HF Sinclair reported third quarter 2026 results that significantly outperformed analyst expectations, driven by record refining profitability and robust throughput. The company benefited from elevated crack spreads and tight global supply for transportation fuels, resulting in a 183% increase in adjusted refinery gross margins per barrel.
Key Highlights
- Adjusted EPS of $11.75 and total revenue of $10.86 billion both substantially exceeded consensus estimates of $7.95 and $7.5 billion, respectively.
- Refinery gross margins surged to $54.22 per produced barrel sold, up from $19.16 in the prior-year period.
- Crude throughput averaged 614,060 barrels per day, finishing near the high end of management's guided range despite maintenance at the El Dorado refinery.
- The company returned $572 million to stockholders during the quarter through $479 million in share repurchases and $93 million in dividends.
- Management confirmed the planned separation of the Lubricants & Specialties segment remains on track for completion in 2027 and appointed Steve Ledbetter as the incoming CEO, effective January 1, 2027.