HF Sinclair Corp. Files 10-Q for Q3 2024
Ticker: DINO · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 1915657
Sentiment: neutral
Topics: 10-Q, financials, oil and gas
TL;DR
HF Sinclair's Q3 2024 10-Q is in. Check financials.
AI Summary
HF Sinclair Corp. reported its third-quarter 2024 results, ending September 30, 2024. The company's filing details its financial performance and operational activities for the period. Specific financial figures and operational metrics are provided within the report.
Why It Matters
This filing provides investors and analysts with the latest financial and operational data for HF Sinclair Corp., crucial for understanding the company's performance and making informed investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
- 2024-10-31 — Filing Date (Shows when the report was officially submitted to the SEC.)
Key Players & Entities
- HF Sinclair Corp. (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241031 (date) — Filing date
- 214-954-6696 (phone_number) — HF Sinclair Corp. business phone number
FAQ
What is the primary business of HF Sinclair Corp. as indicated by its SIC code?
HF Sinclair Corp.'s Standard Industrial Classification (SIC) code is 4610, which corresponds to 'PIPE LINES (NO NATURAL GAS)'.
What is the fiscal year end for HF Sinclair Corp.?
The fiscal year end for HF Sinclair Corp. is December 31 (1231).
What was the previous name of HF Sinclair Corp.?
The former company name was Hippo Parent Corp., with a date of name change on 20220307.
What is the business address of HF Sinclair Corp.?
The business address is 2828 N. HARWOOD STREET, SUITE 1300, DALLAS, TX 75201.
What SEC Act is this filing under?
This filing is made under the '1934 Act' with SEC file number 001-41325.
Filing Stats: 4,632 words · 19 min read · ~15 pages · Grade level 20 · Accepted 2024-10-31 15:02:03
Key Financial Figures
- $0.01 — hange on which registered Common Stock $0.01 par value DINO New York Stock Exchange
Filing Documents
- dino-20240930.htm (10-Q) — 2620KB
- hfsex31109-30x2024.htm (EX-31.1) — 11KB
- hfsex31209-30x2024.htm (EX-31.2) — 10KB
- hfsex32109-30x2024.htm (EX-32.1) — 5KB
- hfsex32209-30x2024.htm (EX-32.2) — 5KB
- 0001915657-24-000123.txt ( ) — 10997KB
- dino-20240930.xsd (EX-101.SCH) — 52KB
- dino-20240930_cal.xml (EX-101.CAL) — 90KB
- dino-20240930_def.xml (EX-101.DEF) — 269KB
- dino-20240930_lab.xml (EX-101.LAB) — 573KB
- dino-20240930_pre.xml (EX-101.PRE) — 442KB
- dino-20240930_htm.xml (XML) — 2208KB
Forward-Looking Statements
Forward-Looking Statements 3 Definitions 5
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Consolidated Balance Sheets September 30, 2024 (Unaudited) and December 31, 2023 6 Consolidated Statements of Operations (Una udited) Three and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income (Unaudited) Three and Nine Months Ended September 30, 2024 and 2023 8 Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2024 and 2023 9 Consolidated Statements of Equity (Unaudited) Three and Nine Months Ended September 30, 2024 and 2023 10
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 12
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 53 Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles 54
Controls and Procedures
Item 4. Controls and Procedures 58
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 59
Risk Factors
Item 1A. Risk Factors 61
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61
Other Information
Item 5. Other Information 61
Exhibits
Item 6. Exhibits 62
Signatures
Signatures 63 2 Table of Contents
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 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 on December 1, 2023 refer to HEP and its consolidated subsidiaries. This Quarterly Report on Form 10-Q contains certain "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, including, but not limited to, those under "Results of Operations," "Liquidity and Capital Resources" and "Risk Management" in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and those in Part II, Item 1 "Legal Proceedings" are forward-looking statements. Forward-looking statements use words such as "anticipate," "project," "will," "expect," "plan," "goal," "forecast," "strategy," "intend," "should," "would," "could," "believe," "may," and similar expressions and statements regarding our plans and objectives for future operations. These statements are based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties. All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expect
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements HF SINCLAIR CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share data) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,229,482 $ 1,353,747 Accounts receivable, net: Product and transportation 1,187,864 1,527,950 Crude oil resales 139,696 197,169 1,327,560 1,725,119 Inventories: Crude oil and refined products (Note 7) 2,412,431 2,645,724 Materials, supplies and other 275,249 276,107 2,687,680 2,921,831 Income taxes receivable 47,907 56,528 Prepayments and other 63,513 89,229 Total current assets 5,356,142 6,146,454 Properties, plants and equipment, at cost 10,814,724 10,533,432 Less: accumulated depreciation ( 4,271,458 ) ( 3,906,600 ) 6,543,266 6,626,832 Operating lease right-of-use assets 363,507 348,006 Other assets: Turnaround costs 701,795 644,957 Goodwill 2,977,842 2,977,744 Intangibles and other 945,109 972,272 4,624,746 4,594,973 Total assets $ 16,887,661 $ 17,716,265 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,016,049 $ 2,205,759 Income taxes payable 19,891 8,772 Operating lease liabilities 78,181 106,973 Current debt (Note 11) 350,000 — Accrued liabilities (Note 8) 498,718 453,045 Total current liabilities 2,962,839 2,774,549 Long-term debt, net (Note 11) 2,286,805 2,739,083 Noncurrent operating lease liabilities 309,967 249,479 Deferred income taxes 1,239,463 1,297,130 Other long-term liabilities (Note 8) 418,177 418,726 Total liabilities 7,217,251 7,478,967 Commitments and Contingencies (Note 15) Equity: HF Sinclair stockholders' equity: Preferred stock, $ 1.00 par value – 5,000,000 shares authorized; none issued — — Common stock, $ 0.01 par value – 320,000,000 shares authorized; 223,231,546 shares issued as of September 30, 2024 and December 31, 2023, respectively 2,232 2,232 Additional capital 6,001,233 5,993,661 Retained earnings 5,479,152 5,379,182 Accumulated other compr
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1: Description of Business and Presentation of Financial Statements Description of Business References herein to HF Sinclair, "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 Holly Energy Partners, L.P. ("HEP") with respect to time periods prior to the closing of the HEP Merger Transaction (as defined below) on December 1, 2023 refer to HEP and its consolidated subsidiaries. We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. We market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and we supply high-quality fuels to more t han 1,500 branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries. Basis of Presentation The interim consolidated financial statements are unaudited. In management's opinion, these consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our consolidated financial position as of September 30, 2024, the consolidated statements of op