DINO · HF Sinclair Corporation

HF Sinclair delivered robust Q1 2026 results with GAAP net income of $648 million, a stark turnaround from a $4 million loss in Q1 2025, primarily fueled by the refining segment's $514 million income before interest and taxes, up from a $30 million loss, excluding a $604 million LCM inventory benefit. Adjusted refining EBITDA reached $55 million from $(8) million, supported by higher West region margins, increased sales volumes, and $21 million from EPA small refinery RIN waivers, with throughput rising to 613k BPD. Renewables shone with $182 million income (adjusted EBITDA $133 million), driven by narrowing BOHO spreads, higher RIN prices, and $49 million prior-year PTC benefits following a February 2026 Treasury ruling, alongside 52 million gallons in sales. Lubricants & Specialties grew to $78 million income with a $53 million FIFO benefit, while Marketing held steady and Midstream dipped slightly due to a Colorado fuel-contamination incident. CEO Franklin Myers highlighted strong segment performance and strategic positioning amid favorable macro conditions. Capital returns remained disciplined with $167 million deployed, including the ongoing $0.50/share dividend program, bolstering liquidity to $1.15 billion cash at quarter-end against $2.77 billion debt.