**HF Sinclair Reports Increased Net Income for 2025**
HF Sinclair Corporation (NYSE: DINO) announced a net income attributable to HF Sinclair stockholders of $579 million, or $3.08 per basic and diluted share, for the year ended December 31, 2025. This represents a significant increase of $402 million compared to the net income of $177 million, or $0.91 per basic and diluted share, reported for the year ended December 31, 2024. The primary driver for this improvement was a rise in adjusted refinery gross margins, which offset the negative impact of lower of cost or market inventory valuation adjustments.
The company's Refining segment experienced improved margins in both the Mid-Continent and West regions. Adjusted refinery gross margin per produced barrel sold increased by 47% to $15.37, compared to $10.43 in the previous year. This increase was attributed to lower crude oil and feedstock prices, as well as the positive impact of small refinery Renewable Identification Number (RIN) waivers granted by the EPA, which contributed $485 million to pre-tax earnings. These gains were partially offset by lower average sales prices per barrel. Planned turnarounds at the Parco, Puget Sound, and Tulsa refineries during 2025 also impacted the results. The company anticipates running between 585,000 and 615,000 barrels per day of crude oil in the first quarter of 2026, reflecting planned turnarounds at the Puget Sound and Woods Cross refineries.
In other segments, the Renewables segment experienced lower volumes and margins, impacted by feedstock cost volatility and fluctuations in RIN and Low Carbon Fuel Standard (LCFS) prices. The Marketing segment saw strong value in the Sinclair branded sites, providing a consistent sales channel with margin uplift for produced fuels. The company expects to grow the number of branded sites by approximately 10% annually. The Lubricants & Specialties segment focused on sales mix optimization and base oil integration, while the Midstream segment benefited from higher third-party pipeline revenues and lower operating expenses.
HF Sinclair's capital expenditures for 2025 totaled $449 million. The company expects capital and turnaround cash spending for 2026 to reach $775 million, with $650 million allocated to sustaining projects and $125 million to growth capital. The company also repurchased 6.9 million shares for $340 million under its share repurchase program. On February 18, 2026, the Board of Directors declared a regular quarterly dividend of $0.50 per share, payable on March 12, 2026, to holders of record on March 2, 2026.
About HF Sinclair Corp
HF Sinclair Corporation is an independent energy company engaged in producing and marketing high-value light products such as gasoline, diesel, jet fuel, renewable diesel, lubricants, and asphalt. Its operations include refining, renewables, marketing, lubricants, and midstream logistics across the U.S. and Canada. The company emphasizes safety, sustainability, and employee development, serving diverse markets with a competitive, integrated business model focused on quality and operational efficiency.
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