HF SINCLAIR CORP, 10-K filed on 2/27/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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 2323 Victory Avenue    
Entity Address, Address Line Two Suite 1400    
Entity Address, City or Town Dallas    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75219    
City Area Code 214    
Local Phone Number 871-3555    
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     $ 7.7
Entity Common Stock, Shares Outstanding (in shares)   180,273,187  
Documents Incorporated by Reference
Portions of the registrant’s proxy statement for its 2026 annual meeting of stockholders, which proxy statement will be filed with the Securities and Exchange Commission within 120 days after December 31, 2025, are incorporated by reference in Part III.
    
Entity Central Index Key 0001915657    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
NEW YORK STOCK EXCHANGE, INC.      
Document Information [Line Items]      
Title of 12(b) Security Common Stock $0.01 par value    
Trading Symbol DINO    
Security Exchange Name NYSE    
NYSE CHICAGO, INC.      
Document Information [Line Items]      
Security Exchange Name CHX    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Dallas, Texas
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 978 $ 800
Accounts receivable, net: Product and transportation 1,033 1,074
Crude oil resales 103 177
Total Accounts Receivable, net 1,136 1,251
Inventories: Crude oil and refined products (Note 9) 2,214 2,495
Materials, supplies and other 359 303
Total inventories 2,573 2,798
Income taxes receivable (Note 15) 47 70
Prepayments and other 78 95
Total current assets 4,812 5,014
Properties, plants and equipment, at cost (Note 10) 11,392 10,931
Less: accumulated depreciation (4,859) (4,373)
Properties, plants and equipment, net 6,533 6,558
Operating lease right-of-use assets (Note 2) 349 355
Other assets: Turnaround costs 883 777
Goodwill (Note 11) 2,978 2,977
Intangibles and other (Note 11) 955 962
Total other assets 4,816 4,716
Total assets 16,510 16,643
Current liabilities:    
Accounts payable 1,902 2,236
Income taxes payable (Note 15) 5 3
Operating lease liabilities (Note 2) 85 77
Current debt (Note 13) 0 350
Accrued liabilities (Note 12) 493 377
Total current liabilities 2,485 3,043
Long-term debt (Note 13) 2,769 2,288
Noncurrent operating lease liabilities (Note 2) 289 301
Deferred income taxes (Note 15) 1,240 1,224
Other long-term liabilities (Note 12) 478 441
Total liabilities 7,261 7,297
Commitments and contingencies (Note 18)
HF Sinclair stockholders’ equity (Note 16):    
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, 2025 and December 31, 2024 2 2
Additional capital 6,008 5,998
Retained earnings 5,373 5,170
Accumulated other comprehensive loss (Note 17) (26) (47)
Common stock held in treasury, at cost - 41,443,642 and 34,826,009 shares as of December 31, 2025 and December 31, 2024 (2,173) (1,845)
Total HF Sinclair stockholders’ equity 9,184 9,278
Noncontrolling interest 65 68
Total equity 9,249 9,346
Total liabilities and equity $ 16,510 $ 16,643
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
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) 41,443,642 34,826,009
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Sales and other revenues (Note 4) $ 26,869 $ 28,580 $ 31,964
Cost of sales:      
Cost of materials and other [1] 21,760 24,582 25,784
Lower of cost or market inventory valuation adjustments 417 (43) 271
Operating expenses 2,391 2,484 2,438
Total cost of sales [2] 24,568 27,023 28,493
Selling, general and administrative expenses [2] 456 447 497
Depreciation and amortization 909 832 771
Other operating expenses, net 9 17 0
Total operating costs and expenses 25,942 28,319 29,761
Income from operations 927 261 2,203
Other income (expense):      
Earnings of equity method investments 33 32 17
Interest income 42 75 94
Interest expense (217) (165) (191)
Other income (expense), net (Note 5) (53) 15 30
Total other income (expense) (195) (43) (50)
Income before income taxes 732 218 2,153
Income tax expense (benefit) (Note 15):      
Current 139 83 249
Deferred 7 (49) 193
Total income tax expense 146 34 442
Net income 586 184 1,711
Less: net income attributable to noncontrolling interest 7 7 121
Net income attributable to HF Sinclair stockholders $ 579 $ 177 $ 1,590
Earnings per share attributable to HF Sinclair stockholders:      
Basic (in USD per share) $ 3.08 $ 0.91 $ 8.29
Diluted (in USD per share) $ 3.08 $ 0.91 $ 8.29
Average number of common shares outstanding (in thousands):      
Basic (in shares) 186,465 192,073 190,035
Diluted (in shares) 186,465 192,073 190,035
[1] Exclusive of Lower of cost or market inventory valuation adjustments.
[2] Exclusive of Depreciation and amortization.
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income $ 586 $ 184 $ 1,711
Other comprehensive income (loss):      
Foreign currency translation adjustments 34 (42) 13
Cash flow hedging instruments:      
Change in fair value 0 (5) (3)
Reclassifications to net income 0 5 3
Net unrealized gain on hedging instruments 0 0 0
Pension and other post-retirement benefit obligations:      
Net change in pension and other post-retirement benefit obligations (7) (3) 0
Other comprehensive income (loss) before income taxes 27 (45) 13
Income tax expense (benefit) 6 (10) 3
Other comprehensive income (loss) 21 (35) 10
Total comprehensive income 607 149 1,721
Less: noncontrolling interest in comprehensive income 7 7 121
Comprehensive income attributable to HF Sinclair stockholders 600 142 1,600
Pension Plan      
Pension and other post-retirement benefit obligations:      
Actuarial gain (loss) on plan 0 0 2
Plan gain (loss) reclassified to net income 0 (1) 1
Other Postretirement Benefits Plan      
Pension and other post-retirement benefit obligations:      
Actuarial gain (loss) on plan 0 0 1
Plan gain (loss) reclassified to net income $ (7) $ (2) $ (4)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 586 $ 184 $ 1,711
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 909 832 771
Asset impairments 3 17 0
Lower of cost or market inventory valuation adjustments 417 (43) 271
Earnings of equity method investments, net of distributions (1) 1 8
Loss on early extinguishment of debt 24 0 0
Gain on sale of assets (2) (2) (7)
Loss on sale of equity method investment 47 0 0
Deferred income tax expense (benefit) 7 (49) 193
Equity-based compensation expense 33 23 41
Change in fair value of derivative instruments 64 (34) 17
(Increase) decrease in current assets:      
Accounts receivable 123 463 (17)
Inventories (171) 138 30
Income taxes receivable 24 (14) (3)
Prepayments and other 2 11 8
Increase (decrease) in current liabilities:      
Accounts payable (345) 25 (109)
Income taxes payable 2 (6) 1
Accrued liabilities 62 (63) (30)
Turnaround expenditures (437) (413) (556)
Other, net (32) 40 (32)
Net cash provided by operating activities 1,315 1,110 2,297
Cash flows from investing activities:      
Additions to properties, plants and equipment (449) (470) (385)
Purchase of precious metals (72) 0 0
Proceeds from sale of assets 6 4 17
Other, net (1) (2) (3)
Net cash used for investing activities (516) (468) (371)
Cash flows from financing activities:      
Borrowings under credit agreements 0 0 60
Repayments under credit agreements (350) (106) (273)
Proceeds from issuance of senior notes 1,890 0 0
Redemption of senior notes (1,416) 0 (308)
Purchase of treasury stock, inclusive of excise tax (354) (672) (999)
Dividends (376) (386) (341)
Distributions to noncontrolling interest (10) (7) (102)
Proceeds from financing arrangements 133 0 0
Payments on financing arrangements (109) 0 0
Payments on finance leases (11) (11) (12)
HEP Merger Transaction consideration 0 0 (268)
Deferred financing costs (25) 0 (1)
Other, net (3) 0 0
Net cash used for financing activities (631) (1,182) (2,244)
Effect of exchange rate on cash flow 10 (14) 7
Cash and cash equivalents:      
Net change for the period 178 (554) (311)
Cash and cash equivalents at beginning of period 800 1,354 1,665
Cash and cash equivalents at end of period 978 800 1,354
Supplemental information:      
Cash paid for interest (139) (164) (203)
Increase (decrease) in accrued and unpaid capital expenditures $ 16 $ (1) $ (6)
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Non-controlling Interest
Common stock outstanding at beginning of period (in shares) at Dec. 31, 2022 [1]   223,231,000          
Stockholders' equity at beginning of period at Dec. 31, 2022 $ 10,018 $ 2 $ 6,469 $ 4,130 $ (22) $ (1,335) $ 774
Treasury stock outstanding at beginning of period (in shares) at Dec. 31, 2022 [1]           26,152,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,711     1,590     121
Dividends (341)     (341)      
Other comprehensive income (loss) 10       10    
HEP Merger Transaction (106)   (466)     $ 1,085 (725)
HEP Merger Transaction (in shares) [1]           (21,072,000)  
Issuance of common shares under incentive compensation plans 0   (49)     $ 49  
Issuance of commons tock under incentive compensation plans (in shares) [1]           (957,000)  
Equity-based compensation 41   40       1
Treasury stock acquired and excise tax (in shares) [1]           19,113,000  
Treasury stock acquired and excise tax (993)         $ (993)  
Distributions to noncontrolling interest (102)           (102)
Purchase of HEP units for equity grants (1)           (1)
Common stock outstanding at end of period (in shares) at Dec. 31, 2023 [1]   223,231,000          
Stockholders' equity at end of period at Dec. 31, 2023 10,237 $ 2 5,994 5,379 (12) $ (1,194) 68
Treasury stock outstanding at end of period (in shares) at Dec. 31, 2023 [1]           23,236,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 184     177     7
Dividends (386)     (386)      
Other comprehensive income (loss) (35)       (35)    
Issuance of common shares under incentive compensation plans 0   (28)     $ 28  
Issuance of commons tock under incentive compensation plans (in shares) [1]           (536,000)  
Equity-based compensation $ 23   23        
Treasury stock acquired and excise tax (in shares) 11,944,177         12,126,000 [1]  
Treasury stock acquired and excise tax $ (679)         $ (679)  
Distributions to noncontrolling interest (7)           (7)
Other 9   9        
Common stock outstanding at end of period (in shares) at Dec. 31, 2024 [1]   223,231,000          
Stockholders' equity at end of period at Dec. 31, 2024 $ 9,346 $ 2 5,998 5,170 (47) $ (1,845) 68
Treasury stock outstanding at end of period (in shares) at Dec. 31, 2024 34,826,009         34,826,000 [1]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 586     579     7
Dividends (376)     (376)      
Other comprehensive income (loss) 21       21    
Issuance of common shares under incentive compensation plans 0   (23)     $ 23  
Issuance of commons tock under incentive compensation plans (in shares) [1]           (436,000)  
Equity-based compensation $ 33   33        
Treasury stock acquired and excise tax (in shares) 6,908,293         7,054,000 [1]  
Treasury stock acquired and excise tax $ (351)         $ (351)  
Distributions to noncontrolling interest (10)           (10)
Common stock outstanding at end of period (in shares) at Dec. 31, 2025 [1]   223,231,000          
Stockholders' equity at end of period at Dec. 31, 2025 $ 9,249 $ 2 $ 6,008 $ 5,373 $ (26) $ (2,173) $ 65
Treasury stock outstanding at end of period (in shares) at Dec. 31, 2025 41,443,642         41,444,000 [1]  
[1] In thousands.
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends declared per common share (in USD per share) $ 2.00 $ 2.00 $ 1.80
v3.25.4
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
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” or the “Company”) 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, in certain contexts, to HF Sinclair or an individual consolidated subsidiary and not to any other person, with certain exceptions. References herein to Holly Energy Partners, L.P. (“HEP”) with respect to time periods prior to the HEP Merger Transaction (as defined below) 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 lubricants and 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 1,700 branded stations and license the use of the Sinclair brand to more than 350 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and at 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, we completed the merger of HEP into an indirect wholly owned subsidiary of HF Sinclair pursuant to an Agreement and Plan of Merger dated August 15, 2023 (the “HEP Merger Transaction”). Consideration paid in connection with the merger included cash and shares of HF Sinclair common stock. 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.” In connection with the HEP Merger Transaction, for the year ended December 31, 2023, we incurred $24 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 consolidated statements of income.

Basis of Accounting and Use of Estimates: The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of our consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

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 if we are the primary beneficiary of a variable interest entity (“VIE”). 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, and the obligation to absorb the entity’s expected losses or rights to expected residual returns. Intercompany transactions and balances have been eliminated. See Note 3 for additional information regarding VIEs.

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 plus accrued interest, which approximates market value, and are primarily invested in liquid highly-rated instruments issued by government or municipal entities with strong credit standings.

Balance Sheet Offsetting: We purchase and sell inventories of crude oil from and to certain counterparties that are net settled in accordance with contractual net settlement provisions. We present accounts receivable and payable balances on a net basis, consistent with our contractual settlement provisions.
Accounts Receivable: Our accounts receivable primarily consist of amounts due from customers for 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 $4 million for both of the years ended December 31, 2025 and 2024.

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 a 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 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.

Lessee Accounting: 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 on 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 that 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 terms include 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 consolidated 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.
Lessor Accounting: Customer contracts that contain leases are generally classified as either operating leases, direct financing leases or sales-type leases. We consider inputs such as the lease term, fair value and residual value of the underlying asset when assessing the classification. 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 we apply hedge accounting. 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 recognized using 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 assets that result from the acquisition, construction, development and/or the normal operation of assets. The fair value of the estimated cost to retire a tangible 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 the obligation 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 because the timing of any retirement and related costs are currently indeterminable.

Our asset retirement obligations were $68 million and $66 million at December 31, 2025 and 2024, respectively, and are included in Other long-term liabilities on our consolidated balance sheets. Accretion expense was insignificant for the years ended December 31, 2025, 2024 and 2023.

Goodwill, Intangible Assets and Long-lived Assets: Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed, and intangible assets are non-financial assets that lack physical substance. Goodwill and indefinite-lived intangible assets are not amortized, whereas finite-lived intangible assets are amortized on a straight-line basis.

Goodwill and other indefinite-lived intangible assets are tested for impairment annually. To evaluate goodwill and other indefinite-lived intangible assets for impairment, we may use qualitative assessments to determine whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an indefinite-lived intangible asset is less than its carrying amount. The qualitative assessments consider multiple factors, including the current operating environment, historical and future financial performance and industry and market conditions. If an initial qualitative assessment indicates that it is more likely than not that the carrying amount of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. We may elect to bypass the qualitative assessment and instead perform a quantitative impairment test by comparing the fair value of the reporting unit to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the excess of the carrying amount over the fair value of the reporting unit, not to exceed the goodwill balance for that reporting unit.

During the year ended December 31, 2025, we elected to change our annual goodwill impairment testing date from July 1 to October 1 to better align the timing of our goodwill impairment assessment with our annual budgeting processes. The change in annual goodwill impairment testing date constitutes a voluntary change in accounting principle. This change does not delay, accelerate, or avoid an impairment charge, and has been applied prospectively as retrospective application was impracticable due to the inability to objectively determine the assumptions and significant estimates used in prior periods without the benefit of hindsight. Prior to the goodwill impairment test performed as of October 1, 2025, the most recent annual goodwill impairment test was performed as of July 1, 2025. No impairment was identified in either the July 1, 2025 or October 1, 2025 impairment assessments.

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 assets as follows: (i) our refinery asset groups, which include certain logistics assets, (ii) our renewables products asset groups, (iii) our lubricants and specialties asset groups, (iv) our marketing assets and (v) our midstream asset groups, which are 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 asset groups are evaluated for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the asset group being tested for impairment relative to its carrying amount. Fair value is typically determined using an income approach that incorporates estimates of discounted pre-tax future cash flows or a market approach that considers recent transaction activity for comparable assets. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used.

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

Equity Method Investments: We account for investments in which we have a 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. Equity method investments are recorded in Intangibles and other on our consolidated balance sheets.

The following tables summarize our recorded investment compared to our share of underlying equity for each investee. Acquisition-date differences between these amounts are amortized as adjustments to our pro-rata share of earnings in the joint ventures.

Balance at December 31, 2025
Equity Method Investments (1)
Underlying EquityRecorded Investment BalanceDifference
(In millions)
Osage Pipe Line Company, LLC$12 $37 $(25)
Cushing Connect Terminal Holdings LLC
44 28 16 
Pioneer Investments Corp.25 129 (104)
Saddle Butte Pipeline III, LLC64 32 32 
Total$145 $226 $(81)
(1)During the year ended December 31, 2025, we assigned certain of our equity ownership interests to other parties, including our 50% ownership interest in Cheyenne Pipeline, LLC to our joint venture partner in exchange for the termination of certain future commitments. See Note 5 for additional information.

Balance at December 31, 2024
Equity Method InvestmentsUnderlying EquityRecorded Investment BalanceDifference
(In millions)
Osage Pipe Line Company, LLC$7 $32 $(25)
Cheyenne Pipeline, LLC28 39 (11)
Cushing Connect Terminal Holdings LLC46 30 16 
Pioneer Investments Corp.26 132 (106)
Saddle Butte Pipeline III, LLC65 32 33 
Total$172 $265 $(93)
Equity method investments are assessed for impairment whenever changes in the facts and circumstances indicate that the carrying value may exceed the fair value of the investment. When indicators exist, the fair value is estimated and compared to the investment’s carrying value. If any impairment is determined to be other-than-temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies.

Revenue Recognition: Revenues from refined products, excess crude oil and RINs 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 in Cost of materials and other.

Our Lubricants & Specialties segment 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 & Specialties segment 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 segment 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 its 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 that we 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 and environmental credit obligations. 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 materials and other. Additionally, we enter into buy/sell exchanges of crude oil with certain parties to facilitate the delivery of quantities to certain locations, with such transactions being recorded as costs on a net basis. 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 $334 million, $264 million and $239 million for the years ended December 31, 2025, 2024 and 2023, 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, 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 cleanup 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.

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 $92 million, $86 million and $81 million for the years ended December 31, 2025, 2024 and 2023, respectively, in connection with these plans.

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 of 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 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 loss.

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 into functional currencies are recorded as gains or losses as a component of Other income (expense), net on our consolidated statements of income. Such adjustments are recorded in Corporate and Other rather than a reportable segment. See Note 19 for additional information on our segments.

Income Taxes: Provisions for income taxes include deferred taxes resulting from temporary differences between 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 (benefit). We believe we have the 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.

Income tax effects that are held in Accumulated other comprehensive loss are released into Retained earnings, when applicable, on an individual item basis as those items are reclassified into income.

Inventory Repurchase Obligations: We periodically enter into same-party sell/buy transactions, whereby we sell certain refined product and RINs inventory and subsequently repurchase the inventory in order to facilitate delivery to certain locations and manage our compliance obligations. Such sell/buy transactions are accounted for as inventory repurchase obligations and are financing arrangements, with proceeds received under the initial sale recognized as inventory repurchase obligations that are subsequently reversed when the inventory is repurchased. For the years ended December 31, 2025, 2024 and 2023, we received proceeds of $129 million, $26 million and $26 million, respectively, and subsequently repaid $131 million, $27 million and $27 million, respectively, under these sell/buy transactions.
Accounting Pronouncements (Recently Adopted): In December 2023, Accounting Standards Update (“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 by jurisdiction. We adopted this standard effective January 1, 2025. The adoption resulted in additional disclosures in Note 15 but did not affect our financial position or our results of operations.

Accounting Pronouncements (Not Yet Adopted): In November 2024, ASU 2024-03, “Disaggregation of Income Statement Expenses” was issued. ASU 2024-03 requires companies to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The adoption will not affect our financial position or our results of operations, but will result in additional disclosures.

In July 2025, ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets” was issued offering a new optional practical expedient related to the estimation of future expected credit losses on accounts receivable. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. we do not expect this ASU to have a material impact on our consolidated financial statements and disclosures

In September 2025, ASU 2025-06, “Internal-Use Software” was issued amending guidance related to the accounting for internal-use software development costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact of this guidance on the consolidated financial statements.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
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 54 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 that are based on a measure of throughput and provisions that allow 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 locations of our operating and finance leases recorded on our consolidated balance sheets:
December 31,
20252024
(In millions)
Operating leases:
Operating lease right-of-use assets
$349 $355 
Operating lease liabilities
85 77 
Noncurrent operating lease liabilities289 301 
Total operating lease liabilities$374 $378 
Finance leases:
Properties, plants and equipment, at cost$124 $115 
Less: accumulated amortization(41)(37)
Properties, plants and equipment, net$83 $78 
Accrued liabilities$14 $11 
Other long-term liabilities75 71 
Total finance lease liabilities$89 $82 
Supplemental balance sheet information related to our leases was as follows:
December 31,
20252024
Weighted-average remaining lease term (in years):
Operating leases8.69.2
Finance leases7.38.1
Weighted-average discount rate:
Operating leases5.6 %5.6 %
Finance leases6.3 %6.1 %

The components of lease expense were as follows:
Years Ended December 31,
202520242023
(In millions)
Operating lease expense$109 $131 $121 
Finance lease expense:
Amortization of ROU assets
14 12 13 
Interest on lease liabilities5 5 3 
Variable lease cost4 13 13 
Total lease expense$132 $161 $150 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202520242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$106 $130 $128 
Operating cash flows from finance leases$5 $5 $3 
Financing cash flows from finance leases$11 $11 $12 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$84 $126 $103 
Finance leases$19 $8 $38 
As of December 31, 2025, minimum future lease payments of our operating and finance lease obligations were as follows:

OperatingFinance
(In millions)
2026$100 $18 
202777 16 
202851 16 
202938 14 
203033 12 
Thereafter199 35 
Future minimum lease payments498 111 
Less: imputed interest(124)(22)
Total lease obligations374 89 
Less: current obligations(85)(14)
Long-term lease obligations$289 $75 

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 that meet the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire as a result of our risk management strategy to protect 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,
202520242023
(In millions)
Operating lease revenues$17 $17 $17 
Sales-type lease interest income$2 $2 $2 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1 $2 $1 

For our third-party 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 for third-party contracts for which we were the lessor as of December 31, 2025, were as follows:
OperatingSales-Type
(In millions)
2026$14 $2 
202714 2 
202813 2 
202913 2 
20302 2 
Thereafter— 10 
Total lease payment receipts$56 20 
Less: imputed interest(4)
Lease receivables$16 

Net investment in sales-type leases, which is recorded in Intangibles and other on our consolidated balance sheets, was composed of the following:
December 31,
20252024
(In millions)
Lease receivables$16 $17 
Unguaranteed residual assets16 16 
Net investment in leases$32 $33 
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 54 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 that are based on a measure of throughput and provisions that allow 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 locations of our operating and finance leases recorded on our consolidated balance sheets:
December 31,
20252024
(In millions)
Operating leases:
Operating lease right-of-use assets
$349 $355 
Operating lease liabilities
85 77 
Noncurrent operating lease liabilities289 301 
Total operating lease liabilities$374 $378 
Finance leases:
Properties, plants and equipment, at cost$124 $115 
Less: accumulated amortization(41)(37)
Properties, plants and equipment, net$83 $78 
Accrued liabilities$14 $11 
Other long-term liabilities75 71 
Total finance lease liabilities$89 $82 
Supplemental balance sheet information related to our leases was as follows:
December 31,
20252024
Weighted-average remaining lease term (in years):
Operating leases8.69.2
Finance leases7.38.1
Weighted-average discount rate:
Operating leases5.6 %5.6 %
Finance leases6.3 %6.1 %

The components of lease expense were as follows:
Years Ended December 31,
202520242023
(In millions)
Operating lease expense$109 $131 $121 
Finance lease expense:
Amortization of ROU assets
14 12 13 
Interest on lease liabilities5 5 3 
Variable lease cost4 13 13 
Total lease expense$132 $161 $150 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202520242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$106 $130 $128 
Operating cash flows from finance leases$5 $5 $3 
Financing cash flows from finance leases$11 $11 $12 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$84 $126 $103 
Finance leases$19 $8 $38 
As of December 31, 2025, minimum future lease payments of our operating and finance lease obligations were as follows:

OperatingFinance
(In millions)
2026$100 $18 
202777 16 
202851 16 
202938 14 
203033 12 
Thereafter199 35 
Future minimum lease payments498 111 
Less: imputed interest(124)(22)
Total lease obligations374 89 
Less: current obligations(85)(14)
Long-term lease obligations$289 $75 

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 that meet the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire as a result of our risk management strategy to protect 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,
202520242023
(In millions)
Operating lease revenues$17 $17 $17 
Sales-type lease interest income$2 $2 $2 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1 $2 $1 

For our third-party 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 for third-party contracts for which we were the lessor as of December 31, 2025, were as follows:
OperatingSales-Type
(In millions)
2026$14 $2 
202714 2 
202813 2 
202913 2 
20302 2 
Thereafter— 10 
Total lease payment receipts$56 20 
Less: imputed interest(4)
Lease receivables$16 

Net investment in sales-type leases, which is recorded in Intangibles and other on our consolidated balance sheets, was composed of the following:
December 31,
20252024
(In millions)
Lease receivables$16 $17 
Unguaranteed residual assets16 16 
Net investment in leases$32 $33 
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 54 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 that are based on a measure of throughput and provisions that allow 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 locations of our operating and finance leases recorded on our consolidated balance sheets:
December 31,
20252024
(In millions)
Operating leases:
Operating lease right-of-use assets
$349 $355 
Operating lease liabilities
85 77 
Noncurrent operating lease liabilities289 301 
Total operating lease liabilities$374 $378 
Finance leases:
Properties, plants and equipment, at cost$124 $115 
Less: accumulated amortization(41)(37)
Properties, plants and equipment, net$83 $78 
Accrued liabilities$14 $11 
Other long-term liabilities75 71 
Total finance lease liabilities$89 $82 
Supplemental balance sheet information related to our leases was as follows:
December 31,
20252024
Weighted-average remaining lease term (in years):
Operating leases8.69.2
Finance leases7.38.1
Weighted-average discount rate:
Operating leases5.6 %5.6 %
Finance leases6.3 %6.1 %

The components of lease expense were as follows:
Years Ended December 31,
202520242023
(In millions)
Operating lease expense$109 $131 $121 
Finance lease expense:
Amortization of ROU assets
14 12 13 
Interest on lease liabilities5 5 3 
Variable lease cost4 13 13 
Total lease expense$132 $161 $150 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202520242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$106 $130 $128 
Operating cash flows from finance leases$5 $5 $3 
Financing cash flows from finance leases$11 $11 $12 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$84 $126 $103 
Finance leases$19 $8 $38 
As of December 31, 2025, minimum future lease payments of our operating and finance lease obligations were as follows:

OperatingFinance
(In millions)
2026$100 $18 
202777 16 
202851 16 
202938 14 
203033 12 
Thereafter199 35 
Future minimum lease payments498 111 
Less: imputed interest(124)(22)
Total lease obligations374 89 
Less: current obligations(85)(14)
Long-term lease obligations$289 $75 

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 that meet the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire as a result of our risk management strategy to protect 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,
202520242023
(In millions)
Operating lease revenues$17 $17 $17 
Sales-type lease interest income$2 $2 $2 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1 $2 $1 

For our third-party 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 for third-party contracts for which we were the lessor as of December 31, 2025, were as follows:
OperatingSales-Type
(In millions)
2026$14 $2 
202714 2 
202813 2 
202913 2 
20302 2 
Thereafter— 10 
Total lease payment receipts$56 20 
Less: imputed interest(4)
Lease receivables$16 

Net investment in sales-type leases, which is recorded in Intangibles and other on our consolidated balance sheets, was composed of the following:
December 31,
20252024
(In millions)
Lease receivables$16 $17 
Unguaranteed residual assets16 16 
Net investment in leases$32 $33 
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 54 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 that are based on a measure of throughput and provisions that allow 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 locations of our operating and finance leases recorded on our consolidated balance sheets:
December 31,
20252024
(In millions)
Operating leases:
Operating lease right-of-use assets
$349 $355 
Operating lease liabilities
85 77 
Noncurrent operating lease liabilities289 301 
Total operating lease liabilities$374 $378 
Finance leases:
Properties, plants and equipment, at cost$124 $115 
Less: accumulated amortization(41)(37)
Properties, plants and equipment, net$83 $78 
Accrued liabilities$14 $11 
Other long-term liabilities75 71 
Total finance lease liabilities$89 $82 
Supplemental balance sheet information related to our leases was as follows:
December 31,
20252024
Weighted-average remaining lease term (in years):
Operating leases8.69.2
Finance leases7.38.1
Weighted-average discount rate:
Operating leases5.6 %5.6 %
Finance leases6.3 %6.1 %

The components of lease expense were as follows:
Years Ended December 31,
202520242023
(In millions)
Operating lease expense$109 $131 $121 
Finance lease expense:
Amortization of ROU assets
14 12 13 
Interest on lease liabilities5 5 3 
Variable lease cost4 13 13 
Total lease expense$132 $161 $150 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202520242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$106 $130 $128 
Operating cash flows from finance leases$5 $5 $3 
Financing cash flows from finance leases$11 $11 $12 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$84 $126 $103 
Finance leases$19 $8 $38 
As of December 31, 2025, minimum future lease payments of our operating and finance lease obligations were as follows:

OperatingFinance
(In millions)
2026$100 $18 
202777 16 
202851 16 
202938 14 
203033 12 
Thereafter199 35 
Future minimum lease payments498 111 
Less: imputed interest(124)(22)
Total lease obligations374 89 
Less: current obligations(85)(14)
Long-term lease obligations$289 $75 

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 that meet the definition of a lease have long useful lives, and we believe these assets will continue to have value when the current agreements expire as a result of our risk management strategy to protect 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,
202520242023
(In millions)
Operating lease revenues$17 $17 $17 
Sales-type lease interest income$2 $2 $2 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1 $2 $1 

For our third-party 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 for third-party contracts for which we were the lessor as of December 31, 2025, were as follows:
OperatingSales-Type
(In millions)
2026$14 $2 
202714 2 
202813 2 
202913 2 
20302 2 
Thereafter— 10 
Total lease payment receipts$56 20 
Less: imputed interest(4)
Lease receivables$16 

Net investment in sales-type leases, which is recorded in Intangibles and other on our consolidated balance sheets, was composed of the following:
December 31,
20252024
(In millions)
Lease receivables$16 $17 
Unguaranteed residual assets16 16 
Net investment in leases$32 $33 
v3.25.4
Cushing Connect Joint Venture
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Cushing Connect Joint Venture Cushing Connect Joint Venture
We, through our wholly owned subsidiary HEP Cushing LLC (“HEP Cushing”), own a 50% interest in Cushing Connect Pipeline & Terminal LLC (“Cushing Connect”), a joint venture with Plains Marketing, L.P., a wholly owned subsidiary of Plains All American Pipeline, L.P. (“Plains”). Cushing Connect consists of (i) a 160,000 barrels 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”).

Cushing Connect entered into contracts with an affiliate of HEP, 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.

Cushing Connect and its two subsidiaries (the “Cushing Connect Entities”) are VIEs under GAAP because they lack 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 the ability to direct the activities that most significantly impact the financial performance of Cushing Connect and the Cushing Connect Pipeline. Therefore, we consolidate Cushing Connect and the related Cushing Connect Pipeline subsidiary. We are not the primary beneficiary of the 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 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, are not significant. Furthermore, our creditors have no recourse to the assets of the Cushing Connect Entities. The most significant assets of Cushing Connect and the Cushing Connect Pipeline that are available to settle only their obligations, and their most significant liabilities, for which creditors do not have recourse to our general credit, were as follows:

December 31,
20252024
(In millions)
Cash and cash equivalents$1 $5 
Properties, plants and equipment, at cost103 103 
Less: accumulated depreciation(15)(12)
88 91 
Intangibles and other28 30 
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Substantially all revenue-generating activities relate to sales of refined products and excess crude oil inventories at market prices (variable consideration) under contracts with customers. Additionally, we have revenues attributable to our 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,
202520242023
(In millions)
Revenues by type:
Refined product revenues:
Transportation fuels (1)
$20,934 $22,235 $24,582 
Lubricants and specialty products (2)
2,307 2,429 2,521 
Asphalt, fuel oil and other products (3)
1,426 1,932 2,167 
Total refined product revenues24,667 26,596 29,270 
Excess crude oil revenues (4)
1,335 1,570 2,147 
Transportation and logistic services121 107 118 
Other revenues (5)
746 307 429 
Total sales and other revenues$26,869 $28,580 $31,964 
Years Ended December 31,
202520242023
(In millions)
Refined product revenues by market: (6)
United States:
Mid-Continent$8,999 $9,710 $10,756 
Southwest3,536 4,213 4,056 
Rocky Mountains5,314 5,781 6,916 
Northwest4,768 4,746 5,296 
Northeast820 836 959 
Canada964 1,047 1,022 
Other
266 263 265 
Total refined product revenues$24,667 $26,596 $29,270 
(1)Transportation fuels revenues are attributable to our: (i) Refining segment wholesale gasoline, diesel and jet fuel, (ii) Marketing segment branded gasoline and diesel fuel and (iii) Renewables segment renewable diesel fuel.
(2)Lubricant and specialty products consist of finished lubricants, specialty fluids, waxes, base oils, and other by-products.
(3)Asphalt, fuel oil and other products revenues are attributable to the Refining and Lubricants & Specialties segments.
(4)Excess crude oil revenues represent sales of purchased crude oil inventory that occasionally exceed our refineries’ supply needs.
(5)Other revenues are principally attributable to our Refining, Marketing and Lubricants & Specialties segments. During the year ended December 31, 2025, other revenues included $430 million in RIN sales.
(6)Revenues are allocated to markets based on the location where the sale originated.

As of December 31, 2025, we have long-term contracts with customers that specify minimum volumes of gasoline, diesel and lubricants and specialty products to be sold ratably at market prices through 2035. Future prices are subject to market fluctuations and therefore, we have elected the exemption to exclude variable consideration under these contracts. Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows:

Contractual Minimum202620272028ThereafterTotal
(In millions)
Refined product sales volumes (barrels)36 29 21 10 96 
Additionally, we have long-term contracts with third-party customers that specify minimum volumes of product to be transported through our pipelines and terminals, resulting in fixed-minimum annual revenues through 2033. Annual minimum revenues attributable to our third-party contracts as of December 31, 2025 are presented below:

Contractual Minimum202620272028ThereafterTotal
(In millions)
Midstream operations revenues$22 $22 $22 $43 $109 

For the year ended December 31, 2025, no customers accounted for 10% or more of our total annual revenues. For the years ended December 31, 2024 and 2023, we had one customer, Shell, together with certain of its affiliates, that accounted for 10% or more of our total annual revenues at approximately 11% and 12%, respectively, which were primarily generated through our Refining segment operations.
v3.25.4
Other Income (Expense), Net
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other Income (Expense), Net Other Income (Expense), Net
Other income (expense), net consists of the following:

Years Ended December 31,
202520242023
(In millions)
Loss on sale of equity method investment (1)
$(47)$— $— 
Loss on early extinguishment of debt(24)— — 
Gain on foreign currency transactions5 — 3 
Gain on sale of assets and other 13 15 27 
Other income (expense), net$(53)$15 $30 
(1)During the year ended December 31, 2025, we assigned certain of our equity ownership interests to other parties, including our 50% ownership interest in Cheyenne Pipeline, LLC to our joint venture partner in exchange for the termination of certain future commitments.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
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, certain financing arrangements and environmental credit obligations as of December 31, 2025 and 2024 were as follows:
Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In millions)
December 31, 2025
Assets:
Commodity forward contracts$5 $— $5 $— 
Total assets$5 $— $5 $— 
Liabilities:
Commodity forward contracts$5 $— $5 $— 
Financing arrangements - precious metals
94 — 96 — 
Foreign currency forward contracts6 — 6 — 
Environmental credit obligations46 — 46 — 
Total liabilities$151 $— $153 $— 
Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In millions)
December 31, 2024
Assets:
Commodity forward contracts$1 $— $1 $— 
Foreign currency forward contracts18 — 18 — 
Total assets$19 $— $19 $— 
Liabilities:
NYMEX futures contracts$1 $1 $— $— 
Commodity forward contracts1 — 1 — 
Financing arrangements - precious metals
31 — 31 — 
Environmental credit obligations
10 — 10 — 
Total liabilities$43 $1 $42 $— 

Level 1 Fair Value Measurements: Our futures contracts based on New York Mercantile Exchange (“NYMEX”) pricing 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 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 inputs and quoted forward commodity prices with respect to our commodity price swaps. The fair value of the forward sales and purchase contracts is computed using quoted forward commodity prices. The fair value of our precious metals catalyst financing arrangements discussed in Note 13 is computed using quoted forward commodity prices, a Level 2 input. The fair value of foreign currency forward contracts is derived using market quotes for similar types of instruments, a Level 2 input. Environmental credit obligations are valued based on quoted prices from an independent pricing service.

See Note 14 for additional information on derivative instruments and hedging activities.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
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 weighted-average number of shares of common stock outstanding. Diluted earnings per share reflects the dilutive effect of the incremental shares resulting from certain share-based awards. Anti-dilutive shares were immaterial for all periods presented.

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,
 202520242023
 
(In millions, except share and per share data)
Net income attributable to HF Sinclair stockholders$579 $177 $1,590 
Less: participating securities’ share in earnings (1)
(5)(2)(14)
Net income attributable to common shares$574 $175 $1,576 
Average number of common shares outstanding (in thousands):
Basic186,465 192,073 190,035 
Diluted186,465 192,073 190,035 
Basic earnings per share$3.08 $0.91 $8.29 
Diluted earnings per share$3.08 $0.91 $8.29 
(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.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
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. 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 that 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,
202520242023
(In millions)
Compensation expense:
Restricted stock units$22 $18 $30 
Performance stock units12 4 12 
Total compensation expense$34 $22 $42 
Tax benefit recognized on compensation expense$8 $5 $10 
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 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 units activity during the year ended December 31, 2025 is presented below:
Restricted Stock UnitsGrants
Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025
951,690 $54.23 
Granted 460,866 $54.84 
Vested(396,474)$39.03 
Forfeited(38,582)$48.40 
Outstanding at December 31, 2025
977,500 $60.91 

As of December 31, 2025, there was $31 million of total unrecognized compensation cost related to unvested restricted stock unit grants. That cost is expected to be recognized over a weighted-average period of 1.5 years.

The following table reflects activity related to our restricted stock units:
Years Ended December 31,
Restricted Stock Unit Activity202520242023
Grant date fair value of vested units (in millions)$15 $16 $21 
Weighted-average grant date fair value per granted unit
$54.84 $42.36 $52.59 
Cash paid for settlement of awards on vesting date (in millions)$1 $1 $4 
Restricted stock units settled in cash
22,607 24,065 71,589 

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 at the end of a three year period. 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 stockholder 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. Awards subject to financial performance are amortized over the vesting period and are reevaluated periodically based on the probability of achievement of the performance conditions. The grant date fair value of awards subject to market performance are estimated based on a Monte Carlo simulation model and are amortized over the vesting period.

A summary of performance share units activity during the year ended December 31, 2025 is presented below:
Performance Share UnitsGrantsWeighted Average Grant Date Fair Value
Outstanding at January 1, 2025
622,427 $59.60 
Granted 258,235 $59.90 
Vested(125,146)$73.27 
Outstanding at December 31, 2025755,516 $57.44 
As of December 31, 2025, there was $24 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 2.0 years.

The following table reflects activity related to our performance share units:
Years Ended December 31,
Performance Share Units Activity202520242023
Grant date fair value of vested units (in millions)$9 $3 $7 
Weighted-average grant date fair value per granted unit
$59.90 $49.90 $67.73 
Cash paid for settlement of awards on vesting date (in millions)$— $— $1 
Performance stock units settled in cash
— 2,724 23,587 
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following components:
December 31,
20252024
(In millions)
Crude oil$874 $799 
Other raw materials and unfinished products (1)
709 656 
Finished products (2)
1,337 1,329 
Lower of cost or market reserve(706)(289)
Crude oil and refined products2,214 2,495 
Process chemicals (3)
54 43 
Repairs and maintenance supplies and other (4)
305 260 
Materials, supplies and other359 303 
Total inventories$2,573 $2,798 
(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude oil.
(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPGs and residual fuels.
(3)Process chemicals include additives and other chemicals.
(4)Repairs and maintenance supplies and other include environmental credits.

Our Refining and Renewables segment inventories are valued at the lower of LIFO cost or market based on market conditions at that time. The following table summarizes the lower of cost or market reserve activity:

Lower of Cost or Market Reserve Activity Summary: Refining RenewablesTotal
(In millions)
Balance at December 31, 2022
$— $61 $61 
Lower of cost or market inventory valuation adjustments221 50 271 
Balance at December 31, 2023$221 $111 $332 
Lower of cost or market inventory valuation adjustments
(32)(11)(43)
Balance at December 31, 2024$189 $100 $289 
Lower of cost or market inventory valuation adjustments
415 2 417 
Balance at December 31, 2025$604 $102 $706 
v3.25.4
Properties, Plants and Equipment
 12 Months Ended
Dec. 31, 2025
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,
20252024
(In millions)
Land, buildings and improvements$814 $790 
Refining facilities7,041 6,793 
Pipelines and terminals2,402 2,356 
Transportation vehicles44 42 
Other fixed assets690 640 
Construction in progress401 310 
Properties, plants and equipment, at cost11,392 10,931 
Less: accumulated depreciation(4,859)(4,373)
Properties, plants and equipment, net$6,533 $6,558 

We capitalized interest attributable to construction projects of $5 million for the year ended December 31, 2025, and $4 million for both of the years ended December 31, 2024 and 2023.

Depreciation expense was $515 million, $509 million and $474 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Goodwill, Intangibles and Long-lived Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Intangibles and Long-lived Assets Goodwill, Intangibles and Long-lived Assets
Goodwill
As of December 31, 2025, our goodwill balance was $2,978 million. 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 balance by segment:
Refining
RenewablesMarketing
Lubricants & Specialties
MidstreamTotal
(In millions)
Balance at December 31, 2023
$1,977 $159 $164 $246 $432 $2,978 
Foreign currency translation adjustment— — — (1)— (1)
Balance at December 31, 2024
$1,977 $159 $164 $245 $432 $2,977 
Foreign currency translation adjustment— — — 1 — 1 
Balance at December 31, 2025$1,977 $159 $164 $246 $432 $2,978 

The following consists of goodwill gross amounts and accumulated impairment charges as of December 31, 2025:

Refining RenewablesMarketingLubricants & SpecialtiesMidstreamTotal
Balance at December 31, 2025(In millions)
Goodwill $2,286 $159 $164 $481 $432 $3,522 
Accumulated impairment losses(309)— — (235)— (544)
Total Goodwill $1,977 $159 $164 $246 $432 $2,978 

No impairment of goodwill was recognized during the years ended December 31, 2025 and 2024, respectively.
Intangibles
The carrying amounts of our intangible assets presented in Intangibles and other on our consolidated balance sheets are as follows:
December 31,
Useful Life20252024
 
(In millions)
Customer relationships
 4 - 20 years
$349 $345 
Transportation agreements30 years60 60 
Trademarks, patents and other
6 - 20 years
262 257 
671 662 
Less: accumulated amortization(370)(311)
Total intangibles, net$301 $351 

Amortization expense was $55 million for each of the years ended December 31, 2025, 2024 and 2023.

Estimated future amortization expense related to intangible assets at December 31, 2025 is as follows:

Estimated Future Amortization Expense for Year Ended December 31:(In millions)
2026$47 
202741 
202834 
202934 
203034 
Thereafter111 
Total$301 

Long-lived Assets
Long-lived assets, defined as properties, plants, and equipment, net, Operating lease right-of-use assets, Turnaround costs and other tangible assets, are primarily located in the United States. Total long-lived assets were $8,155 million and $8,131 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, 93% of our long-lived assets were located in the United States. Long-lived assets located outside of the United States were immaterial and no individual foreign country represented a material portion of our long-lived assets.

Asset impairments were $3 million during the year ended December 31, 2025. During the year ended December 31, 2024, we incurred asset impairment charges totaling $17 million, primarily related to certain logistics assets in our Midstream segment and other assets in our Refining segment. No impairment charges were recorded for the year ended December 31, 2023.
v3.25.4
Accrued Liabilities and Other Long-Term Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities and Other Long-Term Liabilities Accrued Liabilities and Other Long-Term Liabilities
Accrued liabilities consist of the following:
December 31,
20252024
(In millions)
Precious metal financing$94 $32 
Wage and other employee-related liabilities88 85 
Accrued interest expense65 38 
Environmental credit obligations64 17 
Accrued taxes other than income27 28 
Environmental liabilities (1)
22 27 
ROU financing lease liabilities
14 11 
Derivatives11 2 
Other108 137 
Total accrued liabilities$493 $377 

Other long-term liabilities consist of the following:

December 31,
20252024
(In millions)
Environmental liabilities (1)
$167 $163 
ROU financing lease liabilities
75 71 
Asset retirement obligations
68 66 
Other168 141 
Total other long-term liabilities$478 $441 
(1)Environmental liability accruals include remediation and monitoring costs expected to be incurred over an extended period of time. Environmental liabilities are recorded when a loss is considered probable and can be reasonably estimated, and may be adjusted as additional information becomes available. Environmental remediation expenses were $14 million, $14 million and $27 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Credit Agreements
On April 3, 2025, we terminated our $1.65 billion senior unsecured revolving credit facility maturing in April 2026 (the “Terminated HF Sinclair Credit Agreement”) and the $1.2 billion senior secured revolving credit facility maturing in July 2025 of our wholly owned subsidiary HEP (the “Terminated HEP Credit Agreement”). Contemporaneously, we entered into a new $2.0 billion senior unsecured revolving credit facility maturing in April 2030 (the “HF Sinclair Credit Agreement”), which contains an extension feature that allows us to extend the term of the commitment from time to time in increments of up to one year subject to the terms and conditions set forth in the HF Sinclair Credit Agreement. The HF Sinclair Credit Agreement includes an accordion feature that allows us to increase such commitments to an aggregate principal amount of up to $2.75 billion. In addition, HF Sinclair was released from its obligations under the Parent Guaranty Agreement, dated as of December 1, 2023, as guarantor, in favor of Wells Fargo Bank, National Association, in its capacity as administrative agent (the “Guaranty”), and the Guaranty was terminated. We did not pay any prepayment penalties in connection with the termination of the Terminated HF Sinclair Credit Agreement or the Terminated HEP Credit Agreement. We recognized an early extinguishment loss of $1 million, inclusive of unamortized debt issuance costs.

Indebtedness under the HF Sinclair Credit Agreement bears interest, at our option, at either (a) the greater of (i) the prime rate (as publicly announced from time to time by the administrative agent), (ii) a base rate equal to the highest of the Federal Funds Effective Rate (as defined in the HF Sinclair Credit Agreement) plus 0.5%, and (iii) Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement) for a one-month interest period plus 1%, as applicable, plus an applicable margin (ranging from 0.125% to 1.000%), or (b) at a rate equal to the Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement) for the applicable interest period plus an applicable margin (ranging from 1.125% to 2.000%). The applicable margin is based on HF Sinclair’s debt rating assigned by Standard & Poor’s Rating Services, Fitch Ratings, Ltd. and Moody’s Investors Service, Inc.

As of December 31, 2025, we were in compliance with all covenants and had no outstanding borrowings or letters of credit under the HF Sinclair Credit Agreement.

Senior Notes Offering, Tender Offers and Redemptions
On January 23, 2025, HF Sinclair issued an aggregate principal amount of $1.4 billion of senior notes consisting of $650 million aggregate principal amount of 5.750% Senior Notes due 2031 (the “HF Sinclair 5.750% Senior Notes”) and $750 million aggregate principal amount of 6.250% Senior Notes due 2035 (the “HF Sinclair 6.250% Senior Notes” and together with the HF Sinclair 5.750% Senior Notes, the “January HFS Notes”) for net proceeds of approximately $1.38 billion, after deducting the underwriters’ discount and commissions and offering expenses. The January HFS Notes are unsecured and unsubordinated obligations of ours and rank equally with all our other existing and future unsecured and unsubordinated indebtedness.

We used a portion of the funds from the January HFS Notes to complete the early settlement of cash tender offers and redemptions for $996 million in aggregate principal amount as follows:

Maturity Date
Aggregate Principal Amount Accepted
Purchase Price Including Premium
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$643 $650 
6.375% Senior Notes
April 2027150 153 
793 803 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 2026203 205 
Total
$996 $1,008 
Additionally, we used a portion of the net proceeds from the January HFS Notes offering to repay the $350 million under the Terminated HEP Credit Agreement due 2025.
On August 18, 2025, HF Sinclair issued an aggregate principal amount of $500 million of 5.500% Senior Notes due 2032 (the “HF Sinclair 5.500% Senior Notes”) for net proceeds of approximately $491 million, after deducting the underwriters’ discount and commissions and offering expenses. The HF Sinclair 5.500% Senior Notes are unsecured and unsubordinated obligations of ours and rank equally with all our other existing and future unsecured and unsubordinated indebtedness.

We used a portion of the funds from the HF Sinclair 5.500% Senior Notes to complete the early settlement of cash tender offers and redemptions for $404 million in aggregate principal amount as follows:

Maturity Date
Aggregate Principal Amount Accepted
Purchase Price Including Premium
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$154 $155 
6.375% Senior Notes
April 2027250 253 
Total
$404 $408 

We recognized an early extinguishment loss of $23 million, inclusive of unamortized discount and debt issuance costs, as a result of the tender offers and redemptions for the year ended December 31, 2025.

Senior Notes
Our unsecured senior notes and unsubordinated obligations rank equally with all future unsecured and unsubordinated indebtedness.

We may, from time to time, seek to retire some or all of our outstanding 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 depends 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 in exchange for cash and then financed the use of the precious metals catalyst for a term not to exceed one year. During the year ended December 31, 2025, we received proceeds of $30 million and made principal payments of $6 million related to such arrangements. The volume of the precious metals catalyst and the interest rate are fixed over the term of each agreement, and the payments are recorded as Interest expense. Upon maturity of the financing arrangements, we must either extend the maturity or satisfy the obligation at fair market value, which is considered an embedded derivative as discussed in Note 14. These financing arrangements are measured at fair value and are included in Accrued liabilities on our consolidated balance sheets. See Note 6 for additional information.

Certain inventory buy/sell arrangements in which we have a repurchase obligation are recognized as financing arrangements. During the year ended December 31, 2025, we received cash proceeds and made principal payments of $103 million related to these financing arrangements.

We may, from time to time, issue letters of credit pursuant to uncommitted letters of credit facilities, which are unrelated to the HF Sinclair Credit Agreement. At December 31, 2025, we had letters of credit totaling a nominal amount under such credit facilities.
The principal and carrying amounts of Long-term debt are as follows:

Carrying Amount (1)
Maturity DateDecember 31, 2025December 31, 2024
 (In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$— $797 
6.375% Senior Notes
April 2027— 400 
5.000% Senior Notes
February 2028499 499 
4.500% Senior Notes
October 2030325 325 
5.750% Senior Notes
January 2031650 — 
5.500% Senior Notes
September 2032500 — 
6.250% Senior Notes
January 2035750 — 
2,724 2,021 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 2026— 203 
4.500% Senior Notes
October 203075 75 
75 278 
HEP Senior Notes:
5.000% Senior Notes
February 20281 1 
1 1 
Total Senior Notes2,800 2,300 
Terminated HEP Credit Agreement
July 2025— 350 
Terminated HF Sinclair Credit Agreement
April 2026— — 
HF Sinclair Credit Agreement
April 2030— — 
Total Credit Agreements— 350 
Total debt at face value2,800 2,650 
Unamortized discount and debt issuance costs (31)(12)
Total debt2,769 2,638 
Current debt
— (350)
Long-term debt$2,769 $2,288 
(1)As of December 31, 2025 and 2024, the carrying amounts of our Senior Notes equaled the principal amounts.

The fair values of the senior notes are as follows:
December 31,
20252024
(In millions)
HF Sinclair, HollyFrontier and HEP Senior Notes
$2,858 $2,284 

These fair values are based on a Level 2 inputs. See Note 6 for additional information on Level 2 inputs.
Principal maturities of outstanding debt as of December 31, 2025 are as follows:

Years Ending December 31:(In millions)
2026$— 
2027— 
2028500 
2029— 
2030400 
Thereafter1,900 
Total$2,800 
v3.25.4
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2025
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 the price of 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 contracts 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 in intercompany notes with our foreign subsidiaries that are not denominated in the U.S. dollar.

Accounting Hedges
We periodically have swap contracts to lock in basis spread differentials on forecasted purchases of crude oil and forward sales of refined products that lock in the prices of future purchases of crude oil and sales of refined products. 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. These fair value adjustments are later reclassified to earnings as the hedging instruments mature.

We did not have any effective cash flow hedges in place or any unrealized gains/losses recognized in Accumulated other comprehensive loss as of December 31, 2025 and 2024.

Realized gains and losses reclassified from accumulated other comprehensive loss into earnings due to settlements and maturities of hedging instruments under hedge accounting were nominal for the years ended December 31, 2025, 2024 and 2023.

Economic Hedges
We periodically enter into commodity contracts, including certain futures contracts based on NYMEX pricing, to lock in prices on forecasted inventory purchases and sales. We periodically enter into basis swap contracts to mitigate exposure to natural gas price volatility. We periodically enter into forward purchase and sale contracts to lock in basis spread differentials on forecasted crude oil purchases and refined product sales, and forward purchase or sale price of crude oil and refined products. We periodically use collar contracts to mitigate exposure to natural gas price volatility; these contracts 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 precious metals catalyst financing arrangements discussed in Note 13 could require repayment under certain conditions based on the maturity date pricing of the precious metals, resulting in 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 Net income due to maturities and fair value adjustments of our economic hedges:

Gain (Loss) Recognized in Net Income
Statements of Income Classification
Years Ended December 31,
202520242023
(In millions)
Derivatives not designated as hedging instruments:
Commodity contractsCost of materials and other$12 $(8)$10 
Operating expenses— (4)(21)
Interest expense(44)3 2 
Foreign currency contracts
Other income (expense), net
(12)33 (7)
Total$(44)$24 $(16)

As of December 31, 2025, we have the following notional amounts related to outstanding derivative instruments (all maturing in 2026):

Total Outstanding NotionalUnit of Measure
Derivatives not designated as cash flow hedging instruments:
NYMEX futures (WTI) - short979,000 Barrels
Commodity forward contracts - long
1,371,000 Barrels
Commodity forward contracts - short
1,191,000 Barrels
Foreign currency forward contracts522,000,000 
Canadian dollar
Forward platinum contracts (1)
46,549 Troy ounces
(1)Represents an embedded derivative within our precious metals catalyst financing arrangements, which may be refinanced or require repayment under certain conditions. See Note 13 for additional information on these financing arrangements.

The following tables present the fair value and the locations of our outstanding derivative instruments in the consolidated balance sheets. 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 millions)
December 31, 2025
Derivatives not designated as cash flow hedging instruments:
Commodity forward contracts - long
$3 $— $3 $2 $— $2 
Commodity forward contracts - short
2 — 2 3 — 3 
Financing arrangements - precious metals embedded derivative
— — — 33 — 33 
Foreign currency forward contracts— — — 6 — 6 
$5 $— $5 $44 $— $44 
Total net balance$5 $44 
Balance sheet classification:Prepayments and other$5 Accrued liabilities$44 
Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In millions)
December 31, 2024
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$— $— $— $1 $— $1 
Commodity forward contracts - long
— — — 1 — 1 
Commodity forward contracts - short
1 — 1 — — — 
Financing arrangements - precious metals embedded derivative
— — — — (8)(8)
Foreign currency forward contracts18 — 18 — — — 
$19 $— $19 $2 $(8)$(6)
Total net balance$19 $(6)
Balance sheet classification:Prepayments and other$19 Accrued liabilities$(6)
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The U.S. and foreign components of Income before income tax expense are as follows:
Years Ended December 31,
202520242023
(In millions)
U.S.
$686 $129 $1,968 
Foreign
46 89 185 
Total
$732 $218 $2,153 

The provision for Income tax expense (benefit) is comprised of the following:
Years Ended December 31,
202520242023
(In millions)
Current:
Federal$123 $26 $180 
State17 12 24 
Foreign(1)45 45 
Deferred:
Federal14 (34)155 
State(10)(8)31 
Foreign3 (7)7 
Total income tax expense$146 $34 $442 
The statutory federal income tax rate applied to pre-tax book income reconciles to income tax expense as follows:
Years Ended December 31,
202520242023
Amount
Percent (2)
Amount
Percent (2)
Amount
Percent (2)
(In millions)
Tax computed at statutory rate$154 21.0 %$46 21.0 %$452 21.0 %
State income taxes, net of federal tax benefit (1)
5 0.7 3 1.4 44 2.0 
Foreign tax effects:
Canada:
     Statutory tax rate difference between Canada and U.S.
— — (5)(2.3)(11)(0.5)
     Canadian withholding taxes
5 0.7 5 2.3 5 0.2 
Provincial taxes
(1)(0.1)10 4.6 21 1.0 
Cyprus:
     Statutory tax rate difference between Cyprus and U.S.
(3)(0.4)(3)(1.4)(3)(0.1)
Foreign tax credit
(4)(0.5)(4)(1.8)(4)(0.2)
Netherlands:
Changes in valuation allowances
3 0.4 4 1.8 1 — 
Other foreign jurisdictions
(9)(1.2)1 0.5 4 0.2 
Effect of cross-border tax laws
— — 1 0.5 2 0.1 
Nontaxable or nondeductible items:
   Nontaxable renewable fuel incentives
(7)(1.0)(51)(23.4)(43)(2.0)
   Fines and penalties
— — 8 3.7 — — 
   Tax benefit on equity investment dividends received(4)(0.5)(3)(1.4)(2)(0.1)
   Other9 1.1 4 1.8 1 0.1 
   Noncontrolling interest in net income(2)(0.3)(2)(0.9)(25)(1.2)
Changes in unrecognized tax benefits
— — 20 9.2 — — 
Income tax expense
$146 19.9 %$34 15.6 %$442 20.5 %
(1)State income taxes, net of federal tax benefit largely consists of expense from New Mexico, Kansas, Oklahoma and Colorado.
(2)Due to rounding of reported numbers, some amounts may not calculate exactly.

Income taxes paid, net of refunds consist of the following:
Years Ended December 31,
202520242023
(In millions)
Federal$43 $86 $175 
State and local:
Oregon
*
10 
*
Kansas
(5)(12)
*
Other
4 (3)47 
Total state and local
$(1)$(5)$47 
Foreign:
Canada
11 31 28 
Other
(2)(2)1 
Total foreign
$9 $29 $29 
Income taxes paid, net of refunds
$51 $110 $251 
*    Income taxes paid, net of refunds does not meet disaggregation threshold.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Our deferred income tax assets and liabilities as of December 31, 2025 and 2024 are as follows:
December 31, 2025
AssetsLiabilitiesTotal
(In millions)
Deferred income taxes:
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,183)$(1,183)
Lease obligation112 — 112 
Accrued employee benefits23 — 23 
Accrued post-retirement benefits11 — 11 
Accrued environmental costs41 — 41 
Inventory differences— (59)(59)
Deferred turnaround costs— (208)(208)
Net operating loss and tax credit carryforwards42 — 42 
Valuation allowance(10)— (10)
Other— (9)(9)
Total $219 $(1,459)$(1,240)

December 31, 2024
AssetsLiabilitiesTotal
(In millions)
Deferred income taxes:
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,174)$(1,174)
Lease obligation114 — 114 
Accrued employee benefits22 — 22 
Accrued post-retirement benefits10 — 10 
Accrued environmental costs41 — 41 
Inventory differences— (159)(159)
Deferred turnaround costs— (185)(185)
Net operating loss and tax credit carryforwards116 — 116 
Interest Limitation under 163(j)19 — 19 
Valuation allowance(14)— (14)
Other— (14)(14)
Total $308 $(1,532)$(1,224)

We have tax benefits attributable to net operating losses of $18 million in the Netherlands that can be carried forward indefinitely and tax benefits attributable to net operating losses in Luxembourg of $14 million that can be carried forward 17 years and begin expiring in 2036. We have reflected a valuation allowance of $10 million in 2025 and $14 million in 2024 with respect to net operating carryforwards that primarily relate to losses in the Netherlands, China and Luxembourg. Additionally we have state income tax credits of $6 million that will begin expiring in 16 years.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

Years Ended December 31,
202520242023
(In millions)
Balance at January 1$24 $1 $1 
   Additions for tax positions related to prior years— 23 — 
Reductions for tax positions related to prior years
(2)— — 
Balance at December 31$22 $24 $1 

At December 31, 2025, 2024 and 2023, there were $23 million, $24 million and $1 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.
We are subject to U.S. and Canadian federal income tax as well as multiple other state and local jurisdictions. The Company is currently under audit with the Internal Revenue Service for the tax years 2020 and 2021, and under audit with the Canada Revenue Agency for the tax years 2018, 2019, 2020 and 2021.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
On May 7, 2024, our Board of Directors approved a $1.0 billion share repurchase program (the “2024 Share Repurchase Program”), which replaced all existing share repurchase programs. The 2024 Share Repurchase Program authorizes us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH Company, LLC and its affiliate REH Advisors Inc. (together, “REH”) are also authorized under the 2024 Share Repurchase Program, subject to REH’s interest in selling its shares and other limitations. The timing and amount of share repurchases, including those from REH, 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 2024 Share Repurchase Program may be discontinued at any time by our Board of Directors.

The following table presents total open market and privately negotiated purchases of shares under our share repurchase programs for the years ended December 31, 2025 and 2024.
 Years Ended December 31,
 20252024
(In millions, except share data)
Number of shares repurchased (1)
6,908,293 11,944,177
Cash paid for shares repurchased$340 $664 
(1)During the years ended December 31, 2025 and 2024, 3,345,857 and 7,864,761 shares, respectively, were repurchased for $174 million and $456 million, respectively, pursuant to privately negotiated repurchases from REH.
During the years ended December 31, 2025, 2024 and 2023, we withheld 145,776, 181,841 and 332,741 shares, respectively, of our common stock from certain employees in the amounts of $8 million, $9 million and $18 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.

On February 18, 2026, our Board of Directors announced that it declared a regular quarterly dividend in the amount of $0.50 per share, payable on March 12, 2026, to holders of record of common stock on March 2, 2026.
v3.25.4
Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
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 millions)
Year Ended December 31, 2025
Net change in foreign currency translation adjustment$34 $7 $27 
Net change in pension and other post-retirement benefit obligations(7)(1)(6)
Other comprehensive income attributable to HF Sinclair stockholders
$27 $6 $21 
Year Ended December 31, 2024
Net change in foreign currency translation adjustment$(42)$(9)$(33)
Net change in pension and other post-retirement benefit obligations(3)(1)(2)
Other comprehensive loss attributable to HF Sinclair stockholders
$(45)$(10)$(35)
Year Ended December 31, 2023
Net change in foreign currency translation adjustment$13 $3 $10 
Other comprehensive income attributable to HF Sinclair stockholders
$13 $3 $10 

Reclassifications out of accumulated other comprehensive loss and into the consolidated statements of income were nominal for the years ended December 31, 2025, 2024 and 2023.

Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
Years Ended December 31,
20252024
 (In millions)
Foreign currency translation adjustment$(30)$(57)
Unrealized gain on post-retirement benefit obligations
4 10 
Accumulated other comprehensive loss
$(26)$(47)
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
We are a party to various litigation and legal proceedings in the ordinary course of business that we believe, based on advice of counsel, will not either individually or in the aggregate have a material adverse effect on our financial condition, results of operations or cash flows.

During 2017 and 2019, the EPA granted the Cheyenne, Wyoming refinery (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 compliance years. As a result, the Cheyenne Refinery’s and Woods Cross Refinery’s gasoline and diesel production were 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 sales. On April 7, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross Refinery and Cheyenne Refinery 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 Refinery and Cheyenne Refinery for the 2016 compliance year and denying small refinery exemption petitions for our Woods Cross Refinery and Cheyenne Refinery for the 2019 and 2020 compliance years.
Certain of our subsidiaries pursued legal challenges to the EPA’s decisions to deny small refinery exemptions for the 2016, 2018, 2019 and 2020 compliance years. The first lawsuit, filed against the EPA on May 6, 2022, before the U.S. Court of Appeals for the DC Circuit (the “DC Circuit”), sought 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, before the DC Circuit, sought 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, 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 DC Circuit against the EPA, challenging the alternative compliance demonstration for the 2016 and 2018 compliance years. On July 25, 2022, certain of our subsidiaries intervened on behalf of the EPA to aid the defense of the EPA’s alternative compliance demonstration.

On July 26, 2024, the DC Circuit issued a favorable decision vacating the EPA’s denial of all of our small refinery exemption petitions, finding the denial to be unlawful. The DC Circuit remanded the small refinery exemption petitions to the EPA for new determination. The DC Circuit also upheld the alternative compliance demonstration and denied Growth Energy’s challenge.

On August 22, 2025, the EPA granted, in whole or in part, small refinery exemption petitions for our Woods Cross Refinery, our Cheyenne Refinery, our refinery in Casper, Wyoming (the “Casper Refinery”), and our refinery in Sinclair, Wyoming (the “Parco Refinery”) for various compliance years from 2019 to 2024. The EPA also denied, in whole or in part, small refinery exemption petitions for the Cheyenne Refinery, the Woods Cross Refinery, the Casper Refinery, and the Parco Refinery for various compliance years from 2019 to 2024.

In October 2025, certain of our subsidiaries filed lawsuits in the DC Circuit to overturn the EPA’s August 2025 denials and other actions.

On November 7, 2025, the EPA granted in whole small refinery exemption petitions for our refinery in Tulsa, Oklahoma (the “Tulsa East Refinery”) for compliance years 2023 and 2024. The EPA also granted partial exemptions for 12 small refinery exemption petitions from other refining companies and denied two petitions. On December 11, 2025, the Renewable Fuels Association filed a lawsuit in the DC Circuit to overturn the EPA’s November 2025 grants. On January 8, 2026, the DC Circuit consolidated the Renewable Fuels Association’s lawsuit with ours and other petitioners’ lawsuits regarding the EPA’s August 2025 exemption decisions. On January 12, 2026, certain of our subsidiaries filed a motion to intervene in the lawsuit to defend the EPA’s grant of our small refinery exemption petitions.

These lawsuits remain pending, and we are unable to estimate the costs we may incur, if any, at this time.

In January 2026, a fuel‑contamination incident at one of our product terminals in Colorado impacted certain of our branded and unbranded customers. We are currently unable to estimate the costs we may incur related to this incident at this time.

Contractual Commitments
We have various long-term agreements entered into 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 between 2026 and 2031.

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 through 2038. Transportation and storage fees incurred under these agreements totaled $255 million, $238 million and $201 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The obligations described above are not associated with suppliers’ financing arrangements and are not reflected as liabilities.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
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 in 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.

The Refining segment represents the operations of our El Dorado, Tulsa, Navajo, Woods Cross, Puget Sound, Parco and Casper refineries and HF Sinclair Asphalt Company LLC (“Asphalt”). 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 RDU, Artesia RDU, Sinclair RDU and the pre-treatment unit at our Artesia, New Mexico facility.

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 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 includes Petro-Canada Lubricants’ production operations, located in Mississauga, Ontario, which produces 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, one of the leading 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 and loading rack facilities 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 Osage Pipeline Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas, and Cushing Connect Pipeline & Terminal LLC, the owner of a pipeline running from Cushing, Oklahoma to Tulsa, Oklahoma, a 26.08% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a pipeline running from the Powder River Basin to Casper, Wyoming, and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline running from Sinclair, Wyoming to the North Salt Lake City, Utah terminal. Revenues and other income 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, terminalling operations and tankage facilities provided for our refining operations.

Our chief operating decision maker (“CODM”), who is also our Chief Executive Officer, evaluates the performance of our segments using segment Income from operations. The CODM uses segment Income from operations to allocate resources to each segment predominantly in the annual budgeting and forecasting process. Amounts included in Income before income taxes in our consolidated statements of income and excluded from our performance measure, Income from operations, include Other income (expense), net. Other income (expense), net includes Earnings of equity method investments, Interest income, Interest expense and other items believed to be non-operating and/or non-recurring in nature. Assets by segment are not a measure used to assess our performance by the CODM and thus are not reported in our disclosures. Intersegment sales are generally derived from transactions made at prevailing market rates.

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 millions)
Year Ended December 31, 2025
Sales and other revenues:
Revenues from external customers$20,536 $551 $3,142 $2,519 $121 $— $26,869 
Intersegment revenues and other (1)
3,286 440 — 7 522 (4,255)— 
23,822 991 3,142 2,526 643 (4,255)26,869 
Cost of sales: (2)
Cost of materials and other (3)
20,244 935 3,000 1,838 — (4,257)21,760 
Lower of cost or market inventory valuation adjustments415 2 — — — — 417 
Operating expenses 1,825 90 — 271 199 6 2,391 
22,484 1,027 3,000 2,109 199 (4,251)24,568 
Selling, general and administrative expenses (2)
219 4 40 158 7 28 456 
Depreciation and amortization548 93 29 94 74 71 909 
Other operating expenses, net
8 — — — — 1 9 
Income (loss) from operations$563 $(133)$73 $165 $363 $(104)$927 
Earnings of equity method investments33 
Interest income42 
Interest expense(217)
Other expense, net
(53)
Income before income taxes
$732 
Capital expenditures$286 $4 $46 $45 $43 $25 $449 
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
 (In millions)
Year Ended December 31, 2024
Sales and other revenues:
Revenues from external customers$21,701 $644 $3,428 $2,700 $107 $— $28,580 
Intersegment revenues and other (1)
3,639 347 — 12 537 (4,535)— 
25,340 991 3,428 2,712 644 (4,535)28,580 
Cost of sales: (2)
Cost of materials and other (3)
22,907 910 3,319 1,977 — (4,531)24,582 
Lower of cost or market inventory valuation adjustments(32)(11)— — — — (43)
Operating expenses 1,912 100 — 254 214 4 2,484 
24,787 999 3,319 2,231 214 (4,527)27,023 
Selling, general and administrative expenses (2)
219 5 34 150 11 28 447 
Depreciation and amortization495 78 27 90 72 70 832 
Other operating expenses, net
6 — — 1 10 — 17 
Income (loss) from operations$(167)$(91)$48 $240 $337 $(106)$261 
Earnings of equity method investments32 
Interest income75 
Interest expense(165)
Other income, net15 
Income before income taxes
$218 
Capital expenditures$268 $9 $52 $42 $48 $51 $470 
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
(In millions)
Year Ended December 31, 2023
Sales and other revenues:
Revenues from external customers$24,157 $781 $4,146 $2,762 $118 $— $31,964 
Intersegment revenues and other (1)
4,516 408 — 13 466 (5,403)— 
28,673 1,189 4,146 2,775 584 (5,403)31,964 
Cost of sales: (2)
Cost of materials and other (3)
24,042 1,081 4,051 2,009 — (5,399)25,784 
Lower of cost or market inventory valuation adjustments221 50 — — — — 271 
Operating expenses1,879 109 — 259 189 2 2,438 
26,142 1,240 4,051 2,268 189 (5,397)28,493 
Selling, general and administrative expenses (2)
200 5 34 164 27 67 497 
Depreciation and amortization461 77 24 85 82 42 771 
Income (loss) from operations$1,870 $(133)$37 $258 $286 $(115)$2,203 
Earnings of equity method investments
17 
Interest income94 
Interest expense(191)
Other income, net
30 
Income before income taxes
$2,153 
Capital expenditures$223 $18 $28 $37 $32 $47 $385 
(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We focus on cybersecurity risk, particularly as our operations become increasingly dependent on digital technologies for managing our plants and pipelines, processing transactions and summarizing and reporting results of operations. Globally, as cybersecurity incidents are occurring more often and are being perpetrated using increasingly sophisticated methods, we are at risk for interruptions, outages and breaches of operational systems, including business, financial, accounting, product development, data processing or manufacturing processes, owned by us or our third-party vendors or suppliers, or data that we process or that our third-party service providers process on our behalf. Any such cyber incidents have the potential to materially disrupt or shutdown operational systems; result in loss of, unauthorized access to, or copying or transfer of intellectual property assets, trade secrets or other proprietary or competitively sensitive information; compromise certain information of customers, employees, suppliers or others; and/or jeopardize the security of our facilities. We collect and store sensitive data in the ordinary course of our business, including certain personally identifiable information and proprietary business information for our business and our customers, suppliers, contractors, investors and other stakeholders. We also work with third-party service providers that may in the course of their business relationship with us collect, store, process and transmit such data on our behalf.

As further described in Item 1A “Risk Factors – Risks Related to Cybersecurity, Data Security, and Privacy, Information Technology and Intellectual Property,” the DHS’s Transportation Security Administration has issued a series of security directives that require us to take a number of actions, including among other things, appointing personnel, reporting confirmed and potential cybersecurity incidents to the DHS Cybersecurity and Infrastructure Security Agency and providing vulnerability assessments. We have adopted a cybersecurity program, which uses technology and processes designed to help mitigate cybersecurity risks, with our information technology (“IT”) and operational technology (“OT”) teams working together to protect, identify, detect, mitigate and respond to potential cybersecurity incidents that threaten our Company. Our cybersecurity program includes a process for overseeing and identifying cybersecurity risks associated with our third-party service providers.

We have made efforts to implement the National Institute of Standards and Technology (NIST) Cybersecurity Framework as well as supplemental guidance for information and operational technologies. We seek to follow federal and state statutory and regulatory guidance and have adopted internal policies and standards designed to align with these requirements.

We regularly engage independent third-party security consultants to help assess and monitor our IT and OT environments for vulnerabilities, to conduct penetration testing and to recommend mitigation strategies. In addition, we use third-party tools for vulnerability scans to identify external and internal risks.
Employees’ and contractors’ abilities to recognize and report cybersecurity threats is an important component of our cybersecurity program. On an annual basis, all Company employees are required to complete cybersecurity training. In addition, we regularly utilize employee exercises and communications designed to reinforce key cybersecurity training messages.

The above cybersecurity risk management processes are integrated into our overall risk management program. In addition to our efforts to continually evaluate our cybersecurity program and cybersecurity risks based upon emerging threats as part of our risk management processes, cybersecurity risks to the Company are evaluated periodically through internal audits and annually by independent consultants, and we seek to incorporate learnings into our overall risk matrices.

We continue to make investments in new cybersecurity technologies to protect our facilities, users, and stakeholders, and to protect the personally identifiable information we maintain.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
The above cybersecurity risk management processes are integrated into our overall risk management program. In addition to our efforts to continually evaluate our cybersecurity program and cybersecurity risks based upon emerging threats as part of our risk management processes, cybersecurity risks to the Company are evaluated periodically through internal audits and annually by independent consultants, and we seek to incorporate learnings into our overall risk matrices.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cybersecurity risks are overseen by our full Board of Directors, while our Audit Committee also receives and reviews updates on the results of internal audit assessments and tests related to cybersecurity, data privacy and IT matters. As part of this oversight, the Board of Directors meets regularly to discuss the progress of ongoing initiatives and to seek coordination between enterprise stakeholders. At these meetings, our Chief Information Officer (“CIO”), who oversees the Company’s cybersecurity program, along with the Chief Information Security Officer (“CISO”) and key subject matter experts, as necessary, review current and emerging cybersecurity-related threats as well as key performance indicators for cybersecurity process maturity, operational performance, and enterprise performance in countering these threats. Based on the information provided through these various processes, our Board of Directors evaluates the risks facing us and provides guidance to management on our risk management strategy.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Cybersecurity risks are overseen by our full Board of Directors, while our Audit Committee also receives and reviews updates on the results of internal audit assessments and tests related to cybersecurity, data privacy and IT matters. As part of this oversight, the Board of Directors meets regularly to discuss the progress of ongoing initiatives and to seek coordination between enterprise stakeholders. At these meetings, our Chief Information Officer (“CIO”), who oversees the Company’s cybersecurity program, along with the Chief Information Security Officer (“CISO”) and key subject matter experts, as necessary, review current and emerging cybersecurity-related threats as well as key performance indicators for cybersecurity process maturity, operational performance, and enterprise performance in countering these threats. Based on the information provided through these various processes, our Board of Directors evaluates the risks facing us and provides guidance to management on our risk management strategy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The CIO serves as Executive Sponsor, and the CISO serves as Managing Chair, of the Company’s management level Cybersecurity Risk and Controls Review Committee, which provides oversight over the Company’s strategy and controls to identify, manage and mitigate risks related to cybersecurity and incident response and resiliency associated with the Company’s IT and OT environments, and is comprised of representatives from compliance, IT and OT cybersecurity, internal audit, legal and risk. The Sponsor of the Cybersecurity Risk and Controls Review Committee reports to the Company’s management level Risk Management Oversight Committee on a regular basis. Both the Executive Sponsor and Managing Chair of the Cybersecurity Risk and Controls Review Committee report to the Board of Directors on a regular basis.
Cybersecurity Risk Role of Management [Text Block] The CIO, in collaboration with our CISO, and other key leaders across HF Sinclair operations, are primarily responsible for assessing and managing our material risks from cybersecurity threats, monitoring the effectiveness of our cybersecurity detection and response processes in countering current threats and providing updates to our executive team.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CIO, in collaboration with our CISO, and other key leaders across HF Sinclair operations, are primarily responsible for assessing and managing our material risks from cybersecurity threats, monitoring the effectiveness of our cybersecurity detection and response processes in countering current threats and providing updates to our executive team.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
The CIO has over 25 years of Information Technology experience, 20 of those years leading large programs within the Oil & Gas industry, including mergers and acquisitions, cybersecurity, digital transformation. The CISO also brings over 30 years of Information Technology experience, with almost 20 years of Oil & Gas experience that includes IT & OT Cybersecurity and technology infrastructure.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The CIO, in collaboration with our CISO, and other key leaders across HF Sinclair operations, are primarily responsible for assessing and managing our material risks from cybersecurity threats, monitoring the effectiveness of our cybersecurity detection and response processes in countering current threats and providing updates to our executive team.

The CIO has over 25 years of Information Technology experience, 20 of those years leading large programs within the Oil & Gas industry, including mergers and acquisitions, cybersecurity, digital transformation. The CISO also brings over 30 years of Information Technology experience, with almost 20 years of Oil & Gas experience that includes IT & OT Cybersecurity and technology infrastructure.

The CIO serves as Executive Sponsor, and the CISO serves as Managing Chair, of the Company’s management level Cybersecurity Risk and Controls Review Committee, which provides oversight over the Company’s strategy and controls to identify, manage and mitigate risks related to cybersecurity and incident response and resiliency associated with the Company’s IT and OT environments, and is comprised of representatives from compliance, IT and OT cybersecurity, internal audit, legal and risk. The Sponsor of the Cybersecurity Risk and Controls Review Committee reports to the Company’s management level Risk Management Oversight Committee on a regular basis. Both the Executive Sponsor and Managing Chair of the Cybersecurity Risk and Controls Review Committee report to the Board of Directors on a regular basis.
The Company has adopted an integrated Cybersecurity Incident Response Plan that establishes guidelines for responding to incidents that may compromise the confidentiality, integrity and availability of Company information and systems, including referring matters to the Company’s Crisis Management Team and, as appropriate, to the Chief Executive Officer and the Board of Directors for additional evaluation and oversight.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
Description of Business: References herein to HF Sinclair Corporation (“HF Sinclair” or the “Company”) 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, in certain contexts, to HF Sinclair or an individual consolidated subsidiary and not to any other person, with certain exceptions. References herein to Holly Energy Partners, L.P. (“HEP”) with respect to time periods prior to the HEP Merger Transaction (as defined below) 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 lubricants and 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 1,700 branded stations and license the use of the Sinclair brand to more than 350 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and at 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.
Basis of Accounting Basis of Accounting and Use of Estimates: The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of our consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Use of Estimates Basis of Accounting and Use of Estimates: The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of our consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
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 if we are the primary beneficiary of a variable interest entity (“VIE”). 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, and the obligation to absorb the entity’s expected losses or rights to expected residual returns. Intercompany transactions and balances have been eliminated.
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 plus accrued interest, which approximates market value, and are primarily invested in liquid 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 from and to certain counterparties that are net settled in accordance with contractual net settlement provisions. We present accounts receivable and payable balances on a net basis, consistent with our contractual settlement provisions.
Accounts Receivable
Accounts Receivable: Our accounts receivable primarily consist of amounts due from customers for 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 $4 million for both of the years ended December 31, 2025 and 2024.

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 a 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 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.
Lessee Accounting
Lessee Accounting: 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 on 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 that 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 terms include 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 consolidated 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.
Lessor Accounting
Lessor Accounting: Customer contracts that contain leases are generally classified as either operating leases, direct financing leases or sales-type leases. We consider inputs such as the lease term, fair value and residual value of the underlying asset when assessing the classification. 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 we apply hedge accounting. Cash flows from all our derivative activity are reported in the operating section on our consolidated statements of cash flows.
Property, Plant and Equipment
Properties, Plants and Equipment: Properties, plants and equipment are stated at cost. Depreciation is recognized using 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 assets that result from the acquisition, construction, development and/or the normal operation of assets. The fair value of the estimated cost to retire a tangible 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 the obligation 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 because the timing of any retirement and related costs are currently indeterminable.
Goodwill, Intangibles Assets and Long-Lived Assets
Goodwill, Intangible Assets and Long-lived Assets: Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed, and intangible assets are non-financial assets that lack physical substance. Goodwill and indefinite-lived intangible assets are not amortized, whereas finite-lived intangible assets are amortized on a straight-line basis.

Goodwill and other indefinite-lived intangible assets are tested for impairment annually. To evaluate goodwill and other indefinite-lived intangible assets for impairment, we may use qualitative assessments to determine whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an indefinite-lived intangible asset is less than its carrying amount. The qualitative assessments consider multiple factors, including the current operating environment, historical and future financial performance and industry and market conditions. If an initial qualitative assessment indicates that it is more likely than not that the carrying amount of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. We may elect to bypass the qualitative assessment and instead perform a quantitative impairment test by comparing the fair value of the reporting unit to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the excess of the carrying amount over the fair value of the reporting unit, not to exceed the goodwill balance for that reporting unit.

During the year ended December 31, 2025, we elected to change our annual goodwill impairment testing date from July 1 to October 1 to better align the timing of our goodwill impairment assessment with our annual budgeting processes. The change in annual goodwill impairment testing date constitutes a voluntary change in accounting principle. This change does not delay, accelerate, or avoid an impairment charge, and has been applied prospectively as retrospective application was impracticable due to the inability to objectively determine the assumptions and significant estimates used in prior periods without the benefit of hindsight. Prior to the goodwill impairment test performed as of October 1, 2025, the most recent annual goodwill impairment test was performed as of July 1, 2025. No impairment was identified in either the July 1, 2025 or October 1, 2025 impairment assessments.

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 assets as follows: (i) our refinery asset groups, which include certain logistics assets, (ii) our renewables products asset groups, (iii) our lubricants and specialties asset groups, (iv) our marketing assets and (v) our midstream asset groups, which are 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 asset groups are evaluated for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the asset group being tested for impairment relative to its carrying amount. Fair value is typically determined using an income approach that incorporates estimates of discounted pre-tax future cash flows or a market approach that considers recent transaction activity for comparable assets. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used.
Equity Method Investments
Equity Method Investments: We account for investments in which we have a 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. Equity method investments are recorded in Intangibles and other on our consolidated balance sheets.
Equity method investments are assessed for impairment whenever changes in the facts and circumstances indicate that the carrying value may exceed the fair value of the investment. When indicators exist, the fair value is estimated and compared to the investment’s carrying value. If any impairment is determined to be other-than-temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies.
Revenue Recognition
Revenue Recognition: Revenues from refined products, excess crude oil and RINs 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 in Cost of materials and other.

Our Lubricants & Specialties segment 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 & Specialties segment 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 segment 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 its 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 that we 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 and environmental credit obligations. 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 materials and other. Additionally, we enter into buy/sell exchanges of crude oil with certain parties to facilitate the delivery of quantities to certain locations, with such transactions being recorded as costs on a net basis. 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, 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 cleanup 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.
Defined Contribution Plans 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.
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 of 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 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 loss.
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 into functional currencies are recorded as gains or losses as a component of Other income (expense), net on our consolidated statements of income. Such adjustments are recorded in Corporate and Other rather than a reportable segment.
Income Taxes
Income Taxes: Provisions for income taxes include deferred taxes resulting from temporary differences between 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 (benefit). We believe we have the 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.
Income tax effects that are held in Accumulated other comprehensive loss are released into Retained earnings, when applicable, on an individual item basis as those items are reclassified into income.
Inventory Repurchase Obligations Inventory Repurchase Obligations: We periodically enter into same-party sell/buy transactions, whereby we sell certain refined product and RINs inventory and subsequently repurchase the inventory in order to facilitate delivery to certain locations and manage our compliance obligations. Such sell/buy transactions are accounted for as inventory repurchase obligations and are financing arrangements, with proceeds received under the initial sale recognized as inventory repurchase obligations that are subsequently reversed when the inventory is repurchased.
Accounting Pronouncements (Recently Adopted and Not Yet Adopted)
Accounting Pronouncements (Recently Adopted): In December 2023, Accounting Standards Update (“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 by jurisdiction. We adopted this standard effective January 1, 2025. The adoption resulted in additional disclosures in Note 15 but did not affect our financial position or our results of operations.

Accounting Pronouncements (Not Yet Adopted): In November 2024, ASU 2024-03, “Disaggregation of Income Statement Expenses” was issued. ASU 2024-03 requires companies to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The adoption will not affect our financial position or our results of operations, but will result in additional disclosures.

In July 2025, ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets” was issued offering a new optional practical expedient related to the estimation of future expected credit losses on accounts receivable. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. we do not expect this ASU to have a material impact on our consolidated financial statements and disclosures

In September 2025, ASU 2025-06, “Internal-Use Software” was issued amending guidance related to the accounting for internal-use software development costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact of this guidance on the consolidated financial statements.
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.
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Equity Method Investments
The following tables summarize our recorded investment compared to our share of underlying equity for each investee. Acquisition-date differences between these amounts are amortized as adjustments to our pro-rata share of earnings in the joint ventures.

Balance at December 31, 2025
Equity Method Investments (1)
Underlying EquityRecorded Investment BalanceDifference
(In millions)
Osage Pipe Line Company, LLC$12 $37 $(25)
Cushing Connect Terminal Holdings LLC
44 28 16 
Pioneer Investments Corp.25 129 (104)
Saddle Butte Pipeline III, LLC64 32 32 
Total$145 $226 $(81)
(1)During the year ended December 31, 2025, we assigned certain of our equity ownership interests to other parties, including our 50% ownership interest in Cheyenne Pipeline, LLC to our joint venture partner in exchange for the termination of certain future commitments. See Note 5 for additional information.

Balance at December 31, 2024
Equity Method InvestmentsUnderlying EquityRecorded Investment BalanceDifference
(In millions)
Osage Pipe Line Company, LLC$7 $32 $(25)
Cheyenne Pipeline, LLC28 39 (11)
Cushing Connect Terminal Holdings LLC46 30 16 
Pioneer Investments Corp.26 132 (106)
Saddle Butte Pipeline III, LLC65 32 33 
Total$172 $265 $(93)
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information
The following table presents the amounts and locations of our operating and finance leases recorded on our consolidated balance sheets:
December 31,
20252024
(In millions)
Operating leases:
Operating lease right-of-use assets
$349 $355 
Operating lease liabilities
85 77 
Noncurrent operating lease liabilities289 301 
Total operating lease liabilities$374 $378 
Finance leases:
Properties, plants and equipment, at cost$124 $115 
Less: accumulated amortization(41)(37)
Properties, plants and equipment, net$83 $78 
Accrued liabilities$14 $11 
Other long-term liabilities75 71 
Total finance lease liabilities$89 $82 
Schedule of Components of Lease Expense and Supplemental Cash Flow Information
Supplemental balance sheet information related to our leases was as follows:
December 31,
20252024
Weighted-average remaining lease term (in years):
Operating leases8.69.2
Finance leases7.38.1
Weighted-average discount rate:
Operating leases5.6 %5.6 %
Finance leases6.3 %6.1 %

The components of lease expense were as follows:
Years Ended December 31,
202520242023
(In millions)
Operating lease expense$109 $131 $121 
Finance lease expense:
Amortization of ROU assets
14 12 13 
Interest on lease liabilities5 5 3 
Variable lease cost4 13 13 
Total lease expense$132 $161 $150 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202520242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$106 $130 $128 
Operating cash flows from finance leases$5 $5 $3 
Financing cash flows from finance leases$11 $11 $12 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$84 $126 $103 
Finance leases$19 $8 $38 
Schedule of Operating and Finance Lease Maturities
As of December 31, 2025, minimum future lease payments of our operating and finance lease obligations were as follows:

OperatingFinance
(In millions)
2026$100 $18 
202777 16 
202851 16 
202938 14 
203033 12 
Thereafter199 35 
Future minimum lease payments498 111 
Less: imputed interest(124)(22)
Total lease obligations374 89 
Less: current obligations(85)(14)
Long-term lease obligations$289 $75 
Schedule of Lease Income
Lease income recognized was as follows:
Years Ended December 31,
202520242023
(In millions)
Operating lease revenues$17 $17 $17 
Sales-type lease interest income$2 $2 $2 
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $1 $2 $1 
Schedule of Minimum Undiscounted Lease Payments for Third-party Contracts
Annual minimum undiscounted lease payments for third-party contracts for which we were the lessor as of December 31, 2025, were as follows:
OperatingSales-Type
(In millions)
2026$14 $2 
202714 2 
202813 2 
202913 2 
20302 2 
Thereafter— 10 
Total lease payment receipts$56 20 
Less: imputed interest(4)
Lease receivables$16 
Schedule of Net Investments in Operating Leases
Net investment in sales-type leases, which is recorded in Intangibles and other on our consolidated balance sheets, was composed of the following:
December 31,
20252024
(In millions)
Lease receivables$16 $17 
Unguaranteed residual assets16 16 
Net investment in leases$32 $33 
v3.25.4
Cushing Connect Joint Venture (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Variable Interest Entities The most significant assets of Cushing Connect and the Cushing Connect Pipeline that are available to settle only their obligations, and their most significant liabilities, for which creditors do not have recourse to our general credit, were as follows:
December 31,
20252024
(In millions)
Cash and cash equivalents$1 $5 
Properties, plants and equipment, at cost103 103 
Less: accumulated depreciation(15)(12)
88 91 
Intangibles and other28 30 
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated revenues were as follows:
Years Ended December 31,
202520242023
(In millions)
Revenues by type:
Refined product revenues:
Transportation fuels (1)
$20,934 $22,235 $24,582 
Lubricants and specialty products (2)
2,307 2,429 2,521 
Asphalt, fuel oil and other products (3)
1,426 1,932 2,167 
Total refined product revenues24,667 26,596 29,270 
Excess crude oil revenues (4)
1,335 1,570 2,147 
Transportation and logistic services121 107 118 
Other revenues (5)
746 307 429 
Total sales and other revenues$26,869 $28,580 $31,964 
Years Ended December 31,
202520242023
(In millions)
Refined product revenues by market: (6)
United States:
Mid-Continent$8,999 $9,710 $10,756 
Southwest3,536 4,213 4,056 
Rocky Mountains5,314 5,781 6,916 
Northwest4,768 4,746 5,296 
Northeast820 836 959 
Canada964 1,047 1,022 
Other
266 263 265 
Total refined product revenues$24,667 $26,596 $29,270 
(1)Transportation fuels revenues are attributable to our: (i) Refining segment wholesale gasoline, diesel and jet fuel, (ii) Marketing segment branded gasoline and diesel fuel and (iii) Renewables segment renewable diesel fuel.
(2)Lubricant and specialty products consist of finished lubricants, specialty fluids, waxes, base oils, and other by-products.
(3)Asphalt, fuel oil and other products revenues are attributable to the Refining and Lubricants & Specialties segments.
(4)Excess crude oil revenues represent sales of purchased crude oil inventory that occasionally exceed our refineries’ supply needs.
(5)Other revenues are principally attributable to our Refining, Marketing and Lubricants & Specialties segments. During the year ended December 31, 2025, other revenues included $430 million in RIN sales.
(6)Revenues are allocated to markets based on the location where the sale originated.
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:
Contractual Minimum202620272028ThereafterTotal
(In millions)
Refined product sales volumes (barrels)36 29 21 10 96 
Annual minimum revenues attributable to our third-party contracts as of December 31, 2025 are presented below:
Contractual Minimum202620272028ThereafterTotal
(In millions)
Midstream operations revenues$22 $22 $22 $43 $109 
v3.25.4
Other Income (Expense), Net (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Income (Expense), Net
Other income (expense), net consists of the following:

Years Ended December 31,
202520242023
(In millions)
Loss on sale of equity method investment (1)
$(47)$— $— 
Loss on early extinguishment of debt(24)— — 
Gain on foreign currency transactions5 — 3 
Gain on sale of assets and other 13 15 27 
Other income (expense), net$(53)$15 $30 
(1)During the year ended December 31, 2025, we assigned certain of our equity ownership interests to other parties, including our 50% ownership interest in Cheyenne Pipeline, LLC to our joint venture partner in exchange for the termination of certain future commitments.
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Asset and Liability Instruments
The carrying amounts of derivative instruments, certain financing arrangements and environmental credit obligations as of December 31, 2025 and 2024 were as follows:
Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In millions)
December 31, 2025
Assets:
Commodity forward contracts$5 $— $5 $— 
Total assets$5 $— $5 $— 
Liabilities:
Commodity forward contracts$5 $— $5 $— 
Financing arrangements - precious metals
94 — 96 — 
Foreign currency forward contracts6 — 6 — 
Environmental credit obligations46 — 46 — 
Total liabilities$151 $— $153 $— 
Carrying AmountFair Value by Input Level
Level 1Level 2Level 3
(In millions)
December 31, 2024
Assets:
Commodity forward contracts$1 $— $1 $— 
Foreign currency forward contracts18 — 18 — 
Total assets$19 $— $19 $— 
Liabilities:
NYMEX futures contracts$1 $1 $— $— 
Commodity forward contracts1 — 1 — 
Financing arrangements - precious metals
31 — 31 — 
Environmental credit obligations
10 — 10 — 
Total liabilities$43 $1 $42 $— 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
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,
 202520242023
 
(In millions, except share and per share data)
Net income attributable to HF Sinclair stockholders$579 $177 $1,590 
Less: participating securities’ share in earnings (1)
(5)(2)(14)
Net income attributable to common shares$574 $175 $1,576 
Average number of common shares outstanding (in thousands):
Basic186,465 192,073 190,035 
Diluted186,465 192,073 190,035 
Basic earnings per share$3.08 $0.91 $8.29 
Diluted earnings per share$3.08 $0.91 $8.29 
(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.
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
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,
202520242023
(In millions)
Compensation expense:
Restricted stock units$22 $18 $30 
Performance stock units12 4 12 
Total compensation expense$34 $22 $42 
Tax benefit recognized on compensation expense$8 $5 $10 
Schedule of Restricted Stock Activity
A summary of restricted stock units activity during the year ended December 31, 2025 is presented below:
Restricted Stock UnitsGrants
Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025
951,690 $54.23 
Granted 460,866 $54.84 
Vested(396,474)$39.03 
Forfeited(38,582)$48.40 
Outstanding at December 31, 2025
977,500 $60.91 
The following table reflects activity related to our restricted stock units:
Years Ended December 31,
Restricted Stock Unit Activity202520242023
Grant date fair value of vested units (in millions)$15 $16 $21 
Weighted-average grant date fair value per granted unit
$54.84 $42.36 $52.59 
Cash paid for settlement of awards on vesting date (in millions)$1 $1 $4 
Restricted stock units settled in cash
22,607 24,065 71,589 
Schedule Of Performance Share Activity
A summary of performance share units activity during the year ended December 31, 2025 is presented below:
Performance Share UnitsGrantsWeighted Average Grant Date Fair Value
Outstanding at January 1, 2025
622,427 $59.60 
Granted 258,235 $59.90 
Vested(125,146)$73.27 
Outstanding at December 31, 2025755,516 $57.44 
The following table reflects activity related to our performance share units:
Years Ended December 31,
Performance Share Units Activity202520242023
Grant date fair value of vested units (in millions)$9 $3 $7 
Weighted-average grant date fair value per granted unit
$59.90 $49.90 $67.73 
Cash paid for settlement of awards on vesting date (in millions)$— $— $1 
Performance stock units settled in cash
— 2,724 23,587 
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory Components
Inventories consist of the following components:
December 31,
20252024
(In millions)
Crude oil$874 $799 
Other raw materials and unfinished products (1)
709 656 
Finished products (2)
1,337 1,329 
Lower of cost or market reserve(706)(289)
Crude oil and refined products2,214 2,495 
Process chemicals (3)
54 43 
Repairs and maintenance supplies and other (4)
305 260 
Materials, supplies and other359 303 
Total inventories$2,573 $2,798 
(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude oil.
(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPGs and residual fuels.
(3)Process chemicals include additives and other chemicals.
(4)Repairs and maintenance supplies and other include environmental credits.
The following table summarizes the lower of cost or market reserve activity:
Lower of Cost or Market Reserve Activity Summary: Refining RenewablesTotal
(In millions)
Balance at December 31, 2022
$— $61 $61 
Lower of cost or market inventory valuation adjustments221 50 271 
Balance at December 31, 2023$221 $111 $332 
Lower of cost or market inventory valuation adjustments
(32)(11)(43)
Balance at December 31, 2024$189 $100 $289 
Lower of cost or market inventory valuation adjustments
415 2 417 
Balance at December 31, 2025$604 $102 $706 
v3.25.4
Properties, Plants and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
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,
20252024
(In millions)
Land, buildings and improvements$814 $790 
Refining facilities7,041 6,793 
Pipelines and terminals2,402 2,356 
Transportation vehicles44 42 
Other fixed assets690 640 
Construction in progress401 310 
Properties, plants and equipment, at cost11,392 10,931 
Less: accumulated depreciation(4,859)(4,373)
Properties, plants and equipment, net$6,533 $6,558 
v3.25.4
Goodwill, Intangibles and Long-lived Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following is a summary of our goodwill balance by segment:
Refining
RenewablesMarketing
Lubricants & Specialties
MidstreamTotal
(In millions)
Balance at December 31, 2023
$1,977 $159 $164 $246 $432 $2,978 
Foreign currency translation adjustment— — — (1)— (1)
Balance at December 31, 2024
$1,977 $159 $164 $245 $432 $2,977 
Foreign currency translation adjustment— — — 1 — 1 
Balance at December 31, 2025$1,977 $159 $164 $246 $432 $2,978 

The following consists of goodwill gross amounts and accumulated impairment charges as of December 31, 2025:

Refining RenewablesMarketingLubricants & SpecialtiesMidstreamTotal
Balance at December 31, 2025(In millions)
Goodwill $2,286 $159 $164 $481 $432 $3,522 
Accumulated impairment losses(309)— — (235)— (544)
Total Goodwill $1,977 $159 $164 $246 $432 $2,978 
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 Life20252024
 
(In millions)
Customer relationships
 4 - 20 years
$349 $345 
Transportation agreements30 years60 60 
Trademarks, patents and other
6 - 20 years
262 257 
671 662 
Less: accumulated amortization(370)(311)
Total intangibles, net$301 $351 
Schedule of Estimated Future Amortization Expense Related to Intangible Assets
Estimated future amortization expense related to intangible assets at December 31, 2025 is as follows:

Estimated Future Amortization Expense for Year Ended December 31:(In millions)
2026$47 
202741 
202834 
202934 
203034 
Thereafter111 
Total$301 
v3.25.4
Accrued Liabilities and Other Long-Term Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consist of the following:
December 31,
20252024
(In millions)
Precious metal financing$94 $32 
Wage and other employee-related liabilities88 85 
Accrued interest expense65 38 
Environmental credit obligations64 17 
Accrued taxes other than income27 28 
Environmental liabilities (1)
22 27 
ROU financing lease liabilities
14 11 
Derivatives11 2 
Other108 137 
Total accrued liabilities$493 $377 
Schedule of Other Long-Term Liabilities
Other long-term liabilities consist of the following:

December 31,
20252024
(In millions)
Environmental liabilities (1)
$167 $163 
ROU financing lease liabilities
75 71 
Asset retirement obligations
68 66 
Other168 141 
Total other long-term liabilities$478 $441 
(1)Environmental liability accruals include remediation and monitoring costs expected to be incurred over an extended period of time. Environmental liabilities are recorded when a loss is considered probable and can be reasonably estimated, and may be adjusted as additional information becomes available. Environmental remediation expenses were $14 million, $14 million and $27 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Carrying Amounts
We used a portion of the funds from the January HFS Notes to complete the early settlement of cash tender offers and redemptions for $996 million in aggregate principal amount as follows:

Maturity Date
Aggregate Principal Amount Accepted
Purchase Price Including Premium
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$643 $650 
6.375% Senior Notes
April 2027150 153 
793 803 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 2026203 205 
Total
$996 $1,008 
We used a portion of the funds from the HF Sinclair 5.500% Senior Notes to complete the early settlement of cash tender offers and redemptions for $404 million in aggregate principal amount as follows:

Maturity Date
Aggregate Principal Amount Accepted
Purchase Price Including Premium
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$154 $155 
6.375% Senior Notes
April 2027250 253 
Total
$404 $408 
The principal and carrying amounts of Long-term debt are as follows:

Carrying Amount (1)
Maturity DateDecember 31, 2025December 31, 2024
 (In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$— $797 
6.375% Senior Notes
April 2027— 400 
5.000% Senior Notes
February 2028499 499 
4.500% Senior Notes
October 2030325 325 
5.750% Senior Notes
January 2031650 — 
5.500% Senior Notes
September 2032500 — 
6.250% Senior Notes
January 2035750 — 
2,724 2,021 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 2026— 203 
4.500% Senior Notes
October 203075 75 
75 278 
HEP Senior Notes:
5.000% Senior Notes
February 20281 1 
1 1 
Total Senior Notes2,800 2,300 
Terminated HEP Credit Agreement
July 2025— 350 
Terminated HF Sinclair Credit Agreement
April 2026— — 
HF Sinclair Credit Agreement
April 2030— — 
Total Credit Agreements— 350 
Total debt at face value2,800 2,650 
Unamortized discount and debt issuance costs (31)(12)
Total debt2,769 2,638 
Current debt
— (350)
Long-term debt$2,769 $2,288 
(1)As of December 31, 2025 and 2024, the carrying amounts of our Senior Notes equaled the principal amounts.

The fair values of the senior notes are as follows:
December 31,
20252024
(In millions)
HF Sinclair, HollyFrontier and HEP Senior Notes
$2,858 $2,284 
Schedule of Principal Maturities of Long-Term Debt
Principal maturities of outstanding debt as of December 31, 2025 are as follows:

Years Ending December 31:(In millions)
2026$— 
2027— 
2028500 
2029— 
2030400 
Thereafter1,900 
Total$2,800 
v3.25.4
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gain (Loss) Recognized in Income
The following table presents the pre-tax effect on Net income due to maturities and fair value adjustments of our economic hedges:

Gain (Loss) Recognized in Net Income
Statements of Income Classification
Years Ended December 31,
202520242023
(In millions)
Derivatives not designated as hedging instruments:
Commodity contractsCost of materials and other$12 $(8)$10 
Operating expenses— (4)(21)
Interest expense(44)3 2 
Foreign currency contracts
Other income (expense), net
(12)33 (7)
Total$(44)$24 $(16)
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges
As of December 31, 2025, we have the following notional amounts related to outstanding derivative instruments (all maturing in 2026):

Total Outstanding NotionalUnit of Measure
Derivatives not designated as cash flow hedging instruments:
NYMEX futures (WTI) - short979,000 Barrels
Commodity forward contracts - long
1,371,000 Barrels
Commodity forward contracts - short
1,191,000 Barrels
Foreign currency forward contracts522,000,000 
Canadian dollar
Forward platinum contracts (1)
46,549 Troy ounces
(1)Represents an embedded derivative within our precious metals catalyst financing arrangements, which may be refinanced or require repayment under certain conditions. See Note 13 for additional information on these financing arrangements.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present the fair value and the locations of our outstanding derivative instruments in the consolidated balance sheets. 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 millions)
December 31, 2025
Derivatives not designated as cash flow hedging instruments:
Commodity forward contracts - long
$3 $— $3 $2 $— $2 
Commodity forward contracts - short
2 — 2 3 — 3 
Financing arrangements - precious metals embedded derivative
— — — 33 — 33 
Foreign currency forward contracts— — — 6 — 6 
$5 $— $5 $44 $— $44 
Total net balance$5 $44 
Balance sheet classification:Prepayments and other$5 Accrued liabilities$44 
Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In millions)
December 31, 2024
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$— $— $— $1 $— $1 
Commodity forward contracts - long
— — — 1 — 1 
Commodity forward contracts - short
1 — 1 — — — 
Financing arrangements - precious metals embedded derivative
— — — — (8)(8)
Foreign currency forward contracts18 — 18 — — — 
$19 $— $19 $2 $(8)$(6)
Total net balance$19 $(6)
Balance sheet classification:Prepayments and other$19 Accrued liabilities$(6)
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Before Income Tax Expense
The U.S. and foreign components of Income before income tax expense are as follows:
Years Ended December 31,
202520242023
(In millions)
U.S.
$686 $129 $1,968 
Foreign
46 89 185 
Total
$732 $218 $2,153 
Schedule of Provision For Income Taxes Expense (Benefit)
The provision for Income tax expense (benefit) is comprised of the following:
Years Ended December 31,
202520242023
(In millions)
Current:
Federal$123 $26 $180 
State17 12 24 
Foreign(1)45 45 
Deferred:
Federal14 (34)155 
State(10)(8)31 
Foreign3 (7)7 
Total income tax expense$146 $34 $442 
Schedule of Federal Income Tax Rate applied to Pre-Tax Book Income Reconciling To Income Tax Expense
The statutory federal income tax rate applied to pre-tax book income reconciles to income tax expense as follows:
Years Ended December 31,
202520242023
Amount
Percent (2)
Amount
Percent (2)
Amount
Percent (2)
(In millions)
Tax computed at statutory rate$154 21.0 %$46 21.0 %$452 21.0 %
State income taxes, net of federal tax benefit (1)
5 0.7 3 1.4 44 2.0 
Foreign tax effects:
Canada:
     Statutory tax rate difference between Canada and U.S.
— — (5)(2.3)(11)(0.5)
     Canadian withholding taxes
5 0.7 5 2.3 5 0.2 
Provincial taxes
(1)(0.1)10 4.6 21 1.0 
Cyprus:
     Statutory tax rate difference between Cyprus and U.S.
(3)(0.4)(3)(1.4)(3)(0.1)
Foreign tax credit
(4)(0.5)(4)(1.8)(4)(0.2)
Netherlands:
Changes in valuation allowances
3 0.4 4 1.8 1 — 
Other foreign jurisdictions
(9)(1.2)1 0.5 4 0.2 
Effect of cross-border tax laws
— — 1 0.5 2 0.1 
Nontaxable or nondeductible items:
   Nontaxable renewable fuel incentives
(7)(1.0)(51)(23.4)(43)(2.0)
   Fines and penalties
— — 8 3.7 — — 
   Tax benefit on equity investment dividends received(4)(0.5)(3)(1.4)(2)(0.1)
   Other9 1.1 4 1.8 1 0.1 
   Noncontrolling interest in net income(2)(0.3)(2)(0.9)(25)(1.2)
Changes in unrecognized tax benefits
— — 20 9.2 — — 
Income tax expense
$146 19.9 %$34 15.6 %$442 20.5 %
(1)State income taxes, net of federal tax benefit largely consists of expense from New Mexico, Kansas, Oklahoma and Colorado.
(2)Due to rounding of reported numbers, some amounts may not calculate exactly.
Schedule of Income Taxes Paid, Net of Refunds
Income taxes paid, net of refunds consist of the following:
Years Ended December 31,
202520242023
(In millions)
Federal$43 $86 $175 
State and local:
Oregon
*
10 
*
Kansas
(5)(12)
*
Other
4 (3)47 
Total state and local
$(1)$(5)$47 
Foreign:
Canada
11 31 28 
Other
(2)(2)1 
Total foreign
$9 $29 $29 
Income taxes paid, net of refunds
$51 $110 $251 
*    Income taxes paid, net of refunds does not meet disaggregation threshold.
Schedule of Deferred Income Tax Assets And Liabilities Our deferred income tax assets and liabilities as of December 31, 2025 and 2024 are as follows:
December 31, 2025
AssetsLiabilitiesTotal
(In millions)
Deferred income taxes:
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,183)$(1,183)
Lease obligation112 — 112 
Accrued employee benefits23 — 23 
Accrued post-retirement benefits11 — 11 
Accrued environmental costs41 — 41 
Inventory differences— (59)(59)
Deferred turnaround costs— (208)(208)
Net operating loss and tax credit carryforwards42 — 42 
Valuation allowance(10)— (10)
Other— (9)(9)
Total $219 $(1,459)$(1,240)

December 31, 2024
AssetsLiabilitiesTotal
(In millions)
Deferred income taxes:
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation)$— $(1,174)$(1,174)
Lease obligation114 — 114 
Accrued employee benefits22 — 22 
Accrued post-retirement benefits10 — 10 
Accrued environmental costs41 — 41 
Inventory differences— (159)(159)
Deferred turnaround costs— (185)(185)
Net operating loss and tax credit carryforwards116 — 116 
Interest Limitation under 163(j)19 — 19 
Valuation allowance(14)— (14)
Other— (14)(14)
Total $308 $(1,532)$(1,224)
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

Years Ended December 31,
202520242023
(In millions)
Balance at January 1$24 $1 $1 
   Additions for tax positions related to prior years— 23 — 
Reductions for tax positions related to prior years
(2)— — 
Balance at December 31$22 $24 $1 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024.
 Years Ended December 31,
 20252024
(In millions, except share data)
Number of shares repurchased (1)
6,908,293 11,944,177
Cash paid for shares repurchased$340 $664 
(1)During the years ended December 31, 2025 and 2024, 3,345,857 and 7,864,761 shares, respectively, were repurchased for $174 million and $456 million, respectively, pursuant to privately negotiated repurchases from REH.
v3.25.4
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
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 millions)
Year Ended December 31, 2025
Net change in foreign currency translation adjustment$34 $7 $27 
Net change in pension and other post-retirement benefit obligations(7)(1)(6)
Other comprehensive income attributable to HF Sinclair stockholders
$27 $6 $21 
Year Ended December 31, 2024
Net change in foreign currency translation adjustment$(42)$(9)$(33)
Net change in pension and other post-retirement benefit obligations(3)(1)(2)
Other comprehensive loss attributable to HF Sinclair stockholders
$(45)$(10)$(35)
Year Ended December 31, 2023
Net change in foreign currency translation adjustment$13 $3 $10 
Other comprehensive income attributable to HF Sinclair stockholders
$13 $3 $10 
Schedule of AOCI in Equity
Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
Years Ended December 31,
20252024
 (In millions)
Foreign currency translation adjustment$(30)$(57)
Unrealized gain on post-retirement benefit obligations
4 10 
Accumulated other comprehensive loss
$(26)$(47)
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
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 millions)
Year Ended December 31, 2025
Sales and other revenues:
Revenues from external customers$20,536 $551 $3,142 $2,519 $121 $— $26,869 
Intersegment revenues and other (1)
3,286 440 — 7 522 (4,255)— 
23,822 991 3,142 2,526 643 (4,255)26,869 
Cost of sales: (2)
Cost of materials and other (3)
20,244 935 3,000 1,838 — (4,257)21,760 
Lower of cost or market inventory valuation adjustments415 2 — — — — 417 
Operating expenses 1,825 90 — 271 199 6 2,391 
22,484 1,027 3,000 2,109 199 (4,251)24,568 
Selling, general and administrative expenses (2)
219 4 40 158 7 28 456 
Depreciation and amortization548 93 29 94 74 71 909 
Other operating expenses, net
8 — — — — 1 9 
Income (loss) from operations$563 $(133)$73 $165 $363 $(104)$927 
Earnings of equity method investments33 
Interest income42 
Interest expense(217)
Other expense, net
(53)
Income before income taxes
$732 
Capital expenditures$286 $4 $46 $45 $43 $25 $449 
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
 (In millions)
Year Ended December 31, 2024
Sales and other revenues:
Revenues from external customers$21,701 $644 $3,428 $2,700 $107 $— $28,580 
Intersegment revenues and other (1)
3,639 347 — 12 537 (4,535)— 
25,340 991 3,428 2,712 644 (4,535)28,580 
Cost of sales: (2)
Cost of materials and other (3)
22,907 910 3,319 1,977 — (4,531)24,582 
Lower of cost or market inventory valuation adjustments(32)(11)— — — — (43)
Operating expenses 1,912 100 — 254 214 4 2,484 
24,787 999 3,319 2,231 214 (4,527)27,023 
Selling, general and administrative expenses (2)
219 5 34 150 11 28 447 
Depreciation and amortization495 78 27 90 72 70 832 
Other operating expenses, net
6 — — 1 10 — 17 
Income (loss) from operations$(167)$(91)$48 $240 $337 $(106)$261 
Earnings of equity method investments32 
Interest income75 
Interest expense(165)
Other income, net15 
Income before income taxes
$218 
Capital expenditures$268 $9 $52 $42 $48 $51 $470 
RefiningRenewablesMarketingLubricants & SpecialtiesMidstreamCorporate, Other and EliminationsConsolidated
Total
(In millions)
Year Ended December 31, 2023
Sales and other revenues:
Revenues from external customers$24,157 $781 $4,146 $2,762 $118 $— $31,964 
Intersegment revenues and other (1)
4,516 408 — 13 466 (5,403)— 
28,673 1,189 4,146 2,775 584 (5,403)31,964 
Cost of sales: (2)
Cost of materials and other (3)
24,042 1,081 4,051 2,009 — (5,399)25,784 
Lower of cost or market inventory valuation adjustments221 50 — — — — 271 
Operating expenses1,879 109 — 259 189 2 2,438 
26,142 1,240 4,051 2,268 189 (5,397)28,493 
Selling, general and administrative expenses (2)
200 5 34 164 27 67 497 
Depreciation and amortization461 77 24 85 82 42 771 
Income (loss) from operations$1,870 $(133)$37 $258 $286 $(115)$2,203 
Earnings of equity method investments
17 
Interest income94 
Interest expense(191)
Other income, net
30 
Income before income taxes
$2,153 
Capital expenditures$223 $18 $28 $37 $32 $47 $385 
(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Oct. 01, 2025
USD ($)
Jul. 01, 2025
USD ($)
Dec. 31, 2025
USD ($)
branded_station
facility
country
location
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Number of branded stations | branded_station     1,700    
Number of locations licensed to use brand | location     350    
Number of countries entity licensed to exports products | country     80    
Allowance for doubtful accounts     $ 4,000,000 $ 4,000,000  
Asset retirement obligation     68,000,000 66,000,000  
Goodwill impairment $ 0 $ 0 0 0  
Deferred turnaround and amortization expense     334,000,000 264,000,000 $ 239,000,000
Contribution expense     92,000,000 86,000,000 81,000,000
Proceeds from inventory repurchase agreements     129,000,000 26,000,000 26,000,000
Payments under inventory repurchase agreements     $ 131,000,000 $ 27,000,000 27,000,000
Transportation vehicles          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Estimated useful life of assets     5 years    
Minimum          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Frequency of maintenance     5 years    
Minimum | Refining, pipeline and terminal facilities          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Estimated useful life of assets     15 years    
Minimum | Buildings and improvements          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Estimated useful life of assets     10 years    
Minimum | Other fixed assets          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Estimated useful life of assets     5 years    
Maximum | Refining, pipeline and terminal facilities          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Estimated useful life of assets     32 years    
Maximum | Buildings and improvements          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Estimated useful life of assets     40 years    
Maximum | Other fixed assets          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Estimated useful life of assets     30 years    
HEP          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Incremental acquisition and integration costs         $ 24,000,000
WYOMING          
Financial Support for Nonconsolidated Legal Entity [Line Items]          
Number of facilities producing renewable diesel | facility     2    
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Schedule of Equity Method Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Underlying Equity $ 145 $ 172
Recorded Investment Balance 226 265
Difference (81) (93)
Osage Pipe Line Company, LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 12 7
Recorded Investment Balance 37 32
Difference $ (25) (25)
Cheyenne Pipeline, LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity   28
Recorded Investment Balance   39
Difference   (11)
Ownership interest percentage exchanged 50.00%  
Cushing Connect Terminal Holdings LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity $ 44 46
Recorded Investment Balance 28 30
Difference 16 16
Pioneer Investments Corp.    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 25 26
Recorded Investment Balance 129 132
Difference (104) (106)
Saddle Butte Pipeline III, LLC    
Schedule of Equity Method Investments [Line Items]    
Underlying Equity 64 65
Recorded Investment Balance 32 32
Difference $ 32 $ 33
v3.25.4
Leases - Narrative (Details)
Dec. 31, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease terms 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease terms 54 years
Lease extension term 10 years
v3.25.4
Leases - Supplemental Balance Sheet Schedule (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating leases:    
Operating lease right-of-use assets $ 349 $ 355
Operating lease liabilities 85 77
Noncurrent operating lease liabilities 289 301
Total operating lease liabilities 374 378
Finance leases:    
Properties, plants and equipment, at cost 124 115
Less: accumulated amortization (41) (37)
Properties, plants and equipment, net $ 83 $ 78
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 $ 14 $ 11
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued Liabilities, Current Accrued Liabilities, Current
Other long-term liabilities $ 75 $ 71
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total finance lease liabilities $ 89 $ 82
Weighted-average remaining lease term (in years):    
Operating leases 8 years 7 months 6 days 9 years 2 months 12 days
Finance leases 7 years 3 months 18 days 8 years 1 month 6 days
Weighted-average discount rate:    
Operating leases 5.60% 5.60%
Finance leases 6.30% 6.10%
v3.25.4
Leases - Components of Lease Expense Schedule (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease expense $ 109 $ 131 $ 121
Finance lease expense:      
Amortization of ROU assets 14 12 13
Interest on lease liabilities 5 5 3
Variable lease cost 4 13 13
Total lease expense $ 132 $ 161 $ 150
v3.25.4
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 106 $ 130 $ 128
Operating cash flows from finance leases 5 5 3
Financing cash flows from finance leases 11 11 12
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases 84 126 103
Finance leases $ 19 $ 8 $ 38
v3.25.4
Leases - Schedule of Operating and Finance Lease Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating    
2026 $ 100  
2027 77  
2028 51  
2029 38  
2030 33  
Thereafter 199  
Future minimum lease payments 498  
Less: imputed interest (124)  
Total operating lease liabilities 374 $ 378
Less: current obligations (85) (77)
Noncurrent operating lease liabilities 289 301
Finance    
2026 18  
2027 16  
2028 16  
2029 14  
2030 12  
Thereafter 35  
Future minimum lease payments 111  
Less: imputed interest (22)  
Total finance lease liabilities 89 82
Less: current obligations (14) (11)
Long-term lease obligations $ 75 $ 71
v3.25.4
Leases - Schedule of Lease Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease revenues $ 17 $ 17 $ 17
Sales-type lease interest income 2 2 2
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $ 1 $ 2 $ 1
v3.25.4
Leases - Schedule of Minimum Undiscounted Lease Payments for Third-party Contracts (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Operating  
2026 $ 14
2027 14
2028 13
2029 13
2030 2
Thereafter 0
Total lease payment receipts 56
Sales-Type  
2026 2
2027 2
2028 2
2029 2
2030 2
Thereafter 10
Total lease payment receipts 20
Less: imputed interest (4)
Total lease receivable $ 16
v3.25.4
Leases - Schedule of Net Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Lease receivables $ 16 $ 17
Unguaranteed residual assets 16 16
Net investment in leases $ 32 $ 33
v3.25.4
Cushing Connect Joint Venture - Narrative (Details) - HEP - Cushing Connect
bbl in Thousands
 12 Months Ended
Dec. 31, 2025
bbl
Holly Energy Partners Entity [Line Items)  
Equity method investment, ownership percentage 50.00%
Barrels of crude oil per day 160
Barrels of crude oil, value 1,500
v3.25.4
Cushing Connect Joint Venture - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Holly Energy Partners Entity [Line Items)    
Cash and cash equivalents $ 978 $ 800
Properties, plants and equipment, at cost 11,392 10,931
Less: accumulated depreciation (4,859) (4,373)
Properties, plants and equipment, net 6,533 6,558
Intangibles and other 955 962
Variable Interest Entity, Not Primary Beneficiary | Cushing Connect    
Holly Energy Partners Entity [Line Items)    
Cash and cash equivalents 1 5
Properties, plants and equipment, at cost 103 103
Less: accumulated depreciation (15) (12)
Properties, plants and equipment, net 88 91
Intangibles and other $ 28 $ 30
v3.25.4
Revenues - Schedule of Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) $ 28,580 $ 26,869 $ 28,580 $ 31,964
Total refined product revenues        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) 26,596 24,667 26,596 29,270
Total refined product revenues | Mid-Continent        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   8,999 9,710 10,756
Total refined product revenues | Southwest        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   3,536 4,213 4,056
Total refined product revenues | Rocky Mountains        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   5,314 5,781 6,916
Total refined product revenues | Northwest        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   4,768 4,746 5,296
Total refined product revenues | Northeast        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   820 836 959
Total refined product revenues | Canada        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   964 1,047 1,022
Total refined product revenues | Other        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   266 $ 263 265
Transportation fuels        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) 22,235 20,934   24,582
Lubricants and specialty products        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) 2,429 2,307   2,521
Asphalt, fuel oil and other products        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) 1,932 1,426   2,167
Excess crude oil revenues        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) 1,570 1,335   2,147
Transportation and logistic services        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) 107 121   118
Other revenues        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4) $ 307 746   $ 429
RIN        
Disaggregation of Revenue [Line Items]        
Sales and other revenues (Note 4)   $ 430    
v3.25.4
Revenues - Schedule of Performance Obligations (Details)
bbl in Millions, $ in Millions
Dec. 31, 2025
USD ($)
bbl
Third-Party Customer | Midstream  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation revenues | $ $ 109
Total refined product revenues  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 96
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Third-Party Customer | Midstream  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation revenues | $ $ 22
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Total refined product revenues  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 36
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Third-Party Customer | Midstream  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation revenues | $ $ 22
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Total refined product revenues  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 29
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Third-Party Customer | Midstream  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation revenues | $ $ 22
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Total refined product revenues  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 21
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Third-Party Customer | Midstream  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation revenues | $ $ 43
Remaining performance obligation satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Total refined product revenues  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 10
Remaining performance obligation satisfaction period
v3.25.4
Revenues - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue Benchmark | Customer Concentration Risk | Shell    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 11.00% 12.00%
v3.25.4
Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Loss on sale of equity method investment $ (47) $ 0 $ 0
Loss on early extinguishment of debt (24) 0 0
Gain on foreign currency transactions 5 0 3
Gain on sale of assets and other 13 15 27
Other income (expense), net $ (53) $ 15 $ 30
Cheyenne Pipeline, LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership interest percentage exchanged 50.00%    
v3.25.4
Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset $ 5 $ 19
Derivative Liability 44  
Level 1    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total assets 0 0
Environmental credit obligations 0 0
Total liabilities 0 1
Level 2    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total assets 5 19
Environmental credit obligations 46 10
Total liabilities 153 42
Level 3    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total assets 0 0
Environmental credit obligations 0 0
Total liabilities 0 0
Carrying Amount    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Total assets 5 19
Environmental credit obligations 46 10
Total liabilities 151 43
NYMEX futures contracts    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset   0
NYMEX futures contracts | Level 1    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability   1
NYMEX futures contracts | Level 2    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability   0
NYMEX futures contracts | Level 3    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability   0
NYMEX futures contracts | Carrying Amount    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability   1
Commodity forward contracts | Level 1    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset 0 0
Derivative Liability 0 0
Commodity forward contracts | Level 2    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset 5 1
Derivative Liability 5 1
Commodity forward contracts | Level 3    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset 0 0
Derivative Liability 0 0
Commodity forward contracts | Carrying Amount    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset 5 1
Derivative Liability 5 1
Financing arrangements - precious metals embedded derivative    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset 0 0
Derivative Liability 33  
Financing arrangements - precious metals embedded derivative | Level 1    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability 0 0
Financing arrangements - precious metals embedded derivative | Level 2    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability 96 31
Financing arrangements - precious metals embedded derivative | Level 3    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability 0 0
Financing arrangements - precious metals embedded derivative | Carrying Amount    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Liability 94 31
Foreign currency contracts    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset 0 18
Derivative Liability 6  
Foreign currency contracts | Level 1    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset   0
Derivative Liability 0  
Foreign currency contracts | Level 2    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset   18
Derivative Liability 6  
Foreign currency contracts | Level 3    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset   0
Derivative Liability 0  
Foreign currency contracts | Carrying Amount    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Derivative Asset   $ 18
Derivative Liability $ 6  
v3.25.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income attributable to HF Sinclair stockholders $ 579 $ 177 $ 1,590
Less: participating securities' share in earnings (5) (2) (14)
Net income attributable to common shares $ 574 $ 175 $ 1,576
Average number of common shares outstanding (in thousands):      
Basic (in shares) 186,465 192,073 190,035
Diluted (in shares) 186,465 192,073 190,035
Basic earnings per share (in USD per share) $ 3.08 $ 0.91 $ 8.29
Diluted earnings per share (in USD per share) $ 3.08 $ 0.91 $ 8.29
v3.25.4
Stock-Based Compensation - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares available under principal share-based compensation plan (in shares) | shares 6,368,930
Restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock vesting period 3 years
Unrecognized compensation cost related to unvested grants $ 31
Unrecognized compensation cost, weighted-average period of recognition 1 year 6 months
Restricted stock units | Non-employee Directors  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock vesting period 1 year
Performance stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock vesting period 3 years
Unrecognized compensation cost related to unvested grants $ 24
Unrecognized compensation cost, weighted-average period of recognition 2 years
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%
v3.25.4
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total compensation expense $ 34 $ 22 $ 42
Tax benefit recognized on compensation expense 8 5 10
Restricted stock units      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total compensation expense 22 18 30
Performance stock units      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total compensation expense $ 12 $ 4 $ 12
v3.25.4
Stock-Based Compensation - Summary Of Restricted Stock Unit and Performance Share Units Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted stock units      
Grants      
Outstanding at beginning of period (in shares) 951,690    
Granted (in shares) 460,866    
Vested (in shares) (396,474)    
Forfeited (in shares) (38,582)    
Outstanding at end of period (in shares) 977,500 951,690  
Weighted-Average Grant Date Fair Value      
Outstanding at beginning of period (in USD per share) $ 54.23    
Granted (in USD per share) 54.84 $ 42.36 $ 52.59
Vested (in USD per share) 39.03    
Forfeited (in USD per share) 48.40    
Outstanding at end of period (in USD per share) $ 60.91 $ 54.23  
Grant date fair value of vested units (in millions) $ 15 $ 16 $ 21
Weighted-average grant date fair value per granted unit (in USD per share) $ 54.84 $ 42.36 $ 52.59
Cash paid for settlement of awards on vesting date (in millions) $ 1 $ 1 $ 4
Restricted stock units settled in cash (in shares) 22,607 24,065 71,589
Performance stock units      
Grants      
Outstanding at beginning of period (in shares) 622,427    
Granted (in shares) 258,235    
Vested (in shares) (125,146)    
Outstanding at end of period (in shares) 755,516 622,427  
Weighted-Average Grant Date Fair Value      
Outstanding at beginning of period (in USD per share) $ 59.60    
Granted (in USD per share) 59.90 $ 49.90 $ 67.73
Vested (in USD per share) 73.27    
Outstanding at end of period (in USD per share) $ 57.44 $ 59.60  
Grant date fair value of vested units (in millions) $ 9 $ 3 $ 7
Weighted-average grant date fair value per granted unit (in USD per share) $ 59.90 $ 49.90 $ 67.73
Cash paid for settlement of awards on vesting date (in millions) $ 0 $ 0 $ 1
Restricted stock units settled in cash (in shares) 0 2,724 23,587
v3.25.4
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]        
Crude oil $ 874 $ 799    
Other raw materials and unfinished products 709 656    
Finished products 1,337 1,329    
Lower of cost or market reserve (706) (289) $ (332) $ (61)
Crude oil and refined products 2,214 2,495    
Process chemicals 54 43    
Repair and maintenance supplies and other 305 260    
Materials, supplies and other 359 303    
Total inventories $ 2,573 $ 2,798    
v3.25.4
Inventories - Schedule of Lower of Cost or Market Reserve Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Inventory Valuation Reserves [Roll Forward]      
Beginning balance $ 289 $ 332 $ 61
Lower of cost or market inventory valuation adjustments 417 (43) 271
Ending balance 706 289 332
Refining      
Inventory Valuation Reserves [Roll Forward]      
Beginning balance 189 221 0
Lower of cost or market inventory valuation adjustments 415 (32) 221
Ending balance 604 189 221
Renewables      
Inventory Valuation Reserves [Roll Forward]      
Beginning balance 100 111 61
Lower of cost or market inventory valuation adjustments 2 (11) 50
Ending balance $ 102 $ 100 $ 111
v3.25.4
Properties, Plants and Equipment - Components Of Property, Plants And Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost $ 11,392 $ 10,931
Less: accumulated depreciation (4,859) (4,373)
Properties, plants and equipment, net 6,533 6,558
Land, buildings and improvements    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 814 790
Refining facilities    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 7,041 6,793
Pipelines and terminals    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 2,402 2,356
Transportation vehicles    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 44 42
Other fixed assets    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost 690 640
Construction in progress    
Property, Plant and Equipment [Line Items]    
Properties, plants and equipment, at cost $ 401 $ 310
v3.25.4
Properties, Plants and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Capitalized interest $ 5 $ 4 $ 4
Depreciation expense $ 515 $ 509 $ 474
v3.25.4
Goodwill, Intangibles and Long-lived Assets - Narrative (Details) - USD ($)
 12 Months Ended
Oct. 01, 2025
Jul. 01, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]          
Goodwill     $ 2,978,000,000 $ 2,977,000,000 $ 2,978,000,000
Impairment of goodwill $ 0 $ 0 0 0  
Amortization expense     55,000,000 55,000,000 55,000,000
Long-lived assets     8,155,000,000 8,131,000,000  
Asset impairment charges     $ 3,000,000 $ 17,000,000 $ 0
Long-Lived Assets | Geographic Concentration Risk | United states          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Concentration risk percentage     93.00% 93.00%  
v3.25.4
Goodwill, Intangibles and Long-lived Assets - Schedule Goodwill by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill at beginning of period $ 2,977 $ 2,978
Foreign currency translation adjustment 1 (1)
Goodwill at end of period 2,978 2,977
Refining    
Goodwill [Roll Forward]    
Goodwill at beginning of period 1,977 1,977
Foreign currency translation adjustment 0 0
Goodwill at end of period 1,977 1,977
Renewables    
Goodwill [Roll Forward]    
Goodwill at beginning of period 159 159
Foreign currency translation adjustment 0 0
Goodwill at end of period 159 159
Marketing    
Goodwill [Roll Forward]    
Goodwill at beginning of period 164 164
Foreign currency translation adjustment 0 0
Goodwill at end of period 164 164
Lubricants & Specialties    
Goodwill [Roll Forward]    
Goodwill at beginning of period 245 246
Foreign currency translation adjustment 1 (1)
Goodwill at end of period 246 245
Midstream    
Goodwill [Roll Forward]    
Goodwill at beginning of period 432 432
Foreign currency translation adjustment 0 0
Goodwill at end of period $ 432 $ 432
v3.25.4
Goodwill, Intangibles and Long-lived Assets - Schedule Goodwill Impairments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Goodwill $ 3,522    
Accumulated impairment losses (544)    
Total Goodwill 2,978 $ 2,977 $ 2,978
Refining      
Goodwill [Line Items]      
Goodwill 2,286    
Accumulated impairment losses (309)    
Total Goodwill 1,977 1,977 1,977
Renewables      
Goodwill [Line Items]      
Goodwill 159    
Accumulated impairment losses 0    
Total Goodwill 159 159 159
Marketing      
Goodwill [Line Items]      
Goodwill 164    
Accumulated impairment losses 0    
Total Goodwill 164 164 164
Lubricants & Specialties      
Goodwill [Line Items]      
Goodwill 481    
Accumulated impairment losses (235)    
Total Goodwill 246 245 246
Midstream      
Goodwill [Line Items]      
Goodwill 432    
Accumulated impairment losses 0    
Total Goodwill $ 432 $ 432 $ 432
v3.25.4
Goodwill, Intangibles and Long-lived Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 671 $ 662
Less: accumulated amortization (370) (311)
Total intangibles, net 301 351
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 349 345
Customer relationships | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 4 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, gross $ 60 60
Trademarks, patents and other    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 262 $ 257
Trademarks, patents and other | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 6 years  
Trademarks, patents and other | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 20 years  
v3.25.4
Goodwill, Intangibles and Long-lived Assets - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 47
2027 41
2028 34
2029 34
2030 34
Thereafter 111
Total $ 301
v3.25.4
Accrued Liabilities and Other Long-Term Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Precious metal financing $ 94 $ 32
Wage and other employee-related liabilities 88 85
Accrued interest expense 65 38
Environmental credit obligations 64 17
Accrued taxes other than income 27 28
Environmental liabilities 22 27
ROU financing lease liabilities 14 11
Derivatives 11 2
Other 108 137
Total accrued liabilities $ 493 $ 377
v3.25.4
Accrued Liabilities and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]      
Environmental liabilities $ 167 $ 163  
ROU financing lease liabilities 75 71  
Asset retirement obligations 68 66  
Other 168 141  
Total other long-term liabilities 478 441  
Environmental remediation expense $ 14 $ 14 $ 27
Environmental Remediation Expense, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed, Flag Environmental remediation expenses Environmental remediation expenses Environmental remediation expenses
v3.25.4
Debt - Narrative (Details) - USD ($)
 11 Months Ended 12 Months Ended
Aug. 18, 2025
Apr. 03, 2025
Jan. 23, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]              
Loss on early extinguishment of debt         $ 24,000,000 $ 0 $ 0
Repayment and redemption of aggregate principal credit agreement amounts outstanding         350,000,000 106,000,000 273,000,000
Proceeds from financing arrangements         133,000,000 0 0
Payments on financing arrangements         109,000,000 $ 0 $ 0
Precious Metals Catalyst Arrangements              
Debt Instrument [Line Items]              
Proceeds from financing arrangements         30,000,000    
Payments on financing arrangements         6,000,000    
Inventory Buy/Sell Arrangements              
Debt Instrument [Line Items]              
Proceeds from financing arrangements         103,000,000    
Payments on financing arrangements         103,000,000    
Senior Notes              
Debt Instrument [Line Items]              
Loss on early extinguishment of debt         23,000,000    
Terminated HF Sinclair Credit Agreement And Terminated HEP Credit Agreement | Line of Credit              
Debt Instrument [Line Items]              
Loss on early extinguishment of debt   $ 1,000,000          
Terminated HF Sinclair Credit Agreement | Line of Credit              
Debt Instrument [Line Items]              
Amount of debt terminated   1,650,000,000          
Terminated HEP Credit Agreement | Line of Credit | HEP              
Debt Instrument [Line Items]              
Repayment and redemption of aggregate principal credit agreement amounts outstanding       $ 350,000,000      
Terminated HEP Credit Agreement | Line of Credit | HEP | Revolving Credit Facility              
Debt Instrument [Line Items]              
Amount of debt terminated   1,200,000,000          
HF Sinclair Credit Agreement | Line of Credit              
Debt Instrument [Line Items]              
Outstanding borrowings       0 0    
Letters of credit outstanding       $ 0 $ 0    
HF Sinclair Credit Agreement | Line of Credit | Revolving Credit Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity under revolving credit agreement   $ 2,000,000,000.0          
Incremental period for term extension option   1 year          
Maximum borrowing capacity with accordion feature   $ 2,750,000,000          
HF Sinclair Credit Agreement | Line of Credit | Revolving Credit Facility | Fed Funds Effective Rate              
Debt Instrument [Line Items]              
Variable rate spread   0.50%          
HF Sinclair Credit Agreement | Line of Credit | Revolving Credit Facility | Adjusted Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Variable rate spread   1.00%          
HF Sinclair Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Minimum              
Debt Instrument [Line Items]              
Variable rate spread   0.125%          
HF Sinclair Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Maximum              
Debt Instrument [Line Items]              
Variable rate spread   1.00%          
HF Sinclair Credit Agreement | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum              
Debt Instrument [Line Items]              
Variable rate spread   1.125%          
HF Sinclair Credit Agreement | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum              
Debt Instrument [Line Items]              
Variable rate spread   2.00%          
January HFS Notes | Senior Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued     $ 1,400,000,000        
Net proceeds from debt issuance     1,380,000,000        
HF Sinclair 5.750% Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued     $ 650,000,000        
Stated interest rate     5.75% 5.75% 5.75%    
HF Sinclair 6.250% Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued     $ 750,000,000        
Stated interest rate     6.25% 6.25% 6.25%    
HF Sinclair 5.500% Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued $ 500,000,000            
Stated interest rate 5.50%     5.50% 5.50%    
Net proceeds from debt issuance $ 491,000,000            
v3.25.4
Debt - Schedule of Tender Offer (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 18, 2025
Jan. 23, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]          
Purchase Price Including Premium     $ 1,416 $ 0 $ 308
Senior Notes          
Debt Instrument [Line Items]          
Aggregate Principal Amount Accepted $ 404 $ 996      
Purchase Price Including Premium 408 1,008      
Senior Notes | Tender Offer          
Debt Instrument [Line Items]          
Aggregate Principal Amount Accepted 404 996      
Senior Notes | HF Sinclair Senior Notes:          
Debt Instrument [Line Items]          
Aggregate Principal Amount Accepted   793      
Purchase Price Including Premium   803      
Senior Notes | 5.875% Senior Notes          
Debt Instrument [Line Items]          
Stated interest rate     5.875%    
Aggregate Principal Amount Accepted 154 643      
Purchase Price Including Premium 155 650      
Senior Notes | 6.375% Senior Notes          
Debt Instrument [Line Items]          
Stated interest rate     6.375%    
Aggregate Principal Amount Accepted 250 150      
Purchase Price Including Premium $ 253 153      
Senior Notes | HollyFrontier Senior Notes:          
Debt Instrument [Line Items]          
Stated interest rate     5.875%    
Aggregate Principal Amount Accepted   203      
Purchase Price Including Premium   $ 205      
Senior Notes | 5.500% Senior Notes          
Debt Instrument [Line Items]          
Stated interest rate 5.50%   5.50%    
v3.25.4
Debt - Carrying Amounts of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Aug. 18, 2025
Jan. 23, 2025
Dec. 31, 2024
Debt Instrument [Line Items]        
Total debt at face value $ 2,800     $ 2,650
Unamortized discount and debt issuance costs (31)     (12)
Total debt 2,769     2,638
Current debt 0     (350)
Long-term debt 2,769     2,288
Level 2        
Debt Instrument [Line Items]        
HF Sinclair, HollyFrontier and HEP Senior Notes 2,858     2,284
Senior Notes        
Debt Instrument [Line Items]        
Total debt at face value 2,800     2,300
Senior Notes | HEP        
Debt Instrument [Line Items]        
Total debt at face value 1     1
Line of Credit        
Debt Instrument [Line Items]        
Total debt at face value 0     350
HF Sinclair Senior Notes: | Senior Notes        
Debt Instrument [Line Items]        
Total debt at face value $ 2,724     2,021
5.875% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 5.875%      
Total debt at face value $ 0     797
6.375% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 6.375%      
Total debt at face value $ 0     400
5.000% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 5.00%      
Total debt at face value $ 499     499
4.500% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 4.50%      
Total debt at face value $ 325     325
5.750% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 5.75%   5.75%  
Total debt at face value $ 650     0
5.500% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 5.50% 5.50%    
Total debt at face value $ 500     0
6.250% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 6.25%   6.25%  
Total debt at face value $ 750     0
HollyFrontier Senior Notes: | Senior Notes        
Debt Instrument [Line Items]        
Total debt at face value $ 75     278
5.875% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 5.875%      
Total debt at face value $ 0     203
4.500% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 4.50%      
Total debt at face value $ 75     75
HEP Senior Notes: | Senior Notes | HEP        
Debt Instrument [Line Items]        
Stated interest rate 5.00%      
Total debt at face value $ 1     1
Terminated HEP Credit Agreement | Line of Credit | HEP        
Debt Instrument [Line Items]        
Total debt at face value 0     350
Terminated HF Sinclair Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Total debt at face value 0     0
HF Sinclair Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Total debt at face value $ 0     $ 0
v3.25.4
Debt - Principal Maturities of Outstanding Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 0  
2027 0  
2028 500  
2029 0  
2030 400  
Thereafter 1,900  
Total debt $ 2,800 $ 2,650
v3.25.4
Derivative Instruments and Hedging Activities - Pre-tax effect on Income Due to Maturities and Fair Value Adjustments of Economic Hedges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Net Income $ (44) $ 24 $ (16)
Commodity contracts | Cost of materials and other      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Net Income 12 (8) 10
Commodity contracts | Operating expenses      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Net Income 0 (4) (21)
Financing arrangements - precious metals embedded derivative      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Net Income (44) 3 2
Foreign currency contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Net Income $ (12) $ 33 $ (7)
v3.25.4
Derivative Instruments and Hedging Activities - Notional Contracts by Derivative Type (Details)
bbl in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
CAD ($)
ozt
bbl
NYMEX futures (WTI)  
Economic Hedges by Derivative Type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 979
Commodity forward contracts | Long  
Economic Hedges by Derivative Type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 1,371
Commodity forward contracts | Short  
Economic Hedges by Derivative Type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 1,191
Foreign currency forward contracts  
Economic Hedges by Derivative Type [Line Items]  
Derivative notional amount | $ $ 522
Financing arrangements - precious metals embedded derivative  
Economic Hedges by Derivative Type [Line Items]  
Derivative notional amount (in troy ounce) | ozt 46,549
v3.25.4
Derivative Instruments and Hedging Activities - Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gross Assets $ 5 $ 19
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet $ 5 $ 19
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepayments and other Prepayments and other
Gross Liabilities $ 44 $ 2
Gross Assets Offset in Balance Sheet 0 (8)
Net Liabilities Recognized in Balance Sheet $ 44  
Net Liabilities Recognized in Balance Sheet   $ (6)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
NYMEX futures contracts    
Derivative [Line Items]    
Gross Assets   $ 0
Gross Liabilities Offset in Balance Sheet   0
Net Assets Recognized in Balance Sheet   0
Gross Liabilities   1
Gross Assets Offset in Balance Sheet   0
Net Liabilities Recognized in Balance Sheet   1
Commodity forward contracts | Long    
Derivative [Line Items]    
Gross Assets $ 3 0
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 3 0
Gross Liabilities 2 1
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 2  
Net Liabilities Recognized in Balance Sheet   1
Commodity forward contracts | Short    
Derivative [Line Items]    
Gross Assets 2 1
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 2 1
Gross Liabilities 3 0
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 3  
Net Liabilities Recognized in Balance Sheet   0
Financing arrangements - precious metals embedded derivative    
Derivative [Line Items]    
Gross Assets 0 0
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 0 0
Gross Liabilities 33 0
Gross Assets Offset in Balance Sheet 0 (8)
Net Liabilities Recognized in Balance Sheet 33  
Net Liabilities Recognized in Balance Sheet   (8)
Foreign currency forward contracts    
Derivative [Line Items]    
Gross Assets 0 18
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 0 18
Gross Liabilities 6 0
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet $ 6  
Net Liabilities Recognized in Balance Sheet   $ 0
v3.25.4
Income Taxes - Components of Income Before Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 686 $ 129 $ 1,968
Foreign 46 89 185
Income before income taxes $ 732 $ 218 $ 2,153
v3.25.4
Income Taxes - Provision For Income Taxes Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 123 $ 26 $ 180
State 17 12 24
Foreign (1) 45 45
Deferred:      
Federal 14 (34) 155
State (10) (8) 31
Foreign 3 (7) 7
Total income tax expense $ 146 $ 34 $ 442
v3.25.4
Income Taxes - Reconciliation Of Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Tax computed at statutory rate $ 154 $ 46 $ 452
Effect of cross-border tax laws 0 1 2
Nontaxable or nondeductible items:      
Nontaxable renewable fuel incentives (7) (51) (43)
Fines and penalties 0 8 0
Tax benefit on equity investment dividends received (4) (3) (2)
Other 9 4 1
Noncontrolling interest in net income (2) (2) (25)
Changes in unrecognized tax benefits 0 20 0
Total income tax expense $ 146 $ 34 $ 442
Percent      
Tax computed at statutory rate 21.00% 21.00% 21.00%
Effect of cross-border tax laws 0.00% 0.50% 0.10%
Nontaxable or nondeductible items:      
Nontaxable renewable fuel incentives (1.00%) (23.40%) (2.00%)
Fines and penalties 0.00% 3.70% 0.00%
Tax benefit on equity investment dividends received (0.50%) (1.40%) (0.10%)
Other 1.10% 1.80% 0.10%
Noncontrolling interest in net income (0.30%) (0.90%) (1.20%)
Changes in unrecognized tax benefits 0.00% 9.20% 0.00%
Income tax expense 19.90% 15.60% 20.50%
United states      
Amount      
State income taxes, net of federal tax benefit $ 5 $ 3 $ 44
Percent      
State income taxes, net of federal tax benefit 0.70% 1.40% 2.00%
Canada      
Amount      
State income taxes, net of federal tax benefit $ (1) $ 10 $ 21
Statutory tax rate difference between U.S. 0 (5) (11)
Canadian withholding taxes $ 5 $ 5 $ 5
Percent      
State income taxes, net of federal tax benefit (0.10%) 4.60% 1.00%
Statutory tax rate difference between U.S. 0.00% (2.30%) (0.50%)
Canadian withholding taxes 0.70% 2.30% 0.20%
Cyprus:      
Amount      
Statutory tax rate difference between U.S. $ (3) $ (3) $ (3)
Foreign tax credit $ (4) $ (4) $ (4)
Percent      
Statutory tax rate difference between U.S. (0.40%) (1.40%) (0.10%)
Foreign tax credit (0.50%) (1.80%) (0.20%)
Netherlands:      
Amount      
Changes in valuation allowances $ 3 $ 4 $ 1
Percent      
Changes in valuation allowances 0.40% 1.80% 0.00%
Other foreign jurisdictions      
Amount      
Statutory tax rate difference between U.S. $ (9) $ 1 $ 4
Percent      
Statutory tax rate difference between U.S. (1.20%) 0.50% 0.20%
v3.25.4
Income Taxes - Schedule of Income Taxes Paid, Net of Refunds (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ 43 $ 86 $ 175
Total state and local (1) (5) 47
Total foreign 9 29 29
Income taxes paid, net of refunds 51 110 251
Oregon      
Effective Income Tax Rate Reconciliation [Line Items]      
Total state and local   10  
Kansas      
Effective Income Tax Rate Reconciliation [Line Items]      
Total state and local (5) (12)  
Other      
Effective Income Tax Rate Reconciliation [Line Items]      
Total state and local 4 (3) 47
Canada      
Effective Income Tax Rate Reconciliation [Line Items]      
Total foreign 11 31 28
Other      
Effective Income Tax Rate Reconciliation [Line Items]      
Total foreign $ (2) $ (2) $ 1
v3.25.4
Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Properties, plants, equipment and intangibles (due primarily to tax in excess of book depreciation) $ (1,183) $ (1,174)
Lease obligation 112 114
Accrued employee benefits 23 22
Accrued post-retirement benefits 11 10
Accrued environmental costs 41 41
Inventory differences (59) (159)
Deferred turnaround costs (208) (185)
Net operating loss and tax credit carryforwards 42 116
Interest Limitation under 163(j)   19
Valuation allowance (10) (14)
Other (9) (14)
Total deferred income tax assets 219 308
Total deferred income tax liabilities (1,459) (1,532)
Total deferred income tax assets and liabilities, net $ (1,240) $ (1,224)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Valuation allowance $ 10 $ 14  
Unrecognized tax benefits that would affect effective tax rate 23 $ 24 $ 1
Foreign Tax Jurisdiction | Netherlands      
Operating Loss Carryforwards [Line Items]      
Net operating losses 18    
Foreign Tax Jurisdiction | Luxembourg      
Operating Loss Carryforwards [Line Items]      
Net operating losses 14    
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Tax credits $ 6    
v3.25.4
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits, balance at beginning of Period $ 24 $ 1 $ 1
Additions for tax positions related to prior years 0 23 0
Reductions for tax positions related to prior years (2) 0 0
Unrecognized tax benefits, balance at end of Period $ 22 $ 24 $ 1
v3.25.4
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 18, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 07, 2024
Class of Stock [Line Items]          
Shares withheld under terms of agreements (in shares)   145,776 181,841 332,741  
Value of shares withheld   $ 8 $ 9 $ 18  
Dividends declared per common share (in USD per share)   $ 2.00 $ 2.00 $ 1.80  
Subsequent Event          
Class of Stock [Line Items]          
Dividends declared per common share (in USD per share) $ 0.50        
2024 Share Repurchase Program          
Class of Stock [Line Items]          
Authorized share repurchase amount         $ 1,000
v3.25.4
Stockholders' Equity - Schedule of Share Repurchases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Number of shares repurchased (in shares) 6,908,293 11,944,177
Cash paid for shares repurchased $ 340 $ 664
REH Company    
Class of Stock [Line Items]    
Number of shares repurchased (in shares) 3,345,857 7,864,761
Cash paid for shares repurchased $ 174 $ 456
v3.25.4
Other Comprehensive Income (Loss) - Components And Allocated Tax Effects Of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Before-Tax $ 27 $ (45) $ 13
Tax Expense (Benefit) 6 (10) 3
Other comprehensive income (loss) 21 (35) 10
Net change in foreign currency translation adjustment      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Before-Tax 34 (42) 13
Tax Expense (Benefit) 7 (9) 3
Other comprehensive income (loss) 27 (33) $ 10
Net change in pension and other post-retirement benefit obligations      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Before-Tax (7) (3)  
Tax Expense (Benefit) (1) (1)  
Other comprehensive income (loss) $ (6) $ (2)  
v3.25.4
Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss In Equity (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity $ 9,249 $ 9,346 $ 10,237 $ 10,018
Accumulated other comprehensive loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity (26) (47) $ (12) $ (22)
Foreign currency translation adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity (30) (57)    
Unrealized gain on post-retirement benefit obligations        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity $ 4 $ 10    
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
 12 Months Ended
Jun. 24, 2022
lawsuit
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Commitments And Contingencies [Line Items]        
Transportation and storage fees | $   $ 255 $ 238 $ 201
Growth Energy        
Commitments And Contingencies [Line Items]        
Number of lawsuit | lawsuit 2      
v3.25.4
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting Information [Line Items]  
Number of reportable segments 5
HEP | Osage Pipeline  
Segment Reporting Information [Line Items]  
Equity method investment, ownership percentage 50.00%
HEP | Cushing Connect  
Segment Reporting Information [Line Items]  
Equity method investment, ownership percentage 50.00%
HEP | Saddle Butte Pipeline  
Segment Reporting Information [Line Items]  
Equity method investment, ownership percentage 26.08%
HEP | Pioneer Pipeline  
Segment Reporting Information [Line Items]  
Equity method investment, ownership percentage 49.995%
v3.25.4
Segment Information - Schedule Of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 28,580 $ 26,869 $ 28,580 $ 31,964
Cost of sales:        
Cost of materials and other [1]   21,760 24,582 25,784
Lower of cost or market inventory valuation adjustments   417 (43) 271
Operating expenses   2,391 2,484 2,438
Total cost of sales [2]   24,568 27,023 28,493
Selling, general and administrative expenses [2]   456 447 497
Depreciation and amortization   909 832 771
Other operating expenses, net   9 17 0
Income from operations   927 261 2,203
Earnings of equity method investments   33 32 17
Interest income   42 75 94
Interest expense   (217) (165) (191)
Other income (expense), net (Note 5)   (53) 15 30
Income before income taxes   732 218 2,153
Capital expenditures   449 470 385
Refining        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   20,536 21,701 24,157
Cost of sales:        
Other operating expenses, net   8 6  
Renewables        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   551 644 781
Marketing        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   3,142 3,428 4,146
Lubricants & Specialties        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   2,519 2,700 2,762
Midstream        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   121 107 118
Operating Segments | Refining        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   23,822 25,340 28,673
Cost of sales:        
Cost of materials and other   20,244 22,907 24,042
Lower of cost or market inventory valuation adjustments   415 (32) 221
Operating expenses   1,825 1,912 1,879
Total cost of sales   22,484 24,787 26,142
Selling, general and administrative expenses   219 219 200
Depreciation and amortization   548 495 461
Income from operations   563 (167) 1,870
Earnings of equity method investments  
Interest income  
Interest expense  
Other income (expense), net (Note 5)  
Income before income taxes  
Capital expenditures   286 268 223
Operating Segments | Renewables        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   991 991 1,189
Cost of sales:        
Cost of materials and other   935 910 1,081
Lower of cost or market inventory valuation adjustments   2 (11) 50
Operating expenses   90 100 109
Total cost of sales   1,027 999 1,240
Selling, general and administrative expenses   4 5 5
Depreciation and amortization   93 78 77
Other operating expenses, net   0 0  
Income from operations   (133) (91) (133)
Earnings of equity method investments  
Interest income  
Interest expense  
Other income (expense), net (Note 5)  
Income before income taxes  
Capital expenditures   4 9 18
Operating Segments | Marketing        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   3,142 3,428 4,146
Cost of sales:        
Cost of materials and other   3,000 3,319 4,051
Lower of cost or market inventory valuation adjustments   0 0 0
Operating expenses   0 0 0
Total cost of sales   3,000 3,319 4,051
Selling, general and administrative expenses   40 34 34
Depreciation and amortization   29 27 24
Other operating expenses, net   0 0  
Income from operations   73 48 37
Earnings of equity method investments  
Interest income  
Interest expense  
Other income (expense), net (Note 5)  
Income before income taxes  
Capital expenditures   46 52 28
Operating Segments | Lubricants & Specialties        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   2,526 2,712 2,775
Cost of sales:        
Cost of materials and other   1,838 1,977 2,009
Lower of cost or market inventory valuation adjustments   0 0 0
Operating expenses   271 254 259
Total cost of sales   2,109 2,231 2,268
Selling, general and administrative expenses   158 150 164
Depreciation and amortization   94 90 85
Other operating expenses, net   0 1  
Income from operations   165 240 258
Earnings of equity method investments  
Interest income  
Interest expense  
Other income (expense), net (Note 5)  
Income before income taxes  
Capital expenditures   45 42 37
Operating Segments | Midstream        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   643 644 584
Cost of sales:        
Cost of materials and other   0 0 0
Lower of cost or market inventory valuation adjustments   0 0 0
Operating expenses   199 214 189
Total cost of sales   199 214 189
Selling, general and administrative expenses   7 11 27
Depreciation and amortization   74 72 82
Other operating expenses, net   0 10  
Income from operations   363 337 286
Earnings of equity method investments  
Interest income  
Interest expense  
Other income (expense), net (Note 5)  
Income before income taxes  
Capital expenditures   43 48 32
Corporate, Other and Eliminations        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   (4,255) (4,535) (5,403)
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   (4,255) (4,535) (5,403)
Intersegment Eliminations | Refining        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   (3,286) (3,639) (4,516)
Intersegment Eliminations | Renewables        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   (440) (347) (408)
Intersegment Eliminations | Marketing        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   0 0 0
Intersegment Eliminations | Lubricants & Specialties        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   (7) (12) (13)
Intersegment Eliminations | Midstream        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   (522) (537) (466)
Corporate, Non-Segment        
Segment Reporting Information [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax   0 0 0
Cost of sales:        
Cost of materials and other   (4,257) (4,531) (5,399)
Lower of cost or market inventory valuation adjustments   0 0 0
Operating expenses   6 4 2
Total cost of sales   (4,251) (4,527) (5,397)
Selling, general and administrative expenses   28 28 67
Depreciation and amortization   71 70 42
Other operating expenses, net   1 0  
Income from operations   (104) (106) (115)
Earnings of equity method investments  
Interest income  
Interest expense  
Other income (expense), net (Note 5)  
Income before income taxes  
Capital expenditures   $ 25 $ 51 $ 47
[1] Exclusive of Lower of cost or market inventory valuation adjustments.
[2] Exclusive of Depreciation and amortization.