HF Sinclair Corporation has recently released its 10-K report, providing a detailed look into its financial performance and operations. The company operates as an independent energy company, producing and marketing a variety of products including gasoline, diesel fuel, jet fuel, renewable diesel, specialty lubricant products, specialty chemicals, specialty and modified asphalt, and more. It owns and operates refineries in several states and markets its products primarily in the Southwest United States, Rocky Mountains, Pacific Northwest, and neighboring Plains states. Additionally, the company supplies fuels to approximately 1,500 independent Sinclair branded stations and licenses the Sinclair brand at around 300 additional locations.
In the 10-K report, HF Sinclair Corporation's financial performance for the year ended December 31, 2024, is highlighted. The net income attributable to HF Sinclair stockholders for 2024 was $177 million, a significant decrease from $1,590 million and $2,923 million for the years ended December 31, 2023, and 2022, respectively. The adjusted refinery gross margin per produced barrel sold in the Refining segment for 2024 decreased by 50% compared to the previous year. The company experienced lower refining margins in the Mid-Continent and West regions in 2024, primarily due to high global supply of transportation fuels across the industry, which continued to weigh on product margins. Additionally, the planned turnarounds at the Puget Sound, Parco, and El Dorado refineries impacted the results.
In the Renewables segment, HF Sinclair saw increased sales volumes and feedstock optimization despite ongoing weakness in RINs and Low Carbon Fuel Standard (“LCFS”) prices in 2024. The Marketing segment provided a consistent sales channel with margin uplift for the produced fuels, and the company expects to grow the number of branded sites by approximately 10% annually. The Lubricants & Specialties segment saw strong performance, driven by increased sales volumes, sales mix optimization, and base oil integration across the portfolio in 2024. The Midstream segment continued to benefit from increased volumes and higher tariffs, along with lower selling, general, and administrative expenses in 2024.
HF Sinclair also disclosed its financial data for the years ended December 31, 2024, 2023, and 2022. The sales and other revenues for 2024 were $28,580 million, down from $31,964 million in 2023 and $38,205 million in 2022. The net income attributable to HF Sinclair stockholders for 2024 was $177 million, a significant decrease from $1,590 million and $2,923 million for the years ended December 31, 2023, and 2022, respectively. The company also provided other financial data, including net cash provided by operating activities, net cash used for investing activities, net cash used for financing activities, and capital expenditures for the years ended December 31, 2024, 2023, and 2022.
HF Sinclair's operations are organized into five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties, and Midstream. The 10-K report includes detailed segment operating data, providing insights into the company's performance in each segment. For example, the report includes information on the company's refining geographic operating data, such as crude charge, refinery throughput, sales of produced refined products, and refinery utilization for the Mid-Continent region. Additionally, the report includes non-GAAP performance measures, including adjusted refinery gross margin per produced barrel sold, operating expenses, and more.
Today the company's shares have moved -1.1% to a price of $37.45. Check out the company's full 10-K submission here.
