$DINO
HF Sinclair Corp
CIK:0001915657|SEC Filings
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Cash flows from operating activities: | ||||
| Net income | $ 1,543 | $ 208 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and amortization | 457 | 451 | ||
| Asset impairments | 47 | 1 | ||
| Lower of cost or market inventory valuation adjustments | [1] | (642) | 31 | |
| Earnings of equity method investments, net of distributions | (12) | (1) | ||
| Loss on early extinguishment of debt | 0 | 16 | ||
| Gain on sale of assets | 0 | (1) | ||
| Loss on sale of equity method investment | 0 | 40 | ||
| Deferred income tax expense | 123 | 5 | ||
| Equity-based compensation expense | 15 | 13 | ||
| Change in fair value – derivative instruments | (56) | 40 | ||
| (Increase) decrease in current assets: | ||||
| Accounts receivable | (609) | (96) | ||
| Inventories | (65) | (25) | ||
| Income taxes receivable | 45 | 17 | ||
| Prepayments and other | (7) | 3 | ||
| Increase (decrease) in current liabilities: | ||||
| Accounts payable | 608 | (22) | ||
| Income taxes payable | 145 | 0 | ||
| Accrued liabilities | 551 | 156 | ||
| Turnaround expenditures | (175) | (284) | ||
| Other, net | (1) | (54) | ||
| Net cash provided by operating activities | 1,967 | 498 | ||
| Cash flows from investing activities: | ||||
| Additions to properties, plants and equipment | (220) | (197) | ||
| Acquisitions, net of cash acquired | (38) | 0 | ||
| Investment in equity method investment | (22) | 0 | ||
| Proceeds from sale of assets | 0 | 2 | ||
| Other, net | 0 | 2 | ||
| Net cash used for investing activities | (280) | (193) | ||
| Cash flows from financing activities: | ||||
| Purchase of treasury stock, inclusive of excise tax | (255) | (50) | ||
| Dividends | (180) | (190) | ||
| Payments on financing arrangements | (25) | 0 | ||
| Distributions to noncontrolling interests | (3) | (6) | ||
| Proceeds from financing arrangements | 71 | 0 | ||
| Redemption of senior notes | 0 | (1,007) | ||
| Repayments under credit agreements | 0 | (350) | ||
| Proceeds from issuance of senior notes | 0 | 1,394 | ||
| Deferred financing costs | 0 | (19) | ||
| Other, net | (8) | (11) | ||
| Net cash used for financing activities | (400) | (239) | ||
| Effect of exchange rate on cash flow | (3) | 8 | ||
| Cash and cash equivalents: | ||||
| Net change for the period | 1,284 | 74 | ||
| Cash and cash equivalents at beginning of period | 978 | 800 | ||
| Cash and cash equivalents at end of period | 2,262 | 874 | ||
| Supplemental disclosure of cash flow information: | ||||
| Cash paid for interest | (83) | (63) | ||
| Decrease in accrued and unpaid capital expenditures | $ (16) | $ (8) | ||
| ||||
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 2,262 | $ 978 |
| Accounts receivable, net: Product and transportation | 1,595 | 1,033 |
| Crude oil resales | 150 | 103 |
| Total Accounts receivable, net | 1,745 | 1,136 |
| Inventories: Crude oil and refined products (Note 9) | 2,917 | 2,214 |
| Materials, supplies and other | 359 | 359 |
| Total inventories | 3,276 | 2,573 |
| Income taxes receivable | 2 | 47 |
| Prepayments and other | 102 | 78 |
| Total current assets | 7,387 | 4,812 |
| Properties, plants and equipment, at cost | 11,518 | 11,392 |
| Less: accumulated depreciation | (5,088) | (4,859) |
| Total properties, plants and equipment | 6,430 | 6,533 |
| Operating lease right-of-use assets | 362 | 349 |
| Other assets: Turnaround costs | 876 | 883 |
| Goodwill | 2,978 | 2,978 |
| Equity method investments | 259 | 226 |
| Intangibles and other | 702 | 729 |
| Total other assets | 4,815 | 4,816 |
| Total assets | 18,994 | 16,510 |
| Current liabilities: | ||
| Accounts payable | 2,489 | 1,902 |
| Income taxes payable | 149 | 5 |
| Operating lease liabilities | 90 | 85 |
| Accrued liabilities (Note 10) | 1,020 | 493 |
| Total current liabilities | 3,748 | 2,485 |
| Long-term debt, net (Note 12) | 2,772 | 2,769 |
| Noncurrent operating lease liabilities | 297 | 289 |
| Deferred income taxes | 1,356 | 1,240 |
| Other long-term liabilities (Note 10) | 471 | 478 |
| Total liabilities | 8,644 | 7,261 |
| Commitments and Contingencies (Note 16) | ||
| HF Sinclair stockholders’ equity: | ||
| Preferred stock, $1.00 par value – 5,000,000 shares authorized; none issued | 0 | 0 |
| Common stock, $0.01 par value – 320,000,000 shares authorized; 223,231,546 shares issued as of June 30, 2026 and December 31, 2025 | 2 | 2 |
| Additional capital | 6,021 | 6,008 |
| Retained earnings | 6,733 | 5,373 |
| Accumulated other comprehensive loss (Note 15) | (46) | (26) |
| Common stock held in treasury, at cost – 45,447,697 and 41,443,642 shares as of June 30, 2026 and December 31, 2025 | (2,425) | (2,173) |
| Total HF Sinclair stockholders’ equity | 10,285 | 9,184 |
| Noncontrolling interests | 65 | 65 |
| Total equity | 10,350 | 9,249 |
| Total liabilities and equity | $ 18,994 | $ 16,510 |