• Imagine it as the refining and branded gas station operations of a company like Shell or ExxonMobil, but without the oil drilling and production.

• Think of it as a major independent oil refiner and fuel marketer, similar to Valero or Marathon Petroleum, that also supplies the Sinclair-branded gas stations.

• Gasoline, Diesel Fuel, and Jet Fuel: These are refined petroleum products produced and marketed for transportation and other uses.
• Renewable Diesel: A biofuel alternative to traditional diesel fuel.
• Specialty Lubricant Products: Includes base oils and other specialized lubricants for various industrial and automotive applications.
• Specialty Chemicals: Specific chemical products developed for niche applications.
• Specialty and Modified Asphalt: Asphalt products tailored for specific construction and road surfacing needs.
• Refined Products Marketing: The marketing and distribution of its refined fuels to stations and other customers in specific regions.
• Sinclair Brand Licensing: Licensing the use of the Sinclair brand to independent stations.
• Petroleum Logistics Services: Services encompassing petroleum product and crude oil transportation, terminalling, storage, and throughput for the petroleum industry.

HF Sinclair (DINO) primarily sells its products and services to other companies, operating on a business-to-business (B2B) model. Based on the provided description, its major customer categories include:

• Independent Fuel Station Operators: These are independent businesses that own and operate the approximately 1,600 Sinclair-branded stations. HF Sinclair supplies these stations with gasoline and diesel fuel and licenses the use of the Sinclair brand.
• Wholesale Distributors and Industrial End-Users: This broad category encompasses various businesses that purchase bulk refined products. These include other fuel distributors, airlines (for jet fuel), construction companies (for asphalt), manufacturing firms (for specialty lubricants and chemicals), and large transportation fleets (for diesel fuel).
• Other Petroleum Industry Companies: These are companies within the broader petroleum sector that utilize HF Sinclair's midstream services, including crude oil and petroleum product transportation, terminalling, storage, and throughput services.

Franklin Myers Interim Chief Executive Officer and President, Chairman of the Board

Franklin Myers has been appointed as the Interim Chief Executive Officer and President of HF Sinclair Corporation since February 17, 2026, and also serves as the Independent Chairman of the Board. He previously held the role of Chairman of the Board.

Vivek Garg Acting Chief Financial Officer, Vice President, Chief Accounting Officer and Controller

Vivek Garg was named interim Chief Financial Officer by HF Sinclair on February 27, 2026. He also holds the titles of Vice President, Chief Accounting Officer, and Controller. He was appointed Chief Accounting Officer and Controller in July 2024.

Valerie Pompa Executive Vice President, Operations

Valerie Pompa has served as Executive Vice President, Operations of HF Sinclair Corporation since March 2023. Prior to this, she was the Senior Vice President, Refining Operations of HF Sinclair Refining & Marketing LLC from October 2020 to April 2023. Ms. Pompa also owned and was CEO of VAP Business Solutions Limited, providing leadership and business consulting services, and served as Chief Operating Officer of ATS Industrial, both from April 2018 to October 2020.

Steven C. Ledbetter Executive Vice President, Commercial

Steven C. Ledbetter has served as Executive Vice President, Commercial of HF Sinclair Corporation since March 2023. Previously, he was Director, President, and Chief Executive Officer of Shell Midstream Partners GP LLC from March 2021 to March 2023. Before that, he served as Vice President, Commercial of Shell Midstream from April 2018 to March 2021.

Eric L. Nitcher Executive Vice President and General Counsel

Eric L. Nitcher holds the position of Executive Vice President and General Counsel at HF Sinclair Corporation. He was appointed to this role in July 2024.

For HF Sinclair (DINO), an independent energy company primarily involved in refining and marketing petroleum products, the key risks to its business are:

1. Energy Transition and Declining Demand for Traditional Fuels: The global shift toward a low-carbon economy, driven by increased adoption of electric vehicles, improved fuel efficiency, and ambitious climate policies, poses a significant long-term risk to the demand for gasoline, diesel, and jet fuel, which constitute core products for HF Sinclair's refining operations. This transition is expected to lead to reduced refining margins, potential oversupply in the market, and could necessitate costly conversions or closures of traditional refining assets.

2. Commodity Price Volatility: The profitability of HF Sinclair, particularly its refining segment, is highly sensitive to fluctuations in the prices of crude oil (its primary input) and refined petroleum products (its outputs). The difference between these prices, known as crack spreads, can be extremely volatile due to geopolitical events, imbalances in global supply and demand, and market speculation. This inherent volatility can lead to unpredictable refining margins and significantly impact the company's financial performance.

3. Environmental Regulations and Compliance Costs: The petroleum refining industry operates under extensive and increasingly stringent environmental regulations, including those related to air emissions, clean air standards, and renewable fuel mandates. Compliance with these regulations can impose substantial operating costs, require significant capital investments for facility upgrades, and may limit operational flexibility. Regional regulations, such as those in California where HF Sinclair operates, can further increase compliance burdens and contribute to refinery capacity reductions.

The widespread global adoption of electric vehicles and other alternative energy sources for transportation, leading to a decline in demand for gasoline and diesel fuel.

HF Sinclair Corporation (DINO) operates in several key markets across the United States, encompassing refined petroleum products, renewable fuels, specialty lubricants, specialty chemicals, specialty asphalt, and midstream services. The addressable market sizes for their main products and services in the specified regions are as follows:

• Refined Petroleum Products (Gasoline, Diesel Fuel, Jet Fuel): The overall U.S. petroleum refining market, which includes these products, was valued at approximately USD 793.3 billion in 2024 and is projected to reach about USD 1,168.3 billion by 2032.
  • Gasoline: The North American gasoline market was valued at USD 850.0 billion in 2024 and is anticipated to rise to USD 1,100.0 billion by 2035.
  • Diesel Fuel: The U.S. diesel fuel market is estimated to reach USD 60 billion by 2031, growing at a compound annual growth rate (CAGR) of 2.5% during the forecast period of 2025-2031. U.S. diesel consumption averaged approximately 3.8 million barrels per day in 2023.
  • Jet Fuel: The United States aviation fuel market was valued at USD 87.48 billion in 2025 and is projected to reach USD 158.62 billion by 2034.
• Renewable Diesel: The U.S. renewable diesel market is calculated at USD 12.33 billion in 2025 and is projected to reach around USD 22.28 billion by 2034. The U.S. dominated the North American renewable diesel market, holding approximately 90.3% share in 2025 and is expected to generate over USD 26.3 billion in revenue by 2035.
• Specialty Lubricant Products: The U.S. lubricants market, which includes specialty lubricants, was valued at USD 41.71 billion in 2024 and is anticipated to grow to USD 51.03 billion by 2033. More specifically, the U.S. specialty lubricants market had a size of approximately USD 9.63 billion in 2024.
• Specialty Chemicals: The U.S. specialty chemicals market is calculated at USD 201.48 billion in 2025 and is expected to be worth around USD 303.05 billion by 2034.
• Specialty and Modified Asphalt: The U.S. asphalt market size was USD 32.6 million in 2024 and is expected to reach USD 52.9 million by 2032. Another estimate projects the U.S. market to reach USD 70.72 million by 2027. These figures likely represent the specialty segment of the broader asphalt market.
• Petroleum Product and Crude Oil Transportation, Terminalling, Storage, and Throughput Services (Midstream Services): The United States Midstream Oil and Gas Market was valued at USD 17.10 billion in 2025 and is estimated to grow to USD 21.08 billion by 2031.

HF Sinclair (DINO) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market factors:

1. Enhanced Operational Reliability and Increased Throughput in Refining: The company's focus on optimizing refining operations and enhancing reliability is expected to boost revenue. This includes achieving record throughput volumes and specific projects like the El Dorado expansion, which is projected to add approximately 10,000 barrels per day (bpd) to its capacity.
2. Growth in the Renewables Business: Efforts within the renewables segment are aimed at boosting revenue. HF Sinclair expects to capture additional incremental value, particularly from producer tax credits, indicating a strategic focus on expanding this part of its business.
3. Expansion of Branded Marketing Network: The company is actively expanding its branded marketing presence. With 146 new branded sites added recently and contracts for over 130 additional sites expected to be operational in the next 6-12 months, HF Sinclair anticipates growth in its customer base and refined product sales volumes.
4. Midstream Expansion Initiatives: HF Sinclair has identified midstream expansion plans as a key growth initiative. This segment, which provides petroleum product and crude oil transportation, terminalling, storage, and throughput services, achieved record earnings in 2025 and is set for further development.
5. Favorable Crude Differentials: Analysts expect HF Sinclair to benefit from widening crude differentials, which should enhance performance in upcoming quarters. These improved crack spreads can lead to higher refining margins and, consequently, increased revenue.

Share Repurchases

• HF Sinclair returned $724 million to stockholders through dividends and share repurchases in the full year 2025.
• In May 2024, the Board of Directors authorized a $1 billion share repurchase program.
• As of September 16, 2025, approximately $411 million had been repurchased under the $1 billion program, including a $100 million privately negotiated transaction.

Share Issuance

• The formation of HF Sinclair in March 2022 resulted from an all-stock transaction where legacy HollyFrontier Corporation shareholders received 73% equity and Sinclair owners received 27% equity.
• Holly Energy Partners (HEP), an HF Sinclair subsidiary, issued 21 million common units as part of the approximately $670 million acquisition of Sinclair Transportation Company.

Outbound Investments

• In March 2022, HF Sinclair acquired Sinclair Oil's refining and branded marketing businesses.
• Holly Energy Partners (HEP), a subsidiary, acquired Sinclair Transportation Company's logistics assets, including pipelines and terminals, in a transaction valued at approximately $670 million.
• The company makes investments in renewable diesel through joint ventures.

Capital Expenditures

• Capital expenditures for the fourth quarter of 2025 totaled $131 million.
• For the full year 2025, HF Sinclair anticipated capital spending of $775 million for sustaining capital and an additional $100 million for growth projects.
• The focus of capital expenditures includes strategic investments in renewables, value chain integration, efficiency improvements, and the completion of facilities such as the Cheyenne Renewable Diesel facility (Q1 2022) and the Artesia Renewable Diesel facility (Q2 2022).