HF Sinclair Corporation reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a net loss of $75.9 million for Q3 2024, a stark contrast to a net income of $790.9 million in Q3 2023. For the nine months ended September 30, 2024, net income was $390.5 million, down from $1.65 billion in the same period of the previous year. This decline in profitability is attributed to lower adjusted refinery gross margins, particularly in the West and Mid-Continent regions, despite an increase in refined product sales volumes.
Total revenues for Q3 2024 were $7.21 billion, a decrease of 19% from $8.91 billion in Q3 2023. The refining segment, which is a major contributor to the company's revenue, reported revenues of $5.39 billion, down from $6.72 billion in the prior year. The decrease in revenues was primarily driven by lower refined product sales prices and reduced excess crude oil sales volumes. For the nine months ended September 30, 2024, total revenues were $22.08 billion, down 9% from $24.30 billion in the same period of 2023.
Operating costs and expenses for Q3 2024 totaled $7.33 billion, a decrease from $7.83 billion in Q3 2023. The cost of materials and other also decreased to $6.16 billion from $6.94 billion year-over-year, reflecting lower crude oil costs. The company’s EBITDA for Q3 2024 was $98.6 million, significantly lower than $1.25 billion in Q3 2023.
HF Sinclair's balance sheet showed total current assets of $5.36 billion as of September 30, 2024, down from $6.15 billion at the end of 2023. Total assets decreased to $16.89 billion from $17.72 billion, while total liabilities decreased to $7.22 billion from $7.48 billion. Stockholders' equity decreased to $9.67 billion from $10.24 billion.
Strategically, HF Sinclair completed the merger with Holly Energy Partners (HEP) on December 1, 2023, which was accounted for as an equity transaction. The merger consideration totaled $267.6 million in cash and resulted in the issuance of over 21 million shares of common stock. The company also initiated a new $1 billion share repurchase program in May 2024, replacing the previous program with approximately $214.2 million remaining.
The company declared a quarterly dividend of $0.50 per share on October 31, 2024, reflecting a commitment to returning value to shareholders despite the recent financial challenges.
About HF Sinclair Corp
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