HF Sinclair Corporation (DINO): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de la transformation de l'énergie, HF Sinclair Corporation (Dino) apparaît comme une puissance stratégique, mélangeant parfaitement le raffinage traditionnel de pétrole avec une production diesel renouvelable de pointe. Cette entreprise innovante navigue dans le paysage énergétique complexe en tirant parti d'un modèle commercial robuste qui équilibre l'expertise des combustibles fossiles avec des solutions durables, se positionnant comme un acteur polyvalent dans un marché en évolution où l'adaptabilité et les prouesses technologiques sont primordiales. Des partenariats stratégiques aux sources de revenus diversifiées, la toile commerciale de HF Sinclair révèle une approche sophistiquée pour répondre aux demandes d'énergie mondiales tout en maintenant un positionnement concurrentiel sur le marché.

HF Sinclair Corporation (Dino) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Marathon Petroleum

HF Sinclair maintient un partenariat de distribution stratégique avec Marathon Petroleum, couvrant les réseaux de distribution de produits raffinés à travers les États-Unis.

Détails du partenariat	Métrique
Couverture du réseau de distribution	23 États aux États-Unis
Distribution annuelle de produits raffinés	Environ 500 000 barils par jour
Durée du partenariat	Actif depuis 2022

Coentreprises dans la production diesel renouvelable

HF Sinclair a établi d'importantes coentreprises axées sur la production de diesel renouvelable.

• Capacité de production diesel renouvelable: 340 millions de gallons par an
• Emplacements clés de coentreprise: Kansas, Wyoming et Nouveau-Mexique
• Investissement dans les infrastructures diesel renouvelables: 850 millions de dollars

Partenariats des fournisseurs agricoles

HF Sinclair collabore avec plusieurs fournisseurs agricoles pour l'approvisionnement en matière première.

Catégorie des fournisseurs	Volume de l'approvisionnement annuel
Fournisseurs d'huile de soja	1,2 milliard de livres
Fournisseurs d'huile de cuisson usagés	250 millions de livres
Fournisseurs d'huile de maïs	500 millions de livres

Collaborations de transport et de logistique

Les partenariats stratégiques avec les sociétés de transport améliorent les capacités de distribution de HF Sinclair.

• Partenaires du transport de pipelines: 4 opérateurs de réseaux majeurs
• Partenariats de transport ferroviaire: 3 compagnies de chemin de fer de classe I
• Partenariats de camionnage: 12 fournisseurs de logistique régionale

Partenariats technologiques pour le raffinage et la durabilité

HF Sinclair investit dans des partenariats technologiques pour améliorer l'efficacité du raffinage et la durabilité.

Partenaire technologique	Domaine de mise au point	Investissement
Honeywell uop	Affiner l'optimisation du processus	45 millions de dollars
Fleurir l'énergie	Technologie de production d'hydrogène	30 millions de dollars
Emerson Electric	Transformation numérique	25 millions de dollars

HF Sinclair Corporation (Dino) - Modèle d'entreprise: Activités clés

Raffinage et traitement du pétrole

HF Sinclair Corporation exploite 8 raffineries à travers les États-Unis avec une capacité totale de traitement du pétrole brut d'environ 600 000 barils par jour. Les lieux de raffinerie de l'entreprise comprennent:

El Dorado, Kansas

Tulsa, Oklahoma

Wynnewood, Oklahoma

Woods Cross, Utah

Kansas City, Missouri

Ardmore, Oklahoma

Corpus Christi, Texas

Pageland, Caroline du Sud

Emplacement	Capacité (barils par jour)

Production diesel renouvelable

La société a investi dans la production diesel renouvelable d'une capacité de 100 millions de gallons par an dans ses installations du Kansas. Les détails de la production clés comprennent:

• Production diesel renouvelable à l'aide de matières grasses animales et d'huile végétale
• Réunion diesel renouvelable avancé ASTM D975 Type R99 Spécifications
• Revenus de production annuels estimés de 500 millions de dollars du segment diesel renouvelable

Oil brut et trading de produits

HF Sinclair Corporation procède à des opérations de trading de produits bruts et de produits pétrolières extensives avec des volumes de trading annuels d'environ 250 millions de barils. Les activités de trading comprennent:

• Procure de pétrole brut à partir de multiples sources nationales et internationales
• Marketing de produits pétroliers dans 19 États
• Revenus commerciaux annuels estimés à 12 milliards de dollars

EXPÉRIENCES DE CARBORD ET DE CHARGEMENTS

L'entreprise exploite un réseau de stations de carburant au détail et de dépanneurs:

Métrique au détail	Valeur
Total des lieux de vente au détail	1 350 magasins
Couverture géographique	19 États
Ventes annuelles de carburant au détail	3,2 milliards de gallons

Initiatives de conformité environnementale et de durabilité

HF Sinclair Corporation a commis des ressources importantes à la durabilité environnementale:

• 250 millions de dollars investis dans les technologies de réduction des émissions
• Cible de 30% de réduction des émissions de gaz à effet de serre d'ici 2030
• Production diesel renouvelable réduisant l'intensité du carbone de 70 à 80%

HF Sinclair Corporation (Dino) - Modèle d'entreprise: Ressources clés

Réseau de raffinerie et installations de production

HF Sinclair Corporation exploite un réseau de raffinerie complet avec les spécifications suivantes:

Emplacement	Capacité de raffinerie (barils par jour)	Type d'installation
Tulsa, Oklahoma	125,000	Raffinerie de pétrole
El Dorado, Kansas	85,000	Installation diesel renouvelable
Ardmore, Oklahoma	70,000	Raffinerie de pétrole

Capacités de production diesel renouvelable

Les capacités de production diesel renouvelable de HF Sinclair comprennent:

• Capacité de production annuelle de 400 millions de gallons de diesel renouvelable
• Technologie d'hydrotréation avancée pour la production de carburant
• Capacité à traiter plusieurs types de matières premières, y compris les huiles végétales et les graisses animales

Infrastructure de transport

Les actifs de transport comprennent:

• 2 700 miles de réseau de pipeline
• Environ 1 500 camions-citernes
• Accords de transport ferroviaire couvrant plusieurs États

Ressources financières

Métrique financière	Valeur 2023
Actif total	8,3 milliards de dollars
Total des capitaux propres	4,1 milliards de dollars
Equivalents en espèces et en espèces	632 millions de dollars

Composition de la main-d'œuvre

Détails de la main-d'œuvre:

• Total des employés: 1 850
• Années moyennes d'expérience de l'industrie: 12,5 ans
• Ingénierie et personnel technique: 35% de la main-d'œuvre totale

Propriété intellectuelle

Ressources clés de la propriété intellectuelle:

• 12 brevets de production de carburant renouvelable actif
• Technologies de processus de raffinage propriétaire
• Méthodes de conversion catalytique avancées

HF Sinclair Corporation (Dino) - Modèle d'entreprise: propositions de valeur

Portfolio d'énergie diversifié

Au quatrième trimestre 2023, HF Sinclair Corporation opère avec une capacité de produit raffinée de 375 000 barils par jour sur plusieurs raffineries. Le portefeuille d'énergie de l'entreprise comprend:

Segment	Volume de production	Contribution des revenus
Raffinage du pétrole	375 000 bpd	7,2 milliards de dollars (2023)
Diesel renouvelable	100 millions de gallons par an	1,5 milliard de dollars (2023)
Lubrifiants	45 millions de gallons	380 millions de dollars (2023)

Produits de pétrole raffiné de haute qualité

Les mesures de qualité des produits comprennent:

• Production diesel ultra-faible Soufre: 95% de la production totale diesel
• Évaluation d'octane pour l'essence: 87-91
• Évaluation renouvelable Diesel Cetane: 70+

Stratégie de tarification compétitive

Benchmarks de tarification pour 2023:

Produit	Prix ​​moyen	Compétitivité du marché
Essence	3,50 $ par gallon	2-3% en dessous de la moyenne régionale
Diesel	4,20 $ par gallon	Dans les 5% des taux du marché

Solutions énergétiques durables

Investissements et mesures sur la durabilité:

• Production diesel renouvelable: 100 millions de gallons par an
• Engagement de réduction du carbone: 30% d'ici 2030
• Investissement de recherche sur l'hydrogène vert: 50 millions de dollars

Chaîne d'approvisionnement et réseau de distribution

Détails de l'infrastructure de distribution:

Composant réseau	Quantité	Couverture
Raffineries	6 installations	Midwest et sud-ouest des États-Unis
Réseau de pipelines	2 500 miles	13 États
Capacité de stockage	35 millions de barils	Emplacements stratégiques

HF Sinclair Corporation (Dino) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels et commerciaux

HF Sinclair Corporation maintient des contrats stratégiques d'alimentation en carburant à long terme avec les secteurs clés suivants:

Secteur	Durée du contrat	Volume annuel (gallons)
Sociétés de transport	3-5 ans	125 millions
Entreprises agricoles	2-4 ans	85 millions
Industries manufacturières	3-6 ans	95 millions

Plates-formes numériques pour l'achat de carburant

Caractéristiques de la plate-forme numérique pour la gestion des comptes:

• Suivi des prix du carburant en temps réel
• Placement de commande en vrac en ligne
• Système de facturation automatisé
• Analyse de consommation de carburant numérique

Programmes de fidélisation de la clientèle

Niveau de programme	Membres annuels	Pourcentage de réduction
Fidélité standard	350,000	2-3%
Fidélité aux primes	125,000	4-5%

Support technique pour les clients du carburant en vrac

Métriques de support technique:

• Ligne de support dédiée 24/7
• Temps de réponse moyen: 15 minutes
• Équipe d'assistance technique spécialisée: 42 professionnels
• Interactions de soutien annuel: 18 500

Canaux de service à la clientèle réactifs

Canal	Interactions mensuelles	Temps de résolution moyen
Support téléphonique	12,500	45 minutes
Assistance par e-mail	8,200	24 heures
Chat en direct	5,700	15 minutes

HF Sinclair Corporation (Dino) - Modèle d'entreprise: canaux

Ventes directes aux clients industriels et commerciaux

HF Sinclair Corporation dessert des clients industriels et commerciaux par le biais d'équipes de vente dédiées. En 2023, la société a déclaré 6,2 milliards de dollars de ventes de produits raffinés dans des segments industriels.

Segment de clientèle	Volume des ventes annuelles	Produits primaires
Fabrication	1,4 million de barils	Diesel, lubrifiants
Agriculture	850 000 barils	Diesel, huile à carburant
Transport	2,1 millions de barils	Diesel, essence

Stations de carburant au détail et dépanneurs

HF Sinclair exploite un réseau de stations de carburant au détail et de dépanneurs dans plusieurs États.

• Total des lieux de vente au détail: 1 300 stations de marque
• Couverture géographique: 17 États dans le Midwest des États-Unis
• Ventes quotidiennes quotidiennes moyennes par station: 4 200 gallons

Commande en ligne et plateformes numériques

La société a développé des plateformes numériques pour la commande commerciale de carburant et la gestion des comptes. En 2023, 35% des transactions en carburant commercial ont été traitées via des canaux numériques.

Réseaux de distribution en gros

HF Sinclair maintient une vaste infrastructure de distribution de gros.

Actif de distribution	Quantité	Capacité
Pipelines	2 400 miles	1,2 million de barils / jour
Bornes de stockage	42 terminaux	25 millions de barils
Flotte de camions	680 camions-citernes	95 000 barils / jour

Marketing direct et gestion des relations de l'industrie

HF Sinclair investit dans des stratégies de marketing et de gestion des relations ciblées.

• Budget marketing annuel: 42 millions de dollars
• Conférences de l'industrie et salons commerciaux présents: 18
• Taux de rétention de la clientèle: 87%

HF Sinclair Corporation (Dino) - Modèle d'entreprise: segments de clientèle

Entreprises de fabrication industrielle

HF Sinclair Corporation dessert des clients de fabrication industrielle avec des produits pétroliers et raffinés.

Type de client	Volume annuel (gallons)	Part de marché estimé
Fabrication de produits chimiques	42,5 millions	7.3%
Processeurs pétrochimiques	38,2 millions	6.9%

Sociétés de transport et de logistique

Segment de clientèle clé pour les carburants diesel et de transport.

• Sociétés de camionnage: 215 millions de gallons par an
• Transport ferroviaire: 89 millions de gallons par an
• Fournisseurs de logistique de fret: 142 millions de gallons par an

Entreprises agricoles

Alimentation importante de carburant pour l'équipement et les opérations agricoles.

Segment agricole	Consommation de carburant annuelle
Équipement agricole	76,3 millions de gallons
Traitement agricole	45,7 millions de gallons

Consommateurs de carburant au détail

Dirigez les ventes de carburant des consommateurs via des stations de vente au détail de marque.

• Total des stations de vente au détail: 1 400 emplacements
• Volume annuel sur l'essence au détail: 512 millions de gallons
• Transaction quotidienne moyenne des consommateurs: 45,67 $

Opérateurs de flotte commerciale et gouvernementale

Alimentation spécialisée en carburant pour les opérations de flotte à grande échelle.

Catégorie de flotte	Exigence de carburant annuelle	Pénétration du marché
Flottes commerciales	287 millions de gallons	12.4%
Véhicules du gouvernement	93 millions de gallons	8.7%

HF Sinclair Corporation (Dino) - Modèle d'entreprise: Structure des coûts

Frais d'achat de pétrole brut

Pour l'exercice 2023, les frais d'achat de pétrole brut de HF Sinclair ont totalisé 14,2 milliards de dollars. La société a traité environ 428 000 barils par jour de pétrole brut.

Catégorie de dépenses	Montant (millions de dollars)	Pourcentage du total des coûts d'approvisionnement
Acquisition de pétrole brut domestique	8,520	60%
Achat international de pétrole brut	5,680	40%

Frais opérationnels et d'entretien de la raffinerie

En 2023, les dépenses opérationnelles de la raffinerie de HF Sinclair étaient de 2,3 milliards de dollars, les coûts de maintenance représentant 456 millions de dollars.

• Budget total de maintenance de raffinerie: 456 millions de dollars
• Coût de maintenance moyen par raffinerie: 76 millions de dollars
• Nombre de raffineries: 6

Investissements de production diesel renouvelable

HF Sinclair a investi 620 millions de dollars dans les infrastructures de production diesel renouvelables en 2023.

Catégorie d'investissement	Montant (millions de dollars)
Mises à niveau des installations de production	380
Recherche et développement	140
Mise en œuvre de la technologie	100

Initiatives de conformité environnementale et de durabilité

Les coûts de conformité environnementale pour 2023 étaient 187 millions de dollars.

• Investissements de réduction des émissions: 82 millions de dollars
• Dépenses du programme de durabilité: 105 millions de dollars

Dépenses de marketing et de distribution

Les frais de marketing et de distribution totaux pour 2023 ont atteint 412 millions de dollars.

Catégorie de dépenses	Montant (millions de dollars)
Transport et logistique	278
Marketing et publicité	134

HF Sinclair Corporation (Dino) - Modèle d'entreprise: Strots de revenus

Ventes de produits pétroliers

Pour l'exercice 2023, HF Sinclair Corporation a déclaré un chiffre d'affaires de produits de pétrole de 9,76 milliards de dollars.

Catégorie de produits	Revenus annuels (2023)
Essence	4,2 milliards de dollars
Carburant diesel	3,5 milliards de dollars
Carburant à jet	1,6 milliard de dollars

Production diesel renouvelable

La production de diesel renouvelable a généré 1,2 milliard de dollars de revenus pour 2023, avec une capacité de production de 250 millions de gallons par an.

Revenus au détail de carburant et de dépanneur

Les revenus du segment de détail pour 2023 ont totalisé 2,3 milliards de dollars.

Source de revenus	Montant (2023)
Ventes de carburant	1,8 milliard de dollars
Ventes de dépanneur	500 millions de dollars

Trading et commercialisation de pétrole brut et de produits raffinés

Les activités de négociation et de marketing ont généré 5,4 milliards de dollars de revenus pour 2023.

• Volume de trading de pétrole brut: 300 000 barils par jour
• Volume de trading de produits raffinés: 250 000 barils par jour

Sous-produits et ventes de produits spécialisés

Les ventes de produits et de produits spécialisés ont contribué 380 millions de dollars au total des revenus en 2023.

Produit de spécialité	Contribution des revenus
Lubrifiants	150 millions de dollars
Pétrochimique	130 millions de dollars
Autres produits spécialisés	100 millions de dollars

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.