HF Sinclair Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>HF Sinclair Corp. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

HF Sinclair Corp (DINO) filed a Annual Report (10-K) with the SEC on February 21, 2024. HF Sinclair Corp. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is described as Pipe Lines (No Natural Gas). HF Sinclair Corp. was formerly known as Hippo Parent Corp. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking HF Sinclair Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of HF Sinclair Corp.'s financial performance, operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The filing details the company's business segments, financial statements, and management's discussion and analysis, offering insights into its strategic direction and market position within the energy and transportation sector.

Risk Assessment

Risk Level: — HF Sinclair Corp shows moderate risk based on this filing. The company operates in the energy and transportation sector, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand HF Sinclair Corp.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-21 — Filing Date (The date the 10-K was filed with the SEC.)
• 2022-03-07 — Date of Name Change (Date when Hippo Parent Corp. changed its name to HF Sinclair Corp.)

Key Players & Entities

• HF Sinclair Corp (company) — Filer of the 10-K report.
• Hippo Parent Corp (company) — Former name of HF Sinclair Corp.
• PIPE LINES (NO NATURAL GAS) (company) — Standard Industrial Classification for HF Sinclair Corp.
• DE (company) — State of incorporation for HF Sinclair Corp.
• DALLAS (company) — City of business address for HF Sinclair Corp.
• TX (company) — State of business address for HF Sinclair Corp.

FAQ

Industry Context

HF Sinclair Corp. operates within the energy and transportation sector, specifically classified under 'Pipe Lines (No Natural Gas)'. This industry is characterized by significant infrastructure, regulatory oversight, and exposure to commodity price fluctuations.

Regulatory Implications

Companies in the pipeline industry are subject to stringent regulations concerning safety, environmental protection, and operational standards. Compliance with these regulations is critical for maintaining operational licenses and avoiding penalties.

What Investors Should Do

1. Analyze the financial statements within the 10-K to understand revenue, expenses, and profitability for FY2023.
2. Review the 'Risk Factors' section to identify potential challenges and their impact on HF Sinclair Corp.'s operations.
3. Compare key financial metrics from this 10-K with previous filings to assess trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: Filing Date — The date HF Sinclair Corp. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K) for HF Sinclair Corp., providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — hange on which registered Common Stock $0.01 par value DINO New York Stock Exchange
• $4.00 — shares of HF Sinclair common stock and $4.00 in cash, without interest. The Merger A
• $267.6 million — Merger Agreement consideration totaled $267.6 million in cash and resulted in the issuance of
• $2,149 million — Sinclair with a value of approximately $2,149 million based on HollyFrontier's fully diluted
• $77.5 million — ination Agreement"), REH Company made a $77.5 million cash payment to HF Sinclair, inclusive
• $2,072 million — gate transaction value to approximately $2,072 million. Of the 60,230,036 shares of HF Sinclai
• $349.0 million — mon units with a value of approximately $349.0 million based on HEP's fully diluted common uni
• $329.0 m — 1, 2022, and paid cash consideration of $329.0 million, inclusive of final working capit

Filing Documents

• dino-20231231.htm (10-K) — 3497KB
• hfsex416descriptionofcommo.htm (EX-4.16) — 21KB
• hfsex1039formofrestricteds.htm (EX-10.39) — 43KB
• hfsex10ormofnoticeofgranto.htm (EX-10.40) — 14KB
• hfsex1041formofperformance.htm (EX-10.41) — 137KB
• hfsex1042formofrestricteds.htm (EX-10.42) — 99KB
• hfsex1043formofgrantofrest.htm (EX-10.43) — 17KB
• hfsex211subsidiariesofregi.htm (EX-21.1) — 55KB
• hfsex231-consentofindepend.htm (EX-23.1) — 5KB
• hfsex31112-31x202310k.htm (EX-31.1) — 10KB
• hfsex31212-31x202310k.htm (EX-31.2) — 10KB
• hfsex32112-31x202310k.htm (EX-32.1) — 5KB
• hfsex32212-31x202310k.htm (EX-32.2) — 5KB
• hfsex971hfsinclaircorporat.htm (EX-97.1) — 27KB
• image_0.jpg (GRAPHIC) — 8KB
• 0001915657-24-000040.txt (&nbsp;) — 18753KB
• dino-20231231.xsd (EX-101.SCH) — 96KB
• dino-20231231_cal.xml (EX-101.CAL) — 180KB
• dino-20231231_def.xml (EX-101.DEF) — 618KB
• dino-20231231_lab.xml (EX-101.LAB) — 1262KB
• dino-20231231_pre.xml (EX-101.PRE) — 898KB
• dino-20231231_htm.xml (XML) — 3608KB

Forward-Looking Statements

Forward-Looking Statements 3 Definitions 5 1 and 2. Business and Properties 7 1A. Risk Factors 27 1B. Unresolved Staff Comments 53 1C. Cybersecurity 54 3. Legal Proceedings 55 4. Mine Safety Disclosures 57 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 6. [Reserved] 58 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 59 7A. Quantitative and Qualitative Disclosures about Market Risk 76 Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles 76 8. Financial Statements and Supplementary Data 79 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 131 9A. Controls and Procedures 131 9B. Other Information 131 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 131 PART III 10. Directors, Executive Officers and Corporate Governance 131 11. Executive Compensation 131 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 131 13. Certain Relationships and Related Transactions, and Director Independence 132 14. Principal Accounting Fees and Services 132 PART IV 15. Exhibit and Financial Statement Schedules 132 Index to Exhibits 133

Signatures

Signatures 138 2 Table of Content PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS References herein to HF Sinclair Corporation ("HF Sinclair") include HF Sinclair and its consolidated subsidiaries. In this document, the words "we," "our," "ours" and "us" refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person, with certain exceptions. References herein to HF Sinclair, "we," "our," "ours," and "us" with respect to time periods prior to March 14, 2022 refer to HollyFrontier Corporation ("HollyFrontier") and its consolidated subsidiaries and do not include Hippo Holding LLC (now known as Sinclair Holding LLC), the parent company of Sinclair Oil LLC, Sinclair Transportation Company LLC or their respective consolidated subsidiaries (collectively, the "Acquired Sinclair Businesses"). References herein to HF Sinclair "we," "our," "ours," and "us" with respect to time periods from and after March 14, 2022 include the operations of the Acquired Sinclair Businesses. Unless otherwise specified, the financial statements included herein include financial information for HF Sinclair, which for the time period from March 14, 2022 to December 31, 2023 includes the combined business operations of HollyFrontier and the Acquired Sinclair Businesses. References herein to Holly Energy Partners, L.P. ("HEP") with respect to time periods prior to completion of the merger of HEP with a wholly owned subsidiary of HF Sinclair refer to HEP and its consolidated subsidiaries. This Annual Report on Form 10K contains certain "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical fact included in this Annual Report on Form 10-K, including, but not limited to, those under "Business and Properties" in Items 1 and 2, "Risk Factors" in Item 1A, "Legal Proceedings" in Item 3 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7, are forward-looking stat

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View this 10-K filing on SEC EDGAR