HF Sinclair (DINO) Investor presentation summary

Strategic separation and asset retirement

• Plans to separate Lubricants & Specialties into an independent public company via a tax-efficient transaction, targeting completion in H2 2027.

• Retirement of base oil refining assets in Mississauga, with continued R&D, blending, and packaging presence in the region.

• Leadership for Lubricants & Specialties will be headed by Matthew Joyce as President and CEO.

Rationale and business models

• Separation creates two focused companies: an integrated downstream entity and a specialty lubricants leader.

• Downstream company to maximize free cash flow through refining, midstream, marketing, and renewables.

• Lubricants & Specialties to focus on branded, technology-driven solutions and global market consolidation.

• Both entities aim for resilient, stable cash flows and reduced earnings volatility.

Investment highlights and capital priorities

• Downstream business features a diversified refining footprint, high-value product mix, and integrated logistics.

• Capital return policy targets a 50% payout ratio, with growth via new stores, joint ventures, and renewable diesel.

• Lubricants & Specialties offers a differentiated, capital-light portfolio with premium brands and global reach.

• Focus on scalable, high-margin products and a diverse blue-chip customer base.