HF Sinclair Corporation (DINO): Lienzo del Modelo de Negocio [Ene-2025 Actualizado]

En el mundo dinámico de la transformación energética, HF Sinclair Corporation (Dino) emerge como una potencia estratégica, combinando perfectamente la refinación tradicional de petróleo con producción diesel renovable de vanguardia. Esta compañía innovadora navega por el complejo panorama energético al aprovechar un modelo de negocio robusto que equilibra la experiencia en combustibles fósiles con soluciones sostenibles, posicionándose como un jugador versátil en un mercado en evolución donde la adaptabilidad y la destreza tecnológica son primordiales. Desde asociaciones estratégicas hasta flujos de ingresos diversificados, el lienzo comercial de HF Sinclair revela un enfoque sofisticado para satisfacer las demandas de energía global mientras mantiene el posicionamiento competitivo del mercado.

HF Sinclair Corporation (Dino) - Modelo de negocios: asociaciones clave

Alianza estratégica con Marathon Petroleum

HF Sinclair mantiene una asociación de distribución estratégica con Marathon Petroleum, que cubre redes de distribución de productos refinadas en los Estados Unidos.

Detalles de la asociación	Métrica
Cobertura de red de distribución	23 estados en los Estados Unidos
Distribución anual de productos refinados	Aproximadamente 500,000 barriles por día
Duración de la asociación	Activo desde 2022

Empresas conjuntas en producción de diesel renovable

HF Sinclair ha establecido importantes empresas conjuntas centradas en la producción de diesel renovable.

• Capacidad de producción diesel renovable: 340 millones de galones anualmente
• Lugares de empresas conjuntas clave: Kansas, Wyoming y Nuevo México
• Inversión en infraestructura diesel renovable: $ 850 millones

Asociaciones de proveedores agrícolas

HF Sinclair colabora con múltiples proveedores agrícolas para la adquisición de materias primas.

Categoría de proveedor	Volumen de adquisición anual
Proveedores de aceite de soja	1.200 millones de libras
Proveedores de aceite de cocina usados	250 millones de libras
Proveedores de aceite de maíz	500 millones de libras

Colaboraciones de transporte y logística

Las asociaciones estratégicas con compañías de transporte mejoran las capacidades de distribución de HF Sinclair.

• Socios de transporte de tuberías: 4 operadores de red principales
• Asociaciones de transporte ferroviario: 3 compañías ferroviarias de clase I
• Asociaciones de transporte: 12 proveedores de logística regional

Asociaciones tecnológicas para refinación y sostenibilidad

HF Sinclair invierte en asociaciones tecnológicas para mejorar la eficiencia y la sostenibilidad de refinación.

Socio tecnológico	Área de enfoque	Inversión
Honeywell uop	Optimización del proceso de refinación	$ 45 millones
Energía de floración	Tecnología de producción de hidrógeno	$ 30 millones
Emerson Electric	Transformación digital	$ 25 millones

HF Sinclair Corporation (Dino) - Modelo de negocios: actividades clave

Refinación y procesamiento de petróleo

HF Sinclair Corporation opera 8 refinerías en los Estados Unidos con una capacidad total de procesamiento de petróleo crudo de aproximadamente 600,000 barriles por día. Las ubicaciones de la refinería de la compañía incluyen:

El Dorado, Kansas

Tulsa, Oklahoma

Wynnewood, Oklahoma

Cross Woods, Utah

Kansas City, Missouri

Ardmore, Oklahoma

Corpus Christi, Texas

Pageland, Carolina del Sur

Ubicación	Capacidad (barriles por día)

Producción diesel renovable

La compañía ha invertido en producción diesel renovable con una capacidad de 100 millones de galones anuales en sus instalaciones de Kansas. Los detalles de producción clave incluyen:

• Producción diesel renovable utilizando alimentos para el aceite de grasa animal y vegetales
• Reunión diesel renovable avanzada ASTM D975 Tipo R99 Especificaciones
• Ingresos de producción anuales estimados de $ 500 millones de segmento diesel renovable

COMERCIO DE Petróleo y productos

HF Sinclair Corporation lleva a cabo extensas operaciones de comercio de productos de petróleo crudo y productos petroleros con volúmenes de negociación anuales de aproximadamente 250 millones de barriles. Las actividades comerciales incluyen:

• Adquisiciones de petróleo crudo de múltiples fuentes nacionales e internacionales
• Marketing de productos de petróleo en 19 estados
• Ingresos comerciales anuales estimados en $ 12 mil millones

Operaciones de tiendas de combustible minorista y conveniencia

La compañía opera una red de estaciones de combustible minorista y tiendas de conveniencia:

Métrico minorista	Valor
Ubicaciones minoristas totales	1.350 tiendas
Cobertura geográfica	19 estados
Ventas anuales de combustible minorista	3.200 millones de galones

Iniciativas de cumplimiento ambiental y sostenibilidad

HF Sinclair Corporation ha comprometido recursos significativos para la sostenibilidad ambiental:

• $ 250 millones invertidos en tecnologías de reducción de emisiones
• Objetivo de 30% de reducción de emisiones de gases de efecto invernadero para 2030
• Producción diesel renovable que reduce la intensidad del carbono en un 70-80%

HF Sinclair Corporation (Dino) - Modelo de negocios: recursos clave

Red de refinería e instalaciones de producción

HF Sinclair Corporation opera una red de refinería integral con las siguientes especificaciones:

Ubicación	Capacidad de refinería (barriles por día)	Tipo de instalación
Tulsa, Oklahoma	125,000	Refinería de petróleo
El Dorado, Kansas	85,000	Instalación diesel renovable
Ardmore, Oklahoma	70,000	Refinería de petróleo

Capacidades de producción diesel renovable

Las capacidades de producción de diesel renovable de HF Sinclair incluyen:

• Capacidad de producción anual de 400 millones de galones de diesel renovable
• Tecnología de hidrotratación avanzada para la producción de combustible
• Capacidad para procesar múltiples tipos de materia prima, incluidos aceites vegetales y grasas animales.

Infraestructura de transporte

Los activos de transporte incluyen:

• 2.700 millas de red de tuberías
• Aproximadamente 1,500 camiones tanque
• Acuerdos de transporte ferroviario que cubren múltiples estados

Recursos financieros

Métrica financiera	Valor 2023
Activos totales	$ 8.3 mil millones
Equidad total	$ 4.1 mil millones
Equivalentes de efectivo y efectivo	$ 632 millones

Composición de la fuerza laboral

Detalles de la fuerza laboral:

• Total de empleados: 1.850
• Años promedio de experiencia en la industria: 12.5 años
• Ingeniería y personal técnico: 35% de la fuerza laboral total

Propiedad intelectual

Recursos clave de propiedad intelectual:

• 12 patentes activas de producción de combustible renovable
• Tecnologías de proceso de refinación patentados
• Métodos avanzados de conversión catalítica

HF Sinclair Corporation (Dino) - Modelo de negocios: propuestas de valor

Cartera de energía diversificada

A partir del cuarto trimestre de 2023, HF Sinclair Corporation opera con una capacidad de producto refinada de 375,000 barriles por día en múltiples refinerías. La cartera de energía de la compañía incluye:

Segmento	Volumen de producción	Contribución de ingresos
Refinación de petróleo	375,000 bpd	$ 7.2 mil millones (2023)
Diesel renovable	100 millones de galones anualmente	$ 1.5 mil millones (2023)
Lubricantes	45 millones de galones	$ 380 millones (2023)

Productos de petróleo refinados de alta calidad

Las métricas de calidad del producto incluyen:

• Producción diesel de azufre ultra baja: 95% de la producción diesel total
• Calificación de octano para gasolina: rango 87-91
• Calificación de cetano diesel renovable: más de 70

Estrategia de precios competitivos

Los puntos de referencia de precios para 2023:

Producto	Precio medio	Competitividad del mercado
Gasolina	$ 3.50 por galón	2-3% por debajo del promedio regional
Diesel	$ 4.20 por galón	Dentro del 5% de las tasas de mercado

Soluciones de energía sostenible

Inversiones y métricas de sostenibilidad:

• Producción diesel renovable: 100 millones de galones anualmente
• Compromiso de reducción de carbono: 30% para 2030
• Inversión de investigación de hidrógeno verde: $ 50 millones

Red de cadena de suministro y distribución

Detalles de la infraestructura de distribución:

Componente de red	Cantidad	Cobertura
Refinerías	6 instalaciones	Medio oeste y suroeste de los Estados Unidos
Red de tuberías	2.500 millas	13 estados
Capacidad de almacenamiento	35 millones de barriles	Ubicaciones estratégicas

HF Sinclair Corporation (Dino) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

HF Sinclair Corporation mantiene contratos estratégicos de suministro de combustible a largo plazo con los siguientes sectores clave:

Sector	Duración del contrato	Volumen anual (galones)
Compañías de transporte	3-5 años	125 millones
Negocios agrícolas	2-4 años	85 millones
Industrias manufactureras	3-6 años	95 millones

Plataformas digitales para compras de combustible

Características de la plataforma digital para la gestión de cuentas:

• Seguimiento de precios de combustible en tiempo real
• Colocación de pedidos a granel en línea
• Sistema de facturación automatizado
• Análisis de consumo de combustible digital

Programas de fidelización de clientes

Nivel de programa	Miembros anuales	Porcentaje de descuento
Lealtad estándar	350,000	2-3%
Lealtad premium	125,000	4-5%

Soporte técnico para clientes de combustible a granel

Métricas de soporte técnico:

• Línea de soporte dedicada 24/7
• Tiempo de respuesta promedio: 15 minutos
• Equipo de soporte técnico especializado: 42 profesionales
• Interacciones de soporte anual: 18,500

Canales de servicio al cliente receptivos

Canal	Interacciones mensuales	Tiempo de resolución promedio
Soporte telefónico	12,500	45 minutos
Soporte por correo electrónico	8,200	24 horas
Chat en vivo	5,700	15 minutos

HF Sinclair Corporation (Dino) - Modelo de negocios: canales

Ventas directas a clientes industriales y comerciales

HF Sinclair Corporation atiende a clientes industriales y comerciales a través de equipos de ventas dedicados. En 2023, la compañía reportó $ 6.2 mil millones en ventas de productos refinados a segmentos industriales.

Segmento de clientes	Volumen de ventas anual	Productos principales
Fabricación	1,4 millones de barriles	Diesel, lubricantes
Agricultura	850,000 barriles	Diesel, aceites combustibles
Transporte	2.1 millones de barriles	Diesel, gasolina

Estaciones de combustible minorista y tiendas de conveniencia

HF Sinclair opera una red de estaciones de combustible minorista y tiendas de conveniencia en múltiples estados.

• Ubicaciones minoristas totales: 1.300 estaciones de marca
• Cobertura geográfica: 17 estados en el medio oeste de los Estados Unidos
• Ventas promedio de combustible diario por estación: 4,200 galones

Pedidos en línea y plataformas digitales

La compañía ha desarrollado plataformas digitales para pedidos de combustible comercial y gestión de cuentas. En 2023, El 35% de las transacciones comerciales de combustible se procesaron a través de canales digitales.

Redes de distribución al por mayor

HF Sinclair mantiene una amplia infraestructura de distribución mayorista.

Activo de distribución	Cantidad	Capacidad
Tuberías	2.400 millas	1.2 millones de barriles/día
Terminales de almacenamiento	42 terminales	25 millones de barriles
Flota de camiones	680 camiones cisterna	95,000 barriles/día

Gestión directa de marketing y relaciones de la industria

HF Sinclair invierte en estrategias específicas de marketing y gestión de relaciones.

• Presupuesto anual de marketing: $ 42 millones
• Conferencias de la industria y ferias comerciales a la que asistieron: 18
• Tasa de retención de clientes: 87%

HF Sinclair Corporation (Dino) - Modelo de negocios: segmentos de clientes

Empresas de fabricación industrial

HF Sinclair Corporation atiende a clientes de fabricación industrial con petróleo y productos refinados.

Tipo de cliente	Volumen anual (galones)	Cuota de mercado estimada
Fabricación de productos químicos	42.5 millones	7.3%
Procesadores petroquímicos	38.2 millones	6.9%

Empresas de transporte y logística

Segmento clave de clientes para diesel y combustibles de transporte.

• Empresas de transporte: 215 millones de galones anuales
• Transporte ferroviario: 89 millones de galones anualmente
• Proveedores de logística de carga: 142 millones de galones anualmente

Negocios agrícolas

Suministro de combustible significativo para equipos y operaciones agrícolas.

Segmento agrícola	Consumo anual de combustible
Equipo agrícola	76.3 millones de galones
Procesamiento agrícola	45.7 millones de galones

Consumidores de combustible minorista

Ventas directas de combustible para consumidores a través de estaciones minoristas de marca.

• Estaciones minoristas totales: 1.400 ubicaciones
• Volumen de gasolina minorista anual: 512 millones de galones
• Transacción diaria promedio del consumidor: $ 45.67

Operadores de flota comercial y gubernamental

Suministro de combustible especializado para operaciones de flota a gran escala.

Categoría de flota	Requisito de combustible anual	Penetración del mercado
Flotas comerciales	287 millones de galones	12.4%
Vehículos gubernamentales	93 millones de galones	8.7%

HF Sinclair Corporation (Dino) - Modelo de negocios: Estructura de costos

Gastos de adquisición de petróleo crudo

Para el año fiscal 2023, los gastos de adquisición de petróleo crudo de HF Sinclair totalizaron $ 14.2 mil millones. La compañía procesó aproximadamente 428,000 barriles por día de petróleo crudo.

Categoría de gastos	Cantidad ($ millones)	Porcentaje de costos totales de adquisición
Adquisición de petróleo crudo doméstico	8,520	60%
Adquisición internacional de petróleo crudo	5,680	40%

Costos operativos y de mantenimiento de la refinería

En 2023, los gastos operativos de refinería de HF Sinclair fueron de $ 2.3 mil millones, con costos de mantenimiento que representan $ 456 millones.

• Presupuesto total de mantenimiento de la refinería: $ 456 millones
• Costo de mantenimiento promedio por refinería: $ 76 millones
• Número de refinerías: 6

Inversiones de producción diesel renovables

HF Sinclair invertido $ 620 millones en infraestructura de producción diesel renovable en 2023.

Categoría de inversión	Cantidad ($ millones)
Actualizaciones de la instalación de producción	380
Investigación y desarrollo	140
Implementación tecnológica	100

Iniciativas de cumplimiento ambiental y sostenibilidad

Los costos de cumplimiento ambiental para 2023 fueron $ 187 millones.

• Inversiones de reducción de emisiones: $ 82 millones
• Gastos del programa de sostenibilidad: $ 105 millones

Gastos de marketing y distribución

Los gastos de marketing y distribución totales para 2023 alcanzaron $ 412 millones.

Categoría de gastos	Cantidad ($ millones)
Transporte y logística	278
Marketing y publicidad	134

HF Sinclair Corporation (Dino) - Modelo de negocios: flujos de ingresos

Venta de productos de petróleo

Para el año fiscal 2023, HF Sinclair Corporation informó ingresos por ventas de productos de petróleo de $ 9.76 mil millones.

Categoría de productos	Ingresos anuales (2023)
Gasolina	$ 4.2 mil millones
Gasóleo	$ 3.5 mil millones
Combustible para aviones	$ 1.6 mil millones

Producción diesel renovable

La producción diesel renovable generó $ 1.2 mil millones en ingresos para 2023, con una capacidad de producción de 250 millones de galones por año.

Ingresos de las tiendas de combustible minorista y de conveniencia

Los ingresos del segmento minorista para 2023 totalizaron $ 2.3 mil millones.

Fuente de ingresos	Cantidad (2023)
Ventas de combustible	$ 1.8 mil millones
Venta de tiendas de conveniencia	$ 500 millones

Comercio y comercialización de petróleo crudo y productos refinados

Las actividades de comercio y marketing generaron $ 5.4 mil millones en ingresos para 2023.

• Volumen comercial de petróleo crudo: 300,000 barriles por día
• Volumen comercial de productos refinados: 250,000 barriles por día

Venta de subproductos y productos especializados

Las ventas de subproductos y productos especializados contribuyeron con $ 380 millones a los ingresos totales en 2023.

Producto especializado	Contribución de ingresos
Lubricantes	$ 150 millones
Petroquímico	$ 130 millones
Otros productos especializados	$ 100 millones

HF Sinclair Corporation (DINO) - Canvas Business Model: Value Propositions

You're looking at the core value HF Sinclair Corporation (DINO) delivers across its integrated operations as of late 2025. It's about capturing margin at every step, from the wellhead to the gas pump, and pivoting toward cleaner fuels.

The integrated value chain is designed to capture margin across refining, midstream, and marketing segments. For instance, in the third quarter of 2025, the company posted an adjusted EBITDA of $870 million and an adjusted net income of $459 million. This performance is a direct result of operational efficiency, evidenced by a record low operating expense per throughput barrel of $7.12 in Q3 2025, alongside a consolidated adjusted refinery gross margin per produced barrel sold reaching $19.16 in that same quarter.

Here's a quick look at the segment contributions reported around Q1 2025, showing how the different parts of the business create value:

Segment	Reported EBITDA/Adjusted EBITDA (Approximate Period)
Refining	$661 million (Q3 2025 Adjusted EBITDA)
Midstream	$114 million (Q3 2025 EBITDA)
Lubricants & Specialties	$85 million (Q1 2025 EBITDA)
Marketing	$27 million (Q1 2025 EBITDA)

This structure helps HF Sinclair Corporation maintain financial footing; as of September 30, 2025, the net debt-to-cap ratio stood at a lean 11%. The balance sheet showed a cash balance of approximately $1.5 billion against total debt outstanding of $2.8 billion at that same date.

HF Sinclair Corporation offers a reliable supply of refined products specifically targeting underserved Western U.S. markets, namely PADD 4 and PADD 5. The company operates seven refineries with a total crude oil throughput capacity of 678,000 barrels per day. To further solidify this supply, HF Sinclair Corporation is evaluating a multi-phased expansion of its Midstream refined products network projected to enable incremental supply of up to 150,000 barrels per day into these key western markets. The first phase of this expansion aims to increase capacity by a projected 35,000 barrels per day and is targeted to be online in 2028. This supply chain is supported by owning 4,400 miles of petroleum product pipelines.

A significant low-carbon fuel alternative is provided through renewable diesel. HF Sinclair Corporation has an annual renewable diesel capacity of 380 million gallons across three facilities. The renewable diesel produced offers a substantial environmental benefit, achieving 50%-80% less greenhouse gas emissions compared to traditional petroleum diesel. For context on current production, total sales volumes for renewable diesel were 44 million gallons in the first quarter of 2025.

The company also delivers high-quality specialty lubricants and base oils to industrial and automotive customers. This focus is a consistent contributor, with the Lubricants & Specialties segment reporting an EBITDA of $85 million for the first quarter of 2025.

You should note the financial stability metric:

• Net debt-to-cap ratio as of Q3 2025: 11%.

Finance: draft 13-week cash view by Friday.

HF Sinclair Corporation (DINO) - Canvas Business Model: Customer Relationships

You're looking at how HF Sinclair Corporation (DINO) manages the relationships across its diverse customer base, from the gas station owner to the large industrial user. This is about securing volume and ensuring stable cash flow through structured agreements.

Dedicated wholesale account management focuses on the extensive fuel distribution network. This network includes supplying high-quality fuels to more than 1,300 independent Sinclair-branded stations and licensing the brand at more than 300 additional locations throughout the U.S.. The company plans to grow the number of branded sites by approximately 10% annually. The Marketing segment, which covers these branded fuel sales, reported an EBITDA of $25 million for the second quarter of 2025.

Here's a snapshot of the branded marketing footprint as of late 2025 data:

Metric	Value	Period/Context
Total Branded Fuel Sales Volumes	337 million gallons	Q2 2025
Wholesale Branded Sites	1,500	As of late 2025 data
Total Distributors	Over 300	As of late 2025 data
States with Branded Sites	30	As of late 2025 data

The Midstream segment relies heavily on stable, long-term, fee-based contracts for transportation, terminalling, and storage services. This structure helps smooth out the volatility seen in the refining business. For the third quarter of 2025, the Midstream segment generated an income before interest and income taxes of $98 million, up from $80 million in the third quarter of 2024. The segment's reported EBITDA for Q3 2025 was $114 million. Revenues here come from transactions with unaffiliated parties and services provided to HF Sinclair's own refining operations.

Brand loyalty and marketing support are key for the Sinclair-branded distributors. This relationship is reinforced through marketing initiatives designed to drive traffic to the branded sites. The company leverages strong brand identities, including the DINO mascot, for customer engagement.

• Marketing segment reported EBITDA of $25 million in Q2 2025.
• The 2024 Folds of Honor initiative raised $662,670, expected to fund 124 scholarships in 2025.
• The company aims for an annual branded retail location growth target of 10%.

For large industrial lubricant buyers, HF Sinclair maintains a direct sales and technical support channel for its specialty products, which include base oils. The Lubricants & Specialties segment posted an EBITDA of $78 million in the third quarter of 2025. This segment's market reach is global, with specialty lubricant products exported to more than 80 countries.

HF Sinclair Corporation (DINO) - Canvas Business Model: Channels

The channels HF Sinclair Corporation (DINO) uses to reach its customers are deeply integrated across its refining, midstream, and marketing assets.

Wholesale distribution network for refined products is anchored by supplying high-quality fuels to more than 1,700 branded stations as of the second quarter of 2025. Additionally, HF Sinclair Corporation (DINO) licenses the use of the Sinclair brand to more than 300 additional locations throughout the country. This marketing footprint is reflective of independent branded and licensed sites, which are not owned or operated by HF Sinclair Corporation.

Direct sales via the Midstream segment's pipelines and terminals provide the backbone for product movement. The Midstream segment operates substantially all of the refined product pipeline and terminalling assets supporting operations in the Mid-Continent, Southwest, and Northwest regions of the United States. The physical assets include approximately 4,200 miles of crude oil and petroleum product pipelines. Storage capacity totals approximately 17.8 million barrels of refined product and crude oil, supported by 19 terminals and 7 loading rack facilities in 12 western and mid-continent states. For the third quarter of 2025, the Midstream segment delivered $114 million in EBITDA.

For Lubricants and Specialties products, HF Sinclair Corporation (DINO) utilizes a structure that includes a multi-national business producing specialty products and base oils. The segment reported sales volumes of 55 million gallons for the second quarter of 2025, down from 64 million gallons in the second quarter of 2024. The segment's EBITDA for the second quarter of 2025 was $55 million, growing to $78 million in the third quarter of 2025. The company noted the launch of a Sinclair Lubricants product offering in the United States during the second quarter of 2025.

Bulk sales of jet fuel, asphalt, and other heavy products to commercial customers are facilitated by the company's large refining base. HF Sinclair Corporation (DINO) operates seven complex refineries with a total crude oil processing capacity of 678,000 barrels per day. The company provides essential products such as asphalt and roofing material. A new jet fuel project, expected to be operational after the current quarter's turnaround (as of Q3 2025), is set to provide flexibility to produce more jet or diesel for the West Coast.

Here's a quick look at the segment performance related to these channels for the second quarter of 2025:

Segment	Q2 2025 EBITDA	Q2 2025 Branded Fuel Sales Volume	Q2 2025 L&S Sales Volume (Gallons)
Marketing	$25 million	337 million gallons	N/A
Midstream	$112 million	N/A	N/A
Lubricants & Specialties	$55 million	N/A	55 million

The company's overall reach is supported by its integrated logistics network, which includes joint venture interests in pipelines running from Cushing, Oklahoma, to El Dorado, Kansas, and Cushing, Oklahoma, to Tulsa, Oklahoma.

Key channel statistics as of mid-2025 include:

• Wholesale branded sites supplied: More than 1,700.
• Licensed brand locations: More than 300.
• Total crude oil throughput capacity: 678,000 barrels per day.
• Midstream pipeline mileage: Approximately 4,200 miles.
• Renewable diesel annual capacity: Approximately 380 million gallons.

Finance: draft 13-week cash view by Friday.

HF Sinclair Corporation (DINO) - Canvas Business Model: Customer Segments

You're looking at the core customer groups HF Sinclair Corporation serves as of late 2025. Honestly, this company's model is built on a diverse set of buyers across its integrated energy and specialty products value chain. It's not just about gas stations; it's about who buys the output from their refineries and specialty plants.

The first major group is the retail and distribution network. These are the folks putting the fuel in consumer vehicles. 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. This network supplies high-quality fuels to more than 1,700 branded stations and licenses the use of the Sinclair brand to more than 300 additional locations throughout the country. While the prompt mentions 30 U.S. states, public data from early 2025 indicated that HF Sinclair gas stations were present in 31 States and Territories, with California, Colorado, and Utah each accounting for about 10% or more of the total locations.

Next up are the buyers of specialized transportation fuels. HF Sinclair's Refining segment activities involve the wholesale marketing of refined products, such as gasoline, diesel fuel, and jet fuel. This segment serves commercial airlines and military entities, though specific jet fuel sales volumes for 2025 aren't broken out separately in the latest reports. For context on overall product movement, total sales volumes across the company were reported at 55 million gallons for the second quarter of 2025.

Then you have the industrial and specialty buyers. The Lubricants & Specialties segment is key here, dealing with industrial and automotive manufacturers. This group purchases products like base oils, white oils, and finished lubricants. For the second quarter of 2025, this segment generated an Income before interest and income taxes of $33 million, with an EBITDA of $55 million. Subsidiaries of HF Sinclair produce and market these specialized lubricants in the U.S., Canada, and the Netherlands, and export products to more than 80 countries.

Finally, consider the suppliers feeding the growing low-carbon side of the business. The Agricultural and waste-processing industries are crucial customers in reverse-they are suppliers to the Renewables segment. HF Sinclair's renewable diesel is made from materials like recycled animal fats, inedible corn oil, and soybean oil. The company boasts an annual renewable diesel capacity of 380 million gallons across its three facilities. The pretreatment unit (PTU) at the Artesia, New Mexico facility, for example, sources up to 60% of its feedstock from lower-cost, unrefined soybean oil and waste animal fats.

Here's a quick look at some of the financial and operational metrics tied to these customer groups as of mid-2025:

Customer Segment Focus	Key Metric	Value/Amount	Reporting Period/Context
Branded Retailers/Distributors	Branded Stations Supplied	More than 1,700	Q1/Q2 2025 Data
Branded Retailers/Distributors	Licensed Brand Locations	More than 300	Q1/Q2 2025 Data
Industrial/Automotive (Lubricants)	Segment EBITDA	$55 million	Second Quarter 2025
Industrial/Automotive (Lubricants)	Export Countries	More than 80	General Operations Scope
Renewable Feedstock Suppliers	Total Renewable Diesel Capacity	380 million gallons (annual)	General Operations Scope
All Segments (Context)	Total Sales and Other Revenues	$6.37 billion	First Quarter 2025

You can see the diversity of the customer base reflected in the segment performance:

• The Marketing segment, which deals with branded fuel sales, saw Income before interest and income taxes increase to $20 million in Q1 2025, up from $9 million year-over-year.
• The Lubricants & Specialties segment reported Income before interest and income taxes of $33 million for the second quarter of 2025.
• Jet fuel is a product of the Refining segment, which reported Income before interest and income taxes of $166 million for the second quarter of 2025 (excluding inventory adjustments).
• Feedstock suppliers support the Renewables segment, which reported an Adjusted EBITDA of $(17) million for Q2 2025.

So, you've got the high-volume, lower-margin retail side, the specialized, higher-margin industrial side, and the emerging, policy-driven renewable feedstock ecosystem. Finance: draft 13-week cash view by Friday.

HF Sinclair Corporation (DINO) - Canvas Business Model: Cost Structure

You're looking at the major expenses HF Sinclair Corporation faces to keep its complex energy operations running through late 2025. The cost structure is heavily weighted toward fixed and variable inputs necessary for refining and renewable diesel production. The sheer scale of their seven refineries means that maintaining operational readiness is a massive, non-negotiable outlay.

A significant portion of the cost base involves high fixed costs tied to running those seven complex refineries located across the US, including Kansas, Oklahoma, New Mexico, Wyoming, Washington, and Utah. These fixed costs are punctuated by the necessary, but disruptive, costs of scheduled maintenance turnarounds. For instance, cash used by operations in Q1 2025 included $105 million specifically for turnaround spending, and Q2 2025 cash from operations included $179 million for turnaround spend, showing how these events hit cash flow unevenly throughout the year.

The most substantial variable cost, as you'd expect, is raw materials. HF Sinclair Corporation is fundamentally dependent on the market prices for crude oil and renewable feedstocks. Looking at the first half of 2025, the Cost of materials and other was $5,476 million for the three months ended March 31, 2025, and $5,440 million for the three months ended June 30, 2025, illustrating the massive scale of this input cost. This exposure to commodity price swings is a primary driver of margin volatility.

Capital discipline remains a focus, but significant spending is still required to maintain the asset base. For the full year 2025, HF Sinclair Corporation reaffirmed its guidance to spend approximately $775 million in sustaining capital, which covers routine maintenance and catalysts necessary to keep the refineries running reliably. This is distinct from growth capital, which was guided separately at $100 million for 2025.

Regulatory compliance adds another layer of unavoidable expense. Costs related to environmental mandates, such as the Low Carbon Fuel Standard (LCFS) and Renewable Fuel Standard (RFS), directly impact the bottom line. For example, RFS compliance costs, specifically RINs costs, totaled $138 million for the first quarter of 2025 alone. Furthermore, specific environmental remediation efforts, like the settlement agreement announced in early 2025 related to Clean Air Act violations at the Artesia Refinery, required estimated compliance measures costing $137 million.

Finally, financing the business requires servicing debt. As of September 30, 2025, HF Sinclair Corporation reported approximately $2.8 billion of debt outstanding. The interest expense on this balance, though recently managed through debt refinancing to lower the weighted average cost of debt, remains a fixed financial obligation HF Sinclair Corporation must meet regardless of refining margins.

Here's a quick look at some of the key financial figures shaping the cost side of the ledger:

Cost Component	Financial Metric/Guidance	Amount/Date
Sustaining Capital Expenditure (Guidance)	Full Year 2025 Guidance	$775 million
Outstanding Debt	As of Q3 2025 (September 30, 2025)	$2.8 billion
Raw Material Cost (Cost of Materials & Other)	Q1 2025 (Three Months Ended March 31)	$5,476 million
Raw Material Cost (Cost of Materials & Other)	Q2 2025 (Three Months Ended June 30)	$5,440 million
Environmental Compliance Cost (RFS/RINs)	Q1 2025 (Three Months Ended March 31)	$138 million
Environmental Compliance Cost (Clean Air Act Settlement)	Estimated Compliance Measures	$137 million
Turnaround Spending (Cash from Operations)	Q2 2025	$179 million

You can see the pressure points clearly:

• Refinery operating costs are inherently high due to fixed asset base.
• Raw material procurement is the single largest expense category.
• Turnarounds cause significant, lumpy cash outflows.
• Regulatory costs, like RINs and environmental settlements, are material.

Finance: draft 13-week cash view by Friday.

HF Sinclair Corporation (DINO) - Canvas Business Model: Revenue Streams

You're looking at the core ways HF Sinclair Corporation brings in cash as of late 2025. Honestly, it's all about moving and making fuels, plus some specialized stuff. For the third quarter of 2025, total revenue hit $7.25 billion. That's the top line before we break down where the segment performance is coming from, so let's look at the segment profitability that drives these streams.

Here's the quick math on the segment earnings that back up these revenue streams for Q3 2025:

Revenue Stream Source	Segment Financial Metric (Q3 2025)	Amount
Refining Segment Sales	Adjusted EBITDA	$661 million
Midstream Segment Services	EBITDA	$114 million
Lubricants & Specialties Sales	EBITDA	$78 million
Marketing Segment Fuel Sales/Royalties	EBITDA	$29 million

The total Adjusted EBITDA across the company for the quarter was $870 million, which gives you a sense of the overall profitability supporting these revenue streams.

The specific revenue components that feed into these segment results include:

• Sales of refined products like gasoline, diesel fuel, and jet fuel from the Refining segment.
• Fee-based revenue derived from the Midstream segment's pipeline and terminal services.
• Sales of specialty lubricants and base oils, with the segment reporting EBITDA of $78 million.
• Marketing segment revenue, which includes branded fuel sales and royalties, contributing EBITDA of $29 million.
• Revenue generated from renewable diesel sales, which is also tied to associated regulatory credits.

Regarding that last point, the Renewables segment reported an Adjusted EBITDA of $(13) million for the third quarter of 2025. Still, management noted they recognized incrementally more value from the Producer's Tax Credit (PTC) during the quarter, with expectations to capture additional incremental value in the fourth quarter of 2025. That PTC value definitely impacts the bottom line for the renewable diesel revenue stream.