HF Sinclair reported a sharp increase in second-quarter adjusted net income to $960 million, or $5.31 per share, up from $322 million a year earlier, while adjusted EBITDA more than doubled to $1.5 billion. The company plans to separate its Lubricants and Specialties segment into an independent publicly traded company within 12 to 18 months and will retire its Mississauga, Ontario, base-oil assets as part of a shift to a capital-light supply model. HF Sinclair returned $265 million to shareholders during the quarter and raised its quarterly dividend 5% to $0.525 per share. Management expects refining markets to remain tight and is advancing the Go-West pipeline initiative, which could initially add 35,000 barrels per day of capacity into Nevada.
HF Sinclair CorpAdjusted net income surged to $960M, EBITDA doubled, dividend raised 5%, and $265M returned to shareholders.