HF SINCLAIR CORP, 10-K filed on 2/21/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 15, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-41325    
Entity Registrant Name HF SINCLAIR CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 87-2092143    
Entity Address, Address Line One 2828 N. Harwood, Suite 1300    
Entity Address, City or Town Dallas    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75201    
City Area Code 214    
Local Phone Number 871-3555    
Title of 12(b) Security Common Stock $0.01 par value    
Trading Symbol DINO    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 7.0
Entity Common Stock, Shares Outstanding (in shares)   198,568,398  
Documents Incorporated by Reference
Portions of the registrant's proxy statement for its 2024 annual meeting of stockholders, which proxy statement will be filed with the Securities and Exchange Commission within 120 days after December 31, 2023, are incorporated by reference in Part III.
    
Entity Central Index Key 0001915657    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2023
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Dallas, Texas
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,353,747 $ 1,665,066
Accounts receivable: Product and transportation 1,527,950 1,626,199
Crude oil resales 197,169 76,950
Accounts receivable, total 1,725,119 1,703,149
Inventories: Crude oil and refined products 2,645,724 2,853,425
Materials, supplies and other 276,107 361,103
Total inventory 2,921,831 3,214,528
Income taxes receivable 56,528 53,563
Prepayments and other 89,229 112,013
Total current assets 6,146,454 6,748,319
Properties, plants and equipment, at cost 10,533,432 10,146,652
Less accumulated depreciation (3,906,600) (3,457,747)
Property, plant and equipment, net 6,626,832 6,688,905
Operating lease right-of-use assets 348,006 351,068
Other assets: Turnaround costs 644,957 376,158
Goodwill 2,977,744 2,978,315
Intangibles and other 972,272 982,718
Other assets, total 4,594,973 4,337,191
Total assets 17,716,265 18,125,483
Current liabilities:    
Accounts payable 2,205,759 2,334,107
Income taxes payable 8,772 7,818
Operating lease liabilities 106,973 109,926
Current debt 0 306,959
Accrued liabilities 453,045 486,719
Total current liabilities 2,774,549 3,245,529
Long-term debt 2,739,083 2,948,513
Noncurrent operating lease liabilities 249,479 254,215
Deferred income taxes 1,297,130 1,262,165
Other long-term liabilities 418,726 397,489
Commitments and contingencies (Note 19)
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 December 31, 2023 and December 31, 2022 2,232 2,232
Additional capital 5,993,661 6,468,775
Retained earnings 5,379,182 4,130,252
Accumulated other comprehensive loss (11,784) (22,013)
Common stock held in treasury, at cost - 23,235,599 and 26,152,344 shares as of December 31, 2023 and December 31, 2022, respectively (1,194,201) (1,335,431)
Total HF Sinclair stockholders’ equity 10,169,090 9,243,815
Noncontrolling interest 68,208 773,757
Total equity 10,237,298 10,017,572
Total liabilities and equity $ 17,716,265 $ 18,125,483
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Preferred stock, par value (in USD per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 320,000,000 320,000,000
Common stock, shares issued (in shares) 223,231,546 223,231,546
Common stock held in treasury (in shares) 23,235,599 26,152,344
v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Sales and other revenues $ 31,964,395 $ 38,204,839 $ 18,389,142
Cost of products sold (exclusive of depreciation and amortization):      
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment) 25,784,449 30,680,013 15,567,052
Lower of cost or market inventory valuation adjustment 270,419 52,412 (310,123)
Cost of products sold (exclusive of depreciation and amortization) 26,054,868 30,732,425 15,256,929
Operating expenses (exclusive of depreciation and amortization) 2,438,148 2,334,893 1,517,478
Selling, general and administrative expenses (exclusive of depreciation and amortization) 498,240 426,485 362,010
Depreciation and amortization 770,573 656,787 503,539
Total operating costs and expenses 29,761,829 34,150,590 17,639,956
Income from operations 2,202,566 4,054,249 749,186
Other income (expense):      
Earnings (loss) of equity method investments 17,369 (260) 12,432
Interest income 93,468 30,179 4,019
Interest expense (190,796) (175,628) (125,175)
Gain on business interruption insurance settlement 0 15,202 0
Gain on tariff settlement 0 0 51,500
Gain on early extinguishment of debt 0 604 0
Gain (loss) on foreign currency transactions 2,530 (1,637) (2,938)
Gain on sale of assets and other 27,370 13,337 98,128
Other income (expense) total (50,059) (118,203) 37,966
Income before income taxes 2,152,507 3,936,046 787,152
Income tax expense (benefit):      
Current 249,062 841,704 (4,672)
Deferred 192,550 53,168 128,570
Income tax expense (benefit) total 441,612 894,872 123,898
Net income 1,710,895 3,041,174 663,254
Less net income attributable to noncontrolling interest 121,229 118,506 104,930
Net income attributable to HF Sinclair stockholders $ 1,589,666 $ 2,922,668 $ 558,324
Earnings per share:      
Basic (in USD per share) $ 8.29 $ 14.28 $ 3.39
Diluted (in USD per share) $ 8.29 $ 14.28 $ 3.39
Average number of common shares outstanding:      
Basic (in shares) 190,035 202,566 162,569
Diluted (in shares) 190,035 202,566 162,569
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net income $ 1,710,895 $ 3,041,174 $ 663,254
Other comprehensive income:      
Foreign currency translation adjustment 13,161 (32,383) (13,336)
Hedging instruments:      
Change in fair value of cash flow hedging instruments (3,236) (4,962) (17,548)
Reclassification adjustments to net income on settlement of cash flow hedging instruments 3,236 5,288 17,579
Net unrealized gain on hedging instruments 0 326 31
Pension and other post-retirement benefit obligations:      
Net change in pension and other post-retirement benefit obligations 101 789 (457)
Other comprehensive income (loss) before income taxes 13,262 (31,268) (13,762)
Income tax expense (benefit) 3,033 (6,584) (2,971)
Other comprehensive income (loss) 10,229 (24,684) (10,791)
Total comprehensive income 1,721,124 3,016,490 652,463
Less noncontrolling interest in comprehensive income 121,229 118,506 104,930
Comprehensive income attributable to HF Sinclair stockholders 1,599,895 2,897,984 547,533
Pension obligations      
Pension and other post-retirement benefit obligations:      
Actuarial gain (loss) on plan 1,909 (3,836) 2,104
Plan (gain) loss reclassified to net income 1,378 (208) (407)
Post-retirement healthcare obligations      
Pension and other post-retirement benefit obligations:      
Actuarial gain (loss) on plan 761 7,885 1,133
Plan (gain) loss reclassified to net income (3,859) (3,440) (3,328)
Retirement restoration plan      
Pension and other post-retirement benefit obligations:      
Actuarial gain (loss) on retirement restoration plan (99) 349 2
Retirement restoration plan loss reclassified to net income $ 11 $ 39 $ 39
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 1,710,895 $ 3,041,174 $ 663,254
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 770,573 656,787 503,539
Lower of cost or market inventory valuation adjustment 270,419 52,412 (310,123)
Earnings of equity method investments, inclusive of distributions 8,093 19,769 0
Gain on early extinguishment of debt 0 (604) 0
Gain on sale of assets (6,879) (2,118) (89,765)
Deferred income taxes 192,550 53,168 128,570
Equity-based compensation expense 41,135 30,318 39,273
Change in fair value – derivative instruments 16,555 9,989 (34,096)
(Increase) decrease in current assets:      
Accounts receivable (17,131) (4,282) (614,407)
Inventories 30,246 (224,421) (344,559)
Income taxes receivable (2,691) 42,641 (6,415)
Prepayments and other 8,062 (40,810) (18,672)
Increase (decrease) in current liabilities:      
Accounts payable (108,859) 194,424 612,410
Income taxes payable 925 (17,169) 23,158
Accrued liabilities (29,619) 78,349 83,602
Turnaround expenditures (555,697) (144,759) (214,431)
Other, net (31,342) 32,291 (14,656)
Net cash provided by operating activities 2,297,235 3,777,159 406,682
Cash flows from investing activities:      
Additions to properties, plants and equipment (353,451) (485,043) (725,073)
Acquisitions, net of cash acquired 0 (251,448) (624,332)
Proceeds from sale of assets 17,361 3,344 106,357
Distributions in excess of equity in earnings of equity investments 4,211 10,623 4,165
Net cash used for investing activities (371,323) (774,488) (1,327,219)
Cash flows from financing activities:      
Borrowings under credit agreements 60,000 510,000 555,500
Repayments under credit agreements (272,500) (682,000) (629,000)
Redemption of senior notes (307,827) (41,420) 0
Purchase of treasury stock (999,282) (1,371,700) (7,058)
Dividends (340,736) (255,928) (57,663)
Distributions to noncontrolling interest (102,523) (96,192) (75,395)
Contribution from noncontrolling interests 0 0 23,194
Payments on finance leases (11,923) (11,713) (3,990)
HEP Merger Transaction consideration (267,592) 0 0
Deferred financing costs (899) (9,273) (14,500)
Other, net (600) (2,533) (2,891)
Net cash provided by (used for) financing activities (2,243,882) (1,560,759) (211,803)
Effect of exchange rate on cash flow 6,651 (11,290) (1,534)
Cash and cash equivalents:      
Increase (decrease) for the period (311,319) 1,430,622 (1,133,874)
Beginning of period 1,665,066 234,444 1,368,318
End of period 1,353,747 1,665,066 234,444
Cash (paid) received during the period for:      
Interest (203,063) (160,409) (136,429)
Income taxes, net (250,815) (816,379) 19,760
Decrease in accrued and unpaid capital expenditures (5,924) (31,714) (15,319)
HEP      
Cash flows from investing activities:      
Additions to properties, plants and equipment (31,962) (38,964) (88,336)
HEP investment in Osage Pipe Line Company LLC (7,482) (13,000) 0
Cash flows from financing activities:      
Proceeds from issuance of senior notes – HEP $ 0 $ 400,000 $ 0
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non-controlling Interest
Common stock outstanding at beginning of period (in shares) at Dec. 31, 2020   256,046,000          
Stockholders' equity at beginning of period at Dec. 31, 2020 $ 5,722,203 $ 2,560 $ 4,207,672 $ 3,913,179 $ 13,462 $ (2,968,512) $ 553,842
Treasury stock outstanding at beginning of period (in shares) at Dec. 31, 2020           93,632,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 663,254     558,324     104,930
Dividends (57,663)     (57,663)      
Other comprehensive income (loss), net of tax (10,791)       (10,791)    
Issuance of commons tock under incentive compensation plans (in shares)           (804,000)  
Issuance of common shares under incentive compensation plans 0   (24,313)     $ 24,313  
Equity-based compensation 39,273   36,716       2,557
Purchase of treasury stock (in shares)           217,000  
Purchase of treasury stock, inclusive of excise tax (7,058)         $ (7,058)  
Distributions to noncontrolling interest holders (75,395)           (75,395)
Contributions from noncontrolling interests 23,194           23,194
Purchase of HEP units for equity grants (2,548)           (2,548)
Other (4)     (4)      
Common stock outstanding at end of period (in shares) at Dec. 31, 2021   256,046,000          
Stockholders' equity at end of period at Dec. 31, 2021 6,294,465 $ 2,560 4,220,075 4,413,836 2,671 $ (2,951,257) 606,580
Treasury stock outstanding at end of period (in shares) at Dec. 31, 2021           93,045,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 3,041,174     2,922,668     118,506
Dividends (255,928)     (255,928)      
Other comprehensive income (loss), net of tax (24,684)       (24,684)    
Issuance of common shares for HFC Transactions (in shares)   60,230,000          
Issuance of common shares for HFC Transactions 2,149,008 $ 602 2,148,406        
Issuance of commons tock under incentive compensation plans (in shares)           (849,000)  
Issuance of common shares under incentive compensation plans 0   (42,962)     $ 42,962  
Equity-based compensation $ 30,318   28,474       1,844
Purchase of treasury stock (in shares) 25,716,042         27,001,000  
Purchase of treasury stock, inclusive of excise tax $ (1,378,390)         $ (1,378,390)  
Retirement of treasury stock (in shares)   (93,045,000)       (93,045,000)  
Retirement of treasury stock 0 $ (930)   (2,950,324)   $ 2,951,254  
Distributions to noncontrolling interest holders (96,192)           (96,192)
Purchase of HEP units for equity grants (2,363)           (2,363)
Equity attributable to HEP common unit issuance, net of tax 318,439   95,047       223,392
Acquisition of remaining UNEV interests (58,275)   19,735       (78,010)
Common stock outstanding at end of period (in shares) at Dec. 31, 2022   223,231,000          
Stockholders' equity at end of period at Dec. 31, 2022 $ 10,017,572 $ 2,232 6,468,775 4,130,252 (22,013) $ (1,335,431) 773,757
Treasury stock outstanding at end of period (in shares) at Dec. 31, 2022 26,152,344         26,152,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 1,710,895     1,589,666     121,229
Dividends (340,736)     (340,736)      
Other comprehensive income (loss), net of tax 10,229       10,229    
HEP Merger Transaction (in shares)           (21,072,000)  
HEP Merger Transaction (106,082)   (465,596)     $ 1,084,593 (725,079)
Issuance of commons tock under incentive compensation plans (in shares)           (957,000)  
Issuance of common shares under incentive compensation plans 0   (49,229)     $ 49,229  
Equity-based compensation $ 41,135   39,711       1,424
Purchase of treasury stock (in shares) 18,779,880         19,113,000  
Purchase of treasury stock, inclusive of excise tax $ (992,592)         $ (992,592)  
Distributions to noncontrolling interest holders (102,523)           (102,523)
Purchase of HEP units for equity grants (600)           (600)
Common stock outstanding at end of period (in shares) at Dec. 31, 2023   223,231,000          
Stockholders' equity at end of period at Dec. 31, 2023 $ 10,237,298 $ 2,232 $ 5,993,661 $ 5,379,182 $ (11,784) $ (1,194,201) $ 68,208
Treasury stock outstanding at end of period (in shares) at Dec. 31, 2023 23,235,599         23,236,000  
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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Dividends declared per common share (in USD per share) $ 1.80 $ 1.20 $ 0.35
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Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business: References herein to HF Sinclair Corporation (“HF Sinclair”) include HF Sinclair and its consolidated subsidiaries. In these financial statements, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person, with certain exceptions. References herein to HF Sinclair “we,” “our,” “ours” and “us” with respect to time periods prior to March 14, 2022 refer to HollyFrontier Corporation (“HollyFrontier”) and its consolidated subsidiaries and do not include Hippo Holding LLC (now known as Sinclair Holding LLC), the parent company of Sinclair Oil LLC, Sinclair Transportation Company LLC or their respective consolidated subsidiaries (collectively, the “Acquired Sinclair Businesses”). References herein to HF Sinclair “we,” “our,” “ours” and “us” with respect to time periods from and after March 14, 2022 include the operations of the Acquired Sinclair Businesses. Unless otherwise specified, the financial statements included herein include financial information for HF Sinclair, which for the time period from March 14, 2022 to December 31, 2023 includes the combined business operations of HollyFrontier and the Acquired Sinclair Businesses. References herein to Holly Energy Partners, L.P. (“HEP”) with respect to time periods prior to the closing of the HEP Merger Transaction (as defined below) on December 1, 2023 refer to HEP and its consolidated subsidiaries.

We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. We market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and we supply high-quality fuels to more than 1,500 branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries.

On December 1, 2023, pursuant to the Agreement and Plan of Merger dated as of August 15, 2023 (the “Merger Agreement”) by and among HEP, HF Sinclair, Navajo Pipeline Co., L.P., a Delaware limited partnership and an indirect wholly owned subsidiary of HF Sinclair (“HoldCo”), Holly Apple Holdings LLC, a Delaware limited liability company and a wholly owned subsidiary of HoldCo (“Merger Sub”), HEP Logistics Holdings, L.P., a Delaware limited partnership and the general partner of HEP (“HLH”), and Holly Logistic Services, L.L.C., a Delaware limited liability company and the general partner of HLH, Merger Sub merged with and into HEP, with HEP surviving as an indirect, wholly owned subsidiary of HF Sinclair (the “HEP Merger Transaction”).

Under the terms of the Merger Agreement, each outstanding common unit representing a limited partner interest in HEP (an “HEP common unit”), other than the HEP common units already owned by HF Sinclair and its subsidiaries, was converted into the right to receive 0.315 shares of HF Sinclair common stock and $4.00 in cash, without interest. The Merger Agreement consideration totaled $267.6 million in cash and resulted in the issuance of 21,072,326 shares of HF Sinclair common stock from treasury stock.

The HEP Merger Transaction was accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation.” Since we controlled HEP both before and after the HEP Merger Transaction, the changes in our ownership interest in HEP resulting from the HEP Merger Transaction were accounted for as an equity transaction, and no gain or loss was recognized in our Consolidated Statements of Income. The tax effects of the HEP Merger Transaction were recorded as adjustments to deferred income taxes and additional capital consistent with ASC 740, “Income Taxes.”

For a description of our existing indebtedness, as well as changes thereto associated with the HEP Merger Transaction, see Note 13.

In connection with the HEP Merger Transaction, for the year ended December 31, 2023, we incurred $23.5 million in incremental direct acquisition and integration costs that principally relate to legal, advisory and other professional fees and are presented as selling, general and administrative expenses in our statements of income.
On May 4, 2021, HollyFrontier Puget Sound Refining LLC (now known as HF Sinclair Puget Sound Refining LLC), a wholly owned subsidiary of HollyFrontier, entered into a sale and purchase agreement with Equilon Enterprises LLC d/b/a Shell Oil Products US (“Shell”) to acquire Shell’s Puget Sound refinery and related assets, including the on-site cogeneration facility and related logistics assets (the “Puget Sound Refinery”). The acquisition closed on November 1, 2021. See Note 2 for additional information.

On April 27, 2021, our wholly owned subsidiary, 7037619 Canada Inc., entered into a contract for sale of real property in Mississauga, Ontario for base consideration of $98.8 million, or CAD 125 million. The transaction closed on September 15, 2021, and we recorded a gain on sale of assets totaling $86.0 million for the year ended December 31, 2021, which was recognized in “Gain on sale of assets and other” on our consolidated statements of income.

During the first quarter of 2021, we initiated a restructuring within our Lubricants & Specialties segment. As a result of this restructuring, we recorded $7.8 million in employee severance costs for the year ended December 31, 2021, which were recognized primarily as selling, general and administrative expenses in our Lubricants & Specialties segment.

In the third quarter of 2020, we permanently ceased petroleum refining operations at our Cheyenne, Wyoming refinery (the “Cheyenne Refinery”) and subsequently began converting certain assets at our Cheyenne Refinery to renewable diesel production. In connection with the cessation of petroleum refining operations at our Cheyenne Refinery, we recognized $1.7 million and $25.8 million in decommissioning expense for the years ended December 31, 2022 and 2021, respectively. We also recognized $1.0 million in employee severance costs for the year ended December 31, 2021. These charges were all recognized in operating expenses in our Corporate and Other segment.

Principles of Consolidation: Our consolidated financial statements include our accounts and the accounts of partnerships and joint ventures that we control through an ownership interest greater than 50% or through a controlling financial interest with respect to variable interest entities. All significant intercompany transactions and balances have been eliminated.

Variable Interest Entities: A variable interest entity (“VIE”) is a legal entity whose equity owners do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the equity holders lack the power, through voting rights, to direct the activities that most significantly impact the entity's financial performance, the obligation to absorb the entity's expected losses or rights to expected residual returns. See Note 4 for additional information.

Use of Estimates: The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Cash Equivalents: We consider all highly liquid instruments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at cost, which approximates market value and are primarily invested in highly-rated instruments issued by government or municipal entities with strong credit standings.

Balance Sheet Offsetting: We purchase and sell inventories of crude oil with certain same-parties that are net settled in accordance with contractual net settlement provisions. Our policy is to present such balances on a net basis since it presents our accounts receivables and payables consistent with our contractual settlement provisions.

Accounts Receivable: Our accounts receivable primarily consist of amounts due from customers that are primarily from sales of refined products and renewable diesel. Credit is extended based on our evaluation of the customer's financial condition, and in certain circumstances collateral, such as letters of credit or guarantees, is required. We reserve for expected credit losses based on our historical loss experience as well as expected credit losses from current economic conditions and management’s expectations of future economic conditions. Credit losses are charged to the allowance for expected credit losses when an account is deemed uncollectible. Our allowance for expected credit losses was $3.2 million at December 31, 2023 and $7.7 million at December 31, 2022.

Accounts receivable attributable to crude oil resales generally represent the sale of excess crude oil to other purchasers and / or users in cases when our crude oil supplies are in excess of our immediate needs as well as certain reciprocal buy / sell exchanges of crude oil. At times we enter into such buy / sell exchanges to facilitate the delivery of quantities to certain locations. In many cases, we enter into net settlement agreements relating to the buy / sell arrangements, which may mitigate credit risk.
Inventories: Inventories related to our refining operations are stated at the lower of cost, using the last-in, first-out (“LIFO”) method for crude oil and unfinished and finished refined products, or market. Inventories related to our renewable business are stated at the lower of cost, using the LIFO method for feedstock and unfinished and finished renewable products, or market. Cost, consisting of raw material, transportation and conversion costs, is determined using the LIFO inventory valuation methodology and market is determined using current replacement costs. Under the LIFO method, the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. In periods of rapidly declining prices, LIFO inventories may have to be written down to market value due to the higher costs assigned to LIFO layers in prior periods. In addition, the use of the LIFO inventory method may result in increases or decreases to cost of sales in years that inventory volumes decline as the result of charging cost of sales with LIFO inventory costs generated in prior periods. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation.

Inventories of our Petro-Canada Lubricants and Sonneborn businesses are stated at the lower of cost, using the first-in, first-out (“FIFO”) method, or net realizable value.

Inventories consisting of process chemicals, materials and maintenance supplies and RINs are stated at the lower of weighted-average cost or net realizable value.

Leases: At inception, we determine if an arrangement is or contains a lease. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our payment obligation under the leasing arrangement. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use our estimated incremental borrowing rate (“IBR”) to determine the present value of lease payments as most of our leases do not contain an implicit rate. Our IBR represents the interest rate which we would pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment. We use the implicit rate when readily determinable.

Operating leases are recorded in “Operating lease right-of-use assets” and current and noncurrent “Operating lease liabilities” on our consolidated balance sheets. Finance leases are included in “Properties, plants and equipment, at cost” and “Accrued liabilities” and “Other long-term liabilities” on our consolidated balance sheets.

Our lease term includes an option to extend the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less are not recorded on our balance sheets. For certain equipment leases, we apply a portfolio approach for the operating lease ROU assets and liabilities. Also, as a lessee, we separate non-lease components that are identifiable and exclude them from the determination of net present value of lease payment obligations. In addition, as a lessor, we do not separate the non-lease (service) component in contracts in which the lease component is the dominant component. We treat these combined components as an operating lease. We bifurcate the consideration received for sales-type lease contracts between lease and service revenue, with the service component accounted for within the scope of ASC 606, “Revenue from Contracts with Customers”.

Derivative Instruments: All derivative instruments are recognized as either assets or liabilities on our consolidated balance sheets and are measured at fair value. Changes in the derivative instrument's fair value are recognized in earnings unless specific hedge accounting criteria are met. Cash flows from all our derivative activity are reported in the operating section on our consolidated statements of cash flows. See Note 14 for additional information.

Properties, Plants and Equipment: Properties, plants and equipment are stated at cost. Depreciation is provided by the straight-line method over the estimated useful lives of the assets, primarily 15 to 32 years for refining, pipeline and terminal facilities, 10 to 40 years for buildings and improvements, 5 to 30 years for other fixed assets and 5 years for vehicles.
Asset Retirement Obligations: We record legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and / or the normal operation of long-lived assets. The fair value of the estimated cost to retire a tangible long-lived asset is recorded as a liability with the associated retirement costs capitalized as part of the asset's carrying amount in the period in which it is incurred and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability's fair value. Certain of our refining assets have no recorded liability for asset retirement obligations since the timing of any retirement and related costs are currently indeterminable.

Our asset retirement obligations were $64.6 million and $61.8 million at December 31, 2023 and 2022, respectively, which are included in “Other long-term liabilities” on our consolidated balance sheets. Accretion expense was insignificant for the years ended December 31, 2023, 2022 and 2021. Asset retirement obligations assumed in the Sinclair Transactions, as defined in Note 2, were $6.2 million.

Intangibles, Goodwill and Long-lived Assets: Intangible assets are assets (other than financial assets) that lack physical substance, and goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed. Goodwill acquired in a business combination and intangibles with indefinite useful lives are not amortized, whereas intangible assets with finite useful lives are amortized on a straight-line basis. Goodwill and intangible assets that are not subject to amortization are tested for impairment annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Our goodwill impairment testing first entails either a quantitative assessment or an optional qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine that based on the qualitative factors that it is more likely than not that the carrying amount of the reporting unit is greater than its fair value, a quantitative test is performed in which we estimate the fair value of the related reporting unit. If the carrying amount of a reporting unit exceeds its fair value, the goodwill of that reporting unit is impaired, and we measure goodwill impairment as the excess of the carrying amount of the reporting unit over the related fair value. The carrying amount of our intangible assets and goodwill may fluctuate from period to period due to the effects of foreign currency translation adjustments on goodwill and intangible assets assigned to our Lubricants & Specialties segment.

For purposes of long-lived asset impairment evaluation, we group our long-lived assets as follows: (i) our refinery asset groups, which include certain logistics assets, (ii) our renewables products asset groups, (iii) our Lubricants & Specialties asset groups, (iv) our Marketing assets and (v) our Midstream asset groups, which is comprised of logistics assets not included in our refinery asset groups. These asset groups represent the lowest level for which independent cash flows can be identified. Our long-lived assets are evaluated for impairment by identifying whether indicators of impairment exist and, if so, assessing whether such long-lived assets are recoverable from estimated future undiscounted cash flows. The actual amount of impairment loss measured, if any, is equal to the amount by which the asset group’s carrying value exceeds its fair value.

See Note 11 for additional information regarding goodwill and intangible assets.

Equity Method Investments: We account for investments in which we have a noncontrolling interest, yet have significant influence over the entity, using the equity method of accounting, whereby we record our pro-rata share of earnings of these companies and contributions to and distributions from the joint ventures as adjustments to our investment balance.

The following table summarizes our recorded investment compared to its share of underlying equity for each of its investee. The differences are being amortized as adjustments to our pro-rata share of earnings in the joint ventures.
Balance at December 31, 2023
Underlying EquityRecorded Investment BalanceDifference
(In thousands)
Equity Method Investments
Osage Pipe Line Company, LLC$1,144 $27,135 $(25,991)
Cheyenne Pipeline, LLC30,508 41,985 (11,477)
Cushing Connect Terminal Holdings LLC48,135 32,474 15,661 
Pioneer Investments Corp.24,188 131,244 (107,056)
Saddle Butte Pipeline III, LLC66,436 33,107 33,329 
Total$170,411 $265,945 $(95,534)

Balance at December 31, 2022
Underlying EquityRecorded Investment BalanceDifference
(In thousands)
Equity Method Investments
Osage Pipe Line Company, LLC$2,901 $29,773 $(26,872)
Cheyenne Pipeline, LLC27,655 40,019 (12,364)
Cushing Connect Terminal Holdings LLC49,915 34,746 15,169 
Pioneer Investments Corp.23,835 133,182 (109,347)
Saddle Butte Pipeline III, LLC67,349 32,884 34,465 
Total$171,655 $270,604 $(98,949)

Revenue Recognition: Revenues on refined product, branded fuel sales, renewable diesel and excess crude oil sales are recognized when delivered (via pipeline, in-tank or rack) and the customer obtains control of such inventory, which is typically when title passes and the customer is billed. All revenues are reported inclusive of shipping and handling costs billed and exclusive of any taxes billed to customers. Shipping and handling costs incurred are reported as cost of products sold.

Our lubricants and specialties business has sales agreements with marketers and distributors that provide certain rights of return or provisions for the repurchase of products previously sold to them. Under these agreements, revenues and cost of revenues are deferred until the products have been sold to end customers. Our lubricants and specialties business also has agreements that create an obligation to deliver products at a future date for which consideration has already been received and recorded as deferred revenue. This revenue is recognized when the products are delivered to the customer.

Our midstream business recognizes revenues as products are shipped through its pipelines and terminals and as other services are rendered. Additionally, we have certain throughput agreements that specify minimum volume requirements, whereby we bill a customer for a minimum level of shipments in the event a customer ships below their contractual requirements. If there are no future performance obligations, we recognize these deficiency payments as revenue. In certain of these throughput agreements, a customer may later utilize such shortfall billings as credit towards future volume shipments in excess of its minimum levels within its respective contractual shortfall make-up period. Such amounts represent an obligation to perform future services, which may be initially deferred and later recognized as revenue based on estimated future shipping levels, including the likelihood of a customer’s ability to utilize such amounts prior to the end of the contractual shortfall make-up period. We recognize the service portion of these deficiency payments as revenue when we do not expect it will be required to satisfy these performance obligations in the future based on the pattern of rights exercised by the customer. Payment terms under our contracts with customers are consistent with industry norms and are typically payable within 30 days of the date of invoice.
Cost Classifications: Costs of products sold include the cost of crude oil, other feedstocks, blendstocks and purchased finished products, inclusive of transportation costs. We purchase crude oil that at times exceeds the supply needs of our refineries. Quantities in excess of our needs are sold at market prices to purchasers of crude oil that are recorded on a gross basis with the sales price recorded as revenues and the corresponding acquisition cost as cost of products sold. Additionally, we enter into buy / sell exchanges of crude oil with certain parties to facilitate the delivery of quantities to certain locations that are netted at cost. Operating expenses include direct costs of labor, maintenance materials and services, utilities and other direct operating costs. Selling, general and administrative expenses include compensation, professional services and other support costs.

Deferred Maintenance Costs: Our refinery units require regular major maintenance and repairs which are commonly referred to as “turnarounds.” Catalysts used in certain refinery processes also require regular “change-outs.” The required frequency of the maintenance varies by unit and by catalyst, but generally occurs no less than once every five years. Turnaround costs are deferred and amortized over the period until the next scheduled turnaround. Other repairs and maintenance costs are expensed when incurred. Deferred turnaround and catalyst amortization expense was $238.7 million, $159.3 million and $136.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Environmental Costs: Environmental costs are charged to operating expenses if they relate to an existing condition caused by past operations and do not contribute to current or future revenue generation. We have ongoing investigations of environmental matters at various locations and routinely assess our recorded environmental obligations, if any, with respect to such matters. Liabilities are recorded when site restoration and environmental remediation, cleanup and other obligations are either known or considered probable and can be reasonably estimated. Such estimates are undiscounted and require judgment with respect to costs, time frame and extent of required remedial and clean-up activities and are subject to periodic adjustments based on currently available information. Recoveries of environmental costs through insurance, indemnification arrangements or other sources are included in other assets to the extent such recoveries are considered probable.

Contingencies: We are subject to proceedings, lawsuits and other claims related to environmental, labor, product and other matters. We are required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. We accrue for contingencies when it is probable that a loss has occurred and when the amount of that loss is reasonably estimable. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters.

Foreign Currency Translation: Assets and liabilities recorded in foreign currencies are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the period presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income.

We have intercompany notes that were issued to fund certain of our foreign businesses. Remeasurement adjustments resulting from the conversion of such intercompany financing amounts to functional currencies are recorded as gains or losses as a component of other income (expense) on our consolidated statements of income. Such adjustments are not recorded to the Lubricants & Specialties segment operations, but to Corporate and Other. See Note 20 for additional information on our segments.

Income Taxes: Provisions for income taxes include deferred taxes resulting from temporary differences in income for financial and tax purposes, using the liability method of accounting for income taxes. The liability method requires the effect of tax rate changes on deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. We account for U.S. tax on global intangible low-taxed income in the period in which it is incurred.

Potential interest and penalties related to income tax matters are recognized in income tax expense. We believe we have appropriate support for the income tax positions taken and to be taken on our income tax returns and that our accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter.
Inventory Repurchase Obligations: We periodically enter into same-party sell / buy transactions, whereby we sell certain refined product inventory and subsequently repurchase the inventory in order to facilitate delivery to certain locations. Such sell / buy transactions are accounted for as inventory repurchase obligations under which proceeds received under the initial sell is recognized as inventory repurchase obligations that are subsequently reversed when the inventories are repurchased. For the years ended December 31, 2023, 2022 and 2021, we received proceeds of $25.7 million, $42.1 million and $43.5 million, respectively, and subsequently repaid $27.4 million, $42.8 million and $45.4 million, respectively, under these sell / buy transactions.

Accounting Pronouncements - Recently Adopted

In October 2021, Accounting Standards Update (“ASU”) 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” was issued requiring that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, “Revenue from Contracts with Customers.” We adopted this standard effective January 1, 2023, but did not have a business combination under the scope of ASC 805, “Business Combinations” for the year ended December 31, 2023.

Accounting Pronouncements - Not Yet Adopted

In November 2023, ASU 2023-07, “Improvements to Reportable Segment Disclosures” was issued. ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This aims to provide more decision-useful information to stakeholders by giving a clearer picture of the costs incurred by each reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. We are assessing the impact of this guidance on our disclosures.
In December 2023, ASU 2023-09, “Improvements to Income Tax Disclosures” was issued. ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. We are assessing the impact of this guidance on our disclosures.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
On March 14, 2022 (the “Closing Date”), HollyFrontier and HEP announced the establishment of HF Sinclair as the new parent holding company of HollyFrontier and HEP and their subsidiaries, and the completion of their respective acquisitions of Sinclair Oil Corporation (now known as Sinclair Oil LLC) and Sinclair Transportation Company LLC (“STC”) from The Sinclair Companies (now known as REH Company and referred to herein as “REH Company”). On the Closing Date, pursuant to that certain Business Combination Agreement, dated as of August 2, 2021 (as amended on March 14, 2022, the “Business Combination Agreement”), by and among HollyFrontier, HF Sinclair, Hippo Merger Sub, Inc., a wholly owned subsidiary of HF Sinclair (“Parent Merger Sub”), REH Company, and Hippo Holding LLC (now known as Sinclair Holding LLC), a wholly owned subsidiary of REH Company (the “Target Company”), HF Sinclair completed its previously announced acquisition of the Target Company by effecting (a) a holding company merger in accordance with Section 251(g) of the Delaware General Corporation Law whereby HollyFrontier merged with and into Parent Merger Sub, with HollyFrontier surviving such merger as a direct wholly owned subsidiary of HF Sinclair (the “HFC Merger”) and (b) immediately following the HFC Merger, a contribution whereby REH Company contributed all of the equity interests of the Target Company to HF Sinclair in exchange for shares of HF Sinclair, resulting in the Target Company becoming a direct wholly owned subsidiary of HF Sinclair (the “HFC Transactions”).
In connection with the closing of the HFC Transactions, HF Sinclair issued 60,230,036 shares of HF Sinclair common stock, par value $0.01 per share, to REH Company, representing 27% of the pro forma equity of HF Sinclair with a value of approximately $2,149 million based on HollyFrontier’s fully diluted shares of common stock outstanding and closing stock price on March 11, 2022. Pursuant to the Business Combination Agreement, REH Company made a $77.5 million cash payment to HF Sinclair, inclusive of final working capital adjustments, which reduced the aggregate transaction value to approximately $2,072 million. Of the 60,230,036 shares of HF Sinclair common stock, 2,570,000 shares were held in escrow to secure REH Company’s RINs credit obligations under Section 6.22 of the Business Combination Agreement. As of December 31, 2023, REH Company had satisfied their RINs credit obligations to HF Sinclair and the corresponding shares were released from escrow in January 2024. Additionally, on the Closing Date, and immediately prior to the consummation of the HFC Transactions, HEP completed its acquisition of STC, REH Company’s integrated crude and refined products midstream business, and issued 21,000,000 HEP common units and paid cash consideration of $329.0 million, inclusive of final working capital adjustments, to REH Company in exchange for all the outstanding equity interests of STC (the “HEP Transaction” and together with the HFC Transactions, the “Sinclair Transactions”). Of these 21,000,000 HEP common units, 5,290,000 units were held in escrow and were released to REH Company in April 2023 upon their satisfaction of the corresponding RINs credit obligations to HF Sinclair under Section 6.22 of the Business Combination Agreement.

HollyFrontier’s (now HF Sinclair's) senior management team continues to operate the combined company. Pursuant to that certain stockholders agreement (the “Stockholders Agreement”) by and among HF Sinclair, REH Company and the stockholders of REH Company (together with REH Company and each of their permitted transferees, the “REH Parties”), REH Company was granted the right to nominate, and has nominated, two directors to our Board of Directors at the Closing Date who continued to serve on our Board of Directors as of December 31, 2023. The REH Company stockholders also agreed to certain customary lock up (which expired in June 2023), voting and standstill restrictions, as well as customary registration rights, for the HF Sinclair common stock issued to the stockholders of REH Company. HF Sinclair is headquartered in Dallas, Texas, with combined business offices in Salt Lake City, Utah.

Under the terms of the Business Combination Agreement, HF Sinclair acquired REH Company’s refining, branded marketing, renewables, and midstream businesses. At the time of closing, the branded marketing business supplied high-quality fuels to more than 1,300 Sinclair branded stations and licensed the use of the Sinclair brand at more than 300 additional locations throughout the United States. The renewables business includes the operation of a renewable diesel unit located in Sinclair, Wyoming. The refining business includes two Rocky Mountains-based refineries located in Casper, Wyoming and Sinclair, Wyoming. Under the terms of the Contribution Agreement, HEP acquired STC, REH Company’s integrated crude and refined products pipelines and terminal assets, including approximately 1,200 miles of integrated crude and refined product pipeline supporting the Sinclair refineries and third parties, eight product terminals and two crude terminals with approximately 4.5 million barrels of operated storage. In addition, HEP acquired STC’s interests in three pipeline joint ventures for crude gathering and product offtake including: Saddle Butte Pipeline III, LLC (at the time of closing, a 25.06%, and currently, a 25.12% non-operated interest); Pioneer Investments Corp. (49.995% non-operated interest); and UNEV Pipeline (the 25% non-operated interest not already owned by HEP, resulting in UNEV Pipeline, LLC (“UNEV”) becoming a wholly owned subsidiary of HEP). The addition of the Acquired Sinclair Businesses to the HollyFrontier business created a combined company with increased scale and ability to diversify and is expected to drive growth through the expanded refining and renewables business. In addition, the HFC Transactions added an integrated branded wholesale distribution network to our business.

The Sinclair Transactions were accounted for as a business combination using the acquisition method of accounting, with the assets acquired and liabilities assumed at their respective acquisition date fair values at the effective date, with the excess consideration recorded as goodwill.
The following tables present the purchase consideration and final purchase price allocation of the assets acquired and liabilities assumed on March 14, 2022:

Purchase Consideration (in thousands except for per share amounts)
Shares of HF Sinclair common stock issued 60,230
Closing price per share of HFC common stock (1)
$35.68 
Purchase consideration paid in HF Sinclair common stock2,149,008
Shares of HEP common units issued to REH Company21,000
Closing price per share of HEP common units (2)
$16.62 
Purchase consideration paid in HEP common units349,020
Total equity consideration2,498,028
Cash consideration paid by HEP328,955
Cash consideration received by HF Sinclair(77,507)
Total cash consideration251,448 
Total purchase consideration$2,749,476 

(1)Based on the HollyFrontier closing stock price on March 11, 2022.
(2)Based on the HEP closing unit price on March 11, 2022.

(In thousands)
Assets Acquired
Accounts receivable$467,530 
Inventories: Crude oil and refined products906,461 
Inventories: Materials, supplies and other39,350 
Properties, plants and equipment1,242,549 
Operating lease right-of-use assets4,585 
Other assets: Intangibles and other495,621 
Total assets acquired$3,156,096 
Liabilities Assumed
Accounts payable$564,385 
Operating lease liabilities1,030 
Accrued liabilities84,298 
Noncurrent operating lease liabilities3,554 
Deferred income taxes351,189 
Other long-term liabilities88,098 
Total liabilities assumed$1,092,554 
Net assets acquired$2,063,542 
Goodwill$685,934 

The final purchase price allocation resulted in the recognition of $685.9 million in goodwill. Our Refining, Renewables, Marketing and Midstream segments recognized $244.0 million, $159.0 million, $163.8 million and $119.1 million of goodwill, respectively. The goodwill recognized was primarily attributable to operating and administrative synergies and net deferred tax liabilities arising from the differences between the estimated fair values of assets and liabilities and the tax basis of these assets and liabilities. There are qualitative assumptions of long-term factors that this acquisition creates for our stockholders, including increased scale and diversification that is expected to drive growth through the expanded refining and renewables businesses and the addition of an integrated branded wholesale distribution network. This goodwill was not deductible for income tax purposes.
The fair value measurements for properties, plants and equipment were based on significant inputs that are not observable in the market and, therefore, represent Level 3 measurements.

The fair value of properties, plants and equipment was based on the combination of the cost and market approaches. Key assumptions in the cost approach include determining the replacement cost by evaluating recent published data and adjusting replacement cost for physical deterioration, functional, and economic obsolescence. We used the market approach to measure the value of certain assets through an analysis of recent sales or offerings of comparable properties. The fair value of crude oil and refined products inventory was based on market prices as of the acquisition date.

Intangibles include the Sinclair trade name, fuel agreements and customer relationships totaling $221.4 million that are being amortized on a straight-line basis over a range of four to twenty-year period. The intangible assets were valued using the income approach.

The fair value of equity method investments totaled $234.3 million and was based on a combination of valuation methods including discounted cash flows and the guideline public company method.

Accrued liabilities included $70.6 million of RINs credit obligations, including 2022 obligations through the Closing Date, which were valued based on market prices for RINs at the effective date, a Level 2 input. REH Company is financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing. This receivable totaled $68.4 million and was valued based on market prices for RINs at the effective date.

During the year ended December 31, 2023, we purchased RINs for an aggregate amount of $36.0 million, on behalf of REH Company from third parties at applicable market prices in connection with our provision of services to REH Company under the transition services agreement that we and REH Company entered into at the closing of the Sinclair Transactions. We acted as an agent in these RINs transactions and did not recognize sales or cost of products sold as a result. During the year ended December 31, 2023, we recognized sales of $21.2 million related to the sale of RINs to REH Company based on applicable market prices.

All other fair values discussed above were based on significant inputs that are not observable in the market and, therefore, represent Level 3 measurements.

The fair values of all other current receivable and payables were equivalent to their carrying values due to their short-term nature.

Our consolidated financial and operating results reflect the Acquired Sinclair Businesses operations beginning March 14, 2022. Our results of operations included revenue and income from operations of $9,835.0 million and $865.1 million, respectively, for the period from March 14, 2022 through December 31, 2022 related to the Acquired Sinclair Businesses operations.

During the years ended December 31, 2023 and 2022, we incurred $15.8 million and $52.9 million, respectively, in incremental direct acquisition and integration costs that principally relate to legal, advisory and other professional fees and are presented as selling, general and administrative expenses in our consolidated statements of income.

Puget Sound Refinery
On May 4, 2021, HollyFrontier Puget Sound Refining LLC (now known as HF Sinclair Puget Sound Refining LLC), a wholly owned subsidiary of HollyFrontier, entered into a sale and purchase agreement with Shell to acquire the Puget Sound Refinery. The acquisition closed on November 1, 2021 for aggregate cash consideration of $624.3 million, which consists of a base cash purchase price of $350.0 million, hydrocarbon inventory of $277.9 million and other closing adjustments and accrued liabilities of $3.6 million (the “Puget Sound Acquisition”).

This transaction was accounted for as a business combination, using the acquisition method, with the aggregate cash consideration allocated to the acquisition date fair value of assets and liabilities acquired.

In connection with the Puget Sound Acquisition, we incurred $12.2 million of acquisition and integration costs during the year ended December 31, 2021, which are included in selling, general and administrative expenses on the consolidated statements of income.
Our consolidated financial and operating results reflect the Puget Sound Refinery operations beginning November 1, 2021. Our results of operations include revenue and loss from operations of $603.1 million and $8.3 million, respectively, for the period from November 1, 2021 through December 31, 2021 related to these operations.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
Lessee

We have operating and finance leases for land, buildings, pipelines, storage tanks, transportation and other equipment for our operations. Our leases have remaining terms of one to 56 years, some of which include options to extend the leases for up to 10 years. Certain of our leases for pipeline assets include provisions for variable payments which are based on a measure of throughput and also contain a provision for the lessor to adjust the rate per barrel periodically over the life of the lease. These variable costs are not included in the initial measurement of ROU assets and lease liabilities.

The following table presents the amounts and balance sheet locations of our operating and financing leases recorded on our consolidated balance sheets.
December 31,
20232022
(In thousands)
Operating leases:
Operating lease right-of-use assets
$348,006 $351,068 
Operating lease liabilities
106,973 109,926 
Noncurrent operating lease liabilities
249,479 254,215 
Total operating lease liabilities
$356,452 $364,141 
Finance leases:
Properties, plants and equipment, at cost
$108,746 $81,454 
Accumulated amortization
(25,271)(21,434)
Properties, plants and equipment, net
$83,475 $60,020 
Accrued liabilities
$10,842 $10,722 
Other long-term liabilities
74,860 50,361 
Total finance lease liabilities
$85,702 $61,083 

Supplemental balance sheet information related to our leases was as follows:
December 31,
20232022
Weighted average remaining lease term (in years)
Operating leases
7.97.2
Finance leases
8.77.8
Weighted average discount rate
Operating leases
5.0 %4.2 %
Finance leases
5.8 %4.2 %
The components of lease expense were as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease expense$120,552 $116,769 $117,292 
Finance lease expense:
Amortization of right-of-use assets
13,007 13,003 4,295 
Interest on lease liabilities
3,156 2,593 733 
Variable lease cost12,968 4,448 3,645 
Total lease expense
$149,683 $136,813 $125,965 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202320222021
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$127,923 $126,048 $129,577 
Operating cash flows from finance leases
$3,156 $2,593 $733 
Financing cash flows from finance leases
$11,923 $11,713 $3,990 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$103,352 $61,403 $147,718 
Finance leases$38,061 $6,149 $64,334 

As of December 31, 2023, minimum future lease payments of our operating and finance lease obligations were as follows:
OperatingFinance
(In thousands)
2024$118,006 $15,375 
202565,436 13,650 
202650,145 12,537 
202731,644 11,442 
202824,398 10,766 
Thereafter163,651 46,869 
Future minimum lease payments453,280 110,639 
Less: imputed interest96,828 24,937 
Total lease obligations356,452 85,702 
Less: current obligations106,973 10,842 
Long-term lease obligations$249,479 $74,860 

As of December 31, 2023, we entered into certain leases that have not yet commenced. Such leases include a 15-year lease for a manufacturing and distribution facility, with estimated future undiscounted lease payments of $62.8 million, expected to commence in the first quarter of 2024.

Lessor

Our consolidated statements of income reflect lease revenue recognized by our midstream operations for contracts with third parties in which we are the lessor.
Substantially all of the assets supporting contracts meeting the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire due to our risk management strategy for protecting the residual fair value of the underlying assets by performing ongoing maintenance during the lease term.

Lease income recognized was as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease revenues$16,879 $14,346 $15,281 
Sales-type lease interest income$1,634 $2,515 $2,545 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1,325 $1,782 $2,162 

For our sales-type leases, we included customer obligations related to minimum volume requirements in guaranteed minimum lease payments. Portions of our minimum guaranteed pipeline tariffs for assets subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. We recognized any billings for throughput volumes in excess of minimum volume requirements as variable lease payments, and these variable lease payments were recorded in lease revenues.

Annual minimum undiscounted lease payments in which we are a lessor to third-party contracts as of December 31, 2023 were as follows:
OperatingSales-type
(In thousands)
2024$12,994 $2,170 
20253,441 2,170 
2026— 2,170 
2027— 2,170 
2028— 2,170 
Thereafter— 13,560 
Total lease payment receipts$16,435 24,410 
Less: imputed interest(15,945)
8,465 
Unguaranteed residual assets at end of leases25,180 
Net investment in leases$33,645 

Net investment in sales-type leases recorded on our consolidated balance sheets was composed of the following:
December 31, 2023December 31, 2022
(In thousands)
Lease receivables$18,830 $23,797 
Unguaranteed residual assets14,815 10,383 
Net investment in leases$33,645 $34,180 
Leases Leases
Lessee

We have operating and finance leases for land, buildings, pipelines, storage tanks, transportation and other equipment for our operations. Our leases have remaining terms of one to 56 years, some of which include options to extend the leases for up to 10 years. Certain of our leases for pipeline assets include provisions for variable payments which are based on a measure of throughput and also contain a provision for the lessor to adjust the rate per barrel periodically over the life of the lease. These variable costs are not included in the initial measurement of ROU assets and lease liabilities.

The following table presents the amounts and balance sheet locations of our operating and financing leases recorded on our consolidated balance sheets.
December 31,
20232022
(In thousands)
Operating leases:
Operating lease right-of-use assets
$348,006 $351,068 
Operating lease liabilities
106,973 109,926 
Noncurrent operating lease liabilities
249,479 254,215 
Total operating lease liabilities
$356,452 $364,141 
Finance leases:
Properties, plants and equipment, at cost
$108,746 $81,454 
Accumulated amortization
(25,271)(21,434)
Properties, plants and equipment, net
$83,475 $60,020 
Accrued liabilities
$10,842 $10,722 
Other long-term liabilities
74,860 50,361 
Total finance lease liabilities
$85,702 $61,083 

Supplemental balance sheet information related to our leases was as follows:
December 31,
20232022
Weighted average remaining lease term (in years)
Operating leases
7.97.2
Finance leases
8.77.8
Weighted average discount rate
Operating leases
5.0 %4.2 %
Finance leases
5.8 %4.2 %
The components of lease expense were as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease expense$120,552 $116,769 $117,292 
Finance lease expense:
Amortization of right-of-use assets
13,007 13,003 4,295 
Interest on lease liabilities
3,156 2,593 733 
Variable lease cost12,968 4,448 3,645 
Total lease expense
$149,683 $136,813 $125,965 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202320222021
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$127,923 $126,048 $129,577 
Operating cash flows from finance leases
$3,156 $2,593 $733 
Financing cash flows from finance leases
$11,923 $11,713 $3,990 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$103,352 $61,403 $147,718 
Finance leases$38,061 $6,149 $64,334 

As of December 31, 2023, minimum future lease payments of our operating and finance lease obligations were as follows:
OperatingFinance
(In thousands)
2024$118,006 $15,375 
202565,436 13,650 
202650,145 12,537 
202731,644 11,442 
202824,398 10,766 
Thereafter163,651 46,869 
Future minimum lease payments453,280 110,639 
Less: imputed interest96,828 24,937 
Total lease obligations356,452 85,702 
Less: current obligations106,973 10,842 
Long-term lease obligations$249,479 $74,860 

As of December 31, 2023, we entered into certain leases that have not yet commenced. Such leases include a 15-year lease for a manufacturing and distribution facility, with estimated future undiscounted lease payments of $62.8 million, expected to commence in the first quarter of 2024.

Lessor

Our consolidated statements of income reflect lease revenue recognized by our midstream operations for contracts with third parties in which we are the lessor.
Substantially all of the assets supporting contracts meeting the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire due to our risk management strategy for protecting the residual fair value of the underlying assets by performing ongoing maintenance during the lease term.

Lease income recognized was as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease revenues$16,879 $14,346 $15,281 
Sales-type lease interest income$1,634 $2,515 $2,545 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1,325 $1,782 $2,162 

For our sales-type leases, we included customer obligations related to minimum volume requirements in guaranteed minimum lease payments. Portions of our minimum guaranteed pipeline tariffs for assets subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. We recognized any billings for throughput volumes in excess of minimum volume requirements as variable lease payments, and these variable lease payments were recorded in lease revenues.

Annual minimum undiscounted lease payments in which we are a lessor to third-party contracts as of December 31, 2023 were as follows:
OperatingSales-type
(In thousands)
2024$12,994 $2,170 
20253,441 2,170 
2026— 2,170 
2027— 2,170 
2028— 2,170 
Thereafter— 13,560 
Total lease payment receipts$16,435 24,410 
Less: imputed interest(15,945)
8,465 
Unguaranteed residual assets at end of leases25,180 
Net investment in leases$33,645 

Net investment in sales-type leases recorded on our consolidated balance sheets was composed of the following:
December 31, 2023December 31, 2022
(In thousands)
Lease receivables$18,830 $23,797 
Unguaranteed residual assets14,815 10,383 
Net investment in leases$33,645 $34,180 
Leases Leases
Lessee

We have operating and finance leases for land, buildings, pipelines, storage tanks, transportation and other equipment for our operations. Our leases have remaining terms of one to 56 years, some of which include options to extend the leases for up to 10 years. Certain of our leases for pipeline assets include provisions for variable payments which are based on a measure of throughput and also contain a provision for the lessor to adjust the rate per barrel periodically over the life of the lease. These variable costs are not included in the initial measurement of ROU assets and lease liabilities.

The following table presents the amounts and balance sheet locations of our operating and financing leases recorded on our consolidated balance sheets.
December 31,
20232022
(In thousands)
Operating leases:
Operating lease right-of-use assets
$348,006 $351,068 
Operating lease liabilities
106,973 109,926 
Noncurrent operating lease liabilities
249,479 254,215 
Total operating lease liabilities
$356,452 $364,141 
Finance leases:
Properties, plants and equipment, at cost
$108,746 $81,454 
Accumulated amortization
(25,271)(21,434)
Properties, plants and equipment, net
$83,475 $60,020 
Accrued liabilities
$10,842 $10,722 
Other long-term liabilities
74,860 50,361 
Total finance lease liabilities
$85,702 $61,083 

Supplemental balance sheet information related to our leases was as follows:
December 31,
20232022
Weighted average remaining lease term (in years)
Operating leases
7.97.2
Finance leases
8.77.8
Weighted average discount rate
Operating leases
5.0 %4.2 %
Finance leases
5.8 %4.2 %
The components of lease expense were as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease expense$120,552 $116,769 $117,292 
Finance lease expense:
Amortization of right-of-use assets
13,007 13,003 4,295 
Interest on lease liabilities
3,156 2,593 733 
Variable lease cost12,968 4,448 3,645 
Total lease expense
$149,683 $136,813 $125,965 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202320222021
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$127,923 $126,048 $129,577 
Operating cash flows from finance leases
$3,156 $2,593 $733 
Financing cash flows from finance leases
$11,923 $11,713 $3,990 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$103,352 $61,403 $147,718 
Finance leases$38,061 $6,149 $64,334 

As of December 31, 2023, minimum future lease payments of our operating and finance lease obligations were as follows:
OperatingFinance
(In thousands)
2024$118,006 $15,375 
202565,436 13,650 
202650,145 12,537 
202731,644 11,442 
202824,398 10,766 
Thereafter163,651 46,869 
Future minimum lease payments453,280 110,639 
Less: imputed interest96,828 24,937 
Total lease obligations356,452 85,702 
Less: current obligations106,973 10,842 
Long-term lease obligations$249,479 $74,860 

As of December 31, 2023, we entered into certain leases that have not yet commenced. Such leases include a 15-year lease for a manufacturing and distribution facility, with estimated future undiscounted lease payments of $62.8 million, expected to commence in the first quarter of 2024.

Lessor

Our consolidated statements of income reflect lease revenue recognized by our midstream operations for contracts with third parties in which we are the lessor.
Substantially all of the assets supporting contracts meeting the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire due to our risk management strategy for protecting the residual fair value of the underlying assets by performing ongoing maintenance during the lease term.

Lease income recognized was as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease revenues$16,879 $14,346 $15,281 
Sales-type lease interest income$1,634 $2,515 $2,545 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1,325 $1,782 $2,162 

For our sales-type leases, we included customer obligations related to minimum volume requirements in guaranteed minimum lease payments. Portions of our minimum guaranteed pipeline tariffs for assets subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. We recognized any billings for throughput volumes in excess of minimum volume requirements as variable lease payments, and these variable lease payments were recorded in lease revenues.

Annual minimum undiscounted lease payments in which we are a lessor to third-party contracts as of December 31, 2023 were as follows:
OperatingSales-type
(In thousands)
2024$12,994 $2,170 
20253,441 2,170 
2026— 2,170 
2027— 2,170 
2028— 2,170 
Thereafter— 13,560 
Total lease payment receipts$16,435 24,410 
Less: imputed interest(15,945)
8,465 
Unguaranteed residual assets at end of leases25,180 
Net investment in leases$33,645 

Net investment in sales-type leases recorded on our consolidated balance sheets was composed of the following:
December 31, 2023December 31, 2022
(In thousands)
Lease receivables$18,830 $23,797 
Unguaranteed residual assets14,815 10,383 
Net investment in leases$33,645 $34,180 
Leases Leases
Lessee

We have operating and finance leases for land, buildings, pipelines, storage tanks, transportation and other equipment for our operations. Our leases have remaining terms of one to 56 years, some of which include options to extend the leases for up to 10 years. Certain of our leases for pipeline assets include provisions for variable payments which are based on a measure of throughput and also contain a provision for the lessor to adjust the rate per barrel periodically over the life of the lease. These variable costs are not included in the initial measurement of ROU assets and lease liabilities.

The following table presents the amounts and balance sheet locations of our operating and financing leases recorded on our consolidated balance sheets.
December 31,
20232022
(In thousands)
Operating leases:
Operating lease right-of-use assets
$348,006 $351,068 
Operating lease liabilities
106,973 109,926 
Noncurrent operating lease liabilities
249,479 254,215 
Total operating lease liabilities
$356,452 $364,141 
Finance leases:
Properties, plants and equipment, at cost
$108,746 $81,454 
Accumulated amortization
(25,271)(21,434)
Properties, plants and equipment, net
$83,475 $60,020 
Accrued liabilities
$10,842 $10,722 
Other long-term liabilities
74,860 50,361 
Total finance lease liabilities
$85,702 $61,083 

Supplemental balance sheet information related to our leases was as follows:
December 31,
20232022
Weighted average remaining lease term (in years)
Operating leases
7.97.2
Finance leases
8.77.8
Weighted average discount rate
Operating leases
5.0 %4.2 %
Finance leases
5.8 %4.2 %
The components of lease expense were as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease expense$120,552 $116,769 $117,292 
Finance lease expense:
Amortization of right-of-use assets
13,007 13,003 4,295 
Interest on lease liabilities
3,156 2,593 733 
Variable lease cost12,968 4,448 3,645 
Total lease expense
$149,683 $136,813 $125,965 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202320222021
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$127,923 $126,048 $129,577 
Operating cash flows from finance leases
$3,156 $2,593 $733 
Financing cash flows from finance leases
$11,923 $11,713 $3,990 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$103,352 $61,403 $147,718 
Finance leases$38,061 $6,149 $64,334 

As of December 31, 2023, minimum future lease payments of our operating and finance lease obligations were as follows:
OperatingFinance
(In thousands)
2024$118,006 $15,375 
202565,436 13,650 
202650,145 12,537 
202731,644 11,442 
202824,398 10,766 
Thereafter163,651 46,869 
Future minimum lease payments453,280 110,639 
Less: imputed interest96,828 24,937 
Total lease obligations356,452 85,702 
Less: current obligations106,973 10,842 
Long-term lease obligations$249,479 $74,860 

As of December 31, 2023, we entered into certain leases that have not yet commenced. Such leases include a 15-year lease for a manufacturing and distribution facility, with estimated future undiscounted lease payments of $62.8 million, expected to commence in the first quarter of 2024.

Lessor

Our consolidated statements of income reflect lease revenue recognized by our midstream operations for contracts with third parties in which we are the lessor.
Substantially all of the assets supporting contracts meeting the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire due to our risk management strategy for protecting the residual fair value of the underlying assets by performing ongoing maintenance during the lease term.

Lease income recognized was as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease revenues$16,879 $14,346 $15,281 
Sales-type lease interest income$1,634 $2,515 $2,545 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1,325 $1,782 $2,162 

For our sales-type leases, we included customer obligations related to minimum volume requirements in guaranteed minimum lease payments. Portions of our minimum guaranteed pipeline tariffs for assets subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. We recognized any billings for throughput volumes in excess of minimum volume requirements as variable lease payments, and these variable lease payments were recorded in lease revenues.

Annual minimum undiscounted lease payments in which we are a lessor to third-party contracts as of December 31, 2023 were as follows:
OperatingSales-type
(In thousands)
2024$12,994 $2,170 
20253,441 2,170 
2026— 2,170 
2027— 2,170 
2028— 2,170 
Thereafter— 13,560 
Total lease payment receipts$16,435 24,410 
Less: imputed interest(15,945)
8,465 
Unguaranteed residual assets at end of leases25,180 
Net investment in leases$33,645 

Net investment in sales-type leases recorded on our consolidated balance sheets was composed of the following:
December 31, 2023December 31, 2022
(In thousands)
Lease receivables$18,830 $23,797 
Unguaranteed residual assets14,815 10,383 
Net investment in leases$33,645 $34,180 
v3.24.0.1
Cushing Connect Joint Venture
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Cushing Connect Joint Venture Cushing Connect Joint Venture
In 2019, HEP Cushing LLC, then a wholly owned subsidiary of HEP and now a wholly owned subsidiary of HF Sinclair, and Plains Marketing, L.P., a wholly owned subsidiary of Plains All American Pipeline, L.P. (“Plains”) formed a 50/50 joint venture, Cushing Connect Pipeline & Terminal LLC (“Cushing Connect”), for (i) the development, construction, ownership and operation of a new 160,000 barrel per day common carrier crude oil pipeline (the “Cushing Connect Pipeline”) that connects the Cushing, Oklahoma crude oil hub to our Tulsa refineries and (ii) the ownership and operation of 1.5 million barrels of crude oil storage in Cushing, Oklahoma (the “Cushing Connect Terminal” and together with Cushing Connect and the Cushing Connect Pipeline, the “Cushing Connect Joint Venture”). The Cushing Connect Terminal was fully in-service beginning in April 2020, and the Cushing Connect Pipeline was placed in service during the third quarter of 2021. Long-term commercial agreements have been entered into to support the Cushing Connect assets. Cushing Connect entered into a contract with an affiliate of HEP, now a subsidiary of HF Sinclair, to manage the operation of the Cushing Connect Pipeline and with an affiliate of Plains to manage the operation of the Cushing Connect Terminal. The total investment in Cushing Connect was generally shared proportionately among the partners. However, HEP was solely responsible for any Cushing Connect Pipeline construction costs that exceeded the budget by more than 10%. HEP’s share of the cost of the Cushing Connect Terminal contributed by Plains and Cushing Connect Pipeline construction costs was approximately $74.0 million.

Cushing Connect and its two subsidiaries, Cushing Connect Pipeline and Cushing Connect Terminal are each VIEs as defined under GAAP. A VIE is a legal entity whose equity owners do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the equity holders lack the power, through voting rights, to direct the activities that most significantly impact the entity's financial performance, the obligation to absorb the entity's expected losses or rights to expected residual returns. Cushing Connect and its two subsidiaries are each VIE’s because they did not originally have sufficient equity at risk to finance their activities without additional financial support. We are the primary beneficiary of two of these entities as HEP constructed and operates the Cushing Connect Pipeline, and we have more ability to direct the activities that most significantly impact the financial performance of Cushing Connect and Cushing Connect Pipeline. Therefore, we consolidate these two entities. We are not the primary beneficiary of Cushing Connect Terminal, which we account for using the equity method of accounting. Our maximum exposure to loss as a result of our involvement with Cushing Connect Terminal is not expected to be material due to the long-term terminalling agreements in place to support operations.

With the exception of the assets of HEP Cushing, creditors of the Cushing Connect Joint Venture legal entities have no recourse to our assets. Any recourse to HEP Cushing would be limited to the extent of HEP Cushing's assets, which other than its investment in Cushing Connect Joint Venture, are not significant. Furthermore, our creditors have no recourse to the assets of the Cushing Connect Joint Venture legal entities. The most significant assets of Cushing Connect and Cushing Connect Pipeline that are available to settle only their obligations, along with their most significant liabilities for which their creditors do not have recourse to our general credit, were:

Years Ended December 31,
20232022
(In thousands)
Cash and cash equivalents1,536 2,147 
Properties, plants and equipment, at cost102,936 102,635 
Less accumulated depreciation(8,022)(4,484)
Intangibles and other32,473 34,746 
v3.24.0.1
Revenues
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Substantially all revenue-generating activities relate to sales of refined product, branded fuel, renewable diesel and excess crude oil inventories sold at market prices (variable consideration) under contracts with customers. Additionally, we have revenues attributable to logistics services provided under petroleum product and crude oil pipeline transportation, processing, storage and terminalling agreements with third parties.
Disaggregated revenues were as follows:
Years Ended December 31,
202320222021
(In thousands)
Revenues by type
Refined product revenues
Transportation fuels (1)
$19,867,388 $25,895,867 $13,414,543 
Specialty lubricant products (2)
2,521,025 2,826,206 2,322,242 
Asphalt, fuel oil and other products (3)
2,167,049 2,147,710 948,581 
Total refined product revenues24,555,462 30,869,783 16,685,366 
Excess crude oil revenues (4)
2,147,466 2,342,288 1,547,696 
Renewable diesel revenues (5)
781,309 654,893 — 
Transportation and logistic services117,749 109,200 103,646 
Marketing revenues (6)
4,146,292 3,911,922 — 
Other revenues (7)
216,117 316,753 52,434 
Total sales and other revenues$31,964,395 $38,204,839 $18,389,142 

Years Ended December 31,
202320222021
(In thousands)
Refined product revenues by market
United States
Mid-Continent$9,362,688 $13,924,566 $9,094,885 
Southwest3,814,142 4,965,298 3,477,562 
Rocky Mountains9,131,345 9,533,476 2,118,619 
Northeast959,239 1,037,771 824,900 
Canada1,022,174 1,063,961 836,317 
Europe, Asia and Latin America265,874 344,711 333,083 
Total refined product revenues$24,555,462 $30,869,783 $16,685,366 

(1)Transportation fuels revenues are attributable to our Refining segment wholesale marketing of gasoline, diesel and jet fuel.
(2)Specialty lubricant products consist of base oil, waxes, finished lubricants and other specialty fluids.
(3)Asphalt, fuel oil and other products revenue include revenues attributable to our Refining and Lubricants & Specialties segments of $1,928.6 million and $238.4 million, respectively, for the year ended December 31, 2023. For the year ended December 31, 2022 such revenues attributable to our Refining and Lubricants & Specialties were $1,827.3 million and $314.8 million, respectively. For the year ended December 31, 2021 such revenue attributable to our Refining and Lubricants & Specialties segments were $724.3 million and $224.3 million, respectively.
(4)Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries.
(5)Renewable diesel revenues are attributable to our Renewables segment.
(6)Marketing segment revenues consist primarily of branded gasoline and diesel fuel.
(7)Other revenues are principally attributable to our Refining segment.
Our consolidated balance sheets reflect contract liabilities related to unearned revenues attributable to future service obligations under our third-party transportation agreements and production agreements from our Sonneborn operations. The following table presents changes to contract liabilities:
Years Ended December 31,
202320222021
(In thousands)
Balance at January 1$10,722 $9,278 $6,738 
Increase21,381 32,040 32,301 
Recognized as revenue(24,570)(30,596)(29,761)
Balance at December 31$7,533 $10,722 $9,278 

As of December 31, 2023, we have long-term contracts with customers that specify minimum volumes of gasoline, diesel, lubricants and specialties to be sold ratably at market prices through 2032. Future prices are subject to market fluctuations and therefore, we have elected the exemption to exclude variable consideration under these contracts under ASC 606-10-50-14A. Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows, which include branded sales volumes assumed upon our acquisition of the Acquired Sinclair Businesses:
202420252026ThereafterTotal
(In thousands)
Refined product sales volumes (barrels)
35,563 25,506 17,891 47,240 126,200 
Additionally, we have long-term contracts with third-party customers that specify minimum volumes of product to be transported through our pipelines and terminals that result in fixed-minimum annual revenues through 2033. Annual minimum revenues attributable to our third-party contracts as of December 31, 2023 are presented below:
202420252026ThereafterTotal
(In thousands)
Midstream operations contractual minimum revenues$20,656 $11,097 $7,656 $42,592 $82,001 

For the years ended December 31, 2023, 2022 and 2021, we had one customer, Shell, together with certain of its affiliates, that accounted for 10% or more of our total annual revenues at approximately 12%, 15% and 13%, respectively, which were primarily generated through our Refining segment operations.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows:

•(Level 1) Quoted prices in active markets for identical assets or liabilities.
•(Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data.
•(Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs.
The carrying amounts of derivative instruments and RINs receivable and credit obligations at December 31, 2023 and 2022 were as follows:

Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In thousands)
December 31, 2023
Assets:
NYMEX futures contracts$836 $836 $— $— 
Commodity forward contracts2,908 — 2,908 — 
Total assets$3,744 $836 $2,908 $— 
Liabilities:
Commodity price swaps$7,808 $— $7,808 $— 
Commodity forward contracts1,848 — 1,848 — 
Foreign currency forward contracts7,893 — 7,893 — 
Total liabilities$17,549 $— $17,549 $— 

Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In thousands)
December 31, 2022
Assets:
Commodity price swaps$342 $— $342 $— 
Commodity forward contracts2,949 — 2,949 — 
RINs receivable (1)
81,232 — 81,232 — 
Foreign currency forward contracts15,359 — 15,359 — 
Total assets$99,882 $— $99,882 $— 
Liabilities:
NYMEX futures contracts$2,750 $2,750 $— $— 
Commodity collar contracts6,275 — 6,275 — 
Commodity forward contracts2,987 — 2,987 — 
RINs credit obligations (1)
81,232 — 81,232 — 
Total liabilities$93,244 $2,750 $90,494 $— 

(1)REH Company was financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing of the Sinclair Transactions. See Note 2 for additional information on RINs credit obligations assumed in the Sinclair Transactions.

Level 1 Fair Value Measurements
Our New York Mercantile Exchange (“NYMEX”) futures contracts are exchange traded and are measured and recorded at fair value using quoted market prices, a Level 1 input.
Level 2 Fair Value Measurements
Derivative instruments consisting of foreign currency forward contracts, commodity price swaps, commodity collar contracts and forward sales and purchase contracts are measured and recorded at fair value using Level 2 inputs. The fair value of the commodity price swap contracts is based on the net present value of expected future cash flows related to both variable and fixed rate legs of the respective swap agreements. The measurements are computed using market-based observable input and quoted forward commodity prices with respect to our commodity price swaps. The fair value of the commodity collar contracts is based on forward natural gas prices. The fair value of the forward sales and purchase contracts are computed using quoted forward commodity prices. The fair value of foreign currency forward contracts are based on values provided by a third party, which were derived using market quotes for similar type instruments, a Level 2 input.

Nonrecurring Fair Value Measurements
During the years ended December 31, 2022 and 2021, we recognized assets and liabilities based on fair value measurements for the Sinclair Transactions and the acquisition of Puget Sound Refinery (see Note 2). The fair value measurements were based on a combination of valuation methods including discounted cash flows, the guideline public company and guideline transaction methods and obsolescence adjusted replacement costs, all of which are Level 3 inputs.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is calculated as net income attributable to HF Sinclair stockholders, adjusted for participating securities’ share in earnings divided by the average number of shares of common stock outstanding. Diluted earnings per share includes the incremental shares resulting from certain share-based awards. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HF Sinclair stockholders:
 Years Ended December 31,
 202320222021
 (In thousands, except per share data)
Net income attributable to HF Sinclair stockholders$1,589,666 $2,922,668 $558,324 
Participating securities’ share in earnings (1)
14,045 29,465 7,465 
Net income attributable to common shares$1,575,621 $2,893,203 $550,859 
Average number of shares of common stock outstanding190,035 202,566 162,569 
Average number of shares of common stock outstanding assuming dilution
190,035 202,566 162,569 
Basic earnings per share$8.29 $14.28 $3.39 
Diluted earnings per share$8.29 $14.28 $3.39 

(1)Unvested restricted stock unit awards and unvested performance share units that settle in HF Sinclair common stock represent participating securities because they participate in nonforfeitable dividends or distributions with the common stockholders of HF Sinclair. Participating earnings represent the distributed and undistributed earnings of HF Sinclair attributable to the participating securities. Unvested restricted stock unit awards and performance share units do not participate in undistributed net losses as they are not contractually obligated to do so.
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We have a principal share-based compensation plan (the HF Sinclair Corporation Amended and Restated 2020 Long Term Incentive Plan, the “2020 Plan”). The 2020 Plan provides for the grant of unrestricted and restricted stock, restricted stock units, other stock-based awards, stock options, performance awards, substitute awards, cash awards and stock appreciation rights. Subject to adjustment for certain events, an aggregate of 6,368,930 of these awards may be issued pursuant to awards granted under the 2020 Plan. We also have a stock compensation deferral plan which allows non-employee directors to defer settlement of vested stock granted under our share-based compensation plan. Our accounting policy for the recognition of compensation expense for awards with pro-rata vesting is to expense the costs ratably over the vesting periods. Share-based awards paid in cash upon vesting are accounted for as liability awards and recorded at fair value at the end of each reporting period with a mark-to-mark adjustment recognized in earnings.

The stock-based compensation expense and associated tax benefit were as follows:
Years Ended December 31,
202320222021
(In thousands)
Compensation expense:
Restricted stock units$30,067 $27,264 $29,453 
Performance stock units12,145 8,683 12,591 
Total compensation expense$42,212 $35,947 $42,044 
Tax benefit recognized on compensation expense$10,203 $8,918 $10,545 

Additionally, prior to the HEP Merger Transaction, HEP maintained an equity-based compensation plan for Holly Logistic Services, L.L.C.'s non-employee directors and certain executives and employees (the “HEP LTIP”). Compensation cost attributable to HEP’s equity-based compensation plan was $1.5 million, $1.9 million and $2.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. In connection with the HEP Merger Transaction, on December 4, 2023, HF Sinclair registered additional shares of HF Sinclair common stock under the 2020 Plan pursuant to General Instruction E of Form S-8, which authorized the 2020 Plan’s assumption of authorized but unissued HEP common units remaining under the HEP LTIP at the time of the HEP Merger Transaction, adjusted to reflect the applicable exchange rate pursuant to the HEP Merger Transaction.

Restricted Stock Units
Under the 2020 Plan, we grant certain officers and other key employees restricted stock unit awards, which are payable in stock or cash and generally vest over a period of one to three years. Restricted stock unit award recipients have the right to receive dividends, however, restricted stock units do not have any other rights of absolute ownership. Upon vesting, restrictions on the restricted stock units lapse at which time they convert to common shares or cash. In addition, we grant non-employee directors restricted stock unit awards, which typically vest over a period of one year and are payable in stock. The fair value of each restricted stock unit award is measured based on the grant date market price of our common shares and is amortized over the respective vesting period. We account for forfeitures on an estimated basis.

A summary of restricted stock unit activity during the year ended December 31, 2023 is presented below:
Restricted Stock UnitsGrantsWeighted Average Grant Date Fair Value
Outstanding at January 1, 20231,055,875 $39.46 
Granted529,559 $52.59 
Vested(641,944)$33.17 
Forfeited(65,952)$38.55 
Converted from performance share units225,217 $45.46 
Outstanding at December 31, 20231,102,755 $50.71 
For the years ended December 31, 2023, 2022 and 2021, restricted stock units vested having a grant date fair value of $21.3 million, $26.5 million and $28.4 million, respectively. For the years ended December 31, 2022 and 2021, we granted restricted stock units having a weighted average grant date fair value of $59.41 and $33.95, respectively. As of December 31, 2023, there was $28.9 million of total unrecognized compensation cost related to non-vested restricted stock unit grants. That cost is expected to be recognized over a weighted-average period of 1.5 years. For the years ended December 31, 2023, 2022 and 2021, we paid $3.9 million, $5.8 million and $3.4 million, respectively, in cash equal to the value of the stock award on the vest date to certain employees to settle 71,589, 96,005 and 105,459 restricted stock units, respectively.

Performance Share Units
Under the 2020 Plan, we grant certain officers and other key employees performance share units, which are payable in stock or cash upon meeting certain criteria over the service period, and generally vest over a period of three years. Under the terms of our performance share unit grants, awards are subject to “financial performance” and “market performance” criteria. Financial performance is based on our financial performance compared to a peer group of independent refining companies, while market performance is based on the relative standing of total shareholder return achieved by HF Sinclair compared to peer group companies. The number of shares ultimately issued or cash paid under these awards can range from zero to 200% of target award amounts. Holders of performance share units have the right to receive dividend equivalents and other distributions with respect to such performance share units based on the target level of payout.

A summary of performance share unit activity and changes during the year ended December 31, 2023 is presented below:
Performance Share UnitsGrantsWeighted Average Grant Date Fair Value
Outstanding at January 1, 2023771,197 $41.78 
Granted263,881 $67.73 
Vested(298,978)$24.47 
Forfeited(25,352)$40.76 
Converted to restricted stock units(225,217)$52.44 
Outstanding at December 31, 2023485,531 $61.66 

For the year ended December 31, 2023, we issued 375,376 shares of common stock, representing a payout of up to 125% on vested performance share units having a grant date fair value of $7.3 million. For the years ended December 31, 2022 and 2021, we issued common stock upon the vesting of the performance share units having a grant date fair value of $6.2 million and $4.5 million, respectively. As of December 31, 2023, there was $20.1 million of total unrecognized compensation cost related to non-vested performance share units. That cost is expected to be recognized over a weighted-average period of 2.2 years. For the years ended December 31, 2023 and 2022, we paid $1.2 million and $0.7 million, respectively, in cash equal to the value of the stock award on the vest date to certain employees to settle 23,587 and 12,108 performance share units, respectively.
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following components:
December 31,
20232022
(In thousands)
Crude oil$858,411 $818,737 
Other raw materials and unfinished products (1)
683,066 842,855 
Finished products (2)
1,435,817 1,252,984 
Lower of cost or market reserve(331,570)(61,151)
Process chemicals (3)
50,917 53,900 
Repairs and maintenance supplies and other (4)
225,190 307,203 
Total inventory$2,921,831 $3,214,528 

(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.
(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.
(3)Process chemicals include additives and other chemicals.
(4)Includes RINs.

Our Refining segment inventories that are valued at the lower of LIFO cost or market reflect a new market reserve of $220.6 million that was established as of December 31, 2023 based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was an increase to cost of products sold totaling $220.6 million for the year ended December 31, 2023. The excess replacement cost over the LIFO value of our Refining segment inventories was $39.0 million at December 31, 2022. For the year ended December 31, 2021, we recorded a decrease to cost of products sold of $318.9 million due to the effect of the change in the lower of cost or market reserve recorded on our Refining segment inventories at that time.

Our Renewables segment inventories that are valued at the lower of LIFO cost or market reflect a valuation reserve of $111.0 million and $61.2 million at December 31, 2023 and 2022, respectively. A new market reserve of $111.0 million as of December 31, 2023 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was an increase of cost of products sold totaling $49.9 million and $52.4 million for the years ended December 31, 2023 and 2022, respectively.
v3.24.0.1
Properties, Plants and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Properties, Plants and Equipment Properties, Plants and Equipment
The components of properties, plants and equipment are as follows:
December 31,
20232022
(In thousands)
Land, buildings and improvements$765,826 $741,874 
Refining facilities6,593,768 6,346,422 
Pipelines and terminals2,300,781 2,267,052 
Transportation vehicles37,870 43,801 
Other fixed assets543,966 422,583 
Construction in progress291,221 324,920 
10,533,432 10,146,652 
Accumulated depreciation(3,906,600)(3,457,747)
$6,626,832 $6,688,905 

We capitalized interest attributable to construction projects of $4.3 million, $6.2 million and $15.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Depreciation expense was $474.3 million, $442.2 million and $329.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Goodwill and Intangibles
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles Goodwill and Intangibles
Goodwill
As of December 31, 2023, our goodwill balance was $3.0 billion. The carrying amount of our goodwill may fluctuate from period to period due to the effects of foreign currency translation adjustments on goodwill assigned to our Lubricants & Specialties segment.

The following is a summary of our goodwill by segment:
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamTotal
(In thousands)
Balance at December 31, 2022
$1,977,435 $159,020 $163,839 $246,036 $431,985 $2,978,315 
Goodwill disposal and other changes— — — (943)— (943)
Foreign currency translation adjustment— — — 372 — 372 
Balance at December 31, 2023
$1,977,435 $159,020 $163,839 $245,465 $431,985 $2,977,744 
Balance at December 31, 2023
Goodwill$2,286,753 $159,020 $163,839 $480,044 $431,985 $3,521,641 
Accumulated impairment losses(309,318)— — (234,579)— (543,897)
$1,977,435 $159,020 $163,839 $245,465 $431,985 $2,977,744 

We performed our annual goodwill impairment testing quantitatively as of July 1, 2023 and determined there was no impairment of goodwill attributable to our reporting units. Furthermore, there was no impairment of goodwill during the years ended December 31, 2022 and 2021.

Intangibles
The carrying amounts of our intangible assets presented in “Intangibles and other” on our consolidated balance sheets are as follows:
December 31
Useful Life20232022
 (In thousands)
Customer relationships
 10 - 20 years
$347,567 $346,354 
Transportation agreements
30 years
59,933 59,933 
Trademarks, patents and other
10 - 20 years
263,855 261,678 
671,355 667,965 
Accumulated amortization(260,723)(204,239)
Total intangibles, net$410,632 $463,726 

Amortization expense was $55.1 million, $51.0 million and $35.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated future amortization expense related to the intangible assets at December 31, 2023 is as follows:
(In thousands)
2024$55,261 
2025$55,261 
2026$46,499 
2027$40,753 
2028$34,253 
v3.24.0.1
Environmental
 12 Months Ended
Dec. 31, 2023
Environmental Expense and Liabilities [Abstract]  
Environmental Environmental
We expensed $26.5 million, $13.4 million and $7.8 million for the years ended December 31, 2023, 2022 and 2021, respectively, for environmental remediation obligations. The accrued environmental liability reflected on our consolidated balance sheets was $195.4 million and $192.3 million at December 31, 2023 and 2022, respectively, of which $161.4 million and $170.0 million, respectively, were classified as other long-term liabilities. These accruals include remediation and monitoring costs expected to be incurred over an extended period of time. Accrued environmental liabilities assumed in the Sinclair Transactions were $72.2 million at the acquisition date and an associated receivable from third parties of $21.5 million. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated.
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
HF Sinclair Credit Agreement
We have a $1.65 billion senior unsecured revolving credit facility maturing in April 2026 (the “HF Sinclair Credit Agreement”). The HF Sinclair Credit Agreement may be used for revolving credit loans and letters of credit from time to time and is available to fund general corporate purposes. At December 31, 2023, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $0.3 million under the HF Sinclair Credit Agreement.

Indebtedness under the HF Sinclair Credit Agreement bears interest, at our option based on the currency of such indebtedness at either (a) a base rate equal to the highest of the Federal Funds Effective Rate (as defined in the HF Sinclair Credit Agreement) plus half of 1%, Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement) for a one-month interest period plus 1% and the prime rate (as publicly announced from time to time by the administrative agent), as applicable, plus an applicable margin (ranging from 0.25% - 1.125%), (b) the CDOR Rate (as defined in the HF Sinclair Credit Agreement) plus an applicable margin (ranging from 1.25% to 2.125%), (c) the Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement) plus an applicable margin (ranging from 1.25% to 2.125%) or (d) the Daily Simple RFR (as defined in the HF Sinclair Credit Agreement) plus an applicable margin (ranging from 1.25% to 2.125%). In each case, the applicable margin is based on HF Sinclair's debt rating assigned by Standard & Poor’s Financial Services LLC and Moody’s Investors Service, Inc.

HEP Credit Agreement
Our wholly owned subsidiary, HEP, has a $1.2 billion senior secured revolving credit facility maturing in July 2025 (the “HEP Credit Agreement”). In connection with the consummation of the HEP Merger Transaction, we amended the HEP Credit Agreement to, among other things, (a) provide a guaranty from us and terminated all guaranties from subsidiaries of HEP, (b) amended the definition of “Investment Grade Rating” (as defined in the HEP Credit Agreement) to reference the credit rating of our senior unsecured indebtedness, (c) eliminated the requirement to deliver separate audited and unaudited financial statements for HEP and its subsidiaries and only provide certain segment-level reporting for HEP with any compliance certificate delivered in accordance with the HEP Credit Agreement and (d) amended certain covenants to eliminate certain restrictions on (i) amendments to intercompany contracts, (ii) transactions with us and our subsidiaries and (iii) investments in and contributions, dividends, transfers and distributions to us and our subsidiaries.

The HEP Credit Agreement is available to fund capital expenditures, investments, acquisitions, distribution payments, working capital and for general corporate purposes. It is also available to fund letters of credit up to a $50 million sub-limit and has an accordion feature that allows us to increase the commitments under the HEP Credit Agreement up to a maximum amount of $1.7 billion. At December 31, 2023, we were in compliance with all of its covenants, had outstanding borrowings of $455.5 million and no outstanding letters of credit under the HEP Credit Agreement.
Prior to the Investment Grade Date (as defined in the HEP Credit Agreement), indebtedness under the HEP Credit Agreement bears interest, at our option, at either (a) the Alternate Base Rate (as defined in the HEP Credit Agreement) plus an applicable margin (ranging from 0.75% - 1.75%) or (b) Adjusted Term SOFR (as defined in the HEP Credit Agreement) plus an applicable margin (ranging from 1.75% - 2.75%). In each case, the applicable margin is based upon the Total Leverage Ratio (as defined in the HEP Credit Agreement). The weighted average interest rate in effect under the HEP Credit Agreement on our borrowings was 7.08% and 6.32% as of December 31, 2023 and 2022, respectively.

HEP Senior Notes Exchange
On December 4, 2023, we completed our offers to exchange any and all outstanding HEP 5.000% senior notes maturing February 2028 (the “HEP 5.000% Senior Notes”) and HEP 6.375% senior notes maturing April 2027 (the “HEP 6.375% Senior Notes” and, collectively with the HEP 5.000% Senior Notes, the “HEP Senior Notes”) for the HF Sinclair 5.000% senior notes maturing February 2028 (the “HF Sinclair 5.000% Senior Notes”) and the HF Sinclair 6.375% senior notes maturing April 2027 (the “HF Sinclair 6.375% Senior Notes”, and, collectively with the HF Sinclair 5.000% Senior Notes, the “New HF Sinclair Senior Notes”) to be issued by HF Sinclair with registration rights and cash. In connection with the exchange offers, HEP amended the indenture governing the HEP Senior Notes to eliminate (i) substantially all of the restrictive covenants, (ii) certain of the events which may lead to an “Event of Default”, (iii) the SEC reporting covenant and (iv) the requirement of HEP to offer to purchase the HEP Senior Notes upon a change of control.

The New HF Sinclair Senior Notes are unsecured and unsubordinated obligations of ours and rank equally with all our other existing and future unsecured and unsubordinated indebtedness. Each series of the New HF Sinclair Senior Notes has the same interest rate, interest payment dates, maturity date and redemption terms as the corresponding series of HEP Senior Notes. The New HF Sinclair Senior Notes were issued in exchange for the HEP Senior Notes pursuant to a private exchange offer exempt from registration under the Securities Act of 1933, as amended.

Senior Notes
At December 31, 2023, our senior notes consisted of the following:

•$202.900 million in aggregate principal amount of 5.875% senior notes maturing April 2026 (the “HollyFrontier 5.875% Senior Notes”),
•$74.966 million in aggregate principal amount of 4.500% senior notes maturing October 2030 (the “HollyFrontier 4.500% Senior Notes” and, collectively with the HollyFrontier 5.875% Senior Notes, the “HollyFrontier Senior Notes”),
•$797.100 million in aggregate principal amount of 5.875% senior notes maturing April 2026 (the “HF Sinclair 5.875% Senior Notes”),
•$325.034 million in aggregate principal amount of 4.500% senior notes maturing October 2030 (the “HF Sinclair 4.500% Senior Notes”),
•$498.879 million in aggregate principal amount of HF Sinclair 5.000% Senior Notes,
•$399.875 million in aggregate principal amount of HF Sinclair 6.375% Senior Notes (collectively with the HF Sinclair 5.875% Senior Notes, HF Sinclair 4.500% Senior Notes and HF Sinclair 5.000% Senior Notes, the “HF Sinclair Senior Notes”),
•$1.121 million in aggregate principal amount of HEP 5.000% Senior Notes and
•$0.125 million in aggregate principal amount of HEP 6.375% Senior Notes.

Our senior notes are unsecured and unsubordinated obligations of ours and rank equally with all future unsecured and unsubordinated indebtedness.

In October 2023, we repaid at maturity our $59.6 million aggregate principal amount HollyFrontier 2.625% senior notes maturing October 2023 (the “HollyFrontier 2.625% Senior Notes”) and $248.2 million aggregate principal amount HF Sinclair 2.625% senior notes maturing October 2023 (the “HF Sinclair 2.625% Senior Notes”).

During the fourth quarter of 2022, we made open market repurchases of HF Sinclair 2.625% Senior Notes and HollyFrontier 2.625% Senior Notes that resulted in the extinguishment of $42.2 million in principal of the HF Sinclair 2.625% Senior Notes and fifteen thousand dollars in principal of the HollyFrontier 2.625% Senior Notes. Total cash consideration paid to repurchase the principal amount outstanding, excluding accrued interest, totaled $41.4 million, and we recognized a $0.6 million gain on the extinguishment of debt during the year ended December 31, 2022.
Further, we may from time to time seek to retire some or all of our outstanding debt or debt agreements through cash purchases, and/or exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, may be material and will depend on prevailing market conditions, our liquidity requirements and other factors.

HF Sinclair Financing Arrangements
Certain of our wholly owned subsidiaries entered into financing arrangements whereby such subsidiaries sold a portion of their precious metals catalyst to a financial institution and then leased back the precious metals catalyst in exchange for cash. The volume of the precious metals catalyst and the lease rate are fixed over the term of each lease, and the lease payments are recorded as interest expense. The current leases mature in one year or less. Upon maturity, we must either satisfy the obligation at fair market value or refinance to extend the maturity. These financing arrangements are recorded at a Level 2 fair value totaling $37.0 million and $39.8 million at December 31, 2023 and 2022, respectively, and are included in “Accrued liabilities” on our consolidated balance sheets. See Note 6 for additional information on Level 2 inputs.

HF Sinclair may, from time to time, issue letters of credit pursuant to uncommitted letters of credit facilities with its lenders. At December 31, 2023, there were no letters of credit outstanding under such credit facilities.

The carrying amounts of outstanding debt are as follows:
December 31,
20232022
 (In thousands)
HollyFrontier
2.625% Senior Notes
$— $59,637 
5.875% Senior Notes
202,900 202,900 
4.500% Senior Notes
74,966 74,966 
277,866 337,503 
HF Sinclair
2.625% Senior Notes
$— $248,190 
5.875% Senior Notes
797,100 797,100 
4.500% Senior Notes
325,034 325,034 
5.000% Senior Notes
498,879 — 
6.375% Senior Notes
399,875 — 
2,020,888 1,370,324 
HEP
5.000% Senior Notes
1,121 500,000 
6.375% Senior Notes
125 400,000 
1,246 900,000 
HEP Credit Agreement455,500 668,000 
Less current debt (1)
— (306,959)
Unamortized discount and debt issuance costs (1)
(16,417)(20,355)
Total long-term debt (2)
$2,739,083 $2,948,513 

(1)The 2.625% HollyFrontier Senior Notes and HF Sinclair 2.625% Senior Notes, inclusive of unamortized discount and debt issuance costs of $0.9 million at December 31, 2022 were due October 2023 and were classified as current debt on our consolidated balance sheets.
(2)At December 31, 2022, total HF Sinclair standalone long-term debt, which excluded HEP long-term debt, was $1.4 billion.
The fair values of the senior notes are as follows:
December 31,
20232022
(In thousands)
HollyFrontier and HF Sinclair Senior Notes$2,270,668 $1,655,726 
HEP Senior Notes$1,188 $852,658 

These fair values are based on a Level 2 input. See Note 6 for additional information on Level 2 inputs.

Principal maturities of outstanding debt as of December 31, 2023 are as follows:

Years Ending December 31,(In thousands)
2024$— 
2025455,500 
20261,000,000 
2027400,000 
2028500,000 
Thereafter400,000 
Total$2,755,500 
v3.24.0.1
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Commodity Price Risk Management
Our primary market risk is commodity price risk. We are exposed to market risks related to the volatility in crude oil and refined products, as well as volatility in the price of natural gas used in our refining operations. We periodically enter into derivative contracts in the form of commodity price swaps, collar contracts, forward purchase and sales and futures contracts to mitigate price exposure with respect to our inventory positions, natural gas purchases, sales prices of refined products and crude oil costs.

Foreign Currency Risk Management
We are exposed to market risk related to the volatility in foreign currency exchange rates. We periodically enter into derivative contracts in the form of foreign exchange forward contracts to mitigate the exposure associated with fluctuations on intercompany notes with our foreign subsidiaries that are not denominated in the U.S. dollar.

Accounting Hedges
We had swap contracts serving as cash flow hedges against price risk on forecasted purchases of natural gas that matured as of December 31, 2021. We also periodically have swap contracts to lock in basis spread differentials on forecasted purchases of crude oil and forward sales contracts that lock in the prices of future sales of crude oil and refined product. These contracts have been designated as accounting hedges and are measured at fair value with offsetting adjustments (gains/losses) recorded directly to other comprehensive income (loss). These fair value adjustments are later reclassified to earnings as the hedging instruments mature.
The following table presents the pre-tax effect on other comprehensive income (“OCI”) and earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting:
Net Unrealized Gain Recognized in OCIGain (Loss) Reclassified into Earnings
Derivatives Designated as Cash Flow Hedging InstrumentsYears Ended December 31,Income Statement LocationYears Ended December 31,
202320222021202320222021
(In thousands)
Commodity contracts$— $326 $31 Sales and other revenues$(3,236)$(5,288)$(19,239)
Operating expenses— — 1,660 
Total$— $326 $31 $(3,236)$(5,288)$(17,579)

Economic Hedges
We have commodity contracts including NYMEX futures contracts to lock in prices on forecasted purchases and sales of inventory and basis swap contracts to mitigate exposure to natural gas price volatility and forward purchase and sell contracts of refined products, as well as periodically have contracts to lock in basis spread differentials on forecasted purchases of crude oil and collar contracts to mitigate exposure to natural gas price volatility, that serve as economic hedges (derivatives used for risk management, but not designated as accounting hedges). We also have forward currency contracts to fix the rate of foreign currency. In addition, our catalyst financing arrangements discussed in Note 13 could require repayment under certain conditions based on the future pricing of platinum, which is an embedded derivative. These contracts are measured at fair value with offsetting adjustments (gains/losses) recorded directly to earnings.

The following table presents the pre-tax effect on earnings due to maturities and fair value adjustments of our economic hedges:
Gain (Loss) Recognized in Earnings
Derivatives Not Designated as Hedging InstrumentsYears Ended December 31,
Income Statement Location202320222021
(In thousands)
Commodity contractsCost of products sold$10,162 $(17,189)$(22,909)
Operating expenses(20,783)(13,780)— 
Interest expense2,050 (4,420)11,816 
Foreign currency contractsGain (loss) on foreign currency transactions(7,414)27,826 (4,013)
Total$(15,985)$(7,563)$(15,106)

As of December 31, 2023, we have the following notional contract volumes related to outstanding derivative instruments (all maturing in 2024):
Total Outstanding NotionalUnit of Measure
Derivatives not designated as hedging instruments:
NYMEX futures (WTI) - short
640,000 Barrels
Forward gasoline contracts - long800,000 Barrels
Foreign currency forward contracts
387,613,367 U. S. dollar
Forward commodity contracts (platinum)
36,969 Troy ounces
Natural gas price swaps (basis spread) - long6,667,000 MMBTU
The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position on our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.
Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
December 31, 2023
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$836 $— $836 $— $— $— 
Commodity price swap contracts
— — — 7,808 — 7,808 
Commodity forward contracts2,908 — 2,908 1,848 — 1,848 
Foreign currency forward contracts
— — — 7,893 — 7,893 
$3,744 $— $3,744 $17,549 $— $17,549 
Total net balance$3,744 $17,549 
Balance sheet classification:Prepayment and other$3,744 Accrued liabilities$17,549 

Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
December 31, 2022
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$— $— $— $2,750 $— $2,750 
Commodity price swap contracts
342 — 342 — — — 
Commodity collar contracts— — — 6,275 — 6,275 
Commodity forward contracts2,949 — 2,949 2,987 — 2,987 
Foreign currency forward contracts
15,359 — 15,359 — — — 
$18,650 $— $18,650 $12,012 $— $12,012 
Total net balance$18,650 $12,012 
Balance sheet classification:Prepayments and other$18,650 Accrued liabilities$12,012 
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes is comprised of the following:
Years Ended December 31,
202320222021
(In thousands)
Current
Federal$179,677 $674,977 $(33,206)
State24,419 108,993 (1,802)
Foreign44,966 57,734 30,336 
Deferred
Federal154,996 38,535 94,353 
State31,285 21,121 1,386 
Foreign6,269 (6,488)32,831 
$441,612 $894,872 $123,898 

The statutory federal income tax rate applied to pre-tax book income reconciles to income tax expense as follows:
Years Ended December 31,
202320222021
(In thousands)
Tax computed at statutory rate$452,027 $826,570 $165,302 
State income taxes, net of federal tax benefit55,734 123,442 13,588 
Noncontrolling interest in net income(29,386)(28,726)(25,931)
Effect of change in state rate— (15,800)(13,342)
Nontaxable permanent differences(49,420)— — 
CARES Act benefits— — (10,384)
Foreign rate differential5,753 6,608 331 
Federal tax credits(5,344)(23,853)(29,777)
US tax on non-US operations7,239 12,920 18,547 
Other5,009 (6,289)5,564 
$441,612 $894,872 $123,898 
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Our deferred income tax assets and liabilities as of December 31, 2023 and 2022 are as follows:
December 31, 2023
AssetsLiabilitiesTotal
(In thousands)
Deferred income taxes
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,171,633)$(1,171,633)
Lease obligation106,161 — 106,161 
Accrued employee benefits20,260 — 20,260 
Accrued post-retirement benefits9,985 — 9,985 
Accrued environmental costs42,916 — 42,916 
Hedging instruments1,791 — 1,791 
Inventory differences— (164,178)(164,178)
Deferred turnaround costs— (155,833)(155,833)
Net operating loss and tax credit carryforwards35,294 — 35,294 
Valuation allowance— (10,614)(10,614)
Other— (11,279)(11,279)
Total$216,407 $(1,513,537)$(1,297,130)

December 31, 2022
AssetsLiabilitiesTotal
(In thousands)
Deferred income taxes
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,032,048)$(1,032,048)
Lease obligation129,727 — 129,727 
Accrued employee benefits17,665 — 17,665 
Accrued post-retirement benefits9,951 — 9,951 
Accrued environmental costs37,868 — 37,868 
Hedging instruments3,260 — 3,260 
Inventory differences— (230,112)(230,112)
Deferred turnaround costs— (88,574)(88,574)
Net operating loss and tax credit carryforwards27,963 — 27,963 
Investment in HEP— (134,160)(134,160)
Valuation allowance— (3,691)(3,691)
Other— (14)(14)
Total$226,434 $(1,488,599)$(1,262,165)

We have tax benefits attributable to net operating losses of $17.6 million in Luxembourg that can be carried forward 16 years which will begin expiring in 2034. We also have tax benefits attributable to net operating losses of $11.2 million in the Netherlands that can be carried forward indefinitely, and tax benefits attributable to net operating losses in China of $3.5 million which can be carried forward five years. We have reflected a valuation allowance of $10.6 million in 2023 and $3.7 million in 2022, with respect to net operating carryforwards that primarily relate to losses in Luxembourg and China.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Years Ended December 31,
202320222021
(In thousands)
Balance at January 1$1,354 $54,605 $54,899 
Reductions for tax positions of prior years— (53,023)(49)
Settlements— — (125)
Lapse of statute of limitations(129)(228)(120)
Balance at December 31$1,225 $1,354 $54,605 

At December 31, 2023, 2022 and 2021, there were $1.2 million, $1.4 million, and $54.6 million, respectively, of unrecognized tax benefits that, if recognized, would affect our effective tax rate. Unrecognized tax benefits are adjusted in the period in which new information about a tax position becomes available or the final outcome differs from the amount recorded.

Approximately $0.7 million of the unrecognized tax benefits relates to claims filed with the U.S. Internal Revenue Service (“IRS”) on the federal income tax treatment of refundable biodiesel/ethanol blending tax credits for prior years. We filed suit related to these claims in the Federal District Court of Dallas in March of 2022; the suit was stayed pending the outcome of controlling cases in the U.S. Court of Appeals for the Fifth Circuit, which were decided in favor of the IRS and were not appealed. As such precedent is controlling for us, we intend to file a motion to dismiss those claims controlled by such precedent in the Federal District Court of Dallas during 2024.

We recognize interest and penalties relating to liabilities for unrecognized tax benefits as an element of tax expense. We have not recorded any penalties related to our uncertain tax positions as we believe that it is more likely than not that there will not be any assessment of penalties.

We are subject to U.S. and Canadian federal income tax, Oklahoma, Oregon, Kansas, New Mexico, Iowa, Arizona, Utah, Colorado and Nebraska income tax and to income tax of multiple other state and local jurisdictions. We have substantially concluded all state and local income tax matters for tax years through 2019. Other than the federal claim noted above and to the extent of the federal net operating loss carried back to 2015 from 2020, we have materially concluded all U.S. federal income tax matters for tax years through December 31, 2019. We are currently under audit with the Canada Revenue Agency for the 2018, 2019, and 2020 tax years and the IRS for the 2020 and 2021 tax years.
v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
In September 2022, our Board of Directors approved a $1.0 billion share repurchase program (the “September 2022 Share Repurchase Program”), which replaced all existing share repurchase programs at that time, authorizing us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH Company were also authorized under the September 2022 Share Repurchase Program, subject to REH Company’s interest in selling its shares and other limitations. As of August 15, 2023, we had repurchased $995.0 million under the September 2022 Share Repurchase Program.

On August 15, 2023, our Board of Directors approved a new $1.0 billion share repurchase program (the “August 2023 Share Repurchase Program”), which replaced all existing share repurchase programs, including the $5.0 million remaining authorization under the September 2022 Share Repurchase Program. The August 2023 Share Repurchase Program authorizes us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH Company are also authorized under the August 2023 Share Repurchase Program, subject to REH Company’s interest in selling its shares and other limitations. The timing and amount of share repurchases, including those from REH Company, will depend on market conditions and corporate, tax, regulatory and other relevant considerations. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs. The August 2023 Share Repurchase Program may be discontinued at any time by our Board of Directors.
On January 3, 2024, we repurchased 454,380 shares of our outstanding common stock from REH Company in a privately negotiated transaction under the August 2023 Share Repurchase Program and pursuant to the Stock Purchase Agreement, dated January 3, 2024 (the “January Stock Purchase Agreement”), between us and REH Company. The price paid by us under the January Stock Purchase Agreement was $55.02 per share resulting in an aggregate purchase price of $25.0 million. The purchase price was funded with cash on hand.

On February 8, 2024, we repurchased 1,061,946 shares of our outstanding common stock from REH Company in a privately negotiated transaction under the August 2023 Share Repurchase Program and pursuant to the Stock Purchase Agreement, dated February 8, 2024 (the “February Stock Purchase Agreement”), between us and REH Company. The price paid by us under the February Stock Purchase Agreement was $56.50 per share resulting in an aggregate purchase price of $60.0 million. The purchase price was funded with cash on hand. As of February 15, 2024, we had remaining authorization to repurchase up to $591.4 million under the August 2023 Share Repurchase Program.

The following table presents total open market and privately negotiated purchases of shares under our share repurchase programs for the years ended December 31, 2023 and 2022.

 Years Ended December 31,
 20232022
Number of shares repurchased (1)
18,779,88025,716,042
Cash paid for shares repurchased (in thousands)$974,474 $1,313,006 

(1) During the years ended December 31, 2023 and 2022, 15,515,302 and 14,407,274 shares, respectively, were repurchased for $810.6 million and $750.0 million, respectively, pursuant to privately negotiated repurchases from REH Company.

On December 14, 2022, we agreed to repurchase an aggregate of 1,000,000 shares of our outstanding common stock from a registered broker for an aggregate purchase price of $48.6 million (the “December 2022 Repurchase”). The purchase price was funded with cash on hand. The shares repurchased are held as treasury stock.

The December 2022 Repurchase was made in connection with the sale by REH Company of approximately 5,000,000 shares of common stock, inclusive of the 1,000,000 shares we repurchased, in an unregistered block trade permitted under applicable securities laws (such sale, the “Sale”). In connection with the Sale, REH Company agreed to customary “lock-up” restrictions that expired 60 days following the date of the Sale, subject to waiver by the broker and certain exceptions, including, but not limited to, privately negotiated sales or transfers of common stock to us from REH Company.

The December 2022 Repurchase was made pursuant to separate authorization from our Board of Directors and not as part of the September 2022 Share Repurchase Program, and accordingly, did not reduce the remaining authorization thereunder.

During the years ended December 31, 2023, 2022 and 2021, we withheld 332,741, 278,025, and 217,151 shares, respectively, of our common stock from certain employees in the amounts of $18.1 million, $16.5 million and $7.1 million, respectively. These withholdings were made under the terms of restricted stock unit and performance share unit agreements upon vesting, at which time, we concurrently made cash payments to fund payroll and income taxes on behalf of officers and employees who elected to have shares withheld from vested amounts to pay such taxes.
v3.24.0.1
Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2023
Other Comprehensive Income (Loss), before Tax [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
The components and allocated tax effects of other comprehensive income (loss) are as follows:
Before-TaxTax Expense
(Benefit)		After-Tax
 (In thousands)
Year Ended December 31, 2023
Net change in foreign currency translation adjustment
$13,161 $2,760 $10,401 
Net change in pension and other post-retirement benefit obligations
101 273 (172)
Other comprehensive income attributable to HF Sinclair stockholders$13,262 $3,033 $10,229 
Year Ended December 31, 2022
Net change in foreign currency translation adjustment
$(32,383)$(6,817)$(25,566)
Net unrealized gain on hedging instruments326 67 259 
Net change in pension and other post-retirement benefit obligations789 166 623 
Other comprehensive loss attributable to HF Sinclair stockholders$(31,268)$(6,584)$(24,684)
Year Ended December 31, 2021
Net change in foreign currency translation adjustment$(13,336)$(2,793)$(10,543)
Net unrealized gain on hedging instruments31 8 23 
Net change in pension and other post-retirement benefit obligations(457)(186)(271)
Other comprehensive loss attributable to HF Sinclair stockholders$(13,762)$(2,971)$(10,791)

The following table presents the statement of income line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):
AOCI ComponentGain (Loss) Reclassified From AOCIIncome Statement Line Item
Years Ended December 31,
202320222021
(In thousands)
Hedging instruments:
Commodity price swaps$(3,236)$(5,288)$(19,239)Sales and other revenues
— — 1,660 Operating expenses
(3,236)(5,288)(17,579)
(784)(1,282)(4,430)Income tax expense (benefit)
(2,452)(4,006)(13,149)Net of tax
Other post-retirement benefit obligations:
Pension obligations(1,378)208 407 Other, net
(334)50 103 Income tax expense (benefit)
(1,044)158 304 Net of tax
Post-retirement healthcare obligations3,859 3,440 3,328 
Other, net
935 834 839 Income tax expense (benefit)
2,924 2,606 2,489 Net of tax
Retirement restoration plan(11)(39)(39)
Other, net
(3)(9)(10)Income tax expense (benefit)
(8)(30)(29)Net of tax
Total reclassifications for the period$(580)$(1,272)$(10,385)
Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
Years Ended December 31,
20232022
 (In thousands)
Foreign currency translation adjustment$(23,026)$(33,427)
Unrealized gain (loss) on pension obligations619 (2,661)
Unrealized gain on post-retirement benefit obligations10,623 14,075 
Accumulated other comprehensive loss$(11,784)$(22,013)
v3.24.0.1
Pension and Post-retirement Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Pension and Post-retirement Plans Pension and Post-retirement Plans
Certain Petro-Canada Lubricants Inc. (“PCLI”) employees are participants in union and non-union pension plans, which are closed to new entrants. Effective June 30, 2022, we ceased to accrue additional benefits under these plans, at which time the plan was fully frozen. During 2023, we had partial settlements in the union and non-union pension plans. We expect the remaining benefits will be settled by the end of 2024. In addition, Sonneborn employees in the Netherlands have a defined benefit pension plan which was frozen and all plan participants became inactive in 2016. The plan assets are in the form of a third-party insurance contract that is valued based on the assets held by the insurer and insures a value which approximates the accrued benefits related to the plan’s accumulated benefit obligation. At that time, a new plan was established to provide future indexation benefits to participants who had accrued benefits under the expiring arrangements.
The following table sets forth the changes in the benefit obligation and plan assets of our PCLI pension plans and Sonneborn Netherlands plans for the years ended December 31, 2023 and 2022.
Years Ended December 31,
20232022
(In thousands)
Change in plans' benefit obligations
Pension plans benefit obligation - beginning of period$90,443 $120,414 
Service cost— 1,839 
Interest cost3,781 3,086 
Actuarial gain2,097 (25,605)
Benefits paid(5,472)(2,306)
Settlements(24,090)— 
Transfer from other plans3,849 164 
Foreign currency exchange rate changes2,032 (7,149)
Pension plans benefit obligation - end of year$72,640 $90,443 
Change in pension plans assets
Fair value of plans assets - beginning of period$87,466 $119,325 
Return on plans assets7,146 (26,218)
Employer contributions1,324 3,486 
Benefits paid(4,697)(2,306)
Transfer payments3,849 164 
Settlements(24,090)— 
Foreign currency exchange rate changes2,020 (6,985)
Fair value of plans assets - end of year$73,018 $87,466 
Funded status
Over (Under)-funded balance$378 $(2,977)
Amounts recognized in consolidated balance sheets
Intangibles and other$1,149 $— 
Other long-term liabilities(771)(2,977)
$378 $(2,977)
Amounts recognized in accumulated other comprehensive loss
Cumulative actuarial loss$(607)$(3,872)

The accumulated benefit obligation was $72.6 million and $90.4 million at December 31, 2023 and 2022, respectively, which are also the measurement dates used for our pension plans.

The following tables provide information regarding pension plans with a projected benefit obligation and accumulated benefit obligation in excess of the fair value of plan assets:
December 31,
20232022
(In thousands)
Projected benefit obligation$24,579 $90,443 
Fair value of plan assets$23,808 $87,466 

December 31,
20232022
(In thousands)
Accumulated benefit obligation$24,579 $90,443 
Fair value of plan assets$23,808 $87,466 
The weighted average assumption used to determine the end of period benefit obligation for the PCLI plans for the year ended December 31, 2023 were discount rates of 4.60% to 4.65%. The weighted average assumptions used to determine the end of period benefit obligation for the PCLI plans for the year ended December 31, 2022 were discount rates of 3.70% to 4.44%. For the years ended December 31, 2023 and 2022, the weighted average assumption used to determine end of period benefit obligations for Sonneborn were discount rates of 3.60% and 4.20%, respectively.

Net periodic pension expense consisted of the following components:
Years Ended December 31,
202320222021
(In thousands)
Service cost - benefit earned during the period$— $1,839 $4,455 
Interest cost on projected benefit obligations3,781 3,086 2,740 
Expected return on plans assets(3,140)(3,223)(3,031)
Amortization of gain— (208)(407)
Settlements1,378 — — 
Net periodic pension expense$2,019 $1,494 $3,757 

The components, other than service cost, of our net periodic pension expense are recorded in Other, net on our consolidated statements of income.

The following table presents the fair values of PCLI’s pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2023 and 2022.

December 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(In thousands)
Fixed income82248,387— 49,209 457 66,295 — 66,752 
$822$48,387$— $49,209 $457 $66,295 $— $66,752 

See Note 6 for additional information on Level 1 and 2 inputs.

The expected long-term rate of return on plan assets is 4.60% to 4.65% for the PCLI pension plans and is based on a target investment of 100% in fixed income.

We expect to contribute $0.2 million to the Sonneborn pension plans in 2024. PCLI and Sonneborn pension plan benefit payments, which reflect expected future service, are expected to be paid as follows: $1.9 million in 2024, $0.8 million in 2025, $0.9 million in 2026, $0.9 million in 2027, $1.0 million in 2028 and $6.0 million in 2029 to 2033. Benefit payments expected to be paid in 2024 include the estimate of the net present value of all expected benefit payments to be paid out once the PCLI union and non-union pension plans windup has been finalized.

Post-retirement Healthcare Plans
We have post-retirement healthcare and other benefits plans that are available to certain of our employees who satisfy certain age and service requirements. These plans are unfunded and provide differing levels of healthcare benefits dependent upon hire date and work location. Not all of our employees are covered by these plans at December 31, 2023.
The following table sets forth the changes in the benefit obligation and plan assets of our post-retirement healthcare plans for the years ended December 31, 2023 and 2022:
Years Ended December 31,
20232022
 (In thousands)
Change in plans' benefit obligation
Post-retirement plans' benefit obligation - beginning of year$28,678 $34,816 
Service cost1,604 2,081 
Interest cost1,340 990 
Benefits paid(613)(582)
Actuarial gain(761)(7,884)
Foreign currency exchange rate changes249 (743)
Post-retirement plans' benefit obligation - end of year$30,497 $28,678 
Change in plan assets
Fair value of plan assets - beginning of year$— $— 
Employer contributions603 572 
Participant contributions10 10 
Benefits paid(613)(582)
Fair value of plan assets - end of year$— $— 
Funded status
Under-funded balance$(30,497)$(28,678)
Amounts recognized in consolidated balance sheets
Accrued liabilities$(1,701)$(1,706)
Other long-term liabilities(28,796)(26,972)
$(30,497)$(28,678)
Amounts recognized in accumulated other comprehensive loss
Cumulative actuarial gain$8,020 $7,603 
Prior service credit8,069 11,550 
Total$16,089 $19,153 

Benefit payments, which reflect expected future service, are expected to be paid as follows: $1.7 million in 2024; $2.5 million in 2025; $2.5 million in 2026; $2.5 million in 2027; $2.7 million in 2028; and $13.2 million in 2029 through 2033.

The weighted average assumptions used to determine end of period benefit obligations:
December 31,
20232022
Discount rate
4.60% - 4.81%
4.95% - 5.10%
Current health care trend rate
6.00% - 6.75%
6.00% - 7.00%
Ultimate health care trend rate
4.00% - 4.00%
4.00% - 4.00%
Year rate reaches ultimate trend rate
2035 - 2041
2027 - 2041
Net periodic post-retirement credit consisted of the following components:
Years Ended December 31,
202320222021
 (In thousands)
Service cost – benefit earned during the year$1,604 $2,081 $2,324 
Interest cost on projected benefit obligations1,340 990 782 
Amortization of prior service credit(3,481)(3,472)(3,481)
Amortization of (gain) loss(378)32 153 
Net periodic post-retirement credit$(915)$(369)$(222)

The components, other than service cost, of our net periodic post-retirement credit are recorded in Other, net on our consolidated statements of income. Prior service credits are amortized over the average remaining effective period to obtain full benefit eligibility for participants.

Defined Contribution Plans
We have defined contribution plans that cover substantially all qualified employees in the U.S., Canada and the Netherlands. Our contributions are based on an employee's eligible compensation and years of service. We also partially match our employees’ contributions. We expensed $80.8 million, $73.7 million and $45.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, in connection with these plans.
v3.24.0.1
Contingencies and Contractual Commitments
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Contractual Commitments Contingencies and Contractual Commitments
We are a party to various litigation and legal proceedings which we believe, based on advice of counsel, will not either individually or in the aggregate have a materially adverse effect on our financial condition, results of operations or cash flows.

During the year ended December 31, 2023, we recognized a gain of $15.0 million, which is reflected in our Refining segment, from the settlement of a preservation of property claim related to winter storm Uri that occurred in the first quarter of 2021. Additionally, during the year ended December 31, 2022, we recognized a gain of $15.2 million, which is reflected in our Corporate and Other segment, from the settlement of our business interruption claim related to winter storm Uri that occurred in the first quarter of 2021.

Pursuant to the Business Combination Agreement, all pre-closing RINs obligations of REH Company’s subsidiaries (which are now subsidiaries of HF Sinclair as a result of the HFC Transactions) remained with REH Company. REH Company was required to transfer to HF Sinclair the number of each applicable type of RIN required for REH Company to demonstrate compliance for any pre-closing obligations it retained by the deadlines set forth in the Business Combination Agreement. If REH Company did not deliver all the required RINs by the applicable deadline, then, within five days following the delivery of an invoice therefor, REH Company was required to pay to HF Sinclair the amount of all out-of-pocket costs and expenses incurred by HF Sinclair to comply with REH Company’s pre-closing obligations prior to such deadline, including the price of any RINs purchased by HF Sinclair. In relation to this, 2,570,000 shares of HF Sinclair common stock, out of the purchase consideration paid to REH Company, were held in escrow to secure REH Company’s RINs credit obligations under Section 6.22 of the Business Combination Agreement and were released in January 2024 upon their satisfaction of the RINs credit obligation relating thereto. The 5,290,000 HEP common units that were also held in escrow to secure REH Company's RINs credit obligations were released to REH Company in April 2023 upon their satisfaction of the RINs credit obligations relating thereto.
During 2017 and 2019, the EPA granted the Cheyenne Refinery and the refinery in Woods Cross, Utah (the “Woods Cross Refinery”) each a one-year small refinery exemption from the Renewable Fuel Standard (“RFS”) program requirements for the 2016 and 2018, respectively, compliance years. As a result, the Cheyenne Refinery’s and Woods Cross Refinery’s gasoline and diesel production are not subject to the Renewable Volume Obligation for the respective years. Upon each exemption granted, we increased our inventory of RINs and reduced our cost of products sold. On April 7, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2018 compliance year. On June 3, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2016 compliance year and denying small refinery exemption petitions for our Woods Cross and Cheyenne refineries for the 2019 and 2020 compliance years. Various subsidiaries of HollyFrontier are currently pursuing legal challenges to the EPA’s decisions to reverse its grant of small refinery exemptions for the 2016 and 2018 compliance years. The first lawsuit, filed against the EPA on May 6, 2022 and currently pending before the U.S. Court of Appeals for the DC Circuit, seeks to have the EPA’s reversal of our 2018 small refinery exemption petitions overturned. The second lawsuit, filed against the EPA on August 5, 2022 and currently pending before the U.S. Court of Appeals for the DC Circuit, seeks to have the EPA’s reversal of our 2016 small refinery exemption petitions overturned and to have the EPA’s denial of our 2019 and 2020 small refinery exemption petitions reversed. In addition, for both the 2016 and 2018 compliance years, pursuant to the June 2022 and April 2022 decisions, respectively, the EPA established an alternative compliance demonstration for small refineries pursuant to which the EPA is not imposing any obligations for the small refineries whose exemptions were reversed. On June 24, 2022, Growth Energy filed two lawsuits in the U.S. Court of Appeals for the DC Circuit against the EPA challenging the alternative compliance demonstration for the 2016 and 2018 compliance years. On July 25, 2022, various subsidiaries of HollyFrontier intervened on behalf of the EPA to aid the defense of the EPA’s alternative compliance demonstration decision. It is too early to predict the outcome of these matters. We are unable to estimate the costs we may incur, if any, at this time.

We have been party to multiple proceedings before the Federal Energy Regulatory Commission (“FERC”) challenging the rates charged by SFPP, L.P. (“SFPP”) on its East Line pipeline facilities from El Paso, Texas to Phoenix, Arizona. In March 2018, FERC ruled that SFPP, as a master limited partnership, was prohibited from including an allowance for investor income taxes in the cost of service underlying its East Line rates. We reached a negotiated settlement with SFPP that provides for a payment to us of $51.5 million. FERC approved the settlement on December 31, 2020 subject to a rehearing period that resulted in a settlement effective date of February 2, 2021. Under the terms of the settlement agreement, SFPP made the $51.5 million payment to us on February 10, 2021 we recorded as “Gain on tariff settlement” on our consolidated statements of income for the year ended December 31, 2021.

Contractual Commitments
We have various long-term agreements (entered in the normal course of business) to purchase crude oil, natural gas, feedstocks and other resources to ensure we have adequate supplies to operate our refineries. The substantial majority of our purchase obligations are based on market prices or rates. These contracts expire in 2024 through 2028.

We also have long-term agreements with third parties for the transportation and storage of crude oil, natural gas and feedstocks to our refineries and for terminal and storage services that expire in 2024 through 2038. At December 31, 2023, the minimum future transportation and storage fees under transportation agreements having terms in excess of one year are as follows:

(In thousands)
2024$237,534 
2025241,403 
2026203,316 
2027203,484 
2028207,742 
Thereafter1,079,956 
Total$2,173,435 

Transportation and storage costs incurred under these agreements totaled $200.5 million, $180.2 million and $160.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Our operations are organized into five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. Our operations that are not included in one of these five reportable segments are included in Corporate and Other. Intersegment transactions are eliminated on our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.

As a result of the Sinclair Transactions that closed on March 14, 2022, the operations of the Acquired Sinclair Businesses are reported in the Refining, Renewables, Marketing and Midstream segments.

The Refining segment represents the operations of our El Dorado, Tulsa, Navajo and Woods Cross refineries and HF Sinclair Asphalt Company LLC (“Asphalt”). Also, effective with our acquisition that closed on November 1, 2021, the Refining segment includes our Puget Sound Refinery, and effective with our acquisition that closed on March 14, 2022, includes our Parco and Casper refineries. Refining activities involve the purchase and refining of crude oil and wholesale marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountains extending into the Pacific Northwest geographic regions of the United States. Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma.

The Renewables segment represents the operations of our Cheyenne renewable diesel unit (“RDU”), which was mechanically complete in the fourth quarter of 2021 and operational in the first quarter of 2022, the pre-treatment unit at our Artesia, New Mexico facility, which was completed and operational in the first quarter of 2022 and the Artesia RDU, which was completed and operational in the second quarter of 2022. Also, effective with the Sinclair Transactions that closed on March 14, 2022, the Renewables segment includes the Sinclair RDU.

Effective with the Sinclair Transactions that closed on March 14, 2022, the Marketing segment represents branded fuel sales to Sinclair branded sites in the United States and licensing fees for the use of the Sinclair brand at additional locations throughout the country. The Marketing segment also includes branded fuel sales to non-Sinclair branded sites from legacy HollyFrontier agreements and revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of the sites located in our West and Mid-Continent regions.

The Lubricants & Specialties segment represents PCLI production operations, located in Mississauga, Ontario, that includes lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States and Europe. Additionally, the Lubricants & Specialties segment includes specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America and the operations of Red Giant Oil Company LLC, one of the largest suppliers of locomotive engine oil in North America. Also, the Lubricants & Specialties segment includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.

The Midstream segment includes all of the operations of HEP, which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. The Midstream segment also includes 50% ownership interests in each of the Osage Pipeline, the Cheyenne Pipeline and Cushing Connect, and a 25.12% ownership interest in the Saddle Butte Pipeline and a 49.995% ownership interest in the Pioneer Pipeline. Revenues from the Midstream segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations.

The accounting policies for our segments are the same as those described in the summary of significant accounting policies (see Note 1).
The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in the consolidated financial statements.

RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
 (In thousands)
Year Ended December 31, 2023
Sales and other revenues:
Revenues from external customers$24,156,278 $781,309 $4,146,292 $2,762,767 $117,749 $— $31,964,395 
Intersegment revenues4,516,326 407,681 — 12,566 490,566 (5,427,139)— 
$28,672,604 $1,188,990 $4,146,292 $2,775,333 $608,315 $(5,427,139)$31,964,395 
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)
$23,969,557 $1,080,919 $4,050,759 $2,005,853 $— $(5,322,639)$25,784,449 
Lower of cost or market inventory valuation adjustment
$220,558 $49,861 $— $— $— $— $270,419 
Operating expenses$1,946,958 $109,056 $— $258,578 $222,631 $(99,075)$2,438,148 
Selling, general and administrative expenses$199,547 $5,117 $34,413 $164,311 $26,453 $68,399 $498,240 
Depreciation and amortization$468,001 $77,100 $24,599 $86,341 $101,028 $13,504 $770,573 
Income (loss) from operations$1,867,983 $(133,063)$36,521 $260,250 $258,203 $(87,328)$2,202,566 
Earnings of equity method investments
$— $— $— $— $17,531 $(162)$17,369 
Capital expenditures$223,225 $18,154 $27,630 $37,431 $31,962 $47,011 $385,413 
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
 (In thousands)
Year Ended December 31, 2022
Sales and other revenues:
Revenues from external customers$30,379,696 $654,893 $3,911,922 $3,149,128 $109,200 $— $38,204,839 
Intersegment revenues4,033,213 360,606 — 9,472 438,280 (4,841,571)— 
$34,412,909 $1,015,499 $3,911,922 $3,158,600 $547,480 $(4,841,571)$38,204,839 
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)
$28,270,195 $974,167 $3,845,625 $2,333,156 $— $(4,743,130)$30,680,013 
Lower of cost or market inventory valuation adjustment
$— $52,412 — $— $— $— $52,412 
Operating expenses$1,815,931 $111,974 — $277,522 $210,623 $(81,157)$2,334,893 
Selling, general and administrative expenses$146,660 $3,769 $2,954 $168,207 $17,003 $87,892 $426,485 
Depreciation and amortization$405,065 $52,621 $17,819 $83,447 $96,683 $1,152 $656,787 
Income (loss) from operations
$3,775,058 $(179,444)$45,524 $296,268 $223,171 $(106,328)$4,054,249 
Loss of equity method investments$— $— $— $— $(260)$— $(260)
Capital expenditures$162,280 $225,274 $9,275 $34,887 $38,964 $53,327 $524,007 
RefiningRenewablesLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
(In thousands)
Year Ended December 31, 2021
Sales and other revenues:
Revenues from external customers$15,734,870 $— $2,550,624 $103,646 $2 $18,389,142 
Intersegment revenues623,688 — 9,988 390,849 (1,024,525)— 
$16,358,558 $— $2,560,612 $494,495 $(1,024,523)$18,389,142 
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)$14,673,062 $— $1,815,802 $— $(921,812)$15,567,052 
Lower of cost or market inventory valuation adjustment$(318,353)$8,739 $— $— $(509)$(310,123)
Operating expenses$1,090,424 $55,353 $252,456 $170,524 $(51,279)$1,517,478 
Selling, general and administrative expenses$127,563 $— $170,155 $12,637 $51,655 $362,010 
Depreciation and amortization$334,365 $1,672 $79,767 $86,998 $737 $503,539 
Income (loss) from operations$451,497 $(65,764)$242,432 $224,336 $(103,315)$749,186 
Earnings of equity method investments$— $— $— $12,432 $— $12,432 
Capital expenditures$160,431 $510,836 $30,878 $88,336 $22,928 $813,409 
v3.24.0.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
Description of Business: References herein to HF Sinclair Corporation (“HF Sinclair”) include HF Sinclair and its consolidated subsidiaries. In these financial statements, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person, with certain exceptions. References herein to HF Sinclair “we,” “our,” “ours” and “us” with respect to time periods prior to March 14, 2022 refer to HollyFrontier Corporation (“HollyFrontier”) and its consolidated subsidiaries and do not include Hippo Holding LLC (now known as Sinclair Holding LLC), the parent company of Sinclair Oil LLC, Sinclair Transportation Company LLC or their respective consolidated subsidiaries (collectively, the “Acquired Sinclair Businesses”). References herein to HF Sinclair “we,” “our,” “ours” and “us” with respect to time periods from and after March 14, 2022 include the operations of the Acquired Sinclair Businesses. Unless otherwise specified, the financial statements included herein include financial information for HF Sinclair, which for the time period from March 14, 2022 to December 31, 2023 includes the combined business operations of HollyFrontier and the Acquired Sinclair Businesses. References herein to Holly Energy Partners, L.P. (“HEP”) with respect to time periods prior to the closing of the HEP Merger Transaction (as defined below) on December 1, 2023 refer to HEP and its consolidated subsidiaries.

We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. We market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and we supply high-quality fuels to more than 1,500 branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries.
Principles of Consolidation Principles of Consolidation: Our consolidated financial statements include our accounts and the accounts of partnerships and joint ventures that we control through an ownership interest greater than 50% or through a controlling financial interest with respect to variable interest entities. All significant intercompany transactions and balances have been eliminated.
Variable Interest Entity Variable Interest Entities: A variable interest entity (“VIE”) is a legal entity whose equity owners do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the equity holders lack the power, through voting rights, to direct the activities that most significantly impact the entity's financial performance, the obligation to absorb the entity's expected losses or rights to expected residual returns.
Use of Estimates
Use of Estimates: The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash Equivalents
Cash Equivalents: We consider all highly liquid instruments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at cost, which approximates market value and are primarily invested in highly-rated instruments issued by government or municipal entities with strong credit standings.
Balance Sheet Offsetting
Balance Sheet Offsetting: We purchase and sell inventories of crude oil with certain same-parties that are net settled in accordance with contractual net settlement provisions. Our policy is to present such balances on a net basis since it presents our accounts receivables and payables consistent with our contractual settlement provisions.
Accounts Receivable
Accounts Receivable: Our accounts receivable primarily consist of amounts due from customers that are primarily from sales of refined products and renewable diesel. Credit is extended based on our evaluation of the customer's financial condition, and in certain circumstances collateral, such as letters of credit or guarantees, is required. We reserve for expected credit losses based on our historical loss experience as well as expected credit losses from current economic conditions and management’s expectations of future economic conditions. Credit losses are charged to the allowance for expected credit losses when an account is deemed uncollectible. Our allowance for expected credit losses was $3.2 million at December 31, 2023 and $7.7 million at December 31, 2022.

Accounts receivable attributable to crude oil resales generally represent the sale of excess crude oil to other purchasers and / or users in cases when our crude oil supplies are in excess of our immediate needs as well as certain reciprocal buy / sell exchanges of crude oil. At times we enter into such buy / sell exchanges to facilitate the delivery of quantities to certain locations. In many cases, we enter into net settlement agreements relating to the buy / sell arrangements, which may mitigate credit risk.
Inventories
Inventories: Inventories related to our refining operations are stated at the lower of cost, using the last-in, first-out (“LIFO”) method for crude oil and unfinished and finished refined products, or market. Inventories related to our renewable business are stated at the lower of cost, using the LIFO method for feedstock and unfinished and finished renewable products, or market. Cost, consisting of raw material, transportation and conversion costs, is determined using the LIFO inventory valuation methodology and market is determined using current replacement costs. Under the LIFO method, the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. In periods of rapidly declining prices, LIFO inventories may have to be written down to market value due to the higher costs assigned to LIFO layers in prior periods. In addition, the use of the LIFO inventory method may result in increases or decreases to cost of sales in years that inventory volumes decline as the result of charging cost of sales with LIFO inventory costs generated in prior periods. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation.

Inventories of our Petro-Canada Lubricants and Sonneborn businesses are stated at the lower of cost, using the first-in, first-out (“FIFO”) method, or net realizable value.

Inventories consisting of process chemicals, materials and maintenance supplies and RINs are stated at the lower of weighted-average cost or net realizable value.
Leases
Leases: At inception, we determine if an arrangement is or contains a lease. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our payment obligation under the leasing arrangement. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use our estimated incremental borrowing rate (“IBR”) to determine the present value of lease payments as most of our leases do not contain an implicit rate. Our IBR represents the interest rate which we would pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment. We use the implicit rate when readily determinable.

Operating leases are recorded in “Operating lease right-of-use assets” and current and noncurrent “Operating lease liabilities” on our consolidated balance sheets. Finance leases are included in “Properties, plants and equipment, at cost” and “Accrued liabilities” and “Other long-term liabilities” on our consolidated balance sheets.

Our lease term includes an option to extend the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less are not recorded on our balance sheets. For certain equipment leases, we apply a portfolio approach for the operating lease ROU assets and liabilities. Also, as a lessee, we separate non-lease components that are identifiable and exclude them from the determination of net present value of lease payment obligations. In addition, as a lessor, we do not separate the non-lease (service) component in contracts in which the lease component is the dominant component. We treat these combined components as an operating lease. We bifurcate the consideration received for sales-type lease contracts between lease and service revenue, with the service component accounted for within the scope of ASC 606, “Revenue from Contracts with Customers”.
Derivative Instruments
Derivative Instruments: All derivative instruments are recognized as either assets or liabilities on our consolidated balance sheets and are measured at fair value. Changes in the derivative instrument's fair value are recognized in earnings unless specific hedge accounting criteria are met. Cash flows from all our derivative activity are reported in the operating section on our consolidated statements of cash flows. See Note 14 for additional information.
Property, Plant and Equipment
Properties, Plants and Equipment: Properties, plants and equipment are stated at cost. Depreciation is provided by the straight-line method over the estimated useful lives of the assets, primarily 15 to 32 years for refining, pipeline and terminal facilities, 10 to 40 years for buildings and improvements, 5 to 30 years for other fixed assets and 5 years for vehicles.
Asset Retirement Obligations
Asset Retirement Obligations: We record legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and / or the normal operation of long-lived assets. The fair value of the estimated cost to retire a tangible long-lived asset is recorded as a liability with the associated retirement costs capitalized as part of the asset's carrying amount in the period in which it is incurred and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability's fair value. Certain of our refining assets have no recorded liability for asset retirement obligations since the timing of any retirement and related costs are currently indeterminable.
Intangibles, Goodwill and Long-lived Assets
Intangibles, Goodwill and Long-lived Assets: Intangible assets are assets (other than financial assets) that lack physical substance, and goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed. Goodwill acquired in a business combination and intangibles with indefinite useful lives are not amortized, whereas intangible assets with finite useful lives are amortized on a straight-line basis. Goodwill and intangible assets that are not subject to amortization are tested for impairment annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Our goodwill impairment testing first entails either a quantitative assessment or an optional qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine that based on the qualitative factors that it is more likely than not that the carrying amount of the reporting unit is greater than its fair value, a quantitative test is performed in which we estimate the fair value of the related reporting unit. If the carrying amount of a reporting unit exceeds its fair value, the goodwill of that reporting unit is impaired, and we measure goodwill impairment as the excess of the carrying amount of the reporting unit over the related fair value. The carrying amount of our intangible assets and goodwill may fluctuate from period to period due to the effects of foreign currency translation adjustments on goodwill and intangible assets assigned to our Lubricants & Specialties segment.

For purposes of long-lived asset impairment evaluation, we group our long-lived assets as follows: (i) our refinery asset groups, which include certain logistics assets, (ii) our renewables products asset groups, (iii) our Lubricants & Specialties asset groups, (iv) our Marketing assets and (v) our Midstream asset groups, which is comprised of logistics assets not included in our refinery asset groups. These asset groups represent the lowest level for which independent cash flows can be identified. Our long-lived assets are evaluated for impairment by identifying whether indicators of impairment exist and, if so, assessing whether such long-lived assets are recoverable from estimated future undiscounted cash flows. The actual amount of impairment loss measured, if any, is equal to the amount by which the asset group’s carrying value exceeds its fair value.

See Note 11 for additional information regarding goodwill and intangible assets.
Equity Method Investments
Equity Method Investments: We account for investments in which we have a noncontrolling interest, yet have significant influence over the entity, using the equity method of accounting, whereby we record our pro-rata share of earnings of these companies and contributions to and distributions from the joint ventures as adjustments to our investment balance.
Revenue Recognition
Revenue Recognition: Revenues on refined product, branded fuel sales, renewable diesel and excess crude oil sales are recognized when delivered (via pipeline, in-tank or rack) and the customer obtains control of such inventory, which is typically when title passes and the customer is billed. All revenues are reported inclusive of shipping and handling costs billed and exclusive of any taxes billed to customers. Shipping and handling costs incurred are reported as cost of products sold.

Our lubricants and specialties business has sales agreements with marketers and distributors that provide certain rights of return or provisions for the repurchase of products previously sold to them. Under these agreements, revenues and cost of revenues are deferred until the products have been sold to end customers. Our lubricants and specialties business also has agreements that create an obligation to deliver products at a future date for which consideration has already been received and recorded as deferred revenue. This revenue is recognized when the products are delivered to the customer.

Our midstream business recognizes revenues as products are shipped through its pipelines and terminals and as other services are rendered. Additionally, we have certain throughput agreements that specify minimum volume requirements, whereby we bill a customer for a minimum level of shipments in the event a customer ships below their contractual requirements. If there are no future performance obligations, we recognize these deficiency payments as revenue. In certain of these throughput agreements, a customer may later utilize such shortfall billings as credit towards future volume shipments in excess of its minimum levels within its respective contractual shortfall make-up period. Such amounts represent an obligation to perform future services, which may be initially deferred and later recognized as revenue based on estimated future shipping levels, including the likelihood of a customer’s ability to utilize such amounts prior to the end of the contractual shortfall make-up period. We recognize the service portion of these deficiency payments as revenue when we do not expect it will be required to satisfy these performance obligations in the future based on the pattern of rights exercised by the customer. Payment terms under our contracts with customers are consistent with industry norms and are typically payable within 30 days of the date of invoice.
Cost Classifications
Cost Classifications: Costs of products sold include the cost of crude oil, other feedstocks, blendstocks and purchased finished products, inclusive of transportation costs. We purchase crude oil that at times exceeds the supply needs of our refineries. Quantities in excess of our needs are sold at market prices to purchasers of crude oil that are recorded on a gross basis with the sales price recorded as revenues and the corresponding acquisition cost as cost of products sold. Additionally, we enter into buy / sell exchanges of crude oil with certain parties to facilitate the delivery of quantities to certain locations that are netted at cost. Operating expenses include direct costs of labor, maintenance materials and services, utilities and other direct operating costs. Selling, general and administrative expenses include compensation, professional services and other support costs.
Deferred Maintenance Costs Deferred Maintenance Costs: Our refinery units require regular major maintenance and repairs which are commonly referred to as “turnarounds.” Catalysts used in certain refinery processes also require regular “change-outs.” The required frequency of the maintenance varies by unit and by catalyst, but generally occurs no less than once every five years. Turnaround costs are deferred and amortized over the period until the next scheduled turnaround. Other repairs and maintenance costs are expensed when incurred.
Environmental Costs Environmental Costs: Environmental costs are charged to operating expenses if they relate to an existing condition caused by past operations and do not contribute to current or future revenue generation. We have ongoing investigations of environmental matters at various locations and routinely assess our recorded environmental obligations, if any, with respect to such matters. Liabilities are recorded when site restoration and environmental remediation, cleanup and other obligations are either known or considered probable and can be reasonably estimated. Such estimates are undiscounted and require judgment with respect to costs, time frame and extent of required remedial and clean-up activities and are subject to periodic adjustments based on currently available information. Recoveries of environmental costs through insurance, indemnification arrangements or other sources are included in other assets to the extent such recoveries are considered probable.
Contingencies
Contingencies: We are subject to proceedings, lawsuits and other claims related to environmental, labor, product and other matters. We are required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. We accrue for contingencies when it is probable that a loss has occurred and when the amount of that loss is reasonably estimable. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters.
Foreign Currency Translation
Foreign Currency Translation: Assets and liabilities recorded in foreign currencies are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the period presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income.

We have intercompany notes that were issued to fund certain of our foreign businesses. Remeasurement adjustments resulting from the conversion of such intercompany financing amounts to functional currencies are recorded as gains or losses as a component of other income (expense) on our consolidated statements of income. Such adjustments are not recorded to the Lubricants & Specialties segment operations, but to Corporate and Other. See Note 20 for additional information on our segments.
Income Taxes
Income Taxes: Provisions for income taxes include deferred taxes resulting from temporary differences in income for financial and tax purposes, using the liability method of accounting for income taxes. The liability method requires the effect of tax rate changes on deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. We account for U.S. tax on global intangible low-taxed income in the period in which it is incurred.

Potential interest and penalties related to income tax matters are recognized in income tax expense. We believe we have appropriate support for the income tax positions taken and to be taken on our income tax returns and that our accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter.
Inventory Repurchase Obligations Inventory Repurchase Obligations: We periodically enter into same-party sell / buy transactions, whereby we sell certain refined product inventory and subsequently repurchase the inventory in order to facilitate delivery to certain locations. Such sell / buy transactions are accounted for as inventory repurchase obligations under which proceeds received under the initial sell is recognized as inventory repurchase obligations that are subsequently reversed when the inventories are repurchased.
Accounting Pronouncements - Recently Adopted and Not Yet Adopted
Accounting Pronouncements - Recently Adopted

In October 2021, Accounting Standards Update (“ASU”) 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” was issued requiring that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, “Revenue from Contracts with Customers.” We adopted this standard effective January 1, 2023, but did not have a business combination under the scope of ASC 805, “Business Combinations” for the year ended December 31, 2023.

Accounting Pronouncements - Not Yet Adopted

In November 2023, ASU 2023-07, “Improvements to Reportable Segment Disclosures” was issued. ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This aims to provide more decision-useful information to stakeholders by giving a clearer picture of the costs incurred by each reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. We are assessing the impact of this guidance on our disclosures.
In December 2023, ASU 2023-09, “Improvements to Income Tax Disclosures” was issued. ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. We are assessing the impact of this guidance on our disclosures.
Fair Value Measurement
Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows:

•(Level 1) Quoted prices in active markets for identical assets or liabilities.
•(Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data.
•(Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs.
v3.24.0.1
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Equity Method Investments
The following table summarizes our recorded investment compared to its share of underlying equity for each of its investee. The differences are being amortized as adjustments to our pro-rata share of earnings in the joint ventures.
Balance at December 31, 2023
Underlying EquityRecorded Investment BalanceDifference
(In thousands)
Equity Method Investments
Osage Pipe Line Company, LLC$1,144 $27,135 $(25,991)
Cheyenne Pipeline, LLC30,508 41,985 (11,477)
Cushing Connect Terminal Holdings LLC48,135 32,474 15,661 
Pioneer Investments Corp.24,188 131,244 (107,056)
Saddle Butte Pipeline III, LLC66,436 33,107 33,329 
Total$170,411 $265,945 $(95,534)

Balance at December 31, 2022
Underlying EquityRecorded Investment BalanceDifference
(In thousands)
Equity Method Investments
Osage Pipe Line Company, LLC$2,901 $29,773 $(26,872)
Cheyenne Pipeline, LLC27,655 40,019 (12,364)
Cushing Connect Terminal Holdings LLC49,915 34,746 15,169 
Pioneer Investments Corp.23,835 133,182 (109,347)
Saddle Butte Pipeline III, LLC67,349 32,884 34,465 
Total$171,655 $270,604 $(98,949)
v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Consideration and Allocation
The following tables present the purchase consideration and final purchase price allocation of the assets acquired and liabilities assumed on March 14, 2022:

Purchase Consideration (in thousands except for per share amounts)
Shares of HF Sinclair common stock issued 60,230
Closing price per share of HFC common stock (1)
$35.68 
Purchase consideration paid in HF Sinclair common stock2,149,008
Shares of HEP common units issued to REH Company21,000
Closing price per share of HEP common units (2)
$16.62 
Purchase consideration paid in HEP common units349,020
Total equity consideration2,498,028
Cash consideration paid by HEP328,955
Cash consideration received by HF Sinclair(77,507)
Total cash consideration251,448 
Total purchase consideration$2,749,476 

(1)Based on the HollyFrontier closing stock price on March 11, 2022.
(2)Based on the HEP closing unit price on March 11, 2022.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
(In thousands)
Assets Acquired
Accounts receivable$467,530 
Inventories: Crude oil and refined products906,461 
Inventories: Materials, supplies and other39,350 
Properties, plants and equipment1,242,549 
Operating lease right-of-use assets4,585 
Other assets: Intangibles and other495,621 
Total assets acquired$3,156,096 
Liabilities Assumed
Accounts payable$564,385 
Operating lease liabilities1,030 
Accrued liabilities84,298 
Noncurrent operating lease liabilities3,554 
Deferred income taxes351,189 
Other long-term liabilities88,098 
Total liabilities assumed$1,092,554 
Net assets acquired$2,063,542 
Goodwill$685,934 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information
The following table presents the amounts and balance sheet locations of our operating and financing leases recorded on our consolidated balance sheets.
December 31,
20232022
(In thousands)
Operating leases:
Operating lease right-of-use assets
$348,006 $351,068 
Operating lease liabilities
106,973 109,926 
Noncurrent operating lease liabilities
249,479 254,215 
Total operating lease liabilities
$356,452 $364,141 
Finance leases:
Properties, plants and equipment, at cost
$108,746 $81,454 
Accumulated amortization
(25,271)(21,434)
Properties, plants and equipment, net
$83,475 $60,020 
Accrued liabilities
$10,842 $10,722 
Other long-term liabilities
74,860 50,361 
Total finance lease liabilities
$85,702 $61,083 
Schedule of Components of Lease Expense and Supplemental Cash Flow Information
Supplemental balance sheet information related to our leases was as follows:
December 31,
20232022
Weighted average remaining lease term (in years)
Operating leases
7.97.2
Finance leases
8.77.8
Weighted average discount rate
Operating leases
5.0 %4.2 %
Finance leases
5.8 %4.2 %
The components of lease expense were as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease expense$120,552 $116,769 $117,292 
Finance lease expense:
Amortization of right-of-use assets
13,007 13,003 4,295 
Interest on lease liabilities
3,156 2,593 733 
Variable lease cost12,968 4,448 3,645 
Total lease expense
$149,683 $136,813 $125,965 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202320222021
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$127,923 $126,048 $129,577 
Operating cash flows from finance leases
$3,156 $2,593 $733 
Financing cash flows from finance leases
$11,923 $11,713 $3,990 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$103,352 $61,403 $147,718 
Finance leases$38,061 $6,149 $64,334 
Schedule of Operating and Finance Lease Maturities
As of December 31, 2023, minimum future lease payments of our operating and finance lease obligations were as follows:
OperatingFinance
(In thousands)
2024$118,006 $15,375 
202565,436 13,650 
202650,145 12,537 
202731,644 11,442 
202824,398 10,766 
Thereafter163,651 46,869 
Future minimum lease payments453,280 110,639 
Less: imputed interest96,828 24,937 
Total lease obligations356,452 85,702 
Less: current obligations106,973 10,842 
Long-term lease obligations$249,479 $74,860 
Schedule of Lease Income
Lease income recognized was as follows:
Years Ended December 31,
202320222021
(In thousands)
Operating lease revenues$16,879 $14,346 $15,281 
Sales-type lease interest income$1,634 $2,515 $2,545 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1,325 $1,782 $2,162 
Schedule of Minimum Undiscounted Lease Payments
Annual minimum undiscounted lease payments in which we are a lessor to third-party contracts as of December 31, 2023 were as follows:
OperatingSales-type
(In thousands)
2024$12,994 $2,170 
20253,441 2,170 
2026— 2,170 
2027— 2,170 
2028— 2,170 
Thereafter— 13,560 
Total lease payment receipts$16,435 24,410 
Less: imputed interest(15,945)
8,465 
Unguaranteed residual assets at end of leases25,180 
Net investment in leases$33,645 
Schedule of Net Investments in Operating Leases
Net investment in sales-type leases recorded on our consolidated balance sheets was composed of the following:
December 31, 2023December 31, 2022
(In thousands)
Lease receivables$18,830 $23,797 
Unguaranteed residual assets14,815 10,383 
Net investment in leases$33,645 $34,180 
v3.24.0.1
Cushing Connect Joint Venture (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Variable Interest Entities The most significant assets of Cushing Connect and Cushing Connect Pipeline that are available to settle only their obligations, along with their most significant liabilities for which their creditors do not have recourse to our general credit, were:
Years Ended December 31,
20232022
(In thousands)
Cash and cash equivalents1,536 2,147 
Properties, plants and equipment, at cost102,936 102,635 
Less accumulated depreciation(8,022)(4,484)
Intangibles and other32,473 34,746 
v3.24.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated revenues were as follows:
Years Ended December 31,
202320222021
(In thousands)
Revenues by type
Refined product revenues
Transportation fuels (1)
$19,867,388 $25,895,867 $13,414,543 
Specialty lubricant products (2)
2,521,025 2,826,206 2,322,242 
Asphalt, fuel oil and other products (3)
2,167,049 2,147,710 948,581 
Total refined product revenues24,555,462 30,869,783 16,685,366 
Excess crude oil revenues (4)
2,147,466 2,342,288 1,547,696 
Renewable diesel revenues (5)
781,309 654,893 — 
Transportation and logistic services117,749 109,200 103,646 
Marketing revenues (6)
4,146,292 3,911,922 — 
Other revenues (7)
216,117 316,753 52,434 
Total sales and other revenues$31,964,395 $38,204,839 $18,389,142 

Years Ended December 31,
202320222021
(In thousands)
Refined product revenues by market
United States
Mid-Continent$9,362,688 $13,924,566 $9,094,885 
Southwest3,814,142 4,965,298 3,477,562 
Rocky Mountains9,131,345 9,533,476 2,118,619 
Northeast959,239 1,037,771 824,900 
Canada1,022,174 1,063,961 836,317 
Europe, Asia and Latin America265,874 344,711 333,083 
Total refined product revenues$24,555,462 $30,869,783 $16,685,366 

(1)Transportation fuels revenues are attributable to our Refining segment wholesale marketing of gasoline, diesel and jet fuel.
(2)Specialty lubricant products consist of base oil, waxes, finished lubricants and other specialty fluids.
(3)Asphalt, fuel oil and other products revenue include revenues attributable to our Refining and Lubricants & Specialties segments of $1,928.6 million and $238.4 million, respectively, for the year ended December 31, 2023. For the year ended December 31, 2022 such revenues attributable to our Refining and Lubricants & Specialties were $1,827.3 million and $314.8 million, respectively. For the year ended December 31, 2021 such revenue attributable to our Refining and Lubricants & Specialties segments were $724.3 million and $224.3 million, respectively.
(4)Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries.
(5)Renewable diesel revenues are attributable to our Renewables segment.
(6)Marketing segment revenues consist primarily of branded gasoline and diesel fuel.
(7)Other revenues are principally attributable to our Refining segment.
Schedule of Changes to Contract Liabilities The following table presents changes to contract liabilities:
Years Ended December 31,
202320222021
(In thousands)
Balance at January 1$10,722 $9,278 $6,738 
Increase21,381 32,040 32,301 
Recognized as revenue(24,570)(30,596)(29,761)
Balance at December 31$7,533 $10,722 $9,278 
Schedule of Aggregate Minimum Volumes Expected to be Sold Under Long-term Sales Contracts Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows, which include branded sales volumes assumed upon our acquisition of the Acquired Sinclair Businesses:
202420252026ThereafterTotal
(In thousands)
Refined product sales volumes (barrels)
35,563 25,506 17,891 47,240 126,200 
Annual minimum revenues attributable to our third-party contracts as of December 31, 2023 are presented below:
202420252026ThereafterTotal
(In thousands)
Midstream operations contractual minimum revenues$20,656 $11,097 $7,656 $42,592 $82,001 
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Asset and Liability Instruments
The carrying amounts of derivative instruments and RINs receivable and credit obligations at December 31, 2023 and 2022 were as follows:

Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In thousands)
December 31, 2023
Assets:
NYMEX futures contracts$836 $836 $— $— 
Commodity forward contracts2,908 — 2,908 — 
Total assets$3,744 $836 $2,908 $— 
Liabilities:
Commodity price swaps$7,808 $— $7,808 $— 
Commodity forward contracts1,848 — 1,848 — 
Foreign currency forward contracts7,893 — 7,893 — 
Total liabilities$17,549 $— $17,549 $— 

Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In thousands)
December 31, 2022
Assets:
Commodity price swaps$342 $— $342 $— 
Commodity forward contracts2,949 — 2,949 — 
RINs receivable (1)
81,232 — 81,232 — 
Foreign currency forward contracts15,359 — 15,359 — 
Total assets$99,882 $— $99,882 $— 
Liabilities:
NYMEX futures contracts$2,750 $2,750 $— $— 
Commodity collar contracts6,275 — 6,275 — 
Commodity forward contracts2,987 — 2,987 — 
RINs credit obligations (1)
81,232 — 81,232 — 
Total liabilities$93,244 $2,750 $90,494 $— 

(1)REH Company was financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing of the Sinclair Transactions. See Note 2 for additional information on RINs credit obligations assumed in the Sinclair Transactions.
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HF Sinclair stockholders:
 Years Ended December 31,
 202320222021
 (In thousands, except per share data)
Net income attributable to HF Sinclair stockholders$1,589,666 $2,922,668 $558,324 
Participating securities’ share in earnings (1)
14,045 29,465 7,465 
Net income attributable to common shares$1,575,621 $2,893,203 $550,859 
Average number of shares of common stock outstanding190,035 202,566 162,569 
Average number of shares of common stock outstanding assuming dilution
190,035 202,566 162,569 
Basic earnings per share$8.29 $14.28 $3.39 
Diluted earnings per share$8.29 $14.28 $3.39 

(1)Unvested restricted stock unit awards and unvested performance share units that settle in HF Sinclair common stock represent participating securities because they participate in nonforfeitable dividends or distributions with the common stockholders of HF Sinclair. Participating earnings represent the distributed and undistributed earnings of HF Sinclair attributable to the participating securities. Unvested restricted stock unit awards and performance share units do not participate in undistributed net losses as they are not contractually obligated to do so.
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Activity
The stock-based compensation expense and associated tax benefit were as follows:
Years Ended December 31,
202320222021
(In thousands)
Compensation expense:
Restricted stock units$30,067 $27,264 $29,453 
Performance stock units12,145 8,683 12,591 
Total compensation expense$42,212 $35,947 $42,044 
Tax benefit recognized on compensation expense$10,203 $8,918 $10,545 
Schedule of Restricted Stock Activity
A summary of restricted stock unit activity during the year ended December 31, 2023 is presented below:
Restricted Stock UnitsGrantsWeighted Average Grant Date Fair Value
Outstanding at January 1, 20231,055,875 $39.46 
Granted529,559 $52.59 
Vested(641,944)$33.17 
Forfeited(65,952)$38.55 
Converted from performance share units225,217 $45.46 
Outstanding at December 31, 20231,102,755 $50.71 
Schedule Of Performance Share Activity
A summary of performance share unit activity and changes during the year ended December 31, 2023 is presented below:
Performance Share UnitsGrantsWeighted Average Grant Date Fair Value
Outstanding at January 1, 2023771,197 $41.78 
Granted263,881 $67.73 
Vested(298,978)$24.47 
Forfeited(25,352)$40.76 
Converted to restricted stock units(225,217)$52.44 
Outstanding at December 31, 2023485,531 $61.66 
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventory Components
Inventories consist of the following components:
December 31,
20232022
(In thousands)
Crude oil$858,411 $818,737 
Other raw materials and unfinished products (1)
683,066 842,855 
Finished products (2)
1,435,817 1,252,984 
Lower of cost or market reserve(331,570)(61,151)
Process chemicals (3)
50,917 53,900 
Repairs and maintenance supplies and other (4)
225,190 307,203 
Total inventory$2,921,831 $3,214,528 

(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.
(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.
(3)Process chemicals include additives and other chemicals.
(4)Includes RINs.
v3.24.0.1
Properties, Plants and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Plants and Equipment
The components of properties, plants and equipment are as follows:
December 31,
20232022
(In thousands)
Land, buildings and improvements$765,826 $741,874 
Refining facilities6,593,768 6,346,422 
Pipelines and terminals2,300,781 2,267,052 
Transportation vehicles37,870 43,801 
Other fixed assets543,966 422,583 
Construction in progress291,221 324,920 
10,533,432 10,146,652 
Accumulated depreciation(3,906,600)(3,457,747)
$6,626,832 $6,688,905 
v3.24.0.1
Goodwill and Intangibles (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Segment
The following is a summary of our goodwill by segment:
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamTotal
(In thousands)
Balance at December 31, 2022
$1,977,435 $159,020 $163,839 $246,036 $431,985 $2,978,315 
Goodwill disposal and other changes— — — (943)— (943)
Foreign currency translation adjustment— — — 372 — 372 
Balance at December 31, 2023
$1,977,435 $159,020 $163,839 $245,465 $431,985 $2,977,744 
Balance at December 31, 2023
Goodwill$2,286,753 $159,020 $163,839 $480,044 $431,985 $3,521,641 
Accumulated impairment losses(309,318)— — (234,579)— (543,897)
$1,977,435 $159,020 $163,839 $245,465 $431,985 $2,977,744 
Schedule of Intangible Assets
The carrying amounts of our intangible assets presented in “Intangibles and other” on our consolidated balance sheets are as follows:
December 31
Useful Life20232022
 (In thousands)
Customer relationships
 10 - 20 years
$347,567 $346,354 
Transportation agreements
30 years
59,933 59,933 
Trademarks, patents and other
10 - 20 years
263,855 261,678 
671,355 667,965 
Accumulated amortization(260,723)(204,239)
Total intangibles, net$410,632 $463,726 
Schedule of Estimated Future Amortization Expense Related to Intangible Assets Estimated future amortization expense related to the intangible assets at December 31, 2023 is as follows:
(In thousands)
2024$55,261 
2025$55,261 
2026$46,499 
2027$40,753 
2028$34,253 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Carrying Amounts
The carrying amounts of outstanding debt are as follows:
December 31,
20232022
 (In thousands)
HollyFrontier
2.625% Senior Notes
$— $59,637 
5.875% Senior Notes
202,900 202,900 
4.500% Senior Notes
74,966 74,966 
277,866 337,503 
HF Sinclair
2.625% Senior Notes
$— $248,190 
5.875% Senior Notes
797,100 797,100 
4.500% Senior Notes
325,034 325,034 
5.000% Senior Notes
498,879 — 
6.375% Senior Notes
399,875 — 
2,020,888 1,370,324 
HEP
5.000% Senior Notes
1,121 500,000 
6.375% Senior Notes
125 400,000 
1,246 900,000 
HEP Credit Agreement455,500 668,000 
Less current debt (1)
— (306,959)
Unamortized discount and debt issuance costs (1)
(16,417)(20,355)
Total long-term debt (2)
$2,739,083 $2,948,513 

(1)The 2.625% HollyFrontier Senior Notes and HF Sinclair 2.625% Senior Notes, inclusive of unamortized discount and debt issuance costs of $0.9 million at December 31, 2022 were due October 2023 and were classified as current debt on our consolidated balance sheets.
(2)At December 31, 2022, total HF Sinclair standalone long-term debt, which excluded HEP long-term debt, was $1.4 billion.
The fair values of the senior notes are as follows:
December 31,
20232022
(In thousands)
HollyFrontier and HF Sinclair Senior Notes$2,270,668 $1,655,726 
HEP Senior Notes$1,188 $852,658 
Schedule of Principal Maturities of Long-Term Debt
Principal maturities of outstanding debt as of December 31, 2023 are as follows:

Years Ending December 31,(In thousands)
2024$— 
2025455,500 
20261,000,000 
2027400,000 
2028500,000 
Thereafter400,000 
Total$2,755,500 
v3.24.0.1
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Unrealized Gain (Loss) Recognized in OCI and Gain (Loss) Reclassified into Earnings
The following table presents the pre-tax effect on other comprehensive income (“OCI”) and earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting:
Net Unrealized Gain Recognized in OCIGain (Loss) Reclassified into Earnings
Derivatives Designated as Cash Flow Hedging InstrumentsYears Ended December 31,Income Statement LocationYears Ended December 31,
202320222021202320222021
(In thousands)
Commodity contracts$— $326 $31 Sales and other revenues$(3,236)$(5,288)$(19,239)
Operating expenses— — 1,660 
Total$— $326 $31 $(3,236)$(5,288)$(17,579)
Schedule of Gain (Loss) Recognized in Earnings
The following table presents the pre-tax effect on earnings due to maturities and fair value adjustments of our economic hedges:
Gain (Loss) Recognized in Earnings
Derivatives Not Designated as Hedging InstrumentsYears Ended December 31,
Income Statement Location202320222021
(In thousands)
Commodity contractsCost of products sold$10,162 $(17,189)$(22,909)
Operating expenses(20,783)(13,780)— 
Interest expense2,050 (4,420)11,816 
Foreign currency contractsGain (loss) on foreign currency transactions(7,414)27,826 (4,013)
Total$(15,985)$(7,563)$(15,106)
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges
As of December 31, 2023, we have the following notional contract volumes related to outstanding derivative instruments (all maturing in 2024):
Total Outstanding NotionalUnit of Measure
Derivatives not designated as hedging instruments:
NYMEX futures (WTI) - short
640,000 Barrels
Forward gasoline contracts - long800,000 Barrels
Foreign currency forward contracts
387,613,367 U. S. dollar
Forward commodity contracts (platinum)
36,969 Troy ounces
Natural gas price swaps (basis spread) - long6,667,000 MMBTU
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position on our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.
Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
December 31, 2023
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$836 $— $836 $— $— $— 
Commodity price swap contracts
— — — 7,808 — 7,808 
Commodity forward contracts2,908 — 2,908 1,848 — 1,848 
Foreign currency forward contracts
— — — 7,893 — 7,893 
$3,744 $— $3,744 $17,549 $— $17,549 
Total net balance$3,744 $17,549 
Balance sheet classification:Prepayment and other$3,744 Accrued liabilities$17,549 

Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
December 31, 2022
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$— $— $— $2,750 $— $2,750 
Commodity price swap contracts
342 — 342 — — — 
Commodity collar contracts— — — 6,275 — 6,275 
Commodity forward contracts2,949 — 2,949 2,987 — 2,987 
Foreign currency forward contracts
15,359 — 15,359 — — — 
$18,650 $— $18,650 $12,012 $— $12,012 
Total net balance$18,650 $12,012 
Balance sheet classification:Prepayments and other$18,650 Accrued liabilities$12,012 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Provision For Income Taxes
The provision for income taxes is comprised of the following:
Years Ended December 31,
202320222021
(In thousands)
Current
Federal$179,677 $674,977 $(33,206)
State24,419 108,993 (1,802)
Foreign44,966 57,734 30,336 
Deferred
Federal154,996 38,535 94,353 
State31,285 21,121 1,386 
Foreign6,269 (6,488)32,831 
$441,612 $894,872 $123,898 
Schedule of Effective Tax Rate to Income Tax Expense (Benefit)
The statutory federal income tax rate applied to pre-tax book income reconciles to income tax expense as follows:
Years Ended December 31,
202320222021
(In thousands)
Tax computed at statutory rate$452,027 $826,570 $165,302 
State income taxes, net of federal tax benefit55,734 123,442 13,588 
Noncontrolling interest in net income(29,386)(28,726)(25,931)
Effect of change in state rate— (15,800)(13,342)
Nontaxable permanent differences(49,420)— — 
CARES Act benefits— — (10,384)
Foreign rate differential5,753 6,608 331 
Federal tax credits(5,344)(23,853)(29,777)
US tax on non-US operations7,239 12,920 18,547 
Other5,009 (6,289)5,564 
$441,612 $894,872 $123,898 
Schedule of Deferred Income Tax Assets And Liabilities Our deferred income tax assets and liabilities as of December 31, 2023 and 2022 are as follows:
December 31, 2023
AssetsLiabilitiesTotal
(In thousands)
Deferred income taxes
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,171,633)$(1,171,633)
Lease obligation106,161 — 106,161 
Accrued employee benefits20,260 — 20,260 
Accrued post-retirement benefits9,985 — 9,985 
Accrued environmental costs42,916 — 42,916 
Hedging instruments1,791 — 1,791 
Inventory differences— (164,178)(164,178)
Deferred turnaround costs— (155,833)(155,833)
Net operating loss and tax credit carryforwards35,294 — 35,294 
Valuation allowance— (10,614)(10,614)
Other— (11,279)(11,279)
Total$216,407 $(1,513,537)$(1,297,130)

December 31, 2022
AssetsLiabilitiesTotal
(In thousands)
Deferred income taxes
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,032,048)$(1,032,048)
Lease obligation129,727 — 129,727 
Accrued employee benefits17,665 — 17,665 
Accrued post-retirement benefits9,951 — 9,951 
Accrued environmental costs37,868 — 37,868 
Hedging instruments3,260 — 3,260 
Inventory differences— (230,112)(230,112)
Deferred turnaround costs— (88,574)(88,574)
Net operating loss and tax credit carryforwards27,963 — 27,963 
Investment in HEP— (134,160)(134,160)
Valuation allowance— (3,691)(3,691)
Other— (14)(14)
Total$226,434 $(1,488,599)$(1,262,165)
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Years Ended December 31,
202320222021
(In thousands)
Balance at January 1$1,354 $54,605 $54,899 
Reductions for tax positions of prior years— (53,023)(49)
Settlements— — (125)
Lapse of statute of limitations(129)(228)(120)
Balance at December 31$1,225 $1,354 $54,605 
v3.24.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Purchases of Shares under Share Repurchase Program
The following table presents total open market and privately negotiated purchases of shares under our share repurchase programs for the years ended December 31, 2023 and 2022.

 Years Ended December 31,
 20232022
Number of shares repurchased (1)
18,779,88025,716,042
Cash paid for shares repurchased (in thousands)$974,474 $1,313,006 

(1) During the years ended December 31, 2023 and 2022, 15,515,302 and 14,407,274 shares, respectively, were repurchased for $810.6 million and $750.0 million, respectively, pursuant to privately negotiated repurchases from REH Company.
v3.24.0.1
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2023
Other Comprehensive Income (Loss), before Tax [Abstract]  
Schedule of Components and Allocated Tax Effects of OCI
The components and allocated tax effects of other comprehensive income (loss) are as follows:
Before-TaxTax Expense
(Benefit)		After-Tax
 (In thousands)
Year Ended December 31, 2023
Net change in foreign currency translation adjustment
$13,161 $2,760 $10,401 
Net change in pension and other post-retirement benefit obligations
101 273 (172)
Other comprehensive income attributable to HF Sinclair stockholders$13,262 $3,033 $10,229 
Year Ended December 31, 2022
Net change in foreign currency translation adjustment
$(32,383)$(6,817)$(25,566)
Net unrealized gain on hedging instruments326 67 259 
Net change in pension and other post-retirement benefit obligations789 166 623 
Other comprehensive loss attributable to HF Sinclair stockholders$(31,268)$(6,584)$(24,684)
Year Ended December 31, 2021
Net change in foreign currency translation adjustment$(13,336)$(2,793)$(10,543)
Net unrealized gain on hedging instruments31 8 23 
Net change in pension and other post-retirement benefit obligations(457)(186)(271)
Other comprehensive loss attributable to HF Sinclair stockholders$(13,762)$(2,971)$(10,791)
Schedule of Income Statement Line Items Effects Out of AOCI
The following table presents the statement of income line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):
AOCI ComponentGain (Loss) Reclassified From AOCIIncome Statement Line Item
Years Ended December 31,
202320222021
(In thousands)
Hedging instruments:
Commodity price swaps$(3,236)$(5,288)$(19,239)Sales and other revenues
— — 1,660 Operating expenses
(3,236)(5,288)(17,579)
(784)(1,282)(4,430)Income tax expense (benefit)
(2,452)(4,006)(13,149)Net of tax
Other post-retirement benefit obligations:
Pension obligations(1,378)208 407 Other, net
(334)50 103 Income tax expense (benefit)
(1,044)158 304 Net of tax
Post-retirement healthcare obligations3,859 3,440 3,328 
Other, net
935 834 839 Income tax expense (benefit)
2,924 2,606 2,489 Net of tax
Retirement restoration plan(11)(39)(39)
Other, net
(3)(9)(10)Income tax expense (benefit)
(8)(30)(29)Net of tax
Total reclassifications for the period$(580)$(1,272)$(10,385)
Schedule of AOCI in Equity
Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
Years Ended December 31,
20232022
 (In thousands)
Foreign currency translation adjustment$(23,026)$(33,427)
Unrealized gain (loss) on pension obligations619 (2,661)
Unrealized gain on post-retirement benefit obligations10,623 14,075 
Accumulated other comprehensive loss$(11,784)$(22,013)
v3.24.0.1
Pension and Post-retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation and Plan Assets to PCLI Pension Plans
The following table sets forth the changes in the benefit obligation and plan assets of our PCLI pension plans and Sonneborn Netherlands plans for the years ended December 31, 2023 and 2022.
Years Ended December 31,
20232022
(In thousands)
Change in plans' benefit obligations
Pension plans benefit obligation - beginning of period$90,443 $120,414 
Service cost— 1,839 
Interest cost3,781 3,086 
Actuarial gain2,097 (25,605)
Benefits paid(5,472)(2,306)
Settlements(24,090)— 
Transfer from other plans3,849 164 
Foreign currency exchange rate changes2,032 (7,149)
Pension plans benefit obligation - end of year$72,640 $90,443 
Change in pension plans assets
Fair value of plans assets - beginning of period$87,466 $119,325 
Return on plans assets7,146 (26,218)
Employer contributions1,324 3,486 
Benefits paid(4,697)(2,306)
Transfer payments3,849 164 
Settlements(24,090)— 
Foreign currency exchange rate changes2,020 (6,985)
Fair value of plans assets - end of year$73,018 $87,466 
Funded status
Over (Under)-funded balance$378 $(2,977)
Amounts recognized in consolidated balance sheets
Intangibles and other$1,149 $— 
Other long-term liabilities(771)(2,977)
$378 $(2,977)
Amounts recognized in accumulated other comprehensive loss
Cumulative actuarial loss$(607)$(3,872)
Schedule of Projected Benefit Obligation in Excess of Fair Value
The following tables provide information regarding pension plans with a projected benefit obligation and accumulated benefit obligation in excess of the fair value of plan assets:
December 31,
20232022
(In thousands)
Projected benefit obligation$24,579 $90,443 
Fair value of plan assets$23,808 $87,466 

December 31,
20232022
(In thousands)
Accumulated benefit obligation$24,579 $90,443 
Fair value of plan assets$23,808 $87,466 
Schedule of Accumulated Benefit Obligation in Excess of Fair Value
The following tables provide information regarding pension plans with a projected benefit obligation and accumulated benefit obligation in excess of the fair value of plan assets:
December 31,
20232022
(In thousands)
Projected benefit obligation$24,579 $90,443 
Fair value of plan assets$23,808 $87,466 

December 31,
20232022
(In thousands)
Accumulated benefit obligation$24,579 $90,443 
Fair value of plan assets$23,808 $87,466 
Schedule of Net Periodic Pension Expense
Net periodic pension expense consisted of the following components:
Years Ended December 31,
202320222021
(In thousands)
Service cost - benefit earned during the period$— $1,839 $4,455 
Interest cost on projected benefit obligations3,781 3,086 2,740 
Expected return on plans assets(3,140)(3,223)(3,031)
Amortization of gain— (208)(407)
Settlements1,378 — — 
Net periodic pension expense$2,019 $1,494 $3,757 
Schedule of Pension Plan Assets
The following table presents the fair values of PCLI’s pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2023 and 2022.

December 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(In thousands)
Fixed income82248,387— 49,209 457 66,295 — 66,752 
$822$48,387$— $49,209 $457 $66,295 $— $66,752 
Schedule of Changes in Benefit Obligation and Plan Assets to Post-Retirement Healthcare Plans
The following table sets forth the changes in the benefit obligation and plan assets of our post-retirement healthcare plans for the years ended December 31, 2023 and 2022:
Years Ended December 31,
20232022
 (In thousands)
Change in plans' benefit obligation
Post-retirement plans' benefit obligation - beginning of year$28,678 $34,816 
Service cost1,604 2,081 
Interest cost1,340 990 
Benefits paid(613)(582)
Actuarial gain(761)(7,884)
Foreign currency exchange rate changes249 (743)
Post-retirement plans' benefit obligation - end of year$30,497 $28,678 
Change in plan assets
Fair value of plan assets - beginning of year$— $— 
Employer contributions603 572 
Participant contributions10 10 
Benefits paid(613)(582)
Fair value of plan assets - end of year$— $— 
Funded status
Under-funded balance$(30,497)$(28,678)
Amounts recognized in consolidated balance sheets
Accrued liabilities$(1,701)$(1,706)
Other long-term liabilities(28,796)(26,972)
$(30,497)$(28,678)
Amounts recognized in accumulated other comprehensive loss
Cumulative actuarial gain$8,020 $7,603 
Prior service credit8,069 11,550 
Total$16,089 $19,153 
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations
The weighted average assumptions used to determine end of period benefit obligations:
December 31,
20232022
Discount rate
4.60% - 4.81%
4.95% - 5.10%
Current health care trend rate
6.00% - 6.75%
6.00% - 7.00%
Ultimate health care trend rate
4.00% - 4.00%
4.00% - 4.00%
Year rate reaches ultimate trend rate
2035 - 2041
2027 - 2041
Schedule of Net Periodic Post-Retirement Credit
Net periodic post-retirement credit consisted of the following components:
Years Ended December 31,
202320222021
 (In thousands)
Service cost – benefit earned during the year$1,604 $2,081 $2,324 
Interest cost on projected benefit obligations1,340 990 782 
Amortization of prior service credit(3,481)(3,472)(3,481)
Amortization of (gain) loss(378)32 153 
Net periodic post-retirement credit$(915)$(369)$(222)
v3.24.0.1
Contingencies and Contractual Commitments (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Transportation and Storage Fees Under Agreement At December 31, 2023, the minimum future transportation and storage fees under transportation agreements having terms in excess of one year are as follows:
(In thousands)
2024$237,534 
2025241,403 
2026203,316 
2027203,484 
2028207,742 
Thereafter1,079,956 
Total$2,173,435 
v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in the consolidated financial statements.

RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
 (In thousands)
Year Ended December 31, 2023
Sales and other revenues:
Revenues from external customers$24,156,278 $781,309 $4,146,292 $2,762,767 $117,749 $— $31,964,395 
Intersegment revenues4,516,326 407,681 — 12,566 490,566 (5,427,139)— 
$28,672,604 $1,188,990 $4,146,292 $2,775,333 $608,315 $(5,427,139)$31,964,395 
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)
$23,969,557 $1,080,919 $4,050,759 $2,005,853 $— $(5,322,639)$25,784,449 
Lower of cost or market inventory valuation adjustment
$220,558 $49,861 $— $— $— $— $270,419 
Operating expenses$1,946,958 $109,056 $— $258,578 $222,631 $(99,075)$2,438,148 
Selling, general and administrative expenses$199,547 $5,117 $34,413 $164,311 $26,453 $68,399 $498,240 
Depreciation and amortization$468,001 $77,100 $24,599 $86,341 $101,028 $13,504 $770,573 
Income (loss) from operations$1,867,983 $(133,063)$36,521 $260,250 $258,203 $(87,328)$2,202,566 
Earnings of equity method investments
$— $— $— $— $17,531 $(162)$17,369 
Capital expenditures$223,225 $18,154 $27,630 $37,431 $31,962 $47,011 $385,413 
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
 (In thousands)
Year Ended December 31, 2022
Sales and other revenues:
Revenues from external customers$30,379,696 $654,893 $3,911,922 $3,149,128 $109,200 $— $38,204,839 
Intersegment revenues4,033,213 360,606 — 9,472 438,280 (4,841,571)— 
$34,412,909 $1,015,499 $3,911,922 $3,158,600 $547,480 $(4,841,571)$38,204,839 
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)
$28,270,195 $974,167 $3,845,625 $2,333,156 $— $(4,743,130)$30,680,013 
Lower of cost or market inventory valuation adjustment
$— $52,412 — $— $— $— $52,412 
Operating expenses$1,815,931 $111,974 — $277,522 $210,623 $(81,157)$2,334,893 
Selling, general and administrative expenses$146,660 $3,769 $2,954 $168,207 $17,003 $87,892 $426,485 
Depreciation and amortization$405,065 $52,621 $17,819 $83,447 $96,683 $1,152 $656,787 
Income (loss) from operations
$3,775,058 $(179,444)$45,524 $296,268 $223,171 $(106,328)$4,054,249 
Loss of equity method investments$— $— $— $— $(260)$— $(260)
Capital expenditures$162,280 $225,274 $9,275 $34,887 $38,964 $53,327 $524,007 
RefiningRenewablesLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
(In thousands)
Year Ended December 31, 2021
Sales and other revenues:
Revenues from external customers$15,734,870 $— $2,550,624 $103,646 $2 $18,389,142 
Intersegment revenues623,688 — 9,988 390,849 (1,024,525)— 
$16,358,558 $— $2,560,612 $494,495 $(1,024,523)$18,389,142 
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)$14,673,062 $— $1,815,802 $— $(921,812)$15,567,052 
Lower of cost or market inventory valuation adjustment$(318,353)$8,739 $— $— $(509)$(310,123)
Operating expenses$1,090,424 $55,353 $252,456 $170,524 $(51,279)$1,517,478 
Selling, general and administrative expenses$127,563 $— $170,155 $12,637 $51,655 $362,010 
Depreciation and amortization$334,365 $1,672 $79,767 $86,998 $737 $503,539 
Income (loss) from operations$451,497 $(65,764)$242,432 $224,336 $(103,315)$749,186 
Earnings of equity method investments$— $— $— $12,432 $— $12,432 
Capital expenditures$160,431 $510,836 $30,878 $88,336 $22,928 $813,409 
v3.24.0.1
Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 01, 2023
USD ($)
shares
Mar. 14, 2022
USD ($)
branded_station
location
Apr. 27, 2021
USD ($)
Apr. 27, 2021
CAD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
facility
branded_station
country
location
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nov. 01, 2021
USD ($)
Ownership Interest By Project Type [Line Items]                  
Number of branded stations | branded_station           1,500      
Number of locations licensed to use brand | location           300      
Number of countries entity licensed to exports products | country           80      
Allowance for doubtful accounts           $ 3,200,000 $ 7,700,000    
Asset retirement obligation           64,600,000 61,800,000    
Deferred turnaround and amortization expense           $ 238,700,000 $ 159,300,000 $ 136,900,000  
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]           Operating expenses Operating expenses Operating expenses  
Proceeds from inventory repurchase agreements           $ 25,700,000 $ 42,100,000 $ 43,500,000  
Payments under inventory repurchase agreements           $ 27,400,000 42,800,000 45,400,000  
Minimum                  
Ownership Interest By Project Type [Line Items]                  
Frequency of maintenance           5 years      
Cheyenne Refinery                  
Ownership Interest By Project Type [Line Items]                  
Severance costs               1,000,000  
Decommissioning and other shutdown costs             1,700,000 25,800,000  
Refining, pipeline and terminal facilities | Minimum                  
Ownership Interest By Project Type [Line Items]                  
Estimated useful life of assets           15 years      
Refining, pipeline and terminal facilities | Maximum                  
Ownership Interest By Project Type [Line Items]                  
Estimated useful life of assets           32 years      
Buildings and improvements | Minimum                  
Ownership Interest By Project Type [Line Items]                  
Estimated useful life of assets           10 years      
Buildings and improvements | Maximum                  
Ownership Interest By Project Type [Line Items]                  
Estimated useful life of assets           40 years      
Other fixed assets | Minimum                  
Ownership Interest By Project Type [Line Items]                  
Estimated useful life of assets           5 years      
Other fixed assets | Maximum                  
Ownership Interest By Project Type [Line Items]                  
Estimated useful life of assets           30 years      
Vehicles                  
Ownership Interest By Project Type [Line Items]                  
Estimated useful life of assets           5 years      
Lubricants & Specialties                  
Ownership Interest By Project Type [Line Items]                  
Severance costs         $ 7,800,000        
Mississauga, Canada Property | Disposal Group, Disposed of by Sale, Not Discontinued Operations                  
Ownership Interest By Project Type [Line Items]                  
Gain on sale of assets               $ 86,000,000  
Mississauga, Canada Property | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 7037619 Canada Inc.                  
Ownership Interest By Project Type [Line Items]                  
Proceeds from sale of property     $ 98,800,000 $ 125          
HEP Merger Transaction                  
Ownership Interest By Project Type [Line Items]                  
Conversion ratio 0.315                
Common stock in cash $ 4.00                
Transaction cash consideration transferred $ 267,600,000                
Shares issued in transaction (in shares) | shares 21,072,326                
Incremental acquisition and integration costs           $ 23,500,000      
Sinclair Merger                  
Ownership Interest By Project Type [Line Items]                  
Number of branded stations | branded_station   1,300              
Number of locations licensed to use brand | location   300              
Transaction cash consideration transferred   $ 251,448,000              
Incremental acquisition and integration costs           $ 15,800,000 $ 52,900,000    
Asset retirement obligation                 $ 6,200,000
WYOMING                  
Ownership Interest By Project Type [Line Items]                  
Number of facilities producing renewable diesel | facility           2      
v3.24.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Equity Method Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]    
Underlying Equity $ 170,411 $ 171,655
Recorded Investment Balance 265,945 270,604
Difference (95,534) (98,949)
Osage Pipe Line Company, LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 1,144 2,901
Recorded Investment Balance 27,135 29,773
Difference (25,991) (26,872)
Cheyenne Pipeline, LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 30,508 27,655
Recorded Investment Balance 41,985 40,019
Difference (11,477) (12,364)
Cushing Connect Terminal Holdings LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 48,135 49,915
Recorded Investment Balance 32,474 34,746
Difference 15,661 15,169
Pioneer Investments Corp.    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 24,188 23,835
Recorded Investment Balance 131,244 133,182
Difference (107,056) (109,347)
Saddle Butte Pipeline III, LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 66,436 67,349
Recorded Investment Balance 33,107 32,884
Difference $ 33,329 $ 34,465
v3.24.0.1
Acquisitions - Narrative (Details)
$ / shares in Units, $ in Thousands, bbl in Millions
 1 Months Ended 2 Months Ended 10 Months Ended 12 Months Ended
Mar. 14, 2022
USD ($)
nomination
branded_station
terminal
jointVenturePipeline
refinery
location
mi
$ / shares
shares
bbl
Nov. 01, 2021
USD ($)
Apr. 30, 2023
shares
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
branded_station
location
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Business Acquisition [Line Items]              
Common stock, par value (in USD per share) | $ / shares $ 0.01       $ 0.01 $ 0.01 $ 0.01
Number of branded stations | branded_station           1,500  
Number of locations licensed to use brand | location           300  
Goodwill         $ 2,978,315 $ 2,977,744 $ 2,978,315
RINs              
Business Acquisition [Line Items]              
Aggregate purchase amount           36,000  
Refining              
Business Acquisition [Line Items]              
Goodwill         1,977,435 1,977,435 1,977,435
Renewables              
Business Acquisition [Line Items]              
Goodwill         159,020 159,020 159,020
Marketing              
Business Acquisition [Line Items]              
Goodwill         163,839 163,839 163,839
Midstream              
Business Acquisition [Line Items]              
Goodwill         431,985 $ 431,985 431,985
HEP | Saddle Butte Pipeline III, LLC              
Business Acquisition [Line Items]              
Equity method investment, ownership percentage 25.06%         25.12%  
HEP | Pioneer Pipeline              
Business Acquisition [Line Items]              
Equity method investment, ownership percentage 49.995%         49.995%  
HEP | UNEV Pipeline              
Business Acquisition [Line Items]              
Remaining ownership interest acquired 0.25            
REH Company              
Business Acquisition [Line Items]              
Number of nominations to the Board of Directors | nomination 2            
REH Company | RINs credit obligations              
Business Acquisition [Line Items]              
Market price of RINs credit obligations $ 68,400            
REH Company | RINs | Disposal Group, Disposed of by Sale, Not Discontinued Operations              
Business Acquisition [Line Items]              
RINs sold           $ 21,200  
Sinclair Merger              
Business Acquisition [Line Items]              
Value of shares issued in transaction 2,498,028            
Transaction cash consideration transferred 251,448            
Aggregate consideration paid in transaction $ 2,749,476            
Shares held in escrow (in shares) | shares 2,570,000            
Number of branded stations | branded_station 1,300            
Number of locations licensed to use brand | location 300            
Goodwill $ 685,934            
Intangible assets acquired 221,400            
Fair value of equity method investments acquired 234,300            
Accrued liabilities 84,298            
Revenue from acquiree         9,835,000    
Income (loss) from operations from acquiree         $ 865,100    
Incremental acquisition and integration costs           $ 15,800 52,900
Sinclair Merger | Crude Oil and Refined Products              
Business Acquisition [Line Items]              
Inventories 906,461            
Sinclair Merger | RINs credit obligations              
Business Acquisition [Line Items]              
Accrued liabilities $ 70,600            
Sinclair Merger | Minimum              
Business Acquisition [Line Items]              
Amortization period of intangible assets acquired 4 years            
Sinclair Merger | Maximum              
Business Acquisition [Line Items]              
Amortization period of intangible assets acquired 20 years            
Sinclair Merger | Refining              
Business Acquisition [Line Items]              
Goodwill $ 244,000            
Sinclair Merger | Renewables              
Business Acquisition [Line Items]              
Goodwill 159,000            
Sinclair Merger | Marketing              
Business Acquisition [Line Items]              
Goodwill 163,800            
Sinclair Merger | Midstream              
Business Acquisition [Line Items]              
Goodwill $ 119,100            
Sinclair Merger | Rocky Mountain based              
Business Acquisition [Line Items]              
Number of refineries | refinery 2            
Sinclair Merger | HEP              
Business Acquisition [Line Items]              
Shares issued in transaction (in shares) | shares 21,000,000            
Value of shares issued in transaction $ 349,020            
Transaction cash consideration transferred $ 328,955            
Shares held in escrow (in shares) | shares 5,290,000            
Size of pipeline | mi 1,200            
Number of product terminals | terminal 8            
Number of crude terminals | terminal 2            
Barrels of crude oil, value | bbl 4.5            
Number of pipeline join ventures | jointVenturePipeline 3            
Sinclair Merger | REH Company              
Business Acquisition [Line Items]              
Shares issued in transaction (in shares) | shares 60,230,036            
Percentage of pro forma equity representing shares issued in transaction 0.27            
Value of shares issued in transaction $ 2,149,000            
Shares held in escrow (in shares) | shares 2,570,000            
Sinclair Merger | REH Company | HEP              
Business Acquisition [Line Items]              
Shares issued in transaction (in shares) | shares 21,000,000   5,290,000        
Transaction cash consideration transferred $ 329,000            
Sinclair Merger | HF Sinclair | REH Company              
Business Acquisition [Line Items]              
Transaction cash consideration transferred 77,500            
Aggregate consideration paid in transaction $ 2,072,000            
Puget Sound Refinery              
Business Acquisition [Line Items]              
Aggregate consideration paid in transaction   $ 624,300          
Revenue from acquiree       $ 603,100      
Income (loss) from operations from acquiree       $ (8,300)      
Incremental acquisition and integration costs             $ 12,200
Base cash purchase price in acquisition   350,000          
Other closing adjustments and accrued liabilities associated with acquisition   3,600          
Puget Sound Refinery | Crude Oil and Refined Products              
Business Acquisition [Line Items]              
Inventories   $ 277,900          
v3.24.0.1
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Sinclair Merger - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
Mar. 14, 2022
Mar. 11, 2022
Business Acquisition [Line Items]    
Total equity consideration $ 2,498,028  
Total cash consideration 251,448  
Cash consideration received by HF Sinclair (77,507)  
Total purchase consideration $ 2,749,476  
HF Sinclair    
Business Acquisition [Line Items]    
Shares issued in transaction (in shares) 60,230  
Closing price per share (in USD per share)   $ 35.68
Total equity consideration $ 2,149,008  
HEP    
Business Acquisition [Line Items]    
Shares issued in transaction (in shares) 21,000  
Closing price per share (in USD per share)   $ 16.62
Total equity consideration $ 349,020  
Total cash consideration $ 328,955  
v3.24.0.1
Acquisitions - Schedule of Preliminary Purchase Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Mar. 14, 2022
Liabilities Assumed      
Goodwill $ 2,977,744 $ 2,978,315  
Sinclair Merger      
Assets Acquired      
Accounts receivable     $ 467,530
Properties, plants and equipment     1,242,549
Operating lease right-of-use assets     4,585
Other assets: Intangibles and other     495,621
Total assets acquired     3,156,096
Liabilities Assumed      
Accounts payable     564,385
Operating lease liabilities     1,030
Accrued liabilities     84,298
Noncurrent operating lease liabilities     3,554
Deferred income taxes     351,189
Other long-term liabilities     88,098
Total liabilities assumed     1,092,554
Net assets acquired     2,063,542
Goodwill     685,934
Sinclair Merger | Crude Oil and Refined Products      
Assets Acquired      
Inventories     906,461
Sinclair Merger | Materials, Supplies and Other      
Assets Acquired      
Inventories     $ 39,350
v3.24.0.1
Leases - Narrative (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]  
Future undiscounted lease payments under leases $ 62.8
Lease not yet commenced, term 15 years
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease term 56 years
Operating lease renewal term 10 years
v3.24.0.1
Leases - Supplemental Balance Sheet Schedule (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating leases:    
Operating lease right-of-use assets $ 348,006 $ 351,068
Operating lease liabilities 106,973 109,926
Noncurrent operating lease liabilities 249,479 254,215
Total operating lease liabilities 356,452 364,141
Finance leases:    
Properties, plants and equipment, at cost 108,746 81,454
Accumulated amortization (25,271) (21,434)
Properties, plants and equipment, net $ 83,475 $ 60,020
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Accrued liabilities $ 10,842 $ 10,722
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued liabilities Accrued liabilities
Other long-term liabilities $ 74,860 $ 50,361
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term liabilities Other long-term liabilities
Total finance lease liabilities $ 85,702 $ 61,083
Weighted average remaining lease term (in years)    
Operating leases 7 years 10 months 24 days 7 years 2 months 12 days
Finance leases 8 years 8 months 12 days 7 years 9 months 18 days
Weighted average discount rate    
Operating leases 5.00% 4.20%
Finance leases 5.80% 4.20%
v3.24.0.1
Leases - Components of Lease Expense Schedule (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease expense $ 120,552 $ 116,769 $ 117,292
Finance lease expense:      
Amortization of right-of-use assets 13,007 13,003 4,295
Interest on lease liabilities 3,156 2,593 733
Variable lease cost 12,968 4,448 3,645
Total lease expense $ 149,683 $ 136,813 $ 125,965
v3.24.0.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 127,923 $ 126,048 $ 129,577
Operating cash flows from finance leases 3,156 2,593 733
Financing cash flows from finance leases 11,923 11,713 3,990
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases 103,352 61,403 147,718
Finance leases $ 38,061 $ 6,149 $ 64,334
v3.24.0.1
Leases - Schedule of Operating and Finance Lease Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating    
2024 $ 118,006  
2025 65,436  
2026 50,145  
2027 31,644  
2028 24,398  
Thereafter 163,651  
Future minimum lease payments 453,280  
Less: imputed interest 96,828  
Total operating lease liabilities 356,452 $ 364,141
Less: current obligations 106,973 109,926
Noncurrent operating lease liabilities 249,479 254,215
Finance    
2024 15,375  
2025 13,650  
2026 12,537  
2027 11,442  
2028 10,766  
Thereafter 46,869  
Future minimum lease payments 110,639  
Less: imputed interest 24,937  
Total finance lease liabilities 85,702 61,083
Less: current obligations 10,842 10,722
Long-term lease obligations $ 74,860 $ 50,361
v3.24.0.1
Leases - Schedule of Lease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease revenues $ 16,879 $ 14,346 $ 15,281
Sales-type lease interest income 1,634 2,515 2,545
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $ 1,325 $ 1,782 $ 2,162
v3.24.0.1
Leases - Schedule of Minimum Undiscounted Lease Payments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Operating  
2024 $ 12,994
2025 3,441
2026 0
2027 0
2028 0
Thereafter 0
Total lease payment receipts 16,435
Sales-type  
2024 2,170
2025 2,170
2026 2,170
2027 2,170
2028 2,170
Thereafter 13,560
Total lease payment receipts 24,410
Less: imputed interest (15,945)
Total lease receivable 8,465
Unguaranteed residual assets at end of leases 25,180
Net investment in leases $ 33,645
v3.24.0.1
Leases - Schedule of Net Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Lease receivables $ 18,830 $ 23,797
Unguaranteed residual assets 14,815 10,383
Net investment in leases $ 33,645 $ 34,180
v3.24.0.1
Cushing Connect Joint Venture - Narrative (Details) - HEP - Cushing Connect
bbl in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
bbl
Holly Energy Partners Entity [Line Items)  
Barrels of crude oil per day 160
Barrels of crude oil, value 1,500
Percent of budget which construction costs payable by HEP 10.00%
Expected construction costs | $ $ 74.0
v3.24.0.1
Cushing Connect Joint Venture - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Holly Energy Partners Entity [Line Items)    
Cash and cash equivalents $ 1,353,747 $ 1,665,066
Properties, plants and equipment, at cost 10,533,432 10,146,652
Less accumulated depreciation (3,906,600) (3,457,747)
Intangibles and other 972,272 982,718
Variable Interest Entity, Not Primary Beneficiary | Cushing Connect    
Holly Energy Partners Entity [Line Items)    
Cash and cash equivalents 1,536 2,147
Properties, plants and equipment, at cost 102,936 102,635
Less accumulated depreciation (8,022) (4,484)
Intangibles and other $ 32,473 $ 34,746
v3.24.0.1
Revenues - Schedule of Disaggregated Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Sales and other revenues $ 31,964,395 $ 38,204,839 $ 18,389,142
Refining      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 24,156,278 30,379,696 15,734,870
Lubricants & Specialties      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 2,762,767 3,149,128 2,550,624
Transportation fuels      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 19,867,388 25,895,867 13,414,543
Specialty lubricant products      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 2,521,025 2,826,206 2,322,242
Asphalt, fuel oil and other products      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 2,167,049 2,147,710 948,581
Asphalt, fuel oil and other products | Refining      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 1,928,600 1,827,300 724,300
Asphalt, fuel oil and other products | Lubricants & Specialties      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 238,400 314,800 224,300
Refined Product      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 24,555,462 30,869,783 16,685,366
Refined Product | Mid-Continent      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 9,362,688 13,924,566 9,094,885
Refined Product | Southwest      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 3,814,142 4,965,298 3,477,562
Refined Product | Rocky Mountains      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 9,131,345 9,533,476 2,118,619
Refined Product | Northeast      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 959,239 1,037,771 824,900
Refined Product | Canada      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 1,022,174 1,063,961 836,317
Refined Product | Europe, Asia and Latin America      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 265,874 344,711 333,083
Excess crude oil revenues      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 2,147,466 2,342,288 1,547,696
Renewable diesel revenues      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 781,309 654,893 0
Transportation and logistic services      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 117,749 109,200 103,646
Marketing revenues      
Disaggregation of Revenue [Line Items]      
Sales and other revenues 4,146,292 3,911,922 0
Other revenues      
Disaggregation of Revenue [Line Items]      
Sales and other revenues $ 216,117 $ 316,753 $ 52,434
v3.24.0.1
Revenues - Schedule of Contract Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Change In Contract With Customer, Liability [Roll Forward]      
Balance at beginning of period $ 10,722 $ 9,278 $ 6,738
Increase 21,381 32,040 32,301
Recognized as revenue (24,570) (30,596) (29,761)
Balance at end of period $ 7,533 $ 10,722 $ 9,278
v3.24.0.1
Revenues - Schedule of Performance Obligations (Details)
bbl in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
bbl
Dec. 31, 2022
Dec. 31, 2021
Shell | Revenue Benchmark | Customer Concentration Risk      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Concentration risk, percentage of total revenues 12.00% 15.00% 13.00%
Midstream | Third-Party Customer      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation revenues | $ $ 82,001    
Refined Product      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, sale of refined product barrels | bbl 126,200    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Midstream | Third-Party Customer      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation revenues | $ $ 20,656    
Satisfaction period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Refined Product      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, sale of refined product barrels | bbl 35,563    
Satisfaction period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Midstream | Third-Party Customer      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation revenues | $ $ 11,097    
Satisfaction period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Refined Product      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, sale of refined product barrels | bbl 25,506    
Satisfaction period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Midstream | Third-Party Customer      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation revenues | $ $ 7,656    
Satisfaction period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Refined Product      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, sale of refined product barrels | bbl 17,891    
Satisfaction period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Midstream | Third-Party Customer      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation revenues | $ $ 42,592    
Satisfaction period    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Refined Product      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, sale of refined product barrels | bbl 47,240    
Satisfaction period    
v3.24.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Derivative assets $ 3,744 $ 18,650
Liabilities:    
Derivative liabilities 17,549 12,012
Level 1    
ASSETS    
RINs receivable   0
Total assets 836 0
Liabilities:    
RINs credit obligations   0
Total liabilities 0 2,750
Level 1 | NYMEX futures contracts    
ASSETS    
Derivative assets 836  
Liabilities:    
Derivative liabilities   2,750
Level 1 | Commodity forward contracts    
ASSETS    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0 0
Level 1 | Commodity price swaps    
ASSETS    
Derivative assets   0
Liabilities:    
Total liabilities 0  
Level 1 | Foreign currency forward contracts    
ASSETS    
Derivative assets   0
Liabilities:    
Total liabilities 0  
Level 1 | Commodity collar contracts    
Liabilities:    
Derivative liabilities   0
Level 2    
ASSETS    
RINs receivable   81,232
Total assets 2,908 99,882
Liabilities:    
RINs credit obligations   81,232
Total liabilities 17,549 90,494
Level 2 | NYMEX futures contracts    
ASSETS    
Derivative assets 0  
Liabilities:    
Derivative liabilities   0
Level 2 | Commodity forward contracts    
ASSETS    
Derivative assets 2,908 2,949
Liabilities:    
Derivative liabilities 1,848 2,987
Level 2 | Commodity price swaps    
ASSETS    
Derivative assets   342
Liabilities:    
Total liabilities 7,808  
Level 2 | Foreign currency forward contracts    
ASSETS    
Derivative assets   15,359
Liabilities:    
Total liabilities 7,893  
Level 2 | Commodity collar contracts    
Liabilities:    
Derivative liabilities   6,275
Level 3    
ASSETS    
RINs receivable   0
Total assets 0 0
Liabilities:    
RINs credit obligations   0
Total liabilities 0 0
Level 3 | NYMEX futures contracts    
ASSETS    
Derivative assets 0  
Liabilities:    
Derivative liabilities   0
Level 3 | Commodity forward contracts    
ASSETS    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0 0
Level 3 | Commodity price swaps    
ASSETS    
Derivative assets   0
Liabilities:    
Total liabilities 0  
Level 3 | Foreign currency forward contracts    
ASSETS    
Derivative assets   0
Liabilities:    
Total liabilities 0  
Level 3 | Commodity collar contracts    
Liabilities:    
Derivative liabilities   0
Carrying Amount    
ASSETS    
RINs receivable   81,232
Total assets 3,744 99,882
Liabilities:    
RINs credit obligations   81,232
Total liabilities 17,549 93,244
Carrying Amount | NYMEX futures contracts    
ASSETS    
Derivative assets 836  
Liabilities:    
Derivative liabilities   2,750
Carrying Amount | Commodity forward contracts    
ASSETS    
Derivative assets 2,908 2,949
Liabilities:    
Derivative liabilities 1,848 2,987
Carrying Amount | Commodity price swaps    
ASSETS    
Derivative assets   342
Liabilities:    
Total liabilities 7,808  
Carrying Amount | Foreign currency forward contracts    
ASSETS    
Derivative assets   15,359
Liabilities:    
Total liabilities $ 7,893  
Carrying Amount | Commodity collar contracts    
Liabilities:    
Derivative liabilities   $ 6,275
v3.24.0.1
Earnings Per Share - Schedule Of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net income attributable to HF Sinclair stockholders $ 1,589,666 $ 2,922,668 $ 558,324
Participating securities' share in earnings 14,045 29,465 7,465
Net income attributable to common shares $ 1,575,621 $ 2,893,203 $ 550,859
Average number of shares of common stock outstanding (in shares) 190,035 202,566 162,569
Average number of shares of common stock outstanding assuming dilution (in shares) 190,035 202,566 162,569
Basic earnings per share (in USD per share) $ 8.29 $ 14.28 $ 3.39
Diluted earnings per share (in USD per share) $ 8.29 $ 14.28 $ 3.39
v3.24.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available under principal share-based compensation plan (in shares) 6,368,930    
Compensation cost attributable to share-based compensation plans $ 42,212 $ 35,947 $ 42,044
Issuance of common shares under incentive compensation plans 0 0 0
Midstream      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation cost attributable to share-based compensation plans 1,500 1,900 2,600
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation cost attributable to share-based compensation plans 30,067 27,264 29,453
Grant date fair value of shares vested $ 21,300 $ 26,500 $ 28,400
Weighted average grant date fair value (in USD per share) $ 33.17 $ 59.41 $ 33.95
Unrecognized compensation cost related to non-vested grants $ 28,900    
Unrecognized compensation cost, weighted-average period of recognition 1 year 6 months    
Payment equal to stock award value $ 3,900 $ 5,800 $ 3,400
Restricted stock purchased (in shares) 71,589 96,005 105,459
Restricted stock units | Non-employee Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock vesting period 1 year    
Restricted stock units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock vesting period 1 year    
Restricted stock units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock vesting period 3 years    
Performance stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation cost attributable to share-based compensation plans $ 12,145 $ 8,683 $ 12,591
Stock vesting period 3 years    
Grant date fair value of shares vested   6,200 $ 4,500
Weighted average grant date fair value (in USD per share) $ 24.47    
Unrecognized compensation cost related to non-vested grants $ 20,100    
Unrecognized compensation cost, weighted-average period of recognition 2 years 2 months 12 days    
Payment equal to stock award value $ 1,200 $ 700  
Common stock issued (in shares) 375,376    
Issuance of common shares under incentive compensation plans $ 7,300    
Units settled (in shares) 23,587 12,108  
Performance stock units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of target 0.00%    
Performance stock units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of target 200.00%    
Percent payout on vested shares 125.00%    
v3.24.0.1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total compensation expense $ 42,212 $ 35,947 $ 42,044
Tax benefit recognized on compensation expense 10,203 8,918 10,545
Restricted stock units      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total compensation expense 30,067 27,264 29,453
Performance stock units      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total compensation expense $ 12,145 $ 8,683 $ 12,591
v3.24.0.1
Stock-Based Compensation - Summary Of Restricted Stock Unit and Performance Share Units Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted stock units      
Grants      
Outstanding at beginning of period (in shares) 1,055,875    
Granted (in shares) 529,559    
Vested (in shares) (641,944)    
Forfeited (in shares) (65,952)    
Converted from performance share units (in shares) 225,217    
Outstanding at end of period (in shares) 1,102,755 1,055,875  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Outstanding at beginning of period (in USD per share) $ 39.46    
Granted (in USD per share) 52.59    
Vested (in USD per share) 33.17 $ 59.41 $ 33.95
Forfeited (in USD per share) 38.55    
Converted from performance share units (in USD per share) 45.46    
Outstanding at end of period (in USD per share) $ 50.71 $ 39.46  
Performance stock units      
Grants      
Outstanding at beginning of period (in shares) 771,197    
Granted (in shares) 263,881    
Vested (in shares) (298,978)    
Forfeited (in shares) (25,352)    
Converted from performance share units (in shares) 225,217    
Outstanding at end of period (in shares) 485,531 771,197  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Outstanding at beginning of period (in USD per share) $ 41.78    
Granted (in USD per share) 67.73    
Vested (in USD per share) 24.47    
Forfeited (in USD per share) 40.76    
Converted from performance share units (in USD per share) 52.44    
Outstanding at end of period (in USD per share) $ 61.66 $ 41.78  
v3.24.0.1
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Crude oil $ 858,411 $ 818,737
Other raw materials and unfinished products 683,066 842,855
Finished products 1,435,817 1,252,984
Lower of cost or market reserve (331,570) (61,151)
Process chemicals 50,917 53,900
Repairs and maintenance supplies and other 225,190 307,203
Total inventory $ 2,921,831 $ 3,214,528
v3.24.0.1
Inventories - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Inventory [Line Items]      
Inventory valuation reserves $ 331,570 $ 61,151  
Refining      
Inventory [Line Items]      
Inventory valuation reserves 220,600    
Excess of replacement cost over LIFO value of inventory   39,000  
Increase (decrease) of cost of products sold 220,600   $ (318,900)
Renewables      
Inventory [Line Items]      
Inventory valuation reserves 111,000 61,200  
Increase (decrease) of cost of products sold $ 49,900 $ 52,400  
v3.24.0.1
Properties, Plants and Equipment - Components Of Property, Plants And Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost $ 10,533,432 $ 10,146,652
Less accumulated depreciation (3,906,600) (3,457,747)
Property, plant and equipment, net 6,626,832 6,688,905
Land, buildings and improvements    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 765,826 741,874
Refining facilities    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 6,593,768 6,346,422
Pipelines and terminals    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 2,300,781 2,267,052
Transportation vehicles    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 37,870 43,801
Other fixed assets    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 543,966 422,583
Construction in progress    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost $ 291,221 $ 324,920
v3.24.0.1
Properties, Plants and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Capitalized interest $ 4.3 $ 6.2 $ 15.2
Depreciation expense $ 474.3 $ 442.2 $ 329.4
v3.24.0.1
Goodwill and Intangibles - Narrative (Details) - USD ($)
 12 Months Ended
Jul. 01, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]        
Goodwill   $ 2,977,744,000 $ 2,978,315,000  
Impairment of goodwill $ 0   0 $ 0
Amortization expense   $ 55,100,000 $ 51,000,000 $ 35,600,000
v3.24.0.1
Goodwill and Intangibles - Schedule Goodwill by Segment (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Goodwill [Roll Forward]  
Goodwill at beginning of period $ 2,978,315
Goodwill disposal and other changes (943)
Foreign currency translation adjustment 372
Goodwill at end of period 2,977,744
Goodwill 3,521,641
Accumulated impairment losses (543,897)
Total goodwill 2,977,744
Refining  
Goodwill [Roll Forward]  
Goodwill at beginning of period 1,977,435
Goodwill disposal and other changes 0
Foreign currency translation adjustment 0
Goodwill at end of period 1,977,435
Goodwill 2,286,753
Accumulated impairment losses (309,318)
Total goodwill 1,977,435
Renewables  
Goodwill [Roll Forward]  
Goodwill at beginning of period 159,020
Goodwill disposal and other changes 0
Foreign currency translation adjustment 0
Goodwill at end of period 159,020
Goodwill 159,020
Accumulated impairment losses 0
Total goodwill 159,020
Marketing  
Goodwill [Roll Forward]  
Goodwill at beginning of period 163,839
Goodwill disposal and other changes 0
Foreign currency translation adjustment 0
Goodwill at end of period 163,839
Goodwill 163,839
Accumulated impairment losses 0
Total goodwill 163,839
Lubricants & Specialties  
Goodwill [Roll Forward]  
Goodwill at beginning of period 246,036
Goodwill disposal and other changes (943)
Foreign currency translation adjustment 372
Goodwill at end of period 245,465
Goodwill 480,044
Accumulated impairment losses (234,579)
Total goodwill 245,465
Midstream  
Goodwill [Roll Forward]  
Goodwill at beginning of period 431,985
Goodwill disposal and other changes 0
Foreign currency translation adjustment 0
Goodwill at end of period 431,985
Goodwill 431,985
Accumulated impairment losses 0
Total goodwill $ 431,985
v3.24.0.1
Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Intangible assets $ 671,355 $ 667,965
Accumulated amortization (260,723) (204,239)
Total intangibles, net 410,632 463,726
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets $ 347,567 346,354
Customer relationships | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 10 years  
Customer relationships | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 20 years  
Transportation agreements    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 30 years  
Intangible assets $ 59,933 59,933
Trademarks, patents and other    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets $ 263,855 $ 261,678
Trademarks, patents and other | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 10 years  
Trademarks, patents and other | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 20 years  
v3.24.0.1
Goodwill and Intangibles - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 55,261
2025 55,261
2026 46,499
2027 40,753
2028 $ 34,253
v3.24.0.1
Environmental (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mar. 14, 2022
Loss Contingencies [Line Items]        
Environmental remediation costs $ 26.5 $ 13.4 $ 7.8  
Accrued environmental liability 195.4 192.3    
Sinclair Merger        
Loss Contingencies [Line Items]        
Accrued environmental liabilities assumed in transaction       $ 72.2
Third party receivable associated with environmental liabilities assumed in transaction       $ 21.5
Other Noncurrent Liabilities        
Loss Contingencies [Line Items]        
Accrued environmental liability $ 161.4 $ 170.0    
v3.24.0.1
Debt - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 27, 2022
Oct. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]            
Gain on the extinguishment of debt       $ 0 $ 604,000 $ 0
Fair value of financing arrangements     $ 39,800,000 37,000,000 39,800,000  
Outstanding debt       2,755,500,000    
Letter of Credit            
Debt Instrument [Line Items]            
Outstanding debt       0    
HEP            
Debt Instrument [Line Items]            
Maximum borrowing capacity under revolving credit agreement       1,200,000,000    
Outstanding borrowing     $ 668,000,000 455,500,000 $ 668,000,000  
Letters of credit amount outstanding       0    
Maximum borrowing capacity with accordion feature       $ 1,700,000,000    
Line of Credit | HEP            
Debt Instrument [Line Items]            
Effective interest rate on debt     6.32% 7.08% 6.32%  
HF Sinclair Credit Agreement            
Debt Instrument [Line Items]            
Maximum borrowing capacity under revolving credit agreement       $ 1,650,000,000    
Outstanding borrowing       0    
Letters of credit amount outstanding       300,000    
HF Sinclair Credit Agreement | Fed Funds Effective Rate            
Debt Instrument [Line Items]            
Variable rate spread 0.50%          
HF Sinclair Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Variable rate spread 1.00%          
HF Sinclair Credit Agreement | Line of Credit | Base Rate | Minimum            
Debt Instrument [Line Items]            
Variable rate spread 0.25%          
HF Sinclair Credit Agreement | Line of Credit | Base Rate | Maximum            
Debt Instrument [Line Items]            
Variable rate spread 1.125%          
HF Sinclair Credit Agreement | Line of Credit | CDOR Rate | Minimum            
Debt Instrument [Line Items]            
Variable rate spread 1.25%          
HF Sinclair Credit Agreement | Line of Credit | CDOR Rate | Maximum            
Debt Instrument [Line Items]            
Variable rate spread 2.125%          
HF Sinclair Credit Agreement | Line of Credit | Adjusted Secured Overnight Financing Rate (SOFR) | Minimum            
Debt Instrument [Line Items]            
Variable rate spread 1.25%          
HF Sinclair Credit Agreement | Line of Credit | Adjusted Secured Overnight Financing Rate (SOFR) | Maximum            
Debt Instrument [Line Items]            
Variable rate spread 2.125%          
HF Sinclair Credit Agreement | Line of Credit | HEP | Base Rate | Minimum            
Debt Instrument [Line Items]            
Variable rate spread 0.75%          
HF Sinclair Credit Agreement | Line of Credit | HEP | Base Rate | Maximum            
Debt Instrument [Line Items]            
Variable rate spread 1.75%          
HF Sinclair Credit Agreement | Line of Credit | HEP | Adjusted Secured Overnight Financing Rate (SOFR) | Minimum            
Debt Instrument [Line Items]            
Variable rate spread 1.75%          
HF Sinclair Credit Agreement | Line of Credit | HEP | Adjusted Secured Overnight Financing Rate (SOFR) | Maximum            
Debt Instrument [Line Items]            
Variable rate spread 2.75%          
Letter of Credit | HEP            
Debt Instrument [Line Items]            
Line of credit, maximum capacity available       $ 50,000,000    
HEP 5.000% Senior Notes | Senior Notes | HEP            
Debt Instrument [Line Items]            
Stated interest rate       5.00%    
Aggregate principal amount of senior note       $ 1,121,000    
HEP 6.375% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       6.375%    
HEP 6.375% Senior Notes | Senior Notes | HEP            
Debt Instrument [Line Items]            
Stated interest rate       6.375%    
Aggregate principal amount of senior note       $ 125,000    
HF Sinclair 5.000% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       5.00%    
Aggregate principal amount of senior note       $ 498,879,000    
HF Sinclair 6.375% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       6.375%    
Aggregate principal amount of senior note       $ 399,875,000    
HollyFrontier 5.875% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       5.875%    
Aggregate principal amount of senior note       $ 202,900,000    
HollyFrontier 4.500% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       4.50%    
Aggregate principal amount of senior note       $ 74,966,000    
HF Sinclair 5.875% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       5.875%    
Aggregate principal amount of senior note       $ 797,100,000    
HF Sinclair 4.500% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       4.50%    
Aggregate principal amount of senior note       $ 325,034,000.000    
HollyFrontier 2.625% Senior Notes And HF Sinclair 2.625% Senior Notes            
Debt Instrument [Line Items]            
Total cash consideration paid to repurchase principal amounts outstanding         $ 41,400,000  
Gain on the extinguishment of debt         $ 600,000  
HollyFrontier 2.625% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate       2.625%    
Debt repaid at maturity   $ 59,600,000        
Debt extinguishment     $ 15,000,000      
HF Sinclair 2.625% Senior Notes | Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate     2.625% 2.625% 2.625%  
Debt repaid at maturity   $ 248,200,000        
Debt extinguishment     $ 42,200,000      
v3.24.0.1
Debt - Carrying Amounts Of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Less current debt $ 0 $ (306,959)
Unamortized discount and debt issuance costs (16,417) (20,355)
Total long-term debt 2,739,083 2,948,513
Level 2    
Debt Instrument [Line Items]    
Senior notes 2,270,668 1,655,726
HEP    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 1,246 900,000
HEP Credit Agreement 455,500 668,000
Total long-term debt   1,400,000
HEP | Level 2    
Debt Instrument [Line Items]    
Senior notes 1,188 852,658
HollyFrontier    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 277,866 337,503
2.625% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 0 59,637
5.875% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 202,900 202,900
4.500% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 74,966 74,966
HF Sinclair    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 2,020,888 1,370,324
2.625% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 0 248,190
5.875% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 797,100 797,100
4.500% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 325,034 325,034
5.000% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 498,879 0
6.375% Senior Notes    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 399,875 0
HEP 5.000% Senior Notes | HEP    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt 1,121 500,000
HEP 6.375% Senior Notes | HEP    
Debt Instrument [Line Items]    
Carrying amounts of long-term debt $ 125 400,000
HollyFrontier 2.625% Senior Notes And HF Sinclair 2.625% Senior Notes    
Debt Instrument [Line Items]    
Unamortized discount and debt issuance costs   $ (900)
Senior Notes | 2.625% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 2.625%  
Senior Notes | 5.875% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 5.875%  
Senior Notes | 4.500% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.50%  
Senior Notes | 2.625% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 2.625% 2.625%
Senior Notes | 5.875% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 5.875%  
Senior Notes | 4.500% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.50%  
Senior Notes | 5.000% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 5.00%  
Senior Notes | 6.375% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 6.375%  
Senior Notes | HEP 5.000% Senior Notes | HEP    
Debt Instrument [Line Items]    
Stated interest rate 5.00%  
Senior Notes | HEP 6.375% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 6.375%  
Senior Notes | HEP 6.375% Senior Notes | HEP    
Debt Instrument [Line Items]    
Stated interest rate 6.375%  
v3.24.0.1
Debt - Principal Maturities of Outstanding Debt (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
2024 $ 0
2025 455,500
2026 1,000,000
2027 400,000
2028 500,000
Thereafter 400,000
Total long-term debt (2) $ 2,755,500
v3.24.0.1
Derivative Instruments and Hedging Activities- Location of Gain Loss in Income Statement (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Trading Activity, Gains and Losses, Net [Line Items]      
Net Unrealized Gain Recognized in OCI $ 0 $ 326 $ 31
Gain (Loss) Reclassified into Earnings (3,236) (5,288) (17,579)
Commodity contracts      
Trading Activity, Gains and Losses, Net [Line Items]      
Net Unrealized Gain Recognized in OCI 0 326 31
Commodity contracts | Sales and other revenues      
Trading Activity, Gains and Losses, Net [Line Items]      
Gain (Loss) Reclassified into Earnings (3,236) (5,288) (19,239)
Commodity contracts | Operating expenses      
Trading Activity, Gains and Losses, Net [Line Items]      
Gain (Loss) Reclassified into Earnings $ 0 $ 0 $ 1,660
v3.24.0.1
Derivative Instruments and Hedging Activities - Pre-tax effect on Income Due to Maturities and Fair Value Adjustments of Economic Hedges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Derivatives Not Designated as Hedging Instruments $ (15,985) $ (7,563) $ (15,106)
Commodity contracts | Cost of products sold      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivatives Not Designated as Hedging Instruments 10,162 (17,189) (22,909)
Commodity contracts | Operating expenses      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivatives Not Designated as Hedging Instruments (20,783) (13,780) 0
Commodity contracts | Interest expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivatives Not Designated as Hedging Instruments 2,050 (4,420) 11,816
Foreign currency contracts | Gain (loss) on foreign currency transactions      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivatives Not Designated as Hedging Instruments $ (7,414) $ 27,826 $ (4,013)
v3.24.0.1
Derivative Instruments and Hedging Activities - Notional Contracts by Derivative Type (Details) - Derivatives not designated as hedging instruments:
bbl in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
MMBTU
ozt
bbl
NYMEX futures (WTI) - short  
Economic Hedges by Derivative Type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 640
Forward gasoline contracts - long  
Economic Hedges by Derivative Type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 800
Foreign currency forward contracts  
Economic Hedges by Derivative Type [Line Items]  
Derivative notional amount | $ $ 387,613,367
Commodity contracts  
Economic Hedges by Derivative Type [Line Items]  
Derivative notional amount (in troy ounce) | ozt 36,969
Natural gas price swaps (basis spread) - long  
Economic Hedges by Derivative Type [Line Items]  
Derivative nonmonetary notional amount (in MMBTUs) | MMBTU 6,667,000
v3.24.0.1
Derivative Instruments and Hedging Activities - Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Net Assets Recognized in Balance Sheet $ 3,744 $ 18,650
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepayments and other Prepayments and other
Net Liabilities Recognized in Balance Sheet $ 17,549 $ 12,012
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities
Derivatives not designated as hedging instruments:    
Derivative [Line Items]    
Gross Assets $ 3,744 $ 18,650
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 3,744 18,650
Gross Liabilities 17,549 12,012
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 17,549 12,012
Derivatives not designated as hedging instruments: | NYMEX futures contracts    
Derivative [Line Items]    
Gross Assets 836 0
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 836 0
Gross Liabilities 0 2,750
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 0 2,750
Derivatives not designated as hedging instruments: | Commodity price swaps    
Derivative [Line Items]    
Gross Assets 0 342
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 0 342
Gross Liabilities 7,808 0
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 7,808 0
Derivatives not designated as hedging instruments: | Commodity collar contracts    
Derivative [Line Items]    
Gross Assets   0
Gross Liabilities Offset in Balance Sheet   0
Net Assets Recognized in Balance Sheet   0
Gross Liabilities   6,275
Gross Assets Offset in Balance Sheet   0
Net Liabilities Recognized in Balance Sheet   6,275
Derivatives not designated as hedging instruments: | Commodity forward contracts    
Derivative [Line Items]    
Gross Assets 2,908 2,949
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 2,908 2,949
Gross Liabilities 1,848 2,987
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 1,848 2,987
Derivatives not designated as hedging instruments: | Foreign currency forward contracts    
Derivative [Line Items]    
Gross Assets 0 15,359
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 0 15,359
Gross Liabilities 7,893 0
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet $ 7,893 $ 0
v3.24.0.1
Income Taxes - Provision For Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current      
Federal $ 179,677 $ 674,977 $ (33,206)
State 24,419 108,993 (1,802)
Foreign 44,966 57,734 30,336
Deferred      
Federal 154,996 38,535 94,353
State 31,285 21,121 1,386
Foreign 6,269 (6,488) 32,831
Income tax expense (benefit) total $ 441,612 $ 894,872 $ 123,898
v3.24.0.1
Income Taxes - Reconciliation Of Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Tax computed at statutory rate $ 452,027 $ 826,570 $ 165,302
State income taxes, net of federal tax benefit 55,734 123,442 13,588
Noncontrolling interest in net income (29,386) (28,726) (25,931)
Effect of change in state rate 0 (15,800) (13,342)
Nontaxable permanent differences (49,420) 0 0
CARES Act benefits 0 0 (10,384)
Foreign rate differential 5,753 6,608 331
Federal tax credits (5,344) (23,853) (29,777)
US tax on non-US operations 7,239 12,920 18,547
Other 5,009 (6,289) 5,564
Income tax expense (benefit) total $ 441,612 $ 894,872 $ 123,898
v3.24.0.1
Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation) $ (1,171,633) $ (1,032,048)
Lease obligation 106,161 129,727
Accrued employee benefits 20,260 17,665
Accrued post-retirement benefits 9,985 9,951
Accrued environmental costs 42,916 37,868
Hedging instruments 1,791 3,260
Inventory differences (164,178) (230,112)
Deferred turnaround costs (155,833) (88,574)
Net operating loss and tax credit carryforwards 35,294 27,963
Investment in HEP   (134,160)
Deferred Tax Assets, Valuation Allowance (10,614) (3,691)
Other (11,279) (14)
Total deferred income tax assets 216,407 226,434
Total deferred income tax liabilities (1,513,537) (1,488,599)
Total deferred income tax assets and liabilities, net $ (1,297,130) $ (1,262,165)
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]        
Valuation allowance $ 10,614 $ 3,691    
Unrecognized tax benefits 1,225 $ 1,354 $ 54,605 $ 54,899
Unrecognized tax benefit from claims filed with IRS 700      
Foreign Tax Authority | Luxembourg        
Operating Loss Carryforwards [Line Items]        
Net operating losses 17,600      
Foreign Tax Authority | Netherlands        
Operating Loss Carryforwards [Line Items]        
Net operating losses 11,200      
Foreign Tax Authority | China        
Operating Loss Carryforwards [Line Items]        
Net operating losses $ 3,500      
v3.24.0.1
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits, balance at beginning of Period $ 1,354 $ 54,605 $ 54,899
Reductions for tax positions of prior years 0 (53,023) (49)
Settlements 0 0 (125)
Lapse of statute of limitations (129) (228) (120)
Unrecognized tax benefits, balance at end of Period $ 1,225 $ 1,354 $ 54,605
v3.24.0.1
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 11 Months Ended 12 Months Ended
Feb. 08, 2024
Jan. 03, 2024
Dec. 14, 2022
Aug. 15, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Feb. 15, 2024
Sep. 30, 2022
Class of Stock [Line Items]                  
Value of shares purchased under share repurchase program         $ 992,592 $ 1,378,390 $ 7,058    
Shares purchased under share repurchase program (in shares)         18,779,880 25,716,042      
Shares withheld under terms of agreements (in shares)         332,741 278,025 217,151    
Value of shares withheld         $ 18,100 $ 16,500 $ 7,100    
REH Company | Sale                  
Class of Stock [Line Items]                  
Sale of stock (in shares)     5,000,000            
REH Company                  
Class of Stock [Line Items]                  
Shares purchased under share repurchase program (in shares)     1,000,000            
Expiration period     60 days            
September 2022 Share Repurchase Program                  
Class of Stock [Line Items]                  
Authorized share repurchase amount                 $ 1,000,000
Value of shares purchased under share repurchase program       $ 995,000          
Remaining authorized share repurchase amount       5,000          
August 2023 Share Repurchase Program                  
Class of Stock [Line Items]                  
Authorized share repurchase amount       $ 1,000,000          
August 2023 Share Repurchase Program | Subsequent Event                  
Class of Stock [Line Items]                  
Value of shares purchased under share repurchase program $ 60,000 $ 25,000              
Remaining authorized share repurchase amount               $ 591,400  
Shares purchased under share repurchase program (in shares) 1,061,946 454,380              
Price per share of stock repurchased (in USD per share) $ 56.50 $ 55.02              
December 2022 Share Repurchase Program | Broker                  
Class of Stock [Line Items]                  
Value of shares purchased under share repurchase program     $ 48,600            
Shares purchased under share repurchase program (in shares)     1,000,000            
v3.24.0.1
Stockholders' Equity - Schedule of Share Repurchases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Number of shares repurchased (in shares) 18,779,880 25,716,042
Cash paid for shares repurchased $ 974,474 $ 1,313,006
REH Company    
Class of Stock [Line Items]    
Number of shares repurchased (in shares) 15,515,302 14,407,274
Cash paid for shares repurchased $ 810,600 $ 750,000
v3.24.0.1
Other Comprehensive Income (Loss) - Components And Allocated Tax Effects Of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Before-Tax $ 13,262 $ (31,268) $ (13,762)
Tax Expense (Benefit) 3,033 (6,584) (2,971)
Other comprehensive income (loss) 10,229 (24,684) (10,791)
Net change in foreign currency translation adjustment      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Before-Tax 13,161 (32,383) (13,336)
Tax Expense (Benefit) 2,760 (6,817) (2,793)
Other comprehensive income (loss) 10,401 (25,566) (10,543)
Net unrealized gain on hedging instruments      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Before-Tax   326 31
Tax Expense (Benefit)   67 8
Other comprehensive income (loss)   259 23
Net change in pension and other post-retirement benefit obligations      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Before-Tax 101 789 (457)
Tax Expense (Benefit) 273 166 (186)
Other comprehensive income (loss) $ (172) $ 623 $ (271)
v3.24.0.1
Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) Amounts Reclassified to Income Statement (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Operating expenses $ 2,438,148 $ 2,334,893 $ 1,517,478
Net income (loss) before tax 2,152,507 3,936,046 787,152
Income tax expense (benefit) 441,612 894,872 123,898
Net income 1,710,895 3,041,174 663,254
Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Net income (580) (1,272) (10,385)
Reclassification out of Accumulated Other Comprehensive Income | Hedging instruments:      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Net income (loss) before tax (3,236) (5,288) (17,579)
Income tax expense (benefit) (784) (1,282) (4,430)
Net income (2,452) (4,006) (13,149)
Reclassification out of Accumulated Other Comprehensive Income | Hedging instruments: | Commodity price swaps      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Sales and other revenues (3,236) (5,288) (19,239)
Operating expenses 0 0 1,660
Reclassification out of Accumulated Other Comprehensive Income | Other post-retirement benefit obligations: | Pension obligations      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Other, net (1,378) 208 407
Income tax expense (benefit) (334) 50 103
Net income (1,044) 158 304
Reclassification out of Accumulated Other Comprehensive Income | Other post-retirement benefit obligations: | Post-retirement healthcare obligations      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Other, net 3,859 3,440 3,328
Income tax expense (benefit) 935 834 839
Net income 2,924 2,606 2,489
Reclassification out of Accumulated Other Comprehensive Income | Other post-retirement benefit obligations: | Retirement restoration plan      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Other, net (11) (39) (39)
Income tax expense (benefit) (3) (9) (10)
Net income $ (8) $ (30) $ (29)
v3.24.0.1
Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss In Equity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity $ 10,237,298 $ 10,017,572 $ 6,294,465 $ 5,722,203
Foreign currency translation adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity (23,026) (33,427)    
Unrealized gain (loss) on defined benefit plans | Pension obligations        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity 619 (2,661)    
Unrealized gain (loss) on defined benefit plans | Post-retirement healthcare obligations        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity 10,623 14,075    
Accumulated other comprehensive loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity $ (11,784) $ (22,013) $ 2,671 $ 13,462
v3.24.0.1
Pension and Post-retirement Plans - Changes in Benefit Obligation and Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pension obligations      
Change in plans' benefit obligations      
Pension plan's benefit obligation at beginning of period $ 90,443 $ 120,414  
Service cost 0 1,839 $ 4,455
Interest cost 3,781 3,086 2,740
Actuarial gain 2,097 (25,605)  
Benefits paid (5,472) (2,306)  
Settlements (24,090) 0  
Transfer from other plans 3,849 164  
Foreign currency exchange rate changes 2,032 (7,149)  
Pension plan's benefit obligation at end of period 72,640 90,443 120,414
Change in pension plans assets      
Fair value of plan assets at beginning of period 87,466 119,325  
Return on plans assets 7,146 (26,218)  
Employer contributions 1,324 3,486  
Benefits paid (4,697) (2,306)  
Transfer payments 3,849 164  
Settlements (24,090) 0  
Foreign currency exchange rate changes 2,020 (6,985)  
Fair value of plan assets at end of period 73,018 87,466 119,325
Over (Under)-funded balance 378 (2,977)  
Intangibles and other 1,149 0  
Other long-term liabilities (771) (2,977)  
Amounts recognized in consolidated balance sheets 378 (2,977)  
Cumulative actuarial gain (loss) (607) (3,872)  
Post-retirement healthcare obligations      
Change in plans' benefit obligations      
Pension plan's benefit obligation at beginning of period 28,678 34,816  
Service cost 1,604 2,081 2,324
Interest cost 1,340 990 782
Actuarial gain (761) (7,884)  
Benefits paid (613) (582)  
Foreign currency exchange rate changes 249 (743)  
Pension plan's benefit obligation at end of period 30,497 28,678 34,816
Change in pension plans assets      
Fair value of plan assets at beginning of period 0 0  
Employer contributions 603 572  
Participant contributions 10 10  
Fair value of plan assets at end of period 0 0 $ 0
Over (Under)-funded balance (30,497) (28,678)  
Accrued liabilities (1,701) (1,706)  
Other long-term liabilities (28,796) (26,972)  
Amounts recognized in consolidated balance sheets (30,497) (28,678)  
Cumulative actuarial gain (loss) 8,020 7,603  
Prior service credit 8,069 11,550  
Total $ 16,089 $ 19,153  
v3.24.0.1
Pension and Post-retirement Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Employee contribution expense $ 80.8 $ 73.7 $ 45.0
Pension obligations      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation 72.6 $ 90.4  
Expected contribution in pension plan 0.2    
Expected benefit payment in 2024 1.9    
Expected benefit payment in 2025 0.8    
Expected benefit payment in 2026 0.9    
Expected benefit payment in 2027 0.9    
Expected benefit payment in 2028 1.0    
Expected benefit payment from 2029 to 2032 $ 6.0    
Pension obligations | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Target investment rates 100.00%    
Pension obligations | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.60% 3.70%  
Expected long-term rate of return on assets 4.60%    
Pension obligations | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.65% 4.44%  
Expected long-term rate of return on assets 4.65%    
Post-retirement healthcare obligations      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 3.60% 4.20%  
Expected benefit payment in 2024 $ 1.7    
Expected benefit payment in 2025 2.5    
Expected benefit payment in 2026 2.5    
Expected benefit payment in 2027 2.5    
Expected benefit payment in 2028 2.7    
Expected benefit payment from 2029 to 2032 $ 13.2    
Post-retirement healthcare obligations | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.60% 4.95%  
Post-retirement healthcare obligations | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.81% 5.10%  
v3.24.0.1
Pension and Post-retirement Plans - Projected and Accumulated Benefit Obligations (Details) - Pension obligations - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 24,579 $ 90,443
Fair value of plan assets 23,808 87,466
Accumulated benefit obligation 24,579 90,443
Fair value of plan assets $ 23,808 $ 87,466
v3.24.0.1
Pension and Post-retirement Plans - Net Periodic Expense (Details) - Pension obligations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Service cost - benefit earned during the period $ 0 $ 1,839 $ 4,455
Interest cost on projected benefit obligations 3,781 3,086 2,740
Expected return on plans assets (3,140) (3,223) (3,031)
Amortization of (gain) loss 0 (208) (407)
Settlements 1,378 0 0
Net periodic pension expense $ 2,019 $ 1,494 $ 3,757
v3.24.0.1
Pension and Post-retirement Plans - Defined Benefit plan, Allocation of Investment Funds (Details) - Pension obligations - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets $ 73,018 $ 87,466 $ 119,325
Fair Value, Recurring      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets 49,209 66,752  
Fair Value, Recurring | Fixed income      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets 49,209 66,752  
Fair Value, Recurring | Level 1      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets 822 457  
Fair Value, Recurring | Level 1 | Fixed income      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets 822 457  
Fair Value, Recurring | Level 2      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets 48,387 66,295  
Fair Value, Recurring | Level 2 | Fixed income      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets 48,387 66,295  
Fair Value, Recurring | Level 3      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets 0 0  
Fair Value, Recurring | Level 3 | Fixed income      
Defined Benefit Plan, Plan Assets, Allocation [Line Items]      
Fair values of pension plan assets $ 0 $ 0  
v3.24.0.1
Pension and Post-retirement Plans - Weighted Average Assumptions Used to Determine End of Period Benefit Obligations (Details) - Post-retirement healthcare obligations
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 3.60% 4.20%
Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 4.60% 4.95%
Current health care trend rate 6.00% 6.00%
Ultimate health care trend rate 4.00% 4.00%
Year rate reaches ultimate trend rate 2035 2027
Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 4.81% 5.10%
Current health care trend rate 6.75% 7.00%
Ultimate health care trend rate 4.00% 4.00%
Year rate reaches ultimate trend rate 2041 2041
v3.24.0.1
Pension and Post-retirement Plans - Net Periodic Credit (Details) - Post-retirement healthcare obligations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Service cost - benefit earned during the period $ 1,604 $ 2,081 $ 2,324
Interest cost on projected benefit obligations 1,340 990 782
Amortization of prior service credit (3,481) (3,472) (3,481)
Amortization of (gain) loss (378) 32 153
Net periodic post-retirement credit $ (915) $ (369) $ (222)
v3.24.0.1
Contingencies and Contractual Commitments - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 24, 2022
lawsuit
Mar. 14, 2022
shares
Feb. 10, 2021
USD ($)
Apr. 30, 2023
shares
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Commitments And Contingencies [Line Items]              
Gain on sale of assets and other | $         $ 27,370 $ 13,337 $ 98,128
Gain on business interruption insurance settlement | $         0 $ 15,202 0
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]           Gain on business interruption insurance settlement  
Proceeds from legal settlement | $     $ 51,500        
Transportation and storage costs | $         200,500 $ 180,200 $ 160,500
Growth Energy              
Commitments And Contingencies [Line Items]              
Number of lawsuit | lawsuit 2            
Sinclair Merger              
Commitments And Contingencies [Line Items]              
Period following delivery of invoice requirement acquiree payment   5 days          
Shares held in escrow (in shares)   2,570,000          
Sinclair Merger | REH Company              
Commitments And Contingencies [Line Items]              
Shares held in escrow (in shares)   2,570,000          
Shares issued in transaction (in shares)   60,230,036          
Sinclair Merger | HEP              
Commitments And Contingencies [Line Items]              
Shares held in escrow (in shares)   5,290,000          
Shares issued in transaction (in shares)   21,000,000          
Sinclair Merger | HEP | REH Company              
Commitments And Contingencies [Line Items]              
Shares issued in transaction (in shares)   21,000,000   5,290,000      
Refining              
Commitments And Contingencies [Line Items]              
Gain on sale of assets and other | $         $ 15,000    
v3.24.0.1
Contingencies and Contractual Commitments - Schedule of Minimum Future Fees Under Agreement (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2024 $ 237,534
2025 241,403
2026 203,316
2027 203,484
2028 207,742
Thereafter 1,079,956
Total $ 2,173,435
v3.24.0.1
Segment Information - Narrative (Details) - segment
 12 Months Ended
Dec. 31, 2023
Mar. 14, 2022
Segment Reporting Information [Line Items]    
Number of reportable segments 5  
Midstream | Osage Pipeline    
Segment Reporting Information [Line Items]    
Equity method investment, ownership percentage 50.00%  
Midstream | Cheyenne Pipeline    
Segment Reporting Information [Line Items]    
Equity method investment, ownership percentage 50.00%  
Midstream | Cushing Connect    
Segment Reporting Information [Line Items]    
Equity method investment, ownership percentage 50.00%  
Midstream | Saddle Butte Pipeline III, LLC    
Segment Reporting Information [Line Items]    
Equity method investment, ownership percentage 25.12% 25.06%
Midstream | Pioneer Pipeline    
Segment Reporting Information [Line Items]    
Equity method investment, ownership percentage 49.995% 49.995%
v3.24.0.1
Segment Information - Schedule Of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Sales and other revenues $ 31,964,395 $ 38,204,839 $ 18,389,142
Cost of products sold 25,784,449 30,680,013 15,567,052
Lower of cost or market inventory valuation adjustment 270,419 52,412 (310,123)
Operating expenses 2,438,148 2,334,893 1,517,478
Selling, general and administrative expenses 498,240 426,485 362,010
Depreciation and amortization 770,573 656,787 503,539
Income (loss) from operations 2,202,566 4,054,249 749,186
Earnings (loss) of equity method investments 17,369 (260) 12,432
Capital expenditures 385,413 524,007 813,409
Corporate, Other and Eliminations      
Segment Reporting Information [Line Items]      
Sales and other revenues (5,427,139) (4,841,571) (1,024,523)
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales and other revenues (5,427,139) (4,841,571) 1,024,525
Corporate, Non-Segment      
Segment Reporting Information [Line Items]      
Sales and other revenues 0 0 2
Cost of products sold (5,322,639) (4,743,130) (921,812)
Lower of cost or market inventory valuation adjustment 0 0 (509)
Operating expenses (99,075) (81,157) (51,279)
Selling, general and administrative expenses 68,399 87,892 51,655
Depreciation and amortization 13,504 1,152 737
Income (loss) from operations (87,328) (106,328) (103,315)
Earnings (loss) of equity method investments (162) 0 0
Capital expenditures 47,011 53,327 22,928
Refining      
Segment Reporting Information [Line Items]      
Sales and other revenues 24,156,278 30,379,696 15,734,870
Refining | Operating Segments      
Segment Reporting Information [Line Items]      
Sales and other revenues 28,672,604 34,412,909 16,358,558
Cost of products sold 23,969,557 28,270,195 14,673,062
Lower of cost or market inventory valuation adjustment 220,558 0 (318,353)
Operating expenses 1,946,958 1,815,931 1,090,424
Selling, general and administrative expenses 199,547 146,660 127,563
Depreciation and amortization 468,001 405,065 334,365
Income (loss) from operations 1,867,983 3,775,058 451,497
Earnings (loss) of equity method investments 0 0 0
Capital expenditures 223,225 162,280 160,431
Refining | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales and other revenues (4,516,326) (4,033,213) (623,688)
Renewables      
Segment Reporting Information [Line Items]      
Sales and other revenues 781,309 654,893 0
Renewables | Operating Segments      
Segment Reporting Information [Line Items]      
Sales and other revenues 1,188,990 1,015,499 0
Cost of products sold 1,080,919 974,167 0
Lower of cost or market inventory valuation adjustment 49,861 52,412 8,739
Operating expenses 109,056 111,974 55,353
Selling, general and administrative expenses 5,117 3,769 0
Depreciation and amortization 77,100 52,621 1,672
Income (loss) from operations (133,063) (179,444) (65,764)
Earnings (loss) of equity method investments 0 0 0
Capital expenditures 18,154 225,274 510,836
Renewables | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales and other revenues (407,681) (360,606) 0
Marketing      
Segment Reporting Information [Line Items]      
Sales and other revenues 4,146,292 3,911,922  
Marketing | Operating Segments      
Segment Reporting Information [Line Items]      
Sales and other revenues 4,146,292 3,911,922  
Cost of products sold 4,050,759 3,845,625  
Lower of cost or market inventory valuation adjustment 0 0  
Operating expenses 0 0  
Selling, general and administrative expenses 34,413 2,954  
Depreciation and amortization 24,599 17,819  
Income (loss) from operations 36,521 45,524  
Earnings (loss) of equity method investments 0 0  
Capital expenditures 27,630 9,275  
Marketing | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales and other revenues 0 0  
Lubricants & Specialties      
Segment Reporting Information [Line Items]      
Sales and other revenues 2,762,767 3,149,128 2,550,624
Lubricants & Specialties | Operating Segments      
Segment Reporting Information [Line Items]      
Sales and other revenues 2,775,333 3,158,600 2,560,612
Cost of products sold 2,005,853 2,333,156 1,815,802
Lower of cost or market inventory valuation adjustment 0 0 0
Operating expenses 258,578 277,522 252,456
Selling, general and administrative expenses 164,311 168,207 170,155
Depreciation and amortization 86,341 83,447 79,767
Income (loss) from operations 260,250 296,268 242,432
Earnings (loss) of equity method investments 0 0 0
Capital expenditures 37,431 34,887 30,878
Lubricants & Specialties | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales and other revenues (12,566) (9,472) (9,988)
Midstream      
Segment Reporting Information [Line Items]      
Sales and other revenues 117,749 109,200 103,646
Midstream | Operating Segments      
Segment Reporting Information [Line Items]      
Sales and other revenues 608,315 547,480 494,495
Cost of products sold 0 0 0
Lower of cost or market inventory valuation adjustment 0 0 0
Operating expenses 222,631 210,623 170,524
Selling, general and administrative expenses 26,453 17,003 12,637
Depreciation and amortization 101,028 96,683 86,998
Income (loss) from operations 258,203 223,171 224,336
Earnings (loss) of equity method investments 17,531 (260) 12,432
Capital expenditures 31,962 38,964 88,336
Midstream | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales and other revenues $ (490,566) $ (438,280) $ (390,849)