v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 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 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 HEP, which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, 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.

Our chief operating decision maker (“CODM”), who is also our Chief Executive Officer, evaluates the performance of our segments using segment Income (loss) from operations. The CODM uses segment Income (loss) from operations to allocate resources and assess performance of the Company’s segments. Amounts included in Income (loss) before income taxes in our consolidated statements of operations and excluded from our performance measure, Income (loss) from operations, include Other income (expense), net. Other income (expense), net includes Earnings of equity method investments, Interest income, Interest expense and other items believed to be non-operating and/or non-recurring in nature. Assets by segment are not a measure used to assess our performance by the CODM and thus are not reported in our disclosures. Intersegment sales are generally derived from transactions made at prevailing market rates.
The accounting policies for our segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2025.

The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in the consolidated financial statements.
RefiningRenewablesMarketingLubricants & SpecialtiesMidstream
Corporate, Other and Eliminations
Consolidated
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 
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 
Capital expenditures$71 $— $11 $11 $12 $6 $111 
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 
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, net14 — — — — — 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 
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.