# EDGAR Filing Document

**Accession Number:** 0001915657
**File Stem:** 0001915657-25-000073
**Filing Date:** 2025-7
**Character Count:** 79050
**Document Hash:** d6e6f66845f96c45813129355ba87922
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001915657-25-000073.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001915657-25-000073

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HF Sinclair Corp
- **CENTRAL INDEX KEY:** 0001915657
- **STANDARD INDUSTRIAL CLASSIFICATION:** PIPE LINES (NO NATURAL GAS) [4610]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 872092143
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41325
- **FILM NUMBER:** 251169264

**BUSINESS ADDRESS:**
- **STREET 1:** 2323 VICTORY AVENUE
- **STREET 2:** SUITE 1400
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219
- **BUSINESS PHONE:** 214-954-6696

**MAIL ADDRESS:**
- **STREET 1:** 2323 VICTORY AVENUE
- **STREET 2:** SUITE 1400
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hippo Parent Corp
- **DATE OF NAME CHANGE:** 20220307

?xml version='1.0' encoding='ASCII'? dino-20250731

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 31, 2025** 

<u>___________________</u>

**HF SINCLAIR CORPORATION**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41325** | **87-2092143** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| **2323 Victory Avenue, Suite 1400** | | |
| **Dallas, TX** | | **75219** |
| (Address of principal executive offices) | | (Zip code) |

---

Registrant's telephone number, including area code: **(214) 871-3555** 

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:** | **Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:** | **Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:** |
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock $0.01 par value | DINO | New York Stock Exchange |
| Common Stock $0.01 par value | DINO | NYSE Texas, Inc. |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp; ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On July 31, 2025, HF Sinclair Corporation (the "Company") issued a press release announcing the Company's second quarter 2025 results. The press release also announced a regular quarterly dividend of $0.50 per share. A copy of the Company's press release is attached hereto as Exhibit 99.1 and incorporated herein in its entirety.

The information contained in, or incorporated into, this Item 2.02 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference to such filing.

**Item 9.01 Financial Statements and Exhibits**.

 **(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press Release of the Company issued](dinoex99106-30x2025.htm)[July 31](dinoex99106-30x2025.htm)[, 202](dinoex99106-30x2025.htm)[5](dinoex99106-30x2025.htm)[.\*](dinoex99106-30x2025.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document). |

---

\* Furnished herewith pursuant to Item 2.02.

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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** | **HF SINCLAIR CORPORATION** | **HF SINCLAIR CORPORATION** |
| By: | /s/ | Atanas H. Atanasov |
|  |  | Atanas H. Atanasov |
|  |  | Executive Vice President and Chief Financial Officer |

---

Date: July 31, 2025

## Exhibit 99.1

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| | |
|:---|:---|
| **Press Release** <br>**July 31, 2025**  | ![hf_sinclairxlogoxcmyk1.jpg](hf_sinclairxlogoxcmyk1.jpg) |

---

**<u>HF Sinclair Reports 2025 Second Quarter Results and Announces Regular Cash Dividend</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• Reported *Net income attributable to HF Sinclair stockholders* of $208 million, or $1.10 per diluted share, and adjusted net income attributable to HF Sinclair stockholders of $322 million, or $1.70 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;• Reported EBITDA of $516 million and Adjusted EBITDA of $665 million

&nbsp;&nbsp;&nbsp;&nbsp;• Returned $145 million to stockholders through dividends and share repurchases in the second quarter

&nbsp;&nbsp;&nbsp;&nbsp;• Announced regular quarterly dividend of $0.50 per share

Dallas, Texas, July 31, 2025 - HF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) ("HF Sinclair" or the "Company") today reported *Net income attributable to HF Sinclair stockholders* of $208 million, or $1.10 per diluted share, for the quarter ended June 30, 2025, compared to *Net income attributable to HF Sinclair stockholders* of $152 million, or $0.79 per diluted share, for the quarter ended June 30, 2024. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the second quarter of 2025 was $322 million, or $1.70 per diluted share, compared to adjusted net income attributable to HF Sinclair stockholders of $150 million, or $0.78 per diluted share, for the second quarter of 2024.

HF Sinclair's Chief Executive Officer, Tim Go, commented, "During the second quarter of 2025, we made strong progress on our key priorities to improve reliability, optimization and integration, and I'm pleased to report we delivered sequential improvements over the last three quarters in refining throughput, capture and lower operating costs – allowing us to return $145 million to stockholders through dividend and share repurchases in the current period. Looking forward, we remain focused on advancing these priorities further, and with the majority of our turnarounds behind us in 2025, we believe we are well positioned to continue to execute our strategy and return excess cash to our shareholders."

Refining segment income before interest and income taxes was $166 million for the second quarter of 2025 compared to income of $65 million for the second quarter of 2024. Excluding the *Lower of cost or market inventory valuation adjustment charge of* $172 million and certain items, the segment reported Adjusted EBITDA of $476 million for the second quarter of 2025 compared to $187 million for the second quarter of 2024. This increase was principally driven by higher adjusted refinery gross margins in both the West and Mid-Continent regions partially offset by lower refined product sales volumes. Adjusted refinery gross margin was $16.50 per produced barrel sold, a 46% increase compared to $11.33 for the second quarter of 2024. Crude oil charge averaged 615,930 barrels per day ("BPD") for the second quarter of 2025 compared to 634,730 BPD for the second quarter of 2024. This decrease was primarily a result of turnaround activities at our Tulsa and Parco refineries during the second quarter of 2025.

Renewables segment loss before interest and income taxes was $4 million for the second quarter of 2025 compared to a loss of $15 million for the second quarter of 2024. Excluding the *Lower of cost or market inventory valuation adjustment benefit of* $24 million, the segment reported Adjusted EBITDA of $(2) million in the second quarter of 2025 compared to $2 million in the second quarter of 2024. In the second quarter of 2025 we began partially recognizing the benefits from the Producer's Tax Credit, and we expect to capture additional incremental value in the third quarter of 2025. Total sales volumes were 55 million gallons for the second quarter of 2025 compared to 64 million gallons for the second quarter of 2024.

Marketing segment income before interest and income taxes was $18 million for the second quarter of 2025 compared to $9 million for the second quarter of 2024. The segment reported EBITDA of $25 million for the second quarter of 2025 compared to $15 million for the second quarter of 2024. This increase was primarily driven by higher margins and high-grading our mix of stores in the second quarter of 2025. Total branded fuel sales volumes were 337 million gallons for the second quarter 2025 as compared to 357 million gallons for the second quarter of 2024.

------

Lubricants & Specialties segment income before interest and income taxes was $33 million for the second quarter of 2025 compared to $74 million in the second quarter of 2024. The segment reported EBITDA of $55 million for the second quarter of 2025 compared to $97 million in the second quarter of 2024. The decrease was primarily driven by lower margins in addition to lower sales volumes as a result of turnaround activities at our Mississauga facility. During the second quarter of 2025, we recognized a FIFO charge of $20 million compared to a FIFO charge of $14 million during the second quarter of 2024.

Midstream segment income before interest and income taxes was $98 million for the second quarter of 2025 compared to $97 million for the second quarter of 2024. Excluding certain items, the segment reported Adjusted EBITDA of $112 million for the second quarter of 2025 compared to $110 million for the second quarter of 2024. This increase was primarily driven by higher pipeline revenues and lower operating expenses, partially offset by lower throughput volumes in the second quarter of 2025 as compared to the second quarter of 2024.

For the second quarter of 2025, net cash provided by operations totaled $587 million. At June 30, 2025, the Company's *Cash and cash equivalents* totaled $874 million, a $74 million increase compared to *Cash and cash equivalents* of $800 million at December 31, 2024. During the second quarter of 2025, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $95 million and spent $50 million on share repurchases. Additionally, at June 30, 2025, the Company's consolidated debt was $2,677 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 September 4, 2025 to holders of record of common stock on August 21, 2025.

The Company has scheduled a webcast conference call for today, July 31, 2025, at 9:30 AM Eastern Time to discuss first quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/918922726. An audio archive of this webcast will be available using the above noted link through August 14, 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 change 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 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)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Change from 2024** | **Change from 2024** |
| | **2025** | **2024** | **Change** | **Percent** |
| | (In millions, except share and per share data) | (In millions, except share and per share data) | (In millions, except share and per share data) | (In millions, except share and per share data) |
| **Sales and other revenues** | $6784 | $7846 | $(1062) | (14)% |
| **Operating costs and expenses:** |  |  |  |  |
| Cost of sales: <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Cost of materials and other <sup>(2)</sup> | 5440 | 6751 | (1311) | (19)% |
| &nbsp;&nbsp;Lower of cost or market inventory valuation adjustments | 148 | (3) | 151 | (5033)% |
| &nbsp;&nbsp;Operating expenses | 572 | 591 | (19) | (3)% |
|  | 6160 | 7339 | (1179) | (16)% |
| Selling, general and administrative expenses <sup>(1)</sup> | 114 | 104 | 10 | 10% |
| Depreciation and amortization | 226 | 206 | 20 | 10% |
| Other operating expenses, net | 9 |  | 9 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating costs and expenses** | 6509 | 7649 | (1140) | (15)% |
| **Income from operations** | 275 | 197 | 78 | 40% |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;Earnings of equity method investments | 10 | 8 | 2 | 25% |
| &nbsp;&nbsp;Interest income | 7 | 19 | (12) | (63)% |
| &nbsp;&nbsp;Interest expense | (53) | (45) | (8) | 18% |
| &nbsp;&nbsp;Other income (expense), net | 7 | (1) | 8 | (800)% |
|  | (29) | (19) | (10) | 53% |
| **Income before income taxes** | 246 | 178 | 68 | 38% |
| Income tax expense | 36 | 24 | 12 | 50% |
| **Net income** | 210 | 154 | 56 | 36% |
| Less: net income attributable to noncontrolling interest | 2 | 2 |  | —% |
| **Net income attributable to HF Sinclair stockholders** | $208 | $152 | $56 | 37% |
| **Earnings per share attributable to HF Sinclair stockholders:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $1.10 | $0.79 | $0.31 | 39% |
| &nbsp;&nbsp;Diluted | $1.10 | $0.79 | $0.31 | 39% |
| Cash dividends declared per common share | $0.50 | $0.50 | $— | —% |
| **Average number of common shares outstanding (in thousands):** |  |  |  |  |
| &nbsp;&nbsp;Basic | 188110 | 191510 | (3400) | (2)% |
| &nbsp;&nbsp;Diluted | 188110 | 191510 | (3400) | (2)% |
| **EBITDA** | $516 | $408 | $108 | 26% |
| **Adjusted EBITDA** | $665 | $406 | $259 | 64% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change from 2024** | **Change from 2024** |
| | **2025** | **2024** | **Change** | **Percent** |
| | (In millions, except share and per share data) | (In millions, except share and per share data) | (In millions, except share and per share data) | (In millions, except share and per share data) |
| **Sales and other revenues** | $13154 | $14873 | $(1719) | (12)% |
| **Operating costs and expenses:** |  |  |  |  |
| Cost of sales: <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Cost of materials and other <sup>(2)</sup> | 10916 | 12677 | (1761) | (14)% |
| &nbsp;&nbsp;Lower of cost or market inventory valuation adjustments | 31 | (223) | 254 | (114)% |
| &nbsp;&nbsp;Operating expenses | 1168 | 1199 | (31) | (3)% |
|  | 12115 | 13653 | (1538) | (11)% |
| Selling, general and administrative expenses <sup>(1)</sup> | 218 | 208 | 10 | 5% |
| Depreciation and amortization | 451 | 403 | 48 | 12% |
| Other operating expenses, net | 14 |  | 14 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating costs and expenses** | 12798 | 14264 | (1466) | (10)% |
| **Income from operations** | 356 | 609 | (253) | (42)% |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;Earnings of equity method investments | 21 | 15 | 6 | 40% |
| &nbsp;&nbsp;Interest income | 16 | 41 | (25) | (61)% |
| &nbsp;&nbsp;Interest expense | (102) | (87) | (15) | 17% |
| &nbsp;&nbsp;Other income (expense), net | (46) | 2 | (48) | (2400)% |
|  | (111) | (29) | (82) | 283% |
| **Income before income taxes** | 245 | 580 | (335) | (58)% |
| Income tax expense | 37 | 110 | (73) | (66)% |
| **Net income** | 208 | 470 | (262) | (56)% |
| Less: net income attributable to noncontrolling interest | 4 | 4 |  | —% |
| **Net income attributable to HF Sinclair stockholders** | $204 | $466 | $(262) | (56)% |
| **Earnings per share attributable to HF Sinclair stockholders:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $1.07 | $2.38 | $(1.31) | (55)% |
| &nbsp;&nbsp;Diluted | $1.07 | $2.38 | $(1.31) | (55)% |
| Cash dividends declared per common share | $1.00 | $1.00 | $— | —% |
| **Average number of common shares outstanding (in thousands):** |  |  |  |  |
| &nbsp;&nbsp;Basic | 188298 | 195110 | (6812) | (3)% |
| &nbsp;&nbsp;Diluted | 188298 | 195110 | (6812) | (3)% |
| **EBITDA** | $778 | $1025 | $(247) | (24)% |
| **Adjusted EBITDA** | $866 | $805 | $61 | 8% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Exclusive of *Depreciation and amortization*.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Exclusive of *Lower of cost or market inventory valuation adjustments.*

**Balance Sheet Data**

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | (In millions) | (In millions) |
| Cash and cash equivalents | $874 | $800 |
| Working capital | $2332 | $1971 |
| Total assets | $16843 | $16643 |
| Total debt | $2677 | $2638 |
| Total equity | $9348 | $9346 |

---

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**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.

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Refining** | **Renewables** | **Marketing** | **Lubricants & Specialties** | **Midstream** | **Corporate, Other and Eliminations** | **Consolidated Total** |
| | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
| **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| Sales and other revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues from external customers | $5158 | $131 | $826 | $641 | $28 | $— | $6784 |
| &nbsp;&nbsp;&nbsp;Intersegment revenues and other <sup>(1)</sup> | 861 | 127 |  | 4 | 129 | (1121) |  |
|  | 6019 | 258 | 826 | 645 | 157 | (1121) | 6784 |
| Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Cost of materials and other <sup>(3)</sup> | 5045 | 238 | 792 | 486 |  | (1121) | 5440 |
| &nbsp;&nbsp;&nbsp;Lower of cost or market inventory valuation adjustments | 172 | (24) |  |  |  |  | 148 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 441 | 22 |  | 63 | 45 | 1 | 572 |
|  | 5658 | 236 | 792 | 549 | 45 | (1120) | 6160 |
| Selling, general and administrative expenses <sup>(2)</sup> | 52 |  | 9 | 43 | 2 | 8 | 114 |
| Depreciation and amortization | 134 | 26 | 7 | 22 | 19 | 18 | 226 |
| Other operating expenses, net | 9 |  |  |  |  |  | 9 |
| Income (loss) from operations | 166 | (4) | 18 | 31 | 91 | (27) | 275 |
| &nbsp;&nbsp;&nbsp;Earnings of equity method investments |  |  |  |  | 9 | 1 | 10 |
| &nbsp;&nbsp;&nbsp;Other income (expense), net |  |  |  | 2 | (2) | 7 | 7 |
| Income (loss) before interest and income taxes | 166 | (4) | 18 | 33 | 98 | (19) | 292 |
| &nbsp;&nbsp;&nbsp;Interest income |  | 1 |  |  | 2 | 4 | 7 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | (2) |  |  | (1) | (50) | (53) |
| Income (loss) before income taxes  | $166 | $(5) | $18 | $33 | $99 | $(65) | $246 |
| Net income attributable to noncontrolling interest | $— | $— | $— | $— | $2 | $— | $2 |
| Capital expenditures | $71 | $— | $11 | $11 | $12 | $6 | $111 |
| **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| Sales and other revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues from external customers | $5970 | $180 | $943 | $726 | $27 | $— | $7846 |
| &nbsp;&nbsp;&nbsp;Intersegment revenues and other <sup>(1)</sup> | 1008 | 68 |  | 5 | 131 | (1212) |  |
|  | 6978 | 248 | 943 | 731 | 158 | (1212) | 7846 |
| Cost of sales: <sup>(2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of materials and other <sup>(3)</sup> | 6291 | 220 | 920 | 531 |  | (1211) | 6751 |
| &nbsp;&nbsp;&nbsp;Lower of cost or market inventory valuation adjustments |  | (3) |  |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;Operating expenses | 449 | 25 |  | 64 | 51 | 2 | 591 |
|  | 6740 | 242 | 920 | 595 | 51 | (1209) | 7339 |
| Selling, general and administrative expenses <sup>(2)</sup> | 51 | 1 | 8 | 39 | 2 | 3 | 104 |
| Depreciation and amortization | 122 | 20 | 6 | 23 | 15 | 20 | 206 |
| Income (loss) from operations | 65 | (15) | 9 | 74 | 90 | (26) | 197 |
| &nbsp;&nbsp;&nbsp;Earnings of equity method investments |  |  |  |  | 7 | 1 | 8 |
| &nbsp;&nbsp;&nbsp;Other income (expense), net |  |  |  |  |  | (1) | (1) |
| Income (loss) before interest and income taxes | 65 | (15) | 9 | 74 | 97 | (26) | 204 |
| &nbsp;&nbsp;&nbsp;Interest income |  |  |  | 2 | 3 | 14 | 19 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | (2) |  | (1) | (9) | (33) | (45) |
| Income (loss) before income taxes  | $65 | $(17) | $9 | $75 | $91 | $(45) | $178 |
| Net income attributable to noncontrolling interest | $— | $— | $— | $— | $2 | $— | $2 |
| Capital expenditures | $36 | $3 | $13 | $7 | $11 | $14 | $84 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Refining** | **Renewables** | **Marketing** | **Lubricants & Specialties** | **Midstream** | **Corporate, Other, and Eliminations** | **Consolidated<br>Total** |
| | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
| **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |  |  |  |  |  |
| Sales and other revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from external customers | $10081 | $225 | $1512 | $1278 | $58 | $— | $13154 |
| &nbsp;&nbsp;&nbsp;Intersegment revenues and other <sup>(1)</sup> | 1589 | 223 |  | 5 | 255 | (2072) |  |
|  | 11670 | 448 | 1512 | 1283 | 313 | (2072) | 13154 |
| Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Cost of materials and other <sup>(3)</sup> | 10185 | 421 | 1444 | 939 |  | (2073) | 10916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower of cost or market inventory valuation adjustments | 56 | (25) |  |  |  |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 902 | 45 |  | 127 | 91 | 3 | 1168 |
|  | 11143 | 441 | 1444 | 1066 | 91 | (2070) | 12115 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses <sup>(2)</sup> | 106 | 1 | 16 | 79 | 4 | 12 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 271 | 49 | 14 | 44 | 37 | 36 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 14 |  |  |  |  |  | 14 |
| Income (loss) from operations | 136 | (43) | 38 | 94 | 181 | (50) | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings of equity method investments |  |  |  |  | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;Other income (expense), net |  |  |  | 2 | (41) | (7) | (46) |
| Income (loss) before interest and income taxes | 136 | (43) | 38 | 96 | 161 | (57) | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 1 |  | 2 | 5 | 8 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | (4) |  |  | (4) | (94) | (102) |
| Income (loss) before income taxes | $136 | $(46) | $38 | $98 | $162 | $(143) | $245 |
| Net income attributable to noncontrolling interest | $— | $— | $— | $— | $4 | $— | $4 |
| Capital expenditures | $130 | $1 | $16 | $20 | $21 | $9 | $197 |
| **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |  |  |  |  |  |
| Sales and other revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from external customers | $11343 | $360 | $1718 | $1402 | $50 | $— | $14873 |
| &nbsp;&nbsp;&nbsp;Intersegment revenues and other <sup>(1)</sup> | 1839 | 128 |  | 8 | 263 | (2238) |  |
|  | 13182 | 488 | 1718 | 1410 | 313 | (2238) | 14873 |
| Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> | Cost of sales: <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Cost of materials and other <sup>(3)</sup> | 11766 | 450 | 1672 | 1024 |  | (2235) | 12677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower of cost or market inventory valuation adjustments | (221) | (2) |  |  |  |  | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 921 | 51 |  | 128 | 97 | 2 | 1199 |
|  | 12466 | 499 | 1672 | 1152 | 97 | (2233) | 13653 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses <sup>(2)</sup> | 99 | 3 | 15 | 74 | 6 | 11 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 240 | 40 | 13 | 45 | 35 | 30 | 403 |
| Income (loss) from operations | 377 | (54) | 18 | 139 | 175 | (46) | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings of equity method investments |  |  |  |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  |  |  |  |  | 2 | 2 |
| Income (loss) before interest and income taxes | 377 | (54) | 18 | 139 | 190 | (44) | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 1 |  | 4 | 5 | 31 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | (3) |  | (1) | (18) | (65) | (87) |
| Income (loss) before income taxes | $377 | $(56) | $18 | $142 | $177 | $(78) | $580 |
| Net income attributable to noncontrolling interest | $— | $— | $— | $— | $4 | $— | $4 |
| Capital expenditures | $92 | $6 | $20 | $12 | $19 | $24 | $173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Exclusive of *Depreciation and amortization*.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Exclusive of *Lower of cost or market inventory valuation adjustments.*

------

***Refining Segment Operating Data***

The following tables set forth information, including non-GAAP (generally accepted accounting principles) performance measures, about our consolidated refinery operations. Adjusted refinery gross margin per produced barrel sold is total Refining segment gross margin plus *Lower of cost or market inventory valuation adjustments*, *Depreciation and amortization* and *Operating expenses*, divided by sales volumes of produced refined products. This margin measure does not include the non-cash effects of *Lower of cost or market inventory valuation adjustments*, which relates to inventory held at the end of the period. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Mid-Continent Region*** | ***Mid-Continent Region*** |  |  |  |
| Crude charge (BPD) <sup>(1)</sup> | 252690 | 265810 | 256630 | 262420 |
| Refinery throughput (BPD) <sup>(2)</sup> | 269850 | 281540 | 273150 | 277710 |
| Sales of produced refined products (BPD) <sup>(3)</sup> | 259220 | 283190 | 257300 | 277830 |
| Refinery utilization <sup>(4)</sup> | 97.2% | 102.2% | 98.7% | 100.9% |
| Average per produced barrel sold <sup>(5)</sup> |  |  |  |  |
| &nbsp;&nbsp;Gross margin <sup>(6)</sup> | $2.29 | $0.66 | $1.76 | $3.98 |
| &nbsp;&nbsp;Adjusted refinery gross margin <sup>(7)</sup> | $15.52 | $8.39 | $11.61 | $9.41 |
| &nbsp;&nbsp;Less: operating expenses <sup>(8)</sup> | 6.28 | 5.90 | 6.69 | 6.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted refinery gross margin, less operating expenses | $9.24 | $2.49 | $4.92 | $3.26 |
| &nbsp;&nbsp;Operating expenses per throughput barrel <sup>(9)</sup> | $6.03 | $5.93 | $6.31 | $6.15 |
| Feedstocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sweet crude oil | 50% | 56% | 50% | 53% |
| &nbsp;&nbsp;&nbsp;Sour crude oil | 25% | 20% | 25% | 23% |
| &nbsp;&nbsp;&nbsp;Heavy sour crude oil | 19% | 19% | 19% | 19% |
| &nbsp;&nbsp;&nbsp;Other feedstocks and blends | 6% | 5% | 6% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |
| Sales of produced refined products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gasolines | 51% | 54% | 52% | 53% |
| &nbsp;&nbsp;&nbsp;Diesel fuels | 32% | 30% | 31% | 31% |
| &nbsp;&nbsp;&nbsp;Jet fuels | 7% | 5% | 7% | 5% |
| &nbsp;&nbsp;&nbsp;Fuel oil | 1% | 1% | 1% | 1% |
| &nbsp;&nbsp;&nbsp;Asphalt | 3% | 4% | 3% | 4% |
| &nbsp;&nbsp;&nbsp;Base oils | 4% | 4% | 4% | 4% |
| &nbsp;&nbsp;&nbsp;LPG and other | 2% | 2% | 2% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***West Region*** |  |  |  |  |
| Crude charge (BPD) <sup>(1)</sup> | 363240 | 368920 | 354430 | 357410 |
| Refinery throughput (BPD) <sup>(2)</sup> | 390790 | 395070 | 380500 | 382240 |
| Sales of produced refined products (BPD) <sup>(3)</sup> | 389990 | 383060 | 378280 | 371030 |
| Refinery utilization <sup>(4)</sup> | 86.9% | 88.3% | 84.8% | 85.5% |
| Average per produced barrel sold <sup>(5)</sup> |  |  |  |  |
| &nbsp;&nbsp;Gross margin <sup>(6)</sup> | $4.89 | $2.83 | $2.53 | $4.07 |
| &nbsp;&nbsp;Adjusted refinery gross margin <sup>(7)</sup> | $17.15 | $13.50 | $13.80 | $13.93 |
| &nbsp;&nbsp;Less: operating expenses <sup>(8)</sup> | 8.23 | 8.52 | 8.63 | 9.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted refinery gross margin, less operating expenses | $8.92 | $4.98 | $5.17 | $4.89 |
| &nbsp;&nbsp;Operating expenses per throughput barrel <sup>(9)</sup> | $8.21 | $8.26 | $8.58 | $8.77 |
| Feedstocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sweet crude oil | 30% | 37% | 31% | 35% |
| &nbsp;&nbsp;&nbsp;Sour crude oil | 47% | 41% | 45% | 42% |
| &nbsp;&nbsp;&nbsp;Heavy sour crude oil | 11% | 10% | 11% | 11% |
| &nbsp;&nbsp;&nbsp;Wax crude oil | 5% | 6% | 6% | 6% |
| &nbsp;&nbsp;&nbsp;Other feedstocks and blends | 7% | 6% | 7% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |
| Sales of produced refined products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gasolines | 52% | 51% | 53% | 52% |
| &nbsp;&nbsp;&nbsp;Diesel fuels | 31% | 32% | 32% | 32% |
| &nbsp;&nbsp;&nbsp;Jet fuels | 6% | 6% | 6% | 6% |
| &nbsp;&nbsp;&nbsp;Fuel oil | 2% | 2% | 2% | 2% |
| &nbsp;&nbsp;&nbsp;Asphalt | 3% | 3% | 2% | 2% |
| &nbsp;&nbsp;&nbsp;LPG and other | 6% | 6% | 5% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |
| ***Consolidated*** |  |  |  |  |
| Crude charge (BPD) <sup>(1)</sup> | 615930 | 634730 | 611060 | 619830 |
| Refinery throughput (BPD) <sup>(2)</sup> | 660640 | 676610 | 653650 | 659950 |
| Sales of produced refined products (BPD) <sup>(3)</sup> | 649210 | 666250 | 635580 | 648860 |
| Refinery utilization <sup>(4)</sup> | 90.8% | 93.6% | 90.1% | 91.4% |
| Average per produced barrel sold <sup>(5)</sup> |  |  |  |  |
| &nbsp;&nbsp;Gross margin <sup>(6)</sup> | $3.85 | $1.90 | $2.22 | $4.03 |
| &nbsp;&nbsp;Adjusted refinery gross margin <sup>(7)</sup> | $16.50 | $11.33 | $12.91 | $11.99 |
| &nbsp;&nbsp;Less: operating expenses <sup>(8)</sup> | 7.45 | 7.41 | 7.85 | 7.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted refinery gross margin, less operating expenses | $9.05 | $3.92 | $5.06 | $4.19 |
| &nbsp;&nbsp;Operating expenses per throughput barrel <sup>(9)</sup> | $7.32 | $7.29 | $7.63 | $7.67 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Consolidated*** |  |  |  |  |
| Feedstocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sweet crude oil | 38% | 46% | 39% | 42% |
| &nbsp;&nbsp;&nbsp;Sour crude oil | 38% | 32% | 37% | 34% |
| &nbsp;&nbsp;&nbsp;Heavy sour crude oil | 14% | 13% | 14% | 14% |
| &nbsp;&nbsp;&nbsp;Wax crude oil | 3% | 3% | 3% | 4% |
| &nbsp;&nbsp;&nbsp;Other feedstocks and blends | 7% | 6% | 7% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |
| Sales of produced refined products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gasolines | 52% | 52% | 52% | 52% |
| &nbsp;&nbsp;&nbsp;Diesel fuels | 31% | 32% | 31% | 32% |
| &nbsp;&nbsp;&nbsp;Jet fuels | 6% | 6% | 7% | 6% |
| &nbsp;&nbsp;&nbsp;Fuel oil | 2% | 1% | 2% | 1% |
| &nbsp;&nbsp;&nbsp;Asphalt | 2% | 3% | 2% | 3% |
| &nbsp;&nbsp;&nbsp;Base oils | 2% | 2% | 2% | 2% |
| &nbsp;&nbsp;&nbsp;LPG and other | 5% | 4% | 4% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Crude charge represents the barrels per day of crude oil processed at our refineries.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity is 678,000 BPSD.

&nbsp;&nbsp;&nbsp;&nbsp;(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" below.

&nbsp;&nbsp;&nbsp;&nbsp;(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 produced refined products.

&nbsp;&nbsp;&nbsp;&nbsp;(7)Adjusted refinery gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

&nbsp;&nbsp;&nbsp;&nbsp;(8)Represents total Refining segment *Operating expenses*, exclusive of *Depreciation and amortization*, divided by sales volumes of produced refined products.

&nbsp;&nbsp;&nbsp;&nbsp;(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. This margin measure does not include the non-cash effects of *Lower of cost or market inventory valuation adjustments*, which relate to volumes in inventory at the end of the period. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Renewables*** |  |  |  |  |
| Sales of produced renewables products (in thousand gallons) | 54786 | 63557 | 99250 | 124729 |
| Average per produced gallon sold: <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Gross margin <sup>(2)</sup> | $(0.05) | $(0.21) | $(0.42) | $(0.42) |
| &nbsp;&nbsp;Adjusted renewables gross margin <sup>(3)</sup> | $0.36 | $0.44 | $0.27 | $0.30 |
| &nbsp;&nbsp;Less: operating expenses <sup>(4)</sup> | 0.39 | 0.39 | 0.45 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted renewables gross margin, less operating expenses | $(0.03) | $0.05 | $(0.18) | $(0.11) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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" below.

&nbsp;&nbsp;&nbsp;&nbsp;(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 produced renewables products.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Adjusted renewables gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents total Renewables segment *Operating expenses*, exclusive of *Depreciation and amortization*, divided by sales volumes of produced renewables products.

***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. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Marketing*** |  |  |  |  |
| Number of branded sites at period end <sup>(1)</sup> | 1719 | 1564 | 1719 | 1564 |
| Sales of refined products (in thousand gallons) | 337147 | 357137 | 631012 | 678147 |
| Average per gallon sold: <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Gross margin <sup>(3)</sup> | $0.08 | $0.05 | $0.09 | $0.05 |
| &nbsp;&nbsp;Adjusted marketing gross margin <sup>(4)</sup> | $0.10 | $0.06 | $0.11 | $0.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes certain non-Sinclair branded sites.

&nbsp;&nbsp;&nbsp;&nbsp;(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" below.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Adjusted marketing gross margin is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

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***Lubricants & Specialties Segment Operating Data***

The following table sets forth information about our lubricants and specialties operations.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Lubricants & Specialties*** |  |  |  |  |
| Sales of produced refined products (BPD) | 31963 | 34915 | 30460 | 33009 |
| Sales of produced refined products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Finished products | 51% | 48% | 52% | 48% |
| &nbsp;&nbsp;&nbsp;Base oils | 24% | 26% | 25% | 26% |
| &nbsp;&nbsp;&nbsp;Other | 25% | 26% | 23% | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |

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***Midstream Segment Operating Data***

The following table sets forth information about our midstream operations.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Midstream*** |  |  |  |  |
| **Volumes (BPD)** |  |  |  |  |
| Pipelines: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliates—refined product pipelines | 145940 | 175824 | 154916 | 170226 |
| &nbsp;&nbsp;&nbsp;Affiliates—intermediate pipelines | 133296 | 151894 | 135835 | 144982 |
| &nbsp;&nbsp;&nbsp;Affiliates—crude pipelines | 383374 | 426036 | 404018 | 433745 |
|  | 662610 | 753754 | 694769 | 748953 |
| &nbsp;&nbsp;&nbsp;Third parties—refined product pipelines | 42458 | 41596 | 41113 | 39159 |
| &nbsp;&nbsp;&nbsp;Third parties—crude pipelines | 189918 | 200348 | 194445 | 181420 |
|  | 894986 | 995698 | 930327 | 969532 |
| Terminals and loading racks: <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliates | 969791 | 1031238 | 980271 | 800448 |
| &nbsp;&nbsp;&nbsp;Third parties | 41258 | 39602 | 38104 | 36356 |
|  | 1011049 | 1070840 | 1018375 | 836804 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total for pipelines and terminal assets (BPD)** | 1906035 | 2066538 | 1948702 | 1806336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Certain volumetric non-financial information has been recast to conform to current year presentation.

------

***Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles***

***Reconciliations of earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA excluding special items ("Adjusted EBITDA") to amounts reported under generally accepted accounting principles ("GAAP") in the financial statements.***

Earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, is calculated as *Net income attributable to HF Sinclair stockholders* plus (i) *Interest expense*, net of *Interest income*, (ii) *Income tax expense* and (iii) *Depreciation and amortization*. Adjusted EBITDA is calculated as EBITDA plus or minus (i) *Lower of cost or market inventory valuation adjustments*, (ii) loss on sale of equity method investment (iii) loss on early extinguishment of debt, (iv) decommissioning and closure costs, (v) asset impairments and (vi) acquisition integration costs.

EBITDA and Adjusted EBITDA are not calculations provided for under accounting principles generally accepted in the United States; however, the amounts included in these calculations are derived from amounts included in our consolidated financial statements. EBITDA and Adjusted EBITDA should not be considered as alternatives to *Net income* or *Income from operations* as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures of other companies. These are presented here because they are financial indicators widely used by investors and analysts to measure our operating performance. EBITDA and Adjusted EBITDA are also used by our management for internal analysis and as a basis for financial covenants.

Set forth below is our calculation of EBITDA and Adjusted EBITDA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (In millions) | (In millions) | (In millions) | (In millions) |
| Net income attributable to HF Sinclair stockholders | $208 | $152 | $204 | $466 |
| &nbsp;&nbsp;Add: interest expense | 53 | 45 | 102 | 87 |
| &nbsp;&nbsp;Less: interest income | (7) | (19) | (16) | (41) |
| &nbsp;&nbsp;Add: income tax expense  | 36 | 24 | 37 | 110 |
| &nbsp;&nbsp;Add: depreciation and amortization | 226 | 206 | 451 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $516 | $408 | $778 | $1025 |
| &nbsp;&nbsp;&nbsp;Add: lower of cost or market inventory valuation adjustments | 148 | (3) | 31 | (223) |
| &nbsp;&nbsp;Add: loss on sale of equity method investment |  |  | 40 |  |
| &nbsp;&nbsp;Add: loss on early extinguishment of debt | 1 |  | 16 |  |
| &nbsp;&nbsp;Add: decommissioning and closure costs <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Add: asset impairments |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Add: acquisition integration costs |  | 1 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $665 | $406 | $866 | $805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Net of certain unrelated costs and benefits in our Refining segment and Midstream segment, respectively.

EBITDA and Adjusted EBITDA attributable to our Refining segment are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Refining Segment** | **2025** | **2024** | **2025** | **2024** |
|  | (In millions) | (In millions) | (In millions) | (In millions) |
| Income before interest and income taxes <sup>(1)</sup> | $166 | $65 | $136 | $377 |
| &nbsp;&nbsp;Add: depreciation and amortization | 134 | 122 | 271 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $300 | $187 | $407 | $617 |
| &nbsp;&nbsp;&nbsp;Add: lower of cost or market inventory valuation adjustments | 172 |  | 56 | (221) |
| &nbsp;&nbsp;Add: decommissioning and closure costs | 4 |  | 4 |  |
| &nbsp;&nbsp;Add: asset impairments |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $476 | $187 | $468 | $396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Income before interest and income taxes of our Refining segment represents income plus (i) *Interest expense*, net of *Interest income* and (ii) *Income tax expense.*

------

EBITDA and Adjusted EBITDA attributable to our Renewables segment are set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Renewables Segment** | **2025** | **2024** | **2025** | **2024** |
|  | (In millions) | (In millions) | (In millions) | (In millions) |
| Loss before interest and income taxes <sup>(1)</sup> | $(4) | $(15) | $(43) | $(54) |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 26 | 20 | 49 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $22 | $5 | $6 | $(14) |
| &nbsp;&nbsp;&nbsp;Add: lower of cost or market inventory valuation adjustments | (24) | (3) | (25) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $(2) | $2 | $(19) | $(16) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Loss before interest and income taxes of our Renewables segment represents loss plus (i) *Interest expense*, net of *Interest income* and (ii) *Income tax expense.*

EBITDA attributable to our Marketing segment is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Marketing Segment** | **2025** | **2024** | **2025** | **2024** |
|  | (In millions) | (In millions) | (In millions) | (In millions) |
| Income before interest and income taxes <sup>(1)</sup> | $18 | $9 | $38 | $18 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 7 | 6 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $25 | $15 | $52 | $31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Income before interest and income taxes of our Marketing segment represents income plus (i) *Interest expense*, net of *Interest income* and (ii) *Income tax expense.*

EBITDA attributable to our Lubricants & Specialties segment is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Lubricants & Specialties Segment** | **2025** | **2024** | **2025** | **2024** |
|  | (In millions) | (In millions) | (In millions) | (In millions) |
| Income before interest and income taxes <sup>(1)</sup> | $33 | $74 | $96 | $139 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 22 | 23 | 44 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $55 | $97 | $140 | $184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Income before interest and income taxes of our Lubricants & Specialties segment represents income plus (i) *Interest expense*, net of *Interest income* and (ii) *Income tax expense.*

EBITDA and Adjusted EBITDA attributable to our Midstream segment are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Midstream Segment** | **2025** | **2024** | **2025** | **2024** |
|  | (In millions) | (In millions) | (In millions) | (In millions) |
| Income before interest and income taxes <sup>(1)</sup> | $98 | $97 | $161 | $190 |
| &nbsp;&nbsp;Add: depreciation and amortization | 19 | 15 | 37 | 35 |
| &nbsp;&nbsp;&nbsp;Less: net income attributable to noncontrolling interest | 2 | 2 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $115 | $110 | $194 | $221 |
| &nbsp;&nbsp;Add: loss on sale of equity method investment |  |  | 40 |  |
| &nbsp;&nbsp;Add: loss on extinguishment of debt | 1 |  | 1 |  |
| &nbsp;&nbsp;Add: decommissioning and closure costs | (4) |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $112 | $110 | $231 | $221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Income before interest and income taxes of our Midstream segment represents income plus (i) *Interest expense*, net of *Interest income* and (ii) *Income tax expense.*

------

***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*, *Operating expenses* and *Depreciation and amortization,* divided by sales volumes of produced refined products. This margin measure does not include the non-cash effects of *Lower of cost or market inventory valuation adjustments*, which relate to inventory held at the end of the period. Adjusted refinery gross margin is a non-GAAP performance measure 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.

<u>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</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (In millions, except barrel and per barrel amounts) | (In millions, except barrel and per barrel amounts) | (In millions, except barrel and per barrel amounts) | (In millions, except barrel and per barrel amounts) |
| **Refining segment** |  |  |  |  |
| Sales and other revenues | $6019 | $6978 | $11670 | $13182 |
| Cost of sales <sup>(1)</sup> | 5658 | 6740 | 11143 | 12466 |
| Depreciation and amortization | 134 | 122 | 271 | 240 |
| &nbsp;&nbsp;&nbsp;Gross margin | $227 | $116 | $256 | $476 |
| &nbsp;&nbsp;&nbsp;Add: lower of cost or market inventory valuation adjustments | 172 |  | 56 | (221) |
| &nbsp;&nbsp;&nbsp;Add: operating expenses | 441 | 449 | 902 | 921 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 134 | 122 | 271 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted refinery gross margin | $974 | $687 | $1485 | $1416 |
| Sales of produced refined products (BPD) <sup>(2)</sup> | 649210 | 666250 | 635580 | 648860 |
| Average per produced barrel sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross margin | $3.85 | $1.90 | $2.22 | $4.03 |
| &nbsp;&nbsp;&nbsp;Add: lower of cost or market inventory valuation adjustments | 2.93 |  | 0.49 | (1.87) |
| &nbsp;&nbsp;&nbsp;Add: operating expenses | 7.45 | 7.41 | 7.85 | 7.80 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 2.27 | 2.02 | 2.35 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted refinery gross margin | $16.50 | $11.33 | $12.91 | $11.99 |
| &nbsp;&nbsp;Less: operating expenses | 7.45 | 7.41 | 7.85 | 7.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted refinery operating expenses, less operating expenses | $9.05 | $3.92 | $5.06 | $4.19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Exclusive of *Depreciation and amortization*.

&nbsp;&nbsp;&nbsp;&nbsp;(2)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.

------

***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*, *Operating expenses* and *Depreciation and amortization*, divided by sales volumes of produced renewables products. This margin measure does not include the non-cash effects of *Lower of cost or market inventory valuation adjustments*, which relate to volumes in inventory at the end of the period. 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.

<u>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</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (In millions, except gallon and per gallon amounts) | (In millions, except gallon and per gallon amounts) | (In millions, except gallon and per gallon amounts) | (In millions, except gallon and per gallon amounts) |
| **Renewables segment** |  |  |  |  |
| Sales and other revenues | $258 | $248 | $448 | $488 |
| Costs of sales <sup>(1)</sup> | 236 | 242 | 441 | 499 |
| Depreciation and amortization | 26 | 20 | 49 | 40 |
| &nbsp;&nbsp;&nbsp;Gross margin | $(4) | $(14) | $(42) | $(51) |
| &nbsp;&nbsp;&nbsp;Add: lower of cost or market inventory valuation adjustments | (24) | (3) | (25) | (2) |
| &nbsp;&nbsp;&nbsp;Add: operating expenses | 22 | 25 | 45 | 51 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 26 | 20 | 49 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted renewables gross margin | $20 | $28 | $27 | $38 |
| Sales of produced renewables products (in thousand gallons) | 54786 | 63557 | 99250 | 124729 |
| Average per produced gallon sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross margin | $(0.05) | $(0.21) | $(0.42) | $(0.42) |
| &nbsp;&nbsp;&nbsp;Add: lower of cost or market inventory valuation adjustments | (0.45) | (0.05) | (0.26) | (0.02) |
| &nbsp;&nbsp;&nbsp;Add: operating expenses | 0.39 | 0.39 | 0.45 | 0.41 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 0.47 | 0.31 | 0.50 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted renewables gross margin | $0.36 | $0.44 | $0.27 | $0.30 |
| &nbsp;&nbsp;&nbsp;Less: operating expenses | 0.39 | 0.39 | 0.45 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted renewables gross margin, less operating expenses | $(0.03) | $0.05 | $(0.18) | $(0.11) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Exclusive of *Depreciation and amortization*.

------

***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. 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.

<u>Reconciliation of Marketing segment gross margin to adjusted marketing gross margin to adjusted marketing gross margin per gallon sold</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (In millions, except gallon and per gallon amounts) | (In millions, except gallon and per gallon amounts) | (In millions, except gallon and per gallon amounts) | (In millions, except gallon and per gallon amounts) |
| **Marketing segment** |  |  |  |  |
| Sales and other revenues | $826 | $943 | $1512 | $1718 |
| Costs of sales <sup>(1)</sup> | 792 | 920 | 1444 | 1672 |
| Depreciation and amortization | 7 | 6 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;Gross margin | $27 | $17 | $54 | $33 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 7 | 6 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted marketing gross margin | $34 | $23 | $68 | $46 |
| Sales of refined products (in thousand gallons) | 337147 | 357137 | 631012 | 678147 |
| Average per gallon sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross margin | $0.08 | $0.05 | $0.09 | $0.05 |
| &nbsp;&nbsp;&nbsp;Add: depreciation and amortization | 0.02 | 0.01 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted marketing gross margin | $0.10 | $0.06 | $0.11 | $0.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Exclusive of *Depreciation and amortization*.

------

**<u>Reconciliation of</u> *<u>Net income attributable to HF Sinclair stockholders</u>* <u>to adjusted net income attributable to HF Sinclair stockholders</u>**

Adjusted net income attributable to HF Sinclair stockholders is a non-GAAP financial measure that excludes non-cash *Lower of cost or market inventory valuation adjustment*s, loss on sale of equity method investment, loss on early extinguishment of debt, decommissioning and closure costs, asset impairments and acquisition integration costs. We believe this measure is helpful to investors and others in evaluating our financial performance and to compare our results to that of other companies in our industry. Similarly titled performance measures of other companies may not be calculated in the same manner.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (In millions, except per share amounts) | (In millions, except per share amounts) | (In millions, except per share amounts) | (In millions, except per share amounts) |
| ***Consolidated*** |  |  |  |  |
| **GAAP:** |  |  |  |  |
| &nbsp;&nbsp;Income before income taxes | $246 | $178 | $245 | $580 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 36 | 24 | 37 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $210 | $154 | $208 | $470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to noncontrolling interest | 2 | 2 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to HF Sinclair stockholders | $208 | $152 | $204 | $466 |
| **Non-GAAP adjustments to arrive at adjusted results:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lower of cost or market inventory valuation adjustments | $148 | $(3) | $31 | $(223) |
| &nbsp;&nbsp;Loss on sale of equity method investment |  |  | 40 |  |
| &nbsp;&nbsp;Loss on early extinguishment of debt | 1 |  | 16 |  |
| &nbsp;&nbsp;Decommissioning and closure costs <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset impairments |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Acquisition integration costs |  | 1 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments to income before income taxes | $149 | $(2) | $88 | $(220) |
| &nbsp;&nbsp;Adjustment to income tax expense <sup>(2)</sup> | 35 |  | 21 | (46) |
| &nbsp;&nbsp;&nbsp;Adjustments to net income attributable to noncontrolling interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments, net of tax | $114 | $(2) | $67 | $(174) |
| **Adjusted results - non-GAAP:** |  |  |  |  |
| &nbsp;&nbsp;Adjusted income before income taxes | $395 | $176 | $333 | $360 |
| &nbsp;&nbsp;Adjusted income tax expense <sup>(3)</sup> | 71 | 24 | 58 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income | $324 | $152 | $275 | $296 |
| &nbsp;&nbsp;&nbsp;Less: net income attributable to noncontrolling interest | 2 | 2 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income attributable to HF Sinclair stockholders | $322 | $150 | $271 | $292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings per share - diluted <sup>(4)</sup> | $1.70 | $0.78 | $1.43 | $1.49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Net of certain unrelated costs and benefits in our Refining segment and Midstream segment, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents adjustment to GAAP income tax expense to arrive at adjusted income tax expense, which is computed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (In millions) | (In millions) | (In millions) | (In millions) |
| Non-GAAP income tax expense <sup>(2)</sup> | $71 | $24 | $58 | $64 |
| GAAP income tax expense  | 36 | 24 | 37 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustment to income tax expense  | $35 | $— | $21 | $(46) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(3)Non-GAAP income tax expense is computed by (a) adjusting HF Sinclair's consolidated estimated Annual Effective Tax Rate ("AETR") for GAAP purposes for the effects of the above Non-GAAP adjustments, (b) applying the resulting Adjusted Non-GAAP AETR to Non-GAAP adjusted income before income taxes and (c) adjusting for discrete tax items applicable to the period.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Adjusted earnings per share - diluted is calculated as adjusted net income attributable to HF Sinclair stockholders divided by the average number of shares of common stock outstanding assuming dilution, which is based on weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is calculated the same way as that used in GAAP diluted earnings per share calculation.

------

***Reconciliation of effective tax rate to adjusted effective tax rate***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (In millions) | (In millions) | (In millions) | (In millions) |
| **GAAP:** |  |  |  |  |
| &nbsp;&nbsp;Income before income taxes | $246 | $178 | $245 | $580 |
| &nbsp;&nbsp;Income tax expense  | $36 | $24 | $37 | $110 |
| &nbsp;&nbsp;Effective tax rate for GAAP financial statements <sup>(1)</sup> | 14.5% | 13.5% | 15.1% | 18.9% |
| **Adjusted - non-GAAP:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Effect of non-GAAP adjustments | 3.6% | 0.3% | 2.4% | (1.1)% |
| &nbsp;&nbsp;&nbsp;Effective tax rate for adjusted results | 18.1% | 13.8% | 17.5% | 17.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Due to rounding of reported numbers, some amounts may not calculate exactly.

FOR FURTHER INFORMATION, Contact:

Atanas H. Atanasov, Executive Vice President and Chief Financial Officer

Craig Biery, Vice President, Investor Relations

HF Sinclair Corporation

214-954-6510

<br>