Company Reports

After acquiring Sinclair Oil, HF Sinclair became a fully integrated, independent company with refining, marketing, renewables, specialty lubricants, and midstream businesses. Integration arguably improves its competitive position, but poor refining performance has weighed on earnings and the share price.

HF Sinclair's adjusted second-quarter earnings exceeded market expectations. The company continued to benefit from a supply-constrained market, which is pushing global refining margins to record levels. It also announced plans to spin off its lubricants business by the second half of 2027.

After the acquisition of Sinclair Oil, HF Sinclair is a fully integrated, independent company comprising refining, marketing, renewables, specialty lubricants, and midstream businesses. Integration arguably improves its competitive position, but poor refining performance has weighed on earnings and the share price.

HF Sinclair's adjusted first-quarter earnings exceeded market expectations. The company capitalized on a volatile but favorable market during the quarter, delivering adjusted earnings of $127 million, up from a loss of $50 million a year ago, led by improvements in refining and renewables.

After the acquisition of Sinclair Oil, HF Sinclair is a fully integrated, independent company comprising refining, marketing, renewables, specialty lubricants, and midstream businesses. Integration arguably improves its competitive position, but poor refining performance has weighed on earnings and the share price.

HF Sinclair's adjusted fourth-quarter earnings exceeded market expectations, thanks to small-refinery RIN waivers. However, the shares sank 11% on the news that CEO Tim Go was taking a voluntary leave of absence and the board's audit committee was assessing the company’s disclosure processes.

After the acquisition of Sinclair Oil, HF Sinclair is a fully integrated independent company composed of refining, marketing, renewables, specialty lubricants, and midstream businesses. While the integrated portfolio arguably should improve its competitive position, poor refining performance has weighed on earnings and the share price.

HF Sinclair's third-quarter earnings well exceeded market expectations on a combination of strong refining margins and continued operational improvement. Results from the midstream and marketing segments also contributed to the improvement. Repurchases during the quarter increased to $166 million.

After the acquisition of Sinclair Oil, HF Sinclair is a fully integrated independent company composed of refining, marketing, renewables, specialty lubricants, and midstream businesses. While the integrated portfolio arguably should improve its competitive position, poor refining performance has weighed on earnings and the share price.

HF Sinclair's second-quarter earnings exceeded market expectations, as earnings improved from the year before, thanks mainly to strong refining results. Midstream and marketing segment results were improved; lubricants and renewables worsened. The company resumed repurchases during the quarter.

HF Sinclair's first-quarter earnings exceeded market expectations, even as it reported a loss due to weak refining and renewables performance. Midstream, marketing, and lubricants all performed well. The company kept the dividends unchanged but did not repurchase any shares during the quarter.

After the acquisition of Sinclair Oil, HF Sinclair is a fully integrated independent company composed of refining, marketing, renewables, specialty lubricants, and midstream businesses. While the integrated portfolio arguably should improve its competitive position, poor refining performance has weighed on earnings and the share price.

HF Sinclair's fourth-quarter earnings fell well short of market expectations, weighing on shares. Higher year-over-year earnings in marketing, midstream, and lubricants were insufficient to offset weak refining results.

After the acquisition of Sinclair Oil, HollyFrontier, now HF Sinclair, is a fully integrated independent company composed of refining, marketing, renewables, specialty lubricants, and midstream businesses.

HF Sinclair's third-quarter earnings exceeded market expectations. Adjusted earnings fell to $96.5 million from $760.4 million the year before, largely due to weaker refining margins that have eased to midcycle levels.

HF Sinclair's second-quarter adjusted earnings decreased to $149.3 million from $503.8 million a year ago, surpassing market expectations. The decline was largely attributable to a fall in refining results even as operations improved. The refining segment's adjusted EBITDA fell to $186.9 million from $732.4 million a year ago, as realized refining margins during the quarter fell to $11.33 per barrel from $21.99 a year ago. Crude throughput increased to 634.7 thousand barrels a day during the quarter from 553.9 mb/d last year on less turnaround activity and improved reliability, while operating expense per barrel fell to $7.29 from $7.55 a year ago. Management is targeting $7.25/bbl in the near term, with long-term plans to achieve $6.50/bbl. Our fair value estimate and narrow moat rating are unchanged.

After the acquisition of Sinclair Oil, HollyFrontier, now HF Sinclair, is a fully integrated independent company composed of refining, marketing, renewables, specialty lubricants, and midstream businesses.

HF Sinclair's first-quarter adjusted earnings decreased to $142.3 million from $394.1 million a year ago but exceeded market expectations on lower refining earnings. The firm repurchased $169.6 million in shares during the quarter, in line with the fourth quarter. However, it announced a new $1 billion repurchase authorization, (about 9% of current market cap). Management was not specific on timing but indicated its commitment to return cash to shareholders by leaning into repurchases in the currently strong environment. Combined with a larger repurchase amount in April disclosed by management, we wouldn’t be surprised to see the bulk be used this year.

After the acquisition of Sinclair Oil, HollyFrontier, now HF Sinclair, is a fully integrated independent company composed of refining, marketing, renewables, specialty lubricants, and midstream businesses.

HF Sinclair's fourth-quarter adjusted earnings decreased to $164.6 million from $597.8 million a year ago but surpassed market expectations on lower refining earnings. The firm repurchased $165.7 million in shares during the quarter, a meaningful slowdown from $585.6 million during the third quarter. However, for the full year it returned $1.3 billion to shareholders including dividends, for an impressive payout ratio of 74%, well above its long-term target of 50%. It also has $591 million remaining on its current repurchase authorization, and last week it announced an increase in the quarterly dividend of $0.05 to $0.50 per share. With management expecting another above-midcycle year in 2024, it also expects another strong payout to shareholders.