Q4 2025 HF Sinclair Corp Earnings Call Transcript
Key Points
- HF Sinclair Corp (DINO) reported a solid full-year 2025 adjusted EBITDA of $2.3 billion and fourth-quarter adjusted EBITDA of $564 million.
- The company returned $230 million to shareholders through dividends and share repurchases in the fourth quarter, demonstrating a commitment to returning excess cash to shareholders.
- HF Sinclair Corp (DINO) successfully completed major turnarounds at its Tulsa, Parco, and Puget Sound refineries, setting annual records for throughput and reducing operating expenses.
- The Marketing segment delivered record annual EBITDA of $103 million in 2025, a 37% increase over the prior record, and expanded its branded footprint by 117 sites.
- The formation of Green Trail Fuels LLC, a joint venture with UPOP Holdings, is expected to strengthen HF Sinclair Corp (DINO)'s branded marketing footprint in the Rockies and the Southwest.
- HF Sinclair Corp (DINO) reported a fourth-quarter net loss attributable to shareholders of $28 million, reflecting special items that decreased net income by $249 million.
- The refining segment faced seasonal weakness, with fuel margins weakening significantly at the end of the quarter, impacting earnings.
- The Puget Sound refinery turnaround and an unplanned event at the Artesia refinery negatively impacted refining earnings for the fourth quarter.
- The Lubricants and Specialties segment reported a decrease in adjusted EBITDA due to lower sales volumes, lower base oil margins, and higher operating costs.
- The company is undergoing an audit committee review of its disclosure processes, which has not yet been completed, creating uncertainty.
Welcome to HF Sinclair Corporation's fourth-quarter 2025 conference call and webcast. Hosting the call today is Franklin Myers, who is acting as temporary 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, Julianne. Good morning, everyone, and welcome to HF Sinclair Corporation's fourth-quarter 2025 earnings call. This morning, we issued a press release announcing results for the quarter ending December 31, 2025. If you'd like a copy of the earnings press release, you may find one on our website at hfsinclair.com.
Before we proceed with remarks, please note the Safe Harbor disclosure statement in
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