HF SINCLAIR CORP, 10-Q filed on 5/1/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 28, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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  
Title of 12(b) Security Common Stock $0.01 par value  
Trading Symbol DINO  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   188,409,780
Entity Central Index Key 0001915657  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 547 $ 800
Accounts receivable, net: Product and transportation 1,105 1,074
Crude oil resales 204 177
Total Accounts receivable, net 1,309 1,251
Inventories: Crude oil and refined products 2,680 2,495
Materials, supplies and other 295 303
Total inventories 2,975 2,798
Income taxes receivable 70 70
Prepayments and other 86 95
Total current assets 4,987 5,014
Properties, plants and equipment, at cost 11,003 10,931
Less: accumulated depreciation (4,485) (4,373)
Total properties, plants and equipment 6,518 6,558
Operating lease right-of-use assets 343 355
Other assets: Turnaround costs 794 777
Goodwill 2,978 2,977
Intangibles and other 922 962
Total other assets 4,694 4,716
Total assets 16,542 16,643
Current liabilities:    
Accounts payable 2,124 2,236
Income taxes payable 2 3
Operating lease liabilities 77 77
Current debt 0 350
Accrued liabilities 461 377
Total current liabilities 2,664 3,043
Long-term debt, net 2,676 2,288
Noncurrent operating lease liabilities 289 301
Deferred income taxes 1,226 1,224
Other long-term liabilities 434 441
Total liabilities 7,289 7,297
Commitments and Contingencies
HF Sinclair stockholders’ equity:    
Preferred stock, $1.00 par value – 5,000,000 shares authorized; none issued 0 0
Common stock, $0.01 par value – 320,000,000 shares authorized; 223,231,546 shares issued as of March 31, 2025 and December 31, 2024, respectively 2 2
Additional capital 6,003 5,998
Retained earnings 5,071 5,170
Accumulated other comprehensive loss (44) (47)
Common stock held in treasury, at cost – 34,824,132 and 34,826,009 shares as of March 31, 2025 and December 31, 2024, respectively (1,845) (1,845)
Total HF Sinclair stockholders’ equity 9,187 9,278
Noncontrolling interest 66 68
Total equity 9,253 9,346
Total liabilities and equity $ 16,542 $ 16,643
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 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) 34,824,132 34,826,009
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Sales and other revenues: $ 6,370 $ 7,027
Cost of sales:    
Cost of materials and other [1] 5,476 5,927
Lower of cost or market inventory valuation adjustments (117) (219)
Operating expenses 596 607
Total cost of sales [2] 5,955 6,315
Selling, general and administrative expenses [2] 104 103
Depreciation and amortization 225 198
Other operating expenses, net 5 0
Total operating costs and expenses 6,289 6,616
Income from operations 81 411
Other income (expense):    
Earnings of equity method investments 11 7
Interest income 9 22
Interest expense (49) (41)
Other income (expense), net (53) 3
Total other income (expense) (82) (9)
Income (loss) before income taxes (1) 402
Income tax expense:    
Current 0 70
Deferred 1 15
Total income tax expense 1 85
Net income (loss) (2) 317
Less: net income attributable to noncontrolling interest 2 2
Net income (loss) attributable to HF Sinclair stockholders $ (4) $ 315
Earnings (loss) per share attributable to HF Sinclair stockholders:    
Basic (in USD per share) $ (0.02) $ 1.57
Diluted (in USD per share) $ (0.02) $ 1.57
Average number of common shares outstanding (in thousands):    
Basic (in shares) 188,488 198,710
Diluted (in shares) 188,488 198,710
[1] Exclusive of Lower of cost or market inventory valuation adjustments.
[2] Exclusive of Depreciation and amortization.
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (2) $ 317
Other comprehensive income (loss):    
Foreign currency translation adjustments 5 (13)
Hedging instruments:    
Change in fair value of cash flow hedging instruments 0 (4)
Loss reclassified to net income on settlement of cash flow hedging instruments 0 4
Net unrealized gain on hedging instruments 0 0
Pension and other post-retirement benefit obligations:    
Post-retirement healthcare plans gain reclassified to net income (1) (1)
Net change in pension and other post-retirement benefit obligations (1) (1)
Other comprehensive income (loss) before income taxes 4 (14)
Income tax expense (benefit) 1 (3)
Other comprehensive income (loss) 3 (11)
Total comprehensive income 1 306
Less: noncontrolling interest in comprehensive income 2 2
Comprehensive income (loss) attributable to HF Sinclair stockholders $ (1) $ 304
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (2) $ 317
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 225 198
Other operating expenses, net 1 0
Lower of cost or market inventory valuation adjustments (117) (219)
Earnings of equity method investments, net of distributions (5) (4)
Loss on early extinguishment of debt 15 0
Gain on sale of assets 0 (1)
Loss on sale of equity method investment 40 0
Deferred income tax expense 1 15
Equity-based compensation expense 5 5
Change in fair value – derivative instruments 20 (8)
(Increase) decrease in current assets:    
Accounts receivable (57) (92)
Inventories (56) 1
Income taxes receivable 0 13
Prepayments and other 0 1
Increase (decrease) in current liabilities:    
Accounts payable (105) 65
Income taxes payable 0 49
Accrued liabilities 74 31
Turnaround expenditures (105) (70)
Other, net (23) 16
Net cash provided by (used for) operating activities (89) 317
Cash flows from investing activities:    
Additions to properties, plants and equipment (86) (89)
Proceeds from sale of assets 0 1
Investment in Osage Pipe Line Company, LLC 0 (5)
Distributions in excess of equity in earnings of equity investments 1 2
Net cash used for investing activities (85) (91)
Cash flows from financing activities:    
Repayments under credit agreements (350) (62)
Proceeds from issuance of senior notes 1,394 0
Redemption of senior notes (1,007) 0
Purchase of treasury stock 0 (170)
Dividends (95) (99)
Distributions to noncontrolling interests (4) (2)
Payments on finance leases (3) (3)
Deferred financing costs (13) 0
Other, net (2) 0
Net cash used for financing activities (80) (336)
Effect of exchange rate on cash flow 1 (3)
Cash and cash equivalents:    
Net change for the period (253) (113)
Cash and cash equivalents at beginning of period 800 1,354
Cash and cash equivalents at end of period 547 1,241
Cash paid during the period for:    
Interest (39) (24)
Income taxes, net 0 (8)
Decrease in accrued and unpaid capital expenditures $ (5) $ (6)
v3.25.1
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, 2023 [1]   223,231,000          
Stockholders' equity at beginning of period at Dec. 31, 2023 $ 10,237 $ 2 $ 5,994 $ 5,379 $ (12) $ (1,194) $ 68
Treasury stock outstanding at beginning of period (in shares) at Dec. 31, 2023           23,236,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 317     315     2
Dividends (99)     (99)      
Other comprehensive income (loss), net of tax (11)       (11)    
Issuance of common shares under incentive compensation plans 0   (8)     $ 8  
Issuance of common shares under incentive compensation plans (in shares)           (147,000)  
Equity-based compensation $ 5   5        
Purchase of treasury stock, inclusive of excise tax (in shares) 2,930,742         2,988,000  
Purchase of treasury stock, inclusive of excise tax $ (172)         $ (172)  
Distributions to noncontrolling interest holders (2)           (2)
Common stock outstanding at end of period (in shares) at Mar. 31, 2024 [1]   223,231,000          
Stockholders' equity at end of period at Mar. 31, 2024 10,275 $ 2 5,991 5,595 (23) $ (1,358) 68
Treasury stock outstanding at end of period (in shares) at Mar. 31, 2024           26,077,000  
Common stock outstanding at beginning of period (in shares) at Dec. 31, 2024 [1]   223,231,000          
Stockholders' equity at beginning of period at Dec. 31, 2024 $ 9,346 $ 2 5,998 5,170 (47) $ (1,845) 68
Treasury stock outstanding at beginning of period (in shares) at Dec. 31, 2024 34,826,009         34,826,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) $ (2)     (4)     2
Dividends (95)     (95)      
Other comprehensive income (loss), net of tax 3       3    
Issuance of common shares under incentive compensation plans (in shares)           (3,000)  
Equity-based compensation $ 5   5        
Purchase of treasury stock, inclusive of excise tax (in shares) 0         1,000  
Distributions to noncontrolling interest holders $ (4)           (4)
Common stock outstanding at end of period (in shares) at Mar. 31, 2025 [1]   223,231,000          
Stockholders' equity at end of period at Mar. 31, 2025 $ 9,253 $ 2 $ 6,003 $ 5,071 $ (44) $ (1,845) $ 66
Treasury stock outstanding at end of period (in shares) at Mar. 31, 2025 34,824,132         34,824,000  
[1] In thousands.
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share (in USD per share) $ 0.50 $ 0.50
v3.25.1
Description of Business and Presentation of Financial Statements
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Presentation of Financial Statements Description of Business and Presentation of Financial Statements
References herein to HF Sinclair Corporation (“HF Sinclair” or the “Company”) include HF Sinclair and its consolidated subsidiaries. In these consolidated financial statements, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person, with certain exceptions.

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 1,600 branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries.

Basis of Presentation: The interim consolidated financial statements are unaudited. In management’s opinion, these consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our consolidated financial position as of March 31, 2025, the consolidated statements of operations, comprehensive income (loss), cash flows and equity for the three months ended March 31, 2025 and 2024 have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). We believe that the disclosures in these consolidated financial statements are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, that was filed with the SEC on February 20, 2025.

Accounting Pronouncements - Not Yet 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. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The adoption will not affect our financial position or our results of operations, but will result in additional disclosures in our Annual Report on Form 10-K for the year ended December 31, 2025.

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.
v3.25.1
Cushing Connect Joint Venture
 3 Months Ended
Mar. 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, 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 barrel per day common carrier crude oil pipeline (the “Cushing Connect Pipeline”) that connects the Cushing, Oklahoma crude oil hub to our Tulsa refineries and (ii) the ownership and operation of 1.5 million barrels of crude oil storage in Cushing, Oklahoma (the “Cushing Connect Terminal”).

Cushing Connect entered into a contract with an affiliate of Holly Energy Partners, L.P. (“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 variable interest entities (“VIEs”) as defined under generally accepted accounting principles in the United States (“GAAP”). The Cushing Connect Entities are VIEs because they were deemed to not have sufficient equity at risk to finance their activities without additional financial support. We are the primary beneficiary of two of these entities as HEP constructed and operates the Cushing Connect Pipeline, and we have 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 LLC, creditors of the Cushing Connect Entities have no recourse to our assets. Any recourse to HEP Cushing LLC would be limited to the extent of HEP Cushing LLC’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, along with their most significant liabilities for which their creditors do not have recourse to our general credit, were:


March 31, 2025December 31, 2024
(In millions)
Cash and cash equivalents$1 $5 
Properties, plants and equipment, at cost$103 $103 
Accumulated depreciation
$(12)$(12)
Intangibles and other$29 $30 
v3.25.1
Revenues
 3 Months Ended
Mar. 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 that are sold 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:
Three Months Ended March 31,
20252024
(In millions)
Revenues by type: (1)
Refined product revenues:
Transportation fuels (2)
$4,961 $5,555 
Lubricants and specialty products (3)
597 614 
Asphalt, fuel oil and other products (4)
319 483 
Total refined product revenues5,877 6,652 
Excess crude oil revenues (5)
383 267 
Transportation and logistics services29 23 
Other revenues (6)
81 85 
Total sales and other revenues$6,370 $7,027 
Three Months Ended March 31,
20252024
(In millions)
Refined product revenues by market: (1)
United States:
Mid-Continent$2,125 $2,423 
Southwest854 1,065 
Rocky Mountains1,227 1,400 
Northwest1,151 1,218 
Northeast232 219 
Canada217 256 
Europe, Asia and Latin America71 71 
Total refined product revenues$5,877 $6,652 
(1)Prior period amounts have been reclassified to conform with the current period presentation, where applicable.
(2)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.
(3)Lubricant and specialty products consist of base oil, waxes, finished lubricants and other specialty fluids.
(4)Asphalt, fuel oil and other products revenue are attributable to the Refining and Lubricants & Specialties segments.
(5)Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries.
(6)Other revenues are principally attributable to our Refining segment.

As of March 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 under Accounting Standards Codification (ASC) 606-10-50-14A. Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows:

Contractual MinimumRemainder of 202520262027ThereafterTotal
(In millions)
Refined product sales volumes (barrels)26 25 17 33 101 

Additionally, we have long-term contracts with third-party customers that specify minimum volumes of product to be transported through our pipelines and terminals that result in fixed-minimum annual revenues through 2033. Annual minimum revenues attributable to our third-party contracts as of March 31, 2025, are presented below:

Contractual MinimumRemainder of 202520262027ThereafterTotal
(In millions)
Midstream operations revenues$12 $8 $8 $36 $64 
v3.25.1
Other Income (Expense), Net
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other Income (Expense), Net Other Income (Expense), Net
Other income (expense), net consists of the following:
Three Months Ended March 31,
20252024
(In millions)
Loss on early extinguishment of debt
$(15)$— 
Gain on foreign currency transactions
1 1 
Loss on sale of equity method investment (1)
(40)— 
Gain on sale of assets and other 1 2 
Other income (expense), net
$(53)$3 
(1)During the three months ended March 31, 2025, we assigned our 50% ownership interest in Cheyenne Pipeline, LLC to our joint venture partner in exchange for the cancellation of certain future commitments.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 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 and environmental credit obligations at March 31, 2025 and December 31, 2024 were as follows:
Fair Value by Input Level
Carrying AmountLevel 1Level 2Level 3
(In millions)
March 31, 2025
Assets:
Commodity forward contracts$1 $— $1 $— 
Foreign currency forward contracts11 — 11 — 
Total assets$12 $— $12 $— 
Liabilities:
NYMEX futures contracts$9 $9 $— $— 
Commodity forward contracts1 — 1 — 
Foreign currency forward contracts1 — 1 — 
Environmental credit obligations
61 — 61 — 
Total liabilities$72 $9 $63 $— 
Fair Value by Input Level
Carrying AmountLevel 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 — 
Environmental credit obligations10 — 10 — 
Total liabilities$12 $1 $11 $— 

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 foreign currency forward contracts is based on values provided by a third party, which were derived using market quotes for similar type instruments, a Level 2 input. Environmental credit obligations are valued based on quoted prices from an independent pricing service.
v3.25.1
Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
Basic earnings (loss) per share is calculated as Net income (loss) attributable to HF Sinclair stockholders, adjusted for participating securities’ share in earnings divided by the average number of shares of common stock outstanding. Diluted earnings (loss) per share includes the incremental shares resulting from certain share-based awards.

The following is a reconciliation of the denominators of the basic and diluted per share computations for Net income (loss) attributable to HF Sinclair stockholders:
 Three Months Ended March 31,
 20252024
 
(In millions, except share and per share data)
Net income (loss) attributable to HF Sinclair stockholders$(4)$315 
Less: participating securities’ share in earnings (1)
1 2 
Net income (loss) attributable to common shares$(5)$313 
Average number of common shares outstanding (in thousands):
Basic
188,488 198,710 
Diluted
188,488 198,710 
Basic earnings (loss) per share$(0.02)$1.57 
Diluted earnings (loss) per share$(0.02)$1.57 
(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.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 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. Subject to adjustment for certain events, an aggregate of 6,368,930 of these awards may be issued pursuant to awards granted under the 2020 Plan. The restricted stock unit awards generally vest over a period of one to three years. Upon vesting, restrictions on the restricted stock units lapse at which time they convert to common shares or cash. The performance share units generally vest at the end of a three year period and are payable in stock or cash upon meeting certain financial and performance criteria. The number of shares ultimately issued or cash paid for the performance share units can range from zero to 200% of target award amounts. The holders of unvested restricted stock units and performance share units have the right to receive dividends. 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.

The 2020 Plan compensation costs were $5 million for each of the three months ended March 31, 2025 and 2024.

A summary of restricted stock units and performance share units activity during the three months ended March 31, 2025, is presented below:
Restricted Stock UnitsPerformance Share Units
Outstanding at January 1, 2025951,690 622,427 
Vested(3,140)— 
Forfeited(19,522)— 
Outstanding at March 31, 2025929,028 622,427 
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following components:
March 31, 2025December 31, 2024
(In millions)
Crude oil$755 $799 
Other raw materials and unfinished products (1)
723 656 
Finished products (2)
1,374 1,329 
Lower of cost or market reserve(172)(289)
Crude oil and refined products2,680 2,495 
Process chemicals (3)
46 43 
Repair and maintenance supplies and other (4)
249 260 
Materials, supplies and other295 303 
Total inventories$2,975 $2,798 
(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.
(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.
(3)Process chemicals include additives and other chemicals.
(4)Includes 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 is a summary of the lower of cost or market reserve activity:

Lower of Cost or Market Reserve Activity Summary: Refining RenewablesTotal
(In millions)
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(116)(1)(117)
Balance at March 31, 2025
$73 $99 $172 
v3.25.1
Accrued Liabilities and Other Long-Term Liabilities
 3 Months Ended
Mar. 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:

March 31, 2025December 31, 2024
(In millions)
Accrued interest expense$42 $38 
Accrued taxes other than income36 28 
Derivatives11 2 
Environmental liabilities22 27 
Precious metal financing36 32 
Right-of-use financing lease liabilities
12 11 
Wage and other employee-related liabilities96 85 
Environmental credit obligations71 17 
Other135 137 
Total accrued liabilities$461 $377 
Other long-term liabilities consist of the following:
March 31, 2025December 31, 2024
(In millions)
Environmental liabilities$166 $163 
Right-of-use financing lease liabilities
71 71 
Asset retirement obligations72 66 
Other125 141 
Total other long-term liabilities$434 $441 
v3.25.1
Environmental
 3 Months Ended
Mar. 31, 2025
Environmental Expense and Liabilities [Abstract]  
Environmental Environmental
These accruals include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated.

The table below presents the expenses and adjustments incurred for environmental remediation obligations:

Three Months Ended March 31,
Environmental Remediation
20252024
(in millions)
Environmental remediation expense
$(1)$2 

The table below presents the accrued environmental liabilities reflected on the consolidated balance sheets:

Environmental Remediation
Balance Sheet ClassificationMarch 31, 2025December 31, 2024
(in millions)
Current portion
Accrued liabilities
$22 $27 
Long-term portionOther long-term liabilities166 163 
Total accrued environmental liabilities
$188 $190 
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended March 31, 2025, we recorded income tax expense of $1 million compared to $85 million for the three months ended March 31, 2024. This decrease was principally due to lower pre-tax income during the three months ended March 31, 2025, compared to the same period of 2024. Our effective tax rates were (205.2)% and 21.3% for the three months ended March 31, 2025 and 2024, respectively. Due to rounding of reported numbers, some amounts may not calculate exactly. The difference between the U.S. federal statutory rate and the effective tax rate for the three months ended March 31, 2025 is primarily due to the relationship between pre-tax results, taxable permanent differences and discrete tax adjustments. The difference between the U.S. federal statutory rate and the effective tax rate for the three months ended March 31, 2024 is primarily due to the relationship between pre-tax results and non-taxable permanent differences.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Credit Agreements
As of March 31, 2025, we had a $1.65 billion senior unsecured revolving credit facility maturing in April 2026 (the “HF Sinclair Credit Agreement”). The HF Sinclair Credit Agreement could be used for revolving credit loans and letters of credit from time to time and was available to fund general corporate purposes. At March 31, 2025, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling a nominal amount under the HF Sinclair Credit Agreement.
Additionally, as of March 31, 2025, our wholly owned subsidiary, HEP, had a $1.2 billion senior secured revolving credit facility maturing in July 2025 (the “HEP Credit Agreement”). The HEP Credit Agreement was available to fund capital expenditures, investments, acquisitions, distribution payments, working capital and for general corporate purposes. It was also available to fund letters of credit up to a $50 million sub-limit and had an accordion feature that allowed us to increase the commitments under the HEP Credit Agreement up to a maximum amount of $1.7 billion. At March 31, 2025, we were in compliance with all of its covenants, had no outstanding borrowings and had no outstanding letters of credit under the HEP Credit Agreement.

Indebtedness under the HF Sinclair Credit Agreement and the HEP Credit Agreement bore interest, at our option, for borrowings in U.S. dollars at either (a) a base rate equal to the sum of (1) the highest of (i) the prime rate (as publicly announced from time to time by the applicable administrative agent), (ii) the Federal Funds Effective Rate (as defined in the HF Sinclair Credit Agreement and as defined as the “Federal Funds Rate” in the HEP Credit Agreement) plus 0.5%, and (iii) Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement and as defined as “Adjusted Term SOFR” in the HEP Credit Agreement) for a one-month interest period plus 1%, plus (2) an applicable margin for base rate loans ranging from 0.25% to 1.125%, or (b) the sum of (1) Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement and as defined as “Adjusted Term SOFR” in the HEP Credit Agreement) for the applicable interest period, plus (2) an applicable margin for term SOFR loans ranging from 1.25% to 2.125%. The HF Sinclair Credit Agreement allowed for borrowings in Sterling and Euros with similar interest rates. In each case, the applicable margin was based on HF Sinclair’s debt rating assigned by Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. The weighted average interest rate in effect under the HEP Credit Agreement on our borrowings was 6.03% as of March 31, 2025.

During the three months ended March 31, 2025, we repaid $350 million under the HEP Credit Agreement.

On April 3, 2025, we terminated the HF Sinclair Credit Agreement and HEP Credit Agreement and entered into a new $2.0 billion senior unsecured revolving credit facility maturing in April 2030 (the “New HF Sinclair Credit Agreement”), which also 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 New HF Sinclair Credit Agreement. The New 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, by HF Sinclair as guarantor, in favor of Wells Fargo Bank, National Association, in its capacity as administrative agent (the “Guaranty”), and the Guaranty was terminated. Neither HF Sinclair nor HEP paid any prepayment penalties in connection with the termination of the preexisting HF Sinclair Credit Agreement or the HEP Credit Agreement.

Indebtedness under the New HF Sinclair Credit Agreement bears interest, at our option, at either (a) the greatest 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 New HF Sinclair Credit Agreement) plus 0.5%, and (iii) Spread Adjusted Term SOFR (as defined in the New 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 New 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.

Senior Notes Offering, Tender Offer and Redemption
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 “New HFS Notes”) for net proceeds of approximately $1.38 billion, after deducting the underwriters’ discount and commissions and offering expenses. The New HFS Notes are unsecured and unsubordinated obligations of ours and rank equally with all our other existing and future unsecured and unsubordinated indebtedness.
During the period ended March 31, 2025, we used a portion of the funds to complete early settlement of a cash tender offer for $647 million in aggregate principal amount (the “Tender Offer”) as follows:

Maturity DateIssuerAggregate Principal Amount Accepted
Purchase Price Including Premium
Interest Paid
April 2027HF Sinclair$150 $153 $3 
April 2026HF Sinclair449 452 9 
April 2026HollyFrontier48 49 1 
Total$647 $654 $13 

Additionally, during the period ended March 31, 2025, we used net proceeds from the New HFS Notes offering to repay and redeem the following aggregate principal amounts outstanding:
•$350 million under the HEP Credit Agreement due 2025,
•$194 million of HF Sinclair’s 5.875% Senior Notes due 2026, and
•$155 million of HollyFrontier Corporation’s (“HollyFrontier,” a wholly owned subsidiary) 5.875% Senior Notes due 2026.

We recognized an early extinguishment loss of $15 million, inclusive of unamortized discount and debt issuance costs, as a result of the Tender Offer and redemptions.

Senior Notes
Our unsecured senior notes and unsubordinated obligations (as set forth in the table below under “HF Sinclair Financing Arrangements”) 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 will depend on prevailing market conditions, our liquidity requirements and other factors.

HF Sinclair Financing Arrangements
Certain of our wholly owned subsidiaries entered into financing arrangements whereby such subsidiaries sold a portion of their precious metals catalyst to a financial institution in exchange for cash and then financed the use of the precious metals catalyst for a term not to exceed one year. 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 arrangement, we must either satisfy the obligation at fair market value or refinance to extend the maturity, which is considered an embedded derivative as discussed in Note 13. These financing arrangements are recorded at a Level 2 fair value totaling $36 million and $31 million at March 31, 2025 and December 31, 2024, respectively, and are included in Accrued liabilities on our consolidated balance sheets. See Note 5 for additional information on Level 2 inputs.

We may, from time to time, issue letters of credit pursuant to uncommitted letters of credit facilities with our lenders. At March 31, 2025, there were no letters of credit outstanding under such credit facilities.
The principal and carrying amounts of Long-term debt are as follows:
Carrying Amount (1)
Maturity DateMarch 31, 2025December 31, 2024
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$154 $797 
6.375% Senior Notes
April 2027250 400 
5.000% Senior Notes
February 2028499 499 
4.500% Senior Notes
October 2030325 325 
5.750% Senior Notes
January 2031650 — 
6.250% Senior Notes
January 2035750 — 
2,628 2,021 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 2026— 203 
4.500% Senior Notes
October 203075 75 
75 278 
HEP Senior Notes:
6.375% Senior Notes
April 2027— — 
5.000% Senior Notes
February 20281 1 
1 1 
Total Senior Notes2,704 2,300 
HEP Credit AgreementJuly 2025— 350 
HF Sinclair Credit AgreementApril 2026— — 
Total Credit Agreements— 350 
Total debt at face value
2,704 2,650 
Unamortized discount and debt issuance costs(28)(12)
Total debt
2,676 2,638 
Current debt
— (350)
Long-term debt
$2,676 $2,288 
(1)As of March 31, 2025 and December 31, 2024, the carrying amounts of our Senior Notes equaled the principal amounts.

The fair values of the senior notes are as follows:
March 31, 2025December 31, 2024
(In millions)
HF Sinclair, HollyFrontier and HEP Senior Notes
$2,703 $2,284 

These fair values are based on a Level 2 input. See Note 5 for additional information on Level 2 inputs.

We capitalized interest attributable to construction projects of $1 million for each of the three months ended March 31, 2025 and 2024.
v3.25.1
Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 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 on 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 contracts that lock in the prices of future sales of crude oil and refined product. These contracts have been designated as accounting hedges and are measured at fair value with offsetting adjustments (gains/losses) recorded directly to other comprehensive income. 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 as of March 31, 2025 and 2024, respectively.

The following table presents the realized loss reclassified from accumulated other comprehensive income into earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting:
Statement of Operations Classification
Three Months Ended March 31,
20252024
(In millions)
Derivatives designated as cash flow hedging instruments:
Commodity contractsSales and other revenues$— $(4)

Economic Hedges
We periodically have commodity contracts, including certain futures contracts based on NYMEX pricing, to lock in prices on forecasted inventory purchases and sales. We periodically have basis swap contracts to mitigate exposure to natural gas price volatility. We periodically have forward purchase and sale contracts to lock in basis spread differentials on forecasted crude oil and refined products purchases. 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 12 could require repayment under certain conditions based on the future pricing of platinum, which is an embedded derivative. These contracts are measured at fair value with offsetting adjustments (gains/losses) recorded directly to earnings.

The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:
Statement of Operations Classification
Three Months Ended March 31,
20252024
(In millions)
Derivatives not designated as hedging instruments:
Commodity contractsCost of materials and other$3 $(21)
Interest expense5 3 
Foreign currency contracts
Other income (expense), net
— 10 
Total$8 $(8)
As of March 31, 2025, we have the following notional contract volumes related to outstanding derivative instruments:
Notional Contract Volumes
by Year of Maturity
Total Outstanding Notional20252026Unit of Measure
Derivatives not designated as hedging instruments:
NYMEX futures (WTI) - short2,415,0002,415,000—Barrels
Forward gasoline and diesel contracts - long160,000160,000—Barrels
Foreign currency forward contracts376,238,263278,179,09598,059,168U.S. dollar
Forward commodity contracts (platinum)34,62815,52419,104Troy ounces

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 in 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)
March 31, 2025
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$— $— $— $9 $— $9 
Commodity forward contracts1 — 1 1 — 1 
Foreign currency forward contracts11 — 11 1 — 1 
$12 $— $12 $11 $— $11 
Total net balance$12 $11 
Balance sheet classification:Prepayments and other$12 Accrued liabilities$11 

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 contracts1 — 1 1 — 1 
Foreign currency forward contracts18 — 18 — — — 
$19 $— $19 $2 $— $2 
Total net balance$19 $2 
Balance sheet classification:Prepayments and other$19 Accrued liabilities$2 
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 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 “May 2024 Share Repurchase Program”), which replaced all existing share repurchase programs, including the approximately $214 million remaining under the share purchase program approved by our Board of Directors in August 2023. The May 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 (“REH Company” and together with its affiliate REH Advisors Inc., “REH”) are also authorized under the May 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 May 2024 Share Repurchase Program may be discontinued at any time by our Board of Directors.

As of March 31, 2025, we had remaining authorization to repurchase up to $799 million under the May 2024 Share Repurchase Program.

The following table presents the total open market and privately negotiated purchases of shares under our share repurchase programs for the three months ended March 31, 2025 and 2024:

 Three Months Ended March 31,
 20252024
 
(In millions, except share data)
Number of shares repurchased (1)
— 2,930,742
Cash paid for shares repurchased$— $166 
(1)During the three months ended March 31, 2024, 1,516,326 shares were repurchased for $85 million pursuant to privately negotiated repurchases from REH Company. No such privately negotiated repurchases were made during the three months ended March 31, 2025.

During the three months ended March 31, 2025 and 2024, we withheld 1,221 and 58,082 shares, respectively, of our common stock under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

On May 1, 2025, our Board of Directors announced that it declared a regular quarterly dividend in the amount of $0.50 per share, payable on June 3, 2025 to holders of record of common stock on May 15, 2025.
v3.25.1
Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 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)
Three Months Ended March 31, 2025
Net change in foreign currency translation adjustment$5 $1 $4 
Net change in pension and other post-retirement benefit obligations(1)— (1)
Other comprehensive income attributable to HF Sinclair stockholders$4 $1 $3 
Three Months Ended March 31, 2024
Net change in foreign currency translation adjustment$(13)$(3)$(10)
Net change in pension and other post-retirement benefit obligations(1)— (1)
Other comprehensive loss attributable to HF Sinclair stockholders$(14)$(3)$(11)
The following table presents the line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”) and into the consolidated statements of operations:
Three Months Ended March 31,
20252024
AOCI ComponentGain (Loss) Reclassified from AOCIStatement of Operations Line Item
(In millions)
Hedging instruments:
Commodity price swaps$— $(4)Sales and other revenues
— (1)
Income tax benefit
— (3)Net of tax
Other post-retirement benefit obligations:
Post-retirement healthcare obligations1 1 Other, net
— — Income tax expense
1 1 Net of tax
Total reclassifications for the period$1 $(2)

Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
March 31, 2025December 31, 2024
 (In millions)
Foreign currency translation adjustment$(53)$(57)
Unrealized gain on post-retirement benefit obligations9 10 
Accumulated other comprehensive loss$(44)$(47)
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 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 which 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 Environmental Protection Agency (“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, pursuant to the June 2022 and April 2022 decisions, respectively, the EPA established an alternative compliance demonstration to not impose any obligations on small refineries that had exemptions reversed for the 2016 and 2018 compliance years. 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 decision.

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.

It is too early to determine the final impact of the DC Circuit’s decisions. We are unable to estimate the costs we may incur, if any, at this time.

Navajo
HF Sinclair Navajo Refining LLC (“HFS Navajo”) has been engaged in discussions with, and has responded to document requests from, the EPA, the United States Department of Justice (the “DOJ”) and the New Mexico Environment Department (“NMED”) (collectively, the “Navajo Matter Government Agencies”) regarding HFS Navajo’s compliance with the Clean Air Act (“CAA”) and underlying regulations, and similar New Mexico laws and regulations, at its Artesia and Lovington, New Mexico refineries. The discussions have included the following topics: (a) alleged noncompliance with CAA’s National Emission Standards for Hazardous Air Pollutants (“NESHAP”) and New Source Performance Standards (“NSPS”) at the Artesia refinery, which were set forth in a Notice of Violation (“May 2020 NOV”) issued by the EPA in May 2020; (b) a Post Inspection Notice issued in June 2020 by the NMED, alleging noncompliance issues similar to those alleged by the EPA in its May 2020 NOV as well as alleged noncompliance with the State Implementation Plan (“SIP”) and the Title V permit operating programs; (c) an information request issued in September 2020 by the EPA, pursuant to CAA Section 114, related to benzene fenceline monitoring, flare fuel gas, leak detection and repair, storage vessels and tanks, and other information regarding the Artesia refinery; (d) an information request issued by the EPA in May 2021, pursuant to CAA Section 114, requesting additional information and testing related to certain tanks at the Artesia refinery; and (e) informal information requests related to, among other things, the Artesia refinery’s wastewater treatment plant, oil water separators and heat exchangers. In April 2022, June 2023 and August 2023, the EPA alleged additional CAA noncompliance at the Artesia refinery beyond the allegations in the May 2020 NOV, including alleged noncompliance with NESHAP, NSPS, SIP, Title V and other requirements.

Beginning in the spring of 2021, HFS Navajo and the Navajo Matter Government Agencies began monthly meetings to discuss potential injunctive relief measures to address the alleged noncompliance at the Artesia refinery. In September 2021 and August 2023, the EPA presented to HFS Navajo potential claims for alleged noncompliance with a 2002 consent decree. In September 2024, the Navajo Matter Government Agencies presented to HFS Navajo a proposed penalty demand for the alleged noncompliance at the Artesia refinery.

On January 17, 2025, HFS Navajo reached a settlement agreement with the EPA, DOJ, and the NMED, and a new consent decree was lodged with the U.S. District Court for the District of New Mexico (the “2025 Consent Decree”) to resolve alleged CAA and New Mexico Air Quality Control Act violations as well as alleged violations of the 2002 consent decree at the Artesia refinery. The 30-day public comment period for the 2025 Consent Decree has expired, and, on April 25, 2025, the Navajo Matter Government Agencies filed a motion to enter the 2025 Consent Decree with the U.S. District Court. The 2025 Consent Decree will become effective after Court approval.

Under the 2025 Consent Decree, HFS Navajo must pay the sum of $34 million as a civil penalty to the United States and the State of New Mexico according to the following schedule: (1) $10 million to the United States, and $10 million to the State of New Mexico within 30 days after the effective date of the 2025 Consent Decree; and (2) $7 million to the United States and $7 million to the State of New Mexico by January 31, 2026. Separately, on January 29, 2025, HFS Navajo paid stipulated penalties in the amount of $1 million, divided equally between the United States and the State of New Mexico, resolving alleged noncompliance under the 2002 Consent Decree. Finally, HFS Navajo must implement injunctive relief and mitigation measures at an estimated cost of $137 million, including capital investments, at the Artesia refinery, certain of which measures have already been implemented as of the date of filing this Quarterly Report on Form 10-Q and the remainder of which must be completed by various deadlines, ending in 2031.
v3.25.1
Segment Information
 3 Months Ended
Mar. 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 renewable diesel unit (“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 represents Petro-Canada Lubricants Inc.’s production operations, located in Mississauga, Ontario, which includes lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants Inc.’s business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States and Europe. Additionally, the Lubricants & Specialties segment includes specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America and the operations of Red Giant Oil Company LLC, one of the 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, and 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 (loss) from operations. Amounts included in Income (loss) before income taxes in our consolidated statements of operations and excluded from our performance measure, Income (loss) from operations, include Other income (expense). Other income (expense) includes Earnings of equity method investments, Interest income, Interest expense and other items believed to be non-operating and 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 in our Annual Report on Form 10-K for the year ended December 31, 2024.

The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in the consolidated financial statements.
RefiningRenewablesMarketingLubricants & SpecialtiesMidstream
Corporate, Other and Eliminations
Consolidated
Total
(In millions)
Three Months Ended March 31, 2025
Sales and other revenues:
Revenues from external customers$4,923 $94 $686 $638 $29 $— $6,370 
Intersegment revenues and other (1)
728 96 — — 127 (951)— 
5,651 190 686 638 156 (951)6,370 
Cost of sales: (2)
Cost of materials and other (3)
5,140 183 652 453 — (952)5,476 
Lower of cost or market inventory valuation adjustments(116)(1)— — — — (117)
Operating expenses461 23 — 64 46 2 596 
5,485 205 652 517 46 (950)5,955 
Selling, general and administrative expenses (2)
54 1 7 36 2 4 104 
Depreciation and amortization137 23 7 22 18 18 225 
Other operating expenses, net
5 — — — — — 5 
Income (loss) from operations$(30)$(39)$20 $63 $90 $(23)$81 
Earnings of equity method investments— — — — 12 (1)11 
Interest income— — — 2 3 4 9 
Interest expense— (2)— — (3)(44)(49)
Other income (expense), net
— — — — (39)(14)(53)
Income (loss) before income taxes
$(30)$(41)$20 $65 $63 $(78)$(1)
Capital expenditures$58 $1 $6 $10 $9 $2 $86 
Three Months Ended March 31, 2024
Sales and other revenues:
Revenues from external customers$5,373 $179 $776 $676 $23 $— $7,027 
Intersegment revenues and other (1)
831 60 — 2 132 (1,025)— 
6,204 239 776 678 155 (1,025)7,027 
Cost of sales: (2)
Cost of materials and other (3)
5,475 230 753 493 — (1,024)5,927 
Lower of cost or market inventory valuation adjustments(220)1 — — — — (219)
Operating expenses472 26 — 64 46 (1)607 
5,727 257 753 557 46 (1,025)6,315 
Selling, general and administrative expenses (2)
48 1 8 34 4 8 103 
Depreciation and amortization117 20 6 22 20 13 198 
Income (loss) from operations$312 $(39)$9 $65 $85 $(21)$411 
Earnings of equity method investments— — — — 7 — 7 
Interest income— — — 2 2 18 22 
Interest expense— (2)— — (8)(31)(41)
Other income (expense), net— — — — — 3 3 
Income (loss) before income taxes
$312 $(41)$9 $67 $86 $(31)$402 
Capital expenditures$55 $3 $8 $5 $8 $10 $89 
(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) attributable to HF Sinclair stockholders $ (4) $ 315
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 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
v3.25.1
Description of Business and Presentation of Financial Statements (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
References herein to HF Sinclair Corporation (“HF Sinclair” or the “Company”) include HF Sinclair and its consolidated subsidiaries. In these consolidated financial statements, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person, with certain exceptions.

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 1,600 branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries.
Basis of Presentation
Basis of Presentation: The interim consolidated financial statements are unaudited. In management’s opinion, these consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our consolidated financial position as of March 31, 2025, the consolidated statements of operations, comprehensive income (loss), cash flows and equity for the three months ended March 31, 2025 and 2024 have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). We believe that the disclosures in these consolidated financial statements are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, that was filed with the SEC on February 20, 2025.
Accounting Pronouncements - Not Yet Adopted
Accounting Pronouncements - Not Yet 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. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The adoption will not affect our financial position or our results of operations, but will result in additional disclosures in our Annual Report on Form 10-K for the year ended December 31, 2025.

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.
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.
v3.25.1
Cushing Connect Joint Venture (Tables)
 3 Months Ended
Mar. 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, along with their most significant liabilities for which their creditors do not have recourse to our general credit, were:
March 31, 2025December 31, 2024
(In millions)
Cash and cash equivalents$1 $5 
Properties, plants and equipment, at cost$103 $103 
Accumulated depreciation
$(12)$(12)
Intangibles and other$29 $30 
v3.25.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated revenues were as follows:
Three Months Ended March 31,
20252024
(In millions)
Revenues by type: (1)
Refined product revenues:
Transportation fuels (2)
$4,961 $5,555 
Lubricants and specialty products (3)
597 614 
Asphalt, fuel oil and other products (4)
319 483 
Total refined product revenues5,877 6,652 
Excess crude oil revenues (5)
383 267 
Transportation and logistics services29 23 
Other revenues (6)
81 85 
Total sales and other revenues$6,370 $7,027 
Three Months Ended March 31,
20252024
(In millions)
Refined product revenues by market: (1)
United States:
Mid-Continent$2,125 $2,423 
Southwest854 1,065 
Rocky Mountains1,227 1,400 
Northwest1,151 1,218 
Northeast232 219 
Canada217 256 
Europe, Asia and Latin America71 71 
Total refined product revenues$5,877 $6,652 
(1)Prior period amounts have been reclassified to conform with the current period presentation, where applicable.
(2)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.
(3)Lubricant and specialty products consist of base oil, waxes, finished lubricants and other specialty fluids.
(4)Asphalt, fuel oil and other products revenue are attributable to the Refining and Lubricants & Specialties segments.
(5)Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries.
(6)Other revenues are principally attributable to our Refining segment.
Schedules 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 MinimumRemainder of 202520262027ThereafterTotal
(In millions)
Refined product sales volumes (barrels)26 25 17 33 101 
Annual minimum revenues attributable to our third-party contracts as of March 31, 2025, are presented below:
Contractual MinimumRemainder of 202520262027ThereafterTotal
(In millions)
Midstream operations revenues$12 $8 $8 $36 $64 
v3.25.1
Other Income (Expense), Net (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Income (Expense), Net
Other income (expense), net consists of the following:
Three Months Ended March 31,
20252024
(In millions)
Loss on early extinguishment of debt
$(15)$— 
Gain on foreign currency transactions
1 1 
Loss on sale of equity method investment (1)
(40)— 
Gain on sale of assets and other 1 2 
Other income (expense), net
$(53)$3 
(1)During the three months ended March 31, 2025, we assigned our 50% ownership interest in Cheyenne Pipeline, LLC to our joint venture partner in exchange for the cancellation of certain future commitments.
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Asset and Liability Instruments
The carrying amounts of derivative instruments and environmental credit obligations at March 31, 2025 and December 31, 2024 were as follows:
Fair Value by Input Level
Carrying AmountLevel 1Level 2Level 3
(In millions)
March 31, 2025
Assets:
Commodity forward contracts$1 $— $1 $— 
Foreign currency forward contracts11 — 11 — 
Total assets$12 $— $12 $— 
Liabilities:
NYMEX futures contracts$9 $9 $— $— 
Commodity forward contracts1 — 1 — 
Foreign currency forward contracts1 — 1 — 
Environmental credit obligations
61 — 61 — 
Total liabilities$72 $9 $63 $— 
Fair Value by Input Level
Carrying AmountLevel 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 — 
Environmental credit obligations10 — 10 — 
Total liabilities$12 $1 $11 $— 
v3.25.1
Earnings (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule Of Earnings (Loss) Per Share
The following is a reconciliation of the denominators of the basic and diluted per share computations for Net income (loss) attributable to HF Sinclair stockholders:
 Three Months Ended March 31,
 20252024
 
(In millions, except share and per share data)
Net income (loss) attributable to HF Sinclair stockholders$(4)$315 
Less: participating securities’ share in earnings (1)
1 2 
Net income (loss) attributable to common shares$(5)$313 
Average number of common shares outstanding (in thousands):
Basic
188,488 198,710 
Diluted
188,488 198,710 
Basic earnings (loss) per share$(0.02)$1.57 
Diluted earnings (loss) per share$(0.02)$1.57 
(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.
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule Of Restricted Stock Activity
A summary of restricted stock units and performance share units activity during the three months ended March 31, 2025, is presented below:
Restricted Stock UnitsPerformance Share Units
Outstanding at January 1, 2025951,690 622,427 
Vested(3,140)— 
Forfeited(19,522)— 
Outstanding at March 31, 2025929,028 622,427 
Schedule Of Performance Share Activity
A summary of restricted stock units and performance share units activity during the three months ended March 31, 2025, is presented below:
Restricted Stock UnitsPerformance Share Units
Outstanding at January 1, 2025951,690 622,427 
Vested(3,140)— 
Forfeited(19,522)— 
Outstanding at March 31, 2025929,028 622,427 
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory Components
Inventories consist of the following components:
March 31, 2025December 31, 2024
(In millions)
Crude oil$755 $799 
Other raw materials and unfinished products (1)
723 656 
Finished products (2)
1,374 1,329 
Lower of cost or market reserve(172)(289)
Crude oil and refined products2,680 2,495 
Process chemicals (3)
46 43 
Repair and maintenance supplies and other (4)
249 260 
Materials, supplies and other295 303 
Total inventories$2,975 $2,798 
(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.
(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.
(3)Process chemicals include additives and other chemicals.
(4)Includes environmental credits.
The following table is a summary of the lower of cost or market reserve activity:
Lower of Cost or Market Reserve Activity Summary: Refining RenewablesTotal
(In millions)
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(116)(1)(117)
Balance at March 31, 2025
$73 $99 $172 
v3.25.1
Accrued Liabilities and Other Long-Term Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consist of the following:

March 31, 2025December 31, 2024
(In millions)
Accrued interest expense$42 $38 
Accrued taxes other than income36 28 
Derivatives11 2 
Environmental liabilities22 27 
Precious metal financing36 32 
Right-of-use financing lease liabilities
12 11 
Wage and other employee-related liabilities96 85 
Environmental credit obligations71 17 
Other135 137 
Total accrued liabilities$461 $377 
Schedule of Other Long-Term Liabilities
Other long-term liabilities consist of the following:
March 31, 2025December 31, 2024
(In millions)
Environmental liabilities$166 $163 
Right-of-use financing lease liabilities
71 71 
Asset retirement obligations72 66 
Other125 141 
Total other long-term liabilities$434 $441 
v3.25.1
Environmental (Tables)
 3 Months Ended
Mar. 31, 2025
Environmental Expense and Liabilities [Abstract]  
Schedule of Expenses and Adjustments Incurred for Environmental Remediation Obligation
The table below presents the expenses and adjustments incurred for environmental remediation obligations:

Three Months Ended March 31,
Environmental Remediation
20252024
(in millions)
Environmental remediation expense
$(1)$2 
Schedule of Accrued Environmental Liabilities
The table below presents the accrued environmental liabilities reflected on the consolidated balance sheets:

Environmental Remediation
Balance Sheet ClassificationMarch 31, 2025December 31, 2024
(in millions)
Current portion
Accrued liabilities
$22 $27 
Long-term portionOther long-term liabilities166 163 
Total accrued environmental liabilities
$188 $190 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Carrying Amounts
During the period ended March 31, 2025, we used a portion of the funds to complete early settlement of a cash tender offer for $647 million in aggregate principal amount (the “Tender Offer”) as follows:

Maturity DateIssuerAggregate Principal Amount Accepted
Purchase Price Including Premium
Interest Paid
April 2027HF Sinclair$150 $153 $3 
April 2026HF Sinclair449 452 9 
April 2026HollyFrontier48 49 1 
Total$647 $654 $13 
The principal and carrying amounts of Long-term debt are as follows:
Carrying Amount (1)
Maturity DateMarch 31, 2025December 31, 2024
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$154 $797 
6.375% Senior Notes
April 2027250 400 
5.000% Senior Notes
February 2028499 499 
4.500% Senior Notes
October 2030325 325 
5.750% Senior Notes
January 2031650 — 
6.250% Senior Notes
January 2035750 — 
2,628 2,021 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 2026— 203 
4.500% Senior Notes
October 203075 75 
75 278 
HEP Senior Notes:
6.375% Senior Notes
April 2027— — 
5.000% Senior Notes
February 20281 1 
1 1 
Total Senior Notes2,704 2,300 
HEP Credit AgreementJuly 2025— 350 
HF Sinclair Credit AgreementApril 2026— — 
Total Credit Agreements— 350 
Total debt at face value
2,704 2,650 
Unamortized discount and debt issuance costs(28)(12)
Total debt
2,676 2,638 
Current debt
— (350)
Long-term debt
$2,676 $2,288 
(1)As of March 31, 2025 and December 31, 2024, the carrying amounts of our Senior Notes equaled the principal amounts.

The fair values of the senior notes are as follows:
March 31, 2025December 31, 2024
(In millions)
HF Sinclair, HollyFrontier and HEP Senior Notes
$2,703 $2,284 
v3.25.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Unrealized Gain (Loss) Recognized in OCI and Gain (Loss) Reclassified into Earnings
The following table presents the realized loss reclassified from accumulated other comprehensive income into earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting:
Statement of Operations Classification
Three Months Ended March 31,
20252024
(In millions)
Derivatives designated as cash flow hedging instruments:
Commodity contractsSales and other revenues$— $(4)
Schedule of Gain (Loss) Recognized in Earnings
The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:
Statement of Operations Classification
Three Months Ended March 31,
20252024
(In millions)
Derivatives not designated as hedging instruments:
Commodity contractsCost of materials and other$3 $(21)
Interest expense5 3 
Foreign currency contracts
Other income (expense), net
— 10 
Total$8 $(8)
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges
As of March 31, 2025, we have the following notional contract volumes related to outstanding derivative instruments:
Notional Contract Volumes
by Year of Maturity
Total Outstanding Notional20252026Unit of Measure
Derivatives not designated as hedging instruments:
NYMEX futures (WTI) - short2,415,0002,415,000—Barrels
Forward gasoline and diesel contracts - long160,000160,000—Barrels
Foreign currency forward contracts376,238,263278,179,09598,059,168U.S. dollar
Forward commodity contracts (platinum)34,62815,52419,104Troy ounces
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 in 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)
March 31, 2025
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts$— $— $— $9 $— $9 
Commodity forward contracts1 — 1 1 — 1 
Foreign currency forward contracts11 — 11 1 — 1 
$12 $— $12 $11 $— $11 
Total net balance$12 $11 
Balance sheet classification:Prepayments and other$12 Accrued liabilities$11 

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 contracts1 — 1 1 — 1 
Foreign currency forward contracts18 — 18 — — — 
$19 $— $19 $2 $— $2 
Total net balance$19 $2 
Balance sheet classification:Prepayments and other$19 Accrued liabilities$2 
v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Purchases of Shares under Share Repurchase Program
The following table presents the total open market and privately negotiated purchases of shares under our share repurchase programs for the three months ended March 31, 2025 and 2024:

 Three Months Ended March 31,
 20252024
 
(In millions, except share data)
Number of shares repurchased (1)
— 2,930,742
Cash paid for shares repurchased$— $166 
(1)During the three months ended March 31, 2024, 1,516,326 shares were repurchased for $85 million pursuant to privately negotiated repurchases from REH Company. No such privately negotiated repurchases were made during the three months ended March 31, 2025.
v3.25.1
Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 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)
Three Months Ended March 31, 2025
Net change in foreign currency translation adjustment$5 $1 $4 
Net change in pension and other post-retirement benefit obligations(1)— (1)
Other comprehensive income attributable to HF Sinclair stockholders$4 $1 $3 
Three Months Ended March 31, 2024
Net change in foreign currency translation adjustment$(13)$(3)$(10)
Net change in pension and other post-retirement benefit obligations(1)— (1)
Other comprehensive loss attributable to HF Sinclair stockholders$(14)$(3)$(11)
Schedule of Income Statement Line Items Effects Out of AOCI
The following table presents the line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”) and into the consolidated statements of operations:
Three Months Ended March 31,
20252024
AOCI ComponentGain (Loss) Reclassified from AOCIStatement of Operations Line Item
(In millions)
Hedging instruments:
Commodity price swaps$— $(4)Sales and other revenues
— (1)
Income tax benefit
— (3)Net of tax
Other post-retirement benefit obligations:
Post-retirement healthcare obligations1 1 Other, net
— — Income tax expense
1 1 Net of tax
Total reclassifications for the period$1 $(2)
Schedule of AOCI in Equity
Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
March 31, 2025December 31, 2024
 (In millions)
Foreign currency translation adjustment$(53)$(57)
Unrealized gain on post-retirement benefit obligations9 10 
Accumulated other comprehensive loss$(44)$(47)
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 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 & SpecialtiesMidstream
Corporate, Other and Eliminations
Consolidated
Total
(In millions)
Three Months Ended March 31, 2025
Sales and other revenues:
Revenues from external customers$4,923 $94 $686 $638 $29 $— $6,370 
Intersegment revenues and other (1)
728 96 — — 127 (951)— 
5,651 190 686 638 156 (951)6,370 
Cost of sales: (2)
Cost of materials and other (3)
5,140 183 652 453 — (952)5,476 
Lower of cost or market inventory valuation adjustments(116)(1)— — — — (117)
Operating expenses461 23 — 64 46 2 596 
5,485 205 652 517 46 (950)5,955 
Selling, general and administrative expenses (2)
54 1 7 36 2 4 104 
Depreciation and amortization137 23 7 22 18 18 225 
Other operating expenses, net
5 — — — — — 5 
Income (loss) from operations$(30)$(39)$20 $63 $90 $(23)$81 
Earnings of equity method investments— — — — 12 (1)11 
Interest income— — — 2 3 4 9 
Interest expense— (2)— — (3)(44)(49)
Other income (expense), net
— — — — (39)(14)(53)
Income (loss) before income taxes
$(30)$(41)$20 $65 $63 $(78)$(1)
Capital expenditures$58 $1 $6 $10 $9 $2 $86 
Three Months Ended March 31, 2024
Sales and other revenues:
Revenues from external customers$5,373 $179 $776 $676 $23 $— $7,027 
Intersegment revenues and other (1)
831 60 — 2 132 (1,025)— 
6,204 239 776 678 155 (1,025)7,027 
Cost of sales: (2)
Cost of materials and other (3)
5,475 230 753 493 — (1,024)5,927 
Lower of cost or market inventory valuation adjustments(220)1 — — — — (219)
Operating expenses472 26 — 64 46 (1)607 
5,727 257 753 557 46 (1,025)6,315 
Selling, general and administrative expenses (2)
48 1 8 34 4 8 103 
Depreciation and amortization117 20 6 22 20 13 198 
Income (loss) from operations$312 $(39)$9 $65 $85 $(21)$411 
Earnings of equity method investments— — — — 7 — 7 
Interest income— — — 2 2 18 22 
Interest expense— (2)— — (8)(31)(41)
Other income (expense), net— — — — — 3 3 
Income (loss) before income taxes
$312 $(41)$9 $67 $86 $(31)$402 
Capital expenditures$55 $3 $8 $5 $8 $10 $89 
(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.
v3.25.1
Description of Business and Presentation of Financial Statements (Details)
 3 Months Ended
Mar. 31, 2025
location
facility
country
branded_station
Ownership Interest By Project Type [Line Items]  
Number of branded stations | branded_station 1,600
Number of locations licensed to use brand | location 300
Number of countries entity licensed to exports products | country 80
WYOMING  
Ownership Interest By Project Type [Line Items]  
Number of facilities producing renewable diesel | facility 2
v3.25.1
Cushing Connect Joint Venture - Narrative (Details) - HEP - Cushing Connect
bbl in Thousands
 3 Months Ended
Mar. 31, 2025
bbl
Holly Energy Partners Entity [Line Items)  
Equity method investment, ownership percentage 50.00%
Barrels of crude oil per day 160
Barrels of crude oil, value 1,500
v3.25.1
Cushing Connect Joint Venture - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Holly Energy Partners Entity [Line Items)    
Cash and cash equivalents $ 547 $ 800
Properties, plants and equipment, at cost 11,003 10,931
Accumulated depreciation (4,485) (4,373)
Intangibles and other 922 962
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
Accumulated depreciation (12) (12)
Intangibles and other $ 29 $ 30
v3.25.1
Revenues - Schedule of Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Sales and other revenues: $ 6,370 $ 7,027
Total refined product revenues    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 5,877 6,652
Total refined product revenues | Mid-Continent    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 2,125 2,423
Total refined product revenues | Southwest    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 854 1,065
Total refined product revenues | Rocky Mountains    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 1,227 1,400
Total refined product revenues | Northwest    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 1,151 1,218
Total refined product revenues | Northeast    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 232 219
Total refined product revenues | Canada    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 217 256
Total refined product revenues | Europe, Asia and Latin America    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 71 71
Transportation fuels    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 4,961 5,555
Lubricants and specialty products    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 597 614
Asphalt, fuel oil and other products    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 319 483
Excess crude oil revenues    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 383 267
Transportation and logistics services    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: 29 23
Other revenues    
Disaggregation of Revenue [Line Items]    
Sales and other revenues: $ 81 $ 85
v3.25.1
Revenues - Schedule of Performance Obligations (Details)
bbl in Millions, $ in Millions
Mar. 31, 2025
USD ($)
bbl
Third-Party Customer | Midstream  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation revenues | $ $ 64
Refined product sales volumes (barrels)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 101
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Third-Party Customer | Midstream  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation revenues | $ $ 12
Remaining performance obligation satisfaction period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Refined product sales volumes (barrels)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 26
Remaining performance obligation satisfaction period 9 months
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 | $ $ 8
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Refined product sales volumes (barrels)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 25
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 | $ $ 8
Remaining performance obligation satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Refined product sales volumes (barrels)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 17
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 | $ $ 36
Remaining performance obligation satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Refined product sales volumes (barrels)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, sale of refined product barrels | bbl 33
Remaining performance obligation satisfaction period
v3.25.1
Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Loss on early extinguishment of debt $ (15) $ 0
Gain on foreign currency transactions 1 1
Loss on sale of equity method investment (40) 0
Gain on sale of assets and other 1 2
Other income (expense), net $ (53) $ 3
Cheyenne Pipeline, LLC    
Schedule of Equity Method Investments [Line Items]    
Ownership interest percentage exchanged 50.00%  
v3.25.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Derivative assets $ 12 $ 19
Liabilities:    
Derivative liabilities 11 2
Commodity forward contracts    
Assets:    
Derivative assets 1 1
Liabilities:    
Derivative liabilities 1 1
Foreign currency forward contracts    
Assets:    
Derivative assets 11 18
Liabilities:    
Derivative liabilities 1 0
NYMEX futures contracts    
Assets:    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 9 1
Level 1    
Assets:    
Total assets 0 0
Liabilities:    
Environmental credit obligations 0 0
Total liabilities 9 1
Level 1 | Commodity forward contracts    
Assets:    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0 0
Level 1 | Foreign currency forward contracts    
Assets:    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0  
Level 1 | NYMEX futures contracts    
Liabilities:    
Derivative liabilities 9 1
Level 2    
Assets:    
Total assets 12 19
Liabilities:    
Environmental credit obligations 61 10
Total liabilities 63 11
Level 2 | Commodity forward contracts    
Assets:    
Derivative assets 1 1
Liabilities:    
Derivative liabilities 1 1
Level 2 | Foreign currency forward contracts    
Assets:    
Derivative assets 11 18
Liabilities:    
Derivative liabilities 1  
Level 2 | NYMEX futures contracts    
Liabilities:    
Derivative liabilities 0 0
Level 3    
Assets:    
Total assets 0 0
Liabilities:    
Environmental credit obligations 0 0
Total liabilities 0 0
Level 3 | Commodity forward contracts    
Assets:    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0 0
Level 3 | Foreign currency forward contracts    
Assets:    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0  
Level 3 | NYMEX futures contracts    
Liabilities:    
Derivative liabilities 0 0
Reported Value Measurement    
Assets:    
Total assets 12 19
Liabilities:    
Environmental credit obligations 61 10
Total liabilities 72 12
Reported Value Measurement | Commodity forward contracts    
Assets:    
Derivative assets 1 1
Liabilities:    
Derivative liabilities 1 1
Reported Value Measurement | Foreign currency forward contracts    
Assets:    
Derivative assets 11 18
Liabilities:    
Derivative liabilities 1  
Reported Value Measurement | NYMEX futures contracts    
Liabilities:    
Derivative liabilities $ 9 $ 1
v3.25.1
Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income (loss) attributable to HF Sinclair stockholders $ (4) $ 315
Less: participating securities' share in earnings 1 2
Net income (loss) attributable to common shares $ (5) $ 313
Average number of common shares outstanding (in thousands):    
Basic (in shares) 188,488 198,710
Diluted (in shares) 188,488 198,710
Basic earnings (loss) per share (in USD per share) $ (0.02) $ 1.57
Diluted earnings (loss) per share (in USD per share) $ (0.02) $ 1.57
v3.25.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate number of awards that may be issued pursuant to awards granted under plan (in shares) 6,368,930  
Plan compensation costs $ 5 $ 5
Restricted Stock Units | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock vesting period 1 year  
Restricted Stock Units | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock vesting period 3 years  
Performance Share Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock vesting period 3 years  
Performance Share Units | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of target 0.00%  
Performance Share Units | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of target 200.00%  
v3.25.1
Stock-Based Compensation - Schedule Of Restricted Stock and Performance Share Activity (Details)
 3 Months Ended
Mar. 31, 2025
shares
Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding at beginning of period (in shares) 951,690
Vested (in shares) (3,140)
Forfeited (in shares) (19,522)
Outstanding at end of period (in shares) 929,028
Performance Share Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding at beginning of period (in shares) 622,427
Vested (in shares) 0
Forfeited (in shares) 0
Outstanding at end of period (in shares) 622,427
v3.25.1
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]      
Crude oil $ 755 $ 799  
Other raw materials and unfinished products 723 656  
Finished products 1,374 1,329  
Lower of cost or market reserve (172) (289) $ (332)
Crude oil and refined products 2,680 2,495  
Process chemicals 46 43  
Repair and maintenance supplies and other 249 260  
Materials, supplies and other 295 303  
Total inventories $ 2,975 $ 2,798  
v3.25.1
Inventories - Schedule of Lower of Cost or Market Reserve Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Inventory Valuation Reserves [Roll Forward]    
Beginning balance $ 289 $ 332
Lower of cost or market inventory valuation adjustments (117) (43)
Ending balance 172 289
Refining    
Inventory Valuation Reserves [Roll Forward]    
Beginning balance 189 221
Lower of cost or market inventory valuation adjustments (116) (32)
Ending balance 73 189
Renewables    
Inventory Valuation Reserves [Roll Forward]    
Beginning balance 100 111
Lower of cost or market inventory valuation adjustments (1) (11)
Ending balance $ 99 $ 100
v3.25.1
Accrued Liabilities and Other Long-Term Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued interest expense $ 42 $ 38
Accrued taxes other than income 36 28
Derivatives 11 2
Environmental liabilities 22 27
Precious metal financing 36 32
Right-of-use financing lease liabilities 12 11
Wage and other employee-related liabilities 96 85
Environmental credit obligations 71 17
Other 135 137
Total accrued liabilities $ 461 $ 377
v3.25.1
Accrued Liabilities and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Environmental liabilities $ 166 $ 163
Right-of-use financing lease liabilities 71 71
Asset retirement obligations 72 66
Other 125 141
Total other long-term liabilities $ 434 $ 441
v3.25.1
Environmental - Schedule of Expenses Incurred for Environmental Remediation Obligation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Environmental Expense and Liabilities [Abstract]    
Environmental remediation expense $ (1) $ 2
v3.25.1
Environmental - Schedule of Accrued Environmental Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Environmental Expense and Liabilities [Abstract]    
Current portion $ 22 $ 27
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Long-term portion $ 166 $ 163
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total accrued environmental liabilities $ 188 $ 190
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 1 $ 85
Effective tax rate (205.20%) 21.30%
v3.25.1
Debt - Narrative (Details) - USD ($)
 3 Months Ended
Apr. 03, 2025
Jan. 23, 2025
Apr. 27, 2022
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Debt Instrument [Line Items]            
Repayment and redemption of aggregate principal credit agreement amounts outstanding       $ 350,000,000 $ 62,000,000  
Loss on early extinguishment of debt       15,000,000 0  
Fair value of financing arrangements       36,000,000   $ 31,000,000
Capitalized interest       1,000,000 $ 1,000,000  
Line of Credit            
Debt Instrument [Line Items]            
Outstanding letters of credit       0    
Line of Credit | Credit Agreements | Fed Funds Effective Rate            
Debt Instrument [Line Items]            
Variable rate spread     0.50%      
Line of Credit | Credit Agreements | Adjusted Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Variable rate spread     1.00%      
Line of Credit | Credit Agreements | Base Rate | Minimum            
Debt Instrument [Line Items]            
Variable rate spread     0.25%      
Line of Credit | Credit Agreements | Base Rate | Maximum            
Debt Instrument [Line Items]            
Variable rate spread     1.125%      
Line of Credit | Credit Agreements | Secured Overnight Financing Rate (SOFR) | Minimum            
Debt Instrument [Line Items]            
Variable rate spread     1.25%      
Line of Credit | Credit Agreements | Secured Overnight Financing Rate (SOFR) | Maximum            
Debt Instrument [Line Items]            
Variable rate spread     2.125%      
Line of Credit | HEP Credit Agreement | HEP            
Debt Instrument [Line Items]            
Outstanding letters of credit       $ 0    
Effective interest rate on debt       6.03%    
Debt repaid       $ 350,000,000    
Repayment and redemption of aggregate principal credit agreement amounts outstanding       350,000,000    
Line of Credit | New HF Sinclair Credit Agreement | Fed Funds Effective Rate | Subsequent Event            
Debt Instrument [Line Items]            
Variable rate spread 0.50%          
Line of Credit | New HF Sinclair Credit Agreement | Adjusted Secured Overnight Financing Rate (SOFR) | Subsequent Event            
Debt Instrument [Line Items]            
Variable rate spread 1.00%          
Line of Credit | New HF Sinclair Credit Agreement | Base Rate | Minimum | Subsequent Event            
Debt Instrument [Line Items]            
Variable rate spread 0.125%          
Line of Credit | New HF Sinclair Credit Agreement | Base Rate | Maximum | Subsequent Event            
Debt Instrument [Line Items]            
Variable rate spread 1.00%          
Line of Credit | New HF Sinclair Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum | Subsequent Event            
Debt Instrument [Line Items]            
Variable rate spread 1.125%          
Line of Credit | New HF Sinclair Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum | Subsequent Event            
Debt Instrument [Line Items]            
Variable rate spread 2.00%          
Line of Credit | Revolving Credit Facility | HF Sinclair Credit Agreement            
Debt Instrument [Line Items]            
Maximum borrowing capacity under revolving credit agreement       1,650,000,000    
Outstanding borrowings       0    
Line of Credit | Revolving Credit Facility | HEP Credit Agreement | HEP            
Debt Instrument [Line Items]            
Maximum borrowing capacity under revolving credit agreement       1,200,000,000    
Outstanding borrowings       0    
Maximum borrowing capacity with accordion feature       1,700,000,000    
Line of Credit | Revolving Credit Facility | New HF Sinclair Credit Agreement | Subsequent Event            
Debt Instrument [Line Items]            
Maximum borrowing capacity under revolving credit agreement $ 2,000,000,000          
Line of Credit | Revolving Credit Facility | New HF Sinclair Credit Agreement | HEP | Subsequent Event            
Debt Instrument [Line Items]            
Maximum borrowing capacity with accordion feature $ 2,750,000,000          
Line of Credit | Letter of Credit | HEP Credit Agreement | HEP            
Debt Instrument [Line Items]            
Maximum borrowing capacity under revolving credit agreement       $ 50,000,000    
Senior Notes | New HFS Notes            
Debt Instrument [Line Items]            
Aggregate principal amount of debt issued   $ 1,400,000,000        
Net proceeds from debt issuance   1,380,000,000        
Senior Notes | 5.750% Senior Notes            
Debt Instrument [Line Items]            
Aggregate principal amount of debt issued   $ 650,000,000        
Stated interest rate   5.75%   5.75%    
Senior Notes | 6.250% Senior Notes            
Debt Instrument [Line Items]            
Aggregate principal amount of debt issued   $ 750,000,000        
Stated interest rate   6.25%   6.25%    
Senior Notes | HF Sinclair's 5.875% Senior Notes due 2026            
Debt Instrument [Line Items]            
Stated interest rate       5.875%    
Repayment and redemption of aggregate principal senior note amounts outstanding       $ 194,000,000    
Senior Notes | HollyFrontier Corporation's 5.875% Senior Notes due 2026            
Debt Instrument [Line Items]            
Stated interest rate       5.875%    
Repayment and redemption of aggregate principal senior note amounts outstanding       $ 155,000,000    
v3.25.1
Debt - Schedule of Tender Offer (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Tender Offer  
Debt Instrument [Line Items]  
Aggregate Principal Amount Accepted $ 647
Purchase Price Including Premium 654
Interest Paid 13
HF Sinclair Tender Offer Due 2027  
Debt Instrument [Line Items]  
Aggregate Principal Amount Accepted 150
Purchase Price Including Premium 153
Interest Paid 3
HF Sinclair Tender Offer Due 2026  
Debt Instrument [Line Items]  
Aggregate Principal Amount Accepted 449
Purchase Price Including Premium 452
Interest Paid 9
HollyFrontier Tender Offer Due 2027  
Debt Instrument [Line Items]  
Aggregate Principal Amount Accepted 48
Purchase Price Including Premium 49
Interest Paid $ 1
v3.25.1
Debt - Carrying Amounts of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Jan. 23, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Total debt at face value $ 2,704   $ 2,650
Unamortized discount and debt issuance costs (28)   (12)
Total debt 2,676   2,638
Current debt 0   (350)
Long-term debt 2,676   2,288
Level 2      
Debt Instrument [Line Items]      
HF Sinclair, HollyFrontier and HEP Senior Notes 2,703   2,284
Senior Notes      
Debt Instrument [Line Items]      
Total debt at face value 2,704   2,300
Senior Notes | HEP      
Debt Instrument [Line Items]      
Total debt at face value 1   1
Senior Notes | HF Sinclair Senior Notes:      
Debt Instrument [Line Items]      
Total debt at face value $ 2,628   2,021
Senior Notes | 5.875% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 5.875%    
Total debt at face value $ 154   797
Senior Notes | 6.375% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 6.375%    
Total debt at face value $ 250   400
Senior Notes | 5.000% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 5.00%    
Total debt at face value $ 499   499
Senior Notes | 4.500% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.50%    
Total debt at face value $ 325   325
Senior Notes | 5.750% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 5.75% 5.75%  
Total debt at face value $ 650   0
Senior Notes | 6.250% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 6.25% 6.25%  
Total debt at face value $ 750   0
Senior Notes | HollyFrontier Senior Notes:      
Debt Instrument [Line Items]      
Total debt at face value $ 75   278
Senior Notes | 5.875% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 5.875%    
Total debt at face value $ 0   203
Senior Notes | 4.500% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.50%    
Total debt at face value $ 75   75
Senior Notes | HEP 6.375% Senior Notes | HEP      
Debt Instrument [Line Items]      
Stated interest rate 6.375%    
Total debt at face value $ 0   0
Senior Notes | HEP 5.000% Senior Notes | HEP      
Debt Instrument [Line Items]      
Stated interest rate 5.00%    
Total debt at face value $ 1   1
Line of Credit      
Debt Instrument [Line Items]      
Total debt at face value 0   350
Line of Credit | HEP Credit Agreement | HEP      
Debt Instrument [Line Items]      
Total debt at face value 0   350
Line of Credit | HF Sinclair Credit Agreement      
Debt Instrument [Line Items]      
Total debt at face value $ 0   $ 0
v3.25.1
Derivative Instruments and Hedging Activities - Location of Gain (Loss) in Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Trading Activity, Gains and Losses, Net [Line Items]    
Realized gain (loss) reclassified from accumulated other comprehensive income into earnings $ 0 $ (4)
Commodity contracts    
Trading Activity, Gains and Losses, Net [Line Items]    
Realized gain (loss) reclassified from accumulated other comprehensive income into earnings $ 0 $ (4)
v3.25.1
Derivative Instruments and Hedging Activities - Pre-tax effect on Income Due to Maturities and Fair Value Adjustments of Economic Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Pre-tax effect on earnings due to maturities and fair value adjustments on economic hedges $ 8 $ (8)
Commodity contracts | Cost of materials and other    
Derivative Instruments, Gain (Loss) [Line Items]    
Pre-tax effect on earnings due to maturities and fair value adjustments on economic hedges 3 (21)
Commodity contracts | Interest expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Pre-tax effect on earnings due to maturities and fair value adjustments on economic hedges 5 3
Foreign currency contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Pre-tax effect on earnings due to maturities and fair value adjustments on economic hedges $ 0 $ 10
v3.25.1
Derivative Instruments and Hedging Activities - Notional Contracts by Derivative Type (Details)
 3 Months Ended
Mar. 31, 2025
USD ($)
ozt
bbl
NYMEX futures (WTI) - short  
Economic hedges by derivative type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 2,415,000
NYMEX futures (WTI) - short | 2025  
Economic hedges by derivative type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 2,415,000
NYMEX futures (WTI) - short | 2026  
Economic hedges by derivative type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 0
Forward gasoline and diesel contracts - long  
Economic hedges by derivative type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 160,000
Forward gasoline and diesel contracts - long | 2025  
Economic hedges by derivative type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 160,000
Forward gasoline and diesel contracts - long | 2026  
Economic hedges by derivative type [Line Items]  
Derivative nonmonetary notional amount (in barrels) 0
Foreign currency forward contracts  
Economic hedges by derivative type [Line Items]  
Derivative notional amount | $ $ 376,238,263
Foreign currency forward contracts | 2025  
Economic hedges by derivative type [Line Items]  
Derivative notional amount | $ 278,179,095
Foreign currency forward contracts | 2026  
Economic hedges by derivative type [Line Items]  
Derivative notional amount | $ $ 98,059,168
Forward commodity contracts (platinum)  
Economic hedges by derivative type [Line Items]  
Derivative notional amount (in troy ounce) | ozt 34,628
Forward commodity contracts (platinum) | 2025  
Economic hedges by derivative type [Line Items]  
Derivative notional amount (in troy ounce) | ozt 15,524
Forward commodity contracts (platinum) | 2026  
Economic hedges by derivative type [Line Items]  
Derivative notional amount (in troy ounce) | ozt 19,104
v3.25.1
Derivative Instruments and Hedging Activities - Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gross Assets $ 12 $ 19
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet $ 12 $ 19
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepayments and other Prepayments and other
Gross Liabilities $ 11 $ 2
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet $ 11 $ 2
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
NYMEX futures contracts    
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 9 1
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 9 1
Commodity forward contracts    
Derivative [Line Items]    
Gross Assets 1 1
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 1 1
Gross Liabilities 1 1
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet 1 1
Foreign currency forward contracts    
Derivative [Line Items]    
Gross Assets 11 18
Gross Liabilities Offset in Balance Sheet 0 0
Net Assets Recognized in Balance Sheet 11 18
Gross Liabilities 1 0
Gross Assets Offset in Balance Sheet 0 0
Net Liabilities Recognized in Balance Sheet $ 1 $ 0
v3.25.1
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
May 01, 2025
Mar. 31, 2025
Mar. 31, 2024
May 07, 2024
May 06, 2024
Class of Stock [Line Items]          
Common stock withheld under stock-based compensation agreements (in shares)   1,221 58,082    
Dividends declared per common share (in USD per share)   $ 0.50 $ 0.50    
Subsequent Event          
Class of Stock [Line Items]          
Dividends declared per common share (in USD per share) $ 0.50        
May 2024 Share Repurchase Program          
Class of Stock [Line Items]          
Authorized share repurchase amount       $ 1,000  
Remaining authorized share repurchase amount   $ 799      
August 2023 Share Repurchase Program          
Class of Stock [Line Items]          
Remaining authorized share repurchase amount         $ 214
v3.25.1
Stockholders' Equity - Schedule of Share Repurchases (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Class of Stock [Line Items]    
Number of shares repurchased (in shares) 0 2,930,742
Cash paid for shares repurchased $ 0 $ 166
REH Company    
Class of Stock [Line Items]    
Number of shares repurchased (in shares)   1,516,326
Cash paid for shares repurchased $ 0 $ 85
v3.25.1
Other Comprehensive Income (Loss) - Components And Allocated Tax Effects Of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Before-Tax $ 4 $ (14)
Tax Expense (Benefit) 1 (3)
Other comprehensive income (loss) 3 (11)
Net change in foreign currency translation adjustment    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Before-Tax 5 (13)
Tax Expense (Benefit) 1 (3)
Other comprehensive income (loss) 4 (10)
Net change in pension and other post-retirement benefit obligations    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Before-Tax (1) (1)
Tax Expense (Benefit) 0 0
Other comprehensive income (loss) $ (1) $ (1)
v3.25.1
Other Comprehensive Income (Loss) - Other Comprehensive Income Amounts Reclassified to Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Sales and other revenues: $ 6,370 $ 7,027
Other, net (53) 3
Income tax expense (benefit) 1 85
Net of tax (2) 317
Reclassification out of Accumulated Other Comprehensive Income (Loss)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net of tax 1 (2)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Hedging instruments: | Commodity price swap contracts    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Sales and other revenues: 0 (4)
Income tax expense (benefit) 0 (1)
Net of tax 0 (3)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Other post-retirement benefit obligations: | Post-retirement healthcare obligations    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Other, net 1 1
Income tax expense (benefit) 0 0
Net of tax $ 1 $ 1
v3.25.1
Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) In Equity (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity $ 9,253 $ 9,346 $ 10,275 $ 10,237
Accumulated other comprehensive loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity (44) (47) $ (23) $ (12)
Foreign currency translation adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity (53) (57)    
Unrealized gain on defined benefit plans | Post-retirement healthcare obligations        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' equity $ 9 $ 10    
v3.25.1
Commitments and Contingencies (Details)
$ in Millions
Jan. 29, 2025
USD ($)
Jan. 17, 2025
USD ($)
Jun. 24, 2022
lawsuit
Growth Energy      
Commitments And Contingencies [Line Items]      
Number of lawsuit | lawsuit     2
HFS Navajo | HFS Navajo vs Navajo Matter Government Agencies      
Commitments And Contingencies [Line Items]      
Required payments in litigation settlement   $ 34  
HFS Navajo | HFS Navajo vs Navajo Matter Government Agencies | 2022 Consent Decree      
Commitments And Contingencies [Line Items]      
Required payments in litigation settlement $ 1    
HFS Navajo | HFS Navajo vs Navajo Matter Government Agencies | Injunctive Relief and Mitigation Measures      
Commitments And Contingencies [Line Items]      
Estimated cost of injunctive relief and mitigation measures required to be implemented   137  
HFS Navajo | HFS Navajo vs Navajo Matter Government Agencies | United States Government | 2025 Consent Decree      
Commitments And Contingencies [Line Items]      
Required payments in litigation settlement   10  
HFS Navajo | HFS Navajo vs Navajo Matter Government Agencies | United States Government | Payments due by January 2026      
Commitments And Contingencies [Line Items]      
Required payments in litigation settlement   7  
HFS Navajo | HFS Navajo vs Navajo Matter Government Agencies | State Of New Mexico | 2025 Consent Decree      
Commitments And Contingencies [Line Items]      
Required payments in litigation settlement   10  
HFS Navajo | HFS Navajo vs Navajo Matter Government Agencies | State Of New Mexico | Payments due by January 2026      
Commitments And Contingencies [Line Items]      
Required payments in litigation settlement   $ 7  
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 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%
v3.25.1
Segment Information - Schedule Of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Sales and other revenues: $ 6,370 $ 7,027
Cost of sales:    
Cost of materials and other [1] 5,476 5,927
Lower of cost or market inventory valuation adjustments (117) (219)
Operating expenses 596 607
Total cost of sales [2] 5,955 6,315
Selling, general and administrative expenses [2] 104 103
Depreciation and amortization 225 198
Other operating expenses, net 5 0
Income from operations 81 411
Earnings of equity method investments 11 7
Interest income 9 22
Interest expense (49) (41)
Other income (expense), net (53) 3
Income (loss) before income taxes (1) 402
Capital expenditures 86 89
Corporate, Other and Eliminations    
Segment Reporting Information [Line Items]    
Sales and other revenues: (951) (1,025)
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Sales and other revenues: (951) (1,025)
Corporate, Non-Segment    
Segment Reporting Information [Line Items]    
Sales and other revenues: 0 0
Cost of sales:    
Cost of materials and other (952) (1,024)
Lower of cost or market inventory valuation adjustments 0 0
Operating expenses 2 (1)
Total cost of sales (950) (1,025)
Selling, general and administrative expenses 4 8
Depreciation and amortization 18 13
Other operating expenses, net 0  
Income from operations (23) (21)
Earnings of equity method investments (1) 0
Interest income 4 18
Interest expense (44) (31)
Other income (expense), net (14) 3
Income (loss) before income taxes (78) (31)
Capital expenditures 2 10
Refining    
Segment Reporting Information [Line Items]    
Sales and other revenues: 4,923 5,373
Cost of sales:    
Other operating expenses, net 5  
Refining | Operating Segments    
Segment Reporting Information [Line Items]    
Sales and other revenues: 5,651 6,204
Cost of sales:    
Cost of materials and other 5,140 5,475
Lower of cost or market inventory valuation adjustments (116) (220)
Operating expenses 461 472
Total cost of sales 5,485 5,727
Selling, general and administrative expenses 54 48
Depreciation and amortization 137 117
Income from operations (30) 312
Earnings of equity method investments 0 0
Interest income 0 0
Interest expense 0 0
Other income (expense), net 0 0
Income (loss) before income taxes (30) 312
Capital expenditures 58 55
Refining | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Sales and other revenues: (728) (831)
Renewables    
Segment Reporting Information [Line Items]    
Sales and other revenues: 94 179
Renewables | Operating Segments    
Segment Reporting Information [Line Items]    
Sales and other revenues: 190 239
Cost of sales:    
Cost of materials and other 183 230
Lower of cost or market inventory valuation adjustments (1) 1
Operating expenses 23 26
Total cost of sales 205 257
Selling, general and administrative expenses 1 1
Depreciation and amortization 23 20
Other operating expenses, net 0  
Income from operations (39) (39)
Earnings of equity method investments 0 0
Interest income 0 0
Interest expense (2) (2)
Other income (expense), net 0 0
Income (loss) before income taxes (41) (41)
Capital expenditures 1 3
Renewables | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Sales and other revenues: (96) (60)
Marketing    
Segment Reporting Information [Line Items]    
Sales and other revenues: 686 776
Marketing | Operating Segments    
Segment Reporting Information [Line Items]    
Sales and other revenues: 686 776
Cost of sales:    
Cost of materials and other 652 753
Lower of cost or market inventory valuation adjustments 0 0
Operating expenses 0 0
Total cost of sales 652 753
Selling, general and administrative expenses 7 8
Depreciation and amortization 7 6
Other operating expenses, net 0  
Income from operations 20 9
Earnings of equity method investments 0 0
Interest income 0 0
Interest expense 0 0
Other income (expense), net 0 0
Income (loss) before income taxes 20 9
Capital expenditures 6 8
Marketing | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Sales and other revenues: 0 0
Lubricants & Specialties    
Segment Reporting Information [Line Items]    
Sales and other revenues: 638 676
Lubricants & Specialties | Operating Segments    
Segment Reporting Information [Line Items]    
Sales and other revenues: 638 678
Cost of sales:    
Cost of materials and other 453 493
Lower of cost or market inventory valuation adjustments 0 0
Operating expenses 64 64
Total cost of sales 517 557
Selling, general and administrative expenses 36 34
Depreciation and amortization 22 22
Other operating expenses, net 0  
Income from operations 63 65
Earnings of equity method investments 0 0
Interest income 2 2
Interest expense 0 0
Other income (expense), net 0 0
Income (loss) before income taxes 65 67
Capital expenditures 10 5
Lubricants & Specialties | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Sales and other revenues: 0 (2)
Midstream    
Segment Reporting Information [Line Items]    
Sales and other revenues: 29 23
Midstream | Operating Segments    
Segment Reporting Information [Line Items]    
Sales and other revenues: 156 155
Cost of sales:    
Cost of materials and other 0 0
Lower of cost or market inventory valuation adjustments 0 0
Operating expenses 46 46
Total cost of sales 46 46
Selling, general and administrative expenses 2 4
Depreciation and amortization 18 20
Other operating expenses, net 0  
Income from operations 90 85
Earnings of equity method investments 12 7
Interest income 3 2
Interest expense (3) (8)
Other income (expense), net (39) 0
Income (loss) before income taxes 63 86
Capital expenditures 9 8
Midstream | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Sales and other revenues: $ (127) $ (132)
[1] Exclusive of Lower of cost or market inventory valuation adjustments.
[2] Exclusive of Depreciation and amortization.