On this page of StockholderLetter.com we present the latest annual shareholder letter from HF Sinclair Corp — ticker symbol DINO. Reading current and past DINO letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
Refining MID-CONTINENT WEST El Dorado Refinery Puget Sound Refinery Woods Cross Refinery Located in El Dorado, Kansas Located in Anacortes, Washington Located in West Bountiful, Utah (near Salt Lake City) 149,000 BPD capacity 45,000 BPD capacity Processes mixed sweet and sour Canadian crude oil and Alaskan North Slope crude oil Processes regional sweet and advantaged waxy crude oils 135,000 BPD capacity Processes domestic sweet and sour crude oils, and heavy Canadian crude oils into high-value light products Distributes to Colorado and Plains states Distributes to Washington, Oregon and British Columbia Tulsa Refinery Casper Refinery Located in Tulsa, Oklahoma Navajo Refinery 125,000 BPD capacity Processes predominantly sweet crude oil with up to 10,000 BPD of sour Canadian crude oil Located in Artesia, New Mexico, and operates in conjunction with a refining facility 65 miles east in Lovington, New Mexico Distributes to Mid-Continent states 100,000 BPD capacity Integrated refinery with base oil and lubricant production Processes sweet and sour Permian crude oil into high-value light products Mid-Continent Sales of Refinery Produced Products 267,130 BPD Distributes to high-margin markets in Arizona, New Mexico, West Texas and Northern Mexico The Mid-Continent Region comprises our El Dorado and Tulsa refineries and has a combined crude oil processing capacity of 260,000 BPD. Located in Casper, Wyoming Parco Refinery Located in Sinclair, Wyoming 94,000 BPD capacity Processes heavy Canadian and Rockies sweet crude oils 54+23+176A 52+31+6142A Distributes to Utah, Idaho, Nevada, Wyoming and Eastern Washington Distributes to the greater Rocky Mountain region 30,000 BPD capacity Processes Rockies sweet crude oil Distributes to the greater Rocky Mountain region and Western South Dakota West Sales of Refinery Produced Products 370,040 BPD The West Region comprises our Puget Sound, Navajo, Parco, Woods Cross and Casper refineries and has a crude oil processing capacity of 418,000 BPD. In addition, we manufacture and market commodity and modified asphalt products throughout the Southwest states. Crude and Feedstocks Sweet crude oil: 54% Sour crude oil: 23% Heavy sour crude oil: 17% Other feedstocks and blends: 6% Product Mix Gasoline: 52% Diesel fuels: 31% Jet fuels: 6% Fuel oil: 1% Base oils: 4% Asphalt: 4% Other: 2% 34+43+1067A 52+32+62A Crude and Feedstocks Sweet crude oil: 34% Sour crude oil: 43% Heavy sour crude oil: 10% Wax crude oil: 6% Other feedstocks and blends: 7% Product Mix Gasoline: 52% Diesel fuels: 32% Jet fuels: 6% Information presented for crude and feedstocks and product mix is for the year ended December 31, 2024. Fuel oil: 2% Asphalt: 2% Other: 6%
Midstream Lubricants We own and operate substantially all of the refined product pipeline and terminalling assets that support our refining operations in the MidContinent, Southwest and Northwest regions of the United States. LUBRICANTS & SPECIALTIES 4.2K Approximately 4,200 Miles of Crude Oil and Petroleum Product Pipelines 17.8M Approximately 17.8 Million barrels of Refined Product and Crude Oil Storage 19 + 7 19 Terminals and 7 Loading Rack Facilities in 12 Western and Mid-Continent States 50% Joint Venture Interest in Osage Pipe Line Company, LLC the owner of a 135-mile crude oil pipeline from Cushing, Oklahoma to El Dorado, Kansas 50% Joint Venture Interest in Cushing Connect Pipeline & Terminal LLC the owner of a 50-mile, 160,000 barrel per day crude oil pipeline from Cushing, Oklahoma to Tulsa, Oklahoma and 1.5 million barrels of crude oil storage in Cushing, Oklahoma 49.995% Joint Venture Interest in Pioneer Investments Corp. the owner of a 312-mile, 60,000 barrel per day refined product pipeline from Sinclair, Wyoming to the North Salt Lake Terminal with 655,000 barrels of refined product storage capacity in Utah 26.08% Joint Venture Interest in Saddle Butte Pipeline III, LLC the owner of a 220-mile, 60,000 barrel per day crude oil pipeline from the Powder River Basin in Wyoming to Casper, Wyoming and 160,000 barrels of crude oil storage at the Highland Flats Terminal in Wyoming Lubricants & Specialties produces base oils and other specialized lubricants in the United States, Canada and the Netherlands, exporting products to more than 80 countries worldwide. In addition to base oil and specialty products produced at our Tulsa Refinery, Lubricants & Specialties includes operations in Mississauga, Ontario, Petrolia, Pennsylvania, Council Bluffs, Iowa and Amsterdam, the Netherlands. Products are marketed under the Petro-Canada Lubricants, Sonneborn, Red Giant Oil and HollyFrontier Specialty Products brands. The Mississauga facility produces automotive, industrial and food grade lubricants, greases, base oils, process oils and specialty fluids. It is a leading manufacturer of high-quality Group III base oils. These products are marketed worldwide to a diverse customer base, in virtually every industry, through a global sales force and distributor network. Facilities in Petrolia and Amsterdam produce specialty products such as white oils, petrolatums and waxes for the personal care, cosmetic, plastics, pharmaceutical and food processing industries. Combined with Mississauga, we are a leading producer of pharmaceutical white oils. The Council Bluffs facility produces railroad engine oils and offers a range of value-added services and solutions for customers in the railroad industry. The Tulsa Refinery produces base oils, specialty process oils, horticultural oils, asphalt modifiers and wax. These products are marketed worldwide and distributed throughout our strategically located network. A leading North American white oil and Group III base oils producer 34K 34,000 BPD lubricants and specialty product production capacity
Renewables Renewable Diesel Units Sinclair Renewable Diesel Unit 10K 10,000 BPD Renewable Diesel Unit co-located at Sinclair, Wyoming refinery LCFS program pathways in California and British Columbia Cheyenne Renewable Diesel Unit 6K 6,000 BPD Renewable Diesel Unit We converted existing hardware to produce renewable diesel Artesia Renewable Diesel Unit 9K 9,000 BPD Renewable Diesel Unit Includes rail infrastructure and storage tanks Existing hydrogen and utilities provided by the refinery Artesia Pre-Treatment Unit Co-located at Artesia, New Mexico refinery Provides feedstock flexibility for our Renewable Diesel Units Marketing Iconic Dino Brand and Customer Loyalty 300+ 1,600+ 300+ Over 300 Distributors and Over 1,600 Branded Retail Sites located across the United States HF Sinclair Refinery Renewable Diesel Facility HF Sinclair Distribution Areas HF Sinclair Product Pipelines Over 300 Additional Branded Sites under license program outside of supply footprint Sinclair Branded Wholesale Business
HF Sinclair Refinery + Lubricants Production Lubricants Facility HF Sinclair Terminals HF Sinclair Crude Pipelines Crude Hub Crude Gathering
 • shareholder letter icon 4/1/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/6/2023 DINO Stockholder Letter
 • stockholder letter icon More "Oil & Gas Refining & Marketing" Category Stockholder Letters
 • Benford's Law Stocks icon DINO Benford's Law Stock Score = 77


DINO Shareholder/Stockholder Letter Transcript:

2024
Annual Report

Refining
MID-CONTINENT
WEST
El Dorado Refinery
Puget Sound Refinery
Woods Cross Refinery
    Located in El Dorado, Kansas
    Located in Anacortes,
Washington
    Located in West Bountiful,
Utah (near Salt Lake City)
    149,000 BPD capacity
    45,000 BPD capacity
    Processes mixed sweet and sour
Canadian crude oil and Alaskan
North Slope crude oil
    Processes regional sweet and
advantaged waxy crude oils
    135,000 BPD capacity
    Processes domestic sweet and sour crude
oils, and heavy Canadian crude oils into
high-value light products
    Distributes to Colorado and Plains states
    Distributes to Washington,
Oregon and British Columbia
Tulsa Refinery
Casper Refinery
    Located in Tulsa, Oklahoma
Navajo Refinery
    125,000 BPD capacity
    Processes predominantly sweet crude oil
with up to 10,000 BPD of sour Canadian
crude oil
    Located in Artesia, New Mexico,
and operates in conjunction with
a refining facility 65 miles east in
Lovington, New Mexico
    Distributes to Mid-Continent states
    100,000 BPD capacity
    Integrated refinery with base oil and
lubricant production
    Processes sweet and sour
Permian crude oil into high-value
light products
Mid-Continent Sales of Refinery
Produced Products 267,130 BPD
    Distributes to high-margin
markets in Arizona, New Mexico,
West Texas and Northern Mexico
The Mid-Continent Region comprises our
El Dorado and Tulsa refineries and has a
combined crude oil processing capacity of
260,000 BPD.
    Located in Casper, Wyoming
Parco Refinery
    Located in Sinclair, Wyoming
    94,000 BPD capacity
    Processes heavy Canadian and
Rockies sweet crude oils
54+23+176A
52+31+6142A
    Distributes to Utah, Idaho, Nevada,
Wyoming and Eastern Washington
    Distributes to the greater
Rocky Mountain region
    30,000 BPD capacity
    Processes Rockies sweet crude oil
    Distributes to the greater Rocky
Mountain region and Western
South Dakota
West Sales of Refinery
Produced Products
370,040 BPD
The West Region comprises our
Puget Sound, Navajo, Parco, Woods
Cross and Casper refineries and has
a crude oil processing capacity of
418,000 BPD.
In addition, we manufacture and
market commodity and modified
asphalt products throughout the
Southwest states.
Crude and Feedstocks
Sweet crude oil: 54%
Sour crude oil: 23%
Heavy sour crude oil: 17%
Other feedstocks
and blends: 6%
Product Mix
Gasoline: 52%
Diesel fuels: 31%
Jet fuels: 6%
Fuel oil: 1%
Base oils: 4%
Asphalt: 4%
Other: 2%
34+43+1067A
52+32+62A
Crude and Feedstocks
Sweet crude oil: 34%
Sour crude oil: 43%
Heavy sour crude oil: 10%
Wax crude oil: 6%
Other feedstocks and blends: 7%
Product Mix
Gasoline: 52%
Diesel fuels: 32%
Jet fuels: 6%
Information presented for crude and feedstocks and product mix is for the year ended December 31, 2024.
Fuel oil: 2%
Asphalt: 2%
Other: 6%

Midstream
Lubricants
We own and operate substantially all of the
refined product pipeline and terminalling assets
that support our refining operations in the MidContinent, Southwest and Northwest regions of
the United States.
LUBRICANTS & SPECIALTIES
4.2K
Approximately 4,200 Miles
of Crude Oil and Petroleum
Product Pipelines
17.8M
Approximately 17.8 Million
barrels of Refined Product
and Crude Oil Storage
19 + 7
19 Terminals and 7 Loading
Rack Facilities in 12 Western
and Mid-Continent States
50% Joint Venture Interest
in Osage Pipe Line Company, LLC     the owner
of a 135-mile crude oil pipeline from Cushing,
Oklahoma to El Dorado, Kansas
50% Joint Venture Interest
in Cushing Connect Pipeline & Terminal LLC    
the owner of a 50-mile, 160,000 barrel per day
crude oil pipeline from Cushing, Oklahoma to
Tulsa, Oklahoma and 1.5 million barrels of crude
oil storage in Cushing, Oklahoma
49.995% Joint Venture Interest
in Pioneer Investments Corp.     the owner of a
312-mile, 60,000 barrel per day refined product
pipeline from Sinclair, Wyoming to the North Salt
Lake Terminal with 655,000 barrels of refined
product storage capacity in Utah
26.08% Joint Venture Interest
in Saddle Butte Pipeline III, LLC     the owner
of a 220-mile, 60,000 barrel per day crude oil
pipeline from the Powder River Basin in
Wyoming to Casper, Wyoming and 160,000
barrels of crude oil storage at the Highland
Flats Terminal in Wyoming
Lubricants & Specialties produces base
oils and other specialized lubricants in the
United States, Canada and the Netherlands,
exporting products to more than 80
countries worldwide. In addition to base
oil and specialty products produced at our
Tulsa Refinery, Lubricants & Specialties
includes operations in Mississauga, Ontario,
Petrolia, Pennsylvania, Council Bluffs, Iowa
and Amsterdam, the Netherlands. Products
are marketed under the Petro-Canada
Lubricants, Sonneborn, Red Giant Oil and
HollyFrontier Specialty Products brands.
The Mississauga facility produces automotive,
industrial and food grade lubricants, greases,
base oils, process oils and specialty fluids. It is
a leading manufacturer of high-quality Group
III base oils. These products are marketed
worldwide to a diverse customer base, in
virtually every industry, through a global sales
force and distributor network.
Facilities in Petrolia and Amsterdam
produce specialty products such as white
oils, petrolatums and waxes for the personal
care, cosmetic, plastics, pharmaceutical and
food processing industries. Combined with
Mississauga, we are a leading producer of
pharmaceutical white oils.
The Council Bluffs facility produces railroad
engine oils and offers a range of value-added
services and solutions for customers in the
railroad industry.
The Tulsa Refinery produces base oils,
specialty process oils, horticultural oils,
asphalt modifiers and wax. These products
are marketed worldwide and distributed
throughout our strategically located network.
A leading North American white oil
and Group III base oils producer
34K
34,000 BPD lubricants and specialty
product production capacity

Renewables
Renewable Diesel Units
Sinclair Renewable Diesel Unit
10K
10,000 BPD Renewable Diesel
Unit co-located at Sinclair,
Wyoming refinery
    LCFS program pathways in California and
British Columbia
Cheyenne Renewable Diesel Unit
6K
6,000 BPD Renewable
Diesel Unit
    We converted existing hardware to produce
renewable diesel
Artesia Renewable Diesel Unit
9K
9,000 BPD Renewable
Diesel Unit
    Includes rail infrastructure and storage tanks
    Existing hydrogen and utilities provided by
the refinery
Artesia Pre-Treatment Unit
    Co-located at Artesia, New Mexico refinery
    Provides feedstock flexibility for our
Renewable Diesel Units
Marketing
Iconic Dino Brand and
Customer Loyalty
300+
1,600+
300+
Over 300 Distributors
and Over 1,600
Branded Retail Sites
located across the
United States
HF Sinclair
Refinery
Renewable Diesel
Facility
HF Sinclair
Distribution Areas
HF Sinclair
Product Pipelines
Over 300 Additional
Branded Sites under
license program outside
of supply footprint
Sinclair Branded Wholesale Business

HF Sinclair Refinery +
Lubricants Production
Lubricants
Facility
HF Sinclair
Terminals
HF Sinclair
Crude Pipelines
Crude
Hub
Crude
Gathering



shareholder letter icon 4/1/2025 Letter Continued (Full PDF)
 

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