HF Sinclair
37 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Shell
earns from · approximately 11% and 12%For the years ended December 31, 2024 and 2023, we had one customer, Shell, together with certain of its affiliates, that accounted for 10% or more of our total annual revenues at approximately 11% and 12%, respectively.Business (Item 1)
Also named by SRE
Puget Sound Refinery key customers
earns fromnamed as a riskAdditionally, certain key customers of our Puget Sound Refinery contribute significantly to the cash flows and profitability of that facility.Risk factors (Item 1A)
Suppliers
Trans Mountain pipeline
depends onThe Canadian crudes are sourced from Edmonton, Alberta and are supplied directly to the Puget Sound Refinery by the Trans Mountain pipeline system.Business (Item 1)
Express Pipeline
depends onA long-term agreement with the Express Pipeline allows delivery of crude oil from Canada directly to these refineries and affords the optionality between light and heavy crude oils.Business (Item 1)
Spearhead and Keystone Pipelines
depends onAdditionally, we have transportation service agreements to transport Canadian crude oil on the Spearhead and Keystone Pipelines, enabling us to transport Canadian crude oil to Cushing for subsequent shipment to either of our Mid-Continent refineries.Business (Item 1)
Partners and platforms
ONEOK, Inc.
depends onnamed as a riskThe key third-party pipeline systems utilized by the Casper, El Dorado, Navajo, Parco, Puget Sound, Woods Cross, and Tulsa refineries and Cheyenne renewables facility are ONEOK (RMPS), NuStar Energy ONEOK, SFPP, Pioneer, Olympic, MPLX, ONEOK and Pioneer, respectively.Risk factors (Item 1A)
MPLX
depends onnamed as a riskIf these key pipelines or their associated tanks and terminals become inoperative or decrease the capacity available to us due to testing, line repair, reduced operating pressures, catastrophic events, terrorist attacks or cyberattacks, vandalism or other causes, we may not be able to sell our product, or we may be required to hold our product in inventory or supply products to our customers through an alternative pipeline or by rail or additional tanker trucks from the refinery, all of which could increase our costs and result in a decline in profitability.Risk factors (Item 1A)
Also named by AR
Olympic Pipeline
depends onnamed as a riskProducts are shipped to Seattle, Tacoma and Portland terminals by the common carrier Olympic Pipeline.Business (Item 1)
SFPP, L.P.
depends onnamed as a riskOur products are shipped through our midstream operations’ pipelines from Artesia, New Mexico to El Paso, Texas and from El Paso to Albuquerque and to Mexico via products pipeline systems owned by ONEOK and from El Paso to Tucson and Phoenix via a products pipeline system owned by SFPP, L.P. (“SFPP”).Business (Item 1)
NuStar Energy
depends onnamed as a riskWe ship product via the NuStar Pipeline Operating Partnership L.P. pipeline to the northern Plains states, via the ONEOK mountain pipeline to Denver, Colorado, and on the ONEOK mid-continent pipeline to the Plains states.Business (Item 1)
Lubricants distributors
earns fromnamed as a riskA large portion of our lubricants and specialties product sales, both in domestic and international markets, occur through distributors.Risk factors (Item 1A)
Other companies
Unionized labor
depends on · approximately 31% of our employeesnamed as a riskAs of December 31, 2025, approximately 31% of our employees were represented by a labor union or works council under collective bargaining or labor agreements with various expiration dates.Risk factors (Item 1A)
Navajo and Parco refinery hydrogen plants
depends onnamed as a riskAs a result, any disruption that negatively impacts, or causes a shutdown of, shared infrastructure at the co-located facilities could result in lost production and have a material adverse effect on earnings for both refinery and renewable diesel operations at the co-located facility.Risk factors (Item 1A)
Places
California
concentrated innamed as a riskA significant portion of our low-carbon fuels are sold in California and Canada.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Canada
concentrated innamed as a riskA significant portion of our low-carbon fuels are sold in California and Canada.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Native American tribal lands
operates innamed as a riskThese factors may increase our cost of doing business on Native American tribal lands.Risk factors (Item 1A)
Permian Basin
depends onThe Navajo Refineries are situated near the Permian Basin, an area that has historically, and continues to have, abundant supplies of crude oil available both for regional users and for export to other areas.Business (Item 1)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DMLP and 20 more
Commodities and inputs
Hydrogen fluoride
depends on · three of our refineriesnamed as a riskAlso, the EPA’s amendments to the RMP rules, which are subject to ongoing litigation and reconsideration by the current administration, could require refineries with HF Alkylation process (including three of our refineries) to perform a “safer technology and alternatives analysis” as part of the process hazard analysis to consider and document the practicability of inherently safer technologies and other risk management measures and could lead to capital expenditures in future years or otherwise constrain our operations.Risk factors (Item 1A)
Crude oil
exposed to its pricenamed as a riskThe profitability of our Refining, Lubricants & Specialties and Marketing segments depends largely on the spread between market prices for refined petroleum products and crude oil prices.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Soybean oil
exposed to its pricenamed as a riskThe profitability of our Renewables segment depends largely on the spread between market prices for renewable diesel plus state and federal low-carbon fuel incentives and renewable feedstocks, such as soybean oil.Risk factors (Item 1A)
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskAdverse decisions by the FERC related to our rates could adversely affect our revenue, financial position, results of operations, and cash flows.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskFailure to comply with PHMSA or comparable state pipeline safety regulations could result in a number of consequences which may have a materially adverse effect on our operations.Risk factors (Item 1A)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
Laws and programs
FERC oil pipeline index (PPI-FG)
subject to · PPI-FG minus 1.42%named as a riskThat proceeding is ongoing, and the outcome could impact our rates for the next five-year period.Business (Item 1)
2025 Consent Decree (EPA, DOJ, New Mexico Environment Department)
subject to · $30 millionnamed as a riskWhile we currently do not expect that compliance with government regulations, including environmental regulations, will have a material effect on our cash flows in 2026, we expect to incur capital expenditures of $30 million related to the implementation of injunctive relief and mitigation measures at our Navajo Refineries as a result of a settlement agreement reached with the EPA, the Department of Justice (“DOJ”) and the New Mexico Environment Department (the “2025 Consent Decree”), which are included in the 2026 capital expenditure guidance discussed under “Cash Flows – Investing Activities and Planned Capital Expenditures” in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”Business (Item 1)
Canadian crude oil tariffs
exposed to its price · 10% tariffnamed as a riskFor example, in February 2025, the U.S. administration announced tariffs on Canada, Mexico and China, including a 10% tariff on Canadian crude oil, which is subject to potential exemption under the United States-Mexico-Canada Agreement (“USMCA”) preference.Risk factors (Item 1A)
Renewable Fuel Standard (RFS)
subject tonamed as a riskIf we are unable to pass the costs of compliance with the RFS regulations on to our customers, if sufficient RINs are unavailable for purchase, if we have to pay a significantly higher price for RINs or if we are otherwise unable to meet the RFS mandates, our financial condition and results of operations could be adversely affected.Risk factors (Item 1A)
Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DTE, ET and 13 more
California Low Carbon Fuel Standard
exposed to its pricenamed as a riskWe are exposed to the volatility in the market price of LCFS program credits.Risk factors (Item 1A)
Also named by CRC, CVX, DTE, GPRE, MPC, PBF, SEB, UGI and 2 more
Washington Climate Commitment Act
subject tonamed as a riskAs the operator of the Puget Sound Refinery and as a covered fuel supplier, we must obtain an allowance for each ton of covered CO2e emissions.Business (Item 1)
Also named by MDU
Oregon Climate Protection Program
subject tonamed as a riskA subsidiary of ours presumably became subject to the CPP rules in the second quarter of 2022 due to its sale of transportation fuel over the rack in Oregon primarily from the Puget Sound Refinery.Business (Item 1)
Also named by MDU
RFS small refinery exemptions
subject tonamed as a riskAlthough it is not possible to predict the outcome of any RFS legislation that may be enacted, any laws or regulations that may be adopted to eliminate or further restrict small refinery exemptions may increase our operating costs and have an adverse impact on our results of operations.Business (Item 1)
45Z Clean Fuel Production Credit
subject tonamed as a riskThe U.S. Congress, however, may take actions to repeal or revise the IRA 2022, including with respect to the 45Z Credit, for which the timing or outcome similarly cannot be predicted.Business (Item 1)
Washington Clean Fuel Standard
subject tonamed as a riskWe sell gasoline and diesel fuel produced at our Puget Sound Refinery in Washington, and are thereby subject to the CFS, including, among other things, the requirement to purchase and retire CFS credits to offset the deficit created through our sale of gasoline and diesel fuel in Washington.Business (Item 1)
Oregon Clean Fuels Program
subject tonamed as a riskWe import transportation fuels produced at our Puget Sound Refinery into Oregon, and are thereby subject to the CFP, including, among other things, the requirement to purchase and retire CFP credits to offset the deficit created through our sale of gasoline and diesel fuel into Oregon.Business (Item 1)
New Mexico Clean Transportation Fuel Standard
subject tonamed as a riskWe sell gasoline and diesel fuel produced at our Navajo Refineries in New Mexico and will therefore be subject to the CTFS upon promulgation of the implementing regulations, including, among other things, the requirement to purchase and retire CTFS credits to offset the deficit created through our sale of gasoline and diesel fuel in New Mexico.Business (Item 1)
Washington Department of Labor and Industries PSM Rule
subject tonamed as a riskFor example, in December 2024, the Washington Department of Labor and Industries’ new Process Safety Management Rule for petroleum refineries became effective, which applies stringent worker safety requirements to petroleum refineries, including performance of regular reviews to identify hazards, root cause analyses after significant accidents, and regular review of processes that are likely to damage or wear down equipment.Risk factors (Item 1A)
Ontario SO2 regulations
subject tonamed as a riskThe regulations impose emission limits and monitoring obligations on petroleum facilities, such as our Mississauga facility, requiring them to install Continuous Emission Monitoring Systems and report certain incidents.Risk factors (Item 1A)