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美國
證券交易委員會
華盛頓特區20549
_________________________________________________________________
表格 10-Q
_________________________________________________________________
（標記一）
☒根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
在從__________到__________的過渡時期
委員會備案號001-41325
_________________________________________________________________
HF SINCLAIR CORPORATION
(根據其章程規定的註冊人準確名稱)
特拉華州87-2092143
（國家或其他管轄區的
公司成立或組織）		（納稅人識別號碼）
2828 N. Harwood， Suite 1300
達拉斯, 得克薩斯州
75201
，（主要行政辦公地址）(郵政編碼)
(214) 871-3555
(註冊人電話號碼，包括區號)
_________________________________________________________________

（前名稱、地址及財政年度，如果自上次報告以來有更改）
根據1934年證券交易法第12(b)條註冊的證券:
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股票，每張面值0.01美元DINO請使用moomoo賬號登錄查看New York Stock Exchange
用複選標記表明註冊人（1）在過去的12個月中（或註冊人需要提交此類報告的較短期限）是否提交了1934年《證券交易法》第13或15（d）條要求提交的所有報告，以及（2）在過去的90天中是否受此類申報要求的約束。 是的  ☒沒有☐
請勾選以下內容。申報人是否已在過去12個月內（或申報人需要提交此類文件的時間較短的期間內）逐個以電子方式提交了根據規則405提交的互動數據文件。這章的交易中規定。    是  ☒    否  ☐
請勾選註冊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、小型報告公司還是新興增長公司。請參見《證交易法》規則120億.2 中「大型加速文件提交者」、「加速文件提交者」、「小型報告公司」和「新興增長公司」的定義。
大型加速報告人☒加速文件申報人☐非加速文件提交人☐更小的報告公司☐
新興成長公司☐
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐
請勾選：註冊人是否爲外殼公司（根據《交易所法案》120億.2規定定義）。是 ☐    否  ☒
188,151,863 2024年10月28日，普通股股票每股面值0.01美元，已發行股數。





HF SINCLAIR CORPORATION
指數
 
 
第一部分 財務信息
2024年9月30日（未經審計）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日的九個月
2024年和2023年截至9月30日的三個月和九個月
2

目錄
前瞻性聲明

本文件中對HF Sinclair Corporation（「HF Sinclair」）的提及包括HF Sinclair及其合併子公司。在本文件中，「我們」，「我們的」，「我們的」及「我們」僅指HF Sinclair及其合併子公司或HF Sinclair或某個子公司，而不指任何其他人員，除非另有規定。本文件中對Holly Energy Partners, L.P.（「HEP」）在2023年12月1日HEP與HF Sinclair全資子公司合併完成之前的時間段的提及，指的是HEP及其合併子公司。

本季度10-Q表格中包含根據聯邦證券法的定義屬於「前瞻性聲明」的某些聲明。除本季度10-Q報告中包含的歷史事實聲明外，在「運營結果」、「流動性和資本資源」以及第I部分第2項「管理層對財務狀況和運營結果的討論與分析」下，以及第II部分第1項「法律訴訟」中的那些聲明均屬於前瞻性聲明。前瞻性聲明使用諸如「預計」、「展望」、「將」、「期待」、「計劃」、「目標」、「預測」、「策略」、「打算」、「應該」、「將會」、「可以」、「相信」、「可能」等表達方式，並涉及我們對未來業務計劃和目標的描述。這些聲明基於管理層的信念和假設，使用當前可用信息和在本文件日期爲止的期望，不保證未來績效，涉及特定風險和不確定性。所有關於我們對未來運營結果的期望的聲明都是基於對我們現有運營的預測，並不包括任何未來收購可能造成的潛在影響。儘管我們相信這些前瞻性聲明所反映的期望是合理的，但我們無法向您保證我們的期望會被證明是正確的。因此，實際結果和績效可能會與這些聲明中所表達、暗示或預測的有重大差異。任何差異可能由多種因素引起，包括但不限於：

•對原料、原油和成品的需求和供應存在不確定性，包括關於公司應對氣候變化和溫室氣體排放增加社會期望的不確定性；
•關於實際或潛在競爭性供應商和運輸商在我們市場上提供的精煉石油產品、潤滑油和特種產品的行動，存在風險和不確定性；
•精煉產品市場價格與wti原油市場價格之間的價差；
•關於精煉產品、潤滑油和特種產品運輸可能受限的可能性；
•在煉油廠或管道運營中可能存在效率低下，削減或停工的可能性，無論是由於需求減少、事故、意外泄漏或溢出、非計劃性停工、員工感染、氣象事件、全球衛生事件、內部不穩定、資產徵用以及其他經濟、外交、立法或政治事件或發展、恐怖主義、網絡攻擊、破壞行爲或其他影響我們運營、生產設施、設備、管道和其他物流資產、設備或信息系統、或我們的供應商、客戶或第三方提供商、以及由此造成的任何潛在資產減值，或由於未能獲得充分保險覆蓋或獲得保險賠款而導致的潛在資產減值；
•當前和/或未來政府以及環保母基法規和政策的影響，包括遵守現有、新的和不斷變化的環保、健康和安全法律法規、相關報告要求和管道完整性計劃；
•我們的融資的可用性和成本；
•我們資本投資和營銷策略的有效性；
•我們在執行和完成施工項目方面的效率，包括按時且符合資本指導完成已宣佈的資本項目的能力；
•我們能夠及時取得或持有許可證的能力，包括那些對運營或資本項目必要的許可證；
•我們有能力以可接受的條款收購與我們現有資產和業務互補的資產或企業，並整合任何現有或未來收購的操作，實現任何此類交易預期的協同效應，並在預期的時間表上實現。
•破壞行爲或其他干擾性活動，或恐怖主義或網絡攻擊的可能性，以及任何此類活動或攻擊的後果；
•全球貨幣敵對行動的影響和持續時間存在不確定性，包括紅海的運輸中斷、以色列-加沙和真主黨的衝突、俄烏戰爭，以及可能導致wti原油供應和市場受干擾並在我們成品市場造成不穩定並限制我們籌集資本能力的任何相關軍事行動；
3

目錄
•一般經濟狀況，包括由地方或全國性衰退或其他不利經濟狀況造成的經濟放緩，例如增長或持續通貨膨脹期間；
•由於市場狀況、公司、稅務、監管和其他因素對我們未來支付股息或進行股份回購的能力的限制；並且
•其他業務、財務、運營和法律風險，以及我們不時在美國證券交易所提交的具體風險和不確定性。

警示性聲明識別出可能導致實際結果與我們的預期顯著不同的重要因素，這些因素在本季度報告表10-Q中列出，包括上述提到的前瞻性聲明。您不應對任何前瞻性聲明過分依賴。在考慮前瞻性聲明時，您應牢記風險因素和在我們截至2023年12月31日的年度報告表10-K的第1A項下的“風險因素”標題下列出的其他警示性聲明，以及在本季度報告表10-Q的第1A項在“管理層對財務狀況和經營結果的討論與分析”一節下的“展望”和“流動性與資本資源”標題下的討論。所有包含在本季度報告表10-Q中的前瞻性聲明以及歸因於我們或代表我們行動的人員的所有後續書面或口頭前瞻性聲明均明確完全受到這些警示性聲明的限定。前瞻性聲明僅在作出之日有效，除法律要求外，我們不承擔公開更新或修訂任何前瞻性聲明的義務，無論是由於新的信息、未來事件還是其他原因。
4

目錄
定義

在本報告中，以下術語具有特定的含義：

“調整後的煉油毛利率 每個出售的產成桶”是煉油業務毛利率總和加上 成本或市場庫存估值調整的較低者, 折舊及攤銷 和 營運費用, 除以銷售的精煉產品銷售量。此毛利率測量不包括 成本或市場價值較低的庫存評估調整與期末庫存的數量相關。

“每日桶數“表示每天每日曆日的wti原油或石油股桶數。

“BPSD“BPSD”表示每流日的桶數（在24小時內的原油或石油產品的產能桶數）。

“基礎油是一種潤滑油級別的油，最初通過精煉wti原油或通過化學合成生產，用於生產潤滑產品，如潤滑脂、發動機油和金屬加工液。

“LPG“代表液態石油氣。”

“潤滑劑」或「潤滑油指的是一種用於商業重型發動機油、乘用車油和工業應用的特殊產品的中立石蠟溶劑，凡此類產品通常用於熱傳遞、金屬加工、橡膠以及其他一般工藝油。

“百萬英熱單位“”代表一百萬英國熱量單位。

“可再生柴油意味着一種由可再生原料（如植物油或動物脂肪）衍生的柴油燃料，通過多種工藝生產，最常見的是通過氫處理，在催化劑存在下在高溫和壓力下將原料與氫反應。

“RINs“可再生識別號碼”是指根據環保母基局的可再生燃料標準法規，賦予可再生燃料生產所生成的信貸的序列號，這些法規要求將可再生燃料混合到國家的燃料供應中。煉油商可以購買這些可轉讓的信貸以遵守法規，而不進行混合。

“酸性wti原油意味着wti原油中硫的含量大於0.4%的重量，而“甜wti原油意味着wti原油中硫的含量等於或小於0.4%的重量。

“蠟質wti原油是一種低硫、低重力社的wti原油，產於猶他州東部的烏因塔盆地，具有某些特性，需要特定設施進行運輸、儲存和精煉成運輸燃料。

“白油” 白油是一種極純淨、經過高度精煉的石油產品，具有廣泛的用途，從藥品到化妝品產品不等。

“WTI” WTI代表西德克薩斯中間基準，是一種常用的wti原油價格基準。WTI是一種優質原油，密度相對較低。


5

目錄

第一部分. 財務資訊

項目1. 財務報表
HF 辛克萊公司
綜合資產負債表
（單位：千元，股份數據除外）
2024年9月30日2023年12月31日
 (未經審計)
資產
流動資產:
現金及現金等價物$1,229,482 $1,353,747 
應收賬款，淨額：產品和運輸1,187,864 1,527,950 
                                          wti原油轉售139,696 197,169 
1,327,560 1,725,119 
存貨：wti原油和精煉產品（注7）
2,412,431 2,645,724 
材料、供應品及其他275,249 276,107 
2,687,680 2,921,831 
所得稅應收47,907 56,528 
預付款項及其他63,513 89,229 
流動資產總額5,356,142 6,146,454 
資產、廠房和設備，按成本計10,814,724 10,533,432 
減：累積折舊(4,271,458)(3,906,600)
6,543,266 6,626,832 
營運租賃使用權資產363,507 348,006 
其他資產：週轉成本701,795 644,957 
                      商譽 2,977,842 2,977,744 
                      無形資產及其他945,109 972,272 
4,624,746 4,594,973 
總資產$16,887,661 $17,716,265 
負債和權益
流動負債：
應付賬款$2,016,049 $2,205,759 
應付所得稅19,891 8,772 
租賃負債78,181 106,973 
當前債務（附註11）
350,000 — 
應計負債（附註8）
498,718 453,045 
流動負債總額2,962,839 2,774,549 
長期債務，淨額（附註11）
2,286,805 2,739,083 
非流動經營租賃負債 309,967 249,479 
遞延所得稅
1,239,463 1,297,130 
其他長期負債（附註8）
418,177 418,726 
總負債7,217,251 7,478,967 
承諾和事後負債（註15）
股權：
HF Sinclair 股東權益：
優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至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 授權的股份； 無 已發行
— — 
0.010.01 面值 – 320,000,000 授權的股份； 223,231,546 分別為2024年9月30日和2023年12月31日發行的股份
2,232 2,232 
額外資本6,001,233 5,993,661 
保留盈餘5,479,152 5,379,182 
累計其他綜合損失（註釋14）
(19,296)(11,784)
庫存普通股，按成本計 - 35,079,683 和 23,235,599 股份截至2024年9月30日和2023年12月31日，分別
(1,859,638)(1,194,201)
HF Sinclair的總股東權益9,603,683 10,169,090 
非控制權益66,727 68,208 
總股東權益9,670,410 10,237,298 
負債加股東權益總額$16,887,661 $17,716,265 
請參閱附註。
6

目錄

HF 辛克萊公司
綜合營運狀況表
(未經審計)
(以千為單位，除每股數據外)

 截至九月三十日的三個月截至九月三十日的九個月。
 2024202320242023
銷售和其他收入（注3）
$7,207,140 $8,905,471 $22,080,116 $24,304,259 
營運成本與費用:
銷售成本： (1)
原材料成本和其他費用 (2)
6,158,294 6,935,650 18,835,319 19,313,312 
按成本或市場較低值調整存貨估值（注7）
202,307 (43,848)(20,186)(4,114)
營運費用
629,573 622,532 1,828,002 1,808,715 
6,990,174 7,514,334 20,643,135 21,117,913 
銷售、一般及行政支出 (1)
118,014 124,213 326,246 347,514 
折舊及攤銷209,716 195,562 613,765 558,905 
資產減值9,984 — 9,984 — 
營業成本和費用總額7,327,888 7,834,109 21,593,130 22,024,332 
營業收入（虧損）(120,748)1,071,362 486,986 2,279,927 
其他收益（支出）：
股權法投資收益8,151 3,009 23,612 10,436 
利息收入18,309 24,577 58,983 62,103 
利息支出(40,396)(48,686)(126,536)(141,490)
外匯交易收益1,401 860 1,475 2,478 
資產出售收益及其他收益1,936 8,954 3,691 11,737 
(10,599)(11,286)(38,775)(54,736)
稅前收入（虧損）：(131,347)1,060,076 448,211 2,225,191 
所得稅費用（收益）（附註10）：
當前7,662 208,265 106,533 393,089 
遞延(64,928)26,750 (54,343)87,551 
(57,266)235,015 52,190 480,640 
凈利潤（損失）(74,081)825,061 396,021 1,744,551 
減：歸屬於非控制權益的凈利潤1,863 34,139 5,513 92,702 
歸屬於HF Sinclair股東的淨利潤（損失）$(75,944)$790,922 $390,508 $1,651,849 
歸屬於HF Sinclair股東的每股收益（虧損）：
基本$(0.40)$4.23 $2.01 $8.57 
攤薄$(0.40)$4.23 $2.01 $8.57 
平均流通在外的普通股數量：
基本189,840 185,456 193,341 191,047 
攤薄189,840 185,456 193,341 191,047 

(1)獨家 折舊及攤銷.
(2)獨佔的 低於成本或市場的存貨估值調整。

請參閱附註。
7

目錄

HF 辛克萊公司
綜合收益陳述
(未經審計)
(單位: 千元)
 
 截至九月三十日的三個月截至九月三十日的九個月。
 2024202320242023
凈利潤（損失）$(74,081)$825,061 $396,021 $1,744,551 
其他綜合損益：
外幣翻譯調整10,188 (13,471)(7,659)(693)
避險工具：
現金流套期工具公允價值的變動
(62)(3,506)(5,110)(3,236)
現金流套期工具結算時重分類至淨利潤的損失
518 3,506 5,110 3,236 
對沖工具的未實現淨收益456 — — — 
養老和其他退休後福利義務：
養老金計劃（收益）損失重分類至淨利潤437 (45)869 (135)
退休後醫療計劃收益重分類至淨利潤(933)(918)(2,790)(2,754)
養老恢復計劃損失重分類至淨利潤6 3 16 9 
養老金及其他退休後福利義務的淨變動(490)(960)(1,905)(2,880)
其他綜合收益（損失）在所得稅之前10,154 (14,431)(9,564)(3,573)
所得稅費用（利益） 2,137 (3,067)(2,052)(843)
其他綜合收益（虧損）8,017 (11,364)(7,512)(2,730)
總全面收益（損失）(66,064)813,697 388,509 1,741,821 
減：歸屬於非控制性權益的綜合收益1,863 34,139 5,513 92,702 
歸屬於HF Sinclair股東的綜合收益（損失）$(67,927)$779,558 $382,996 $1,649,119 

請參閱附註。

8

目錄

HF 辛克萊公司
綜合現金流量表
(未經審計)
(以千計)
 截至九月三十日的九個月。
 20242023
經營活動現金流量：
凈利潤$396,021 $1,744,551 
調整淨利潤以達經營活動所提供之淨現金流量：
折舊及攤銷613,765 558,905 
資產減值9,984 — 
成本或市場庫存估值調整的較低者
(20,186)(4,114)
股權法投資的收益，扣除分配後的淨額
(6,874)6,646 
資產出售收益(1,503)(7,718)
遞延所得稅(54,343)87,551 
股權報酬費用15,835 26,368 
公允價值變動 - 衍生工具(10,284)4,396 
(增加)減少流動資產：
應收賬款395,294 (245,337)
存貨247,960 83,068 
所得稅應收8,548 24,568 
預付款項及其他22,750 27,729 
流動負債的增加（減少）：
應付賬款(184,042)42,547 
應付所得稅11,117 129,346 
應計負債43,483 82,123 
重振出資(258,771)(471,076)
其他，淨額21,640 (22,982)
經營活動產生的淨現金流量1,250,394 2,066,571 
投資活動之現金流量:
對物業、廠房和設備的新增投資(296,921)(261,437)
資產出售收益2,275 16,474 
對奧賽奇管道公司（Osage Pipe Line Company, LLC）的投資
(6,000)(4,750)
超出權益收益的權益法投資分配6,043 1,993 
投資活動中的淨現金流出(294,603)(247,720)
來自籌資活動的現金流量:
根據信貸協議的借款— 60,000 
信用協議下的償還(105,500)(149,500)
購回庫藏股(667,340)(833,623)
股息(290,538)(258,856)
分配給非控股權益(6,994)(76,961)
融資租賃付款(8,044)(9,332)
其他，淨額(310)(1)
融資活動中的淨現金流出(1,078,726)(1,268,273)
匯率對現金流的影響(1,330)(893)
現金及現金等價物：
本期淨變動(124,265)549,685 
期初現金及現金等價物餘額1,353,747 1,665,066 
期末現金及現金等價物$1,229,482 $2,214,751 
現金流量資訊的補充披露：
期間內支付的現金：
利息$(105,196)$(119,752)
所得稅淨額$(85,960)$(240,347)
減少應計未支付的資本支出$(10,396)$(12,187)
請參閱附註。
9

目錄
HF 辛克萊公司
股東權益合併報表
(未經審計)
(以千為單位，除每股數據外)

截至2024年9月30日的三個月
普通股額外資本保留盈餘累積其他綜合損失庫藏股非控制權益總計
權益
股份金額股份金額
截至2024年6月30日的餘額223,231$2,232 $5,996,600 $5,650,373 $(27,313)32,416$(1,731,960)$67,182 $9,957,114 
凈利潤（損失）
— — — (75,944)— — — 1,863 (74,081)
分紅派息 ($0.50 每股普通股的分紅派息
— — — (95,277)— — — — (95,277)
其他綜合收益，扣除稅項後— — — — 8,017 — — — 8,017 
根據激勵補償計劃發行普通股— — (117)— — (2)117 — — 
基於股權的薪酬— — 4,750 — — — — — 4,750 
購買庫存股票，包括消費稅— — — — — 2,666 (127,795)— (127,795)
對非控制權益持有人的分紅派息— — — — — — — (2,318)(2,318)
2024年9月30日的賬面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日的三個月
普通股額外資本保留盈餘累積其他綜合損失庫藏股非控制權益總計
權益
股份金額股份金額
2023年6月30日結餘223,231$2,232 $6,480,581 $4,815,908 $(13,379)30,918$(1,576,390)$781,752 $10,490,704 
凈利潤— — — 790,922 — — — 34,139 825,061 
分紅派息 ($0.45 每股普通股的分紅派息)
— — — (83,585)— — — (83,585)
其他綜合損失，稅後— — — — (11,364)— — — (11,364)
根據激勵補償計劃發行普通股— — (43)— — (1)43 — — 
基於股權的薪酬— — 11,104 — — — — 370 11,474 
購買庫藏股，包括消費稅— — — — — 11,275(591,347)— (591,347)
對非控制權益持有人的分紅派息— — — — — — — (25,676)(25,676)
2023年9月30日的結餘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

目錄
HF 辛克萊公司
股東權益合併報表
(未經審計)
(以千為單位，除每股數據外)


截至2024年9月30日的九個月
普通股 其他資本保留盈餘累積其他綜合損失庫藏股非控制權益總計
權益
股份金額股份金額
截至2023年12月31日的餘額223,231$2,232 $5,993,661 $5,379,182 $(11,784)23,236$(1,194,201)$68,208 $10,237,298 
凈利潤———390,508 ———5,513 396,021 
分紅派息 ($1.50 每普通股分紅派息的聲明)
———(290,538)————(290,538)
其他綜合損失，稅後————(7,512)———(7,512)
根據激勵薪酬計劃發行普通股——(8,263)——(161)8,263—— 
基於股權的薪酬——15,835—————15,835 
購買國庫股票，包括消費稅—————12,005(673,700)—(673,700)
對非控制權益持有人的分紅派息———————(6,994)(6,994)
2024年9月30日的賬面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日止九個月
普通股 其他資本保留盈餘累積其他綜合損失庫藏股非控制權益總計
權益
股份金額股份金額
2022年12月31日結餘223,231$2,232 $6,468,775 $4,130,252 $(22,013)26,152$(1,335,431)$773,757 $10,017,572 
凈利潤———1,651,849———92,7021,744,551 
分紅派息 ($1.35 每股分紅派息聲明)
———(258,856)————(258,856)
其他綜合損失，稅後————(2,730)———(2,730)
根據激勵補償計劃發行普通股——(2,413)——(47)2,413—— 
基於股權的薪酬——25,280————1,08826,368 
購買庫存股票，包括消費稅—————16,087(834,676)—(834,676)
對非控制權益持有人的分紅派息———————(76,961)(76,961)
購買HEP單位用於股權授予— — — — — — — (1)(1)
2023年9月30日的結餘223,231$2,232 $6,491,642 $5,523,245 $(24,743)42,192$(2,167,694)$790,585 $10,615,267 

請參閱附註。
11
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)

注意 1:業務描述和基本報表呈現

業務描述
本文提到的HF Sinclair、"我們"、"我們的"、"我們的"和"我們"僅指HF Sinclair及其合併子公司，或僅指HF Sinclair或個別子公司，而不涉及任何其他人，但有一些例外。對於在2023年12月1日HEP合併交易（下文定義）關閉之前的時間段，本文中提到的霍利能源合夥企業L.P.（"HEP"）指的是HEP及其合併子公司。

我們是一家獨立的能源公司，生產和銷售高價值的輕質產品，如汽油、柴油、航空燃料、可再生柴油、潤滑油和特種產品。我們在堪薩斯州、俄克拉荷馬州、新墨西哥州、懷俄明州、華盛頓州和猶他州擁有並運營煉油廠。 我們爲我們的煉油廠和石油行業提供石油產品和wti原油的運輸、終端、存儲和吞吐服務。 我們主要在美國西南部、延伸至太平洋西北部的落基山脈以及其他鄰近平原州市場銷售我們的精煉產品，並向更多的提供高質量的燃料 1,500 加油站，並在全國範圍內授權使用Sinclair品牌的 300 附加地點。我們在懷俄明州的 兩 設施和新墨西哥州的設施生產可再生柴油。此外，我們的子公司在美國、加拿大和荷蘭生產和銷售基礎油及其他特種潤滑油，並向超過 80 國家。

報告基礎
臨時合併基本報表未經審計。管理層認爲，截止到2024年9月30日的合併基本報表包含了所有正常的定期調整，必要以公正地呈現我們的合併財務狀況，截止到2024年和2023年9月30日的合併運營報表、綜合收益和權益報表，以及截止到2024年和2023年9月30日的合併現金流量報表，均按照證券交易委員會（“SEC”）的規則和規定編制。雖然根據美國公認會計原則（“GAAP”）要求的某些附註和其他信息已被省略，但我們認爲這些合併基本報表中的披露足以保證所提供的信息不具有誤導性。這些合併基本報表應與我們截至2023年12月31日的10-k表年度報告結合閱讀，該報告已重新編制以反映我們可報告部門的變化，如本報告附註16所述，幷包含在2024年3月31日季度報告的10-Q表的99.1號附錄中，該報告於2024年5月8日提交。

HEP合併
2023年12月1日，根據2023年8月15日簽署的《合併協議和計劃》（“合併協議”），HEP、HF Sinclair、Navajo Pipeline Co.，L.P.（特拉華州有限合夥公司，也是HF Sinclair的一家間接全部擁有子公司）之間的協議，以及HF Sinclair的全資子公司——Holly Apple Holdings LLC（特拉華州有限責任公司），Holly Apple Holdings LLC的全資子公司——Merger Sub，HEP Logistics Holdings，L.P。（特拉華州有限合夥公司，HEP的普通合夥人），以及HLH的普通合夥人——Holly Logistic Services，L.L.C.（特拉華州有限責任公司），Merger Sub合併到HEP，HEP作爲HF Sinclair的間接全資子公司存活下來（HEP合併交易）。

根據合併協議的條款，除了HF Sinclair及其子公司已擁有的HEP普通單位外，每個代表HEP的有限合夥人權益的未償還普通單位（“HEP普通單位”）均被轉換爲接收的權利， 0.315 HF Sinclair普通股票的股份和$4.00 現金，無利息。 合併協議的對價總計爲$267.6百萬美元現金，並導致從國庫股本中發行 21,072,326 HF Sinclair普通股票的股份。

HEP合併交易的會計處理遵循財務會計準則委員會會計標準彙編（“ASC”) 810, “整合。” 由於我們在HEP合併交易的發生前後都控制了HEP，因此由HEP合併交易引起的我們對HEP所有權權益的變化被視爲權益交易，在我們的合併運營報表中沒有確認任何收益或損失。HEP合併交易的稅務影響被記錄爲對 遞延所得稅 和 額外資本 符合ASC 740，“所得稅。”

有關我們現有債務的描述，以及與HEP合併交易相關的變化，請參見注釋11。
12
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)

會計準則 - 尚未採納
2023年11月，發佈了會計準則更新（“ASU”）2023-07，“可報告分部披露的改進”。ASU 2023-07要求在其他更新中，增強對定期提供給首席運營決策maker的重要分部費用的披露，以及報告的分部利潤或虧損的衡量中包含的其他分部項目的總金額。這旨在通過提供更清晰的各可報告分部所發生費用的情況，向利益相關者提供更多決策有用的信息。ASU 2023-07的生效日期爲2023年12月15日之後開始的財年，以及2024年12月15日之後開始的財年的中期，並要求追溯採用。允許提前採用。ASU 2023-07的採用不會影響我們的財務狀況或經營成果，但將導致從我們2024年12月31日結束的財年開始及其後中期的年度期間需要額外的披露。

2023年12月，發佈了ASU 2023-09，即“對所得稅披露的改進”。ASU 2023-09要求增強每年的披露，以說明稅率調節和按管轄區支付的所得稅。ASU 2023-09對2024年12月15日後開始的財政年度生效，且可以選擇前瞻性或追溯性採用。允許提前採用。我們預計將在2025年1月1日開始的財政年度採用該ASU。此次採用不會影響我們的財務狀況或經營業績，但會增加額外的披露。


注意2:Cushing Connect 創業公司

2019年，HEP Cushing LLC（“HEP Cushing”），當時是HEP的全資子公司，現在是HF Sinclair的全資子公司，與Plains Marketing, L.P.（Plains All American Pipeline, L.P.的全資子公司，“Plains”）成立了一家50/50的合資公司Cushing Connect Pipeline & Terminal LLC（“Cushing Connect”），致力於（i）開發、施工、擁有和運營一條新的 160,000 每天可運輸的wti原油管道（“Cushing Connect Pipeline”），該管道將位於俄克拉荷馬州的Cushing原油中心與我們的塔爾薩煉油廠相連接，以及（ii）在俄克拉荷馬州Cushing的 1.5 百萬桶wti原油的儲存（“Cushing Connect Terminal”）。Cushing Connect與HEP的一個關聯公司（現爲HF Sinclair的子公司）簽訂了合同，以管理Cushing Connect Pipeline的操作，並與Plains的一個關聯公司簽訂了合同，管理Cushing Connect Terminal的操作。Cushing Connect的總投資通常按比例在合作伙伴之間共享。然而，HEP需對任何超過預算的Cushing Connect Pipeline施工成本負全責。 10%.

Cushing Connect及其兩家子公司（“Cushing Connect Entities”）是按照GAAP標準定義的變量利益實體（“VIE”）。VIE是指其股本所有者沒有足夠的股本風險來爲實體提供融資，除非獲得額外的次級財務支持，或者作爲一組，股本持有人缺乏通過投票權來指導最顯著地影響實體財務績效的活動的能力，承擔實體預期損失的義務或享有預期剩餘回報的權利。Cushing Connect Entities是VIE，因爲它們最初沒有足夠的股本風險來爲其活動提供融資，需要額外的財務支持。我們是其中兩家實體的主要受益人，因爲HEP建造並運營了Cushing Connect Pipeline，我們有更多的能力來指導最顯著地影響Cushing Connect和Cushing Connect Pipeline財務績效的活動。因此，我們合併了Cushing Connect及相關的Cushing Connect Pipeline子公司。我們不是Cushing Connect Terminal的主要受益人，我們使用權益法作爲帳戶處理。由於現有的長期運營協議支持運營，我們與Cushing Connect Terminal的參與導致的潛在損失不太可能發生。

13
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)
除HEP Cushing的資產外，Cushing Connect實體的債權人無法要求我們其他資產。對HEP Cushing的任何要求將限於HEP Cushing的資產範圍，除了其對Cushing Connect的投資外，這些資產並不重要。此外，我們的債權人無法向Cushing Connect實體的資產索賠。 Cushing Connect及Cushing Connect管道最重要的資產僅可用於償還其義務，同時其債權人沒有對我們一般信用的索賠權的最重要負債包括：

2024年9月30日2023年12月31日
(單位: 千元)
現金及現金等價物$1,919 $1,536 
資產、廠房和設備，按成本計$102,977 $102,936 
減：累積折舊$(10,681)$(8,022)
無形資產和其他$29,842 $32,473 


注意 3:收入

幾乎所有營業收入活動都與銷售精煉產品、品牌燃料、潤滑油和特種產品、可再生柴油以及以市場價格（變量考慮）出售的過剩wti原油庫存相關，這些銷售是在與客戶的合同下進行的。此外，我們還有來自於與第三方簽訂的石油產品和wti原油管道運輸、加工、儲存和終端協議提供的物流服務的收入。

收入細分如下：
截至九月三十日的三個月截至九月三十日的九個月。
2024202320242023
(單位: 千元)
按類型收入：
精煉產品收入
運輸燃料 (1)
$4,480,825 $5,737,557 $14,114,991 $14,970,620 
潤滑油和專業產品 (2)
609,772 612,817 1,868,156 1,928,054 
瀝青、燃油和其他產品 (3)
540,179 576,274 1,592,455 1,589,133 
成品銷售總收入5,630,776 6,926,648 17,575,602 18,487,807 
wti原油超額收入 (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 
運輸和物流服務27,753 29,073 77,946 85,322 
營銷收入 (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 
銷售總額和其他收入$7,207,140 $8,905,471 $22,080,116 $24,304,259 

14
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)
截至九月三十日的三個月截至九月三十日的九個月。
2024202320242023
(單位: 千元)
各市場的精煉產品收入：
美國：
中部地區$2,201,377 $2,598,477 $6,827,071 $6,882,470 
西南地區931,098 1,117,275 2,989,695 2,840,563 
落基山脈地區1,959,195 2,653,603 6,103,557 7,059,200 
東北部209,394 236,010 641,463 733,609 
加拿大266,653 261,841 810,701 767,517 
歐洲, 亞洲和拉丁美洲63,059 59,442 203,115 204,448 
成品銷售總收入$5,630,776 $6,926,648 $17,575,602 $18,487,807 
(1)運輸燃料收入歸因於我們的煉油部門批發銷售汽油、柴油和噴氣燃料。
(2)潤滑劑和特種產品由基礎油、蠟、成品潤滑劑及其他特種液體組成。
(3)瀝青、燃油和其他產品的收入包括歸屬於我們的煉油和潤滑油與特種產品部門的金額 $471.6 百萬美元和$68.5 萬美元， 截至2024年9月30日的三個月，分別爲 $1,381.8 百萬美元和$210.7 萬美元， 截至2024年9月30日的九個月，分別爲 $504.3百萬和$72.0截至2023年9月30日的三個月，分別爲百萬，和$1,413.3 及175.8截至2023年9月30日的九個月，分別爲百萬。
(4)過剩的wti原油收入代表我們煉油廠購買的原油庫存銷售，有時超出了我們的供應需求。
(5)可再生柴油的收入主要歸因於我們的可再生能源業務部門。
(6)營銷收入主要來自品牌汽油和柴油。
(7)其他收入主要歸因於我們的煉油部門。

我們的合併資產負債表反映了與未來服務義務相關的合同負債，這些負債歸因於我們與第三方運輸協議和來自我們Sonneborn控件的生產協議的未賺取收入。s. 下表展示了我們合同負債的變化：

截至九月三十日的九個月。
20242023
(單位: 千元)
1月1日結餘$7,533 $10,722 
增加17,145 15,216 
被視爲營業收入(17,191)(17,925)
九月三十日結餘$7,487 $8,013 

截至2024年9月30日，我們與客戶簽訂了長期合同，規定了以市場價格逐步銷售的汽油、柴油、潤滑油和特種產品的最低數量。 2034. F未來價格受市場波動影響，因此，我們選擇根據ASC 606-10-50-14A條款，排除這些合同下的變量考慮。 我們與客戶的長期產品銷售合同下預計銷售的合計最低數量（未來履約義務）如下：

合同最低限額2024年剩餘部分20252026其後總計
(單位: 千元)
精煉產品銷售量（桶）8,586 28,272 19,857 49,954 106,669 

15
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)
此外，我們與第三方客戶有長期合同，規定了通過我們的管道和終端運輸的最低產品數量，從而導致固定的最低年收入h 2033. 截至2024年9月30日，我們第三方合同相關的年最低收入如下：

合同最低限額2024年剩餘部分20252026其後總計
(單位: 千元)
中游-腦機運營收入$5,213 $11,242 $7,782 $43,308 $67,545 


NOTE 4:Fair Value Measurements

公允價值測量是基於輸入（市場參與者在爲資產或負債定價時使用的假設，包括關於風險的假設）推導出來的。GAAP將公允價值測量中使用的輸入歸類爲以下三個廣泛層次：

•(一級) 在活躍市場上對相同資產或負債的報價。
•(級別 2) 可觀察的輸入，包括在級別 1 中引用的價格之外的其他輸入，例如活躍市場中類似資產和負債的報價、非活躍市場中類似資產和負債的報價，或者能夠通過可觀察市場數據進行確認的報價。
•(第3級) 基於市場活動很少或沒有的不可觀察輸入，這些輸入對於資產或負債的公允價值具有重要意義。這包括涉及顯著不可觀察輸入的估值技術。

截至2024年9月30日和2023年12月31日，衍生工具和RINs信用義務的賬面價值如下：
按輸入水平評估的公允價值
帳面價值第1級第2級Level 3
(單位: 千元)
2024年9月30日
資產：
nymex 期貨合約$840 $840 $— $— 
商品期貨合約72 — 72 — 
總資產$912 $840 $72 $— 
負債：
商品價格互換$674 $— $674 $— 
商品期貨合約21 — 21 — 
外匯即期合約4,270 — 4,270 — 
RINs 信貸義務 (1)
27,471 — 27,471 — 
總負債$32,436 $— $32,436 $— 

16
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)
按輸入級別劃分的公允價值
帳面價值第1級第2級Level 3
(單位: 千元)
2023年12月31日
資產：
nymex 期貨合約$836 $836 $— $— 
商品期貨合約2,908 — 2,908 — 
總資產$3,744 $836 $2,908 $— 
負債：
商品價格掉期$7,808 $— $7,808 $— 
商品期貨合約1,848 — 1,848 — 
外匯即期合約7,893 — 7,893 — 
總負債$17,549 $— $17,549 $— 
(1)代表在2024年9月30日之前，我們未能滿足環保母基（“EPA”）規定的混合要求的RINs信用義務。

1級公平值量度
我們的紐約商業交易所（“nymex”）期貨合約是交易所交易的，按公允價值計量和記錄，使用報價市場價格，這是一級輸入。

2級公平值量度
衍生工具包括外匯遠期合約、商品價格互換以及遠期銷售和採購合同，使用二級輸入以公允價值進行測量和記錄。商品價格互換合同的公允價值基於預期未來現金流量的淨現值，涉及到各自互換協議的變量和固定利率腿。測量是使用基於市場的可觀察輸入和相應商品價格互換的引用遠期價格計算的。遠期銷售和採購合同的公允價值是利用引用遠期商品價格計算的。外匯遠期合同的公允價值基於第三方提供的數值，這些數值是使用類似類型工具的市場報價派生的，是一個二級輸入。RINs信用義務的價值是基於獨立定價服務的引用價格。


17
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)
注意 5:每股盈利（虧損）

基本每股收益（虧損）計算爲 歸屬於HF Sinclair股東的淨利潤（損失）調整後按參與證券在收益中的份額計算，併除以流通中的普通股平均數量。稀釋每股收益（虧損）包含來自某些股權獎勵的增量股份。 以下是歸屬於HF Sinclair股東的淨利潤基本和稀釋每股計算的分母的重整：
 截至九月三十日的三個月截至九月三十日的九個月。
 2024202320242023
 (以千為單位，除每股數據外)
歸屬於HF Sinclair股東的淨利潤（損失）$(75,944)$790,922 $390,508 $1,651,849 
參與證券的收益分享 (1)
526 7,188 2,255 14,340 
歸屬於普通股的淨利潤（損失）$(76,470)$783,734 $388,253 $1,637,509 
流通在外的普通股平均數量189,840 185,456 193,341 191,047 
假設稀釋情況下的流通在外普通股平均數量189,840 185,456 193,341 191,047 
基本每股盈利（虧損）$(0.40)$4.23 $2.01 $8.57 
稀釋每股盈利（虧損）$(0.40)$4.23 $2.01 $8.57 
(1)未歸屬的限制性股票單位獎勵和未歸屬的績效分享單位，以HF Sinclair普通股結算，代表參與性證券，因爲它們參與HF Sinclair普通股股東的不可沒收的分紅或分配。參與收益代表HF Sinclair分配和未分配的收益，歸因於參與性證券。未歸屬的限制性股票單位獎勵和績效分享單位不參與未分配的淨損失，因爲它們沒有合同上義務這樣做。


注意事項6:基於股份的薪酬

我們有一個以股票爲基礎的主要薪酬計劃，即HF Sinclair Corporation修訂和重述的2020年長期激勵計劃（“2020計劃”）。2020計劃提供無限制和限制性股票、限制性股票單位、其他基於股票的獎勵、期權、業績獎勵、替代獎勵、現金獎勵和股票增值權的授予。限制性股票單位獎勵通常在一個 一 在權利益分享區間內， 三年經過一定期限後歸屬，限制解除後，限制性股票單位將轉換爲普通股或現金。這些業績股票單位通常在一個 三年 期限內歸屬，並且在滿足某些財務和業績標準後可以以股票或現金支付。最終發放的股票數量或業績股票單位所支付的現金可以在 零 在權利益分享區間內， 200% 的目標獎勵金額。持有未歸屬限制性股票單位和業績股票單位的股東有權獲得分紅派息。我們還有一項股票補償延期計劃，允許非員工董事推遲根據我們的基於股份的補償計劃授予的已歸屬股票的結算。

這些計劃的賠償成本爲$4.5 百萬美元和$12.8 在截至2024年9月30日的三個月內爲百萬 2023的三個月內實現，分別在結束於16.1百萬和$27.4截至2024年和2023年9月30日九個月的收入分別為$。

此外，在HEP合併交易之前，HEP爲普通合夥人的非員工董事及某些高管和員工維護了一項基於股權的薪酬計劃。與HEP的基於股權的薪酬計劃相關的薪酬成本爲$0.4 百萬美元和$1.1百萬，截止至2023年9月30日的三個及九個月，分別為。

18
目錄
HF 辛克萊公司
合併財務報表附註
(未經審計)
截至2024年9月30日的九個月內，限制性股票單位和業績股票單位活動的彙總如下：
限制性股票單位業績股票單位
截至2024年1月1日的餘額1,102,755 485,531 
授予數量 (1)
21,421 3,093 
歸屬數量(158,927)(1,859)
被註銷數量(227,804)(80,074)
截至2024年9月30日的餘額737,445 406,691 
(1) 每單位加權平均授予日期公允價值。$49.19 $51.22 


注意 7:存貨

存貨 由以下元件組成:
2024年9月30日2023年12月31日
(單位: 千元)
原油$763,486 $858,411 
其他原材料和未完成的產品 (1)
699,643 683,066 
成品 (2)
1,260,686 1,435,817 
成本或市場儲備的較低者(311,384)(331,570)
wti原油和精煉產品2,412,431 2,645,724 
處理化學品 (3)
44,701 50,917 
維修和維護用品及其他 (4)
230,548 225,190 
材料、用品及其他275,249 276,107 
庫存總額$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 

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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.
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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)

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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)

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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.

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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.

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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.

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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 

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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.

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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.

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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.
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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 %
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 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 

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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 
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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 %




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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.



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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.

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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 %

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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.

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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).

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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.
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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.


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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
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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.
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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.

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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.

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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.
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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.
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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.”


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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 

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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.

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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.












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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.
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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.

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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.

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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.

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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.

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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.

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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)
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