$DINO
HF Sinclair Corp

2023 Q3 Form 10-Q Financial Statement

#000191565723000058 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $8.905B $7.834B
YoY Change -15.98% -29.82%
Cost Of Revenue $6.936B $6.266B
YoY Change -17.19% -26.97%
Gross Profit $1.970B $1.568B
YoY Change -11.42% -39.28%
Gross Profit Margin 22.12% 20.01%
Selling, General & Admin $124.2M $123.9M
YoY Change 20.97% 11.74%
% of Gross Profit 6.31% 7.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $195.6M $189.4M
YoY Change 13.72% 15.43%
% of Gross Profit 9.93% 12.08%
Operating Expenses $622.5M $857.0M
YoY Change 2.97% 41.4%
Operating Profit $1.071B $710.9M
YoY Change -19.3% -57.35%
Interest Expense $48.69M -$25.10M
YoY Change 8.6% -164.42%
% of Operating Profit 4.54% -3.53%
Other Income/Expense, Net -$11.29M -$23.95M
YoY Change -76.32% -20.85%
Pretax Income $1.060B $680.4M
YoY Change -17.18% -58.42%
Income Tax $235.0M $145.9M
% Of Pretax Income 22.17% 21.45%
Net Earnings $790.9M $503.3M
YoY Change -17.13% -58.79%
Net Earnings / Revenue 8.88% 6.42%
Basic Earnings Per Share $4.23 $2.62
Diluted Earnings Per Share $4.23 $2.62
COMMON SHARES
Basic Shares Outstanding 184.1M shares 192.3M shares
Diluted Shares Outstanding 185.5M shares 192.3M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.215B $1.615B
YoY Change 53.04% -5.15%
Cash & Equivalents $2.215B $1.615B
Short-Term Investments
Other Short-Term Assets $75.71M $77.07M
YoY Change -28.67% -5.0%
Inventory $3.134B $3.259B
Prepaid Expenses
Receivables $1.949B $1.631B
Other Receivables $29.00M $111.9M
Total Short-Term Assets $7.402B $6.693B
YoY Change 8.42% -13.11%
LONG-TERM ASSETS
Property, Plant & Equipment $6.906B $6.946B
YoY Change -2.61% -2.65%
Goodwill $3.000B $2.979B
YoY Change 0.0% 1.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.593B $600.8M
YoY Change 6.64% -86.16%
Total Long-Term Assets $11.50B $11.50B
YoY Change 0.88% 0.25%
TOTAL ASSETS
Total Short-Term Assets $7.402B $6.693B
Total Long-Term Assets $11.50B $11.50B
Total Assets $18.90B $18.20B
YoY Change 3.71% -5.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.366B $2.001B
YoY Change -2.03% -35.5%
Accrued Expenses $553.1M $574.9M
YoY Change 3.7% 16.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $307.8M $307.6M
YoY Change
Total Short-Term Liabilities $3.477B $2.888B
YoY Change 7.25% -28.98%
LONG-TERM LIABILITIES
Long-Term Debt $2.862B $2.888B
YoY Change -14.16% -13.73%
Other Long-Term Liabilities $379.7M $606.7M
YoY Change 0.2% 58.83%
Total Long-Term Liabilities $3.242B $3.495B
YoY Change -12.7% -6.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.477B $2.888B
Total Long-Term Liabilities $3.242B $3.495B
Total Liabilities $6.719B $8.488B
YoY Change -3.4% 8.87%
SHAREHOLDERS EQUITY
Retained Earnings $5.523B $4.816B
YoY Change 52.42% 74.83%
Common Stock $6.494B $6.483B
YoY Change -0.1% -0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.576B
YoY Change 1092.43%
Treasury Stock Shares
Shareholders Equity $9.825B $9.709B
YoY Change
Total Liabilities & Shareholders Equity $18.90B $18.20B
YoY Change 3.71% -5.11%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $790.9M $503.3M
YoY Change -17.13% -58.79%
Depreciation, Depletion And Amortization $195.6M $189.4M
YoY Change 13.72% 15.43%
Cash From Operating Activities $1.399B $490.0M
YoY Change 60.27% -67.94%
INVESTING ACTIVITIES
Capital Expenditures $81.10M $80.18M
YoY Change -181.34% -150.29%
Acquisitions
YoY Change
Other Investing Activities $9.700M $4.138M
YoY Change -135.78% -26.23%
Cash From Investing Activities -$71.40M -$76.04M
YoY Change -43.7% -50.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -725.5M -163.7M
YoY Change -27.13% -37.34%
NET CHANGE
Cash From Operating Activities 1.399B 490.0M
Cash From Investing Activities -71.40M -76.04M
Cash From Financing Activities -725.5M -163.7M
Net Change In Cash 602.0M 250.2M
YoY Change -341.14% -77.52%
FREE CASH FLOW
Cash From Operating Activities $1.399B $490.0M
Capital Expenditures $81.10M $80.18M
Free Cash Flow $1.318B $409.8M
YoY Change 35.5% -75.72%

Facts In Submission

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us-gaap Loss Contingency Disclosures
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Contingencies<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the ordinary course of business, we may become party to legal, regulatory or administrative proceedings or governmental investigations, including environmental and other matters. Damages or penalties may be sought from us in some matters and certain matters may require years to resolve. While the outcome and impact of these proceedings and investigations on us cannot be predicted with certainty, based on advice of counsel and information currently available to us, management believes that the resolution of these proceedings and investigations through settlement or adverse judgment will not either individually or in the aggregate have a material adverse effect on our financial condition, results of operations or cash flows. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Business Combination Agreement, all pre-closing RINs obligations of REH Company’s subsidiaries (which are now subsidiaries of HF Sinclair as a result of the HFC Transactions) remain with REH Company. REH Company is required to transfer to HF Sinclair the number of each applicable type of RIN required for REH Company to demonstrate compliance for any pre-closing obligations it retained by the deadlines set forth in the Business Combination Agreement. If REH Company does not deliver all the required RINs by the applicable deadline, then, within five days following the delivery of an invoice therefor, REH Company is required to pay to HF Sinclair the amount of all out-of-pocket costs and expenses incurred by HF Sinclair to comply with REH Company’s pre-closing obligations prior to such deadline, including the price of any RINs purchased by HF Sinclair. In relation to this, 2,570,000 shares of HF Sinclair common stock, out of the purchase consideration paid to REH Company, are held in escrow to secure REH Company’s RINs credit obligations under Section 6.22 of the Business Combination Agreement. The 5,290,000 HEP common units that were also held in escrow to secure REH Company’s RINs credit obligations were released to REH Company in April 2023 upon their satisfaction of the RINs credit obligations relating thereto.</span></div>During 2017 and 2019, the EPA granted the Cheyenne, Wyoming refinery (the “Cheyenne Refinery”) and the refinery in Woods Cross, Utah (the “Woods Cross Refinery”) each a one-year small refinery exemption from the Renewable Fuel Standard program requirements for the 2016 and 2018, respectively, compliance years. As a result, the Cheyenne Refinery’s and Woods Cross Refinery’s gasoline and diesel production are not subject to the renewable volume obligation for the respective years. Upon each exemption granted, we increased our inventory of RINs and reduced our cost of products sold. On April 7, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2018 compliance year. On June 3, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2016 compliance year and denying small refinery exemption petitions for our Woods Cross and Cheyenne refineries for the 2019 and 2020 compliance years. Various subsidiaries of HollyFrontier are currently pursuing legal challenges to the EPA’s decisions to reverse its grant of small refinery exemptions for the 2016 and 2018 compliance years. The first lawsuit, filed against the EPA on May 6, 2022 and currently pending before the U.S. Court of Appeals for the DC Circuit, seeks to have the EPA’s reversal of our 2018 small refinery exemption petitions overturned. The second lawsuit, filed against the EPA on August 5, 2022 and currently pending before the U.S. Court of Appeals for the DC Circuit, seeks to have the EPA’s reversal of our 2016 small refinery exemption petitions overturned and to have the EPA’s denial of our 2019 and 2020 small refinery exemption petitions reversed. In addition, for both the 2016 and 2018 compliance years, pursuant to the June 2022 and April 2022 decisions, respectively, the EPA established an alternative compliance demonstration for small refineries pursuant to which the EPA is not imposing any obligations for the small refineries whose exemptions were reversed. On June 24, 2022, Growth Energy filed two lawsuits in the U.S. Court of Appeals for the DC Circuit against the EPA challenging the alternative compliance demonstration for the 2016 and 2018 compliance years. On July 25, 2022, various subsidiaries of HollyFrontier intervened on behalf of the EPA to aid the defense of the EPA’s alternative compliance demonstration decision. It is too early to predict the outcome of these matters. We are unable to estimate the costs we may incur, if any, at this time.
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7833646000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7833646000 usd
CY2023Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
6273605000 usd
CY2023Q2 us-gaap Inventory Write Down
InventoryWriteDown
-7863000 usd
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
546800000 usd
CY2023Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
127388000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
189360000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
704356000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3545000 usd
CY2023Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
80181000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11162160000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11162160000 usd
CY2022Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
8579915000 usd
CY2022Q2 us-gaap Inventory Write Down
InventoryWriteDown
34543000 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
606127000 usd
CY2022Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
110875000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
164044000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1666656000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5447000 usd
CY2022Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
159444000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15398788000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15398788000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12377662000 usd
us-gaap Inventory Write Down
InventoryWriteDown
39734000 usd
us-gaap Operating Expenses
OperatingExpenses
1186183000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
223301000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
363343000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
1208565000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7427000 usd
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
180250000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18620910000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18620910000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
15081927000 usd
us-gaap Inventory Write Down
InventoryWriteDown
25992000 usd
us-gaap Operating Expenses
OperatingExpenses
1083561000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
221297000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
308645000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
1899488000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9073000 usd
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
317740000 usd

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