Q3 2024 HF Sinclair Corp Earnings Call Transcript
Key Points
- HF Sinclair Corp (DINO) returned $222 million in cash to shareholders and announced a $0.50 quarterly dividend, demonstrating a strong commitment to shareholder returns.
- The company achieved a quarterly record for jet production and premium production at its Woods Cross refinery, highlighting operational efficiency.
- HF Sinclair Corp (DINO) reported strong performance in its Marketing, Midstream, and Lubricants and Specialties segments, showcasing the benefits of a diversified portfolio.
- The company set a record for the highest quarterly sales volumes of renewable diesel and achieved the lowest operating expenses per gallon in its Renewables segment.
- HF Sinclair Corp (DINO) added 22 net new branded sites in the third quarter and has plans to convert 168 stores to branded wholesale, targeting 10% annual growth for branded sites.
- HF Sinclair Corp (DINO) reported a third-quarter net loss of $76 million, or negative $0.40 per diluted share, reflecting special items that decreased net income by $172 million.
- The Refining segment's adjusted EBITDA dropped significantly to $110 million from $1 billion in the same quarter of 2023, primarily due to lower adjusted refinery gross margins.
- The Renewables segment's adjusted EBITDA decreased to $2 million from $5 million in the third quarter of 2023, despite increased sales volumes.
- The Lubricants and Specialties segment faced a $27 million FIFO charge due to high-priced feedstock inventory, impacting EBITDA.
- HF Sinclair Corp (DINO) faces challenges from weak RINs and LCFS credit prices, which continue to pressure the Renewables segment.
Welcome to HF Sinclair Corporation's third quarter 2024 conference call and webcast. Hosting the call today is Tim Go, Chief Executive Officer of HF Sinclair. He's joined by Atanas Atanasov, Chief Financial Officer; Steve Ledbetter, EVP of Commercial; Valerie Pompa, EVP of Operations; and Matt Joyce, SVP of Lubricants and Specialties.
(Operator Instructions) Please note, that this conference is being recorded.
It is now my pleasure to turn the floor over to Craig Biery, Vice President, Investor Relations. Craig, you may begin.
Thank you, Novi. Good morning, everyone, and welcome to HF Sinclair Corporation's third quarter 2024 earnings call. This morning, we issued a press release announcing results for the quarter ending September 30, 2024. If you would like a copy of the earnings press release, you may find them on our website at hfsinclair.com.
Before we proceed with remarks, please note the Safe Harbor Disclosure Statement in today's press release. In summary, it
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