Description

HF Sinclair’s Lubricants Spin-Off — Can A $350 Million Business Unlock More Value?

HF Sinclair Corporation reported strong second-quarter 2026 results, with net income attributable to shareholders of $892 million, or $4.93 per diluted share. Adjusted net income reached $960 million, or $5.31 per diluted share, while adjusted EBITDA nearly doubled to $1.5 billion from $665 million a year earlier. The improvement was driven primarily by stronger refining margins and higher throughput. Refining adjusted EBITDA increased to $1 billion, supported by favorable crack spreads and steady demand across the Mid-Continent and Western U.S. Crude throughput reached 640,000 barrels per day, above guidance. A planned turnaround at the El Dorado refinery is expected to reduce third-quarter throughput temporarily. Marketing delivered modest EBITDA and volume growth, while expansion of branded fuel locations continues. Renewables generated adjusted EBITDA of $123 million, reversing a prior-year loss as higher Renewable Identification Number prices and producer tax credits supported profitability. Midstream performance remained broadly stable sequentially.