v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
HF Sinclair Credit Agreement
We have a $2.0 billion senior unsecured revolving credit facility maturing in April 2030 (the “HF Sinclair Credit Agreement”) which contains an extension feature that allows us to extend the term of the commitment from time to time in increments of up to one year, subject to the terms and conditions set forth in the HF Sinclair Credit Agreement. The HF Sinclair Credit Agreement includes an accordion feature that allows us to increase such commitments to an aggregate principal amount of up to $2.75 billion. The HF Sinclair Credit Agreement may be used for revolving credit loans and letters of credit and is available to fund general corporate purposes.

At June 30, 2026, we were in compliance with all covenants and had no outstanding borrowings or letters of credit under the HF Sinclair Credit Agreement.

Senior Notes
Our unsecured senior notes and unsubordinated obligations rank equally with all future unsecured and unsubordinated indebtedness. We may, from time to time, seek to retire some or all of our outstanding debt agreements through cash purchases, and/or exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, may be material and will depend on prevailing market conditions, our liquidity requirements and other factors.

Financing Arrangements
Certain of our wholly owned subsidiaries entered into financing arrangements whereby such subsidiaries sold a portion of their precious metals catalyst to a financial institution in exchange for cash and then financed the use of the precious metals catalyst for a term not to exceed one year. During the six months ended June 30, 2026, we received proceeds of $71 million, made principal payments of $25 million and realized non-cash settlements on obligations of $19 million related to such agreements.

We may, from time to time, issue letters of credit pursuant to uncommitted letters of credit facilities, which are unrelated to the HF Sinclair Credit Agreement. At June 30, 2026, we had letters of credit totaling a nominal amount under such credit facilities.
The principal and carrying amounts of Long-term debt are as follows:
Carrying Amount (1)
Maturity DateJune 30, 2026December 31, 2025
(In millions)
HF Sinclair Senior Notes:
5.000% Senior Notes
February 2028$499 $499 
4.500% Senior Notes
October 2030325 325 
5.750% Senior Notes
January 2031650 650 
5.500% Senior Notes
September 2032500 500 
6.250% Senior Notes
January 2035750 750 
2,724 2,724 
HollyFrontier Senior Notes:
4.500% Senior Notes
October 203075 75 
75 75 
HEP Senior Notes:
5.000% Senior Notes
February 20281 1 
1 1 
Total Senior Notes2,800 2,800 
HF Sinclair Credit Agreement
April 2030— — 
— — 
Total debt at face value$2,800 $2,800 
Unamortized discount and debt issuance costs(28)(31)
Long-term debt$2,772 $2,769 
(1)As of June 30, 2026 and December 31, 2025, the carrying amounts of our Senior Notes equaled the principal amounts.

The fair values of the senior notes are as follows:
June 30, 2026December 31, 2025
(In millions)
HF Sinclair, HollyFrontier and HEP Senior Notes$2,834 $2,858 

These fair values are based on a Level 2 input. See Note 6 for additional information on Level 2 inputs.