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Here are 1-3 brief analogies for HF Sinclair (DINO):

• A smaller, North American Marathon Petroleum (MPC), with its own network of Sinclair-branded gas stations.
• Similar to a more North American-focused Phillips 66 (PSX), specializing in refining, fuel marketing, and specialty lubricants.
• Primarily a refiner akin to Valero (VLO), but also operates its own network of Sinclair gas stations.

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• Gasoline: A refined petroleum product primarily used as fuel for internal combustion engines in vehicles.
• Diesel Fuel: A type of fuel used in diesel engines, commonly for trucks, buses, trains, and power generators.
• Jet Fuel: A specialized aviation fuel designed for use in aircraft powered by gas-turbine engines.
• Renewable Diesel: A biofuel chemically identical to petroleum diesel, produced from renewable feedstocks like vegetable oils or animal fats.
• Lubricants: Substances applied to reduce friction between moving parts in engines and machinery, also providing cooling and cleaning.
• Specialty Chemicals: Chemicals manufactured for specific, often high-value applications requiring unique properties or functionalities.
• Asphalt: A sticky, black, highly viscous petroleum product primarily used in road construction, paving, and roofing applications.
• Pipeline and Terminal Services: Infrastructure services involving the transportation and storage of crude oil and refined products through pipelines and terminal facilities.

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HF Sinclair (symbol: DINO) primarily sells its refined products and renewable fuels to other companies rather than directly to individual consumers.

Due to the nature of its business in the refining and marketing of petroleum products, renewable fuels, and lubricants, HF Sinclair serves a broad and diverse customer base, typically selling in wholesale quantities. While specific major customer names are generally not publicly disclosed by the company, its sales channels and customer categories include:

1. Wholesale Distributors and Marketers: These companies purchase gasoline, diesel, jet fuel, and other refined products in bulk from HF Sinclair. They then distribute these products to a wide network of branded and unbranded retail stations (gas stations), smaller commercial accounts, and industrial users across various regions.

2. Commercial and Industrial End-Users: HF Sinclair supplies fuels, lubricants, and specialty chemicals directly to large commercial and industrial customers. This can include transportation companies (e.g., trucking fleets, airlines for jet fuel, railroads), construction companies (especially for asphalt products), manufacturing facilities, and other businesses that consume significant quantities of petroleum products or their derivatives.

3. Government and Municipalities: Sales of various fuels and asphalt products may also be made to governmental entities for their vehicle fleets, infrastructure projects, and other operational needs.

Given the highly fragmented nature of the downstream energy market, HF Sinclair's revenue is not typically concentrated in a few specific, identifiable public companies that would be named as "major customers" in their public filings. Instead, their customer base consists of thousands of entities across these various categories.

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Timothy Go - President & Chief Executive Officer

Mr. Go has served as President and Chief Executive Officer of HF Sinclair since March 2022. He was previously President and Chief Operating Officer of HollyFrontier from July 2020 to March 2022. Before joining HF Sinclair, Mr. Go served as Chief Executive Officer of Calumet Specialty Products Partners, L.P. from September 2015 to June 2020. His career also includes various leadership roles at Koch Industries, Inc. and its subsidiary Flint Hills Resources, LP, where he was most recently Vice President of Operations. He spent 18 years in downstream operations at ExxonMobil Corporation.

Atanas H. Atanasov - Executive Vice President & Chief Financial Officer

Mr. Atanasov has served as Executive Vice President and Chief Financial Officer of HF Sinclair since September 2022. Prior to HF Sinclair, he was Chief Financial Officer of Lummus Technology LLC from April 2022 to September 2022. He also held the position of Executive Vice President, Chief Financial Officer, and Treasurer of Kraton Corporation, a NYSE-listed specialty chemical company, from May 2019 until its merger in March 2022. Before Kraton, he served as Chief Financial Officer of Empire Petroleum Partners, LLC from February 2016 to May 2019, and as Executive Vice President, Chief Financial Officer, and Treasurer of NGL Energy Partners LP, a NYSE-listed MLP, from May 2013 to February 2016. He also held various finance roles at GE Capital from January 2003 to November 2011.

Valerie Pompa - Executive Vice President, Operations

Ms. Pompa was promoted to Executive Vice President, Operations in April 2023. She has been with HF Sinclair since 2020, serving as Senior Vice President, Refinery Operations. Ms. Pompa brings over 30 years of experience in senior operations roles within the oil and gas industry, including 17 years with Flint Hills Resources, LP.

Steven C. Ledbetter - Executive Vice President, Commercial

Mr. Ledbetter joined HF Sinclair as Executive Vice President, Commercial in April 2023. Before his tenure at HF Sinclair, he spent 24 years with Shell, where he held various management positions, including President and Chief Executive Officer of Jiffy Lube International, and most recently, President and Chief Executive Officer of Shell Midstream Partners GP LLC.

Eric L. Nitcher - Executive Vice President & General Counsel

Mr. Nitcher serves as Executive Vice President and General Counsel for HF Sinclair. He previously served as Senior Vice President, General Counsel and Secretary for HollyFrontier Corporation. He has held various legal roles within the company and its predecessor, including Vice President and General Counsel. Mr. Nitcher was an associate at Jones Day prior to joining HollyFrontier.

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HF Sinclair (symbol: DINO) faces several key risks to its business, primarily stemming from the inherent volatility of the energy sector and evolving regulatory landscapes.

1. Market Volatility and Refining Margins: The company's financial performance is significantly impacted by fluctuating crude oil, renewable feedstock, and refined product prices, as well as the spread between them. Refining is HF Sinclair's largest and most volatile segment, facing headwinds from weaker margins and increased global refining capacity. This market dynamic can lead to unpredictable earnings and challenges in long-term planning.
2. Regulatory and Environmental Risks: As an energy company, HF Sinclair operates in a heavily regulated environment and is exposed to substantial costs and liabilities associated with complying with environmental, health, and safety laws. Increasing scrutiny on climate change and greenhouse gas (GHG) emissions could lead to stricter regulations, potentially raising operating costs and reducing demand for its products. Regulatory uncertainty in the renewables sector also poses a significant risk to the profitability of its renewable diesel operations.
3. Geopolitical Instability and Economic Conditions: HF Sinclair is exposed to risks from global hostilities, such as shipping disruptions in the Red Sea and ongoing conflicts, which can disrupt crude oil supplies and refined product markets, leading to financial market instability. Furthermore, general economic conditions, including slowdowns, recessions, and periods of increased or prolonged inflation, can affect operating costs and consumer demand for energy products.

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The accelerating adoption of electric vehicles and other alternative-powered transportation methods, leading to a structural decline in demand for gasoline and diesel fuels, which constitute the primary products from HF Sinclair's conventional refining operations.

The rapid increase in renewable diesel production capacity across the industry, risking an oversupply that could lead to significant margin compression and reduced profitability for HF Sinclair's investments in this growing segment.

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HF Sinclair (symbol: DINO) operates across several key segments, manufacturing and selling a range of energy products. The addressable markets for their main products and services are primarily within the United States and North America.

Refining (Gasoline, Diesel Fuel, Jet Fuel)

HF Sinclair’s refining segment produces gasoline, diesel fuel, and jet fuel.

• The U.S. oil and gas refining industry market size was valued at approximately USD 468.44 billion in 2025 and is projected to reach USD 600.80 billion by 2033.
• Another estimate places the U.S. petroleum refining market size at USD 793.3 billion in 2024, with a projection to reach USD 1,168.3 billion by 2032.
• The North American refining market size was estimated at USD 700.58 billion in 2024, with the U.S. holding a significant share of USD 552.76 billion in 2024.

Renewable Diesel

HF Sinclair is also involved in the production of renewable diesel.

• The North America biofuels market, which includes renewable diesel, generated approximately USD 33.15 billion in revenue in 2023 and is expected to reach USD 70.95 billion by 2030, growing at a CAGR of 11.5%.
• More specifically, the North America biofuel market was valued at USD 52.3 billion in 2024 and is estimated to reach USD 174.6 billion by 2034.
• The U.S. renewable energy market was valued at USD 269 billion in 2022 and estimated at USD 127.59 billion in 2025.

Lubricants and Specialty Products

The company manufactures and markets specialty lubricant products, specialty chemicals, and base oils under various brands.

• The U.S. lubricants market size was valued at USD 41.71 billion in 2024 and is projected to grow to USD 51.03 billion by 2033, at a CAGR of 2.4%.
• Other estimates for the U.S. lubricant market size include USD 29.1 billion in 2024, reaching USD 36.7 billion by 2032, and USD 22.86 billion in 2024, expected to reach USD 28.91 billion by 2032.
• HF Sinclair produces base oils and other specialized lubricants in the U.S., Canada, and the Netherlands, exporting to over 80 countries.

Asphalt and Heavy Products

HF Sinclair produces and markets specialty and modified asphalt.

• The U.S. asphalt market size was approximately USD 32.6 million in 2024 and is expected to reach USD 52.9 million by 2032.
• Another projection for the U.S. market indicates it will reach USD 70.72 million by 2027.
• Globally, the asphalt market size reached USD 259.1 million in 2024 and is expected to reach USD 397.2 million by 2033.

Midstream Services

HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage, and throughput services.

• The North America oil and gas market, which encompasses such services, is valued at USD 1,700 billion.

Marketing and Distribution

The company markets refined products, supplying fuels to Sinclair branded stations.

• The North America Fuel Station Market was valued at USD 32.38 billion in 2024 and is expected to reach USD 40.28 billion by 2030.

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HF Sinclair (symbol: DINO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Optimized Refining Operations and Favorable Market Conditions: HF Sinclair anticipates favorable refining fundamentals through 2026, propelled by increasing demand for distillates and limited new refining capacity. The company is also optimistic about future demand, particularly in the West Coast markets. Additionally, improved operational efficiency, evidenced by achieving a record low operating expense of $7.12 per throughput barrel in Q3 2025, enhances profitability which supports revenue.

2. Expansion of Branded Marketing Network: The company is strategically growing its Marketing segment by expanding its network of Sinclair branded stores. HF Sinclair added 146 branded sites through Q3 2025 and has plans for over 130 additional sites with signed contracts to come online within the next 6-12 months, providing a consistent sales channel with margin uplift for its produced fuels.

3. Strategic Midstream Infrastructure Expansion: HF Sinclair is implementing a multi-phased expansion of its midstream refined products footprint. These projects aim to address supply and demand imbalances in key Western U.S. markets by increasing supply capacity by up to 150,000 barrels per day. New infrastructure projects are targeting capacity increases by 2028.

4. Growth and Optimization in Renewable Fuels: The Renewables segment presents an opportunity through maturing its low carbon feedstock mix in a changing economic environment. HF Sinclair recognized incremental value from the producers tax credit in Q3 2025 and expects to capture additional value in the fourth quarter of 2025, contributing to segment growth.

5. New Product Offerings in Lubricants & Specialties: As part of a forward integration strategy, the Lubricants & Specialties segment introduced a Sinclair lubricants product offering in the U.S. This new product line is expected to contribute to revenue growth in this segment.

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Share Repurchases

• HF Sinclair's Board of Directors authorized a new $1 billion share repurchase program in August 2023, replacing a previous $1 billion program from September 2022.
• The company returned over $1.3 billion to shareholders in 2023, including share repurchases.
• As of November 3, 2025, approximately $466.3 million has been repurchased under the May 7, 2024, authorized $1 billion share repurchase program.

Share Issuance

• The merger between HollyFrontier and Sinclair Oil, completed in March 2022, was funded in part by the issuance of approximately 60.2 million shares.
• HF Sinclair's shares outstanding were 0.192 billion in 2024, a 1.07% increase from 2023.

Outbound Investments

• HF Sinclair completed the acquisition of all outstanding common units of Holly Energy Partners (HEP) in December 2024, which added pipelines, terminals, and other infrastructure.
• On November 1, 2021, HF Sinclair acquired the Puget Sound Refinery from Shell for $350 million.
• The merger with Sinclair Oil on March 14, 2022, brought Sinclair's two refineries, a renewable diesel business, and a branded marketing business under HF Sinclair.

Capital Expenditures

• HF Sinclair anticipates total capital and turnaround cash spending of $875 million for fiscal year 2025, with $775 million allocated for sustaining capital and $100 million for growth investments.
• Expected capital expenditures for the full year 2024 were approximately $800 million to $875 million.
• For 2025, sustaining capital includes $240 million for Refining, $410 million for Turnarounds & Catalysts, and investments in Renewables ($5 million), Lubricants & Specialties ($40 million), Marketing ($30 million), and Midstream ($30 million).