Reported Net income attributable to HF Sinclair stockholders of $403 million, or $2.15 per diluted share, and adjusted net income attributable to HF Sinclair stockholders of $459 million, or $2.44 per diluted share

Reported EBITDA of $796 million and Adjusted EBITDA of $870 million

Returned $254 million to stockholders through dividends and share repurchases in the third quarter

Announced regular quarterly dividend of $0.50 per share

HF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) ("HF Sinclair" or the "Company") today reported Net income attributable to HF Sinclair stockholders of $403 million, or $2.15 per diluted share, for the quarter ended September 30, 2025, compared to Net loss attributable to HF Sinclair stockholders of $76 million, or $(0.40) per diluted share, for the quarter ended September 30, 2024. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the third quarter of 2025 was $459 million, or $2.44 per diluted share, compared to adjusted net income attributable to HF Sinclair stockholders of $96 million, or $0.51 per diluted share, for the third quarter of 2024.

HF Sinclair's Chief Executive Officer, Tim Go, commented, "HF Sinclair's strong third quarter results are underpinned by the measurable improvement in operating and commercial performance including the continued increases in refining throughput, capture and reductions in operating costs. During the quarter, we returned $254 million in cash to shareholders and today announced a $0.50 quarterly dividend. We are pleased with the progress we have made on our key priorities and believe the year-to-date performance reflects the value from our strategic focus. Looking forward, we remain committed to generating strong cash flows to return to our shareholders, enhancing reliability and the optimization and growth of our portfolio."

Refining segment income before interest and income taxes was $476 million for the third quarter of 2025 compared to a loss of $212 million for the third quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustment charge of $46 million, the segment reported Adjusted EBITDA of $661 million for the third quarter of 2025 compared to $110 million for the third quarter of 2024. This increase was principally driven by higher adjusted refinery gross margins in both the West and Mid-Continent regions, which was inclusive of small refinery RINs waivers granted from the EPA. Adjusted refinery gross margin was $19.16 per produced barrel sold, a 78% increase compared to $10.79 for the third quarter of 2024. Crude oil charge averaged 639,050 barrels per day ("BPD") for the third quarter of 2025 compared to 607,010 BPD for the third quarter of 2024. This increase was primarily a result of decreased turnaround activities during the third quarter of 2025.

Renewables segment loss before interest and income taxes was $55 million for the third quarter of 2025 compared to a loss of $23 million for the third quarter of 2024. Excluding the Lower of cost or market inventory valuation adjustment charge of $20 million, the segment reported Adjusted EBITDA of $(13) million in the third quarter of 2025 compared to $1 million in the third quarter of 2024. In the third quarter of 2025 we recognized incrementally more in value from the Producer's Tax Credit ("PTC"). For the fourth quarter of 2025, we expect to capture incrementally more value from the PTC. Total sales volumes were 57 million gallons for the third quarter of 2025 compared to 69 million gallons for the third quarter of 2024.

Marketing segment income before interest and income taxes was $22 million for the third quarter of 2025 compared to $16 million for the third quarter of 2024. The segment reported EBITDA of $29 million for the third quarter of 2025 compared to $22 million for the third quarter of 2024. This increase was primarily driven by higher margins and high-grading our mix of stores in the third quarter of 2025. Total branded fuel sales volumes were 360 million gallons for the third quarter 2025 as compared to 365 million gallons for the third quarter of 2024.

Lubricants & Specialties segment income before interest and income taxes was $52 million for the third quarter of 2025 compared to $54 million in the third quarter of 2024. The segment reported EBITDA of $78 million for the third quarter of 2025 compared to $76 million in the third quarter of 2024. The increase was primarily driven by a FIFO benefit and better product mix, partially offset by an increase in operating expenses. During the third quarter of 2025, we recognized a FIFO benefit of $2 million compared to a FIFO charge of $27 million during the third quarter of 2024.

Midstream segment income before interest and income taxes was $98 million for the third quarter of 2025 compared to $80 million for the third quarter of 2024. The segment reported EBITDA of $114 million for the third quarter of 2025 compared to Adjusted EBITDA of $111 million for the third quarter of 2024. This increase was primarily driven by lower operating expenses, partially offset by lower throughput volumes in the third quarter of 2025 as compared to the third quarter of 2024.

For the third quarter of 2025, net cash provided by operations totaled $809 million. At September 30, 2025, the Company's Cash and cash equivalents totaled $1,451 million, a $651 million increase compared to Cash and cash equivalents of $800 million at December 31, 2024. During the third quarter of 2025, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $94 million and spent $166 million on share repurchases, inclusive of excise tax of $6 million. Additionally, at September 30, 2025, the Company's consolidated debt was $2,768 million.

HF Sinclair also announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.50 per share. The dividend is payable on December 5, 2025 to holders of record of common stock on November 19, 2025.

The Company has scheduled a webcast conference call for today, October 30, 2025, at 9:30 AM Eastern Time to discuss third quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/175832948. An audio archive of this webcast will be available using the above noted link through November 13, 2025.

HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and supplies high-quality fuels to more than 1,700 branded stations and licenses the use of the Sinclair brand to more than 300 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in New Mexico. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries.

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are "forward-looking statements" based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in the Company's filings with the Securities and Exchange Commission (the "SEC"). All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Forward-looking statements use words such as "anticipate," "project," "will," "expect," "plan," "goal," "forecast," "strategy," "intend," "should," "would," "could," "believe," "may," and similar expressions and statements regarding the Company's plans and objectives for future operations. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot assure you that the Company's expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the demand for and supply of feedstocks, crude oil and refined products, including uncertainty regarding the increasing societal expectations that companies address climate impacts and greenhouse gas emissions; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in the Company's markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of crude oil, refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, infection in the workforce, weather events, global health events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, vandalism or other catastrophes or disruptions affecting the Company's operations, production facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing at the Company's suppliers, customers, or third-party providers, and any potential asset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions; the effects of current and/or future governmental and environmental regulations and policies, including compliance with, or exemptions from, existing, new and changing environmental and health and safety laws and regulations, related reporting requirements and pipeline integrity programs; the availability and cost of financing to the Company; the effectiveness of the Company's capital investments and marketing strategies; the Company's efficiency in carrying out and consummating construction projects, including the Company's ability to complete announced capital projects on time and within capital guidance; the Company's ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of the Company to acquire complementary assets or businesses to the Company's existing assets and businesses on acceptable terms and to integrate any existing or future acquired operations and realize the expected synergies of any such transaction on the expected timeline; the possibility of vandalism or other disruptive activity, or terrorist or cyberattacks and the consequences of any such activities or attacks; uncertainty regarding the effects and duration of global hostilities, including shipping disruptions in the Red Sea, ongoing conflicts in the Middle East, the Russia-Ukraine war and any associated military campaigns which may disrupt crude oil supplies and markets for the Company's refined products and create instability in the financial markets that could restrict the Company's ability to raise capital; general economic conditions, including uncertainties regarding trade policies, such as the imposition or implementation of tariffs, or economic slowdowns caused by a local or national recession or other adverse economic conditions, such as periods of increased or prolonged inflation; limitations on the Company's ability to make future dividend payments or effectuate share repurchases due to market conditions and corporate, tax, regulatory and other considerations; and other business, financial, operational and legal risks. Additional information on risks and uncertainties that could affect our business prospects and performance is provided in the reports filed by us with the SEC. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

RESULTS OF OPERATIONS

Financial Data (all information in this release is unaudited)

	Three Months Ended September 30,						Change from 2024
		2025			2024		Change			Percent

	(In millions, except share and per share data)
Sales and other revenues	$	7,251		$	7,207		$	44		1	%

Operating costs and expenses:
Cost of sales: ⁽¹⁾
Cost of materials and other ⁽²⁾		5,692			6,158			(466	)	(8	)%
Lower of cost or market inventory valuation adjustments		66			202			(136	)	(67	)%
Operating expenses		590			630			(40	)	(6	)%
		6,348			6,990			(642	)	(9	)%
Selling, general and administrative expenses ⁽¹⁾		105			118			(13	)	(11	)%
Depreciation and amortization		230			210			20		10	%
Other operating expenses, net		4			10			(6	)	(60	)%
Total operating costs and expenses		6,687			7,328			(641	)	(9	)%
Income (loss) from operations		564			(121	)		685		(566	)%

Other income (expense):
Earnings of equity method investments		6			8			(2	)	(25	)%
Interest income		11			18			(7	)	(39	)%
Interest expense		(51	)		(40	)		(11	)	28	%
Other income (expense), net		(2	)		4			(6	)	(150	)%
		(36	)		(10	)		(26	)	260	%
Income (loss) before income taxes		528			(131	)		659		(503	)%

Income tax expense (benefit)		123			(57	)		180		(316	)%
Net income (loss)		405			(74	)		479		(647	)%
Less: net income attributable to noncontrolling interest		2			2			—		—	%
Net income (loss) attributable to HF Sinclair stockholders	$	403		$	(76	)	$	479		(630	)%

Earnings (loss) per share attributable to HF Sinclair stockholders:
Basic	$	2.15		$	(0.40	)	$	2.55		(638	)%
Diluted	$	2.15		$	(0.40	)	$	2.55		(638	)%
Cash dividends declared per common share	$	0.50		$	0.50		$	—		—	%
Average number of common shares outstanding (in thousands):
Basic		186,499			189,840			(3,341	)	(2	)%
Diluted		186,499			189,840			(3,341	)	(2	)%

EBITDA	$	796		$	99		$	697		704	%
Adjusted EBITDA	$	870		$	316		$	554		175	%

	Nine Months Ended September 30,						Change from 2024
		2025			2024		Change			Percent

	(In millions, except share and per share data)
Sales and other revenues	$	20,405		$	22,080		$	(1,675	)	(8	)%

Operating costs and expenses:
Cost of sales: ⁽¹⁾
Cost of materials and other ⁽²⁾		16,608			18,835			(2,227	)	(12	)%
Lower of cost or market inventory valuation adjustments		97			(20	)		117		(585	)%
Operating expenses		1,758			1,828			(70	)	(4	)%
		18,463			20,643			(2,180	)	(11	)%
Selling, general and administrative expenses ⁽¹⁾		323			327			(4	)	(1	)%
Depreciation and amortization		681			613			68		11	%
Other operating expenses, net		18			10			8		80	%
Total operating costs and expenses		19,485			21,593			(2,108	)	(10	)%
Income from operations		920			487			433		89	%

Other income (expense):
Earnings of equity method investments		27			24			3		13	%
Interest income		27			59			(32	)	(54	)%
Interest expense		(153	)		(127	)		(26	)	20	%
Other income (expense), net		(48	)		5			(53	)	(1,060	)%
		(147	)		(39	)		(108	)	277	%
Income before income taxes		773			448			325		73	%

Income tax expense		160			52			108		208	%
Net income		613			396			217		55	%
Less: net income attributable to noncontrolling interest		6			5			1		20	%
Net income attributable to HF Sinclair stockholders	$	607		$	391		$	216		55	%

Earnings per share attributable to HF Sinclair stockholders:
Basic	$	3.21		$	2.01		$	1.20		60	%
Diluted	$	3.21		$	2.01		$	1.20		60	%
Cash dividends declared per common share	$	1.50		$	1.50		$	—		—	%
Average number of common shares outstanding (in thousands):
Basic		187,688			193,341			(5,653	)	(3	)%
Diluted		187,688			193,341			(5,653	)	(3	)%

EBITDA	$	1,574		$	1,124		$	450		40	%
Adjusted EBITDA	$	1,736		$	1,121		$	615		55	%

(1)		Exclusive of Depreciation and amortization.
(2)		Exclusive of Lower of cost or market inventory valuation adjustments.

Balance Sheet Data

	September 30, 2025		December 31, 2024

	(In millions)
Cash and cash equivalents	$	1,451	$	800
Working capital	$	2,694	$	1,971
Total assets	$	17,264	$	16,643
Total debt	$	2,768	$	2,638
Total equity	$	9,495	$	9,346

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 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.

The Lubricants & Specialties segment represents Petro-Canada Lubricants' 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' 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, 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 our wholly-owned subsidiary Holly Energy Partners, L.P., which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, and terminals, tankage and loading rack facilities in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. The Midstream segment also includes 50% ownership interests in each of Osage Pipeline Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas, and Cushing Connect Pipeline & Terminal LLC, the owner of a pipeline running from Cushing, Oklahoma to Tulsa, Oklahoma, a 26.08% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a pipeline running from the Powder River Basin to Casper, Wyoming, and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline running from Sinclair, Wyoming to the North Salt Lake City, Utah Terminal. Revenues and other income from the Midstream segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation, terminalling operations and tankage facilities provided for our refining operations.

	Refining			Renewables			Marketing		Lubricants & Specialties		Midstream			Corporate, Other and Eliminations			Consolidated Total

	(In millions)
Three Months Ended September 30, 2025
Sales and other revenues:
Revenues from external customers	$	5,507		$	163		$	898	$	654	$	29		$	—		$	7,251
Intersegment revenues and other ⁽¹⁾		936			114			—		1		131			(1,182	)		—
		6,443			277			898		655		160			(1,182	)		7,251
Cost of sales: ⁽²⁾
Cost of materials and other ⁽³⁾		5,278			267			860		470		—			(1,183	)		5,692
Lower of cost or market inventory valuation adjustments		46			20			—		—		—			—			66
Operating expenses		447			22			—		71		50			—			590
		5,771			309			860		541		50			(1,183	)		6,348
Selling, general and administrative expenses ⁽²⁾		53			1			10		36		1			4			105
Depreciation and amortization		139			22			7		26		18			18			230
Other operating expenses, net		4			—			—		—		—			—			4
Income (loss) from operations		476			(55	)		21		52		91			(21	)		564
Earnings of equity method investments		—			—			—		—		6			—			6
Other income (expense), net		—			—			1		—		1			(4	)		(2	)
Income (loss) before interest and income taxes		476			(55	)		22		52		98			(25	)		568
Interest income		—			—			—		2		1			8			11
Interest expense		—			(1	)		—		—		(1	)		(49	)		(51	)
Income (loss) before income taxes	$	476		$	(56	)	$	22	$	54	$	98		$	(66	)	$	528
Net income attributable to noncontrolling interest	$	—		$	—		$	—	$	—	$	2		$	—		$	2
Capital expenditures	$	79		$	—		$	17	$	8	$	9		$	8		$	121

Three Months Ended September 30, 2024
Sales and other revenues:
Revenues from external customers	$	5,387		$	160		$	950	$	683	$	27		$	—		$	7,207
Intersegment revenues and other ⁽¹⁾		995			105			—		3		137			(1,240	)		—
		6,382			265			950		686		164			(1,240	)		7,207
Cost of sales: ⁽²⁾
Cost of materials and other ⁽³⁾		5,732			237			918		509		—			(1,238	)		6,158
Lower of cost or market inventory valuation adjustments		199			3			—		—		—			—			202
Operating expenses		485			25			—		61		59			—			630
		6,416			265			918		570		59			(1,238	)		6,990
Selling, general and administrative expenses ⁽²⁾		55			2			10		38		3			10			118
Depreciation and amortization		123			21			6		22		18			20			210
Asset impairments		—			—			—		—		10			—			10
Income (loss) from operations		(212	)		(23	)		16		56		74			(32	)		(121	)
Earnings of equity method investments		—			—			—

HF Sinclair Reports 2025 Third Quarter Results and Announces Regular Cash Dividend