HF Sinclair reported third‑quarter 2025 results for the quarter ended September 30, 2025, with net income of $403 million, or $2.15 per diluted share, compared with a $76 million loss, or $(0.40) per diluted share, in the same period last year. Adjusted net income reached $459 million, or $2.44 per diluted share, while adjusted EBITDA climbed to $870 million from $316 million year‑over‑year. The refining segment generated $476 million in income and $661 million in adjusted EBITDA, reflecting a 78% rise in adjusted refinery gross margin to $19.16 per produced barrel sold. This turnaround follows a $212 million loss in Q3 2024 and is driven by higher crude prices, favorable crack spreads, and the company’s EPA small‑refinery exemptions.
Marketing, lubricants & specialties, and midstream segments contributed $29 million, $78 million, and $114 million in adjusted EBITDA, respectively. The renewables segment recorded a $13 million adjusted EBITDA loss, continuing its struggle to achieve profitability despite the Producer’s Tax Credit.
Cash provided by operations totaled $809 million, and cash and cash equivalents rose to $1.451 billion. HF Sinclair returned $254 million to shareholders during the quarter, including a regular quarterly dividend of $0.50 per share payable December 5, 2025. The company also issued $500 million of 5.5% notes due 2032 to redeem higher‑cost debt maturing in 2026 and 2027, extending maturities and reducing its weighted average cost of debt.
Sequentially, Q3 2025 net income rose from $208 million in Q2 2025, and adjusted EBITDA increased from $665 million in the prior quarter, indicating continued momentum. Management reiterated its outlook for margin expansion and operational efficiency, but did not provide explicit forward guidance for Q4 2025 or the full year.
HF Sinclair is pursuing a multi‑phase expansion of its midstream refined‑products network across the Rocky Mountain and West Coast regions, targeting a 35,000‑barrel‑per‑day capacity increase by 2028 to move supply from its Rockies production into Nevada. The company’s strong Q3 performance underscores its ability to capitalize on favorable market conditions while maintaining a disciplined capital‑allocation strategy.
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