HF Sinclair (DINO) Q4 2024 earnings summary

Executive summary

• Delivered strong full-year 2024 results in marketing, midstream, and lubricants, with record earnings in these segments despite challenging macroeconomic and refining conditions, and executed strategic priorities.

• Achieved best-ever personal safety results, completed heavy turnaround workload on schedule and on budget, and increased refinery utilization year-over-year.

• Returned over $1 billion to shareholders in 2024 via dividends and share repurchases, maintaining a strong balance sheet and liquidity; declared a $0.50/share quarterly dividend.

• Full year 2024 net income attributable to stockholders was $177 million ($0.91/share) and adjusted net income was $197 million ($1.01/share), down sharply from 2023.

Financial highlights

• Reported Q4 2024 net loss attributable to shareholders of $214 million (-$1.14/share); adjusted net loss of $191 million (-$1.02/share) vs. adjusted net income of $165 million ($0.87/share) in Q4 2023.

• Q4 adjusted EBITDA was $28 million, down from $428 million in Q4 2023; full year adjusted EBITDA was $1,149 million, down 64% year-over-year.

• Q4 2024 sales and other revenues were $6.5 billion, down 15% year-over-year; full year revenues were $28.6 billion, down 11%.

• As of Dec 31, 2024: $3.3 billion liquidity, $800 million cash, $2.7 billion debt (debt-to-cap 22%, net debt-to-cap 15%).

• Returned over $1 billion to shareholders in 2024; since March 2022, over $4 billion returned and share count reduced by 71% of shares issued for Sinclair and HEP deals.

Outlook and guidance

• Expect to spend $775 million in sustaining capital and $100 million in growth capital in 2025, with lower sustaining capital than 2024.

• Q1 2025 refining crude oil throughput guidance: 580,000–620,000 bbl/day, reflecting planned Tulsa turnaround.

• Board declared $0.50/share quarterly dividend, payable March 20, 2025.

• Committed to long-term capital return target of at least 50% of cash flow to shareholders.