HF Sinclair

What HF Sinclair does

HF Sinclair Corporation (NYSE: DINO) is a Dallas-headquartered, publicly traded integrated energy company that manufactures and sells gasoline, diesel fuel, jet fuel, renewable diesel, lubricants, specialty products, and asphalt. It operates seven complex U.S. refineries with 678,000 barrels per day of crude processing capacity across Kansas, Oklahoma, New Mexico, Wyoming, Washington, and Utah, supported by midstream transportation, terminalling, and storage through its wholly owned HF Sinclair Midstream subsidiary (formerly Holly Energy Partners). The company also produces lubricants at facilities in Tulsa (OK), Mississauga (Ontario, Canada), and Amsterdam (Netherlands), with 34,000 barrels per day of capacity sold in more than 80 countries under the Petro-Canada Lubricants, Sonneborn, Red Giant Oil, and HollyFrontier Specialty Products brands.

HF Sinclair's renewable diesel platform comprises three facilities — Artesia (NM), Cheyenne (WY), and the Parco Refinery in Sinclair (WY) — providing 380 million gallons per year of capacity using pre-treatment and renewable diesel units (PTU/RDU) that process animal fats and soybean-based feedstocks into drop-in renewable diesel with 50–80% lower net GHG emissions than petroleum diesel. The company markets refined products through more than 1,750 Sinclair-branded retail fuel stations across 30 states, with the DINOPAY mobile app, Elite Diesel, and DINOCARE TOP TIER gasoline; it also supplies U.S. Military and Class I railroads directly and serves highway contractors with performance-graded asphalt across four Southwestern refineries and terminals.

HF Sinclair makes money primarily on transaction-fee-style commodity sales of refined products and lubricants, supplemented by throughput-based midstream service revenue. Its growth strategy combines organic renewable diesel buildout, bolt-on M&A in lubricants (most recently Industrial Oils Unlimited for $38M in January 2026), capital-light retail expansion through the Green Trail Fuels joint venture with UPOP Holdings, and aggressive shareholder returns ($724M returned in 2025). The company is currently navigating a leadership transition following the February 2026 voluntary leaves of absence by both the CEO and CFO amid an Audit Committee review of disclosure processes, which has triggered multiple securities investigations.

Name

HF Sinclair

Legal name

HF Sinclair Corporation

Website

https://hfsinclair.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

HF Sinclair Corporation is a Dallas-based integrated energy company that refines crude oil at seven U.S. refineries (678,000 bpd capacity) and produces gasoline, diesel, jet fuel, renewable diesel, lubricants, and asphalt for retail, commercial, military, and industrial customers across 30 U.S. states and 80+ countries.

Ownership category

akta.pro rank

Product category

Petroleum Refining and Marketing

NAICS

Petroleum Lubricating Oil and Grease Manufacturing (324191), Petroleum Refineries (324110)

SIC

Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172)

akta.pro primary industry

Industrial Lubricants (Hydraulics, Gear, Compressor, Turbine, Metalworking) (EUALAJAG)

akta.pro secondary industries

Renewable Diesel (HVO/HEFA) Production (EUAAAHAD), Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB)

Keywords

• Petroleum refining
• Renewable diesel
• Industrial lubricants
• Specialty fuels
• Midstream operations

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Refining: Crude oil refining operations producing gasoline, diesel fuel, and jet fuel. Revenue generated from sale of refined petroleum products to wholesale and retail customers across the Southwest U.S., Rocky Mountains, and Pacific Northwest regions. Seven complex refineries with 678,000 barrels per day total crude processing capacity.
2. Lubricants & Specialties: Production and sale of base oils, industrial lubricants, process oils, specialty fluids, waxes, petrolatums, and white oils under Sonneborn, Petro-Canada Lubricants, Red Giant Oil, and HollyFrontier Specialty Products brands. 34,000 barrels per day lubricant production capacity. Sold worldwide to more than 80 countries.
3. Renewables: Production and sale of renewable diesel with 380 million gallons per year capacity across three facilities (Artesia, NM; Cheyenne, WY; Sinclair, WY). Renewable diesel produces 50% to 80% less greenhouse gas emissions than petroleum diesel and is chemically identical, usable without engine modifications.
4. Midstream: Petroleum product and crude oil transportation, terminalling, storage and throughput services through Holly Energy Partners subsidiary. Pipeline and terminal operations in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas.
5. Asphalt & Heavy Products: Production and marketing of performance-graded asphalt, fuel oil, vacuum tower bottoms, carbon black oil, roofing flux, and zero pen asphalt at four refineries and terminals in Arizona and New Mexico.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

HF Sinclair Corporation is an integrated energy company that refines crude oil at seven U.S. refineries with 678,000 barrels per day capacity to produce gasoline, diesel, jet fuel, and renewable diesel, while also manufacturing industrial lubricants, base oils, specialty fluids, and asphalt. The company sells its fuel products through more than 1,750 Sinclair-branded retail stations across 30 states and distributes lubricants and specialty products worldwide through brands such as Petro-Canada Lubricants, Sonneborn, Red Giant Oil, and HollyFrontier Specialty Products. It also operates midstream transportation, terminalling, and storage infrastructure through HF Sinclair Midstream (formerly Holly Energy Partners).

Product overview

HF Sinclair Corporation is an integrated energy company with five primary business segments operating across refining, renewables, marketing, lubricants, and midstream. The company operates seven U.S. refineries with 678,000 barrels per day crude capacity and produces lubricants across facilities in the U.S., Canada, and Netherlands. Its family of brands includes Sinclair Oil (fuel marketing), Petro-Canada Lubricants, Sonneborn, Red Giant Oil, and HollyFrontier Specialty Products. The company also produces 380 million gallons annually of renewable diesel and operates midstream logistics through Holly Energy Partners. Products span light petroleum products (gasoline, diesel, jet fuel), industrial and specialty lubricants, asphalt, and renewable diesel, sold to customers in over 80 countries.

Differentiator

Problem solved

Functional benefit

Brands

• DINOPAY: Mobile payment app for fuel and in-store purchases at Sinclair stations
• DINO Days
• Elite Diesel
• DINOCARE
• SonneNatural
• Holly Energy Partners

Products and services

• Light Products (Gasoline, Diesel, Jet Fuel) Gasoline, diesel fuel, and jet fuel produced at HF Sinclair's seven U.S. refineries and marketed principally in the Southwest U.S. and Rocky Mountains, extending into the Pacific Northwest. The Sinclair Oil brand markets Elite Diesel and DINOCARE TOP TIER gasoline to consumers through retail stations.
• Renewable Diesel Low-carbon fuel chemically identical to petroleum diesel but producing 50% to 80% less greenhouse gas emissions, made from recycled animal fats, inedible corn and soybean oil. Produced at three facilities with total capacity of 380 million gallons annually and LCFS pathway approvals in California and British Columbia.
• Petro-Canada Lubricants Engine oils, gear oils, greases and specialty fluids for heavy-duty fleet, construction, mining, and forestry equipment, with manufacturing in Mississauga, Ontario and exports to more than 80 countries.
• Sonneborn Specialty Products White oils, petrolatums, and microcrystalline waxes for personal care, pharmaceutical, polymers, and food processing industries. Includes the SonneNatural line of 100% vegetable-based sustainable products.
• Red Giant Oil Railroad Lubricants Engine oils of choice for U.S. Class I railroads with over 100 years of experience, continually evolving to meet needs of powerful equipment while improving uptime and decreasing maintenance intervals.
• HollyFrontier Specialty Products Specialty fluids and wax solutions including process oil, agricultural oil, asphalt modifier or custom wax blends for various industries, emphasizing purity, uniformity and flexibility.
• Asphalt and Heavy Products Performance-graded asphalt, fuel oil, vacuum tower bottoms, carbon black oil, roofing flux, and zero pen asphalt marketed at four refineries and terminals in Arizona, New Mexico, and Oklahoma, primarily for highway construction and maintenance.
• HF Sinclair Midstream (Holly Energy Partners) Petroleum product and crude oil transportation, terminalling, storage, and throughput services through pipeline and terminal operations across Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming, and Kansas.
• Sinclair Oil Branded Retail Fuel Consumer-facing fuel marketing through more than 1,750 Sinclair-branded stations across 30 states, offering Elite Diesel, DINOCARE TOP TIER gasoline, and mobile payment via the DINOPAY app.
• SonneNatural Bio-Based Ingredient Line Three new lines of 100% bio-based ingredients for the personal care industry: Fluidity (Renewable White Alkanes), Affinity (plant-based waxy emollients), and Synergy (hybrid solutions), positioned as alternatives to cyclic siloxanes and mineral oils.

Quantifiable outcome

• Q1 2026 adjusted EBITDA of $426 million, more than doubling from $201 million in Q1 2025
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• UPOP HoldingscoreStrategic or Co-development Partner · 18 February 202650-50 joint venture called Green Trail Fuels LLC covering 30 retail sites across Colorado and New Mexico. HF Sinclair holds 50% non-operating economic interest and supplies fuel from proximate regional refineries. UPOP operates the retail sites. Expected to accelerate Sinclair-branded location growth and create operational/logistics synergies with existing midstream and refining assets.
• Folds of HonorminorOthersMultiyear charitable partnership providing educational scholarships to spouses and children of fallen or disabled military service members and first responders. Sinclair's fall 2025 campaign raised over $1 million, with $3.1 million raised over four years combined. 201 scholarships to be provided in 2026.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Marathon Petroleum Corporation: Marathon Petroleum (NYSE: MPC) is one of the largest US refiners and the most directly comparable peer to HF Sinclair, operating 13 refineries with ~2.9M bpd capacity and a nationwide refining and marketing platform. Like HF Sinclair, MPC has been transitioning toward integrated energy with renewables exposure.
• Valero Energy Corporation: Valero (NYSE: VLO) operates 15 petroleum refineries with ~3.3M bpd capacity and is the largest renewable diesel producer in the US through its Diamond Green Diesel joint venture with Darling Ingredients — making it the most directly comparable peer on the renewable diesel side of HF Sinclair's business.
• Phillips 66: Phillips 66 (NYSE: PSX) is an integrated downstream and midstream energy company with ~1.9M bpd refining capacity and significant midstream operations (CPChem, DCP Midstream). Closely comparable to HF Sinclair's integrated refining/midstream/marketing model.
• PBF Energy Inc. PBF Energy (NYSE: PBF) is an independent petroleum refiner with six refineries and ~1M bpd capacity, focused on crude oil refining in the U.S. Like HF Sinclair, it serves wholesale and branded fuel customers and is exposed to crack spread volatility.
• CVR Energy, Inc. CVR Energy (NYSE: CVI) operates two refineries (~185k bpd capacity) with a petroleum and nitrogen fertilizer business. Comparable to HF Sinclair as a smaller independent refiner with diversified downstream exposure.
• Delek US Holdings, Inc. Delek US (NYSE: DK) operates four refineries (~302k bpd) and a retail fuel network (DELK) plus midstream logistics. Highly comparable mid-sized independent refiner-marketer focused on the same U.S. regions as HF Sinclair.
• Calumet Specialty Products Partners, L.P. Calumet (NASDAQ: CLMT) produces specialty hydrocarbons including lubricating oils, white oils, solvents, and waxes — directly comparable to HF Sinclair's Sonneborn, Petro-Canada, and HollyFrontier Specialty Products platforms. Both are specialty-focused refiners in similar product categories.
• Sunoco LP: Sunoco LP (NYSE: SUN) is a master limited partnership focused on fuel distribution and midstream operations, comparable to HF Sinclair's midstream operations through Holly Energy Partners. Both have significant fuel logistics and terminal infrastructure.

Emerging players

• Neste Oyj: Neste (HEL: NESTE) is the world's leading producer of renewable diesel (Neste MY) with capacity exceeding 5M tons/year. It is the most direct comparable peer to HF Sinclair's renewable diesel segment, particularly given its leadership in low-carbon fuel pathways globally.
• Darling Ingredients Inc. Darling Ingredients (NYSE: DAR) is a major producer of renewable diesel feedstock (used cooking oil, animal fats) and partner with Valero in Diamond Green Diesel. Comparable to HF Sinclair on the renewable diesel value chain, though Darling is primarily a feedstock supplier rather than integrated refiner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/hfspugetsound
• Facebookfacebook.com/HFSinclair
• LinkedInlinkedin.com/company/hfc-inc
• Instagraminstagram.com/sinclairoilcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HF Sinclair