HF Sinclair (DINO) Q1 2025 earnings summary

Executive summary

• Reported a net loss attributable to shareholders of $4 million for Q1 2025, compared to net income of $315 million in Q1 2024, driven by lower refining margins and sales volumes.

• Adjusted net loss was $50 million, or negative $0.27 per share, versus adjusted net income of $142 million ($0.71 per share) in Q1 2024.

• EBITDA was $262 million and Adjusted EBITDA was $201 million, both significantly down from the prior year.

• Delivered strong results in marketing, midstream, and lubricants and specialties, with sequential improvement in refining despite market volatility and regulatory uncertainty.

• Completed major turnarounds on schedule and budget, including Tulsa refinery and Mississauga facility.

Financial highlights

• Sales and other revenues were $6.37 billion, down 9% year-over-year, mainly due to lower refined product prices and volumes.

• Net cash used for operations totaled $89 million, including $105 million of turnaround spend; capital expenditures were $86 million.

• Cash and cash equivalents as of March 31, 2025, were $547 million.

• Consolidated debt stood at $2.68 billion at quarter-end; debt-to-cap ratio 23%, net debt-to-cap ratio 18%.

• Total equity was $9.25 billion and total assets $16.54 billion at quarter-end.

Outlook and guidance

• Expect to spend approximately $775 million in sustaining capital for 2025, plus $100 million in growth capital; total 2025 capital and turnaround spending expected at $875 million.

• Second quarter 2025 refining crude oil runs expected between 600,000 and 630,000 barrels per day, reflecting ongoing and planned turnarounds.

• Turnaround activity to decrease after 2025, with only one major turnaround remaining in Q3 and lower workload anticipated in subsequent years.

• Renewables segment faces continued uncertainty due to Producer's Tax Credit implementation.

• Marketing segment expects to grow branded sites by about 10% annually.