HF Sinclair Board of Directors Authorizes $1 Billion Share Repurchase Program
16 August 2023 - 12:40PM
Business Wire
HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair” or the
“Company”) today announced its Board of Directors has authorized a
$1 billion share repurchase program. This authorization replaces
all existing share repurchase authorizations, of which there was
approximately $5 million remaining under the Company’s prior $1
billion share repurchase program authorized in September 2022.
Share repurchases under the program may be made in the open market
or through privately negotiated transactions. Privately negotiated
repurchases from REH Company are also authorized under this share
repurchase program, subject to REH Company’s interest and other
limitations. The timing and amount of share repurchases, including
any repurchases from REH Company, will depend on market conditions
and corporate, tax, regulatory and other relevant considerations.
This share repurchase program may be discontinued at any time by
the Board of Directors.
“We are pleased to announce the new $1 billion share repurchase
program, which we believe demonstrates our ongoing commitment to
return excess free cash flow to shareholders,” said Tim Go, Chief
Executive Officer and President of HF Sinclair.
About HF Sinclair Corporation:
HF Sinclair Corporation, headquartered in Dallas, Texas, is an
independent energy company that produces and markets high-value
light products such as gasoline, diesel fuel, jet fuel, renewable
diesel and other specialty products. HF Sinclair owns and operates
refineries located in Kansas, Oklahoma, New Mexico, Wyoming,
Washington and Utah and markets its refined products principally in
the Southwest U.S., the Rocky Mountains extending into the Pacific
Northwest and in other neighboring Plains states. HF Sinclair
supplies high-quality fuels to more than 1,500 branded stations and
licenses the use of the Sinclair brand at more than 300 additional
locations throughout the country. In addition, subsidiaries of HF
Sinclair produce and market base oils and other specialized
lubricants in the U.S., Canada and the Netherlands, and export
products to more than 80 countries. Through its subsidiaries, HF
Sinclair produces renewable diesel at two of its facilities in
Wyoming and also at its facility in Artesia, New Mexico. HF
Sinclair also owns a 47% limited partner interest and a
non-economic general partner interest in Holly Energy Partners,
L.P., a master limited partnership that provides petroleum product
and crude oil transportation, terminalling, storage and throughput
services to the petroleum industry, including HF Sinclair
subsidiaries.
Forward Looking Statement:
The following is a “safe harbor” statement under the Private
Securities Litigation Reform Act of 1995: The statements in this
press release relating to matters that are not historical facts are
“forward-looking statements” 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, including those contained
in our filings with the Securities and Exchange Commission (the
“SEC”). 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 or the Proposed HEP Transaction
(as defined below). Although we believe that the expectations
reflected in these forward-looking statements are reasonable, we
cannot assure you that our expectations will prove correct.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such statements. Any
differences could be caused by a number of factors, including, but
not limited to, the ability of the Company or Holly Energy
Partners, L.P. (“HEP”) to consummate the proposed transaction (the
“Proposed HEP Transaction”) between the Company and HEP; the risk
that the Proposed HEP Transaction does not occur; negative effects
from the pendency of the Proposed HEP Transaction; failure to
obtain the required approvals for the Proposed HEP Transaction; the
time required to consummate the Proposed HEP Transaction; the focus
of management time and attention on the Proposed HEP Transaction
and other disruptions arising from the Proposed HEP Transaction;
the ability of the Company to achieve the expected benefits of the
Proposed HEP Transaction; legal proceedings that may be instituted
against the Company or HEP following the announcement of the
Proposed HEP Transaction; limitations on the Company’s ability to
effectuate share repurchases due to market conditions and
corporate, tax, regulatory and other considerations; the Company’s
and HEP’s ability to successfully integrate the Sinclair Oil
Corporation (now known as Sinclair Oil LLC) and Sinclair
Transportation Company LLC businesses acquired from The Sinclair
Companies (now known as REH Company) (collectively, the “Sinclair
Transactions”) with their existing operations and fully realize the
expected synergies of the Sinclair Transactions or on the expected
timeline; the Company’s ability to successfully integrate the
operation of the Puget Sound refinery with its existing operations;
the demand for and supply of crude oil and refined products,
including uncertainty regarding the 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 the Company’s
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
reductions in demand, accidents, unexpected leaks or spills,
unscheduled shutdowns, infection in the workforce, weather events,
global health 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 the Company's
suppliers, customers, or third-party providers, and any potential
asset impairments resulting from, or the failure to have adequate
insurance coverage for or receive insurance recoveries from, such
actions; the effects of current and/or future governmental and
environmental regulations and policies, including increases in
interest rates; the availability and cost of financing to the
Company; the effectiveness of the Company’s capital investments and
marketing strategies; the Company’s and HEP’s efficiency in
carrying out and consummating construction projects, including the
Company’s ability to complete announced capital projects on time
and within capital guidance; the Company’s and HEP’s ability to
timely obtain or maintain permits, including those necessary for
operations or capital projects; the ability of the Company 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 the Company’s refined products and create instability in the
financial markets that could restrict the Company’s ability to
raise capital; general economic conditions, including economic
slowdowns caused by a local or national recession or other adverse
economic condition, such as periods of increased or prolonged
inflation; and other financial, operational and legal risks and
uncertainties detailed from time to time in the Company’s and HEP’s
SEC filings.
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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version on businesswire.com: https://www.businesswire.com/news/home/20230816186757/en/
HF Sinclair Corporation Craig Biery, 214-954-6510 Vice
President, Investor Relations or Trey Schonter, 214-954-6510 Sr.
Manager, Investor Relations
HF Sinclair (NYSE:DINO)
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