Combined HF Sinclair Reports 7% Revenue Drop In First Quarter Since Merger

Dallas-based HF Sinclair Corp., formed when HollyFrontier bought Sinclair, reports a 7% drop in revenue in the new company’s first quarterly report. It also predicts an upturn for its namesake Sinclair refinery.

Pat Maio

May 13, 20244 min read

The Sinclair refinery in Sinclair, Wyoming, in this 2011 file photo.
The Sinclair refinery in Sinclair, Wyoming, in this 2011 file photo. (James St. John via Flikr)

Independent energy firm HF Sinclair Corp., which runs refineries in Wyoming and has equity ownership positions in major petroleum pipelines crisscrossing the state’s energy heartlands, saw its profit and revenue narrow in the first quarter of 2024.

The financial report for the first three months of the year is the first take on a combined HF Sinclair in the calendar year for the recently merged HollyFrontier Corp. and its midstream affiliate, and Sinclair Oil’s refining, pipeline and storage assets.

Midstream activities include the storage, processing and transportation of petroleum products.

The Wyoming-centric HF Sinclair, while headquartered in Dallas, Texas, is the new parent entity of HollyFrontier, which announced the acquisition of Sinclair Oil and its Casper and Sinclair refineries back in 2021. HF Sinclair completed the merger at the end of 2023 as part of two deals valued at $2.6 billion.

In the quarter ended March 31, the company, which is in a turnaround and is trimming costs, reported profit falling 11% to $314.7 million from a year ago on revenue of $7.03 billion.

Profit came in at $353.3 million in the same 2023 period, while revenue fell 7% in the latest quarter from the $7.6 billion seen a year ago.

The newly formed company is still absorbing its new businesses and has divided the company into five business units — refining, renewables, marketing, lubricants and specialties, and midstream.

HF Sinclair has a huge presence in Wyoming.

Refining Refineries

On the refinery side of the business, HF Sinclair operates a renewables refinery in Cheyenne and petroleum refineries in Casper and Sinclair. The oil refineries are key to producing fuel at the gasoline pump, with prices influenced by whether refineries break down unexpectedly or need seasonal maintenance.

In 2021, Sinclair converted the refinery in Cheyenne to a renewable diesel unit (RDU). With a capacity of 6,000 barrels per day, the Cheyenne RDU processes refined soybean oil and animal fats into renewable diesel and small amounts of refined petroleum. Sales volume has increased 33% over the past year, according to the 2024 first quarter report.

Cheyenne RDU is in the renewables segment, while the Casper and Parco facilities are in the refining segment.

The Casper refinery is a 30,000 barrels-per-day facility located on 250 acres in central Wyoming. The refinery runs low sulfur sweet crude from Wyoming, the Rocky Mountain region and western South Dakota. The sweet crude is used in refined petroleum products such as gasoline and diesel fuel.

Located near a central hub for crude oil supply, the Casper facility is capable of running both domestic and Canadian synthetic crude.

The Parco refinery, a 94,000 barrels-per-day oil refinery located in Sinclair in southcentral Wyoming, runs a mix of Canadian and U.S. sweet and sour crudes, serving the greater Rocky Mountain region. Co-located at this site is a 10,000 barrels-per-day renewable diesel unit, like the one in Cheyenne.

Atanas Atanasov, chief financial officer for HF Sinclair, said on a recent conference call with Wall Street analysts that the Parco refinery in Wyoming is in a turnaround and anticipates a rosier outlook for crude oil production in the company’s second quarter.

Atanasov did not elaborate with analysts.

Sour crude oils have high sulfur content, which generally cost less than lighter, sweeter grades.

A line of oil taker cars roll in front of the Sinclair refinery in Sinclair, Wyoming, in a this file photo.
A line of oil taker cars roll in front of the Sinclair refinery in Sinclair, Wyoming, in a this file photo. (Getty Images)

Pipelines Galore

On the pipeline side of the business, HF Sinclair owns about 1,200 miles of pipeline in the combined company that supports its refineries.

The company owns a 50% interest in Cheyenne Pipeline LLC, the owner of a pipeline running from Fort Laramie to Cheyenne, and a 25.12% ownership interest in the Saddle Butte Pipeline III, the owner of a pipeline running from the energy-rich Powder River Basin to Casper.

HF Sinclair also owns a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline running from Sinclair to a terminal just north of Salt Lake City, Utah.

In the 2024 first quarter, the company saw a 5.2% uptick in total volume of barrels of oil moved in its pipeline business versus the same period last year.

Sinclair Oil’s roots go back to 1916.

But in 1969, energy giant ARCO bought Sinclair, which was later sold to Robert Earl Holding, whose family has owned the company since 1976.

Holding has Wyoming roots.

In the early 1950s, he began work on the first Little America resort near Rock Springs, Wyoming. The Little America Hotel & Resort in Cheyenne and other locations in the Western U.S. are owned by the Holding family.

HF Sinclair also provides fuel to 1,500 branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the United States.

Pat Maio can be reached at

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Pat Maio


Pat Maio is a veteran journalist who covers energy for Cowboy State Daily.