The information contained in the explanatory note and Items 3 and 6 of the Schedule 13D is incorporated herein by reference. On October 29, 2026, the Issuer entered into a Stock Purchase Agreement (the "Twenty-Third Purchase Agreement") with the Reporting Person to repurchase 2,350,000 shares of Common Stock, for $109.37 per share, for the aggregate purchase price of $257,019,500 in a privately negotiated transaction (the "Twenty-Fourth Repurchase Transaction"). The Twenty-Fourth Repurchase Transaction closed on November 3, 2026. The foregoing description of the Twenty-Third Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Twenty-Third Purchase Agreement, which is filed as Exhibit 10.25 hereto and is incorporated herein by reference. On November 3, 2026, the Issuer entered into a Stock Purchase Agreement (the "Twenty-Fourth Purchase Agreement") with the Reporting Person to repurchase 2,100,000 shares of Common Stock, for $110.81 per share, for the aggregate purchase price of $232,701,000 in a privately negotiated transaction (the "Twenty-Fifth Repurchase Transaction"). The Twenty-Fifth Repurchase Transaction closed on November 6, 2026. The foregoing description of the Twenty-Fourth Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Twenty-Fourth Purchase Agreement, which is filed as Exhibit 10.26 hereto and is incorporated herein by reference. As previously reported, the Reporting Person has sold its Common Stock from time to time in both open market sales and sales to the Issuer. Subject to the terms of the Stockholders Agreement, the Reporting Person may engage in such sales, but the Reporting Person may both acquire additional Common Stock or dispose of any or all of the Common Stock, in each case, depending upon an ongoing evaluation of the investment in the Common Stock, prevailing market conditions, other investment opportunities, other investment considerations and/or other factors. The Reporting Person evaluates its investments in the Common Stock on a continual basis.

(a.) - (b.) The aggregate number and percentage of Common Stock beneficially owned by the Reporting Person (on the basis of a total of 171,371,164 shares of Common Stock outstanding as of October 22, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on October 28, 2026, less the Common Stock acquired by the Issuer pursuant to the Twenty-Fourth Repurchase Transaction and the Twenty-Fifth Repurchase Transaction) are as follows: A. REH Advisors Inc. i. Amount beneficially owned: 4,431,662 Percentage: 2.7% a. Sole power to vote or to direct the vote: 0 b. Shared power to vote or to direct the vote: 4,431,662 c. Sole power to dispose or to direct the disposition of: 0 d. Shared power to dispose or to direct the disposition of: 4,431,662

To the best knowledge of the Reporting Person, no transactions were effected by the Reporting Person during the past 60 days other than the transactions described herein.

No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Common Stock beneficially owned by the Reporting Person, other than as described herein.

On October 29, 2026, the Reporting Person ceased to be the beneficial owner of more than 5% of the Common Stock.

The information contained in the explanatory note and Items 3 and 4 of the Schedule 13D is incorporated herein by reference.

Exhibit 10.25 Stock Purchase Agreement, dated as of October 29, 2026, by and among HF Sinclair Corporation and REH Advisors Inc. (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K (File No. 001-41325) filed on October 30, 2026). Exhibit 10.26 Stock Purchase Agreement, dated as of November 3, 2026, by and among HF Sinclair Corporation and REH Advisors Inc. (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K (File No. 001-41325) filed on November 5, 2026).