HF Sinclair Corporation

What HF Sinclair does

HF Sinclair produces and markets gasoline, diesel, jet fuel, renewable diesel, lubricants and specialty products. It also operates fuel marketing and midstream businesses, including infrastructure that moves and stores products. Its primary ticker is DINO on the New York Stock Exchange; its common shares also trade on NYSE Texas.

Latest results: third quarter of 2026

The latest full quarterly results cover the three months ended September 30, 2026. Higher refining margins and U.S. environmental compliance waivers helped earnings and cash generation. These benefits should be considered when judging how much of the performance may continue.

Reported figures follow standard U.S. accounting rules. Adjusted earnings remove specified items, including inventory valuation changes and costs associated with retiring assets, together with related tax effects. Diluted earnings per share allows for potential extra shares. Operating cash flow is cash generated by the business, rather than reported profit.

Liquidity and capital returns

Cash and cash equivalents were $3.333 billion at September 30, 2026, compared with $2.262 billion at June 30. Reported consolidated debt was $2.774 billion, compared with $2.772 billion at June 30. Third-quarter buybacks totaled $479 million and dividends paid totaled $93 million.

In July, management expected favorable business conditions to continue into the third quarter. Third-quarter profit and cash generation strengthened, helped by higher refining margins and regulatory waivers. That is evidence of a strong quarter, rather than a guarantee about later quarters.

Pending REH repurchase and board nomination rights

Under an October 29 agreement, HF Sinclair plans to buy 2.35 million shares from REH Advisors at $109.37 each, or about $257 million, using cash on hand. Closing is expected around November 3. The September cash balance above predates this planned purchase.

The company expects the REH shareholder group to fall below the 5% ownership threshold for its right to designate one board nominee. If it remains below the threshold on January 13, 2027, the nominee must offer to resign within 30 days. The board can accept or reject the offer, so no departure is established by the announcement.

The $1.5 billion August buyback program has about $734 million of authorization remaining on the company's stated basis, which includes the pending REH transaction. The corresponding $766 million counted against the program should not all be described as cash already spent.

Planned separation and asset retirement

HF Sinclair plans to separate its Lubricants & Specialties business into an independent public company, with substantial completion expected during 2027. The separation has not been completed. It also plans to retire its Mississauga base oil refining assets, with that transition expected to be substantially completed in the second half of 2027.

Third-quarter results included $27 million of impairment costs, $28 million of severance costs and $54 million of accelerated depreciation and amortization associated with the Mississauga retirement. These costs help explain why adjusted and reported earnings differ.