HF Sinclair Corp. achieved a record low operating cost of $7.12 per barrel, below its target of $7.25, and reported stronger third-quarter 2025 results supported by higher refinery throughput, cost reductions and improved commercial performance, the company said during an earnings call last week.
The Dallas-based company posted net income of $403 million compared with $96 million in the same period a year earlier, returning $254 million in cash to shareholders through dividends and repurchases and declaring a 50-cent quarterly dividend payable Dec. 5 to shareholders on Nov. 19.
The results reflect steady improvement in HF Sinclair’s refining and downstream operations amid favorable market conditions. The company has also benefited from small refinery exemptions granted by the U.S. Environmental Protection Agency as well as expansion of its Sinclair-branded retail network and refining capacity in key markets.
Its refining segment saw adjusted EBITDA rise to $661 million from $110 million a year earlier, driven by higher margins and stronger operational reliability, the company said. Crude throughput averaged 639,000 barrels per day, the company’s second highest quarterly level on record.
“Our business is much different from just a few years ago,” Chief Executive Officer Tim Goh said. “Refining, throughput, capture, operating costs and capex are all trending in the right direction. Our nonrefining segments continue to shine, including our lubricants, marketing and midstream businesses.”
The company has three lubricants and specialties facilities in Canada, the U.S. and the Netherlands, as well as an API Group I base oil unit with capacity of 9,500 barrels per day at its refinery in Tulsa.