Q1 2025 HF Sinclair Corp Earnings Call Transcript
Key Points
- HF Sinclair Corp (DINO) delivered strong results in marketing, midstream, and lubricants and specialties businesses, with sequential improvement in refining.
- The company completed the planned turnaround at the Tulsa Refinery on schedule and on budget, now operating at planned rates.
- The marketing segment achieved a record quarter with $27 million in EBITDA and the highest quarterly adjusted gross margin of $0.12 per gallon.
- The lubricants and specialties segment reported a strong quarter with $85 million in EBITDA, supported by product mix optimization and high-margin specialty sales.
- The midstream business generated a record $119 million in adjusted EBITDA, benefiting from higher pipeline revenues.
- HF Sinclair Corp (DINO) reported a first-quarter net loss attributable to shareholders of $4 million, or negative $0.02 per diluted share.
- Adjusted net loss for the first quarter was $50 million, compared to adjusted net income of $142 million for the same period in 2024.
- The refining segment's first-quarter adjusted EBITDA was $8 million, down from $209 million in the first quarter of 2024, due to lower adjusted refinery gross margins and sales volumes.
- The renewable segment reported an adjusted EBITDA of negative $17 million, impacted by lower sales volumes and the absence of producer's tax credit benefits.
- Net cash used for operations totaled $89 million in the first quarter, including $105 million of turnaround spending.
Welcome to HF Sinclair Corporation's first quarter 2025 conference call and webcast. Hosting the call today is Tim Go, Chief Executive Officer of HF Sinclair, he is joined by Atanas Atanasov, Chief Financial Officer; Steve Ledbetter, EVP of Commercial; Valerie Pompa, EVP of Operations, and Matt Joyce, SVP of Lubricants and Specialties. (Operator Instructions) Please note that this conference is being recorded.
It is now my pleasure to turn the floor over to Craig Biery, Vice President, Investor Relations. Craig, you may begin.
Thank you, Kate. Good morning, everyone, and welcome to HF Sinclair Corporation's first quarter 2025 earnings call. This morning, we issued a press release announcing results for the quarter ending March 31, 2025. If you would like a copy of the earnings press release, you may find it on our website at hfsinclair.com.
Before we proceed with remarks, please note the Safe Harbor disclosure statement in today's press release. In summary, it says statements
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