DINO — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-30

• On July 28, 2026, we announced plans to pursue a separation of our Lubricants & Specialties segment through the capital markets, creating a new independent, publicly traded company (the “Potential Separation”). As part of this transformation, we also made the decision to retire our Mississauga, Onta…

• For the three months ended June 30, 2026, Net income attributable to HF Sinclair stockholders was $892 million, compared to a Net income attributable to HF Sinclair stockholders of $208 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, Net income attributable …

• Adjusted refinery gross margin per barrel sold increased $9.45, or 57%, from $16.50 for the three months ended June 30, 2025 to $25.95 for the three months ended June 30, 2026. Adjusted refinery gross margin per barrel sold increased $5.22, or 40%, from $12.91 for the six months ended June 30, 2025 …

• In the Refining segment, we saw strong refining margins and volumes in the Mid-Continent and West regions as a result of steady demand, tight supply and favorable crack spreads. Additionally, our results were impacted by planned maintenance at our Parco and Navajo refineries and unplanned maintenanc…

• In the Renewables segment, margins were favorably impacted in the second quarter of 2026 from improved RINs prices, higher Producer’s Tax Credit (“PTC”) benefits and increased volumes. During the second quarter of 2025, we were only able to recognize partial benefits from the PTC.

Text removed vs the prior filing · source: 10-Q · 2026-05-01

• For the three months ended March 31, 2026, Net income attributable to HF Sinclair stockholders was $648 million, compared to a Net loss attributable to HF Sinclair stockholders of $4 million in the three months ended March 31, 2025. Adjusted refinery gross margin per barrel sold increased $0.83, or …

• In the Refining segment, we saw stronger refining margins in the West region in the back half of the quarter, which were partially offset by weaker refining margins in the Mid-Continent region throughout the quarter. Additionally, our results were impacted by planned turnarounds at our Puget Sound a…

• In the Renewables segment, higher margins in the quarter were a result of the narrowing of the BOHO spread, higher RINs prices and higher Producer’s Tax Credit (“PTC”) benefits. PTCs recognized in the first quarter of 2026 included prior year benefits of $49 million that were recognized following th…

• In the Marketing segment, we continued to realize strong value from our Sinclair branded sites during the first quarter of 2026, as the marketing business provided a consistent sales channel with margin uplift for our produced fuels. We expect to grow the number of branded sites by approximately 10%…

• In the Lubricants & Specialties segment, our results (excluding first-in, first out (“FIFO”) impacts) were impacted by the dislocation between rising feedstock costs and product sales price increases during the three months ended March 31, 2026. Results for the quarter included contributions from ou…

Text added vs the prior filing · source: 10-Q · 2026-07-30

• The EPA’s August 2025 decisions granting and denying various small refinery exemption (“SRE”) petitions for our Woods Cross, Cheyenne, Casper and Parco refineries for various compliance years from 2019 to 2024 remain under challenge in the U.S. Court of Appeals for the District of Columbia Circuit (…

• Separately, on April 7, 2026, the DC Circuit unanimously ruled in our favor regarding our Parco refinery’s 2024 SRE petition, vacating the EPA’s denial and remanding the matter to the EPA for reconsideration. The DC Circuit issued its mandate on April 24, 2026. After the EPA failed to issue a new de…

• Each of these matters remain pending, and the potential impact cannot be estimated at this time.

• In our Annual Report on Form 10-K for the year ended December 31, 2025, we reported that HF Sinclair Puget Sound Refining LLC (“HFS Puget Sound”) has been engaged in discussions with, and has responded to document requests from, the Northwest Clean Air Agency, the EPA and the Department of Justice (…

Text removed vs the prior filing · source: 10-Q · 2026-05-01

• In August 2025, the EPA granted and denied, in whole or in part, small refinery exemption petitions for our Woods Cross, Cheyenne, Casper and Parco refineries for various compliance years from 2019 to 2024. In October 2025, certain of our subsidiaries filed lawsuits in the U.S. Court of Appeals for …

• Separately, in March 2026, the DC Circuit heard oral arguments in two severed cases arising from the EPA’s August 2025 decisions, including one addressing the denial of our Parco refinery’s exemption petition for the 2024 compliance year. On April 7, 2026, the DC Circuit issued a unanimous decision …

• These matters remain pending, and we are unable to estimate the impact at this time.

Text added vs the prior filing · source: 10-Q · 2026-07-30

• The plans to pursue a separation of our Lubricants & Specialties segment and related transformation activities may not be completed on the terms or timeline currently contemplated, if at all, and there is no guarantee that a separation, if completed, will achieve the intended financial, strategic an…

• As described under “Overview” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” and Item 5 “Other Information,” on July 28, 2026, we announced our plans to pursue a separation of our Lubricants & Specialties segment through the capital markets,…

• The related Mississauga Asset Retirement may involve significant costs, charges and liabilities, including costs associated with noncash accelerated depreciation, amortization, and asset write-off charges, employee severance and separation costs, contract termination costs, asset retirement obligati…

• The Potential Separation is complex in nature, and unanticipated changes or developments could delay or prevent the completion of the Potential Separation or cause the Potential Separation to occur on terms or conditions that are different or less favorable than expected. Whether or not we complete …

• •the diversion of the attention of our Board of Directors and senior management from the pursuit of our business strategy and long-term planning and of our management and employees from day-to-day operations;