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HF Sinclair (DINO) · 11 slides · Filed Oct 28, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All DINO deck slides
Slide 1 — Investor
HF Sinclair Investor Presentation July 2026
Slide 2 — the
2 Disclaimer Statements made during the course of this presentation that are not historical facts are "forward - loking statements" within the meaning of the U . S . Private Securities Litigation Reform Act of 195 . Forward - loking statements use words such as —anticipate,“ —project,“ —will,“ —expect,“ —plan,“ —goal,“ —forecast,“ —strategy,“ —intend,“ —should,“ —aim,“ —proposed,“ —would,“ —could,“ —believe,“ —may,“ and similar expresions and statements regarding HF Sinclair Corporation‘s ("HF Sinclair") plans and objectives for future operations . Although HF Sinclair believes that the expectations reflected in these forward - loking statements are reasonable, HF Sinclair canot asure you that its expectations wil prove to be corect . Therefore, actual outcomes and results could materialy difer from what is expresed, implied or forecast in such statements . Any diferences could be caused by a number of factors, including, but not limited to : the realization of the anticipated benefits of the separation transaction and the retirement of the base oil refining asets ; the terms, timing and completion of the separation transaction and the retirement of the base oil refining asets, including the timely receipt of al necesary court, regulatory, third - party and board aprovals ; the timely receipt of a private leter ruling from the Internal Revenue Service ; the ability of HF Sinclair and the independent Lubricants & Specialties company to sucesfuly implement their respective strategic priorities and whether they wil yield the expected benefits ; the ability of HF Sinclair and the independent Lubricants & Specialties company to implement capital alocation strategies aligned with maximizing shareholder value ; the operating performance of the respective asets of HF Sinclair and the independent Lubricants & Specialties company ; the demand for and suply of fedstocks, crude oil and refined products, including uncertainty regarding societal expectations that companies adres climate impacts and grenhouse gas emisions ; risks and uncertainties with respect to the actions of actual or potential competitive supliers and transporters of refined petroleum products or lubricant and specialty products in HF Sinclair‘s markets ; the spread betwen market prices for refined products and market prices for crude oil ; the posibility of constraints on the transportation of crude oil, refined products or lubricant and specialty products ; the posibility of ineficiencies, curtailments or shutdowns in refinery or other production facility operations or pipelines, whether due to reductions in demand, acidents, unexpected leaks or spils, unscheduled shutdowns, infection in the workforce, weather events, global health events, civil unrest, expropriation of asets, and other economic, diplomatic, legislative, or political events or developments, terorism, cyberatacks, vandalism or other catastrophes or disruptions afecting HF Sincla operations, production facilities, machinery, pipelines and other logistics asets, equipment, or information systems, or any of the foregoing at HF Sinclair‘s supliers, customers, or third - party providers, and any potential aset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions ; the efects of curent and/or future governmental and environmental regulations and policies, including compliance with, or exemptions from, existing, new and changing environmental and health and safety laws and regulations, related reporting requirements and pipeline integrity programs ; the availability and cost of financing to HF Sinclair ; the efectivenes of HF Sinclair‘s capital investments and marketing strategies ; HF Sinclair‘s eficiency in carying out and consumating construction projects, including HF Sinclair‘s ability to complete anounced capital projects on time and within capital guidance ; HF Sinclair‘s ability to timely obtain or maintain permits, including those necesary for operations or capital projects ; the ability of HF Sinclair to acquire complementary asets or busineses to HF Sinclair‘s existing asets and busineses on aceptable terms and to integrate any existing or future acquired operations and realize the expected synergies of any such transaction on the expected timeline ; the posibility of vandalism or other disruptive activity, or terorist or cyberatacks and the consequences of any such activities or atacks ; uncertainty regarding the efects and duration of global hostilities, war or any asociated military campaigns, including those in oil producing regions, such as the ongoing military conflict in the Midle East, which may disrupt crude oil suplies and markets for HF Sinclair‘s refined products and create instability in the financial markets that could restrict HF Sinclair‘s ability to raise capital ; general economic conditions, including uncertainties regarding trade policies, such as the imposition or implementation of tarifs, or economic slowdowns caused by a local or national recesion or other adverse economic conditions, such as periods of increased or prolonged inflation ; limitations on HF Sinclair‘s ability to make future dividend payments or efectuate share repurchases due to market conditions and corporate, tax, regulatory and other considerations ; and other busines, financial, operational and legal risks . Aditional information on risks and uncertainties that could afect HF Sinclair‘s busines prospects and performance is provided in the reports filed with the SEC . Al forward - loking statements included in this presentation are expresly qualified in their entirety by the foregoing cautionary statements . The forward - loking statements speak only as of the date made and, other than as required by law, HF Sinclair undertakes no obligation to publicly update or revise any forward - loking statements, whether as a result of new information, future events or otherwise .
Slide 3 — HF Sinclair Pursuing Separation of Lubricants & Specialties
3 Structure Separation via the capital markets to create two independent public companies in a maner that is tax - eficient for HF Sinclair and its shareholders Timing Targeted completion in H2 2027 Misisauga Retirement of base oil refining asets in Misisauga, while maintaining strong presence in the region through R&D, blending and packaging Aproval Subject to final Board aproval and satisfaction of other customary conditions Leadership Lubricants & Specialties: Mathew Joyce œ President and CEO HF Sinclair Pursuing Separation of Lubricants & Specialties and Anouncing Retirement of Canada Refining Asets Creating Independent Lubricants & Specialties Industry Leader
Slide 4 — Transaction Rationale
4 Investment Thesis Integrated downstream company maximizing fre cash flow through strong regional refining, midstream, marketing and renewable asets Specialty lubricants and ingredients busines delivering resilient cash flows unburdened by refining volatility and capital intensity Busines Model Integrated downstream value chain Branded, technology - driven busines with technical service, OEM relationships, and specialty distribution chanels providing solutions globaly Strategy Optimize and integrate refining, midstream, marketing and renewables platforms Drive organic growth and consolidate a highly fragmented global lubricants and specialties market Financial Profile Investment Grade balance shet with resilient cash flow profile Capital - light, stable fre cash flow Cyclicality Decrease in cyclicality driven by growth in stable - margin midstream and marketing segments Reduced earnings volatility suported by diversified end markets and distinct customer value propositions Capital Priorities Cash returns + disciplined reinvestment Reinvest for growth through organic expansion and disciplined M&A Transaction Rationale Two Independent Companies Positioned to Deliver Sustainable Long - Term Value to Shareholders RemainCo / HF Sinclair NewCo / Lubricants & Specialties
Slide 5 — œ HF Sinclair: A Resilient, Cash
5 RemainCo œ HF Sinclair: A Resilient, Cash - Generative Downstream Leader Integrated Refining, Midstream, Marketing and Renewables Built for Through - Cycle Fre Cash Flow Investment Highlights Capital Return Policy Focused on 50% Target Payout Ratio Share Buybacks Pay Regular Quarterly Dividend Oportunistic M&A Diversified refining fotprint with product mix skewed toward high - value gasoline and distilates Acelerating growth through new stores and joint venture partnerships ”Go - West‘ pipeline initiative designed to address suply and demand imbalances in PAD 4 / 5 Integrated pipeline and terminal asets suporting refining operations Leverage renewable diesel production generating positive returns
Slide 6 — œ Lubricants & Specialties
6 NewCo œ Lubricants & Specialties A Capital - Light Global Lubricants & Specialties Leader Investment Highlights Key Brands Diferentiated portfolio with industry - leading technology and formulation expertise Customer - centric service model driving retention and long - term relationships Trusted global brands and extensive chanels to market suport premium positioning and value - aded solutions Capital - light model benefiting from scalable, high - margin products and diverse blue - chip customer mix 2025A Sales Volume by End Market 4% 9% 9% 8% 5% 24% Industrial Manufacturing Consumer Transportion Natural Resources Blenders & ILMAs 1 1 Independent Lubricant Manufacturers Asociation.