HF Sinclair(DINO)2024-05-08 10:33Financial Performance - Reported net income attributable to HF Sinclair stockholders of 1.57 per diluted share, for Q1 2024, compared to 1.79 per diluted share, for Q1 2023 [2]. - Adjusted net income for Q1 2024 was 0.71 per diluted share, down from 2.00 per diluted share, in Q1 2023 [2]. - Consolidated net income for Q1 2024 was 31,739 in Q1 2023, reflecting a significant decline [25]. - Adjusted net income attributable to HF Sinclair stockholders was 394,087 in Q1 2023 [54]. - Adjusted earnings per share - diluted fell to 2.00 in the same quarter last year [54]. - Income before income taxes decreased to 484,705 in Q1 2023 [56]. - Effective tax rate for adjusted results increased to 21.5%, compared to 20.6% in Q1 2023 [56]. Revenue and Sales - Sales and other revenues for Q1 2024 were 537,997 or 7% compared to Q1 2023 [15]. - Total revenues for the three months ended March 31, 2024, were 7,565,142 for the same period in 2023 [25]. - Total refining segment sales and other revenues decreased to 6,718,615 thousand in Q1 2023, a decrease of 7.6% [47]. - Marketing segment sales decreased to 937,385 in the same quarter last year [51]. - Renewables segment sales decreased to 298,016 in the same quarter last year [49]. Segment Performance - Refining segment income before interest and income taxes was 436.9 million in Q1 2023 [3]. - Renewables segment loss before interest and income taxes was (64.6) million in Q1 2023 [4]. - Marketing segment income before interest and income taxes increased to 0.5 million in Q1 2023 [5]. - Midstream segment income before interest and income taxes rose to 73.9 million in Q1 2023 [7]. Margins and Expenses - Consolidated refinery gross margin was 23.20 in Q1 2023 [3]. - Refinery gross margin per produced barrel sold decreased to 23.20 in Q1 2023, a decline of 45.4% [47]. - Operating expenses (exclusive of depreciation and amortization) decreased by 607,112 compared to 0.15 in Q1 2024 from 23,277, up 74.5% from 0.07 in Q1 2024 from 316.9 million for Q1 2024, with cash and cash equivalents at 269 million to stockholders through dividends and share repurchases in Q1 2024 [3]. - Authorized a new 0.50, up 0.45 in Q1 2023 [15]. Asset and Debt Management - Total assets increased to 17,716,265 at the end of 2023 [16]. - Total debt decreased to 2,739,083, indicating a reduction in leverage [16]. - Cash and cash equivalents were reported at 1,353,747 at the end of 2023 [16]. Operational Metrics - Refinery throughput in the Mid-Continent region increased to 273,890 BPD in Q1 2024, up from 231,260 BPD in Q1 2023, representing an 18.5% increase [28]. - The West region's refinery utilization improved to 82.8% in Q1 2024, compared to 68.7% in Q1 2023 [29]. - The company reported a total crude charge of 604,930 BPD for consolidated operations in Q1 2024, an increase from 498,500 BPD in Q1 2023, representing a 21.4% increase [29]. - Midstream segment volumes increased to 1,765,398 BPD in Q1 2024 from 1,676,762 BPD in Q1 2023, an increase of 5.3% [38]. - The number of branded sites in the marketing segment increased to 1,547 at the end of Q1 2024 from 1,511 at the end of Q1 2023, an increase of 2.4% [36]. Capital Expenditures - Capital expenditures for Q1 2024 totaled 100,069 in Q1 2023, reflecting a 10.9% reduction [25].