HF Sinclair CorpDINO
HF Sinclair Corp Segments Disclosure
Segment Information
Our operations are organized into five reportable segments: Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. Our operations that are not included in one of these five reportable segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.
The Refining segment represents the operations of our El Dorado, Tulsa, Navajo, Woods Cross, Puget Sound, Parco and Casper refineries and HF Sinclair Asphalt Company LLC (“Asphalt”). Refining activities involve the purchase and refining of crude oil and wholesale marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountains extending into the Pacific Northwest geographic regions of the United States. Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma.
The Renewables segment represents the operations of our Cheyenne RDU, Artesia RDU, Sinclair RDU and the pre-treatment unit at our Artesia, New Mexico facility.
The Marketing segment represents branded fuel sales to Sinclair branded sites in the United States and licensing fees for the use of the Sinclair brand at additional locations throughout the country. The Marketing segment also includes branded fuel sales to non-Sinclair branded sites and revenues from other marketing activities. Our branded sites are located in several states across the United States with the highest concentration of the sites located in our West and Mid-Continent regions.
The Lubricants & Specialties segment includes Petro-Canada Lubricants’ production operations, located in Mississauga, Ontario, which produces lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States and Europe. Additionally, the Lubricants & Specialties segment includes specialty lubricant products produced at our Tulsa Refineries that are marketed throughout North America and are distributed in Central and South America, and the operations of Red Giant Oil, one of the leading suppliers of locomotive engine oil in North America. Also, the Lubricants & Specialties segment includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.
The Midstream segment includes all of the operations of HEP, which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage and loading rack facilities in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. The Midstream segment also includes 50% ownership interests in each of Osage Pipeline Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas, and Cushing Connect Pipeline & Terminal LLC, the owner of a pipeline running from Cushing, Oklahoma to Tulsa, Oklahoma, a 26.08% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a pipeline running from the Powder River Basin to Casper, Wyoming, and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline running from Sinclair, Wyoming to the North Salt Lake City, Utah terminal. Revenues and other income from the Midstream segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation, terminalling operations and tankage facilities provided for our refining operations.
Our chief operating decision maker (“CODM”), who is also our Chief Executive Officer, evaluates the performance of our segments using segment Income from operations. The CODM uses segment Income from operations to allocate resources to each segment predominantly in the annual budgeting and forecasting process. Amounts included in Income before income taxes in our consolidated statements of income and excluded from our performance measure, Income from operations, include Other income (expense), net. Other income (expense), net includes Earnings of equity method investments, Interest income, Interest expense and other items believed to be non-operating and/or non-recurring in nature. Assets by segment are not a measure used to assess our performance by the CODM and thus are not reported in our disclosures. Intersegment sales are generally derived from transactions made at prevailing market rates.
The accounting policies for our segments are the same as those described in the summary of significant accounting policies (see Note 1).
The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in the consolidated financial statements.
| Refining | Renewables | Marketing | Lubricants & Specialties | Midstream | Corporate, Other and Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Sales and other revenues: | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 20,536 | $ | 551 | $ | 3,142 | $ | 2,519 | $ | 121 | $ | — | $ | 26,869 | ||||||||||||||||||||||||||||||
Intersegment revenues and other (1) | 3,286 | 440 | — | 7 | 522 | (4,255) | — | |||||||||||||||||||||||||||||||||||||
| 23,822 | 991 | 3,142 | 2,526 | 643 | (4,255) | 26,869 | ||||||||||||||||||||||||||||||||||||||
Cost of sales: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Cost of materials and other (3) | 20,244 | 935 | 3,000 | 1,838 | — | (4,257) | 21,760 | |||||||||||||||||||||||||||||||||||||
| Lower of cost or market inventory valuation adjustments | 415 | 2 | — | — | — | — | 417 | |||||||||||||||||||||||||||||||||||||
| Operating expenses | 1,825 | 90 | — | 271 | 199 | 6 | 2,391 | |||||||||||||||||||||||||||||||||||||
| 22,484 | 1,027 | 3,000 | 2,109 | 199 | (4,251) | 24,568 | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses (2) | 219 | 4 | 40 | 158 | 7 | 28 | 456 | |||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 548 | 93 | 29 | 94 | 74 | 71 | 909 | |||||||||||||||||||||||||||||||||||||
Other operating expenses, net | 8 | — | — | — | — | 1 | 9 | |||||||||||||||||||||||||||||||||||||
| Income (loss) from operations | $ | 563 | $ | (133) | $ | 73 | $ | 165 | $ | 363 | $ | (104) | $ | 927 | ||||||||||||||||||||||||||||||
| Earnings of equity method investments | 33 | |||||||||||||||||||||||||||||||||||||||||||
| Interest income | 42 | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (217) | |||||||||||||||||||||||||||||||||||||||||||
Other expense, net | (53) | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 732 | ||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 286 | $ | 4 | $ | 46 | $ | 45 | $ | 43 | $ | 25 | $ | 449 | ||||||||||||||||||||||||||||||
| Refining | Renewables | Marketing | Lubricants & Specialties | Midstream | Corporate, Other and Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Sales and other revenues: | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 21,701 | $ | 644 | $ | 3,428 | $ | 2,700 | $ | 107 | $ | — | $ | 28,580 | ||||||||||||||||||||||||||||||
Intersegment revenues and other (1) | 3,639 | 347 | — | 12 | 537 | (4,535) | — | |||||||||||||||||||||||||||||||||||||
| 25,340 | 991 | 3,428 | 2,712 | 644 | (4,535) | 28,580 | ||||||||||||||||||||||||||||||||||||||
Cost of sales: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Cost of materials and other (3) | 22,907 | 910 | 3,319 | 1,977 | — | (4,531) | 24,582 | |||||||||||||||||||||||||||||||||||||
| Lower of cost or market inventory valuation adjustments | (32) | (11) | — | — | — | — | (43) | |||||||||||||||||||||||||||||||||||||
| Operating expenses | 1,912 | 100 | — | 254 | 214 | 4 | 2,484 | |||||||||||||||||||||||||||||||||||||
| 24,787 | 999 | 3,319 | 2,231 | 214 | (4,527) | 27,023 | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses (2) | 219 | 5 | 34 | 150 | 11 | 28 | 447 | |||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 495 | 78 | 27 | 90 | 72 | 70 | 832 | |||||||||||||||||||||||||||||||||||||
Other operating expenses, net | 6 | — | — | 1 | 10 | — | 17 | |||||||||||||||||||||||||||||||||||||
| Income (loss) from operations | $ | (167) | $ | (91) | $ | 48 | $ | 240 | $ | 337 | $ | (106) | $ | 261 | ||||||||||||||||||||||||||||||
| Earnings of equity method investments | 32 | |||||||||||||||||||||||||||||||||||||||||||
| Interest income | 75 | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (165) | |||||||||||||||||||||||||||||||||||||||||||
| Other income, net | 15 | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 218 | ||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 268 | $ | 9 | $ | 52 | $ | 42 | $ | 48 | $ | 51 | $ | 470 | ||||||||||||||||||||||||||||||
| Refining | Renewables | Marketing | Lubricants & Specialties | Midstream | Corporate, Other and Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Sales and other revenues: | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 24,157 | $ | 781 | $ | 4,146 | $ | 2,762 | $ | 118 | $ | — | $ | 31,964 | ||||||||||||||||||||||||||||||
Intersegment revenues and other (1) | 4,516 | 408 | — | 13 | 466 | (5,403) | — | |||||||||||||||||||||||||||||||||||||
| 28,673 | 1,189 | 4,146 | 2,775 | 584 | (5,403) | 31,964 | ||||||||||||||||||||||||||||||||||||||
Cost of sales: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Cost of materials and other (3) | 24,042 | 1,081 | 4,051 | 2,009 | — | (5,399) | 25,784 | |||||||||||||||||||||||||||||||||||||
| Lower of cost or market inventory valuation adjustments | 221 | 50 | — | — | — | — | 271 | |||||||||||||||||||||||||||||||||||||
| Operating expenses | 1,879 | 109 | — | 259 | 189 | 2 | 2,438 | |||||||||||||||||||||||||||||||||||||
| 26,142 | 1,240 | 4,051 | 2,268 | 189 | (5,397) | 28,493 | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses (2) | 200 | 5 | 34 | 164 | 27 | 67 | 497 | |||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 461 | 77 | 24 | 85 | 82 | 42 | 771 | |||||||||||||||||||||||||||||||||||||
| Income (loss) from operations | $ | 1,870 | $ | (133) | $ | 37 | $ | 258 | $ | 286 | $ | (115) | $ | 2,203 | ||||||||||||||||||||||||||||||
Earnings of equity method investments | 17 | |||||||||||||||||||||||||||||||||||||||||||
| Interest income | 94 | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (191) | |||||||||||||||||||||||||||||||||||||||||||
Other income, net | 30 | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 2,153 | ||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 223 | $ | 18 | $ | 28 | $ | 37 | $ | 32 | $ | 47 | $ | 385 | ||||||||||||||||||||||||||||||
(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 28, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.