- Reported net income attributable to HF Sinclair stockholders of $314.7 million, or $1.57 per diluted share, and adjusted net income of $142.3 million, or $0.71 per diluted share, for the first quarter
- Reported EBITDA of $617.4 million and Adjusted EBITDA of $399.1 million for the first quarter
- Returned $269.0 million to stockholders through dividends and share repurchases in the first quarter
- Authorized a new $1.0 billion share repurchase program
- Announced a regular quarterly dividend of $0.50 per shar
HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) reported first quarter net income attributable to HF Sinclair stockholders of $314.7 million, or $1.57 per diluted share, for the quarter ended March 31, 2024, compared to $353.3 million, or $1.79 per diluted share, for the quarter ended March 31, 2023. Excluding the adjustments shown in the accompanying earnings release table, adjusted net income attributable to HF Sinclair stockholders for the first quarter of 2024 was $142.3 million, or $0.71 per diluted share, compared to $394.1 million, or $2.00 per diluted share, for the first quarter of 2023.
HF Sinclair’s Chief Executive Officer, Tim Go, commented, “We are pleased to report our first quarter, 2024 results. We continue to advance our corporate strategy focused on improving reliability, optimizing and integrating our portfolio and generating strong cash flows to support our cash return strategy. During the quarter, our businesses maintained safe and reliable operations, representing another quarter of successful turnaround and maintenance execution. We also returned $269 million in cash to shareholders during the quarter and today announced a new $1.0 billion share repurchase authorization demonstrating our continued commitment to shareholder returns. Looking forward, as we head into summer driving season, we expect a favorable market environment and believe we are well positioned to generate strong earnings and cash flows.”
Refining segment income before interest and income taxes was $312.0 million for the first quarter of 2024 compared to $436.9 million for the first quarter of 2023. The segment reported EBITDA of $429.4 million for the first quarter of 2024 compared to $537.0 million for the first quarter of 2023. Excluding the lower of cost or market inventory valuation benefit of $220.6 million, the segment reported Adjusted EBITDA in the first quarter of 2024 was $208.8 million. This decrease was principally driven by lower refinery gross margins in both the West and Mid-Continent regions as a result of seasonal demand weakness for transportation fuels in our regions, partially offset by higher refined product sales volumes. Consolidated refinery gross margin was $12.70 per produced barrel, a 45% decrease compared to $23.20 for the first quarter of 2023. Crude oil charge averaged 604,930 barrels per day (“BPD”) for the first quarter of 2024 compared to 498,500 BPD for the first quarter of 2023. This increase was primarily a result of decreased turnaround activities and improved reliability at our refineries compared to the first quarter of 2023.
Renewables segment loss before interest and income taxes was $(40.0) million for the first quarter of 2024, compared to a loss of $(64.6) million for the first quarter of 2023. The segment reported EBITDA of $(19.7) million for the first quarter of 2024 compared to $(44.6) million for the first quarter of 2023. Excluding the lower of cost or market inventory valuation adjustment, the segment reported Adjusted EBITDA of $(18.6) million for the first quarter of 2024 compared to $3.0 million for the first quarter of 2023. This decrease was primarily due to weakened RINs and Low Carbon Fuel Standard prices in the first quarter of 2024. Total sales volumes were 61 million gallons for the first quarter of 2024 as compared to 46 million gallons for the first quarter of 2023.
Marketing segment income before interest and income taxes was $9.4 million for the first quarter of 2024 compared to $0.5 million for the first quarter of 2023. The segment reported EBITDA of $15.7 million for the first quarter of 2024 compared to $6.4 million for the first quarter of 2023. This increase was primarily driven by stronger branded wholesale margins in the first quarter of 2024. Total branded fuel sales volumes were 321 million gallons for the first quarter of 2024 as compared to 328 million gallons for the first quarter of 2023.
Lubricants & Specialties segment income before interest and income taxes was $64.5 million for the first quarter of 2024, compared to an income of $78.2 million in the first quarter of 2023. The segment reported EBITDA of $87.0 million for the first quarter of 2024 compared to $97.6 million in the first quarter of 2023. This decrease was largely driven by lower base oil prices in the first quarter of 2024.
Midstream segment income before interest and income taxes was $93.1 million for the first quarter of 2024 compared to $73.9 million for the first quarter of 2023, and segment reported Adjusted EBITDA of $111.3 million for the first quarter of 2024 compared to $93.3 million for the first quarter of 2023. This increase was primarily driven by higher revenues from tariff increases in the first quarter of 2024.
For the first quarter of 2024, net cash provided by operations totaled $316.9 million. At March 31, 2024, the Company's cash and cash equivalents totaled $1,240.9 million, a $112.9 million decrease over cash and cash equivalents of $1,353.7 million at December 31, 2023. During the first quarter of 2024, the Company announced and paid a regular dividend of $0.50 per share to stockholders totaling $99.4 million and spent $169.6 million on share repurchases. Additionally, at March 31, 2024, the Company’s consolidated debt was $2,678.6 million.
HF Sinclair also announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.50 per share, payable on June 5, 2024 to holders of record of common stock on May 22, 2024.
The Company has scheduled a webcast conference call for today, May 8, 2024, at 8:30 AM Eastern Time to discuss first quarter financial results. This webcast may be accessed at https://events.q4inc.com/attendee/868284986. An audio archive of this webcast will be available using the above noted link through May 22, 2024.
HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to its refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states and supplies high-quality fuels to more than 1,500 branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in New Mexico. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries.