HF Sinclair (DINO) Q1 2025 earnings summary

Executive summary

• Reported a Q1 2025 net loss attributable to shareholders of $4 million ($-0.02 per diluted share), down from net income of $315 million in Q1 2024, driven by lower refining margins and sales volumes.

• Adjusted net loss was $50 million ($-0.27 per diluted share), compared to adjusted net income of $142 million ($0.71 per diluted share) in Q1 2024.

• EBITDA was $262 million and Adjusted EBITDA was $201 million, both significantly down from the prior year.

• Completed major turnarounds at Tulsa refinery and Mississauga facility on schedule and on budget.

• Strategy centers on operational excellence, portfolio optimization, and returning excess cash to shareholders.

Financial highlights

• Sales and other revenues were $6.37 billion, down 9% year-over-year, mainly due to lower refined product prices and volumes.

• Net cash used for operations totaled $89 million, including $105 million in turnaround spend; capital expenditures were $86 million.

• Cash and cash equivalents at March 31, 2025, were $547 million, down from $800 million at year-end 2024.

• Consolidated debt stood at $2.68 billion; total equity was $9.25 billion at quarter-end.

• Quarterly dividend of $0.50 per share declared, payable June 3, 2025.

Outlook and guidance

• Q2 2025 refining crude oil runs expected between 600,000 and 630,000 barrels per day, reflecting ongoing and planned turnarounds.

• Expect to spend $775 million in sustaining capital for 2025, including turnarounds and catalysts, down $25 million from 2024.

• Growth capital investments projected at $100 million for 2025.

• Marketing segment expects to grow branded sites by ~10% annually.

• Renewables segment faces continued uncertainty due to Producer's Tax Credit implementation.