HF Sinclair Corporation (DINO)

On 28 October 2026 HF Sinclair reported third-quarter net income attributable to its stockholders of $2,015 million, or $11.38 per diluted share, against $403 million a year earlier 3.

The company said refining drove the result, citing tight supply of transportation fuels, elevated crack spreads (the margin refiners earn turning crude oil into fuel) and benefits from small refinery waivers granted by the EPA 3. Adjusted refinery gross margin was $54.22 per produced barrel sold, against $19.16 a year earlier 3.

On 26 October 2026 the board appointed Steve Ledbetter, now president and chief operating officer, as chief executive officer and president from 1 January 2027, succeeding Franklin Myers 2. Myers is then to stay as executive chairperson until the planned separation of the Lubricants & Specialties segment is complete 2.

That separation, announced in July 2026, is planned as a distribution of at least 80.1 percent of the new lubricants company's stock, substantially completed over the course of 2027 1. Court challenges to the EPA's small refinery decisions on its refineries continue, and the EPA's response brief in the DC Circuit is due by 16 November 2026 1.

HF Sinclair says it was incorporated in Delaware in 1947 5. Its present form dates from March 2022, when HollyFrontier and Holly Energy Partners completed their acquisitions of Sinclair Oil and Sinclair Transportation and created HF Sinclair as the new parent company 13. The shares began trading as DINO on 15 March 2022, a ticker chosen to reflect Sinclair's dinosaur logo 13.

The combination added a branded marketing business to a refining company 13. The announcement described seven refineries, renewable diesel plants the company expected to produce about 380 million gallons a year, and more than 1,300 independent Sinclair-branded stations in 30 states 13.

HollyFrontier agreed to buy the Puget Sound refinery in Washington from Shell's Equilon unit under a purchase agreement dated 4 May 2021 5.

On 1 December 2023 the company completed the merger of Holly Energy Partners, its logistics partnership, into an indirect wholly owned subsidiary, paying in cash and company shares 513.

Filed revenue was $31,964 million in 2023, $28,580 million in 2024 and $26,869 million in 2025 5. The 6 percent drop in 2025 came principally from lower refined product sales prices, the company says 5. Net income attributable to stockholders was $1,590 million in 2023, $177 million in 2024 and $579 million in 2025 5.

Under the Renewable Fuel Standard refiners must blend renewable fuels or buy credits called RINs, and small refinery waivers granted by the EPA added $485 million to adjusted refinery gross margins 5. Planned turnarounds, the scheduled shutdowns for maintenance, took the Parco, Puget Sound and Tulsa refineries offline during 2025 5.

Renewable diesel had a weaker 2025 because the Producer's Tax Credit was worth less than the Blender's Tax Credit of 2024, the company says 5. Lubricants had a planned turnaround at Mississauga and weaker base oil margins 5.

On 17 February the board accepted chief executive Tim Go's request for a voluntary leave of absence and named chairperson Franklin Myers chief executive on a temporary basis 5. The audit committee reviewed concerns about disclosure processes and concluded that certain actions did not create an unfavorable tone at the top 5.

C-Store Dive reported that Go officially left in May 12. On 8 July the company named Steven Ledbetter president and chief operating officer and Valerie Pompa president of growth, technology and transformation 7.

In January 2026 it acquired Industrial Oils Unlimited, a lubricants and specialty fluids maker, for $40 million in total consideration 1. In February it formed Green Trail Fuels, a retail joint venture in which it holds a 50 percent non-operating economic interest 5.

Refining

Refining is the largest business by far, with $20,536 million of external revenue in 2025, about 76 percent of the $26,869 million total (computed) 5. The company owns seven refineries with a combined crude oil processing capacity of 678,000 barrels per stream day 5.

Capacity in barrels per stream day is 135,000 at El Dorado, about 125,000 at Tulsa, 149,000 at Puget Sound, 100,000 at Navajo, 94,000 at Parco, 45,000 at Woods Cross and 30,000 at Casper 5.

In the third quarter of 2026 refining segment income before interest and income taxes was $2,435 million, against $476 million a year earlier 3. Crude charge averaged 614,060 barrels per day, below 639,050, reflecting a planned turnaround at El Dorado 3.

Rivals include a broad range of refiners and some multinational oil companies, some with their own crude oil production or retail outlets that can cushion weak refining margins 5. For El Dorado the principal competitors are Gulf Coast refiners 5.

Renewable diesel

Renewable diesel is a fuel made from soybean oil and other renewable feedstocks, with 50 to 80 percent lower lifecycle greenhouse gas emissions than conventional diesel, depending on the feedstock 5. Capacity is about 90 million gallons a year at Cheyenne, 135 million at Artesia and 153 million at Sinclair 5.

Renewables brought $551 million of external revenue in 2025, down from $644 million in 2024 5. In the third quarter of 2026 segment income was $123 million, against a loss of $55 million, on better RINs prices, larger Producer's Tax Credit benefits and higher volumes 3.

Marketing and the Sinclair brand

The company supplies fuel to more than 1,850 branded stations and licenses the Sinclair brand to more than 350 further locations 3.

External revenue was $3,142 million in 2025, down from $3,428 million in 2024 5. Third-quarter 2026 segment income was $31 million, against $22 million, and branded fuel sales volumes were 420 million gallons, against 360 million 3.

Lubricants and Specialties

This segment makes base oils, finished lubricants and specialty products under three businesses 5. Petro-Canada Lubricants is a leading North American maker of Group III base oils, Sonneborn makes white oils and waxes for personal care and pharmaceutical uses, and Red Giant Oil serves railroads 5.

External revenue was $2,519 million in 2025, down from $2,700 million 5. Third-quarter 2026 segment income was $38 million, against $52 million, after special items for retiring the Mississauga base oil refinery 3. Adjusted EBITDA, earnings before interest, taxes, depreciation and amortization without special items, was $174 million, against $78 million 3.

Midstream

Midstream owns pipelines, terminals and storage that mainly serve the company's own refineries and also other refiners, earning tariffs and fees rather than owning the products moved 5. External revenue was $121 million in 2025, against $107 million 5.

People and workforce

As of 31 December 2025 the company had 5,165 employees, 4,301 of them in the United States, and 1,588 were covered by collective bargaining agreements 5. Franklin Myers is chief executive until 1 January 2027 4, and Leldon Echols is the board's lead independent director 4.

Vivek Garg, the vice president and chief accounting officer, is acting chief financial officer and signed the 28 October 2026 report 2. Matthew Joyce is senior vice president of Lubricants & Specialties and reports to the chief executive 7.

Problems and open disputes

The EPA's August 2025 decisions on small refinery exemption petitions for the Woods Cross, Cheyenne, Casper and Parco refineries remain under challenge in the DC Circuit 1. On 1 October 2026 subsidiaries also sued in the Tenth Circuit over the EPA's denials and partial grants for 2023 to 2025 1.

Retiring Mississauga raised the company's asset retirement obligations by $140 million as of 30 September 2026 1.

The umbrella, in words

The main brands are Sinclair, whose name is licensed to more than 350 locations, Petro-Canada Lubricants, Sonneborn and Red Giant Oil 35.

The subsidiaries exhibit to the latest annual report names, among others, Sinclair Oil LLC, Holly Energy Partners, L.P., HF Sinclair Puget Sound Refining LLC, Petro-Canada Lubricants Inc. and Sonneborn, LLC 10.

The company owns 50 percent of Osage Pipe Line Company and of Cushing Connect Pipeline & Terminal, 26.08 percent of Saddle Butte Pipeline III and 49.995 percent of Pioneer Investments Corp. 5. It holds a 50 percent non-operating economic interest in Green Trail Fuels, formed in February 2026 5.

In August 2026 it formed the proposed Western Gateway pipeline system with affiliates of Phillips 66 and Kinder Morgan, owning 15.0 percent against their 49.9 and 35.1 percent 1.

Notable land includes 1,100 acres for the El Dorado refinery, a 750-acre site for Tulsa West, a 466-acre site for Tulsa East and a 561-acre site at Artesia 5.

The proxy statement lists BlackRock with 19,082,957 shares, or 10.59 percent, per a Schedule 13G/A of 3 April 2025 8. It lists REH Advisors with 12,711,842 shares, or 7.05 percent, per a Schedule 13D/A of 20 November 2025 8. TCTC Holdings is listed with 12,561,896 shares, or 6.97 percent, per a Schedule 13D/A of 15 February 2019 8.

REH Advisors is the parent of REH Company, formerly The Sinclair Companies, and members of the family of board member Ross Matthews control it 8. Under a stockholders agreement it may designate one director, and Matthews serves as that designee 8.

The company bought 2,375,000 shares from REH on 2 August 2026 1. Directors and executive officers as a group owned 0.26 percent of the common stock, the proxy statement says 8.

The company announced on 28 July 2026 that it would pursue a separation of Lubricants & Specialties through the capital markets, intended to be executed over the next 12 to 18 months 6. It said the transaction needs no shareholder vote but depends on conditions including a tax opinion, an Internal Revenue Service private letter ruling, an effective registration statement and a New York Stock Exchange listing 6.

The company says it will retire the Mississauga base oil refining assets, with the transition substantially completed in the second half of 2027 1. After the separation it expects to prioritize an investment-grade profile and a 50 percent payout ratio through regular dividends and open-market share repurchases 6.

Ledbetter becomes chief executive on 1 January 2027, and Myers stays as executive chairperson until the separation is complete 2. The board plans to add Ledbetter as a director at a later date 4.

For the fourth quarter of 2026 the company expects to run between 560,000 and 600,000 barrels per day of crude oil, reflecting completion of the El Dorado turnaround 1. It expects to grow its branded sites by approximately 10 percent annually 1.

The company's table lists total 2026 capital expenditures of $775 million as first expected and $875 million as revised 1. It expects to invest up to $750 million in Western Gateway, with $20 million in 2026 and the rest mainly between 2027 and 2029 1.

The company expects a final investment decision on its Westline Connect pipeline expansion in the first quarter of 2027, with the first phase adding 35,000 barrels per day and targeted online by 2029 1.

The board declared a regular quarterly dividend of $0.525 per share, payable on 2 December 2026 to holders of record on 12 November 2026 3. A new $1.5 billion repurchase program started on 26 August 2026, with up to $1.2 billion left at 30 September 2026 19.