Financial Analysis

Commitments and Contingencies We are a party to various litigation and legal proceedings in the ordinary course of business that we believe, based on the advice of counsel, will not have, either individually or in the aggregate, a material adverse effect on our financial condition, results of operations or cash flows. In August 2025, the EPA granted and denied, in whole or in part, small refinery exemption petitions for our Woods Cross, Cheyenne, Casper and Parco refineries for various compliance years from 2019 to 2024. In October 2025, certain of our subsidiaries filed lawsuits in the U.S. Court of Appeals for the District of Columbia Circuit (the DC Circuit) to overturn the EPAs August 2025 denials and other actions (the August 2025 cases). In November 2025, the EPA granted in whole small refinery exemption petitions for our refinery in Tulsa, Oklahoma (the Tulsa East Refinery) for compliance years 2023 and 2024 and partially granted exemptions to several other refining companies. In December 2025, the Renewable Fuels Association filed a lawsuit challenging those exemptions, and the proceedings were subsequently consolidated with the August 2025 cases (the Consolidated Cases). In January 2026, certain of our subsidiaries intervened in the Consolidated Cases to defend the EPAs grant of our Tulsa East Refinery exemptions. The DC Circuit has entered a briefing schedule in the Consolidated Cases. Our opening brief was filed with the DC Circuit in July 2026, and the EPAs respon …

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Debt HF Sinclair Credit Agreement We have a $2.0 billion senior unsecured revolving credit facility m aturing in April 2030 (the HF Sinclair Credit Agreement) which contains an extension feature that allows us to extend the term of the commitment from time to time in increments of up to one year, subject to the terms and conditions set forth in the HF Sinclair Credit Agreement. The HF Sinclair Credit Agreement includes an accordion feature that allows us to increase such commitments to an aggregate principal amount of up to $2.75 billion. The HF Sinclair Credit Agreement may be used for revolving credit loans and letters of credit and is available to fund general corporate purposes. At June 30, 2026, we were in compliance with all covenants and had no outstanding borrowings or letters of credit under the HF Sinclair Credit Agreement. Senior Notes Our unsecured senior notes and unsubordinated obligations rank equally with all future unsecured and unsubordinated indebtedness. We may, from time to time, seek to retire some or all of our outstanding debt agreements through cash purchases, and/or exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, may be material and will depend on prevailing market conditions, our liquidity requirements and other factors. Financing Arrangements Certain of our wholly owned subsidiaries entered into financing arrangements whereby such subsidiaries sold a portion of their precio …

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Disaggregated revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Revenues by type: Refined product revenues: Transportation fuels (1) $ 8,318 $ 5,344 $ 13,823 $ 10,305 Lubricants and specialty products (2) 879 583 1,465 1,180 Asphalt, fuel oil and other products (3) 587 393 980 712 Total refined product revenues 9,784 6,320 16,268 12,197 Excess crude oil revenues (4) 310 345 739 728 Transportation and logistics services 32 29 63 58 Other revenues (5) 264 90 443 171 Total sales and other revenues $ 10,390 $ 6,784 $ 17,513 $ 13,154 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Refined product revenues by market: (6) United States: Mid-Continent $ 3,364 $ 2,221 $ 5,654 $ 4,346 Rocky Mountains 2,324 1,370 3,729 2,597 Northwest 1,893 1,290 3,177 2,441 Southwest 1,416 919 2,402 1,773 Northeast 309 200 509 432 Canada 391 251 638 468 Other 87 69 159 140 Total refined product revenues $ 9,784 $ 6,320 $ 16,268 $ 12,197 (1) Transportation fuels revenues are attributable to our: (i) Refining segment wholesale gasoline, diesel and jet fuel, (ii) Marketing segment branded gasoline and diesel fuel and (iii) Renewables segment renewable diesel fuel. (2) Lubricant and specialty products consist of finished lubricants, specialty fluids, waxes and base oils. (3) Asphalt, fuel oil and other products revenues are attributable to the Refining and Lubricants & Specialties segments. (4) Exces …

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Stock-Based Compensation We have a principal share-based compensation plan, the HF Sinclair Corporation Amended and Restated 2020 Long Term Incentive Plan (the 2020 Plan). The 2020 Plan provides for the grant of unrestricted and restricted stock, restricted stock units, other stock-based awards, stock options, performance awards, substitute awards, cash awards and stock appreciation rights. An aggregate of 6,368,930 of these awards may be issued pursuant to awards granted under the 2020 Plan. We also have a stock compensation deferral plan that allows non-employee directors to defer settlement of vested stock granted under our share-based compensation plan. Compensation expense for awards with pro-rata vesting is recognized ratably over the service periods. Share-based awards paid in cash upon vesting are accounted for as liability awards and recorded at fair value at the end of each reporting period with a mark-to-mark adjustment recognized in earnings. The liability awards had nominal balances as of June 30, 2026 and December 31, 2025. The stock-based compensation expense was $10 million for each of the three months ended June 30, 2026 and 2025, respectively. The stock-based compensation expense was $17 million and $15 million for the six months ended June 30, 2026 and 2025, respectively. A summary of restricted stock units and performance share units activity during the six months ended June 30, 2026 is presented below: Restricted Stock Units Performance Share Units Outsta …

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Fair Value Measurements Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs. The carrying amounts of derivative instruments, certain financing arrangements and environmental credit obligations as of June 30, 2026 and December 31, 2025 were as follows: Fair Value by Input Level Carrying Amount Level 1 Level 2 Level 3 (In millions) June 30, 2026 Assets: Commodity contracts $ 8 $ 3 $ 4 $ 1 Foreign currency forward contracts 14 14 Total assets $ 22 $ 3 $ 18 $ 1 Liabilities: Commodity contracts $ 5 $ $ 5 $ Financing arrangements - precious metals 95 99 Environmental credit obligations 498 498 Total liabilities $ 598 $ $ 602 $ Fair Value by Input Level Carrying Amount Level 1 Level 2 Level 3 (In millions) December 31, …

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Income Taxes Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Income before income taxes $ 1,172 $ 246 $ 2,011 $ 245 Income tax expense $ 279 $ 36 $ 468 $ 37 Effective income tax rate (1) 23.9 % 14.5 % 23.3 % 15.1 % (1) Due to rounding of reported numbers, some amounts may not calculate exactly. For the three and six months ended June 30, 2026, the effective tax rate was higher than the statutory rate of 21.0%, which was primarily due to state and local income taxes on pre-tax earnings, partially offset from the benefits of nontaxable renewable fuel incentives. For the three and six months ended June 30, 2025, the effective tax rate was lower than the statutory rate of 21.0% primarily due to the relationship between pre-tax results and a discrete tax benefit associated with the revaluation of deferred tax liabilities from state tax law changes enacted in the second quarter of 2025.

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Accounting Pronouncements (Recently Adopted): In July 2025, ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets was issued and offers a new optional practical expedient related to the estimation of future expected credit losses on accounts receivable. We adopted this ASU on a prospective basis, eff ective January 1, 2026, and it did n ot have a material impact on our interim consolidated financial statements and disclosures. Accounting Pronouncements (Not Yet Adopted): In November 2024, ASU 2024-03, Disaggregation of Income Statement Expenses was issued. ASU 2024-03 requires companies to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The adoption will not affect our financial position or our results of operations, but will result in additional disclosures. In September 2025, ASU 2025-06, Internal-Use Software was issued amending guidance related to the accounting for internal-use software development costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact of this guidance on our consolidated financial statements. In May 2026, ASU 2026-02 …

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Revenues Substantially all revenue-generating activities relate to sales of refined products and excess crude oil inventories at market prices (variable consideration) under contracts with customers. Additionally, we have revenues attributable to our logistics services provided under petroleum product and crude oil pipeline transportation, processing, storage and terminalling agreements with third parties. Disaggregated revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Revenues by type: Refined product revenues: Transportation fuels (1) $ 8,318 $ 5,344 $ 13,823 $ 10,305 Lubricants and specialty products (2) 879 583 1,465 1,180 Asphalt, fuel oil and other products (3) 587 393 980 712 Total refined product revenues 9,784 6,320 16,268 12,197 Excess crude oil revenues (4) 310 345 739 728 Transportation and logistics services 32 29 63 58 Other revenues (5) 264 90 443 171 Total sales and other revenues $ 10,390 $ 6,784 $ 17,513 $ 13,154 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Refined product revenues by market: (6) United States: Mid-Continent $ 3,364 $ 2,221 $ 5,654 $ 4,346 Rocky Mountains 2,324 1,370 3,729 2,597 Northwest 1,893 1,290 3,177 2,441 Southwest 1,416 919 2,402 1,773 Northeast 309 200 509 432 Canada 391 251 638 468 Other 87 69 159 140 Total refined product revenues $ 9,784 $ 6,320 $ 16,268 $ 12,197 (1) Transportation fuels revenues are attributable to our: (i) …

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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, Rocky Mountains and 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. Branded fuel is also sold to non-Sinclair branded sites a …

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Stockholders Equity In May 2024, our Board of Directors approved a $1.0 billion share repurchase program (the 2024 Share Repurchase Program), which replaced all existing share repurchase programs. The 2024 Share Repurchase Program authorizes us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH Advisors Inc. (REH) are also authorized under the 2024 Share Repurchase Program, subject to REHs interest in selling its shares and other limitations. The timing and amount of share repurchases, including those from REH, will depend on market conditions and corporate, tax, regulatory and other relevant considerations. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs. The 2024 Share Repurchase Program may be discontinued at any time by our Board of Directors. On May 18, 2026, we repurchased 1,455,180 shares of our outstanding common stock from REH in a privately negotiated transaction under the 2024 Share Repurchase Program and pursuant to the Stock Purchase Agreement, dated May 18, 2026 (the May 2026 Stock Purchase Agreement), between us and REH. The price paid under the May 2026 Stock Purchase Agreement was $68.72 per share resulting in an aggregate purchase price of $100 million. The purchase price was funded with cash on hand. As of June 30, 2026, we had remaining authorization to repurchase up …

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