$DINO · HF Sinclair Corp
HF Sinclair filed an 8-K reporting Q3 2026 results with net income of $2,015 million ($11.38/diluted share) on revenue of $9.857 billion, a 400% YoY earnings surge. The company also announced the appointment of President/COO Steve Ledbetter as CEO effective January 1, 2027, succeeding Franklin Myers who becomes Executive Chairperson. A regular quarterly dividend of $0.525/share was declared.
- Net income attributable to HF Sinclair stockholders was $2,015 million ($11.38/diluted share), up 400% from $403 million in Q3 2025.
- Adjusted net income was $2,079 million ($11.75/diluted share) vs. $459 million ($2.44/diluted share) in the prior-year quarter.
- Refining segment Adjusted EBITDA hit $2,582 million, driven by tight fuel supply, elevated crack spreads, and EPA small refinery RINs waivers.
- Returned $572 million to stockholders in Q3 via $479 million in share repurchases and $93 million in dividends.
- Steve Ledbetter (current President/COO) appointed CEO effective January 1, 2027; Franklin Myers becomes Executive Chairperson.
Extended-hours trading shows DINO at $119.54, up +4.67% from the regular-session close of $114.21, which had fallen 8.81% during the regular session. The after-hours bid suggests the market is reacting positively to the massive earnings beat and capital return.
A 400% YoY earnings surge paired with a CEO succession and a major segment spin-off makes this one of the most consequential filings in the refining sector this quarter.
HF Sinclair's refining margin explosion ($54.22/produced barrel, +183% YoY) reflects the broader tight-supply environment in transportation fuels that has lifted the entire independent refining sector. The planned Lubricants & Specialties separation mirrors a sector trend toward pure-play structures.
Refining segment benefited from EPA small refinery RINs waivers — a policy-driven tailwind that could reverse under regulatory changes. The Mississauga Refinery retirement incurred $109 million in combined impairment, severance, and accelerated depreciation charges.