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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from    __________   to   ____________         
Commission File Number 001-41325
_________________________________________________________________
HF SINCLAIR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware87-2092143
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
2828 N. Harwood, Suite 1300
Dallas, Texas
75201
(Address of principal executive offices)(Zip Code)
(214) 871-3555
(Registrant’s telephone number, including area code)
_________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.01 par valueDINONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
216,843,583 shares of Common Stock, par value $.01 per share, were outstanding on August 5, 2022.


Table of Content
HF SINCLAIR CORPORATION
INDEX
 
 Page
PART I. FINANCIAL INFORMATION
June 30, 2022 (Unaudited) and December 31, 2021
Three and Six Months Ended June 30, 2022 and 2021
Three and Six Months Ended June 30, 2022 and 2021
Six Months Ended June 30, 2022 and 2021
Three and Six Months Ended June 30, 2022 and 2021
Signatures
2

Table of Content
FORWARD-LOOKING STATEMENTS

On March 14, 2022 (the “Closing Date”), HollyFrontier Corporation (“HollyFrontier”) and Holly Energy Partners, L.P. (“HEP”) announced the establishment of HF Sinclair Corporation, a Delaware corporation (“HF Sinclair”), as the new parent holding company of HollyFrontier and HEP and their subsidiaries, and the completion of their respective acquisitions of Sinclair Oil Corporation (now known as Sinclair Oil LLC, “Sinclair Oil”) and Sinclair Transportation Company LLC (“STC”) from The Sinclair Companies (now known as REH Company and referred to herein as “Sinclair HoldCo”). On the Closing Date, pursuant to that certain Business Combination Agreement, dated as of August 2, 2021 (as amended on March 14, 2022, the “Business Combination Agreement”), by and among HollyFrontier, HF Sinclair, Hippo Merger Sub, Inc., a wholly owned subsidiary of HF Sinclair (“Parent Merger Sub”), Sinclair HoldCo, and Hippo Holding LLC, a wholly owned subsidiary of Sinclair HoldCo (the “Target Company”), HF Sinclair completed its previously announced acquisition of the Target Company by effecting (a) a holding company merger in accordance with Section 251(g) of the Delaware General Corporation Law whereby HollyFrontier merged with and into Parent Merger Sub, with HollyFrontier surviving such merger as a direct wholly owned subsidiary of HF Sinclair (the “HFC Merger”) and (b) immediately following the HFC Merger, a contribution whereby Sinclair HoldCo contributed all of the equity interests of the Target Company to HF Sinclair in exchange for shares of HF Sinclair, resulting in the Target Company becoming a direct wholly owned subsidiary of HF Sinclair (the “HFC Transactions”). At the effective time of the HFC Merger, HollyFrontier became a wholly owned subsidiary of HF Sinclair, and all of HollyFrontier’s outstanding shares were automatically converted into equivalent corresponding shares of HF Sinclair. Pursuant to the HFC Merger, HF Sinclair became the successor issuer to HollyFrontier pursuant to Rule 12g-3(a) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and replaced HollyFrontier as the public company trading on the New York Stock Exchange (“NYSE”) under the symbol “DINO.”

In connection with the closing of the HFC Transactions, HF Sinclair issued 60,230,036 shares of HF Sinclair common stock, par value $0.01 per share, to Sinclair HoldCo, representing 27% of the pro forma equity of HF Sinclair with a value of approximately $2,149 million based on HollyFrontier’s fully diluted shares of common stock outstanding and closing stock price on March 11, 2022. On the Closing Date, Sinclair HoldCo made a $90.2 million cash payment to HF Sinclair related to estimated working capital adjustments pursuant to the Business Combination Agreement, which reduced the aggregate transaction value to approximately $2,059 million. Of the 60,230,036 shares of HF Sinclair common stock, 2,570,000 shares are currently held in escrow to secure Sinclair HoldCo’s renewable identification numbers (“RINs”) credit obligations under Section 6.22 of the Business Combination Agreement. Additionally, on the Closing Date, and immediately prior to the consummation of the HFC Transactions, HEP completed its acquisition of STC, Sinclair HoldCo’s integrated crude and refined products midstream business, and issued 21,000,000 common limited partner units and paid cash consideration of $321.4 million, inclusive of working capital adjustments, to Sinclair HoldCo in exchange for all the outstanding equity interests of STC (the “HEP Transaction” and together with the HFC Transactions, the “Sinclair Transactions”). Of these 21,000,000 common limited partner units, 5,290,000 units are currently held in escrow to secure Sinclair HoldCo’s RINs credit obligations to HF Sinclair under Section 6.22 of the Business Combination Agreement. HF Sinclair, and not HEP, would be entitled to the HEP common units held in escrow in the event of Sinclair HoldCo’s breach of its RINs credit obligations under the Business Combination Agreement.

References herein to HF Sinclair, “we,” “our,” “ours,” and “us” with respect to time periods prior to March 14, 2022 refer to HollyFrontier and its consolidated subsidiaries and do not include the Target Company, STC or their respective consolidated subsidiaries (collectively, the “Acquired Sinclair Businesses”). References herein to HF Sinclair, “we,” “our,” “ours,” and “us” with respect to time periods from and after March 14, 2022 include the operations of the Acquired Sinclair Businesses. Unless otherwise specified, the financial statements included herein include financial information for HF Sinclair, which for the time period from March 14, 2022 to June 30, 2022 includes the combined business operations of HollyFrontier and its consolidated subsidiaries and the Acquired Sinclair Businesses.

In this document, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person with certain exceptions. Generally, the words “we,” “our,” “ours” and “us” include HEP and its subsidiaries as consolidated subsidiaries of HF Sinclair, unless when used in disclosures of transactions or obligations between HEP and HF Sinclair or its other subsidiaries. This document contains certain disclosures of agreements that are specific to HEP and its consolidated subsidiaries and do not necessarily represent obligations of HF Sinclair. When used in descriptions of agreements and transactions, “HEP” refers to HEP and its consolidated subsidiaries.

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This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical fact included in this Form 10-Q, including, but not limited to, those under “Results of Operations,” “Liquidity and Capital Resources” and “Risk Management” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and those in Part II, Item 1 “Legal Proceedings” are forward-looking statements. Forward-looking statements use words such as “anticipate,” “project,” “will,” “expect,” “plan,” “goal,” “forecast,” “strategy,” “intend,” “should,” “would,” “could,” “believe,” “may,” and similar expressions and statements regarding our plans and objectives for future operations. These statements are based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties. Unless specifically noted, all statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:

our and HEP’s ability to successfully integrate the Acquired Sinclair Businesses with our existing operations and fully realize the expected synergies of the Sinclair Transactions or on the expected timeline;
our ability to successfully integrate the operation of the Puget Sound refinery with our existing operations;
the demand for and supply of crude oil and refined products, including uncertainty regarding the effects of the continuing coronavirus (“COVID-19”) pandemic on future demand and increasing societal expectations that companies address climate change;
risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in our markets;
the spread between market prices for refined products and market prices for crude oil;
the possibility of constraints on the transportation of refined products or lubricant and specialty products;
the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to infection in the workforce or in response to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, weather events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, or other catastrophes or disruptions affecting our operations, production facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing of our suppliers, customers, or third-party providers;
the effects of current and/or future governmental and environmental regulations and policies, including the effects of current and/or future restrictions on various commercial and economic activities in response to the COVID-19 pandemic and increases in interest rates;
the availability and cost of our financing;
the effectiveness of our capital investments and marketing strategies;
our and HEP’s efficiency in carrying out and consummating construction projects, including our ability to complete announced capital projects on time and within capital guidance;
our and HEP’s ability to timely obtain or maintain permits, including those necessary for operations or capital projects;
our ability to acquire refined or lubricant product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations;
the possibility of terrorist or cyberattacks and the consequences of any such attacks;
uncertainty regarding the effects and duration of global hostilities, including the Russia-Ukraine war, and any associated military campaigns which may disrupt crude oil supplies and markets for our refined products and create instability in the financial markets that could restrict our ability to raise capital;
general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States;
a prolonged economic slowdown due to the COVID-19 pandemic, inflation and labor costs, which could result in an impairment of goodwill and/or long-lived asset impairments; and
other financial, operational and legal risks and uncertainties detailed from time to time in our and HEP’s Securities Exchange Commission filings.

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Cautionary statements identifying important factors that could cause actual results to differ materially from our expectations are set forth in this Form 10-Q, including without limitation the forward-looking statements that are referred to above. You should not put any undue reliance on any forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth under the heading “Risk Factors” included in Item 1A in HollyFrontier’s Annual Report on Form 10-K for the year ended December 31, 2021 and in conjunction with the discussion in this Form 10-Q in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the headings “Outlook” and “Liquidity and Capital Resources.” All forward-looking statements included in this Form 10-Q and all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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DEFINITIONS

Within this report, the following terms have these specific meanings:

BPD” means the number of barrels per calendar day of crude oil or petroleum products.

BPSD” means the number of barrels per stream day (barrels of capacity in a 24 hour period) of crude oil or petroleum products.

Base oil” is a lubricant grade oil initially produced from refining crude oil or through chemical synthesis that is used in producing lubricant products such as lubricating greases, motor oil and metal processing fluids.

Black wax crude oil” is a low sulfur, low gravity crude oil produced in the Uintah Basin in Eastern Utah that has certain characteristics that require specific facilities to transport, store and refine into transportation fuels.

Cracking” means the process of breaking down larger, heavier and more complex hydrocarbon molecules into simpler and lighter molecules.

Crude oil distillation” means the process of distilling vapor from liquid crudes, usually by heating, and condensing the vapor slightly above atmospheric pressure turning it back to liquid in order to purify, fractionate or form the desired products.

FCC,” or fluid catalytic cracking, means a refinery process that breaks down large complex hydrocarbon molecules into smaller more useful ones using a circulating bed of catalyst at relatively high temperatures.

LPG” means liquid petroleum gases.

Lubricant” or “lube” means a solvent neutral paraffinic product used in commercial heavy duty engine oils, passenger car oils and specialty products for industrial applications such as heat transfer, metalworking, rubber and other general process oil.

MMBTU” means one million British thermal units.

Rack back” represents the portion of our Lubricants and Specialty Products business operations that entails the processing of feedstocks into base oils.

Rack forward” represents the portion of our Lubricants and Specialty Products business operations that entails the processing of base oils into finished lubricants and the packaging, distribution and sale to customers.

Refinery gross margin” means the difference between average net sales price and average cost per barrel sold. This does not include the associated depreciation and amortization costs.

Renewable diesel” means a diesel fuel derived from renewable feedstock such as vegetable oil or animal fats that is produced through various processes, most commonly through hydrotreating, reacting the feedstock with hydrogen under temperatures and pressure in the presence of a catalyst.

“RINs” means renewable identification numbers and refers to serial numbers assigned to credits generated from renewable fuel production under the Environmental Protection Agency’s Renewable Fuel Standard (“RFS”) regulations, which require blending renewable fuels into the nation’s fuel supply. In lieu of blending, refiners may purchase these transferable credits in order to comply with the regulations.

Sour crude oil” means crude oil containing quantities of sulfur greater than 0.4 percent by weight, while “sweet crude oil” means crude oil containing quantities of sulfur equal to or less than 0.4 percent by weight.

Vacuum distillation” means the process of distilling vapor from liquid crudes, usually by heating, and condensing the vapor below atmospheric pressure turning it back to a liquid in order to purify, fractionate or form the desired products.

“White oil” is an extremely pure, highly-refined petroleum product that has a wide variety of applications ranging from pharmaceutical to cosmetic products.

“WTI” means West Texas Intermediate and is a grade of crude oil used as a common benchmark in oil pricing. WTI is a sweet crude oil and has a relatively low density.


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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
HF SINCLAIR CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,
2022
December 31, 2021
 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents (HEP:$14,884 and $14,381, respectively)
$1,702,286 $234,444 
Accounts receivable: Product, transportation and other (HEP: $13,583 and $12,745, respectively)
2,160,278 1,130,485 
Crude oil resales
117,855 111,403 
2,278,133 1,241,888 
Inventories: Crude oil and refined products3,297,696 1,879,131 
Materials, supplies and other (HEP: $1,435 and $1,070, respectively)
327,812 242,997 
3,625,508 2,122,128 
Income taxes receivable15,699 97,382 
Prepayments and other (HEP: $5,004 and $5,381, respectively)
81,117 66,612 
Total current assets7,702,743 3,762,454 
Properties, plants and equipment, at cost (HEP: $2,172,102 and $2,037,527, respectively)
9,992,052 8,448,207 
Less accumulated depreciation (HEP: $(720,858) and $(682,143), respectively)
(3,223,476)(3,033,353)
6,768,576 5,414,854 
Operating lease right-of-use assets (HEP: $67,983 and $69,134, respectively)
366,441 396,191 
Other assets: Turnaround costs
380,043 397,385 
Goodwill (HEP: $403,642 and $312,873, respectively)
2,948,570 2,293,044 
Intangibles and other (HEP: $376,122 and $214,436, respectively)
1,011,481 652,685 
4,340,094 3,343,114 
Total assets$19,177,854 $12,916,613 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (HEP: $25,674 and $28,954, respectively)
$3,102,579 $1,613,484 
Income taxes payable360,388 25,156 
Operating lease liabilities (HEP: $4,125 and $3,710, respectively)
109,848 110,606 
Accrued liabilities (HEP: $28,540 and $18,479, respectively)
493,301 316,218 
Total current liabilities4,066,116 2,065,464 
Long-term debt (HEP: $1,608,460 and $1,333,049, respectively)
3,348,103 3,072,737 
Noncurrent operating lease liabilities (HEP: $64,326 and $65,799, respectively)
274,895 308,747 
Deferred income taxes (HEP: $386 and $396, respectively)
1,231,864 837,401 
Other long-term liabilities (HEP: $52,494 and $43,033, respectively)
381,966 337,799 
Equity:
HF Sinclair stockholders’ equity:
Preferred stock, $1.00 par value – 5,000,000 shares authorized; none issued
  
Common stock $.01 par value – 320,000,000 shares authorized; 223,231,546 and 256,046,051 shares issued as of June 30, 2022 and December 31, 2021, respectively
2,232 2,560 
Additional capital6,496,299 4,220,075 
Retained earnings2,754,590 4,413,836 
Accumulated other comprehensive income (loss)(11,209)2,671 
Common stock held in treasury, at cost – 2,722,650 and 93,044,605 shares as of June 30, 2022 and December 31, 2021, respectively
(132,200)(2,951,257)
Total HF Sinclair stockholders’ equity9,109,712 5,687,885 
Noncontrolling interest765,198 606,580 
Total equity9,874,910 6,294,465 
Total liabilities and equity$19,177,854 $12,916,613 

Parenthetical amounts represent asset and liability balances attributable to Holly Energy Partners, L.P. (“HEP”) as of June 30, 2022 and December 31, 2021. HEP is a variable interest entity.

See accompanying notes.
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HF SINCLAIR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Sales and other revenues$11,162,160 $4,577,123 $18,620,910 $8,081,416 
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization):
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)
8,579,915 3,825,729 15,081,927 6,786,034 
Lower of cost or market inventory valuation adjustment
34,543 (118,825)25,992 (318,862)
8,614,458 3,706,904 15,107,919 6,467,172 
Operating expenses (exclusive of depreciation and amortization)
606,127 334,191 1,083,561 734,100 
Selling, general and administrative expenses (exclusive of depreciation and amortization)
110,875 77,754 221,297 159,729 
Depreciation and amortization164,044 124,042 308,645 248,121 
Total operating costs and expenses9,495,504 4,242,891 16,721,422 7,609,122 
Income from operations1,666,656 334,232 1,899,488 472,294 
Other income (expense):
Earnings of equity method investments5,447 3,423 9,073 5,186 
Interest income1,844 1,029 2,841 2,060 
Interest expense(38,961)(28,942)(73,820)(67,328)
Gain on tariff settlement   51,500 
Gain (loss) on foreign currency transactions(905)583 (766)(734)
Gain on sale of assets and other2,320 7,927 6,215 9,817 
(30,255)(15,980)(56,457)501 
Income before income taxes1,636,401 318,252 1,843,031 472,795 
Income tax expense (benefit):
Current342,836 (9,175)389,099 1,990 
Deferred40,657 132,660 15,723 93,188 
383,493 123,485 404,822 95,178 
Net income1,252,908 194,767 1,438,209 377,617 
Less net income attributable to noncontrolling interest31,646 25,917 56,973 60,550 
Net income attributable to HF Sinclair stockholders$1,221,262 $168,850 $1,381,236 $317,067 
Earnings per share:
Basic$5.43 $1.03 $6.86 $1.92 
Diluted$5.43 $1.03 $6.86 $1.92 
Average number of common shares outstanding:
Basic222,952 162,523 199,149 162,501 
Diluted222,952 162,523 199,149 162,501 

See accompanying notes.
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HF SINCLAIR CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income$1,252,908 $194,767 $1,438,209 $377,617 
Other comprehensive income (loss):
Foreign currency translation adjustment(17,886)2,088 (16,165)(3,775)
Hedging instruments:
Change in fair value of cash flow hedging instruments
 475 (4,962)(18,042)
Reclassification adjustments to net income on settlement of cash flow hedging instruments 4,949 5,288 18,824 
Net unrealized gain on hedging instruments 5,424 326 782 
Pension and other post-retirement benefit obligations:
Pension plans gain reclassified to net income(45)(104)(90)(205)
Post-retirement healthcare plans gain reclassified to net income(870)(837)(1,740)(1,675)
Retirement restoration plan loss reclassified to net income9 9 18 18 
Net change in pension and other post-retirement benefit obligations(906)(932)(1,812)(1,862)
Other comprehensive income (loss) before income taxes(18,792)6,580 (17,651)(4,855)
Income tax expense (benefit)(3,996)1,585 (3,771)(1,046)
Other comprehensive income (loss)(14,796)4,995 (13,880)(3,809)
Total comprehensive income1,238,112 199,762 1,424,329 373,808 
Less noncontrolling interest in comprehensive income31,646 25,917 56,973 60,550 
Comprehensive income attributable to HF Sinclair stockholders$1,206,466 $173,845 $1,367,356 $313,258 

See accompanying notes.

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HF SINCLAIR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 Six Months Ended June 30,
 20222021
Cash flows from operating activities:
Net income$1,438,209 $377,617 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization308,645 248,121 
Lower of cost or market inventory valuation adjustment25,992 (318,862)
Earnings of equity method investments, inclusive of distributions933  
Gain on sale of assets(2,917)(5,423)
Deferred income taxes15,723 93,188 
Equity-based compensation expense14,882 21,142 
Change in fair value – derivative instruments(12,103)(3,531)
(Increase) decrease in current assets:
Accounts receivable(581,519)(292,901)
Inventories(622,519)(204,708)
Income taxes receivable81,137 21,314 
Prepayments and other(2,103)(200)
Increase (decrease) in current liabilities:
Accounts payable942,663 467,203 
Income taxes payable335,606 4,097 
Accrued liabilities92,988 154,224 
Turnaround expenditures(70,150)(51,926)
Other, net23,925 (19,274)
Net cash provided by operating activities1,989,392 490,081 
Cash flows from investing activities:
Additions to properties, plants and equipment(294,494)(275,125)
Additions to properties, plants and equipment – HEP(23,246)(57,716)
Acquisitions, net of cash acquired(231,201) 
Proceeds from sale of assets3,341 7,422 
Distributions from equity method investments in excess of equity earnings6,589 3,107 
Net cash used for investing activities(539,011)(322,312)
Cash flows from financing activities:
Borrowings under credit agreements410,000 141,000 
Repayments under credit agreements(529,000)(184,500)
Proceeds from issuance of senior notes - HEP400,000  
Purchase of treasury stock(110,784)(491)
Dividends(90,158)(57,663)
Distributions to noncontrolling interests(44,900)(38,188)
Contributions from noncontrolling interests 17,593 
Payments on finance leases(5,668)(1,296)
Deferred financing costs(9,071)(14,500)
Other, net(247)(433)
Net cash provided by (used for) financing activities20,172 (138,478)
Effect of exchange rate on cash flow(2,711)671 
Cash and cash equivalents:
Increase (decrease) for the period1,467,842 29,962 
Beginning of period234,444 1,368,318 
End of period$1,702,286 $1,398,280 
Supplemental disclosure of cash flow information:
Cash (paid) received during the period for:
Interest$(68,942)$(68,328)
Income taxes, net$21,598 $22,996 
Increase (decrease) in accrued and unpaid capital expenditures$(34,849)$7,544 

See accompanying notes.
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HF SINCLAIR CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands except per share data)

Three Months Ended June 30, 2022
Common Stock Additional CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNon-controlling InterestTotal
Equity
SharesAmountSharesAmount
 
Balance at March 31, 2022223,231 $2,232 $6,486,994 $1,623,486 $3,587 2 $(73)$760,751 $8,876,977 
Net income— — — 1,221,262 — — — 31,646 1,252,908 
Dividends ($0.40 declared per common share)
— — — (90,158)— — — — (90,158)
Other comprehensive loss, net of tax— — — — (14,796)— — — (14,796)
Issuance of common shares under incentive compensation plans— — (324)— — (12)324 — — 
Equity-based compensation— — 6,431 — — — — 620 7,051 
Purchase of treasury stock — — — — — 2,733 (132,451)— (132,451)
Distributions to noncontrolling interests— — — — — — — (27,897)(27,897)
Purchase of HEP units for equity grants— — — — — — — (20)(20)
Equity attributable to HEP common unit issuance, net of tax— — — — — — — (79)(79)
Acquisition of remaining UNEV interests— — 3,198 — — — 177 3,375 
Balance at June 30, 2022223,231 $2,232 $6,496,299 $2,754,590 $(11,209)2,723 $(132,200)$765,198 $9,874,910 

Three Months Ended June 30, 2021
Common Stock Additional CapitalRetained EarningsAccumulated Other Comprehensive IncomeTreasury StockNon-controlling InterestTotal
Equity
SharesAmountSharesAmount
 
Balance at March 31, 2021256,046 $2,560 $4,216,816 $4,003,733 $4,658 93,603 $(2,968,580)$578,859 $5,838,046 
Net income— — — 168,850 — — — 25,917 194,767 
Other comprehensive income, net of tax— — — — 4,995 — — — 4,995 
Issuance of common shares under incentive compensation plans— — (2,629)— — (55)2,629 — — 
Equity-based compensation— — 10,845 — — — — 527 11,372 
Purchase of treasury stock — — — — — 14 (479)— (479)
Purchase of HEP units for restricted grants— — — — — — — (2)(2)
Contributions from noncontrolling interests— — — — — — — 9,779 9,779 
Distributions to noncontrolling interests— — — — — — — (18,211)(18,211)
Other— — — (23)— — — — (23)
Balance at June 30, 2021256,046 $2,560 $4,225,032 $4,172,560 $9,653 93,562 $(2,966,430)$596,869 $6,040,244 

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Six Months Ended June 30, 2022
Common Stock Additional CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNon-controlling InterestTotal
Equity
SharesAmountSharesAmount
 
Balance at December 31, 2021256,046 $2,560 $4,220,075 $4,413,836 $2,671 93,045 $(2,951,257)$606,580 $6,294,465 
Net income— — — 1,381,236 — — — 56,973 1,438,209 
Dividends ($0.40 declared per common share)
— — — (90,158)— — — — (90,158)
Other comprehensive loss, net of tax— — — — (13,880)— — — (13,880)
Issuance of common shares for HFC Transactions60,230 602 2,148,406 — — — — — 2,149,008 
Issuance of common shares under incentive compensation plans— — (606)— — (19)606 — — 
Equity based compensation— — 13,642 — — — — 1,240 14,882 
Purchase of treasury stock— — — — — 2,742 (132,803)— (132,803)
Retirement of treasury stock(93,045)(930)— (2,950,324)— (93,045)2,951,254 — — 
Distributions to noncontrolling interest holders— — — — — — — (44,900)(44,900)
Purchase of HEP units for restricted grants— — — — — — — (77)(77)
Equity attributable to HEP common unit issuance, net of tax— — 95,047 — — — — 223,392 318,439 
Acquisition of remaining UNEV interests— — 19,735 — — — — (78,010)(58,275)
Balance at June 30, 2022223,231