HF Sinclair reports Q4 loss but strong 2025 EBITDA amid leadership shifts
HF Sinclair has released its latest financial results alongside key leadership and operational updates. The company reported a news for the fourth quarter of 2025, while also announcing a new joint venture and changes in its executive team. Shareholders received returns through dividends and buybacks, but challenges in disclosure processes remain under review.
The company recorded a fourth-quarter net loss of $28 million, equivalent to negative $0.16 per diluted share. Despite this, full-year adjusted EBITDA for 2025 reached $2.3 billion, with the fourth quarter alone contributing $564 million. A boost came from EPA small refinery waivers, which added $313 million to the adjusted refining gross margin.
In February 2026, HF Sinclair formed Green Trail Fuels LLC, a joint venture with UPOP Holdings. The company holds a 50% nonoperating stake, but none of the planned 30 retail sites in Colorado and New Mexico have yet opened. The venture was only announced on February 18, 2026.
Leadership changes saw Franklin Myers step in as temporary CEO after Tim Go took a voluntary leave of absence. Meanwhile, the Audit Committee continues to examine certain aspects of the company's disclosure processes.
Looking ahead, HF Sinclair plans to increase its branded sites by roughly 10% each year. For 2026, the company expects to process between 585,000 and 650,000 barrels of crude oil per day in its refining segment. Capital spending is projected at $650 million for sustaining operations and $125 million for growth. Shareholders received $230 million in dividends and share repurchases during 2025.
HF Sinclair moves into 2026 with a mix of financial adjustments, new business ventures, and leadership transitions. The company's refining output and branded site expansion remain key focuses, while regulatory waivers and capital investments shape its near-term strategy. The Audit Committee's ongoing review adds an element of oversight to its disclosure practices.
