HF Sinclair (DINO) Investor presentation summary

Strategic positioning and operations

• Operates 7 refineries with 678,000 BPD capacity across Mid-Continent, West, and Pacific Northwest regions, with a flexible system and premium distribution areas compared to the Gulf Coast.

• Marketing network includes over 1,700 branded retail sites and 300+ licensed sites, targeting 10% annual store growth and leveraging the iconic DINO brand for stable margins and brand loyalty.

• Midstream segment manages 4,200 miles of pipelines, 17.8 million barrels of storage, and multiple joint ventures, supporting integrated refining and marketing operations.

• Lubricants & Specialties segment produces 34,000 BPD, selling in over 80 countries under multiple brands, with a focus on upgrading base oils to finished products for higher margins.

• Renewables business includes three renewable diesel units with ~380 million gallons annual capacity, supporting ESG goals and regulatory compliance.

Financial performance and capital allocation

• Achieved consistent cost improvements, reducing operating expenses per throughput barrel to $7.12 in FY 2024, with a near-term target of $7.25.

• Marketing EBITDA grew at a 33% CAGR, reaching a record $29M in Q3 2025, with site count up 39% since the Sinclair acquisition.

• Midstream adjusted EBITDA grew at an 8% CAGR, reaching $460M annualized as of Q3 2025.

• Over $4 billion returned to shareholders since 2022 through dividends and share repurchases, with a 25% dividend increase since the Sinclair acquisition.

• Maintains a strong balance sheet with $3.3 billion liquidity, 0.75x net leverage ratio, and no debt maturities until 2028.

Growth initiatives and expansion

• Evaluating a multi-phased Westward Expansion Pipeline project to address supply-demand imbalances in western markets, targeting 150,000 BPD incremental supply with phased expansions through 2028.

• Capital expenditures normalized after a catch-up cycle, with 2026 guidance allocating $775M, focusing on refining, turnarounds, and growth investments in renewables, marketing, and midstream.

• Ongoing organic growth projects in refining (e.g., CARB and Jet projects), marketing, and lubricants, plus bolt-on acquisitions to enhance scale and returns.