DINO — what changed in the latest 10-Q

Text added 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 removed vs the prior filing · source: 10-Q · 2025-10-30

• For the three months ended September 30, 2025, Net income attributable to HF Sinclair stockholders was $403 million compared to a Net loss attributable to HF Sinclair stockholders of $76 million for the same period last year. For the nine months ended September 30, 2025, Net income attributable to H…

• In the Refining segment, we continued to see improved refining margins during the third quarter of 2025 in both the Mid-Continent and West regions. Additionally, our results were impacted by the start of the planned turnaround at our Puget Sound refinery. For the fourth quarter of 2025, we expect to…

• In the Renewables segment, we saw lower margins, primarily due to elevated feedstock costs in the third quarter of 2025. Additionally, we recognized incrementally more in value from the Producer’s Tax Credit (“PTC”) in the third quarter of 2025. For the fourth quarter of 2025, we expect to capture i…

• In the Marketing segment, we continued to see strong value in the Sinclair branded sites during the three months ended September 30, 2025 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 approxim…

• In the Lubricants & Specialties segment, we continued to see solid performance (excluding first-in, first-out (“FIFO”) impacts), driven by sales mix optimization and base oil integration across our portfolio during the three months ended September 30, 2025 and increased sales volumes compared to a q…

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

• Except as described below, there have been no material changes to the legal matters previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

• 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 removed vs the prior filing · source: 10-Q · 2025-10-30

• 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 (“NWCAA”), the Environmental Protection Agency (“EPA”) and the Department of Justice (collectively, the “PSR Matter Government Ag…

• HFS Puget Sound is awaiting a response from the PSR Matter Government Agencies to its October 31, 2024 counteroffer to resolve these issues.

• At this time, no penalties have been demanded, and it is too early to predict the outcome of this matter.

• On April 7, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross, Utah (the “Woods Cross Refinery”) and Cheyenne, Wyoming (the “Cheyenne Refinery”) refineries for the 2018 compliance year. On June 3, 2022, the EPA issued a decision reversing the grant …

• Certain of our subsidiaries pursued legal challenges to the EPA’s decisions to deny small refinery exemptions for the 2016, 2018, 2019 and 2020 compliance years. The first lawsuit, filed against the EPA on May 6, 2022, before the U.S. Court of Appeals for the DC Circuit (the “DC Circuit”), sought to…