HF Sinclair Corporation has recently released its 10-Q report, providing insights into the company's financial performance and operations for the first quarter of 2025. The company operates as an independent energy firm with a focus on refining, renewables, marketing, lubricants, and midstream operations. It owns and operates refineries in various states and markets its refined products primarily in the Southwest United States, the Rocky Mountains, and the Pacific Northwest.
In the first quarter of 2025, the company reported a net loss attributable to HF Sinclair stockholders of $4 million, a significant decline from the net income of $315 million for the same period in the previous year. The Refining segment saw lower refining margins in the Mid-Continent and West regions, and the company's results were impacted by the planned turnaround at its Tulsa refinery. In the Renewables segment, while sales volumes declined, there were improved RINs and Low Carbon Fuel Standard prices. The Marketing segment experienced consistent sales channels with margin uplift for produced fuels, adding 37 net new branded sites during the quarter. The Lubricants & Specialties segment saw strong performance driven by sales mix optimization and base oil integration across its portfolio, partially offset by lower sales volume. The Midstream segment benefited from increased volumes, higher pipeline revenues, and lower selling, general, and administrative expenses.
HF Sinclair's Board of Directors authorized a $1.0 billion share repurchase program and declared a regular quarterly dividend of $0.50 per share. The company incurred RINs costs totaling $138 million for the quarter, and its open RINs credit obligations were $46 million as of March 31, 2025.
In terms of financials, for the three months ended March 31, 2025, the company reported sales and other revenues of $6,370 million, a decrease of 9% from the same period in 2024. The net cash used for operating activities was $(89) million, and the net cash used for investing activities was $(85) million, while the net cash used for financing activities was $(80) million. HF Sinclair's EBITDA for the quarter was $262 million, down from $617 million in the first quarter of 2024.
The Refining segment's performance showed a decline in the average per produced barrel sold, with the adjusted refinery gross margin per produced barrel sold at $0.48 in the Mid-Continent region and $1.13 in the West region. Meanwhile, the Renewables segment's adjusted renewables gross margin per produced gallon sold was reported at $1.05 for the first quarter of 2025.
These financial and operational details provide a comprehensive view of HF Sinclair's performance and strategic initiatives during the first quarter of 2025. The market has reacted to these announcements by moving the company's shares 3.9% to a price of $31.23. For the full picture, make sure to review HF Sinclair's 10-Q report.
