HF Sinclair (DINO) Q4 2024 earnings summary

Executive summary

• Delivered strong full-year 2024 results with record achievements in safety, reliability, and profitability across the portfolio, despite challenging macroeconomic and refining conditions.

• Reported Q4 2024 net loss attributable to shareholders of $214 million ($1.14/share); adjusted net loss of $191 million ($1.02/share), compared to adjusted net income of $165 million ($0.87/share) in Q4 2023.

• Full year 2024 net income attributable to shareholders was $177 million ($0.91/share) and adjusted net income was $197 million ($1.01/share), both down sharply from 2023.

• Returned over $1 billion to shareholders in 2024 via dividends and share repurchases, maintaining a strong balance sheet and liquidity.

• Achieved record earnings in Midstream and Marketing segments, and strong performance in Lubricants & Specialties.

Financial highlights

• Q4 2024 sales and other revenues were $6.5 billion, down 15% year-over-year; full year revenues were $28.6 billion, down 11%.

• Q4 2024 net loss attributable to shareholders was $214 million (-$1.14/share); adjusted net loss of $191 million (-$1.02/share), compared to adjusted net income of $165 million ($0.87/share) in Q4 2023.

• Q4 adjusted EBITDA was $28 million, down from $428 million in Q4 2023; full year adjusted EBITDA was $1,149 million, down 64% year-over-year.

• Refining segment Q4 adjusted EBITDA was -$169 million (vs. $276 million in Q4 2023), driven by lower margins and volumes.

• Marketing Q4 EBITDA rose to $21 million (from $9 million), lubricants and specialties Q4 adjusted EBITDA increased to $70 million (from $57 million), and midstream Q4 adjusted EBITDA was $114 million (from $110 million).

• Net cash used by operations in Q4 was $141 million, including $154 million turnaround spend; capex was $173 million.

• Liquidity at year-end was $3.3 billion, with $2.7 billion debt outstanding and a debt-to-cap ratio of 22%.

• Cash and cash equivalents at year-end were $800 million, down from $1,354 million at the end of 2023; total debt at year-end was $2,638 million; total equity was $9,346 million.

Outlook and guidance

• Expect to spend $775 million in sustaining capital and $100 million in growth capital in 2025.

• Q1 2025 refining crude runs projected at 580,000–620,000 bbl/day, reflecting planned Tulsa turnaround.

• Board declared a $0.50/share quarterly dividend, payable March 20, 2025.

• Remain committed to a long-term capital return target of at least 50% of cash flow to shareholders.

• Management remains focused on safe, reliable operations, executing strategic priorities, and returning excess cash to shareholders.