HF Sinclair is an independent U.S. petroleum refiner that converts crude oil into gasoline, diesel, jet fuel, and other refined products. The company operates eight refineries in the Mid-Continent, Southwest, Rocky Mountains, and Pacific Northwest, with combined crude processing capacity of 678,000 barrels per day. HF Sinclair's refining economics are driven by crack spreads — the difference between refined product prices and crude feedstock costs — and by its ability to process discounted heavy and sour crude oils, primarily sourced from inland hubs like Cushing and the Permian Basin. Beyond refining, the company operates four other segments: Midstream, which owns pipelines, terminals, and storage that primarily serve HF Sinclair's own refineries and earns stable fee-based revenue insulated from commodity prices; Lubricants & Specialties, which produces base oils, automotive and industrial lubricants, and specialty products (white oils, waxes, petrolatums for pharma, personal care, and food) through its Petro-Canada Lubricants and Sonneborn businesses; Marketing, which manages the Sinclair-branded fuel network of over 1,700 retail sites across the U.S.; and Renewables, which operates renewable diesel units in New Mexico and Wyoming. HF Sinclair's growth strategy focuses on expanding its midstream pipeline network westward toward California, growing its branded retail network, and building out its finished lubricants business through bolt-on acquisitions. Capital return is also a priority, with over $4.7B returned to shareholders since 2022.