 31, 2023, the carrying amounts of our Senior Notes equaled the principal amounts.
(2)The HEP Credit Agreement matures in July 2025 and is classified as Current debt on our consolidated balance sheets as of September 30, 2024.

The fair values of the senior notes are as follows:
September 30, 2024December 31, 2023
(In thousands)
HollyFrontier Corporation, HF Sinclair and HEP Senior Notes$2,310,949 $2,271,856 

These fair values are based on a Level 2 input. See Note 4 for additional information on Level 2 inputs.

We capitalized $1.2 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively, and $2.7 million and $3.5 million for the nine months ended September 30, 2024 and 2023, respectively, of interest attributable to construction projects.


NOTE 12:Derivative Instruments and Hedging Activities

Commodity Price Risk Management
Our primary market risk is commodity price risk. We are exposed to market risks related to the volatility in the price of crude oil and refined products, as well as volatility in the price of natural gas used in our refining operations. We periodically enter into derivative contracts in the form of commodity price swaps, collar contracts, forward contracts and futures contracts to mitigate price exposure with respect to our inventory positions, natural gas purchases, sales prices of refined products and crude oil costs.

23
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Foreign Currency Risk Management
We are exposed to market risk related to the volatility in foreign currency exchange rates. We periodically enter into derivative contracts in the form of foreign exchange forward contracts to mitigate the exposure associated with fluctuations on intercompany notes with our foreign subsidiaries that are not denominated in the U.S. dollar.

Accounting Hedges
We periodically have swap contracts to lock in basis spread differentials on forecasted purchases of crude oil and forward sales contracts that lock in the prices of future sales of crude oil and refined product. These contracts have been designated as accounting hedges and are measured at fair value with offsetting adjustments (gains/losses) recorded directly to other comprehensive income (“OCI”). These fair value adjustments are later reclassified to earnings as the hedging instruments mature.

The following tables present the pre-tax effect on OCI and earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting:
Net Unrealized Gain
Recognized in OCI		Loss Reclassified
into Earnings
Derivatives Designated as Cash Flow Hedging InstrumentsThree Months Ended September 30,Statement of Operations LocationThree Months Ended September 30,
2024202320242023
(In thousands)(In thousands)
Commodity contracts$456 $— Sales and other revenues$(518)$(3,506)
Total$456 $— $(518)$(3,506)

Net Unrealized Loss
Recognized in OCI		Loss Reclassified
into Earnings
Derivatives Designated as Cash Flow Hedging InstrumentsNine Months Ended September 30,Statement of Operations LocationNine Months Ended September 30,
2024202320242023
(In thousands)(In thousands)
Commodity contracts$— $— Sales and other revenues$(5,110)$(3,236)
Total$— $— $(5,110)$(3,236)

Economic Hedges
We have commodity contracts, including NYMEX futures contracts, to lock in prices on forecasted inventory purchases and sales. We have basis swap contracts to mitigate exposure to natural gas price volatility. We periodically have forward purchase and sale contracts to lock in basis spread differentials on forecasted crude oil and refined products purchases. We periodically use collar contracts to mitigate exposure to natural gas price volatility; these contracts serve as economic hedges (derivatives used for risk management but not designated as accounting hedges). We also have forward currency contracts to fix the rate of foreign currency. In addition, our precious metals catalyst financing arrangements discussed in Note 11 could require repayment under certain conditions based on the future pricing of platinum, which is an embedded derivative. These contracts are measured at fair value with offsetting adjustments (gains/losses) recorded directly to earnings.

24
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:
Gain (Loss) Recognized in Earnings
Derivatives Not Designated as Hedging InstrumentsStatement of Operations LocationThree Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Commodity contractsCost of materials and other$14,978 $(29,041)$(4,149)$(9,139)
Operating expenses(1,059)3,304 (2,937)(7,106)
Interest expense1,201 133 (29)5,053 
Foreign currency contractsGain on foreign currency transactions(4,145)10,185 9,526 1,583 
Total$10,975 $(15,419)$2,411 $(9,609)

As of September 30, 2024, we have the following notional contract volumes related to outstanding derivative instruments:
Notional Contract Volumes
by Year of Maturity
Total Outstanding Notional20242025Unit of Measure
Derivatives Not Designated as Hedging Instruments:
NYMEX futures (WTI) - short1,400,0001,400,000—Barrels
Forward gasoline and diesel contracts - long60,00060,000—Barrels
Foreign currency forward contracts383,114,375102,186,063280,928,312U.S. dollar
Forward commodity contracts (platinum)34,6282,04732,581Troy ounces
Natural gas price swaps (basis spread) - long1,104,0001,104,000—MMBTU

The following tables present the fair value and the locations of our outstanding derivative instruments in the consolidated balance sheets. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.

Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
September 30, 2024
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts
$840 $— $840 $— $— $— 
Commodity price swap contracts
— — — 674 — 674 
Commodity forward contracts
72 — 72 21 — 21 
Foreign currency forward contracts
— — — 4,950 (680)4,270 
$912 $— $912 $5,645 $(680)$4,965 
Total net balance$912 $4,965 
Balance sheet classification:Prepayments and other$912 Accrued liabilities$4,965 

25
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
December 31, 2023
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts
$836 $— $836 $— $— $— 
Commodity price swap contracts
— — — 7,808 — 7,808 
Commodity forward contracts
2,908 — 2,908 1,848 — 1,848 
Foreign currency forward contracts
— — — 7,893 — 7,893 
$3,744 $— $3,744 $17,549 $— $17,549 
Total net balance$3,744 $17,549 
Balance sheet classification:Prepayments and other$3,744 Accrued liabilities$17,549 


NOTE 13:Stockholders’ Equity

On May 7, 2024, our Board of Directors approved a new $1.0 billion share repurchase program (the “May 2024 Share Repurchase Program”), which replaced all existing share repurchase programs, including the approximately $214.2 million remaining under the share repurchase program approved by our Board of Directors in August 2023. The May 2024 Share Repurchase Program authorizes us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH are also authorized under the May 2024 Share Repurchase Program, subject to REH’s interest in selling its shares and other limitations. The timing and amount of share repurchases, including those from REH, will depend on market conditions and corporate, tax, regulatory and other relevant considerations. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs. The May 2024 Share Repurchase Program may be discontinued at any time by our Board of Directors.

The following table presents the total open market and privately negotiated purchases of shares under our share repurchase programs for the three and nine months ended September 30, 2024 and 2023:

 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 
(In thousands, except share data)
Number of shares repurchased (1)
2,665,00011,274,91711,944,17716,068,774
Cash paid for shares repurchased
$126,456 $585,574 $663,684 $825,897 
(1)During the nine months ended September 30, 2024, 7,864,761 shares were repurchased for $456.1 million, pursuant to privately negotiated repurchases from REH Company. No such privately negotiated repurchases were made during the three months ended September 30, 2024. During the three and nine months ended September 30, 2023, 11,274,917 and 13,244,196 shares were repurchased for $585.6 million and $685.6 million, respectively, pursuant to privately negotiated repurchases from REH Company.

As of September 30, 2024, we had remaining authorization to repurchase up to $798.5 million under the May 2024 Share Repurchase Program.

During the nine months ended September 30, 2024 and 2023, we withheld 60,116 and 18,648 shares, respectively, of our common stock under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

On October 31, 2024, our Board of Directors announced that it declared a regular quarterly dividend in the amount of $0.50 per share, payable on December 4, 2024 to holders of record of common stock on November 21, 2024.
26
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


NOTE 14:Other Comprehensive Income (Loss)

The components and allocated tax effects of other comprehensive income (loss) are as follows:
Before-TaxTax Expense
(Benefit)		After-Tax
 (In thousands)
Three Months Ended September 30, 2024
Net change in foreign currency translation adjustment$10,188 $2,136 $8,052 
Net unrealized gain on hedging instruments456 110 346 
Net change in pension and other post-retirement benefit obligations(490)(109)(381)
Other comprehensive income attributable to HF Sinclair stockholders
$10,154 $2,137 $8,017 
Three Months Ended September 30, 2023
Net change in foreign currency translation adjustment$(13,471)$(2,834)$(10,637)
Net change in pension and other post-retirement benefit obligations(960)(233)(727)
Other comprehensive loss attributable to HF Sinclair stockholders$(14,431)$(3,067)$(11,364)

Before-TaxTax BenefitAfter-Tax
(In thousands)
Nine Months Ended September 30, 2024
Net change in foreign currency translation adjustment$(7,659)$(1,608)$(6,051)
Net change in pension and other post-retirement benefit obligations(1,905)(444)(1,461)
Other comprehensive loss attributable to HF Sinclair stockholders$(9,564)$(2,052)$(7,512)
Nine Months Ended September 30, 2023
Net change in foreign currency translation adjustment$(693)$(144)$(549)
Net change in pension and other post-retirement benefit obligations(2,880)(699)(2,181)
Other comprehensive loss attributable to HF Sinclair stockholders$(3,573)$(843)$(2,730)

27
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”) and into the consolidated statements of operations:
Three Months Ended September 30,
AOCI Component20242023Statement of Operations Line Item
(In thousands)
Hedging instruments:
Commodity price swaps$(518)$(3,506)Sales and other revenues
(125)(850)Income tax benefit
(393)(2,656)Net of tax
Other post-retirement benefit obligations:
Pension obligations(437)45 Gain (loss) on sale of assets and other
(116)11 Income tax expense (benefit)
(321)34 Net of tax
Post-retirement healthcare obligations933 918 Gain on sale of assets and other
226 223 Income tax expense
707 695 Net of tax
Retirement restoration plan(6)(3)Loss on sale of assets and other
(1)(1)Income tax benefit
(5)(2)Net of tax
Total reclassifications for the period$(12)$(1,929)

Nine Months Ended September 30,
AOCI Component20242023Statement of Operations Line Item
(In thousands)
Hedging instruments:
Commodity price swaps$(5,110)$(3,236)Sales and other revenues
(1,238)(785)Income tax benefit
(3,872)(2,451)Net of tax
Other post-retirement benefit obligations:
Pension obligations(869)135Gain (loss) on sale of assets and other
(230)33Income tax expense (benefit)
(639)102 Net of tax
Post-retirement healthcare obligations2,790 2,754Gain on sale of assets and other
677 668Income tax expense
2,113 2,086 Net of tax
Retirement restoration plan(16)(9)Gain on sale of assets and other
(3)(2)Income tax benefit
(13)(7)Net of tax
Total reclassifications for the period$(2,411)$(270)

28
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
September 30, 2024December 31, 2023
 (In thousands)
Foreign currency translation adjustment$(29,077)$(23,026)
Unrealized gain on pension obligations1,489 619 
Unrealized gain on post-retirement benefit obligations8,292 10,623 
Accumulated other comprehensive loss$(19,296)$(11,784)


NOTE 15:Contingencies

In the ordinary course of business, we may become party to legal, regulatory or administrative proceedings or governmental investigations, including environmental and other matters. Damages or penalties may be sought from us in some matters and certain matters may require years to resolve. While the outcome and impact of these proceedings and investigations on us cannot be predicted with certainty, based on the advice of counsel and information currently available to us, management believes that the resolution of these proceedings and investigations through settlement or adverse judgment will not either individually or in the aggregate have a material adverse effect on our financial condition, results of operations or cash flows.

During 2017 and 2019, the EPA granted the Cheyenne, Wyoming refinery (the “Cheyenne Refinery”) and the refinery in Woods Cross, Utah (the “Woods Cross Refinery”) each a one-year small refinery exemption from the Renewable Fuel Standard program requirements for the 2016 and 2018, compliance years. As a result, the Cheyenne Refinery’s and Woods Cross Refinery’s gasoline and diesel production were not subject to the renewable volume obligation for the respective years. Upon each exemption granted, we increased our inventory of RINs and reduced our Cost of sales. On April 7, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross Refinery and Cheyenne Refinery for the 2018 compliance year. On June 3, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross Refinery and Cheyenne Refinery for the 2016 compliance year and denying small refinery exemption petitions for our Woods Cross Refinery and Cheyenne Refinery for the 2019 and 2020 compliance years.

Certain of our subsidiaries pursued legal challenges to the EPA’s decisions to deny small refinery exemptions for the 2016, 2018, 2019 and 2020 compliance years. The first lawsuit, filed against the EPA on May 6, 2022, before the U.S. Court of Appeals for the DC Circuit (the “DC Circuit”), sought to have the EPA’s reversal of our 2018 small refinery exemption petitions overturned. The second lawsuit, filed against the EPA on August 5, 2022, before the DC Circuit, sought to have the EPA’s reversal of our 2016 small refinery exemption petitions overturned and to have the EPA’s denial of our 2019 and 2020 small refinery exemption petitions reversed.

In addition, pursuant to the June 2022 and April 2022 decisions, respectively, the EPA established an alternative compliance demonstration to not impose obligations on small refineries that had exemptions reversed for the 2016 and 2018 compliance years. On June 24, 2022, Growth Energy filed two lawsuits in the DC Circuit against the EPA, challenging the alternative compliance demonstration for the 2016 and 2018 compliance years. On July 25, 2022, certain of our subsidiaries intervened on behalf of the EPA to aid the defense of the EPA’s alternative compliance demonstration decision.

On July 26, 2024, the DC Circuit issued a favorable decision vacating the EPA’s denial of all of our small refinery exemption petitions, finding the denial to be unlawful. The DC Circuit remanded the small refinery exemption petitions to the EPA for new determination. The DC Circuit also upheld the alternative compliance demonstration and denied Growth Energy’s challenge.

It is too early to determine the final impact of the DC Circuit’s decisions. We are unable to estimate the costs we may incur, if any, at this time.

29
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
HF Sinclair Navajo Refining LLC (“HFS Navajo”) has been engaged in discussions with, and has responded to document requests from, the EPA, the United States Department of Justice (the “DOJ”) and the New Mexico Environment Department (the “NMED”) (collectively, the “Navajo Matter Government Agencies”) regarding HFS Navajo’s compliance with the Clean Air Act (“CAA”) and underlying regulations, and similar New Mexico laws and regulations, at its Artesia and Lovington, New Mexico refineries. The discussions have included the following topics: (a) alleged noncompliance with CAA’s National Emission Standards for Hazardous Air Pollutants (“NESHAP”) and New Source Performance Standards (“NSPS”) at the Artesia refinery, which were set forth in a Notice of Violation (“May 2020 NOV”) issued by the EPA in May 2020; (b) a Post Inspection Notice issued in June 2020 by the NMED, alleging noncompliance issues similar to those alleged by the EPA in its May 2020 NOV as well as alleged noncompliance with the State Implementation Plan (“SIP”) and the Title V permit operating programs; (c) an information request issued in September 2020 by the EPA, pursuant to CAA Section 114, related to benzene fenceline monitoring, flare fuel gas, leak detection and repair, storage vessels and tanks, and other information regarding the Artesia refinery; (d) an information request issued by the EPA in May 2021, pursuant to CAA Section 114, requesting additional information and testing related to certain tanks at the Artesia refinery; and (e) informal information requests related to, among other things, the Artesia refinery’s wastewater treatment plant, oil water separators and heat exchangers. In each of April 2022, June 2023 and August 2023, the EPA alleged additional CAA noncompliance at the Artesia refinery beyond the allegations in the May 2020 NOV, including alleged noncompliance with NESHAP, NSPS, SIP, Title V and other requirements.

Beginning in the spring of 2021, HFS Navajo and the Navajo Matter Government Agencies began monthly meetings to discuss potential injunctive relief measures to address the alleged noncompliance at the Artesia refinery. In September 2021 and August 2023, the EPA presented to HFS Navajo potential claims for alleged noncompliance with a 2002 consent decree. In September 2024, the Navajo Matter Government Agencies presented to HFS Navajo a proposed penalty demand for the alleged noncompliance at the Artesia refinery. HFS Navajo continues to assess the factual basis for the alleged noncompliance and the proposed penalty demand and continues to engage in work with the Navajo Matter Government Agencies to resolve these issues.

It is too early to predict the outcome of this matter or the timing of resolution. We are unable to estimate the costs we may incur, if any, at this time.


NOTE 16:Segment Information

Our 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.

The 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 and Rocky Mountains extending into the Pacific Northwest geographic regions of the United States. Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma.

The 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.

The 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. The Marketing segment also includes branded fuel sales to non-Sinclair branded sites from legacy HollyFrontier Corporation (“HollyFrontier”) agreements and revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of the sites located in our West and Mid-Continent regions.

30
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Lubricants & Specialties segment represents Petro-Canada Lubricants Inc.’s production operations, located in Mississauga, Ontario, which includes lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants Inc.’s business that includes the marketing of 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 specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America and the operations of Red Giant Oil Company LLC, one of the leading suppliers of locomotive engine oil in North America. Also, the Lubricants & Specialties segment includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.

The Midstream segment includes all of the operations of HEP, 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, Cheyenne Pipeline, LLC, the owner of a pipeline running from Fort Laramie, Wyoming to Cheyenne, Wyoming, and Cushing Connect, a 25.12% 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 as well as revenues relating to pipeline transportation, terminalling operations and tankage facilities provided for our refining operations.

Beginning in the first quarter of 2024, our Refining segment acquired from our Midstream segment the refinery processing units at our El Dorado and Woods Cross refineries. Additionally, we amended an intercompany agreement between certain of our subsidiaries within the Refining, Lubricants & Specialties and Midstream segments. As a result, we have revised our Refining, Lubricants & Specialties and Midstream segment information for the periods presented.

The accounting policies for our segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2023.

31
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other
and Eliminations		Consolidated
Total
(In thousands)
Three Months Ended September 30, 2024
Sales and other revenues:
Revenues from external customers$5,386,710 $160,038 $950,050 $682,589 $27,753 $— $7,207,140 
Intersegment revenues and other (1)
995,001 105,320 — 3,278 136,115 (1,239,714)— 
6,381,711 265,358 950,050 685,867 163,868 (1,239,714)7,207,140 
Cost of sales: (2)
Cost of materials and other (3)
5,731,823 237,321 918,432 509,204 — (1,238,486)6,158,294 
Lower of cost or market inventory valuation adjustments
198,759 3,548 — — — — 202,307 
Operating expenses
485,231 24,959 — 60,404 58,702 277 629,573 
6,415,813 265,828 918,432 569,608 58,702 (1,238,209)6,990,174 
Selling, general and administrative expenses (2)
54,632 1,281 9,476 38,832 3,820 9,973 118,014 
Depreciation and amortization123,348 21,409 6,588 21,661 17,824 18,886 209,716 
Asset impairments— — — — 9,984 — 9,984 
Income (loss) from operations$(212,082)$(23,160)$15,554 $55,766 $73,538 $(30,364)$(120,748)
Earnings of equity method investments$— $— $— $— $7,353 $798 $8,151 
Capital expenditures$70,655 $1,268 $12,874 $10,580 $15,996 $12,231 $123,604 
Three Months Ended September 30, 2023
Sales and other revenues:
Revenues from external customers$6,717,926 $213,144 $1,259,205 $686,123 $29,073 $— $8,905,471 
Intersegment revenues and other (1)
1,333,008 118,033 — 565 123,540 (1,575,146)— 
8,050,934 331,177 1,259,205 686,688 152,613 (1,575,146)8,905,471 
Cost of sales: (2)
Cost of materials and other (3)
6,518,402 294,682 1,230,372 466,459 — (1,574,265)6,935,650 
Lower of cost or market inventory valuation adjustments
(26,842)(17,006)— — — — (43,848)
Operating expenses
478,847 30,198 — 64,965 50,489 (1,967)622,532 
6,970,407 307,874 1,230,372 531,424 50,489 (1,576,232)7,514,334 
Selling, general and administrative expenses (2)
50,345 1,336 7,731 40,051 7,947 16,803 124,213 
Depreciation and amortization118,077 18,904 6,002 22,366 20,274 9,939 195,562 
Income (loss) from operations$912,105 $3,063 $15,100 $92,847 $73,903 $(25,656)$1,071,362 
Earnings of equity method investments$— $— $— $— $3,581 $(572)$3,009 
Capital expenditures$44,866 $2,812 $4,223 $10,070 $5,672 $13,544 $81,187 

32
Table of Contents
HF SINCLAIR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other
and Eliminations		Consolidated
Total
(In thousands)
Nine Months Ended September 30, 2024
Sales and other revenues:
Revenues from external customers$16,729,833 $519,935 $2,668,219 $2,084,183 $77,946 $— $22,080,116 
Intersegment revenues and other (1)
2,833,932 233,260 — 11,070 399,118 (3,477,380)— 
19,563,765 753,195 2,668,219 2,095,253 477,064 (3,477,380)22,080,116 
Cost of sales: (2)
Cost of materials and other (3)
17,497,374 687,650 2,590,573 1,533,440 — (3,473,718)18,835,319 
Lower of cost or market inventory valuation adjustments
(21,799)1,613 — — — — (20,186)
Operating expenses
1,406,414 76,125 — 188,849 155,309 1,305 1,828,002 
18,881,989 765,388 2,590,573 1,722,289 155,309 (3,472,413)20,643,135 
Selling, general and administrative expenses (2)
154,089 4,067 24,577 111,609 10,674 21,230 326,246 
Depreciation and amortization362,933 61,467 19,265 66,888 52,887 50,325 613,765 
Asset impairments— — — — 9,984 — 9,984 
Income (loss) from operations$164,754 $(77,727)$33,804 $194,467 $248,210 $(76,522)$486,986 
Earnings of equity method investments$— $— $— $— $21,899 $1,713 $23,612 
Capital expenditures$161,374 $7,188 $33,365 $23,064 $35,246 $36,684 $296,921 
Nine Months Ended September 30, 2023
Sales and other revenues:
Revenues from external customers$18,284,853 $590,620 $3,237,523 $2,105,941 $85,322 $— $24,304,259 
Intersegment revenues and other (1)
3,524,078 311,758 — 10,890 339,596 (4,186,322)— 
21,808,931 902,378 3,237,523 2,116,831 424,918 (4,186,322)24,304,259 
Cost of sales: (2)
Cost of materials and other (3)
18,002,106 816,226 3,162,727 1,515,900 — (4,183,647)19,313,312 
Lower of cost or market inventory valuation adjustments
— (4,114)— — — — (4,114)
Operating expenses
1,391,930 85,942 — 192,592 138,021 230 1,808,715 
19,394,036 898,054 3,162,727 1,708,492 138,021 (4,183,417)21,117,913 
Selling, general and administrative expenses (2)
142,461 3,587 22,821 124,229 18,094 36,322 347,514 
Depreciation and amortization330,702 57,846 17,889 62,113 61,855 28,500 558,905 
Income (loss) from operations$1,941,732 $(57,109)$34,086 $221,997 $206,948 $(67,727)$2,279,927 
Earnings of equity method investments$— $— $— $— $11,008 $(572)$10,436 
Capital expenditures$157,827 $11,193 $15,678 $24,453 $21,936 $30,350 $261,437 
(1)Includes income earned by certain of our subsidiaries in the Midstream segment related to intercompany transportation agreements with certain of our subsidiaries in the Refining and Lubricants & Specialties segments that represent leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.

33

Table of Contents
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Item 2 contains “forward-looking” statements. See “Forward-Looking Statements” at the beginning of Part I of this Quarterly Report on Form 10-Q. In addition, this Item 2 should be read in conjunction with the accompanying consolidated financial statements and notes, as well as our consolidated financial statements and notes within our Annual Report on Form 10-K for the year ended December 31, 2023, and Exhibit 99.1 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed May 8, 2024. In this document, the words “we,” “our,” “ours,” and “us” refer only to HF Sinclair Corporation (“HF Sinclair”) and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person with certain exceptions. References herein to Holly Energy Partners, L.P. (“HEP”) with respect to time periods prior to the closing of the HEP Merger Transaction (as defined below) on December 1, 2023, refer to HEP and its consolidated subsidiaries.

OVERVIEW

We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and other specialty products. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. We market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states, and we supply high-quality fuels to more than 1,500 branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries.

For the three months ended September 30, 2024, Net loss attributable to HF Sinclair stockholders was $(75.9) million compared to a Net income attributable to HF Sinclair stockholders of $790.9 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, Net income attributable to HF Sinclair stockholders was $390.5 million compared to $1,651.8 million for the nine months ended September 30, 2023.

In the Refining segment, we continued to see lower refining margins in the West region in the third quarter of 2024 compared to the prior two quarters, principally as a result of high global supply of transportation fuels across the industry that continues to weigh on product margins. Additionally, we completed the planned turnaround at our Parco refinery and began a planned turnaround at our El Dorado refinery during the period. For the fourth quarter of 2024, we expect to run between 565,000-600,000 barrels per day of crude oil, which reflects the planned turnaround at our El Dorado refinery.

In the Renewables segment, we continued to see increased sales volumes and feedstock optimization despite ongoing weakness in RINs and Low Carbon Fuel Standard (“LCFS”) prices in the third quarter of 2024. For the fourth quarter of 2024, we expect continued weakness in RINs and LCFS prices to impact renewable diesel margins.

In the Marketing segment, we continued to see strong value in the Sinclair branded sites during the third quarter of 2024 as the marketing business continued to provide a consistent sales channel with margin uplift for our produced fuels. We expect to grow the number of branded sites by approximately 10% over the next six to twelve months.

In the Lubricants & Specialties segment, we continued to see strong performance (excluding first-in, first out (“FIFO”) impacts), driven by increased sales volumes, sales mix optimization and base oil integration across our portfolio during the third quarter of 2024.

In the Midstream segment, our results continued to benefit from increased sales volumes and higher tariffs in the third quarter of 2024.

We continue to adjust our operational plans to evolving market conditions. The extent to which our future results are affected by volatile regional and global economic conditions will depend on various factors and consequences beyond our control.

34

Table of Contents
In August 2023, our Board of Directors authorized a $1.0 billion share repurchase program, and we continued to repurchase shares in the first and second quarter of 2024 under this program. On May 7, 2024, our Board of Directors authorized a new $1.0 billion share repurchase program (the “May 2024 Share Repurchase Program”), and we continued to repurchase shares this quarter under the May 2024 Share Repurchase Program. The timing and amount of share repurchases under the May 2024 Share Repurchase Program, including those from REH Company (“REH Company” and together with its affiliate REH Advisors Inc., “REH”), will depend on market conditions and corporate, tax, regulatory and other relevant conditions. We repurchased 2,665,000 and 11,944,177 shares for $126.5 million and $663.7 million through the three and nine months ended September 30, 2024, respectively, under open market and privately negotiated purchases. On October 31, 2024, our Board of Directors announced that it declared a regular quarterly dividend in the amount of $0.50 per share, payable on December 4, 2024 to holders of record of common stock on November 21, 2024.

HEP Merger Transaction
On December 1, 2023, pursuant to the Agreement and Plan of Merger, dated as of August 15, 2023 (the “Merger Agreement”), by and among HEP, HF Sinclair, Navajo Pipeline Co., L.P., a Delaware limited partnership and an indirect wholly owned subsidiary of HF Sinclair (“HoldCo”), Holly Apple Holdings LLC, a Delaware limited liability company and a wholly owned subsidiary of HoldCo (“Merger Sub”), HEP Logistics Holdings, L.P., a Delaware limited partnership and the general partner of HEP (“HLH”), and Holly Logistic Services, L.L.C., a Delaware limited liability company and the general partner of HLH, Merger Sub merged with and into HEP, with HEP surviving as an indirect, wholly owned subsidiary of HF Sinclair (the “HEP Merger Transaction”).

Under the terms of the Merger Agreement, each outstanding common unit representing a limited partner interest in HEP (an “HEP common unit”), other than the HEP common units already owned by HF Sinclair and its subsidiaries, was converted into the right to receive 0.315 shares of HF Sinclair common stock and $4.00 in cash, without interest. The Merger Agreement consideration totaled $267.6 million in cash and resulted in the issuance of 21,072,326 shares of HF Sinclair common stock from treasury stock.

For a description of our existing indebtedness, as well as the changes thereto associated with the HEP Merger Transaction, see Note 11 “Debt” in the Notes to Consolidated Financial Statements.

Renewable Fuel Standard Regulations
Pursuant to the 2007 Energy Independence and Security Act, the Environmental Protection Agency (“EPA”) promulgated the Renewable Fuel Standard (“RFS”) regulations, which increased the volume of renewable fuels mandated to be blended into the nation’s fuel supply. The regulations, in part, require refiners to add annually increasing amounts of “renewable fuels” to their petroleum products or purchase credits, known as RINs, in lieu of such blending. Compliance with RFS regulations significantly increases our Cost of materials and other, with RINs costs totaling $119.4 million and $333.5 million for the three and nine months ended September 30, 2024, respectively, compared to $237.8 million and $596.1 million for the three and nine months ended September 30, 2023, respectively. At September 30, 2024, our open RINs credit obligations were $27.5 million.

A more detailed discussion of our financial and operating results for the three and nine months ended September 30, 2024 and 2023 is presented in the following sections.
35

Table of Contents
RESULTS OF OPERATIONS

Financial Data
 Three Months Ended September 30,Change from 2023
 20242023ChangePercent
 (In thousands, except per share data)
Sales and other revenues$7,207,140 $8,905,471 $(1,698,331)(19)%
Operating costs and expenses:
Cost of sales: (1)
Cost of materials and other (2)
6,158,294 6,935,650 (777,356)(11)%
Lower of cost or market inventory valuation adjustments202,307 (43,848)246,155 (561)%
Operating expenses
629,573 622,532 7,041 1 %
6,990,174 7,514,334 (524,160)(7)%
Selling, general and administrative expenses (1)
118,014 124,213 (6,199)(5)%
Depreciation and amortization209,716 195,562 14,154 7 %
Asset impairments9,984 — 9,984 100 %
Total operating costs and expenses7,327,888 7,834,109 (506,221)(6)%
Income (loss) from operations(120,748)1,071,362 (1,192,110)(111)%
Other income (expense):
Earnings of equity method investments8,151 3,009 5,142 171 %
Interest income18,309 24,577 (6,268)(26)%
Interest expense(40,396)(48,686)8,290 (17)%
Gain on foreign currency transactions1,401 860 541 63 %
Gain on sale of assets and other1,936 8,954 (7,018)(78)%
(10,599)(11,286)687 (6)%
Income (loss) before income taxes(131,347)1,060,076 (1,191,423)(112)%
Income tax expense (benefit)(57,266)235,015 (292,281)(124)%
Net income (loss)(74,081)825,061 (899,142)(109)%
Less net income attributable to noncontrolling interest1,863 34,139 (32,276)(95)%
Net income (loss) attributable to HF Sinclair stockholders$(75,944)$790,922 $(866,866)(110)%
Earnings (loss) per share attributable to HF Sinclair stockholders:
Basic$(0.40)$4.23 $(4.63)(109)%
Diluted$(0.40)$4.23 $(4.63)(109)%
Cash dividends declared per common share$0.50 $0.45 $0.05 11 %
Average number of common shares outstanding:
Basic189,840 185,456 4,384 2 %
Diluted189,840 185,456 4,384 2 %
36

Table of Contents
 Nine Months Ended September 30,Change from 2023
 20242023ChangePercent
 (In thousands, except per share data)
Sales and other revenues$22,080,116 $24,304,259 $(2,224,143)(9)%
Operating costs and expenses:
Cost of sales (1):
Cost of materials and other (2)
18,835,319 19,313,312 (477,993)(2)%
Lower of cost or market inventory valuation adjustments(20,186)(4,114)(16,072)391 %
Operating expenses (1)
1,828,002 1,808,715 19,287 1 %
20,643,135 21,117,913 (474,778)(2)%
Selling, general and administrative expenses (1)
326,246 347,514 (21,268)(6)%
Depreciation and amortization613,765 558,905 54,860 10 %
 Asset impairments9,984 — 9,984 100 %
Total operating costs and expenses21,593,130 22,024,332 (431,202)(2)%
Income from operations486,986 2,279,927 (1,792,941)(79)%
Other income (expense):
Earnings of equity method investments23,612 10,436 13,176 126 %
Interest income58,983 62,103 (3,120)(5)%
Interest expense(126,536)(141,490)14,954 (11)%
Gain on foreign currency transactions1,475 2,478 (1,003)(40)%
Gain on sale of assets and other3,691 11,737 (8,046)(69)%
(38,775)(54,736)15,961 (29)%
Income before income taxes448,211 2,225,191 (1,776,980)(80)%
Income tax expense52,190 480,640 (428,450)(89)%
Net income 396,021 1,744,551 (1,348,530)(77)%
Less net income attributable to noncontrolling interest5,513 92,702 (87,189)(94)%
Net income attributable to HF Sinclair stockholders$390,508 $1,651,849 $(1,261,341)(76)%
Earnings (loss) per share attributable to HF Sinclair stockholders:
Basic$2.01 $8.57 $(6.56)(77)%
Diluted$2.01 $8.57 $(6.56)(77)%
Cash dividends declared per common share$1.50 $1.35 $0.15 11 %
Average number of common shares outstanding:
Basic193,341 191,047 2,294 1 %
Diluted193,341 191,047 2,294 1 %
(1)Exclusive of Depreciation and amortization.
(2)Exclusive of Lower of cost or market inventory valuation adjustments.

Balance Sheet Data
September 30, 2024December 31, 2023
(Unaudited)
 (In thousands)
Cash and cash equivalents$1,229,482 $1,353,747 
Working capital$2,393,303 $3,371,905 
Total assets$16,887,661 $17,716,265 
Total debt$2,636,805 $2,739,083 
Total equity$9,670,410 $10,237,298 

37

Table of Contents
Other Financial Data 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (In thousands)
Net cash provided by operating activities$707,578 $1,398,906 $1,250,394 $2,066,571 
Net cash used for investing activities$(121,059)$(71,440)$(294,603)$(247,720)
Net cash used for financing activities$(226,982)$(725,480)$(1,078,726)$(1,268,273)
Capital expenditures$123,604 $81,187 $296,921 $261,437 
EBITDA (1)
$98,593 $1,245,608 $1,124,016 $2,770,781 
(1)Earnings before interest, taxes, depreciation and amortization, which we refer 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 (benefit), and (iii) Depreciation and amortization. EBITDA is not a calculation provided for under GAAP; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to net income or operating income as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants. EBITDA presented above is reconciled to net income under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Quarterly Report on Form 10-Q.

Supplemental Segment Operating Data

Our operations are organized into five reportable segments, Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. See Note 16 “Segment Information” in the Notes to Consolidated Financial Statements for additional information on our reportable segments.

Refining Segment Operating Data

The 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. The following tables set forth information, including non-GAAP 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 sold. 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” following Item 3 of Part I of this Quarterly Report on Form 10-Q.

Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Mid-Continent Region
Crude charge (BPD) (1)
263,170 250,280 262,670 230,130 
Refinery throughput (BPD) (2)
279,210 269,270 278,210 249,170 
Sales of produced refined products (BPD) (3)
274,870 257,270 276,830 234,470 
Refinery utilization (4)
101.2 %96.3 %101.0 %88.5 %
Average per produced barrel sold: (5)
Gross margin (6)
$(3.91)$13.78 $1.35 $10.80 
Adjusted refinery gross margin (7)
$9.38 $21.64 $9.40 $20.43 
Operating expenses (8)
6.56 6.69 6.28 7.34 
Adjusted refinery gross margin, less operating expenses$2.82 $14.95 $3.12 $13.09 
Operating expenses per throughput barrel (9)
$6.45 $6.39 $6.25 $6.91 
38

Table of Contents
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Mid-Continent Region
Feedstocks:
Sweet crude oil54 %53 %53 %59 %
Sour crude oil24 %22 %23 %18 %
Heavy sour crude oil16 %18 %18 %15 %
Other feedstocks and blends6 %7 %6 %8 %
Total100 %100 %100 %100 %
Sales of produced refined products:
Gasolines50 %52 %52 %51 %
Diesel fuels31 %30 %31 %30 %
Jet fuels7 %6 %6 %6 %
Fuel oil1 %1 %1 %1 %
Asphalt5 %4 %4 %4 %
Lubricants3 %3 %4 %4 %
LPG and other3 %4 %2 %4 %
Total100 %100 %100 %100 %
West Region
Crude charge (BPD) (1)
343,840 351,650 352,860 321,700 
Refinery throughput (BPD) (2)
370,540 375,830 378,310 351,880 
Sales of produced refined products (BPD) (3)
379,530 376,910 373,890 348,740 
Refinery utilization (4)
82.3 %84.1 %84.4 %77.0 %
Average per produced barrel sold: (5)
Gross margin (6)
$(1.67)$18.35 $2.11 $14.63 
Adjusted refinery gross margin (7)
$11.82 $29.42 $13.21 $26.25 
Operating expenses (8)
9.15 9.24 9.08 9.69 
Adjusted refinery gross margin, less operating expenses$2.67 $20.18 $4.13 $16.56 
Operating expenses per throughput barrel (9)
$9.37 $9.27 $8.97 $9.60 
Feedstocks:
Sweet crude oil34 %30 %34 %31 %
Sour crude oil44 %45 %43 %43 %
Heavy sour crude oil9 %13 %10 %12 %
Wax crude oil
6 %6 %6 %6 %
Other feedstocks and blends7 %6 %7 %8 %
Total100 %100 %100 %100 %
Sales of produced refined products:
Gasolines53 %51 %52 %53 %
Diesel fuels31 %32 %32 %31 %
Jet fuels6 %7 %6 %6 %
Fuel oil1 %2 %2 %2 %
Asphalt3 %3 %2 %2 %
LPG and other6 %5 %6 %6 %
Total100 %100 %100 %100 %




39

Table of Contents
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Consolidated
Crude charge (BPD) (1)
607,010 601,930 615,530 551,830 
Refinery throughput (BPD) (2)
649,750 645,100 656,520 601,050 
Sales of produced refined products (BPD) (3)
654,400 634,180 650,720 583,210 
Refinery utilization (4)
89.5 %88.8 %90.8 %81.4 %
Average per produced barrel sold: (5)
Gross margin (6)
$(2.62)$16.50 $1.79 $13.09 
Adjusted refinery gross margin (7)
$10.79 $26.27 $11.59 $23.91 
Operating expenses (8)
8.06 8.21 7.89 8.74 
Adjusted refinery gross margin, less operating expenses$2.73 $18.06 $3.70 $15.17 
Operating expenses per throughput barrel (9)
$8.12 $8.07 $7.82 $8.48 
Feedstocks:
Sweet crude oil42 %40 %42 %43 %
Sour crude oil36 %35 %34 %33 %
Heavy sour crude oil12 %15 %14 %13 %
Wax crude oil
3 %3 %4 %3 %
Other feedstocks and blends7 %7 %6 %8 %
Total100 %100 %100 %100 %
Sales of produced refined products:
Gasolines52 %52 %52 %53 %
Diesel fuels31 %31 %32 %30 %
Jet fuels7 %7 %6 %6 %
Fuel oil1 %1 %1 %1 %
Asphalt4 %3 %3 %3 %
Base oils1 %1 %2 %2 %
LPG and other4 %5 %4 %5 %
Total100 %100 %100 %100 %
(1)Crude charge represents the barrels per day of crude oil processed at our refineries.
(2)Refinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.
(3)Represents 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.
(4)Represents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity is 678,000 BPSD.
(5)Represents 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” following Item 3 of Part I of this Quarterly Report on Form 10-Q.
(6)Gross 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 refined products produced at our refineries.
(7)Adjusted refinery gross margin is a non-GAAP measure and represents 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 refined products produced at our refineries. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Quarterly Report on Form 10-Q.
(8)Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of refined products produced at our refineries.
(9)Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by Refinery throughput.



40

Table of Contents
Renewables Segment Operating Data

The 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 sold. 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” following Item 3 of Part I of this Quarterly Report on Form 10-Q.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Renewables
Sales volumes (in thousand gallons)68,755 54,909 193,484 152,896 
Average per produced gallon sold: (1)
Gross margin (2)
$(0.32)$0.08 $(0.38)$(0.35)
Adjusted renewables gross margin (3)
$0.41 $0.66 $0.34 $0.56 
Operating expenses (4)
0.36 0.55 0.39 0.56 
Adjusted renewables gross margin, less operating expenses$0.05 $0.11 $(0.05)$— 
(1)Represents 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” following Item 3 of Part I of this Quarterly Report on Form 10-Q.
(2)Gross 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 renewable diesel produced at our renewable diesel units.
(3)Adjusted renewables gross margin is a non-GAAP measure and represents 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 renewable diesel produced at our renewable diesel units. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Quarterly Report on Form 10-Q.
(4)Represents total Renewables segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of renewable diesel produced at our renewable diesel units.

41

Table of Contents
Marketing Segment Operating Data

The 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 sold. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Quarterly Report on Form 10-Q.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Marketing
Number of branded sites at period end (1)
1,5861,5351,5861,535
Sales volumes (in thousand gallons)365,036398,3991,043,1831,091,216
Average per gallon sold: (2)
Gross margin (3)
$0.07 $0.06 $0.06 $0.05 
Adjusted marketing gross margin (4)
$0.09 $0.07 $0.07 $0.07 
(1)Includes non-Sinclair branded sites from legacy HollyFrontier agreements.
(2)Represents 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” following Item 3 of Part I of this Quarterly Report on Form 10-Q.
(3)Gross 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 sold.
(4)Adjusted marketing gross margin is a non-GAAP measure and represents total Marketing segment gross margin plus Depreciation and amortization, divided by sales volumes of marketing products sold. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Quarterly Report on Form 10-Q.

Lubricants & Specialties Segment Operating Data

The following table sets forth information about our lubricants and specialties operations:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Lubricants & Specialties
Sales of produced refined products (BPD)32,914 30,400 32,977 30,440 
Sales of produced refined products:
Finished products45 %49 %47 %51 %
Base oils27 %27 %27 %27 %
Other28 %24 %26 %22 %
Total100 %100 %100 %100 %

42

Table of Contents
Midstream Segment Operating Data

The following table sets forth information about our midstream operations:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Midstream
Volumes (BPD)
Pipelines:
Affiliates—refined product pipelines156,346 152,541 165,566 144,082 
Affiliates—intermediate pipelines145,236 107,019 145,068 108,579 
Affiliates—crude pipelines459,273 426,418 442,317 429,965 
760,855 685,978 752,951 682,626 
Third parties—refined product pipelines39,190 33,549 39,170 38,702 
Third parties—crude pipelines240,496 204,970 201,256 196,552 
1,040,541 924,497 993,377 917,880 
Terminals and loading racks:
Affiliates (1)
1,019,229 971,678 1,030,624 902,101 
Third parties40,124 40,440 37,621 44,263 
1,059,353 1,012,118 1,068,245 946,364 
Total for pipelines and terminals assets (BPD)2,099,894 1,936,615 2,061,622 1,864,244 
(1)Certain affiliate volumetric non-financial information has been recast to conform to current year presentation.

Results of Operations – Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023

Summary
Net loss attributable to HF Sinclair stockholders for the three months ended September 30, 2024, was $(75.9) million ($(0.40) per basic and diluted share), a $866.9 million decrease compared to Net income attributable to HF Sinclair stockholders of $790.9 million ($4.23 per basic and diluted share) for the three months ended September 30, 2023. The decrease in net income was principally driven by lower adjusted refinery gross margins in both the West and Mid-Continent regions, partially offset by higher refined product sales volumes. Lower of cost or market inventory valuation adjustments related to our refining and renewables Inventories decreased pre-tax earnings by $202.3 million for the three months ended September 30, 2024, and increased pre-tax earnings by $43.8 million for the three months ended September 30, 2023. Adjusted refinery gross margins for the three months ended September 30, 2024 decreased to $10.79 per produced barrel sold as compared to $26.27 for the three months ended September 30, 2023.

Sales and Other Revenues
Sales and other revenues decreased 19.1% from $8,905.5 million for the three months ended September 30, 2023, to $7,207.1 million for the three months ended September 30, 2024, principally due to lower refined product sales prices, partially offset by higher refined product sales volumes. Sales and other revenues included $950.1 million, $682.6 million, $27.8 million and $160.0 million in unaffiliated revenues related to our Marketing, Lubricants & Specialties, Midstream and Renewables segments, respectively, for the three months ended September 30, 2024. Sales and other revenues included $1,259.2 million, $686.1 million, $29.1 million and $213.1 million in unaffiliated revenues related to our Marketing, Lubricants & Specialties, Midstream and Renewables segments, respectively, for the three months ended September 30, 2023.

Cost of Materials and Other
Cost of materials and other, exclusive of Lower of cost or market inventory valuation adjustments, decreased 11% from $6,935.7 million for the three months ended September 30, 2023, to $6,158.3 million for the three months ended September 30, 2024, principally due to lower crude oil costs, partially offset by higher refined product sales volumes. Within our Lubricants & Specialties segment, the FIFO impact was a charge of $26.7 million for the three months ended September 30, 2024, compared to a benefit of $29.9 million for the three months ended September 30, 2023.

43

Table of Contents
During the third quarter of 2024, we recognized a Lower of cost or market inventory valuation adjustment charge related to our Refining and Renewables segment Inventories of $198.8 million and $3.5 million, respectively. Additionally, during the third quarter of 2023, we recognized a Lower of cost or market inventory valuation adjustment benefit related to our Refining and Renewables segment Inventories of $26.8 million and $17.0 million, respectively.

Adjusted Refinery Gross Margins
Adjusted refinery gross margin per produced barrel sold decreased 59% from $26.27 for the three months ended September 30, 2023, to $10.79 for the three months ended September 30, 2024. The decrease was due to lower average sales prices per barrel, partially offset by lower crude oil and feedstock prices during the three months ended September 30, 2024. Adjusted refinery gross margin per produced barrel sold 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, Operating expenses, and Depreciation and amortization. See “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Quarterly Report on Form 10-Q for a reconciliation to the statement of operations sales price of products sold and cost of products purchased.

Operating Expenses
Operating expenses increased 1% from $622.5 million for the three months ended September 30, 2023, to $629.6 million for the three months ended September 30, 2024, primarily due to other miscellaneous costs.

Selling, General and Administrative Expenses
Selling, general and administrative expenses decreased 5% from $124.2 million for the three months ended September 30, 2023, to $118.0 million for the three months ended September 30, 2024, primarily due to lower incentive compensation and professional costs, partially offset by higher costs related to information technology. We incurred $0.1 million and $6.6 million in acquisition integration and regulatory costs during the three months ended September 30, 2024 and 2023, respectively.

Depreciation and Amortization Expenses
Depreciation and amortization increased 7% from $195.6 million for the three months ended September 30, 2023, to $209.7 million for the three months ended September 30, 2024, principally due to Depreciation and amortization attributable to additional capitalized refinery turnaround costs and capitalized improvement projects as compared to the prior period.

Asset Impairments
For the three months ended September 30, 2024, we recorded impairments totaling $10.0 million in our Midstream segment related to certain logistic assets.

Interest Income
Interest income was $18.3 million for the three months ended September 30, 2024, compared to $24.6 million for the three months ended September 30, 2023. The decrease in Interest income was primarily due to the decrease in average cash balance.

Interest Expense
Interest expense was $40.4 million for the three months ended September 30, 2024, compared to $48.7 million for the three months ended September 30, 2023. This decrease was primarily due to a reduction in total debt outstanding as compared to the prior period.

Gain (loss) on Foreign Currency Transactions
Remeasurement adjustments resulting from the foreign currency conversion of the intercompany financing notes payable by Petro-Canada Lubricants Inc. net of mark-to-market valuations on foreign exchange forward contracts with banks which hedge the foreign currency exposure on these intercompany notes were a net gain of $1.4 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024 and 2023, the change in foreign currency transactions included a loss of $4.1 million and a gain of $10.2 million, respectively, on foreign exchange forward contracts (utilized as an economic hedge).

44

Table of Contents
Income Taxes
For the three months ended September 30, 2024, we recorded an income tax benefit of $57.3 million compared to $235.0 million of tax expense for the three months ended September 30, 2023. This decrease was principally due to decreased earnings during the three months ended September 30, 2024, compared to the same period of 2023. Our effective tax rates were 43.6% and 22.2% for the three months ended September 30, 2024 and 2023, respectively. The difference between the U.S. federal statutory rate and the effective tax rate for the three months ended September 30, 2024, is primarily due to the relationship between pre-tax results and non-taxable permanent differences. The difference in the U.S. federal statutory rate and the effective tax rate for the three months ended September 30, 2023, was primarily due to the impact of federal tax credits and the relationship between pre-tax results and the earnings attributable to the noncontrolling interest that is not included in income for tax purposes.

Results of Operations – Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Summary
Net income attributable to HF Sinclair stockholders for the nine months ended September 30, 2024 was $390.5 million ($2.01 per basic and diluted share), a $1,261.3 million decrease compared to $1,651.8 million ($8.57 per basic and diluted share) for the nine months ended September 30, 2023. The decrease in Net income attributable to HF Sinclair stockholders was principally driven by lower adjusted refinery gross margins in both the West and Mid-Continent regions, partially offset by higher refined product sales volumes. Lower of cost or market inventory adjustments related to our Refining and Renewables segments’ inventories increased pre-tax earnings by $20.2 million and $4.1 million for the nine months ended September 30, 2024 and 2023, respectively. Adjusted refinery gross margins for the nine months ended September 30, 2024 decreased to $11.59 per produced barrel sold as compared to $23.91 for the nine months ended September 30, 2023.

Sales and Other Revenues
Sales and other revenues decreased 9% from $24,304.3 million for the nine months ended September 30, 2023 to $22,080.1 million for the nine months ended September 30, 2024, principally due to decreased refined product sales prices and lower excess crude oil sales volumes as a result of fewer planned maintenance activities in 2024, partially offset by higher refined product sales volumes. Sales and other revenues included $2,668.2 million, $2,084.2 million, $77.9 million and $519.9 million in unaffiliated revenues related to our Marketing, Lubricants & Specialties, Midstream and Renewables segments, respectively, for the nine months ended September 30, 2024. Sales and other revenues included $3,237.5 million, $2,105.9 million, $85.3 million and $590.6 million in unaffiliated revenues related to our Marketing, Lubricants & Specialties, Midstream and Renewables segments, respectively, for the nine months ended September 30, 2023.

Cost of Materials and Other
Cost of materials and other, exclusive of Lower of cost or market inventory valuation adjustments, decreased 2% from $19,313.3 million for the nine months ended September 30, 2023 to $18,835.3 million for the nine months ended September 30, 2024, principally due to lower excess crude oil sales volumes as a result of fewer planned maintenance activities in 2024, partially offset by higher refined product sales volumes. Within our Lubricants & Specialties segment, FIFO impact was a charge of $42.4 million and a benefit of $16.4 million for the nine months ended September 30, 2024 and 2023, respectively.

During the nine months ended September 30, 2024, we recognized a Lower of cost or market inventory valuation adjustment benefit related to our Refining segment inventories of $21.8 million. Additionally, during the nine months ended September 30, 2024, we recognized a Lower of cost or market inventory valuation adjustment charge related to our Renewables segment inventories of $1.6 million as compared to a benefit of $4.1 million during the nine months ended September 30, 2023.

Adjusted Refinery Gross Margins
Adjusted refinery gross margin per produced barrel sold decreased 52% from $23.91 for the nine months ended September 30, 2023 to $11.59 for the nine months ended September 30, 2024, principally due to lower average sales prices per barrel during the nine months ended September 30, 2024. Adjusted refinery gross margin per produced barrel sold 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, Operating expenses, and Depreciation and amortization. See “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Quarterly Report on Form 10-Q for a reconciliation to the statement of operations sales price of products sold and cost of products purchased.

Operating Expenses
Operating expenses increased 1% from $1,808.7 million for the nine months ended September 30, 2023, to $1,828.0 million for the nine months ended September 30, 2024, primarily due to increased maintenance and other miscellaneous costs, partially offset by lower natural gas costs.
45

Table of Contents

Selling, General and Administrative Expenses
Selling, general and administrative expenses decreased 6% from $347.5 million for the nine months ended September 30, 2023, to $326.2 million for the nine months ended September 30, 2024, primarily due to lower professional costs, a decrease in acquisition integration and regulatory costs, and lower incentive compensation, partially offset by higher costs related to information technology. We incurred $2.0 million and $14.1 million in acquisition integration and regulatory costs during the nine months ended September 30, 2024 and 2023, respectively.

Depreciation and Amortization Expenses
Depreciation and amortization increased 10% from $558.9 million for the nine months ended September 30, 2023, to $613.8 million for the nine months ended September 30, 2024, principally due to additional capitalized refinery turnaround costs and capitalized improvement projects as compared to the prior period.

Asset Impairments
For the nine months ended September 30, 2024, we recorded impairments totaling $10.0 million in our Midstream segment related to certain logistic assets.

Interest Income
Interest income was $59.0 million for the nine months ended September 30, 2024, compared to $62.1 million for the nine months ended September 30, 2023. The decrease in Interest income was primarily due to the decrease in average cash balance.

Interest Expense
Interest expense was $126.5 million for the nine months ended September 30, 2024, compared to $141.5 million for the nine months ended September 30, 2023. This decrease was primarily due to a reduction in total debt outstanding as compared to the prior period.

Gain on Foreign Currency Transactions
Remeasurement adjustments from the foreign currency conversion of the intercompany financing note payable by Petro-Canada Lubricants Inc. resulted in a net gain of $1.5 million and $2.5 million for the nine months ended September 30, 2024 and 2023, respectively. Utilized as an economic hedge to mitigate foreign currency exposure, the intercompany note is net of mark-to-market valuations on foreign exchange forward contracts. For the nine months ended September 30, 2024 and 2023, foreign currency transactions included a gain of $9.5 million and a gain of $1.6 million, respectively, on foreign exchange forward contracts.

Income Taxes
For the nine months ended September 30, 2024, we recorded Income tax expense of $52.2 million compared to $480.6 million for the nine months ended September 30, 2023. This decrease was principally due to lower pre-tax income during the nine months ended September 30, 2024, compared to the same period of 2023. Our effective tax rates were 11.6% and 21.6% for the nine months ended September 30, 2024 and 2023, respectively. The difference between the U.S. federal statutory rate and the effective tax rate for the nine months ended September 30, 2024 is primarily due to the relationship between pre-tax results and non-taxable permanent differences. The difference in the U.S. federal statutory rate and the effective tax rate for the nine months ended September 30, 2023 was primarily due to the impact of federal tax credits and the relationship between pre-tax results and the earnings attributable to the noncontrolling interest that is not included in income for tax purposes.


46

Table of Contents
LIQUIDITY AND CAPITAL RESOURCES

HF Sinclair and HEP Credit Agreements
We have a $1.65 billion senior unsecured revolving credit facility maturing in April 2026 (the “HF Sinclair Credit Agreement”). The HF Sinclair Credit Agreement may be used for revolving credit loans and letters of credit from time to time and is available to fund general corporate purposes. At September 30, 2024, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $0.2 million under the HF Sinclair Credit Agreement.

Additionally, our wholly owned subsidiary, HEP, has a $1.2 billion senior secured revolving credit facility maturing in July 2025 (the “HEP Credit Agreement” and, together with the HF Sinclair Credit Agreement, the “Credit Agreements”). In connection with the consummation of the HEP Merger Transaction, we amended the HEP Credit Agreement to, among other things, (a) provide a guaranty from us and terminate all guaranties from subsidiaries of HEP, (b) amend the definition of “Investment Grade Rating” (as defined in the HEP Credit Agreement) to reference the credit rating of our senior unsecured indebtedness, (c) eliminate the requirement to deliver separate audited and unaudited financial statements for HEP and its subsidiaries and only provide certain segment-level reporting for HEP with any compliance certificate delivered in accordance with the HEP Credit Agreement and (d) amend certain covenants to eliminate certain restrictions on (i) amendments to intercompany contracts, (ii) transactions with us and our subsidiaries and (iii) investments in and contributions, dividends, transfers and distributions to us and our subsidiaries.

The HEP Credit Agreement is available to fund capital expenditures, investments, acquisitions, distribution payments, working capital and for general corporate purposes. It is also available to fund letters of credit up to a $50 million sub-limit and has an accordion feature that allows us to increase the commitments under the HEP Credit Agreement up to a maximum amount of $1.7 billion. At September 30, 2024, we were in compliance with all of its covenants, had outstanding borrowings of $350.0 million and no outstanding letters of credit under the HEP Credit Agreement.

Indebtedness under the Credit Agreements bears interest, at our option, for borrowings in U.S. dollars at either (a) a base rate equal to the sum of (1) the highest of (i) the prime rate (as publicly announced from time to time by the applicable administrative agent), (ii) the Federal Funds Effective Rate (as defined in the HF Sinclair Credit Agreement and as defined as the “Federal Funds Rate” in the HEP Credit Agreement) plus 0.5%, and (iii) Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement and as defined as “Adjusted Term SOFR” in the HEP Credit Agreement) for a one-month interest period plus 1%, plus (2) an applicable margin for base rate loans ranging from 0.25% to 1.125%, or (b) the sum of (1) Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement and as defined as “Adjusted Term SOFR” in the HEP Credit Agreement) for the applicable interest period, plus (2) an applicable margin for term SOFR loans ranging from 1.25% to 2.125%. The HF Sinclair Credit Agreement allows for borrowings in Sterling and Euros with similar interest rates. In each case and each Credit Agreement, the applicable margin is based on HF Sinclair’s debt rating assigned by Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. The weighted average interest rate in effect under the HEP Credit Agreement on our borrowings was 6.58% as of September 30, 2024.

During the nine months ended September 30, 2024, we had net repayments of $105.5 million under the HEP Credit Agreement.

Restricted HF Sinclair Senior Notes Exchange
On December 4, 2023, we completed our offers to exchange any and all outstanding HEP 5.000% senior notes maturing February 2028 (the “HEP 5.000% Senior Notes”) and HEP 6.375% senior notes maturing April 2027 (the “HEP 6.375% Senior Notes” and, together with the HEP 5.000% Senior Notes, the “HEP Senior Notes”) for HF Sinclair 5.000% senior notes maturing February 2028 (the “HF Sinclair 5.000% Senior Notes”) and HF Sinclair 6.375% senior notes maturing April 2027 (the “HF Sinclair 6.375% Senior Notes” and, together with the HF Sinclair 5.000% Senior Notes, the “Restricted HF Sinclair Senior Notes”) to be issued by HF Sinclair with registration rights and cash. In connection with the exchange offers, we amended the indenture governing the HEP Senior Notes to eliminate (i) substantially all of the restrictive covenants, (ii) certain of the events which may lead to an “Event of Default,” (iii) the SEC reporting covenant and (iv) the requirement of HEP to offer to purchase the HEP Senior Notes upon a change of control. The Restricted HF Sinclair Senior Notes were issued in exchange for the HEP Senior Notes pursuant to a private exchange offer exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). This exchange was part of a broader corporate strategy, including the HEP Merger Transaction.

On May 10, 2024, HF Sinclair filed a registration statement, as amended, which was declared effective on August 5, 2024, to exchange the Restricted HF Sinclair Senior Notes for an equal principal amount of each respective series of the Restricted HF Sinclair Senior Notes (such notes offered in exchange, the “Registered HF Sinclair Senior Notes”). The Registered HF Sinclair Senior Notes are substantially identical to the Restricted HF Sinclair Senior Notes in all material respects except the Registered
47

Table of Contents
HF Sinclair Senior Notes are registered under the Securities Act and are not subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with the Registration Rights Agreement, dated December 4, 2023, and do not have the registration rights applicable to the Restricted HF Sinclair Senior Notes. On September 5, 2024, HF Sinclair completed its offers to exchange the Restricted HF Sinclair Senior Notes for the Registered HF Sinclair Senior Notes.

The Registered HF Sinclair Senior Notes are unsecured and unsubordinated obligations of ours and rank equally with all our other existing and future unsecured and unsubordinated indebtedness. Each series of the Registered HF Sinclair Senior Notes has the same interest rate, interest payment dates, maturity date and redemption terms as the corresponding series of Restricted HF Sinclair Senior Notes.

HF Sinclair Financing Arrangements
Certain of our wholly owned subsidiaries entered into financing arrangements whereby such subsidiaries sold a portion of their precious metals catalyst to a financial institution in exchange for cash and then financed the use of the precious metals catalyst for a term not to exceed one year. The volume of the precious metals catalyst and the interest rate are fixed over the term of each agreement, and the payments are recorded as Interest expense. Upon maturity of the financing arrangement, we must either satisfy the obligation at fair market value or refinance to extend the maturity.

HF Sinclair may, from time to time, issue letters of credit pursuant to uncommitted letters of credit facilities with its lenders. At September 30, 2024, there were no letters of credit outstanding under such credit facilities.

See Note 11 “Debt” in the Notes to Consolidated Financial Statements for additional information on our debt instruments.

Liquidity
We believe our current Cash and cash equivalents, along with future internally generated cash flow and funds available under our credit facilities, will provide sufficient resources to fund currently planned capital projects and our liquidity needs for the foreseeable future. We expect that, to the extent necessary, we can raise additional funds from time to time through equity or debt financings in the public and private capital markets. Further, we may, from time to time, seek to retire some or all of our outstanding debt agreements through cash purchases, and/or exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, may be material and will depend on prevailing market conditions, our liquidity requirements and other factors. In addition, components of our long-term growth strategy include the optimization of existing units at our facilities and the selective acquisition of complementary assets for our operations intended to increase earnings and cash flow. We also expect to use cash for payment of cash dividends, which are at the discretion of our Board of Directors, and for the repurchase of common stock under the May 2024 Share Repurchase Program.

Our liquidity was approximately $3.7 billion at September 30, 2024, consisting of Cash and cash equivalents of $1.2 billion, an undrawn $1.65 billion credit facility under the HF Sinclair Credit Agreement and $850.0 million remaining availability under the HEP Credit Agreement.

We consider all highly liquid instruments with a maturity of three months or less at the time of purchase to be cash equivalents. These primarily consist of investments in conservative, highly rated instruments issued by financial institutions, government and corporate entities with strong credit standings and money market funds. Cash equivalents are stated at cost, which approximates market value.

On May 7, 2024, our Board of Directors approved the May 2024 Share Repurchase Program, which replaced all existing share repurchase programs, including the approximately $214.2 million remaining under the share repurchase program approved by our Board of Directors in August 2023 (the “August 2023 Share Repurchase Program”). The May 2024 Share Repurchase Program authorizes us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH are also authorized under the May 2024 Share Repurchase Program, subject to REH’s interest in selling its shares and other limitations. The timing and amount of share repurchases, including those from REH, will depend on market conditions and corporate, tax, regulatory and other relevant considerations. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs. The May 2024 Share Repurchase Program may be discontinued at any time by our Board of Directors.
48

Table of Contents

During the nine months ended September 30, 2024, we made open market and privately negotiated purchases of 7,930,742 shares for $462.2 million under the August 2023 Share Repurchase Program, of which 6,516,326 shares were repurchased for $381.1 million pursuant to privately negotiated repurchases from REH Company. During the nine months ended September 30, 2024, we made open market and privately negotiated purchases of 4,013,435 shares for $201.5 million under the May 2024 Share Repurchase Program, of which 1,348,435 shares were repurchased for $75.0 million pursuant to privately negotiated repurchases from REH Company.

Cash Flows – Operating Activities

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Net cash flows provided by operating activities were $1,250.4 million for the nine months ended September 30, 2024, compared to $2,066.6 million for the nine months ended September 30, 2023, a decrease of $816.2 million primarily driven by a decrease in net income, partially offset by changes in working capital combined with lower turnaround spend during the nine months ended September 30, 2024. Changes in working capital increased operating cash flows by $545.1 million for the nine months ended September 30, 2024, and increased operating cash flows by $144.0 million for the nine months ended September 30, 2023. Additionally, for the nine months ended September 30, 2024, Turnaround expenditures were $258.8 million compared to $471.1 million for the nine months ended September 30, 2023.

Cash Flows – Investing Activities and Planned Capital Expenditures

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
For the nine months ended September 30, 2024, our Net cash flows used for investing activities were $294.6 million. Cash expenditures for Properties, plants and equipment for the nine months ended September 30, 2024, were $296.9 million.

For the nine months ended September 30, 2023, our Net cash flows used for investing activities were $247.7 million. Cash expenditures for Properties, plants and equipment for the nine months ended September 30, 2023, were $261.4 million.

Each year, our Board of Directors approves our annual capital budget, which includes specific projects that management is authorized to undertake. When conditions warrant or as new opportunities arise, additional projects may be approved. The funds appropriated for a particular capital project may be expended over a period of several years, depending on the time required to complete the project. Therefore, our planned capital expenditures for a given year consist of expenditures appropriated in that year’s capital budget plus expenditures for projects appropriated in prior years that have not yet been completed. Refinery turnaround spending is amortized over the useful life of the turnaround.

The refining industry is capital-intensive and requires ongoing investments to sustain our refining operations. This includes the replacement of, or rebuilding, refinery units and components that extend their useful life. We also invest in projects that improve operational reliability and profitability via enhancements that improve refinery processing capabilities as well as production yield and flexibility. Our capital expenditures also include projects related to renewable diesel, environmental, health and safety compliance and include initiatives as a result of federal and state mandates.

Our refinery operations and related emissions are highly regulated at both federal and state levels, and we invest in our facilities as needed to remain in compliance with these standards. Additionally, when faced with new emissions or fuel standards, we seek to execute projects that facilitate compliance and also improve the operating costs and/or yields of associated refining processes.

49

Table of Contents
Expected capital and turnaround cash spending for 2024 is as follows:
Expected Cash Spending
(In millions)
HF Sinclair Capital Expenditures
Refining$235.0 
Renewables5.0 
Lubricants & Specialties40.0 
Marketing10.0 
Midstream30.0 
Corporate65.0 
Turnarounds and catalyst415.0 
Total sustaining$800.0 
Growth capital75.0 
Total$875.0 

Cash Flows – Financing Activities

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
For the nine months ended September 30, 2024, our Net cash flows used for financing activities were $1,078.7 million. During the nine months ended September 30, 2024, we repurchased $667.3 million of our Common stock, paid $290.5 million in Dividends and had net repayments of $105.5 million under the HEP Credit Agreement.

For the nine months ended September 30, 2023, our Net cash flows used for financing activities were $1,268.3 million. During the nine months ended September 30, 2023, we repurchased $833.6 million of our Common stock, paid $258.9 million in Dividends and had net repayments of $89.5 million under the HEP Credit Agreement.

Contractual Obligations and Commitments

During the nine months ended September 30, 2024, we had net repayments of $105.5 million, resulting in $350.0 million of outstanding borrowings under the HEP Credit Agreement.

There were no other significant changes to our long-term contractual obligations during this period.

CRITICAL ACCOUNTING ESTIMATES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results may differ from these estimates under different assumptions or conditions.

Our significant accounting policies are described in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2023. Certain critical accounting policies that materially affect the amounts recorded in our consolidated financial statements include assessing the possible impairment of certain Assets and Goodwill and assessing contingent liabilities for probable losses.

50

Table of Contents
Goodwill and Asset Impairments
As of September 30, 2024, our Goodwill balance was $3.0 billion, with goodwill assigned to our Refining, Renewables, Marketing, Lubricants & Specialties and Midstream segments. Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed. Goodwill is not subject to amortization and is tested annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Our goodwill impairment testing first entails either a quantitative assessment or an optional qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine that based on the qualitative factors that it is more likely than not that the carrying value of the reporting unit is greater than its fair value, a quantitative test is performed in which we estimate the fair value of the related reporting unit. If the carrying amount of a reporting unit exceeds its fair value, the goodwill of that reporting unit is impaired, and we measure goodwill impairment as the excess of the carrying amount of reporting unit over the related fair value.

We performed our annual goodwill impairment testing quantitatively as of July 1, 2024, and determined there was no impairment of goodwill attributable to our reporting units. The estimated fair values of our reporting units were derived using a combination of income and market approaches. The income approach reflects expected future cash flows based on estimated forecasted production levels, selling prices, gross margins, operating costs and capital expenditures. Our market approaches include both the guideline public company and guideline transaction methods. Both methods utilize pricing multiples derived from historical market transactions and other market data of other like-kind assets. The fair values of the reporting units over their respective carrying values exceeded 10%. Increasing the discount rate by 1.0% or reducing the terminal cash flow growth rate by 1.0% would not have changed the results of our annual goodwill testing.

In performing our impairment test of goodwill, we developed cash flow forecasts for each of our reporting units. Significant judgment is involved in performing these fair value estimates since the results are based on forecasted financial information. The cash flow forecasts include significant assumptions such as planned utilization, end-user demand, selling prices, gross margins, operating costs and capital expenditures. Other key assumptions applied to these forecasts to determine the fair value of a reporting unit are the discount rate and terminal cash flow growth rate. The discount rate is intended to reflect the weighted average cost of capital for a market participant and the risks associated with the realization of the estimated future cash flows. Our fair value estimates are based on projected cash flows, which we believe to be reasonable.

We continually monitor and evaluate various factors for potential indicators of goodwill and asset impairments. A reasonable expectation exists that further deterioration in our operating results or overall economic conditions could lead to goodwill and / or asset impairments at some point in the future. Future impairment charges could be material to our results of operations and financial condition.

Contingencies
We are subject to proceedings, lawsuits and other claims related to environmental, labor, product and other matters. We are required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy when dealing with these matters.

RISK MANAGEMENT

We use certain strategies to reduce some commodity price and operational risks. We do not attempt to eliminate all market risk exposures when we believe that the exposure relating to such risk would not be significant to our future earnings, financial position, capital resources or liquidity or that the cost of eliminating the exposure would outweigh the benefit.

Commodity Price Risk Management
Our primary market risk is commodity price risk. We are exposed to market risks related to the volatility in crude oil and refined products, as well as volatility in the price of natural gas used in our refining operations. We periodically enter into derivative contracts in the form of commodity price swaps, collar contracts, forward purchase and sales and futures contracts to mitigate price exposure with respect to our inventory positions, natural gas purchases, sales prices of refined products and crude oil costs.

Foreign Currency Risk Management
We are exposed to market risk related to the volatility in foreign currency exchange rates. We periodically enter into derivative contracts in the form of foreign exchange forward contracts to mitigate the exposure associated with fluctuations on intercompany notes with our foreign subsidiaries that are not denominated in the U.S. dollar.
51

Table of Contents

As of September 30, 2024, we have the following notional contract volumes related to all outstanding derivative instruments used to mitigate commodity price and foreign currency risk:
Notional Contract Volumes
by Year of Maturity
Derivative InstrumentTotal Outstanding Notional20242025Unit of Measure
NYMEX futures (WTI) - short1,400,000 1,400,000 — Barrels
Forward gasoline and diesel contracts - long60,000 60,000 — Barrels
Foreign currency forward contracts383,114,375 102,186,063 280,928,312 U.S. dollar
Forward commodity contracts (platinum) (1)
34,628 2,047 32,581 Troy ounces
Natural gas price swaps (basis spread) - long1,104,000 1,104,000 — MMBTU
(1)Represents an embedded derivative within our precious metals catalyst financing arrangements, which may be refinanced or require repayment under certain conditions. See Note 11 “Debt” in the Notes to Consolidated Financial Statements for additional information on these financing arrangements.

The following sensitivity analysis provides the hypothetical effects of market price fluctuations to the commodity hedged under our derivative contracts:
Derivative Fair Value Gain (Loss) at September 30,
20242023
(In thousands)
10% increase in underlying commodity prices$(9,649)$(10,387)
10% decrease in underlying commodity prices$9,649 $10,178 

Interest Rate Risk Management

The market risk inherent in our fixed-rate debt is the potential change arising from increases or decreases in interest rates, as discussed below.

For the fixed rate HF Sinclair Senior Notes, HollyFrontier Senior Notes and HEP Senior Notes (each as set forth in Note 11 “Debt” in the Notes to Consolidated Financial Statements), changes in interest rates will generally affect the fair value of the debt, but not earnings or cash flows. The outstanding principal, estimated fair value and estimated change in fair value (assuming a hypothetical 10% change in the yield-to-maturity rates) for this debt as of September 30, 2024, is presented below:
Outstanding
Principal		Estimated
Fair Value
Estimated Change in Fair Value
 (In thousands)
HollyFrontier Corporation, HF Sinclair and HEP Senior Notes$2,300,000 $2,310,949 $30,216 

For the variable rate HF Sinclair Credit Agreement and HEP Credit Agreement, changes in interest rates would affect cash flows, but not the fair value. At September 30, 2024, outstanding borrowings under the HEP Credit Agreement were $350.0 million, and no borrowings were outstanding under the HF Sinclair Credit Agreement. A hypothetical 10% change in interest rates applicable to the HEP Credit Agreement would not materially affect cash flows.

Our operations are subject to catastrophic losses, operational hazards and unforeseen interruptions, including but not limited to fire, explosion, releases or spills, cyberattacks, weather-related perils, vandalism, power failures, mechanical failures and other events beyond our control. We maintain various insurance coverages, including general liability, property damage, business interruption and cyber insurance, which are subject to certain deductibles and insurance policy terms and conditions. We are not fully insured against certain risks because such risks are not fully insurable, coverage is unavailable, or premium costs, in our judgment, do not justify such expenditures.

Financial information is reviewed on the counterparties in order to review and monitor their financial stability and assess their ongoing ability to honor their commitments under the derivative contracts. We have not experienced, nor do we expect to experience, any difficulty in the counterparties honoring their commitments.

We have a risk management oversight committee consisting of members from our senior management. This committee oversees our risk enterprise program, monitors our risk environment and provides direction for activities to mitigate identified risks that may adversely affect the achievement of our goals.
52

Table of Contents
Item 3.Quantitative and Qualitative Disclosures About Market Risk

See “Risk Management” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”


53

Table of Contents
Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles

Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to amounts reported under generally accepted accounting principles in financial statements.

Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as Net income (loss) attributable to HF Sinclair stockholders plus (i) Interest expense, net of Interest income, (ii) Income tax expense (benefit), and (iii) Depreciation and amortization. EBITDA is not a calculation provided for under GAAP; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to Net income (loss) or Income (loss) from operations as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants.

Below is our calculation of EBITDA:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (In thousands)
Net income (loss) attributable to HF Sinclair stockholders$(75,944)$790,922 $390,508 $1,651,849 
Add interest expense40,396 48,686 126,536 141,490 
Subtract interest income(18,309)(24,577)(58,983)(62,103)
Add income tax expense (benefit)(57,266)235,015 52,190 480,640 
Add depreciation and amortization209,716 195,562 613,765 558,905 
EBITDA$98,593 $1,245,608 $1,124,016 $2,770,781 

54

Table of Contents
Reconciliations of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

Adjusted refinery gross margin is a non-GAAP performance measure that is used by our management and others to compare our refining performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our refining performance on a relative and absolute basis, including against publicly available crack spread data. 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 sold. 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. Adjusted refinery gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Refining segment gross margin. The GAAP measure most directly comparable to adjusted refinery gross margin is Refining segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.

Reconciliation of Refining segment gross margin to adjusted refinery gross margin to adjusted refinery gross margin per produced barrel sold and adjusted refinery gross margin, less operating expenses per produced barrel sold

 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (In thousands, except per barrel amounts)
Refining segment
Sales and other revenues$6,381,711 $8,050,934 $19,563,765 $21,808,931 
Cost of sales (1)
6,415,813 6,970,407 18,881,989 19,394,036 
Depreciation and amortization123,348 118,077 362,933 330,702 
Gross margin(157,450)962,450 318,843 2,084,193 
Add lower of cost or market inventory adjustments198,759 (26,842)(21,799)— 
Add operating expenses485,231 478,847 1,406,414 1,391,930 
Add depreciation and amortization123,348 118,077 362,933 330,702 
Adjusted refinery gross margin$649,888 $1,532,532 $2,066,391 $3,806,825 
Produced barrels sold (BPD) (2)
654,400634,180650,720583,210
Average per produced barrel sold:
Gross margin$(2.62)$16.50 $1.79 $13.09 
Add lower of cost or market inventory adjustments3.30 (0.46)(0.12)— 
Add operating expenses8.06 8.21 7.89 8.74 
Add depreciation and amortization2.05 2.02 2.03 2.08 
Adjusted refinery gross margin$10.79 $26.27 $11.59 $23.91 
Less operating expenses8.06 8.21 7.89 8.74 
Adjusted refinery gross margin, less operating expenses$2.73 $18.06 $3.70 $15.17 

(1)Exclusive of Depreciation and amortization.
(2)    Represents the number of produced barrels sold per calendar day in the period.

55

Table of Contents
Reconciliation of renewables operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

Adjusted renewables gross margin is a non-GAAP performance measure that is used by our management and others to compare our renewables performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our renewables performance on a relative and absolute basis. 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 sold. 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. Adjusted renewables gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Renewables segment gross margin. The GAAP measure most directly comparable to adjusted renewables gross margin is Renewables segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.

Reconciliation of Renewables segment gross margin to adjusted renewables gross margin to adjusted renewables gross margin per produced gallon sold and adjusted renewables gross margin, less operating expenses per produced gallon sold

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands, except per gallon amounts)
Renewables segment
Sales and other revenues$265,358 $331,177 $753,195 $902,378 
Cost of sales (1)
265,828 307,874 765,388 898,054 
Depreciation and amortization21,409 18,904 61,467 57,846 
Gross margin(21,879)4,399 (73,660)(53,522)
Add lower of cost or market inventory adjustments3,548 (17,006)1,613 (4,114)
Add operating expenses24,959 30,198 76,125 85,942 
Add depreciation and amortization21,409 18,904 61,467 57,846 
Adjusted renewables gross margin$28,037 $36,495 $65,545 $86,152 
Produced gallons sold
68,755 54,909 193,484 152,896 
Average per produced gallon sold:
Gross margin$(0.32)$0.08 $(0.38)$(0.35)
Add lower of cost or market inventory adjustments0.05 (0.31)0.01 (0.03)
Add operating expenses0.36 0.55 0.39 0.56 
Add depreciation and amortization0.32 0.34 0.32 0.38 
Adjusted renewables gross margin$0.41 $0.66 $0.34 $0.56 
Less operating expenses0.36 0.55 0.39 0.56 
Adjusted renewables gross margin, less operating expenses$0.05 $0.11 $(0.05)$— 

(1) Exclusive of Depreciation and amortization.












56

Table of Contents
Reconciliation of marketing operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

Adjusted marketing gross margin is a non-GAAP performance measure that is used by our management and others to compare our marketing performance to that of other companies in our industry. We believe this margin measure is helpful to investors in evaluating our marketing performance on a relative and absolute basis. Adjusted marketing gross margin per gallon sold is total Marketing segment gross margin plus Depreciation and amortization, divided by sales volumes of marketing products sold. Adjusted marketing gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Marketing segment gross margin. The GAAP measure most directly comparable to adjusted marketing gross margin is Marketing segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.

Reconciliation of Marketing segment gross margin to adjusted marketing gross margin to adjusted marketing gross margin per gallon sold

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands, except per gallon amounts)
Marketing segment
Sales and other revenues$950,050 $1,259,205 $2,668,219 $3,237,523 
Cost of sales (1)
918,432 1,230,372 2,590,573 3,162,727 
Depreciation and amortization6,588 6,002 19,265 17,889 
Gross margin25,030 22,831 58,381 56,907 
Add depreciation and amortization6,588 6,002 19,265 17,889 
Adjusted marketing gross margin$31,618 $28,833 $77,646 $74,796 
Sales volumes
365,036 398,399 1,043,183 1,091,216 
Average per gallon sold:
Gross margin$0.07 $0.06 $0.06 $0.05 
Add depreciation and amortization0.02 0.01 0.01 0.02 
Adjusted marketing gross margin$0.09 $0.07 $0.07 $0.07 

(1) Exclusive of Depreciation and amortization.
57

Table of Contents
Item 4.Controls and Procedures

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer have evaluated, as required by Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”), our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information we are required to disclose in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2024.

Changes in internal control over financial reporting. There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during our last fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

58

Table of Contents
PART II. OTHER INFORMATION
 
Item 1.Legal Proceedings

Commitment and Contingency Reserves

In the ordinary course of business, we may become party to legal, regulatory or administrative proceedings or governmental investigations, including environmental and other matters. Damages or penalties may be sought from us in some matters and certain matters may require years to resolve. While the outcome and impact of these proceedings and investigations on us cannot be predicted with certainty, based on advice of counsel and information currently available to us, management believes that the resolution of these proceedings and investigations through settlement or adverse judgment will not either individually or in the aggregate have a material adverse effect on our financial condition, results of operations or cash flows.

The environmental proceedings are reported to comply with SEC regulations which require us to disclose proceedings arising under provisions regulating the discharge of materials into the environment or protecting the environment when a governmental authority is party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe could exceed $300,000 or more.

Environmental Matters

Navajo
HF Sinclair Navajo Refining LLC (“HFS Navajo”) has been engaged in discussions with, and has responded to document requests from, the EPA, the United States Department of Justice (the “DOJ”) and the New Mexico Environment Department (the “NMED”) (collectively, the “Navajo Matter Government Agencies”) regarding HFS Navajo’s compliance with the Clean Air Act (“CAA”) and underlying regulations, and similar New Mexico laws and regulations, at its Artesia and Lovington, New Mexico refineries. The discussions have included the following topics: (a) alleged noncompliance with CAA’s National Emission Standards for Hazardous Air Pollutants (“NESHAP”) and New Source Performance Standards (“NSPS”) at the Artesia refinery, which were set forth in a Notice of Violation (“May 2020 NOV”) issued by the EPA in May 2020; (b) a Post Inspection Notice issued in June 2020 by the NMED, alleging noncompliance issues similar to those alleged by the EPA in its May 2020 NOV as well as alleged noncompliance with the State Implementation Plan (“SIP”) and the Title V permit operating programs; (c) an information request issued in September 2020 by the EPA, pursuant to CAA Section 114, related to benzene fenceline monitoring, flare fuel gas, leak detection and repair, storage vessels and tanks, and other information regarding the Artesia refinery; (d) an information request issued by the EPA in May 2021, pursuant to CAA Section 114, requesting additional information and testing related to certain tanks at the Artesia refinery; and (e) informal information requests related to, among other things, the Artesia refinery’s wastewater treatment plant, oil water separators and heat exchangers. In each of April 2022, June 2023 and August 2023, the EPA alleged additional CAA noncompliance at the Artesia refinery beyond the allegations in the May 2020 NOV, including alleged noncompliance with NESHAP, NSPS, SIP, Title V and other requirements.

Beginning in the spring of 2021, HFS Navajo and the Navajo Matter Government Agencies began monthly meetings to discuss potential injunctive relief measures to address the alleged noncompliance at the Artesia refinery. In September 2021 and August 2023, the EPA presented to HFS Navajo potential claims for alleged noncompliance with a 2002 consent decree. In September 2024, the Navajo Matter Government Agencies presented to HFS Navajo a proposed penalty demand for the alleged noncompliance at the Artesia refinery. HFS Navajo continues to assess the factual basis for the alleged noncompliance and the proposed penalty demand and continues to engage in work with the Navajo Matter Government Agencies to resolve these issues.

It is too early to predict the outcome of this matter or the timing of resolution. We are unable to estimate the costs we may incur, if any, at this time.

59

Table of Contents
Puget Sound
HF Sinclair Puget Sound Refining LLC (“HFS Puget Sound”) has been engaged in discussions with, and has responded to document requests from, the Northwest Clean Air Agency (“NWCAA”), the EPA and the DOJ (collectively, the “PSR Matter Government Agencies”) regarding HFS Puget Sound’s compliance with the CAA, Emergency Planning and Community Right-to-Know Act (“EPCRA”) and related regulations, and similar Washington laws and regulations, at its Puget Sound Refinery. HFS Puget Sound acquired the Puget Sound Refinery from Equilon Enterprises LLC dba Shell Oil Products US (“SOPUS”) on November 1, 2021. The discussions with the PSR Matter Government Agencies have included the following topics: (a) an information request issued in March 2022 by the EPA, pursuant to CAA Section 114, covering periods of ownership of the Puget Sound Refinery by both HFS Puget Sound and SOPUS; (b) a Notice of Violation issued by the EPA to SOPUS and HFS Puget Sound on September 29, 2023, alleging violations of the CAA, EPCRA and the Pollution Prevention Act; and (c) the PSR Matter Government Agencies’ potential injunctive relief demands presented to SOPUS and HFS Puget Sound on June 28 and July 15, 2024, covering various process units at Puget Sound Refinery to address the alleged noncompliance. HFS Puget Sound believes that it is entitled to indemnification for certain of the matters described above.

HFS Puget Sound continues to work with the PSR Matter Government Agencies to resolve these issues.

At this time, no penalties have been demanded, and it is too early to predict the outcome of this matter.

Renewable Fuel Standard

On April 7, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2018 compliance year. On June 3, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2016 compliance year and denying small refinery exemption petitions for our Woods Cross and Cheyenne refineries for the 2019 and 2020 compliance years.

Certain of our subsidiaries pursued legal challenges to the EPA’s decisions to deny small refinery exemptions for the 2016, 2018, 2019 and 2020 compliance years. The first lawsuit, filed against the EPA on May 6, 2022, before the U.S. Court of Appeals for the DC Circuit (the “DC Circuit”), sought to have the EPA’s reversal of our 2018 small refinery exemption petitions overturned. The second lawsuit, filed against the EPA on August 5, 2022, before the U.S. Court of Appeals for the DC Circuit, sought to have the EPA’s reversal of our 2016 small refinery exemption petitions overturned and to have the EPA’s denial of our 2019 and 2020 small refinery exemption petitions reversed.

In addition, for both the 2016 and 2018 compliance years, pursuant to the June 2022 and April 2022 decisions, respectively, the EPA established an alternative compliance demonstration for small refineries pursuant to which the EPA is not imposing any obligations for the small refineries whose exemptions were reversed. On June 24, 2022, Growth Energy filed two lawsuits in the DC Circuit against the EPA challenging the alternative compliance demonstration for the 2016 and 2018 compliance years. On July 25, 2022, certain of our subsidiaries intervened on behalf of the EPA to aid the defense of the EPA’s alternative compliance demonstration decision.

On July 26, 2024, the DC Circuit issued a favorable decision vacating the EPA’s denial of all of our small refinery exemption petitions, finding the denial to be unlawful. The DC Circuit remanded the small refinery exemption petitions to the EPA for new determination. The DC Circuit also upheld the alternative compliance demonstration and denied Growth Energy’s challenge.

It is too early to determine the final impact of the DC Circuit’s decisions.

Other

We are a party to various other litigation and proceedings that we believe, based on the advice of counsel, will not either individually or in the aggregate have a materially adverse impact on our financial condition, results of operations or cash flows.

60

Table of Contents
Item 1A.Risk Factors
There have been no material changes in our risk factors as previously disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. You should carefully consider the risk factors discussed in our 2023 Form 10-K, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

(c) Common Stock Repurchases Made in the Quarter

The following table discloses purchases of shares of our Common stock made by us during the third quarter of 2024:

PeriodTotal Number of
Shares Purchased		Average Price
Paid per Share		Total Number 
of Shares Purchased as
Part of Publicly Announced Plans or Programs
Maximum Dollar Value
of Shares that May Yet
Be Purchased Under the
Plans or Programs (1)
July 2024— $— — $925,000,045 
August 20242,040,000 $47.64 2,040,000 $827,822,416 
September 2024625,000 $46.84 625,000 $798,544,362 
Total for July to September 20242,665,000 2,665,000 
(1)In May 2024, our Board of Directors approved a $1.0 billion share repurchase program (the “May 2024 Share Repurchase Program”), which replaced approximately $214.2 million remaining authorization under the share repurchase program approved by our Board of Directors in August 2023. The May 2024 Share Repurchase Program authorized us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH Company (and together with its affiliate REH Advisors Inc., “REH”) were also authorized under this share repurchase program, subject to REH’s interest in selling its shares and other limitations. As of September 30, 2024, we had remaining authorization to repurchase up to $798.5 million under the May 2024 Share Repurchase Program.


Item 5. Other Information

None.

61

Table of Contents
Item 6.Exhibits


Exhibit NumberDescription
3.1
3.2
31.1*
31.2*
32.1**
32.2**
101++
The following financial information from HF Sinclair Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted as inline XBRL (Inline Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
104++Cover page Interactive Data File (formatted as inline XBRL and contained in exhibit 101).

* Filed herewith.
** Furnished herewith.
++ Filed electronically herewith.

62

Table of Contents
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
HF SINCLAIR CORPORATION
(Registrant)
Date: October 31, 2024/s/ Atanas H. Atanasov
Atanas H. Atanasov
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: October 31, 2024/s/ Vivek Garg
Vivek Garg
Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)
63