Press Release
July 28, 2026
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HF Sinclair Reports 2026 Second Quarter Results and Announces Increase in Regular Cash Dividend

•Reported Net income attributable to HF Sinclair stockholders of $892 million, or $4.93 per diluted share, and adjusted net income attributable to HF Sinclair stockholders of $960 million, or $5.31 per diluted share

•Reported EBITDA of $1,404 million and Adjusted EBITDA of $1,482 million

•Returned $265 million to stockholders through dividends and share repurchases in the second quarter

•Announced 5% increase in regular quarterly dividend to $0.525 per share

Dallas, Texas, July 28, 2026 ‑ HF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) (“HF Sinclair” or the “Company”) today reported Net income attributable to HF Sinclair stockholders of $892 million, or $4.93 per diluted share, for the quarter ended June 30, 2026, compared to Net income attributable to HF Sinclair stockholders of $208 million, or $1.10 per diluted share, for the quarter ended June 30, 2025. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the second quarter of 2026 was $960 million, or $5.31 per diluted share, compared to adjusted net income attributable to HF Sinclair stockholders of $322 million, or $1.70 per diluted share, for the second quarter of 2025.

HF Sinclair’s Chief Executive Officer, Franklin Myers, commented, “During the quarter, we delivered strong financial results across each of our business segments, underpinned by strong operational and commercial execution. We returned $265 million to stockholders through dividends and share repurchases and today we also announced a 5% increase to our quarterly dividend, demonstrating our continued commitment to return capital to shareholders. Looking forward, we believe the fundamentals that drove strong second quarter results across each of our business segments will persist in the third quarter, providing a positive backdrop as we move through the remainder of the year.”

Refining segment income before interest and income taxes was $877 million for the second quarter of 2026 compared to income of $166 million for the second quarter of 2025. The segment reported Adjusted EBITDA of $1,023 million for the second quarter of 2026 compared to $476 million for the second quarter of 2025. This increase was principally driven by strong refining margins and volumes in the Mid-Continent and West regions as a result of steady demand, tight supply and favorable crack spreads. Adjusted refinery gross margin was $25.95 per produced barrel sold, a 57% increase compared to $16.50 for the second quarter of 2025. Crude oil charge averaged 639,680 barrels per day (“BPD”) for the second quarter of 2026 compared to 615,930 BPD for the second quarter of 2025.

Renewables segment income before interest and income taxes was $30 million for the second quarter of 2026 compared to a loss of $4 million for the second quarter of 2025. Excluding the Lower of cost or market inventory valuation adjustment charge of $30 million, and an impairment charge of $47 million, the segment reported Adjusted EBITDA of $123 million in the second quarter of 2026, compared to $(2) million in the second quarter of 2025. Adjusted renewables gross margins increased as a result of improved RINs prices, higher Producer’s Tax Credit (“PTC”) benefits and increased volumes compared to the second quarter of 2025. Total sales volumes were 60 million gallons for the second quarter of 2026 compared to 55 million gallons for the second quarter of 2025.

Marketing segment income before interest and income taxes was $20 million for the second quarter of 2026, compared to $18 million in the second quarter of 2025. The segment reported EBITDA of $28 million for the second quarter of 2026 compared to $25 million for the second quarter of 2025. Total branded fuel sales volumes were 387 million gallons for the second quarter of 2026 compared to 337 million gallons for the second quarter of 2025.

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Lubricants & Specialties segment income before interest and income taxes was $181 million for the second quarter of 2026 compared to $33 million in the second quarter of 2025. The segment reported Adjusted EBITDA of $207 million for the second quarter of 2026 compared to $55 million in the second quarter of 2025. The increase was primarily driven by higher sales volumes and product prices in the second quarter of 2026 compared to the second quarter of 2025. During the second quarter of 2026, we recognized a FIFO benefit of $46 million compared to a FIFO charge of $20 million during the second quarter of 2025.

Midstream segment income before interest and income taxes was $95 million for the second quarter of 2026 compared to $98 million for the second quarter of 2025. The segment reported Adjusted EBITDA of $112 million in the second quarter of 2026 and 2025.

For the second quarter of 2026, net cash provided by operations totaled $1,510 million. At June 30, 2026, the Company’s Cash and cash equivalents totaled $2,262 million, a $1,284 million increase compared to Cash and cash equivalents of $978 million at December 31, 2025. During the second quarter of 2026, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $89 million and spent $179 million on share repurchases, inclusive of excise tax of $3 million. Additionally, at June 30, 2026, the Company’s consolidated debt was $2,772 million.

HF Sinclair also announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.525 per share, an increase of 5% over our previous dividend of $0.50 per share. The dividend is payable on September 2, 2026 to holders of record of common stock on August 11, 2026.

Earlier today, HF Sinclair announced plans to pursue a separation of its Lubricants & Specialties segment through the capital markets, creating a new independent, publicly traded company. As part of this transformation, HF Sinclair has decided to retire its base oil refining assets in Mississauga, Ontario with the transition expected to be substantially completed over the course of 2027. HF Sinclair anticipates the separation of Lubricants & Specialties in a tax-efficient manner for HF Sinclair and its shareholders, and the transaction is intended to be executed over the next 12-18 months. Additional information can be found in the related press release and investor presentation at https://investor.hfsinclair.com/investor-relations/events-and-presentations.
The Company has scheduled a webcast conference call for today, July 28, 2026, at 8:30 AM Eastern Time to discuss second quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/654044265. An audio archive of this webcast will be available using the above-noted link through August 11, 2026.

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 1,800 branded stations and licenses the use of the Sinclair brand to more than 350 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, we 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.

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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 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 or other production facility 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, war or any associated military campaigns, including those in oil producing regions, such as the ongoing military conflict in the Middle East, 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; the possibility that strategic transactions related to our Lubricants & Specialties segment may not be completed on the contemplated terms or timeline, or may not be completed at all, and the possibility that, if completed, such strategic transactions will not achieve the intended financial, strategic and operational benefits; the possibility that asset retirements may incur significant costs, charges and liabilities beyond our expectations, may not be completed on the contemplated timeline, or may not be completed at all; 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.










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4

RESULTS OF OPERATIONS

Financial Data (all information in this release is unaudited)
Three Months Ended June 30,
Change from 2025
20262025ChangePercent
(In millions, except share and per share data)
Sales and other revenues$10,390 $6,784 $3,606 53 %
Operating costs and expenses:
Cost of sales: (1)
Cost of materials and other (2)
8,133 5,440 2,693 50 %
Lower of cost or market inventory valuation adjustments30 148 (118)(80)%
Operating expenses654 572 82 14 %
8,817 6,160 2,657 43 %
Selling, general and administrative expenses (1)
130 114 16 14 %
Depreciation and amortization228 226 2 1 %
Other operating expenses, net
47 9 38 422 %
Total operating costs and expenses9,222 6,509 2,713 42 %
Income from operations
1,168 275 893 325 %
Other income (expense):
Earnings of equity method investments6 10 (4)(40)%
Interest income15 7 8 114 %
Interest expense(20)(53)33 (62)%
Other income, net3 7 (4)(57)%
4 (29)33 NM
Income before income taxes
1,172 246 926 376 %
Income tax expense
279 36 243 675 %
Net income 893 210 683 325 %
Less: net income attributable to noncontrolling interests
1 2 (1)(50)%
Net income attributable to HF Sinclair stockholders
$892 $208 $684 329 %
Earnings per share attributable to HF Sinclair stockholders:
Basic$4.93 $1.10 $3.83 348 %
Diluted$4.93 $1.10 $3.83 348 %
Cash dividends declared per common share$0.50 $0.50 $— — %
Average number of common shares outstanding (in thousands):
Basic179,417 188,110 (8,693)(5)%
Diluted179,417 188,110 (8,693)(5)%
EBITDA$1,404 $516 $888 172 %
Adjusted EBITDA$1,482 $665 $817 123 %
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Six Months Ended June 30,
Change from 2025
20262025ChangePercent
(In millions, except share and per share data)
Sales and other revenues$17,513 $13,154 $4,359 33 %
Operating costs and expenses:
Cost of sales: (1)
Cost of materials and other (2)
14,113 10,916 3,197 29 %
Lower of cost or market inventory valuation adjustments(642)31 (673)NM
Operating expenses1,278 1,168 110 9 %
14,749 12,115 2,634 22 %
Selling, general and administrative expenses (1)
245 218 27 12 %
Depreciation and amortization457 451 6 1 %
Other operating expenses, net
47 14 33 236 %
Total operating costs and expenses15,498 12,798 2,700 21 %
Income from operations2,015 356 1,659 466 %
Other income (expense):
Earnings of equity method investments14 21 (7)(33)%
Interest income25 16 9 56 %
Interest expense(61)(102)41 (40)%
Other income (expense), net
18 (46)64 NM
(4)(111)107 (96)%
Income before income taxes2,011 245 1,766 721 %
Income tax expense
468 37 431 1,165 %
Net income 1,543 208 1,335 642 %
Less: net income attributable to noncontrolling interests
3 4 (1)(25)%
Net income attributable to HF Sinclair stockholders$1,540 $204 $1,336 655 %
Earnings per share attributable to HF Sinclair stockholders:
Basic$8.48 $1.07 $7.41 693 %
Diluted$8.48 $1.07 $7.41 693 %
Cash dividends declared per common share$1.00 $1.00 $— — %
Average number of common shares outstanding (in thousands):
Basic180,032 188,298 (8,266)(4)%
Diluted180,032 188,298 (8,266)(4)%
EBITDA$2,501 $778 $1,723 221 %
Adjusted EBITDA$1,908 $866 $1,042 120 %
(1)Exclusive of Depreciation and amortization.
(2)Exclusive of Lower of cost or market inventory valuation adjustments.

Balance Sheet Data
June 30, 2026December 31, 2025
(In millions)
Cash and cash equivalents$2,262 $978 
Working capital$3,639 $2,327 
Total assets$18,994 $16,510 
Total debt$2,772 $2,769 
Total equity$10,350 $9,249 

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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, Rocky Mountains and 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. Branded fuel is also sold to non-Sinclair branded sites and includes revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of sites in our West and Mid-Continent regions. In February 2026, we formed the joint venture Green Trail Fuels, LLC in which we hold a 50% non-operating economic interest. The joint venture includes various retail sites across Colorado and New Mexico and is supplied fuel by our proximate regional refineries.

The Lubricants & Specialties segment includes Petro-Canada Lubricants’ production operations in Mississauga, Ontario, which produce lubricant products such as base oils, white oils, specialty products and finished lubricants, as well as Petro-Canada Lubricants’ marketing operations, which distribute 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 the Sinclair Lubricants brand and specialty lubricant products produced at our Tulsa facilities that are marketed throughout North America and 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. The Lubricants & Specialties segment also includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe, and Industrial Oils Unlimited, a producer of high-quality lubricants and specialty fluids with blending, warehousing and terminal facilities in the United States.

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, and revenues relating to pipeline transportation, terminalling operations and tankage facilities provided for our refining operations.




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Refining RenewablesMarketingLubricants & Specialties
Midstream
Corporate, Other and EliminationsConsolidated Total
(In millions)
Three Months Ended June 30, 2026
Sales and other revenues:
Revenues from external customers$7,747 $243 $1,370 $998 $32 $— $10,390 
Intersegment revenues and other (1)
1,481 243 — 1 135 (1,860)— 
9,228 486 1,370 999 167 (1,860)10,390 
Cost of sales: (2)
Cost of materials and other (3)
7,649 339 1,332 674 — (1,861)8,133 
Lower of cost or market inventory valuation adjustments— 30 — — — — 30 
Operating expenses491 23 — 78 60 2 654 
8,140 392 1,332 752 60 (1,859)8,817 
Selling, general and administrative expenses (2)
65 1 10 41 2 11 130 
Depreciation and amortization146 16 8 25 18 15 228 
Other operating expenses, net
— 47 — — — — 47 
Income (loss) from operations
$877 $30 $20 $181 $87 $(27)$1,168 
Earnings of equity method investments6 
Interest income15 
Interest expense(20)
Other income, net
3 
Income before income taxes
$1,172 
Net income attributable to noncontrolling interests$— $— $— $— $1 $— $1 
Capital expenditures$69 $1 $25 $7 $11 $5 $118 
Three Months Ended June 30, 2025
Sales and other revenues:
Revenues from external customers$5,158 $131 $826 $641 $28 $— $6,784 
Intersegment revenues and other (1)
861 127 — 4 129 (1,121)— 
6,019 258 826 645 157 (1,121)6,784 
Cost of sales: (2)
Cost of materials and other (3)
5,045 238 792 486 — (1,121)5,440 
Lower of cost or market inventory valuation adjustments172 (24)— — — — 148 
Operating expenses441 22 — 63 45 1 572 
5,658 236 792 549 45 (1,120)6,160 
Selling, general and administrative expenses (2)
52 — 9 43 2 8 114 
Depreciation and amortization134 26 7 22 19 18 226 
Other operating expenses, net
9 — — — — — 9 
Income (loss) from operations
$166 $(4)$18 $31 $91 $(27)$275 
Earnings of equity method investments10 
Interest income7 
Interest expense(53)
Other income, net
7 
Income before income taxes
$246 
Net income attributable to noncontrolling interests
$— $— $— $— $2 $— $2 
Capital expenditures$71 $— $11 $11 $12 $6 $111 


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RefiningRenewablesMarketingLubricants & SpecialtiesMidstream
Corporate, Other and Eliminations
Consolidated Total
(In millions)
Six Months Ended June 30, 2026
Sales and other revenues:
Revenues from external customers$13,186 $451 $2,162 $1,651 $63 $— $17,513 
Intersegment revenues and other (1)
2,313 369 — 2 270 (2,954)— 
15,499 820 2,162 1,653 333 (2,954)17,513 
Cost of sales: (2)
Cost of materials and other (3)
13,340 517 2,088 1,124 — (2,956)14,113 
Lower of cost or market inventory valuation adjustments(604)(38)— — — — (642)
Operating expenses959 45 — 152 119 3 1,278 
13,695 524 2,088 1,276 119 (2,953)14,749 
Selling, general and administrative expenses (2)
122 2 18 83 4 16 245 
Depreciation and amortization291 35 16 49 37 29 457 
Other operating expenses, net— 47 — — — — 47 
Income (loss) from operations$1,391 $212 $40 $245 $173 $(46)$2,015 
Earnings of equity method investments14 
Interest income25 
Interest expense(61)
Other income, net
18 
Income before income taxes
$2,011 
Net income attributable to noncontrolling interests
$— $— $— $— $3 $— $3 
Capital expenditures$133 $2 $43 $13 $23 $6 $220 
Six Months Ended June 30, 2025
Sales and other revenues:
Revenues from external customers$10,081 $225 $1,512 $1,278 $58 $— $13,154 
Intersegment revenues and other (1)
1,589 223 — 5 255 (2,072)— 
11,670 448 1,512 1,283 313 (2,072)13,154 
Cost of sales: (2)
Cost of materials and other (3)
10,185 421 1,444 939 — (2,073)10,916 
Lower of cost or market inventory valuation adjustments56 (25)— — — — 31 
Operating expenses902 45 — 127 91 3 1,168 
11,143 441 1,444 1,066 91 (2,070)12,115 
Selling, general and administrative expenses (2)
106 1 16 79 4 12 218 
Depreciation and amortization271 49 14 44 37 36 451 
Other operating expenses, net
14 — — — — — 14 
Income (loss) from operations$136 $(43)$38 $94 $181 $(50)$356 
Earnings of equity method investments21 
Interest income16 
Interest expense(102)
Other expense, net(46)
Income before income taxes
$245 
Net income attributable to noncontrolling interests
$— $— $— $— $4 $— $4 
Capital expenditures$130 $1 $16 $20 $21 $9 $197 
(1)Refining intersegment revenues relate to transportation fuels sold to the Marketing segment. Renewables intersegment revenues relate to the sale of transportation fuels and RINs sold to the Refining segment. Midstream intersegment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.

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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 relate 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,Six Months Ended June 30,
2026202520262025
Mid-Continent Region
Crude charge (BPD) (1)
272,430 252,690 268,180 256,630 
Refinery throughput (BPD) (2)
287,200 269,850 284,800 273,150 
Sales of produced refined products (BPD) (3)
266,690 259,220 269,730 257,300 
Refinery utilization (4)
104.8 %97.2 %103.1 %98.7 %
Average per produced barrel sold: (5)
Gross margin (6)
$9.64 $2.29 $9.22 $1.76 
Adjusted refinery gross margin (7)
$19.00 $15.52 $11.24 $11.61 
Less: operating expenses (8)
7.23 6.28 7.22 6.69 
Adjusted refinery gross margin, less operating expenses$11.77 $9.24 $4.02 $4.92 
Operating expenses per throughput barrel (9)
$6.72 $6.03 $6.83 $6.31 
Feedstocks:
Sweet crude oil54 %50 %52 %50 %
Sour crude oil26 %25 %26 %25 %
Heavy sour crude oil15 %19 %16 %19 %
Other feedstocks and blends5 %6 %6 %6 %
Total100 %100 %100 %100 %
Sales of produced refined products:
Gasolines49 %51 %50 %52 %
Diesel fuels33 %32 %32 %31 %
Jet fuels7 %7 %7 %7 %
Fuel oil1 %1 %1 %1 %
Asphalt4 %3 %4 %3 %
Base oils4 %4 %4 %4 %
LPG and other2 %2 %2 %2 %
Total100 %100 %100 %100 %





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Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
West Region
Crude charge (BPD) (1)
367,250 363,240 358,260 354,430 
Refinery throughput (BPD) (2)
393,950 390,790 384,300 380,500 
Sales of produced refined products (BPD) (3)
401,980 389,990 387,740 378,280 
Refinery utilization (4)
87.9 %86.9 %85.7 %84.8 %
Average per produced barrel sold: (5)
Gross margin (6)
$19.33 $4.89 $15.13 $2.53 
Adjusted refinery gross margin (7)
$30.57 $17.15 $22.93 $13.80 
Less: operating expenses (8)
8.65 8.23 8.65 8.63 
Adjusted refinery gross margin, less operating expenses$21.92 $8.92 $14.28 $5.17 
Operating expenses per throughput barrel (9)
$8.82 $8.21 $8.72 $8.58 
Feedstocks:
Sweet crude oil29 %30 %29 %31 %
Sour crude oil49 %47 %49 %45 %
Heavy sour crude oil10 %11 %10 %11 %
Wax crude oil5 %5 %5 %6 %
Other feedstocks and blends7 %7 %7 %7 %
Total100 %100 %100 %100 %
Sales of produced refined products:
Gasolines51 %52 %51 %53 %
Diesel fuels30 %31 %30 %32 %
Jet fuels7 %6 %7 %6 %
Fuel oil3 %2 %3 %2 %
Asphalt3 %3 %2 %2 %
LPG and other6 %6 %7 %5 %
Total100 %100 %100 %100 %
Consolidated
Crude charge (BPD) (1)
639,680 615,930 626,440 611,060 
Refinery throughput (BPD) (2)
681,150 660,640 669,100 653,650 
Sales of produced refined products (BPD) (3)
668,670 649,210 657,470 635,580 
Refinery utilization (4)
94.3 %90.8 %92.4 %90.1 %
Average per produced barrel sold: (5)
Gross margin (6)
$15.46 $3.85 $12.70 $2.22 
Adjusted refinery gross margin (7)
$25.95 $16.50 $18.13 $12.91 
Less: operating expenses (8)
8.08 7.45 8.06 7.85 
Adjusted refinery gross margin, less operating expenses$17.87 $9.05 $10.07 $5.06 
Operating expenses per throughput barrel (9)
$7.93 $7.32 $7.92 $7.63 
11

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Consolidated
Feedstocks:
Sweet crude oil40 %38 %39 %39 %
Sour crude oil39 %38 %39 %37 %
Heavy sour crude oil12 %14 %13 %14 %
Wax crude oil3 %3 %3 %3 %
Other feedstocks and blends6 %7 %6 %7 %
Total100 %100 %100 %100 %
Sales of produced refined products:
Gasolines51 %52 %51 %52 %
Diesel fuels31 %31 %31 %31 %
Jet fuels7 %6 %7 %7 %
Fuel oil2 %2 %2 %2 %
Asphalt3 %2 %3 %2 %
Base oils2 %2 %2 %2 %
LPG and other4 %5 %4 %4 %
Total100 %100 %100 %100 %
(1)Crude charge represents the barrels per day of crude oil processed at our refineries.
(2)Refinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.
(3)Represents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and does not include volumes of refined products purchased for resale or volumes of excess crude oil sold.
(4)Represents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity is 678,000 BPSD.
(5)Represents the average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.
(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.
(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.
(8)Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by sales volumes of produced refined products.
(9)Represents total Refining segment Operating expenses, exclusive of Depreciation and amortization, divided by refinery throughput.

12

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.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Renewables
Sales of produced renewables products (in thousand gallons)59,905 54,786 112,353 99,250 
Average per produced gallon sold: (1)
Gross margin (2)
$1.31 $(0.05)$2.32 $(0.42)
Adjusted renewables gross margin (3)
$2.46 $0.36 $2.69 $0.27 
Less: operating expenses (4)
0.37 0.39 0.40 0.45 
Adjusted renewables gross margin, less operating expenses$2.09 $(0.03)$2.29 $(0.18)
(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.
(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.
(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.
(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,Six Months Ended June 30,
2026202520262025
Marketing
Number of branded sites at period end (1)
1,832 1,719 1,832 1,719 
Sales of refined products (in thousand gallons)386,656 337,147 711,279 631,012 
Average per gallon sold: (2)
Gross margin (3)
$0.08 $0.08 $0.08 $0.09 
Adjusted marketing gross margin (4)
$0.10 $0.10 $0.11 $0.11 
(1)Includes certain non-Sinclair branded sites.
(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.
(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.
(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.


13

Lubricants & Specialties Segment Operating Data

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Lubricants & Specialties
Sales of produced refined products (BPD)39,847 31,963 36,480 30,460 
Sales of produced refined products:
Finished products44 %51 %46 %52 %
Base oils29 %24 %27 %25 %
Other27 %25 %27 %23 %
Total100 %100 %100 %100 %


Midstream Segment Operating Data

The following table sets forth information about our midstream operations.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Midstream
Volumes (BPD)
Pipelines:
Affiliates—refined product pipelines149,081 145,940 162,217 154,916 
Affiliates—intermediate pipelines136,780 133,296 144,060 135,835 
Affiliates—crude pipelines469,267 383,374 458,573 404,018 
755,128 662,610 764,850 694,769 
Third parties—refined product pipelines33,313 42,458 29,900 41,113 
Third parties—crude pipelines180,580 189,918 181,316 194,445 
969,021 894,986 976,066 930,327 
Terminals and loading racks:
Affiliates1,026,169 969,791 1,031,184 980,271 
Third parties27,608 41,258 26,827 38,104 
1,053,777 1,011,049 1,058,011 1,018,375 
Total for pipelines and terminal assets (BPD)2,022,798 1,906,035 2,034,077 1,948,702 
14


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) asset impairments, (iii) loss on sale of equity method investment, (iv) loss on early extinguishment of debt, (v) decommissioning and closure costs and (vi) acquisition integration and regulatory 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.

The Company cannot reliably predict or estimate certain items or expenses, or their impact on financial statements in future periods. Accordingly, the Company believes that a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort.

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
Net income attributable to HF Sinclair stockholders$892 $208 $1,540 $204 
Add: interest expense
20 53 61 102 
Less: interest income
(15)(7)(25)(16)
Add: income tax expense
279 36 468 37 
Add: depreciation and amortization
228 226 457 451 
EBITDA$1,404 $516 $2,501 $778 
Add: lower of cost or market inventory valuation adjustments30 148 (642)31 
Add: asset impairments47 — 47 1 
Add: loss on sale of equity method investment
— — — 40 
Add: loss on early extinguishment of debt
— 1 — 16 
Add: decommissioning and closure costs (1)
— — — — 
Add: acquisition integration and regulatory costs1 — 2 — 
Adjusted EBITDA$1,482 $665 $1,908 $866 
(1)Net of certain unrelated costs of $4 million in the Refining segment by $4 million benefits in the Midstream segment, respectively.

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

Three Months Ended June 30,Six Months Ended June 30,
Refining Segment2026202520262025
(In millions)
Income before interest and income taxes (1)
$877 $166 $1,391 $136 
Add: depreciation and amortization
146 134 291 271 
EBITDA$1,023 $300 $1,682 $407 
Add: lower of cost or market inventory valuation adjustments— 172 (604)56 
Add: decommissioning and closure costs— 4 — 4 
Add: asset impairments
— — — 1 
Adjusted EBITDA$1,023 $476 $1,078 $468 
(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,Six Months Ended June 30,
Renewables Segment2026202520262025
(In millions)
Income (loss) before interest and income taxes (1)
$30 $(4)$212 $(43)
Add: depreciation and amortization16 26 35 49 
EBITDA$46 $22 $247 $6 
Add: lower of cost or market inventory valuation adjustments30 (24)(38)(25)
Add: asset impairments47 — 47 — 
Adjusted EBITDA$123 $(2)$256 $(19)
(1)Income (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,Six Months Ended June 30,
Marketing Segment2026202520262025
(In millions)
Income before interest and income taxes (1)
$20 $18 $40 $38 
Add: depreciation and amortization8 7 16 14 
EBITDA$28 $25 $56 $52 
(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 and Adjusted EBITDA attributable to our Lubricants & Specialties segment are set forth below:

Three Months Ended June 30,Six Months Ended June 30,
Lubricants & Specialties Segment2026202520262025
(In millions)
Income before interest and income taxes (1)
$181 $33 $259 $96 
Add: depreciation and amortization25 22 49 44 
EBITDA$206 $55 $308 $140 
Add: acquisition integration and regulatory costs
1 — 2 — 
Adjusted EBITDA$207 $55 $310 $140 
(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.


16

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

Three Months Ended June 30,Six Months Ended June 30,
Midstream Segment2026202520262025
(In millions)
Income before interest and income taxes (1)
$95 $98 $189 $161 
Add: depreciation and amortization
18 19 37 37 
Less: net income attributable to noncontrolling interests1 2 3 4 
EBITDA$112 $115 $223 $194 
Add: loss on sale of equity method investment
— — — 40 
Add: loss on extinguishment of debt— 1 — 1 
Add: decommissioning and closure costs— (4)— (4)
Adjusted EBITDA$112 $112 $223 $231 
(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.

17

Reconciliation of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in the 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 excludes 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.

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions, except barrel and per barrel amounts)
Refining segment
Sales and other revenues$9,228 $6,019 $15,499 $11,670 
Cost of sales (1)
8,140 5,658 13,695 11,143 
Depreciation and amortization146 134 291 271 
Gross margin$942 $227 $1,513 $256 
Add: lower of cost or market inventory valuation adjustments— 172 (604)56 
Add: operating expenses491 441 959 902 
Add: depreciation and amortization146 134 291 271 
Adjusted refinery gross margin$1,579 $974 $2,159 $1,485 
Sales of produced refined products (BPD) (2)
668,670 649,210 657,470 635,580 
Average per produced barrel sold:
Gross margin$15.46 $3.85 $12.70 $2.22 
Add: lower of cost or market inventory valuation adjustments— 2.93 (5.08)0.49 
Add: operating expenses8.08 7.45 8.06 7.85 
Add: depreciation and amortization2.41 2.27 2.45 2.35 
Adjusted refinery gross margin$25.95 $16.50 $18.13 $12.91 
Less: operating expenses
8.08 7.45 8.06 7.85 
Adjusted refinery gross margin, less operating expenses
$17.87 $9.05 $10.07 $5.06 
(1)Exclusive of Depreciation and amortization.
(2)Represents barrels sold of refined products produced at our refineries (including Asphalt and intersegment sales) and excludes volumes of refined products purchased for resale or volumes of excess crude oil sold.


18

Reconciliation of renewables operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in the 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 excludes the non-cash effects of Lower of cost or market inventory valuation adjustments, which relate to volumes in inventory at the end of the period. Adjusted renewables gross margin is not a calculation provided for under GAAP and should not be considered in isolation or as a substitute for Renewables segment gross margin. The GAAP measure most directly comparable to adjusted renewables gross margin is Renewables segment gross margin. Other companies in our industry may not calculate these performance measures in the same manner. Due to rounding of reported numbers, some amounts may not calculate exactly.

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions, except gallon and per gallon amounts)
Renewables segment
Sales and other revenues$486 $258 $820 $448 
Cost of sales (1)
392 236 524 441 
Depreciation and amortization16 26 35 49 
Gross margin$78 $(4)$261 $(42)
Add: lower of cost or market inventory valuation adjustments30 (24)(38)(25)
Add: operating expenses23 22 45 45 
Add: depreciation and amortization16 26 35 49 
Adjusted renewables gross margin$147 $20 $303 $27 
Sales of produced renewables products (in thousand gallons)59,905 54,786 112,353 99,250 
Average per produced gallon sold:
Gross margin$1.31 $(0.05)$2.32 $(0.42)
Add: lower of cost or market inventory valuation adjustments0.50 (0.45)(0.34)(0.26)
Add: operating expenses0.37 0.39 0.40 0.45 
Add: depreciation and amortization0.28 0.47 0.31 0.50 
Adjusted renewables gross margin$2.46 $0.36 $2.69 $0.27 
Less: operating expenses0.37 0.39 0.40 0.45 
Adjusted renewables gross margin, less operating expenses$2.09 $(0.03)$2.29 $(0.18)
(1)Exclusive of Depreciation and amortization.

19

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

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions, except gallon and per gallon amounts)
Marketing segment
Sales and other revenues$1,370 $826 $2,162 $1,512 
Cost of sales (1)
1,332 792 2,088 1,444 
Depreciation and amortization8 7 16 14 
Gross margin$30 $27 $58 $54 
Add: depreciation and amortization8 7 16 14 
Adjusted marketing gross margin$38 $34 $74 $68 
Sales of refined products (in thousand gallons)386,656 337,147 711,279 631,012 
Average per gallon sold:
Gross margin$0.08 $0.08 $0.08 $0.09 
Add: depreciation and amortization0.02 0.02 0.03 0.02 
Adjusted marketing gross margin$0.10 $0.10 $0.11 $0.11 
(1)Exclusive of Depreciation and amortization.
20

Reconciliation of Net income attributable to HF Sinclair stockholders to adjusted net income attributable to HF Sinclair stockholders

Adjusted net income attributable to HF Sinclair stockholders is a non-GAAP financial measure that excludes non-cash adjustments of (i) Lower of cost or market inventory valuation adjustments, (ii) asset impairments, (iii) loss on sale of equity method investment, (iv) loss on early extinguishment of debt, (v) decommissioning and closure costs and (vi) acquisition integration and regulatory 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,Six Months Ended June 30,
2026202520262025
(In millions, except per share amounts)
Consolidated
GAAP:
Income before income taxes$1,172 $246 $2,011 $245 
Income tax expense
279 36 468 37 
Net income $893 $210 $1,543 $208 
Less: net income attributable to noncontrolling interests1 2 3 4 
Net income attributable to HF Sinclair stockholders$892 $208 $1,540 $204 
Non-GAAP adjustments to arrive at adjusted results:
Lower of cost or market inventory valuation adjustments$30 $148 $(642)$31 
Asset impairments47 — 47 1 
Loss on sale of equity method investment
— — — 40 
Loss on early extinguishment of debt
— 1 — 16 
Decommissioning and closure costs (1)
— — — — 
Acquisition integration and regulatory costs1 — 2 — 
Total adjustments to income before income taxes$78 $149 $(593)$88 
Adjustment to income tax expense (2)
10 35 (140)21 
Total adjustments, net of tax$68 $114 $(453)$67 
Adjusted results - non-GAAP:
Adjusted income before income taxes$1,250 $395 $1,418 $333 
Adjusted income tax expense (3)
289 71 328 58 
Adjusted net income $961 $324 $1,090 $275 
Less: net income attributable to noncontrolling interests
1 2 3 4 
Adjusted net income attributable to HF Sinclair stockholders$960 $322 $1,087 $271 
Adjusted earnings per share - diluted (4)
$5.31 $1.70 $5.99 $1.43 
(1)Net of certain unrelated costs of $4 million in the Refining segment by $4 million benefits in the Midstream segment, respectively.
(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,Six Months Ended June 30,
2026202520262025
(In millions)
Non-GAAP income tax expense (3)
$289 $71 $328 $58 
GAAP income tax expense
279 36 468 37 
Non-GAAP adjustment to income tax expense (benefit)
$10 $35 $(140)$21 
(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.
(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.
21


Reconciliation of effective income tax rate to adjusted effective tax rate
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
GAAP:
Income before taxes$1,172 $246 $2,011 $245 
Income tax expense
$279 $36 $468 $37 
Effective income tax rate for GAAP financial statements (1)
23.9 %14.5 %23.3 %15.1 %
Adjusted - non-GAAP:
Effect of non-GAAP adjustments(0.8)%3.6 %(0.2)%2.4 %
Effective tax rate for adjusted results23.1 %18.1 %23.1 %17.5 %
(1)    Due to rounding of reported numbers, some amounts may not calculate exactly.


FOR FURTHER INFORMATION, Contact:

Vivek Garg, Acting Chief Financial Officer, Vice President, Chief Accounting Officer and Controller
Craig Biery, Vice President, Investor Relations
HF Sinclair Corporation
214-954-6510

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