HF Sinclair Corp

HF Sinclair Corp is an independent energy company that refines crude oil into transportation fuels and also markets lubricants, specialty products, and renewable diesel. It operates a network of refineries, pipelines, terminals, and branded fuel distribution assets across the U.S., with additional specialty-lubricants activity in Canada, the Netherlands, and export markets worldwide.

6,8 %

2,2 %

−6,0 %

1.94

0.90

— HF Sinclair Corp
%
Refining55% Crude oil is processed into gasoline, diesel, jet fuel and other light products.
Renewables10% Renewable diesel production and related low-carbon fuel sales.
Lubricants & Specialties15% Base oils, lubricants and other specialty petroleum products sold domestically and abroad.
Marketing10% Branded fuel supply, wholesale marketing and Sinclair brand licensing.
Midstream10% Pipelines, terminals, storage and throughput services that support refinery and third-party flows.

HF Sinclair sells primarily to wholesale fuel buyers, distributors, branded station operators, and industrial or...

  • Wholesale fuel customersprimary

    Buy refined products such as gasoline, diesel and jet fuel for resale or consumption; they matter because refinery margins depend on sustained demand and credit quality.

  • Lubricants distributorsprimary

    Purchase base oils and specialty lubricants for domestic and international resale; HF Sinclair depends on distributors to create demand and maintain market access.

  • Branded station operators and licenseessecondary

    Buy fuel and use the Sinclair brand at more than 1,700 branded stations and 300+ licensed locations.

  • Midstream and logistics customerssecondary

    Use pipeline, terminal, storage and throughput services to move crude oil and refined products.

  • Export and international buyersemerging

    Purchase lubricants and specialty products shipped to more than 80 countries, supporting diversification beyond U.S. fuel markets.

HF Sinclair’s core operating footprint is in the United States, with refineries in Kansas, Oklahoma, New Mexico,...

  • •U.S. refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah
  • •Marketing concentrated in the Southwest, Rockies, Pacific Northwest and Plains
  • •Lubricants and specialties sold in the U.S., Canada and the Netherlands
  • •Exports reach more than 80 countries, broadening end-market exposure
  • •Puget Sound and West/Mid-Continent regions are key operating drivers

HF Sinclair is focused on disciplined capital allocation: self-funding projects, investing in profitable growth,...

01
Refinery optimization and reliabilitymedium-term

Higher yields, flexibility and uptime improve margins in a volatile refining market.

02
Disciplined capital allocationshort-term

Management aims to fund growth internally while balancing debt reduction and shareholder returns.

03
Renewable diesel and compliance investmentmedium-term

Supports product diversification and helps meet evolving fuel and emissions standards.

HF Sinclair is exposed to volatile crude, feedstock and refined-product prices, which directly drive refinery margins...

high

Commodity price volatility

Refining margins depend on the spread between crude/feedstocks and finished product prices.

Scope
Refining and Renewables segments
Materiality
high
high

Operational disruption and catastrophic loss

Refineries, pipelines and terminals are complex assets where outages or accidents can halt production.

Scope
All operating assets
Materiality
high
medium

Customer and vendor credit risk

The company derives significant revenue from key customers and depends on vendor performance.

Scope
Puget Sound and lubricants distribution channels
Materiality
high
medium

Regulatory and environmental compliance

Fuel standards, GHG rules and state reporting requirements can increase costs and affect demand.

Scope
Refining, renewables and marketing
Materiality
high
medium

Cybersecurity and IT disruption

Operational and customer systems are exposed to breaches and network failures.

Scope
Manufacturing and administrative systems
Materiality
medium
Inventory valuation
Can create quarter-to-quarter earnings volatility
Goodwill impairment
Could reduce reported equity and earnings if fair values decline
Contingent liabilities
Affects reserves and operating expenses
Derivative and hedging accounting
Can affect reported earnings and OCI

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: 28/04/2026