HF Sinclair (DINO) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-41325
Entity Registrant Name	HF SINCLAIR CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2092143
Entity Address, Address Line One	2828 N. Harwood,
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	871-3555
Title of 12(b) Security	Common Stock $0.01 par value
Trading Symbol	DINO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		216,843,583
Entity Central Index Key	0001915657
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
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
Accounts receivable, total	2,278,133	1,241,888
Inventories: Crude oil and refined products	3,297,696	1,879,131
Materials, supplies and other (HEP: $1,435 and $1,070, respectively)	327,812	242,997
Total inventory	3,625,508	2,122,128
Income taxes receivable	15,699	97,382
Prepayments and other (HEP: $5,004 and $5,381, respectively)	81,117	66,612
Total current assets	7,702,743	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)
Properties, plants and equipment, net	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
Other assets, total	4,340,094	3,343,114
Total assets	19,177,854	12,916,613
Current liabilities:
Accounts payable (HEP: $25,674 and $28,954, respectively)	3,102,579	1,613,484
Income taxes payable	360,388	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 liabilities	4,066,116	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
HF Sinclair stockholders’ equity:
Preferred stock, $1.00 par value – 5,000,000 shares authorized; none issued	0	0
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 capital	6,496,299	4,220,075
Retained earnings	2,754,590	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’ equity	9,109,712	5,687,885
Noncontrolling interest	765,198	606,580
Total equity	9,874,910	6,294,465
Total liabilities and equity	$ 19,177,854	$ 12,916,613

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents, at Carrying Value	$ 1,702,286	$ 234,444
Accounts receivable: product, transportation and other	2,160,278	1,130,485
Inventories: materials, supplies and other	327,812	242,997
Prepayments and other	81,117	66,612
Properties, plants and equipment, at cost	9,992,052	8,448,207
Accumulated depreciation	(3,223,476)	(3,033,353)
Operating lease right-of-use asset	366,441	396,191
Goodwill	2,948,570	2,293,044
Intangibles and other	1,011,481	652,685
Accounts payable	3,102,579	1,613,484
Operating lease liabilities	109,848	110,606
Accrued liabilities	493,301	316,218
Long-term Debt, Excluding Current Maturities	3,348,103	3,072,737
Noncurrent operating lease liabilities	274,895	308,747
Deferred income taxes	1,231,864	837,401
Other long-term liabilities	$ 381,966	$ 337,799
Preferred stock par value (in USD per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	320,000,000	320,000,000
Common stock, shares issued (in shares)	223,231,546	256,046,051
Common stock held in treasury (in shares)	2,722,650	93,044,605
HEP
Cash and Cash Equivalents, at Carrying Value	$ 14,884	$ 14,381
Accounts receivable: product, transportation and other	13,583	12,745
Inventories: materials, supplies and other	1,435	1,070
Prepayments and other	5,004	5,381
Properties, plants and equipment, at cost	2,172,102	2,037,527
Accumulated depreciation	(720,858)	(682,143)
Operating lease right-of-use asset	67,983	69,134
Goodwill	403,642	312,873
Intangibles and other	376,122	214,436
Accounts payable	25,674	28,954
Operating lease liabilities	4,125	3,710
Accrued liabilities	28,540	18,479
Long-term Debt, Excluding Current Maturities	1,608,460	1,333,049
Noncurrent operating lease liabilities	64,326	65,799
Deferred income taxes	386	396
Other long-term liabilities	$ 52,494	$ 43,033

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Sales and other revenues	$ 11,162,160	$ 4,577,123	$ 18,620,910	$ 8,081,416
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)
Total costs of products sold (exclusive of depreciation and amortization)	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 amortization	164,044	124,042	308,645	248,121
Total operating costs and expenses	9,495,504	4,242,891	16,721,422	7,609,122
Income from operations	1,666,656	334,232	1,899,488	472,294
Other income (expense):
Earnings of equity method investments	5,447	3,423	9,073	5,186
Interest income	1,844	1,029	2,841	2,060
Interest expense	(38,961)	(28,942)	(73,820)	(67,328)
Gain on tariff settlement	0	0	0	51,500
Gain (loss) on foreign currency transactions	(905)	583	(766)	(734)
Gain on sale of assets and other	2,320	7,927	6,215	9,817
Other income (expense) total	(30,255)	(15,980)	(56,457)	501
Income before income taxes	1,636,401	318,252	1,843,031	472,795
Income tax expense (benefit):
Current	342,836	(9,175)	389,099	1,990
Deferred	40,657	132,660	15,723	93,188
Income tax expense (benefit) total	383,493	123,485	404,822	95,178
Net income	1,252,908	194,767	1,438,209	377,617
Less net income attributable to noncontrolling interest	31,646	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 (in USD per share)	$ 5.43	$ 1.03	$ 6.86	$ 1.92
Diluted (in USD per share)	$ 5.43	$ 1.03	$ 6.86	$ 1.92
Average number of common shares outstanding:
Basic (in shares)	222,952	162,523	199,149	162,501
Diluted (in shares)	222,952	162,523	199,149	162,501

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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)
Change in fair value of cash flow hedging instruments	0	475	(4,962)	(18,042)
Reclassification adjustments to net income on settlement of cash flow hedging instruments	0	4,949	5,288	18,824
Net unrealized gain on hedging instruments	0	5,424	326	782
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 income	1,238,112	199,762	1,424,329	373,808
Less noncontrolling interest in comprehensive income	31,646	25,917	56,973	60,550
Comprehensive income attributable to HF Sinclair stockholders	1,206,466	173,845	1,367,356	313,258
Actuarial loss on pension plans
Other comprehensive income (loss):
Plan gain reclassified to net income	(45)	(104)	(90)	(205)
Actuarial gain on post-retirement healthcare plans
Other comprehensive income (loss):
Plan gain reclassified to net income	(870)	(837)	(1,740)	(1,675)
Retirement restoration plan
Other comprehensive income (loss):
Retirement restoration plan loss reclassified to net income	$ 9	$ 9	$ 18	$ 18

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
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 amortization	308,645	248,121
Lower of cost or market inventory valuation adjustment	25,992	(318,862)
Earnings of equity method investments, inclusive of distributions	933	0
Gain on sale of assets	(2,917)	(5,423)
Deferred income taxes	15,723	93,188
Equity-based compensation expense	14,882	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 receivable	81,137	21,314
Prepayments and other	(2,103)	(200)
Increase (decrease) in current liabilities:
Accounts payable	942,663	467,203
Income taxes payable	335,606	4,097
Accrued liabilities	92,988	154,224
Turnaround expenditures	(70,150)	(51,926)
Other, net	23,925	(19,274)
Net cash provided by operating activities	1,989,392	490,081
Cash flows from investing activities:
Additions to properties, plants and equipment	(294,494)	(275,125)
Acquisitions, net of cash acquired	(231,201)	0
Proceeds from sale of assets	3,341	7,422
Distributions from equity method investments in excess of equity earnings	6,589	3,107
Net cash used for investing activities	(539,011)	(322,312)
Cash flows from financing activities:
Borrowings under credit agreements	410,000	141,000
Repayments under credit agreements	(529,000)	(184,500)
Purchase of treasury stock	(110,784)	(491)
Dividends	(90,158)	(57,663)
Distributions to noncontrolling interests	(44,900)	(38,188)
Contributions from noncontrolling interests	0	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 activities	20,172	(138,478)
Effect of exchange rate on cash flow	(2,711)	671
Cash and cash equivalents:
Increase (decrease) for the period	1,467,842	29,962
Beginning of period	234,444	1,368,318
End of period	1,702,286	1,398,280
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
HEP
Cash flows from investing activities:
Additions to properties, plants and equipment	(23,246)	(57,716)
Cash flows from financing activities:
Proceeds from issuance of senior notes - HEP	$ 400,000	$ 0

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	HEP	UNEV	Common Stock	Additional Capital	Additional Capital UNEV	Retained Earnings	Accumulated other comprehensive income (loss)	Treasury Stock	Non-controlling Interest	Non-controlling Interest HEP	Non-controlling Interest UNEV
Common stock outstanding at beginning of period (in shares) at Dec. 31, 2020				256,046
Stockholders' equity at beginning of period at Dec. 31, 2020	$ 5,722,203			$ 2,560	$ 4,207,672		$ 3,913,179	$ 13,462	$ (2,968,512)	$ 553,842
Treasury stock outstanding at beginning of period (in shares) at Dec. 31, 2020									93,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	377,617						317,067			60,550
Dividends	(57,663)						(57,663)
Other comprehensive income (loss), net of tax	(3,809)							(3,809)
Issuance of common shares under incentive compensation plans (in shares)									(84)
Issuance of common shares under incentive compensation plans					(2,573)				$ 2,573
Equity-based compensation	21,142				19,933					1,209
Purchase of treasury stock (in shares)									14
Purchase of treasury stock	(491)								$ (491)
Distributions to noncontrolling interests	(38,188)									(38,188)
Purchase of HEP units for equity grants		$ (70)									$ (70)
Contributions from noncontrolling interests	19,526									19,526
Acquisition of remaining UNEV interests		(70)									(70)
Other	(23)						(23)
Common stock outstanding at end of period (in shares) at Jun. 30, 2021				256,046
Stockholders' equity at end of period at Jun. 30, 2021	6,040,244			$ 2,560	4,225,032		4,172,560	9,653	$ (2,966,430)	596,869
Treasury stock outstanding at end of period (in shares) at Jun. 30, 2021									93,562
Common stock outstanding at beginning of period (in shares) at Mar. 31, 2021				256,046
Stockholders' equity at beginning of period at Mar. 31, 2021	5,838,046			$ 2,560	4,216,816		4,003,733	4,658	$ (2,968,580)	578,859
Treasury stock outstanding at beginning of period (in shares) at Mar. 31, 2021									93,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	194,767						168,850			25,917
Other comprehensive income (loss), net of tax	4,995							4,995
Issuance of common shares under incentive compensation plans (in shares)									(55)
Issuance of common shares under incentive compensation plans					(2,629)				$ 2,629
Equity-based compensation	11,372				10,845					527
Purchase of treasury stock (in shares)									14
Purchase of treasury stock	(479)								$ (479)
Distributions to noncontrolling interests	(18,211)									(18,211)
Purchase of HEP units for equity grants		(2)									(2)
Contributions from noncontrolling interests	9,779									9,779
Acquisition of remaining UNEV interests		(2)									(2)
Other	(23)						(23)
Common stock outstanding at end of period (in shares) at Jun. 30, 2021				256,046
Stockholders' equity at end of period at Jun. 30, 2021	6,040,244			$ 2,560	4,225,032		4,172,560	9,653	$ (2,966,430)	596,869
Treasury stock outstanding at end of period (in shares) at Jun. 30, 2021									93,562
Common stock outstanding at beginning of period (in shares) at Dec. 31, 2021				256,046
Stockholders' equity at beginning of period at Dec. 31, 2021	6,294,465			$ 2,560	4,220,075		4,413,836	2,671	$ (2,951,257)	606,580
Treasury stock outstanding at beginning of period (in shares) at Dec. 31, 2021									93,045
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,438,209						1,381,236			56,973
Dividends	(90,158)						(90,158)
Other comprehensive income (loss), net of tax	(13,880)							(13,880)
Issuance of common shares for HFC Transactions (in shares)				60,230
Issuance of common shares for HFC Transactions	2,149,008			$ 602	2,148,406
Issuance of common shares under incentive compensation plans (in shares)									(19)
Issuance of common shares under incentive compensation plans					(606)				$ 606
Equity-based compensation	14,882				13,642					1,240
Purchase of treasury stock (in shares)									2,742
Purchase of treasury stock	(132,803)								$ (132,803)
Retirement of treasury stock (in shares)				(93,045)					(93,045)
Retirement of treasury stock				$ (930)			(2,950,324)		$ 2,951,254
Distributions to noncontrolling interests	(44,900)									(44,900)
Purchase of HEP units for equity grants		(77)	$ (58,275)			$ 19,735					(77)	$ (78,010)
Equity attributable to HEP common unit issuance, net of tax	318,439				95,047					223,392
Acquisition of remaining UNEV interests		(77)	(58,275)			19,735					(77)	(78,010)
Common stock outstanding at end of period (in shares) at Jun. 30, 2022				223,231
Stockholders' equity at end of period at Jun. 30, 2022	9,874,910			$ 2,232	6,496,299		2,754,590	(11,209)	$ (132,200)	765,198
Treasury stock outstanding at end of period (in shares) at Jun. 30, 2022									2,723
Common stock outstanding at beginning of period (in shares) at Mar. 31, 2022				223,231
Stockholders' equity at beginning of period at Mar. 31, 2022	8,876,977			$ 2,232	6,486,994		1,623,486	3,587	$ (73)	760,751
Treasury stock outstanding at beginning of period (in shares) at Mar. 31, 2022									2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,252,908						1,221,262			31,646
Dividends	(90,158)						(90,158)
Other comprehensive income (loss), net of tax	(14,796)							(14,796)
Issuance of common shares under incentive compensation plans (in shares)									(12)
Issuance of common shares under incentive compensation plans					(324)				$ 324
Equity-based compensation	7,051				6,431					620
Purchase of treasury stock (in shares)									2,733
Purchase of treasury stock	(132,451)								$ (132,451)
Distributions to noncontrolling interests	(27,897)									(27,897)
Purchase of HEP units for equity grants		(20)	3,375			3,198					(20)	177
Equity attributable to HEP common unit issuance, net of tax	(79)									(79)
Acquisition of remaining UNEV interests		$ (20)	$ 3,375			$ 3,198					$ (20)	$ 177
Common stock outstanding at end of period (in shares) at Jun. 30, 2022				223,231
Stockholders' equity at end of period at Jun. 30, 2022	$ 9,874,910			$ 2,232	$ 6,496,299		$ 2,754,590	$ (11,209)	$ (132,200)	$ 765,198
Treasury stock outstanding at end of period (in shares) at Jun. 30, 2022									2,723

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in USD per share)	$ 0.40	$ 0.40	$ 0.35

Description of Business and Pre

Description of Business and Presentation of Financial Statements	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Presentation of Financial Statements	Description of Business and Presentation of Financial 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 60,230,036 shares of HF Sinclair common stock, 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.” See Note 2 “Acquisitions” and Note 3 “Holly Energy Partners” in the Notes to Consolidated Financial Statements for additional information. 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 the Acquired Sinclair Businesses. In these financial statements, 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. These financial statements contain 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. We are 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. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. We supply high-quality fuels to more than 1,300 Sinclair branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries. Through our subsidiaries, we produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. At June 30, 2022, we owned a 47% limited partner interest and a non-economic general partner interest in HEP, a variable interest entity (“VIE”). HEP owns and operates logistic assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units that principally support our refining and marketing operations in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. On May 4, 2021, HollyFrontier Puget Sound Refining LLC, a wholly owned subsidiary of HollyFrontier, entered into a sale and purchase agreement with Equilon Enterprises LLC d/b/a Shell Oil Products US (“Shell”) to acquire Shell’s Puget Sound refinery and related assets, including the on-site cogeneration facility and related logistics assets. The acquisition closed on November 1, 2021. During the first quarter of 2021, we initiated a restructuring within our Lubricants and Specialty Products segment. As a result of this restructuring, we recorded $7.8 million in employee severance costs for the six months ended June 30, 2021, which were recognized primarily as selling, general and administrative expenses in our Lubricants and Specialty Products segment. In the third quarter of 2020, we permanently ceased petroleum refining operations at our Cheyenne, Wyoming refinery (the “Cheyenne Refinery”) and subsequently began converting certain assets at the Cheyenne Refinery to renewable diesel production. In connection with the cessation of petroleum refining operations at the Cheyenne Refinery, we recognized $0.5 million and $1.5 million in decommissioning expense for the three and six months ended June 30, 2022, and $8.1 million and $16.3 million for the three and six months ended June 30, 2021, respectively. We also recognized $0.2 million and $0.7 million in employee severance costs for the three and six months ended June 30, 2021, respectively. These charges were all recognized in operating expenses in our Corporate and Other segment. We have prepared these consolidated financial statements without audit. In management’s opinion, these consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our consolidated financial position as of June 30, 2022, the consolidated results of operations, comprehensive income and statements of equity for the three and six months ended June 30, 2022 and 2021 and consolidated cash flows for the six months ended June 30, 2022 and 2021 in accordance with the rules and regulations of the SEC. Although certain notes and other information required by generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted, we believe that the disclosures in these consolidated financial statements are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with HollyFrontier’s Annual Report on Form 10-K for the year ended December 31, 2021 that has been filed with the SEC. Beginning March 14, 2022, our business operations reflect the Acquired Sinclair Businesses (see Note 2). Our results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results of operations to be realized for the year ending December 31, 2022. Accounts Receivable: Our accounts receivable primarily consist of amounts due from customers that are primarily from sales of refined products and renewable diesel. Credit is extended based on our evaluation of the customer’s financial condition, and in certain circumstances collateral, such as letters of credit or guarantees, is required. We reserve for expected credit losses based on our historical loss experience as well as expected credit losses from current economic conditions and management’s expectations of future economic conditions. Credit losses are charged to the allowance for expected credit losses when an account is deemed uncollectible. Our allowance for expected credit losses was $12.2 million at June 30, 2022 and $3.7 million at December 31, 2021. Inventories: Inventories related to our refining operations are stated at the lower of cost, using the last-in, first-out (“LIFO”) method for crude oil and unfinished and finished refined products, or market. Inventories related to our renewables business are stated at the lower of cost, using the LIFO method for feedstock and unfinished and finished renewable products, or market. In periods of rapidly declining prices, LIFO inventories may have to be written down to market value due to the higher costs assigned to LIFO layers in prior periods. In addition, the use of the LIFO inventory method may result in increases or decreases to cost of sales in years that inventory volumes decline as the result of charging cost of sales with LIFO inventory costs generated in prior periods. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation. Inventories of our Petro-Canada Lubricants and Sonneborn businesses are stated at the lower of cost, using the first-in, first-out (“FIFO”) method, or net realizable value. Inventories consisting of process chemicals, materials and maintenance supplies and RINs are stated at the lower of weighted-average cost or net realizable value. Leases: At inception, we determine if an arrangement is or contains a lease. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our payment obligation under the leasing arrangement. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use our estimated incremental borrowing rate (“IBR”) to determine the present value of lease payments as most of our leases do not contain an implicit rate. Our IBR represents the interest rate which we would pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment. We use the implicit rate when readily determinable. Operating leases are recorded in “Operating lease right-of-use assets” and current and noncurrent “Operating lease liabilities” on our consolidated balance sheet. Finance leases are included in “Properties, plants and equipment, at cost” and “Accrued liabilities” and “Other long-term liabilities” on our consolidated balance sheet. Our lease term includes an option to extend the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less are not recorded on our balance sheet. For certain equipment leases, we apply a portfolio approach for the operating lease ROU assets and liabilities. Also, as a lessee, we separate non-lease components that are identifiable and exclude them from the determination of net present value of lease payment obligations. In addition, HEP, as a lessor, does not separate the non-lease (service) component in contracts in which the lease component is the dominant component. HEP treats these combined components as a lease. Revenue Recognition: Revenues on refined product, including branded fuel sales and renewable diesel, and excess crude oil sales are recognized when delivered (via pipeline, in-tank or rack) and the customer obtains control of such inventory, which is typically when title passes and the customer is billed. All revenues are reported inclusive of shipping and handling costs billed and exclusive of any taxes billed to customers. Shipping and handling costs incurred are reported as cost of products sold. Our lubricants and specialty products business has sales agreements with marketers and distributors that provide certain rights of return or provisions for the repurchase of products previously sold to them. Under these agreements, revenues and cost of revenues are deferred until the products have been sold to end customers. Our lubricants and specialty products business also has agreements that create an obligation to deliver products at a future date for which consideration has already been received and recorded as deferred revenue. This revenue is recognized when the products are delivered to the customer. HEP recognizes revenues as products are shipped through its pipelines and terminals and as other services are rendered. Additionally, HEP has certain throughput agreements that specify minimum volume requirements, whereby HEP bills a customer for a minimum level of shipments in the event a customer ships below their contractual requirements. If there are no future performance obligations, HEP recognizes these deficiency payments as revenue. In certain of these throughput agreements, a customer may later utilize such shortfall billings as credit towards future volume shipments in excess of its minimum levels within its respective contractual shortfall make-up period. Such amounts represent an obligation to perform future services, which may be initially deferred and later recognized as revenue based on estimated future shipping levels, including the likelihood of a customer’s ability to utilize such amounts prior to the end of the contractual shortfall make-up period. HEP recognizes the service portion of these deficiency payments as revenue when HEP does not expect it will be required to satisfy these performance obligations in the future based on the pattern of rights exercised by the customer. Payment terms under our contracts with customers are consistent with industry norms and are typically payable within 30 days of the date of invoice. Foreign Currency Translation: Assets and liabilities recorded in foreign currencies are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the period presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income. We have intercompany notes that were issued to fund certain of our foreign businesses. Remeasurement adjustments resulting from the conversion of intercompany financing amounts to functional currencies are recorded as gains and losses as a component of other income (expense) in the consolidated statements of operations. Such adjustments are not recorded to the Lubricants and Specialty Products segment operations, but to Corporate and Other. See Note 15 for additional information on our segments. Income Taxes : Provisions for income taxes include deferred taxes resulting from temporary differences in income for financial and tax purposes, using the liability method of accounting for income taxes. The liability method requires the effect of tax rate changes on deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. We account for U.S. tax on global intangible low-taxed income in the period in which it is incurred. Potential interest and penalties related to income tax matters are recognized in income tax expense. We believe we have appropriate support for the income tax positions taken and to be taken on our income tax returns and that our accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter. For the six months ended June 30, 2022, we recorded an income tax expense of $404.8 million compared to an expense of $95.2 million for the six months ended June 30, 2021. This increase was principally due to higher pre-tax income during the six months ended June 30, 2022 compared to the same period of 2021. Our effective tax rates were 22.0% and 20.1% for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate is principally due to the relationship between the pre-tax results and the earnings attributable to the noncontrolling interest that is not included in income for tax purposes. The difference in the U.S. federal statutory rate and the effective tax rate for the six months ended June 30, 2022 was primarily due to the increase in state taxes due to increased pre-tax income during the period. Inventory Repurchase Obligations: We periodically enter into same-party sell / buy transactions, whereby we sell certain refined product inventory and subsequently repurchase the inventory in order to facilitate delivery to certain locations. Such sell / buy transactions are accounted for as inventory repurchase obligations under which proceeds received under the initial sell is recognized as an inventory repurchase obligation that is subsequently reversed when the inventory is repurchased. For the six months ended June 30, 2022 and 2021, we received proceeds of $21.3 million and $23.0 million, respectively, and subsequently repaid $21.4 million and $24.2 million, respectively, under these sell / buy transactions.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On March 14, 2022, pursuant to the Business Combination Agreement, HF Sinclair completed its acquisition of the Target Company by effecting (a) 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. 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. HollyFrontier’s senior management team at the Closing Date will continue to operate the combined company. Pursuant to that certain stockholders agreement (the “Stockholders Agreement”) by and among HF Sinclair, Sinclair HoldCo and the stockholders of Sinclair HoldCo (together with Sinclair HoldCo and each of their permitted transferees, the “Sinclair Parties”), Sinclair HoldCo was granted the right to nominate, and has nominated, two directors to our Board of Directors at the Closing Date. The Sinclair HoldCo stockholders also agreed to certain customary lock up, voting and standstill restrictions, as well as customary registration rights, for the HF Sinclair common stock issued to the stockholders of Sinclair HoldCo. HF Sinclair is headquartered in Dallas, Texas, with combined business offices in Salt Lake City, Utah. Under the terms of the Business Combination Agreement, HF Sinclair acquired Sinclair HoldCo’s refining, branded marketing, renewables, and midstream businesses. The branded marketing business supplies high-quality fuels to more than 1,300 Sinclair branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the United States. The renewables business includes the operation of a renewable diesel unit located in Sinclair, Wyoming. The refining business includes two Rocky Mountains-based refineries located in Casper, Wyoming and Sinclair, Wyoming. Under the terms of the Contribution Agreement (as defined in Note 3), HEP acquired STC, Sinclair HoldCo’s integrated crude and refined products pipelines and terminal assets, including approximately 1,200 miles of integrated crude and refined product pipeline supporting the Sinclair refineries and third parties, eight product terminals and two crude terminals with approximately 4.5 million barrels of operated storage. In addition, HEP acquired STC’s interests in three pipeline joint ventures for crude gathering and product offtake including: Saddle Butte Pipeline III, LLC (25.06% non-operated interest); Pioneer Pipeline (49.995% non-operated interest); and UNEV Pipeline (the 25% non-operated interest not already owned by HEP, resulting in UNEV Pipeline, LLC (“UNEV”) becoming a wholly owned subsidiary of HEP). The addition of the Acquired Sinclair Businesses to the HollyFrontier business created a combined company with increased scale and ability to diversify and is expected to drive growth through the expanded refining and renewables business. In addition, the HFC Transactions added an integrated branded wholesale distribution network to our business. The Sinclair Transactions were accounted for as a business combination using the acquisition method of accounting, with the assets acquired and liabilities assumed at their respective acquisition date fair values at the effective date, with the excess consideration recorded as goodwill. The following tables present the preliminary purchase consideration and preliminary purchase price allocation of the assets acquired and liabilities assumed on March 14, 2022: Preliminary Purchase Consideration (in thousands except for per share amounts) Shares of HF Sinclair common stock issued 60,230 Closing price per share of HFC common stock (1) $ 35.68 Purchase consideration paid in HF Sinclair common stock 2,149,008 Shares of HEP common units issued to Sinclair 21,000 Closing price per share of HEP common units (2) $ 16.62 Purchase consideration paid in units of HEP common units 349,020 Total equity consideration 2,498,028 Cash consideration paid by HEP 321,366 Aggregate of estimated adjusted payments to be received by HFC and HEP (90,165) Total cash consideration 231,201 Total purchase consideration $ 2,729,229 (1) Based on the HollyFrontier closing stock price on March 11, 2022. (2) Based on the HEP closing unit price on March 11, 2022. (In thousands) Assets Acquired Accounts receivable $ 460,391 Inventories: Crude oil and refined products 889,340 Inventories: Materials, supplies and other 33,172 Properties, plants and equipment 1,286,656 Operating lease right-of-use assets 4,585 Other assets: Intangibles and other 487,368 Total assets acquired $ 3,161,512 Liabilities Assumed Accounts payable $ 580,040 Operating lease liabilities 1,030 Accrued liabilities 83,729 Noncurrent operating lease liabilities 3,554 Deferred income taxes 353,813 Other long-term liabilities 66,527 Total liabilities assumed $ 1,088,693 Net assets acquired $ 2,072,819 Goodwill $ 656,410 The preliminary purchase price allocation resulted in the recognition of $656.4 million in goodwill, of which $90.8 million was related to HEP. The goodwill recognized is primarily attributable to operating and administrative synergies and net deferred tax liabilities arising from the differences between the estimated fair values of assets and liabilities and the tax basis of these assets and liabilities. There are qualitative assumptions of long-term factors that this acquisition creates for our stockholders, including increased scale and diversification that is expected to drive growth through the expanded refining and renewables businesses and the addition of an integrated branded wholesale distribution network. This goodwill is not deductible for income tax purposes. The fair value of properties, plants and equipment was based on the combination of the cost and market approaches. Key assumptions in the cost approach include determining the replacement cost by evaluating recent published data and adjusting replacement cost for physical deterioration, functional, and economic obsolescence. We used the market approach to measure the value of certain assets through an analysis of recent sales or offerings of comparable properties. The fair value of crude oil and refined products inventory was based on market prices as of the acquisition date. Intangibles include the Sinclair trade name, fuel agreements and customer relationships totaling $213.1 million that are being amortized on a straight-line basis over a range of four The fair value of equity method investments totaled $234.3 million and was based on a combination of valuation methods including discounted cash flows and the guideline public company method. Accrued liabilities include $70.6 million of RINs credit obligations, including 2022 obligations through the Closing Date, which were valued based on market prices for RINs at the effective date, a Level 2 input. Sinclair HoldCo is financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing. This receivable totaled $68.4 million and was valued based on market prices for RINs at the effective date. All other fair values discussed above were based on significant inputs that are not observable in the market and, therefore, represent Level 3 measurements. The fair values of all other current receivable and payables were equivalent to their carrying values due to their short-term nature. These fair value estimates are preliminary and, therefore, the final fair values of assets acquired and liabilities assumed and the resulting effect on our financial position may change once all needed information has become available and working capital true-up is complete, and we finalize our valuations. Our consolidated financial and operating results reflect the Acquired Sinclair Businesses operations beginning March 14, 2022. Our results of operations for the three months ended June 30, 2022 included revenue and income from operations of $1,910.3 million and $316.9 million, respectively, and revenue and income from operations of $2,433.6 million and $357.3 million for the period from March 14, 2022 through June 30, 2022, respectively, related to the Acquired Sinclair Businesses operations. During the three and six months ended June 30, 2022, we incurred $12.5 million and $37.5 million in incremental direct acquisition and integration costs that principally relate to legal, advisory and other professional fees and are presented as selling, general and administrative expenses in our statements of operations. The following unaudited pro forma combined condensed financial data for the three and six months ended June 30, 2022 and 2021 was derived from our historical financial statements giving effect to the Sinclair Transactions as if they had occurred on January 1, 2021. The below information reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the depreciation of the fair-valued properties, plants and equipment acquired in the Sinclair Transactions and the estimated tax impacts of the pro forma adjustments. Additionally, pro forma earnings include certain non-recurring charges, the substantial majority of which consist of transaction costs related to financial advisors, legal advisors and professional accounting services. The pro forma results of operations do not include any cost savings or other synergies that may result from the Sinclair Transactions. The pro forma combined condensed financial data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Sinclair Transactions taken place on January 1, 2021 and is not intended to be a projection of future results. Three Months Ended Six Months Ended 2021 2022 2021 (In thousands) Sales and other revenues $ 5,726,961 $ 19,626,409 $ 10,088,706 Net income attributable to HF Sinclair stockholders $ 216,972 $ 1,311,871 $ 337,132

Holly Energy Partners

Holly Energy Partners	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Holly Energy Partners	Holly Energy Partners HEP is a publicly held master limited partnership that owns and / or operates logistic assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units that principally support our refining and marketing operations, as well as other third-party refineries, in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. Additionally, as of June 30, 2022, HEP owned a 50% ownership interest in each of Osage Pipe Line Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas (the “Osage Pipeline”); Cheyenne Pipeline, LLC, the owner of a pipeline running from Fort Laramie, Wyoming to Cheyenne, Wyoming (the “Cheyenne Pipeline”) and Cushing Connect Pipeline & Terminal LLC (“Cushing Connect”), the owner of a crude oil storage terminal in Cushing, Oklahoma and a pipeline that runs from Cushing, Oklahoma to our Tulsa West and Tulsa East facilities (collectively, the “Tulsa Refineries”); and a 25.06% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a 220-mile crude oil pipeline from the Powder River Basin to Casper, Wyoming (the “Saddle Butte Pipeline”); and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a 310-mile pipeline from Sinclair, Wyoming to the North Salt Lake City, Utah Terminal (the “Pioneer Pipeline”). At June 30, 2022, we owned a 47% limited partner interest and a non-economic general partner interest in HEP. As the general partner of HEP, we have the sole ability to direct the activities that most significantly impact HEP’s financial performance, and therefore as HEP's primary beneficiary, we consolidate HEP. HEP generates revenues by charging tariffs for transporting petroleum products and crude oil through its pipelines, by charging fees for terminalling refined products and other hydrocarbons, and by storing and providing other services at its storage tanks and terminals. Under our long-term transportation agreements with HEP (discussed further below), we accounted for 79% of HEP’s total revenues for the six months ended June 30, 2022. We do not provide financial or equity support through any liquidity arrangements and / or debt guarantees to HEP. HEP has outstanding debt under its senior secured revolving credit agreement and its senior notes. HEP’s creditors have no recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries. See Note 10 for a description of HEP’s debt obligations. HEP has risk associated with its operations. If a major customer of HEP were to terminate its contracts or fail to meet desired shipping or throughput levels for an extended period of time, revenue would be reduced and HEP could suffer substantial losses to the extent that a new customer is not found. In the event that HEP incurs a loss, our operating results will reflect HEP’s loss, net of intercompany eliminations, to the extent of our ownership interest in HEP at that point in time. Cushing Connect Joint Venture In October 2019, HEP Cushing LLC (“HEP Cushing”), a wholly owned subsidiary of HEP, and Plains Marketing, L.P., a wholly owned subsidiary of Plains All American Pipeline, L.P. (“Plains”), formed a 50/50 joint venture, Cushing Connect, for (i) the development, construction, ownership and operation of a new 160,000 barrel per day common carrier crude oil pipeline (the “Cushing Connect Pipeline”) that connects the Cushing, Oklahoma crude oil hub to our Tulsa Refineries and (ii) the ownership and operation of 1.5 million barrels of crude oil storage in Cushing, Oklahoma (the “Cushing Connect Terminal”). The Cushing Connect Terminal was fully in service beginning in April 2020, and the Cushing Connect Pipeline was placed in service during the third quarter of 2021. Long-term commercial agreements have been entered into to support the Cushing Connect assets. Cushing Connect entered into a contract with an affiliate of HEP to manage the operation of the Cushing Connect Pipeline and with an affiliate of Plains to manage the operation of the Cushing Connect Terminal. The total investment in Cushing Connect will be shared proportionately among the partners. However, HEP is solely responsible for any Cushing Connect Pipeline construction costs that exceed the budget by more than 10%. HEP’s share of the cost of the Cushing Connect Terminal contributed by Plains and Cushing Connect Pipeline construction costs are approximately $73 million. Cushing Connect and its two subsidiaries, Cushing Connect Pipeline and Cushing Connect Terminal, are each VIE’s because they do not have sufficient equity at risk to finance their activities without additional financial support. HEP is the primary beneficiary of two of these entities as HEP constructed and operates the Cushing Connect Pipeline, and HEP has more ability to direct the activities that most significantly impact the financial performance of Cushing Connect and Cushing Connect Pipeline. Therefore, HEP consolidates these two entities. HEP is not the primary beneficiary of Cushing Connect Terminal, which HEP accounts for using the equity method of accounting. Sinclair Transportation Company Acquisition On August 2, 2021, HEP, Sinclair HoldCo and STC, a wholly owned subsidiary of Sinclair HoldCo, entered into a contribution agreement (as amended on March 14, 2022, the “Contribution Agreement”), which closed on March 14, 2022. Pursuant to the Contribution Agreement, HEP acquired all of the outstanding equity interests of STC in exchange for 21,000,000 newly issued common limited partner units of HEP with a value of approximately $349.0 million based on HEP’s fully diluted common limited partner units outstanding and HEP’s closing unit price on March 11, 2022, and cash consideration equal to $321.4 million, inclusive of estimated working capital adjustments pursuant to the Contribution Agreement for an aggregate transaction value of $670.4 million. As a result of this common unit issuance and our resulting HEP ownership change, we adjusted additional capital and equity attributable to HEP’s noncontrolling interest holders to reallocate HEP’s equity among its unitholders. As part of HEP’s acquisition of STC, HEP acquired the 25.0% non-operated interest of UNEV not already owned by HEP and as such, UNEV, the owner of a pipeline running from Woods Cross, Utah to Las Vegas, Nevada and associated product terminals, became a wholly owned subsidiary of HEP. HEP’s existing senior management team continues to operate HEP. Pursuant to that certain unitholders agreement (the “Unitholders Agreement”) by and among HEP, Holly Logistic Services, L.L.C., Navajo Pipeline Co., L.P. and the Sinclair Parties, Sinclair HoldCo was granted the right to nominate, and has nominated, one director to the HEP Board of Directors at the Closing Date. Sinclair HoldCo’s stockholders have also agreed to certain customary lock up restrictions and registration rights for the HEP common limited partner units to be issued to the stockholders of Sinclair HoldCo. HEP will continue to be named Holly Energy Partners, L.P. Contemporaneous with the closing of the Sinclair Transactions, HEP and HollyFrontier amended certain intercompany agreements, including the master throughput agreement, to include within the scope of such agreements certain of the assets acquired by HEP pursuant to the Contribution Agreement. Transportation Agreements HEP serves our refineries under long-term pipeline, terminal and tankage throughput agreements and refinery processing tolling agreements expiring fro m 2022 throug h 2037. Under these agreements, we pay HEP fees to transport, store and process throughput volumes of refined products, crude oil and feedstocks on HEP’s pipeline, terminals, tankage, loading rack facilities and refinery processing units that result in minimum annual payments to HEP. Under these agreements, the agreed upon tariff rates are subject to annual tariff rate adjustments on July 1 at a rate based upon the percentage change in Producer Price Index or Federal Energy Regulatory Commission index. On March 14, 2022, HollyFrontier Refining & Marketing LLC, Sinclair Oil and Holly Energy Partners - Operating, L.P. entered into an amendment to the master throughput agreement. As of July 1, 2022, these agreements require minimum annualized payments to HE P of $445.9 million . Our transactions with HEP and fees paid under our transportation agreements with HEP are eliminated and have no impact on our consolidated financial statements. Lessor Accounting Our consolidated statements of operations reflect lease revenue recognized by HEP for contracts with third parties in which HEP is the lessor. Lease income recognized was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Operating lease revenues $ 3,874 $ 3,731 $ 7,157 $ 8,178 Sales-type lease interest income $ 629 $ 637 $ 1,261 $ 1,276 Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $ 708 $ 520 $ 1,069 $ 857

Revenues

Revenues	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues	RevenuesSubstantially all revenue-generating activities relate to sales of refined product and excess crude oil inventories sold at market prices (variable consideration) under contracts with customers. Additionally, we have revenues attributable to HEP logistics services provided under petroleum product and crude oil pipeline transportation, processing, storage and terminalling agreements with third parties. Disaggregated revenues were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Revenues by type Refined product revenues Transportation fuels (1) $ 7,783,925 $ 3,323,897 $ 13,084,961 $ 5,795,668 Specialty lubricant products (2) 748,099 605,939 1,430,140 1,086,620 Asphalt, fuel oil and other products (3) 538,545 221,743 977,727 380,329 Total refined product revenues 9,070,569 4,151,579 15,492,828 7,262,617 Excess crude oil revenues (4) 571,874 389,275 1,254,471 745,575 Renewable diesel revenues (5) 115,939 — 144,252 — Transportation and logistic services 25,233 27,092 53,177 52,350 Marketing revenues (6) 1,336,302 — 1,613,343 — Other revenues (7) 42,243 9,177 62,839 20,874 Total sales and other revenues $ 11,162,160 $ 4,577,123 $ 18,620,910 $ 8,081,416 Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Refined product revenues by market United States Mid-Continent $ 4,145,654 $ 2,334,226 $ 7,055,122 $ 4,002,439 Southwest 1,464,245 941,451 2,527,349 1,709,514 Rocky Mountains 2,806,262 373,252 4,664,749 611,055 Northeast 274,422 199,955 517,859 372,253 Canada 290,474 213,338 544,433 395,284 Europe, Asia and Latin America 89,512 89,357 183,316 172,072 Total refined product revenues $ 9,070,569 $ 4,151,579 $ 15,492,828 $ 7,262,617 (1) Transportation fuels revenues are attributable to our Refining segment wholesale marketing of gasoline, diesel and jet fuel. (2) Specialty lubricant products consist of base oil, waxes, finished lubricants and other specialty fluids. (3) Asphalt, fuel oil and other products revenues include revenues attributable to our Refining and Lubricants and Specialty Products segments of $443.4 million and $95.1 million, respectively, for the three months ended June 30, 2022, $811.0 million and $166.7 million, respectively, for the six months ended June 30, 2022, $165.9 million and $55.8 million, respectively, for the three months ended June 30, 2021, $283.2 million and $97.1 million for the six months ended June 30, 2021. (4) Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries. (5) Renewable diesel revenues are attributable to our Renewables segment. (6) Marketing revenues consist primarily of branded gasoline and diesel fuel. (7) Other revenues are principally attributable to our Refining segment. Our consolidated balance sheet reflects contract liabilities related to unearned revenues attributable to future service obligations under HEP’s third-party transportation agreements and production agreements from our Sonneborn operation s. The following table present s changes to our contract liabilities durin g the six months ended June 30, 2022 and 2021. Six Months Ended June 30, 2022 2021 (In thousands) Balance at January 1 $ 9,278 $ 6,738 Increase 16,209 15,314 Recognized as revenue (15,787) (14,686) Balance at June 30 $ 9,700 $ 7,366 As of June 30, 2022, we have long-term contracts with customers that specify minimum volumes of gasoline, diesel, lubricants and specialty products to be sold ratably at market prices through 2025. Future prices are subject to market fluctuations and therefore, we have elected the exemption to exclude variable consideration under these contracts under Accounting Standards Codification 606-10-50-14A. Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows, which include branded sales volumes assumed upon our acquisition of the Acquired Sinclair Businesses: Remainder of 2022 2023 2024 Thereafter Total (In thousands) Refined product sales volumes (barrels) 19,929 30,445 24,117 46,030 120,521 Additionally, HEP has long-term contracts with third-party customers that specify minimum volumes of product to be transported through its pipelines and terminals that result in fixed-minimum annual revenues through 2025. Annual minimum revenues attributable to HEP’s third-party contracts as of June 30, 2022 are presented below: Remainder of 2022 2023 2024 Thereafter Total (In thousands) HEP contractual minimum revenues $ 5,653 $ 11,017 $ 11,017 $ 3,017 $ 30,704

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Our financial instruments measured at fair value on a recurring basis consist of derivative instruments and RINs receivable and credit obligations. Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows: • (Level 1) Quoted prices in active markets for identical assets or liabilities. • (Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data. • (Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs. The carrying amounts of derivative instruments and RINs receivable and credit obligations at June 30, 2022 and December 31, 2021 were as follows: Fair Value by Input Level Carrying Amount Level 1 Level 2 Level 3 (In thousands) June 30, 2022 Assets: NYMEX futures contracts $ 5,776 $ 5,776 $ — $ — Commodity forward contracts 3,621 — 3,621 — RINs receivable (1) 79,488 — 79,488 — Foreign currency forward contracts 8,159 — 8,159 — Total assets $ 97,044 $ 5,776 $ 91,268 $ — Liabilities: Commodity forward contracts $ 3,073 $ — $ 3,073 $ — Foreign currency forward contracts 94 — 94 — RINs credit obligations (1) (2) 79,488 — 79,488 — Total liabilities $ 82,655 $ — $ 82,655 $ — Fair Value by Input Level Carrying Amount Level 1 Level 2 Level 3 (In thousands) December 31, 2021 Assets: Commodity forward contracts $ 286 $ — $ 286 $ — Foreign currency forward contracts 6,177 — 6,177 — Total assets $ 6,463 $ — $ 6,463 $ — Liabilities: NYMEX futures contracts $ 1,269 $ 1,269 $ — $ — Commodity forward contracts 566 — 566 — RINs credit obligations (2) 9,429 — 9,429 — Total liabilities $ 11,264 $ 1,269 $ 9,995 $ — (1) Sinclair HoldCo is financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing of the Sinclair Transactions. See Note 2 for additional information. (2) Represents obligations for RINs credits for which we did not have sufficient quantities at June 30, 2022 and December 31, 2021 to satisfy our Environmental Protection Agency (“EPA”) regulatory blending requirements. See Note 2 for additional information on RINs credit obligations assumed in the Sinclair Transactions. Level 1 Instruments Our NYMEX futures contracts are exchange traded and are measured and recorded at fair value using quoted market prices, a Level 1 input. Level 2 Instruments Derivative instruments consisting of forward sales and purchase contracts and foreign currency forward contracts are measured and recorded at fair value using Level 2 inputs. The fair value of the forward sales and purchase contracts are computed using quoted forward commodity prices. The fair value of foreign currency forward contracts are based on values provided by a third party, which were derived using market quotes for similar type instruments, a Level 2 input. RINs receivable and RINs credit obligations are valued based on current market RINs prices.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated as net income attributable to HF Sinclair stockholders, adjusted for participating securities’ share in earnings divided by the average number of shares of common stock outstanding. Diluted earnings per share includes the incremental shares resulting from certain share-based awards. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HF Sinclair stockholders: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands, except per share data) Net income attributable to HF Sinclair stockholders $ 1,221,262 $ 168,850 $ 1,381,236 $ 317,067 Participating securities’ share in earnings (1) 11,632 2,223 14,888 4,271 Net income attributable to common shares $ 1,209,630 $ 166,627 $ 1,366,348 $ 312,796 Average number of shares of common stock outstanding 222,952 162,523 199,149 162,501 Average number of shares of common stock outstanding assuming dilution 222,952 162,523 199,149 162,501 Basic earnings per share $ 5.43 $ 1.03 $ 6.86 $ 1.92 Diluted earnings per share $ 5.43 $ 1.03 $ 6.86 $ 1.92 (1) Unvested restricted stock unit awards and unvested performance share units that settle in HF Sinclair common stock represent participating securities because they participate in nonforfeitable dividends or distributions with the common stockholders of HF Sinclair. Participating earnings represent the distributed and undistributed earnings of HF Sinclair attributable to the participating securities. Unvested restricted stock unit awards and performance share units do not participate in undistributed net losses as they are not contractually obligated to do so.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation In connection with the Sinclair Transactions, we assumed all obligations of HollyFrontier under HollyFrontier’s existing stock-based compensation plans, which includes the HF Sinclair Corporation 2007 Long-Term Incentive Compensation Plan (previously known as the HollyFrontier Corporation Long-Term Incentive Compensation Plan, the “2007 Plan”) and the HF Sinclair Corporation Amended and Restated 2020 Long Term Incentive Plan (previously known as the HollyFrontier Corporation 2020 Long Term Incentive Plan, the “2020 Plan). Awards are no longer granted, but continue to remain outstanding, under the 2007 Plan. The 2007 Plan previously provided for, and the 2020 Plan currently provides for, the grant of unrestricted and restricted stock, restricted stock units, other stock based awards, stock options, performance awards, substitute awards, cash awards and stock appreciation rights. The restricted stock unit awards generally vest over a period of one The compensation cost for these plans was $8.4 million and $11.9 million for the three months ended June 30, 2022 and 2021, respectively, and $17.3 million and $22.8 million for the six months ended June 30, 2022 and 2021, respectively. Additionally, HEP maintains an equity-based compensation plan for Holly Logistic Services, L.L.C.’s non-employee directors and certain executives and employees. Compensation cost attributable to HEP’s equity-based compensation plan was $0.6 million and $0.5 million for the three months ended June 30, 2022 and 2021, respectively, and $1.2 million for both the six months ended June 30, 2022 and 2021, respectively. A summary of restricted stock unit and performance share unit activity during the six months ended June 30, 2022 is presented below: Restricted Stock Units Performance Share Units Outstanding at January 1, 2022 1,604,540 864,626 Granted (1) 20,023 7,335 Vested (19,711) — Forfeited (74,333) (40,101) Outstanding at June 30, 2022 1,530,519 831,860 (1) Weighted average grant date fair value per unit $ 38.31 $ 38.50

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following components: June 30, December 31, 2021 (In thousands) Crude oil $ 937,259 $ 630,873 Other raw materials and unfinished products (1) 951,938 530,067 Finished products (2) 1,443,230 726,930 Lower of cost or market reserve (34,731) (8,739) Process chemicals (3) 51,175 43,025 Repair and maintenance supplies and other (4) 276,637 199,972 Total inventory $ 3,625,508 $ 2,122,128 (1) Other raw materials and unfinished products include feedstocks and blendstocks, other than crude. (2) Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels. (3) Process chemicals include additives and other chemicals. (4) Includes RINs. Our renewables inventories that are valued at the lower of LIFO cost or market reflect a valuation reserve of $34.7 million and $8.7 million at June 30, 2022 and December 31, 2021, respectively. A new market reserve of $34.7 million as of June 30, 2022 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was an increase to cost of products sold totaling $34.5 million and $26.0 million for the three and six months ended June 30, 2022, respectively.

Environmental

Environmental	6 Months Ended
	Jun. 30, 2022
Environmental Expense and Liabilities [Abstract]
Environmental	EnvironmentalEnvironmental costs are charged to operating expenses if they relate to an existing condition caused by past operations and do not contribute to current or future revenue generation. We have ongoing investigations of environmental matters at various locations and routinely assess our recorded environmental obligations, if any, with respect to such matters. Liabilities are recorded when site restoration and environmental remediation, cleanup and other obligations are either known or considered probable and can be reasonably estimated. Such estimates are undiscounted and require judgment with respect to costs, time frame and extent of required remedial and cleanup activities and are subject to periodic adjustments based on currently available information. Recoveries of environmental costs through insurance, indemnification arrangements or other sources are included in other assets to the extent such recoveries are considered probable.We incurred expense of $0.7 million and $1.9 million for the three months ended June 30, 2022 and 2021, respectively, and $2.8 million and $2.0 million for the six months ended June 30, 2022 and 2021, respectively, for environmental remediation obligations. The accrued environmental liability reflected in our consolidated balance sheets was $166.2 million and $117.2 million at June 30, 2022 and December 31, 2021, respectively, of which $143.8 million and $99.1 million, respectively, were classified as other long-term liabilities. These accruals include remediation and monitoring costs expected to be incurred over an extended period of time (up to 30 years for certain projects). Accrued environmental liabilities assumed in the Sinclair Transactions were $50.7 million at the acquisition date. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt HF Sinclair Credit Agreement On April 27, 2022, after giving effect to the consummation of the exchange offers and the issuance of the HF Sinclair Senior Notes (as defined below), HF Sinclair entered into a $1.65 billion senior unsecured revolving credit facility m aturing in April 2026 (the “HF Sinclair Credit Agreement”). The HF Sinclair Credit Agreement may be used for revolving credit loans and letters of credit from time to time and is available to fund general corporate purposes. The HF Sinclair Credit Agreement replaced the $1.35 billion senior unsecured credit facility of HollyFrontier, which was terminated on April 27, 2022. At June 30, 2022, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $2.3 million under the HF Sinclair Credit Agreement. Indebtedness under the HF Sinclair Credit Agreement bears interest, at our option based on the currency of such indebtedness at either (a) a base rate equal to the highest of the Federal Funds Effective Rate (as defined in the HF Sinclair Credit Agreement) plus half of 1%, Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement) for a one-month interest period plus 1% and the prime rate (as publicly announced from time to time by the administrative agent), as applicable, plus an applicable margin (ranging from 0.25% to 1.125%), (b) the CDOR Rate (as defined in the HF Sinclair Credit Agreement) plus an applicable margin (ranging from 1.25% to 2.125%) (c) the Spread Adjusted Term SOFR (as defined in the HF Sinclair Credit Agreement) plus an applicable margin (ranging from 1.25% to 2.125%) or (d) the Daily Simple RFR (as defined in the HF Sinclair Credit Agreement) plus an applicable margin (ranging from 1.25% to 2.125%). HEP Credit Agreement HEP has a $1.2 billion senior secured revolving credit facility maturing in July 2025 (the “HEP Credit Agreement”). The HEP Credit Agreement is available to fund capital expenditures, investments, acquisitions, distribution payments, working capital and for general partnership purposes. It is also available to fund letters of credit up to a $50 million sub-limit and has an accordion feature that allows HEP to increase the commitments under the HEP Credit Agreement up to a maximum amount of $1.7 billion. At June 30, 2022, HEP was in compliance with all of its covenants, had outstanding borrowings of $721.0 million and no outstanding letters of credit under the HEP Credit Agreement. Prior to the Investment Grade Date (as defined in the HEP Credit Agreement), indebtedness under the HEP Credit Agreement bears interest, at HEP’s option, at either (a) the alternate base rate (as defined in the HEP Credit Agreement) plus an applicable margin or (b) the Eurodollar Rate (as defined in the HEP Credit Agreement) plus an applicable margin. In each case, the applicable margin is based upon HEP’s Total Leverage Ratio (as defined in the HEP Credit Agreement). The weighted average interest rate in effect under the HEP Credit Agreement on HEP’s borrowings was 3.57% as of June 30, 2022. HEP’s obligations under the HEP Credit Agreement are collateralized by substantially all of HEP’s assets and are guaranteed by HEP’s material wholly owned subsidiaries. Any recourse to the general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP are not significant. HEP’s creditors have no recourse to our other assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries. HollyFrontier Bond Exchange On April 27, 2022, HF Sinclair completed its offers to exchange any and all outstanding HollyFrontier 2.625% senior notes maturing October 2023 (the “HollyFrontier 2.625% Senior Notes”), 5.875% senior notes maturing April 2026 (the “HollyFrontier 5.875% Senior Notes”) and 4.500% senior notes maturing October 2030 (the “HollyFrontier 4.500% Senior Notes”) (and, collectively, the “HollyFrontier Senior Notes”) for 2.625% senior notes maturing October 2023 (the “HF Sinclair 2.625% Senior Notes”), 5.875% senior notes maturing April 2026 (the “HF Sinclair 5.875% Senior Notes”) and 4.500% senior notes maturing October 2030 (the “HF Sinclair 4.500% Senior Notes”) (and, collectively, the “HF Sinclair Senior Notes”) to be issued by HF Sinclair and cash. Additionally, HF Sinclair solicited consents to adopt certain amendments to the indenture governing the HollyFrontier Senior Notes. The HF Sinclair Senior Notes are unsecured and unsubordinated obligations of ours and rank equally with all our other existing and future unsecured and unsubordinated indebtedness. Each series of HF Sinclair Senior Notes has the same interest rate (including interest rate adjustment provisions, as applicable), interest payment dates, maturity date and redemption terms as the corresponding series of HollyFrontier Senior Notes. The HF Sinclair Senior Notes were issued in exchange for the HollyFrontier Senior Notes pursuant to a private exchange offer exempt from registration under the Securities Act of 1933, as amended. In connection with the issuance of the HF Sinclair Senior Notes, HF Sinclair agreed to use its commercially reasonable efforts to file (and have declared effective) a registration statement with respect to a registered offer to exchange the HF Sinclair Senior Notes for substantially identical registered notes. HF Sinclair will be obligated to pay additional interest if it does not complete the exchange offer on or prior to April 27, 2023, or if a shelf registration statement with respect to the HF Sinclair Senior Notes (if required to be filed) is not declared effective by the dates indicated in the Registration Rights Agreement. In connection with the exchange offers and consent solicitations, HollyFrontier amended the indenture governing the HollyFrontier Senior Notes to eliminate (i) substantially all of the restrictive covenants, (ii) certain of the events which may lead to an “Event of Default”, (iii) the SEC reporting covenant and (iv) with respect to the HollyFrontier 2.625% Senior Notes and the HollyFrontier 4.500% Senior Notes only, the offer to repurchase such senior notes upon certain change of control triggering events. HF Sinclair Financing Arrangements Certain of our wholly owned subsidiaries entered into financing arrangements whereby such subsidiaries sold a portion of their precious metals catalyst to a financial institution and then leased back the precious metals catalyst in exchange for cash. The volume of the precious metals catalyst and the lease rate are fixed over the term of each lease, and the lease payments are recorded as interest expense. The current leases mature in one year or less. Upon maturity, we must either satisfy the obligation at fair market value or refinance to extend the maturity. These financing arrangements are recorded at a Level 2 fair value totaling $34.8 million and $37.4 million at June 30, 2022 and December 31, 2021, respectively, and are included in “Accrued liabilities” on our consolidated balance sheets. See Note 5 for additional information on Level 2 inputs. HEP Senior Notes On April 8, 2022, HEP closed a private placement of $400 million in aggregate principal amount of 6.375% senior notes maturing April 2027 (the “HEP 6.375% Senior Notes”) at par for net proceeds of approximately $393 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. The net proceeds from the offering of the HEP 6.375% Senior Notes were used to partially repay outstanding borrowings under the HEP Credit Agreement. In addition, HEP has $500.0 million in aggregate principal amount of 5.0% senior notes maturing February 2028 (the “HEP 5.0% Senior Notes,” and together with the HEP 6.375% Senior Notes, the “HEP Senior Notes”) are unsecured and impose certain restrictive covenants, including limitations on HEP’s ability to incur additional indebtedness, make investments, sell assets, incur certain liens, pay distributions, enter into transactions with affiliates, and enter into mergers. HEP was in compliance with the restrictive covenants for the HEP Senior Notes as of June 30, 2022. At any time when the HEP Senior Notes are rated investment grade by either Moody’s Investors Service, Inc. or S&P Global Ratings and no default or event of default exists, HEP will not be subject to many of the foregoing covenants. Additionally, HEP has certain redemption rights at varying premiums over face value under the HEP Senior Notes. Indebtedness under the HEP Senior Notes is guaranteed by certain of HEP’s wholly owned subsidiaries. HEP’s creditors have no recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries. The carrying amounts of long-term debt are as follows: June 30, December 31, (In thousands) HollyFrontier 2.625% Senior Notes $ 59,652 $ 350,000 5.875% Senior Notes 202,900 1,000,000 4.500% Senior Notes 74,966 400,000 337,518 1,750,000 HF Sinclair 2.625% Senior Notes 290,348 — 5.875% Senior Notes 797,100 — 4.500% Senior Notes 325,034 — 1,412,482 — Unamortized discount and debt issuance costs (10,357) (10,312) Total HF Sinclair long-term debt 1,739,643 1,739,688 HEP Credit Agreement 721,000 840,000 HEP 5.000% Senior Notes 500,000 500,000 6.375% Senior Notes 400,000 — 900,000 500,000 Unamortized discount and debt issuance costs (12,540) (6,951) Total HEP long-term debt 1,608,460 1,333,049 Total long-term debt $ 3,348,103 $ 3,072,737 The fair values of the senior notes are as follows: June 30, December 31, (In thousands) HollyFrontier and HF Sinclair Senior Notes $ 1,717,195 $ 1,912,753 HEP Senior Notes $ 808,706 $ 502,705 These fair values are based on a Level 2 input. See Note 5 for additional information on Level 2 inputs. We capitalized $1.2 million and $2.8 million for the three months ended June 30, 2022 and 2021, respectively, and $4.9 million and $4.7 million for the six months ended June 30, 2022 and 2021, respectively, of interest attributable to construction projects.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Commodity Price Risk Management Our primary market risk is commodity price risk. We are exposed to market risks related to the volatility in crude oil and refined products, as well as volatility in the price of natural gas used in our refining operations. We periodically enter into derivative contracts in the form of commodity price swaps, forward purchase and sales and futures contracts to mitigate price exposure with respect to our inventory positions, natural gas purchases, sales prices of refined products and crude oil costs. Foreign Currency Risk Management We are exposed to market risk related to the volatility in foreign currency exchange rates. We periodically enter into derivative contracts in the form of foreign exchange forward contracts to mitigate the exposure associated with fluctuations on intercompany notes with our foreign subsidiaries that are not denominated in the U.S. dollar. Accounting Hedges We had swap contracts serving as cash flow hedges against price risk on forecasted purchases of natural gas that matured as of December 31, 2021. We also periodically have forward sales contracts that lock in the prices of future sales of crude oil and refined product. These contracts have been designated as accounting hedges and are measured at fair value with offsetting adjustments (gains/losses) recorded directly to other comprehensive income (loss). These fair value adjustments are later reclassified to earnings as the hedging instruments mature. The following table presents the pre-tax effect on other comprehensive income (loss) (“OCI”) and earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting: Net Unrealized Gain (Loss) Recognized in OCI Gain (Loss) Reclassified into Earnings Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended Income Statement Location Three Months Ended 2022 2021 2022 2021 (In thousands) Commodity contracts $ — $ 5,424 Sales and other revenues $ — $ (5,052) Operating expenses — 103 Total $ — $ 5,424 $ — $ (4,949) Derivatives Designated as Cash Flow Hedging Instruments Six Months Ended Income Statement Location Six Months Ended 2022 2021 2022 2021 (In thousands) Commodity contracts $ 326 $ 782 Sales and other revenues $ (5,288) $ (18,771) Operating expenses — (53) Total $ 326 $ 782 $ (5,288) $ (18,824) Economic Hedges We have commodity contracts including NYMEX futures contracts to lock in prices on forecasted purchases and sales of inventory and forward purchase and sell contracts that serve as economic hedges (derivatives used for risk management, but not designated as accounting hedges). We also have forward currency contracts to fix the rate of foreign currency. In addition, our catalyst financing arrangements discussed in Note 10 could require repayment under certain conditions based on the future pricing of platinum, which is an embedded derivative. These contracts are measured at fair value with offsetting adjustments (gains/losses) recorded directly to earnings. The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges: Gain (Loss) Recognized in Earnings Derivatives Not Designated as Hedging Instruments Income Statement Location Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Commodity contracts Cost of products sold $ (27,618) $ (9,469) $ (37,406) $ (12,079) Interest expense 4,001 4,831 2,580 7,506 Foreign currency contracts Gain (loss) on foreign currency transactions 12,960 (6,086) 6,530 (12,829) Total $ (10,657) $ (10,724) $ (28,296) $ (17,402) As of June 30, 2022, we have the following notional contract volumes related to outstanding derivative instruments: Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2022 2023 Unit of Measure Derivatives Not Designated as Hedging Instruments NYMEX futures (WTI) - short 1,245,000 1,245,000 — Barrels Forward gasoline and diesel contracts - long 270,000 270,000 — Barrels Foreign currency forward contracts 445,568,948 226,327,761 219,241,187 U.S. dollar Forward commodity contracts (platinum) 38,723 3,800 34,923 Troy ounces The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements. Derivatives in Net Asset Position Derivatives in Net Liability Position Gross Assets Gross Liabilities Offset in Balance Sheet Net Assets Recognized in Balance Sheet Gross Liabilities Gross Assets Offset in Balance Sheet Net Liabilities Recognized in Balance Sheet (In thousands) June 30, 2022 Derivatives not designated as cash flow hedging instruments: NYMEX futures contracts $ 5,776 $ — $ 5,776 $ — $ — $ — Commodity forward contracts 3,621 — 3,621 3,073 — 3,073 Foreign currency forward contracts 8,159 — 8,159 94 — 94 $ 17,556 $ — $ 17,556 $ 3,167 $ — $ 3,167 Total net balance $ 17,556 $ 3,167 Balance sheet classification: Prepayment and other $ 17,556 Accrued liabilities $ 3,167 Derivatives in Net Asset Position Derivatives in Net Liability Position Gross Assets Gross Liabilities Offset in Balance Sheet Net Assets Recognized in Balance Sheet Gross Liabilities Gross Assets Offset in Balance Sheet Net Liabilities Recognized in Balance Sheet (In thousands) December 31, 2021 Derivatives designated as cash flow hedging instruments: Commodity forward contracts $ — $ — $ — $ 238 $ — $ 238 $ — $ — $ — $ 238 $ — $ 238 Derivatives not designated as cash flow hedging instruments: NYMEX futures contracts $ — $ — $ — $ 1,269 $ — $ 1,269 Commodity forward contracts 286 — 286 328 — 328 Foreign currency forward contracts 7,494 (1,317) 6,177 — — — $ 7,780 $ (1,317) $ 6,463 $ 1,597 $ — $ 1,597 Total net balance $ 6,463 $ 1,835 Balance sheet classification: Prepayment and other $ 6,463 Accrued liabilities $ 1,835

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Equity	Equity As a result of the HFC Transactions, discussed in Note 2, each share of HollyFrontier common stock issued and outstanding immediately prior to the closing of the HFC Transactions (other than treasury shares which were cancelled pursuant to the Business Combination Agreement) was automatically converted into one validly issued, fully paid and non-assessable share of HF Sinclair common stock, having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions as a share of HollyFrontier common stock immediately prior to the closing of the HFC Transactions. In November 2019, our Board of Directors approved a $1.0 billion share repurchase program, which replaced all existing share repurchase programs, authorizing us to repurchase common stock in the open market or through privately negotiated transactions. In June 2022, our Board of Directors determined that privately negotiated repurchases from REH Company (formerly known as The Sinclair Companies) are also authorized under the share repurchase program, subject to REH Company’s interest and other limitations. The timing and amount of share repurchases, including those from REH Company, will depend on market conditions and corporate, tax, regulatory and other relevant considerations. This program may be discontinued at any time by the Board of Directors. During the three and six months ended June 30, 2022, we made open market purchases of 2,730,000 shares for $132.3 million under our share repurchase program. No share repurchases were made during the three and six months ended June 30, 2021. As of June 30, 2022, we had remaining authorization to repurchase up to $867.7 million under this share repurchase program. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs. During the six months ended June 30, 2022 and 2021, we withheld 4,990 and 14,063 shares, respectively, of our common stock under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards. Our Board of Directors declared a regular quarterly dividend in the amount of $0.40 per share, payable on September 1, 2022 to holders of record of common stock on August 18, 2022.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2022
Other Comprehensive Income (Loss), before Tax [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The components and allocated tax effects of other comprehensive income (loss) are as follows: Before-Tax Tax Expense After-Tax (In thousands) Three Months Ended June 30, 2022 Net change in foreign currency translation adjustment $ (17,886) $ (3,775) $ (14,111) Net change in pension and other post-retirement benefit obligations (906) (221) (685) Other comprehensive loss attributable to HF Sinclair stockholders $ (18,792) $ (3,996) $ (14,796) Three Months Ended June 30, 2021 Net change in foreign currency translation adjustment $ 2,088 $ 450 $ 1,638 Net unrealized gain on hedging instruments 5,424 1,363 4,061 Net change in pension and other post-retirement benefit obligations (932) (228) (704) Other comprehensive income attributable to HF Sinclair stockholders $ 6,580 $ 1,585 $ 4,995 Six Months Ended June 30, 2022 Net change in foreign currency translation adjustment $ (16,165) $ (3,396) $ (12,769) Net unrealized gain on hedging instruments 326 67 259 Net change in pension and other post-retirement benefit obligations (1,812) (442) (1,370) Other comprehensive loss attributable to HF Sinclair stockholders $ (17,651) $ (3,771) $ (13,880) Six Months Ended June 30, 2021 Net change in foreign currency translation adjustment $ (3,775) $ (775) $ (3,000) Net unrealized gain on hedging instruments 782 194 588 Net change in pension and other post-retirement benefit obligations (1,862) (465) (1,397) Other comprehensive loss attributable to HF Sinclair stockholders $ (4,855) $ (1,046) $ (3,809) The following table presents the statements of operations line item effects for reclassifications out of accumulated other comprehensive income (loss) (“AOCI”): AOCI Component Gain (Loss) Reclassified From AOCI Statement of Operations Line Item Three Months Ended June 30, 2022 2021 (In thousands) Hedging instruments: Commodity price swaps $ — $ (5,052) Sales and other revenues — 103 Operating expenses — (4,949) — (1,247) Income tax benefit — (3,702) Net of tax Other post-retirement benefit obligations: Pension obligations 45 104 Gain on sale of assets and other 11 26 Income tax expense 34 78 Net of tax Post-retirement healthcare obligations 870 837 Gain on sale of assets and other 211 211 Income tax expense 659 626 Net of tax Retirement restoration plan (9) (9) Gain on sale of assets and other (2) (2) Income tax benefit (7) (7) Net of tax Total reclassifications for the period $ 686 $ (3,005) AOCI Component Gain (Loss) Reclassified From AOCI Statement of Operations Line Item Six Months Ended June 30, 2022 2021 (In thousands) Hedging instruments: Commodity price swaps $ (5,288) $ (18,771) Sales and other revenues — (53) Operating expenses (5,288) (18,824) (1,282) (4,744) Income tax benefit (4,006) (14,080) Net of tax Other post-retirement benefit obligations: Pension obligations 90 205 Gain on sale of assets and other 22 52 Income tax expense 68 153 Net of tax Post-retirement healthcare obligations 1,740 1,675 Gain on sale of assets and other 422 422 Income tax expense 1,318 1,253 Net of tax Retirement restoration plan (18) (18) Gain on sale of assets and other (4) (5) Income tax benefit (14) (13) Net of tax Total reclassifications for the period $ (2,634) $ (12,687) Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets includes: June 30, December 31, (In thousands) Foreign currency translation adjustment $ (20,630) $ (7,861) Unrealized gain on pension obligation 1,359 1,449 Unrealized gain on post-retirement benefit obligations 8,062 9,342 Unrealized loss on hedging instruments — (259) Accumulated other comprehensive income (loss) $ (11,209) $ 2,671

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesWe are a party to various litigation and legal proceedings which we believe, based on advice of counsel, will not either individually or in the aggregate have a materially adverse effect on our financial condition, results of operations or cash flows. Pursuant to the Business Combination Agreement, all pre-closing RINs obligations of Sinclair HoldCo’s subsidiaries (which are now subsidiaries of HF Sinclair as a result of the HFC Transactions) remain with Sinclair HoldCo. Sinclair HoldCo is required to transfer to HF Sinclair the number of each applicable type of RIN required for Sinclair HoldCo to demonstrate compliance for any pre-closing obligations it retained by the deadlines set forth in the Business Combination Agreement. If Sinclair HoldCo does not deliver all the required RINs by the applicable deadline, then, within five days following the delivery of an invoice therefor, Sinclair HoldCo is required to pay to HF Sinclair the amount of all out-of-pocket costs and expenses incurred by HF Sinclair to comply with Sinclair HoldCo’s pre-closing obligations prior to such deadline, including the price of any RINs purchased by HF Sinclair. In relation to this, 2,570,000 shares of HF Sinclair common stock and 5,290,000 HEP common units, in each case, out of the purchase consideration paid to Sinclair HoldCo, are held in escrow to secure Sinclair HoldCo’s RINs credit obligations under 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. During 2017, 2018 and 2019, the EPA granted the Cheyenne Refinery and the refinery in Woods Cross, Utah (the “Woods Cross Refinery”) each a one-year small refinery exemption from the Renewable Fuel Standard (“RFS”) program requirements for the 2016, 2017 and 2018, respectively, calendar years. As a result, the Cheyenne Refinery’s and Woods Cross Refinery’s gasoline and diesel production are not subject to the Renewable Volume Obligation for the respective years. Upon each exemption granted, we increased our inventory of RINs and reduced our cost of products sold. On April 7, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2018 compliance year. On June 3, 2022, the EPA issued a decision reversing the grant of small refinery exemptions for our Woods Cross and Cheyenne refineries for the 2016 compliance year and denying small refinery exemption petitions for our Woods Cross and Cheyenne refineries for the 2019 and 2020 compliance years. Various subsidiaries of HollyFrontier are currently pursuing legal challenges to the EPA’s decisions to reverse its grant of small refinery exemptions for the 2016 and 2018 compliance years. The first lawsuit, filed against the EPA on May 6, 2022 and currently pending before the U.S. Court of Appeals for the DC Circuit, seeks to have the EPA’s reversal of our 2018 small refinery exemption petitions overturned. The second lawsuit, filed against the EPA on August 5, 2022 and currently pending before the U.S. Court of Appeals for the DC Circuit, seeks to have the EPA’s reversal of our 2016 small refinery exemption petitions overturned and to have the EPA’s denial of our 2019 and 2020 small refinery exemption petitions reversed. In addition, for both the 2016 and 2018 compliance years, pursuant to the June 2022 and April 2022 decisions, respectively, the EPA established an alternative compliance demonstration for small refineries pursuant to which the EPA is not imposing any obligations for the small refineries whose exemptions were reversed. On June 24, 2022, Growth Energy filed two lawsuits in the U.S. Court of Appeals for the DC Circuit against the EPA challenging the alternative compliance demonstration for the 2016 and 2018 compliance years. On July 25, 2022, various subsidiaries of HollyFrontier intervened on behalf of the EPA to aid the defense of the EPA’s alternative compliance demonstration decision. It is too early to predict the outcome of these matters. We are unable to estimate the costs we may incur, if any, at this time. We have been party to multiple proceedings before the Federal Energy Regulatory Commission (“FERC”) challenging the rates charged by SFPP, L.P. (“SFPP”) on its East Line pipeline facilities from El Paso, Texas to Phoenix, Arizona. In March 2018, FERC ruled that SFPP, as a master limited partnership, was prohibited from including an allowance for investor income taxes in the cost of service underlying its East Line rates. We reached a negotiated settlement with SFPP that provides for a payment to us of $51.5 million. FERC approved the settlement on December 31, 2020 subject to a rehearing period that resulted in a settlement effective date of February 2, 2021. Under the terms of the settlement agreement, SFPP made the $51.5 million payment to us on February 10, 2021 and we recorded a “Gain on tariff settlement” on our consolidated statements of operations for the six months ended June 30, 2021.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment InformationEffective the first quarter of 2022, we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our businesses. Accordingly, we created two new reportable segments, Renewables and Marketing. Our operations are now organized into five reportable segments, Refining, Renewables, Marketing, Lubricants and Specialty Products and HEP. Our operations that are not included in one of these five reportable segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column. As a result of the Sinclair Transactions that closed on March 14, 2022, the operations of the Acquired Sinclair Businesses are reported in the Refining, Renewables, Marketing and HEP segments. The Refining segment represents the operations of our El Dorado, Tulsa, Navajo and Woods Cross refineries and HollyFrontier Asphalt Company LLC (“HFC Asphalt”). Also, effective with our acquisition that closed on November 1, 2021, the Refining segment includes our Puget Sound refinery, and effective with our acquisition that closed on March 14, 2022, includes our Sinclair and Casper refineries. Refining activities involve the purchase and refining of crude oil and wholesale marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountains extending into the Pacific Northwest geographic regions of the United States. HFC Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma. The Renewables segment represents the operations of the Cheyenne renewable diesel unit (“RDU”), which was mechanically complete in the fourth quarter of 2021 and fully operational in the first quarter of 2022, the pre-treatment unit (“PTU”) at our Artesia, New Mexico facility, which was completed and fully operational in the first quarter of 2022 and the Artesia RDU, which was completed and fully operational in the second quarter of 2022. Also, effective with our acquisition that closed on March 14, 2022, the Renewables segment includes the Sinclair RDU. During the construction phase of our RDUs and PTU, operating expense and capital expenditures were reported in the Corporate and Other segment, and this financial information has been retrospectively adjusted to reflect our current segment presentation. Effective with our acquisition that closed on March 14, 2022, the Marketing segment includes branded fuel sales through more than 300 distributors to more than 1,300 branded sites in the United States and licensing fees for the use of the Sinclair brand at more than 300 additional locations throughout the country. The Lubricants and Specialty Products segment represents Petro-Canada Lubricants, Inc.’s (“PCLI”) production operations, located in Mississauga, Ontario, that includes lubricant products such as base oils, white oils, specialty products and finished lubricants, and the operations of our Petro-Canada Lubricants business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States, Europe and China. Additionally, the Lubricants and Specialty Products segment includes specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America and the operations of Red Giant Oil Company LLC, one of the largest suppliers of locomotive engine oil in North America. Also, the Lubricants and Specialty Products segment includes Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe. The HEP segment includes all of the operations of HEP, which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. The HEP segment also includes 50% ownership interests in each of the Osage Pipeline, the Cheyenne Pipeline and Cushing Connect, a 25.06% ownership interest in the Saddle Butte Pipeline and a 49.995% ownership interest in the Pioneer Pipeline. Revenues from the HEP segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations. Due to certain basis differences, our reported amounts for the HEP segment may not agree to amounts reported in HEP’s periodic public filings. The accounting policies for our segments are the same as those described in the summary of significant accounting policies in HollyFrontier’s Annual Report on Form 10-K for the year ended December 31, 2021. As discussed above, we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business. As a result of these changes, assets by segment are no longer a measure used to assess the performance of the segments by our chief operating decision maker and thus are not reported in our disclosures. Refining Renewables Marketing Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Three Months Ended June 30, 2022 Sales and other revenues: Revenues from external customers $ 8,839,662 $ 115,939 $ 1,336,302 $ 845,024 $ 25,233 $ — $ 11,162,160 Intersegment revenues 1,448,919 78,639 — 4,917 110,537 (1,643,012) — $ 10,288,581 $ 194,578 $ 1,336,302 $ 849,941 $ 135,770 $ (1,643,012) $ 11,162,160 Cost of products sold (exclusive of lower of cost or market inventory) $ 8,119,285 $ 192,662 $ 1,311,333 $ 576,428 $ — $ (1,619,793) $ 8,579,915 Lower of cost or market inventory valuation adjustment $ — $ 34,543 $ — $ — $ — $ — $ 34,543 Operating expenses $ 469,304 $ 29,273 $ — $ 74,470 $ 53,899 $ (20,819) $ 606,127 Selling, general and administrative expenses $ 39,123 $ 1,001 $ 1,049 $ 43,555 $ 4,683 $ 21,464 $ 110,875 Depreciation and amortization $ 102,780 $ 10,371 $ 4,418 $ 20,605 $ 26,371 $ (501) $ 164,044 Income (loss) from operations $ 1,558,089 $ (73,272) $ 19,502 $ 134,883 $ 50,817 $ (23,363) $ 1,666,656 Earnings of equity method investments $ — $ — $ — $ — $ 5,447 $ — $ 5,447 Capital expenditures $ 36,711 $ 87,525 $ 5,309 $ 8,026 $ 9,100 $ 12,773 $ 159,444 Refining Renewables Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Three Months Ended June 30, 2021 Sales and other revenues: Revenues from external customers $ 3,887,273 $ — $ 662,755 $ 27,092 $ 3 $ 4,577,123 Intersegment revenues 205,186 — 6,434 99,142 (310,762) — $ 4,092,459 $ — $ 669,189 $ 126,234 $ (310,759) $ 4,577,123 Cost of products sold (exclusive of lower of cost or market inventory) $ 3,619,319 $ — $ 491,218 $ — $ (284,808) $ 3,825,729 Lower of cost or market inventory valuation adjustment $ (118,825) $ — $ — $ — $ — $ (118,825) Operating expenses $ 231,422 $ 11,231 $ 61,310 $ 42,068 $ (11,840) $ 334,191 Selling, general and administrative expenses $ 30,136 $ — $ 37,583 $ 2,846 $ 7,189 $ 77,754 Depreciation and amortization $ 79,938 $ 316 $ 19,152 $ 22,275 $ 2,361 $ 124,042 Income (loss) from operations $ 250,469 $ (11,547) $ 59,926 $ 59,045 $ (23,661) $ 334,232 Earnings of equity method investments $ — $ — $ — $ 3,423 $ — $ 3,423 Capital expenditures $ 33,150 $ 113,747 $ 5,614 $ 24,498 $ 5,871 $ 182,880 Refining Renewables Marketing Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Six Months Ended June 30, 2022 Sales and other revenues: Revenues from external customers $ 15,211,556 $ 144,252 $ 1,613,343 $ 1,598,582 $ 53,177 $ — $ 18,620,910 Intersegment revenues 1,583,192 97,693 — 6,368 202,791 (1,890,044) — $ 16,794,748 $ 241,945 $ 1,613,343 $ 1,604,950 $ 255,968 $ (1,890,044) $ 18,620,910 Cost of products sold (exclusive of lower of cost or market inventory) $ 14,028,895 $ 236,933 $ 1,582,464 $ 1,081,005 $ — $ (1,847,370) $ 15,081,927 Lower of cost or market inventory valuation adjustment $ — $ 25,992 $ — $ — $ — $ — $ 25,992 Operating expenses $ 824,276 $ 56,369 $ — $ 140,471 $ 96,523 $ (34,078) $ 1,083,561 Selling, general and administrative expenses $ 73,005 $ 1,873 $ 1,189 $ 85,304 $ 8,995 $ 50,931 $ 221,297 Depreciation and amortization $ 197,461 $ 16,171 $ 4,919 $ 41,199 $ 47,957 $ 938 $ 308,645 Income (loss) from operations $ 1,671,111 $ (95,393) $ 24,771 $ 256,971 $ 102,493 $ (60,465) $ 1,899,488 Earnings of equity method investments $ — $ — $ — $ — $ 9,073 $ — $ 9,073 Capital expenditures $ 66,631 $ 186,294 $ 5,309 $ 14,395 $ 23,246 $ 21,865 $ 317,740 Refining Renewables Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Six Months Ended June 30, 2021 Sales and other revenues: Revenues from external customers $ 6,844,306 $ — $ 1,184,753 $ 52,350 $ 7 $ 8,081,416 Intersegment revenues 265,648 — 8,999 201,068 (475,715) — $ 7,109,954 $ — $ 1,193,752 $ 253,418 $ (475,708) $ 8,081,416 Cost of products sold (exclusive of lower of cost or market inventory) $ 6,381,262 $ — $ 822,741 $ — $ (417,969) $ 6,786,034 Lower of cost or market inventory valuation adjustment $ (318,353) $ — $ — $ — $ (509) $ (318,862) Operating expenses $ 524,277 $ 24,052 $ 122,063 $ 83,433 $ (19,725) $ 734,100 Selling, general and administrative expenses $ 58,632 $ — $ 83,136 $ 5,815 $ 12,146 $ 159,729 Depreciation and amortization $ 168,020 $ 658 $ 39,273 $ 45,281 $ (5,111) $ 248,121 Income (loss) from operations $ 296,116 $ (24,710) $ 126,539 $ 118,889 $ (44,540) $ 472,294 Earnings of equity method investments $ — $ — $ — $ 5,186 $ — $ 5,186 Capital expenditures $ 73,511 $ 183,969 $ 9,701 $ 57,716 $ 7,944 $ 332,841

Description of Business and P_2

Description of Business and Presentation of Financial Statements (Policy)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	In these financial statements, 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. These financial statements contain 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. We are 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. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. We supply high-quality fuels to more than 1,300 Sinclair branded stations and license the use of the Sinclair brand at more than 300 additional locations throughout the country. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries. Through our subsidiaries, we produce renewable diesel at two of our facilities in Wyoming and our facility in New Mexico. At June 30, 2022, we owned a 47% limited partner interest and a non-economic general partner interest in HEP, a variable interest entity (“VIE”). HEP owns and operates logistic assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units that principally support our refining and marketing operations in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. On May 4, 2021, HollyFrontier Puget Sound Refining LLC, a wholly owned subsidiary of HollyFrontier, entered into a sale and purchase agreement with Equilon Enterprises LLC d/b/a Shell Oil Products US (“Shell”) to acquire Shell’s Puget Sound refinery and related assets, including the on-site cogeneration facility and related logistics assets. The acquisition closed on November 1, 2021. During the first quarter of 2021, we initiated a restructuring within our Lubricants and Specialty Products segment. As a result of this restructuring, we recorded $7.8 million in employee severance costs for the six months ended June 30, 2021, which were recognized primarily as selling, general and administrative expenses in our Lubricants and Specialty Products segment. In the third quarter of 2020, we permanently ceased petroleum refining operations at our Cheyenne, Wyoming refinery (the “Cheyenne Refinery”) and subsequently began converting certain assets at the Cheyenne Refinery to renewable diesel production. In connection with the cessation of petroleum refining operations at the Cheyenne Refinery, we recognized $0.5 million and $1.5 million in decommissioning expense for the three and six months ended June 30, 2022, and $8.1 million and $16.3 million for the three and six months ended June 30, 2021, respectively. We also recognized $0.2 million and $0.7 million in employee severance costs for the three and six months ended June 30, 2021, respectively. These charges were all recognized in operating expenses in our Corporate and Other segment. We have prepared these consolidated financial statements without audit. In management’s opinion, these consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our consolidated financial position as of June 30, 2022, the consolidated results of operations, comprehensive income and statements of equity for the three and six months ended June 30, 2022 and 2021 and consolidated cash flows for the six months ended June 30, 2022 and 2021 in accordance with the rules and regulations of the SEC. Although certain notes and other information required by generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted, we believe that the disclosures in these consolidated financial statements are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with HollyFrontier’s Annual Report on Form 10-K for the year ended December 31, 2021 that has been filed with the SEC. Beginning March 14, 2022, our business operations reflect the Acquired Sinclair Businesses (see Note 2). Our results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results of operations to be realized for the year ending December 31, 2022.
Accounts Receivable	Accounts Receivable: Our accounts receivable primarily consist of amounts due from customers that are primarily from sales of refined products and renewable diesel. Credit is extended based on our evaluation of the customer’s financial condition, and in certain circumstances collateral, such as letters of credit or guarantees, is required. We reserve for expected credit losses based on our historical loss experience as well as expected credit losses from current economic conditions and management’s expectations of future economic conditions. Credit losses are charged to the allowance for expected credit losses when an account is deemed uncollectible.
Inventories	Inventories: Inventories related to our refining operations are stated at the lower of cost, using the last-in, first-out (“LIFO”) method for crude oil and unfinished and finished refined products, or market. Inventories related to our renewables business are stated at the lower of cost, using the LIFO method for feedstock and unfinished and finished renewable products, or market. In periods of rapidly declining prices, LIFO inventories may have to be written down to market value due to the higher costs assigned to LIFO layers in prior periods. In addition, the use of the LIFO inventory method may result in increases or decreases to cost of sales in years that inventory volumes decline as the result of charging cost of sales with LIFO inventory costs generated in prior periods. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation. Inventories of our Petro-Canada Lubricants and Sonneborn businesses are stated at the lower of cost, using the first-in, first-out (“FIFO”) method, or net realizable value. Inventories consisting of process chemicals, materials and maintenance supplies and RINs are stated at the lower of weighted-average cost or net realizable value.
Leases	Leases: At inception, we determine if an arrangement is or contains a lease. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our payment obligation under the leasing arrangement. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use our estimated incremental borrowing rate (“IBR”) to determine the present value of lease payments as most of our leases do not contain an implicit rate. Our IBR represents the interest rate which we would pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment. We use the implicit rate when readily determinable. Operating leases are recorded in “Operating lease right-of-use assets” and current and noncurrent “Operating lease liabilities” on our consolidated balance sheet. Finance leases are included in “Properties, plants and equipment, at cost” and “Accrued liabilities” and “Other long-term liabilities” on our consolidated balance sheet. Our lease term includes an option to extend the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less are not recorded on our balance sheet. For certain equipment leases, we apply a portfolio approach for the operating lease ROU assets and liabilities. Also, as a lessee, we separate non-lease components that are identifiable and exclude them from the determination of net present value of lease payment obligations. In addition, HEP, as a lessor, does not separate the non-lease (service) component in contracts in which the lease component is the dominant component. HEP treats these combined components as a lease.
Revenue Recognition	Revenue Recognition: Revenues on refined product, including branded fuel sales and renewable diesel, and excess crude oil sales are recognized when delivered (via pipeline, in-tank or rack) and the customer obtains control of such inventory, which is typically when title passes and the customer is billed. All revenues are reported inclusive of shipping and handling costs billed and exclusive of any taxes billed to customers. Shipping and handling costs incurred are reported as cost of products sold. Our lubricants and specialty products business has sales agreements with marketers and distributors that provide certain rights of return or provisions for the repurchase of products previously sold to them. Under these agreements, revenues and cost of revenues are deferred until the products have been sold to end customers. Our lubricants and specialty products business also has agreements that create an obligation to deliver products at a future date for which consideration has already been received and recorded as deferred revenue. This revenue is recognized when the products are delivered to the customer. HEP recognizes revenues as products are shipped through its pipelines and terminals and as other services are rendered. Additionally, HEP has certain throughput agreements that specify minimum volume requirements, whereby HEP bills a customer for a minimum level of shipments in the event a customer ships below their contractual requirements. If there are no future performance obligations, HEP recognizes these deficiency payments as revenue. In certain of these throughput agreements, a customer may later utilize such shortfall billings as credit towards future volume shipments in excess of its minimum levels within its respective contractual shortfall make-up period. Such amounts represent an obligation to perform future services, which may be initially deferred and later recognized as revenue based on estimated future shipping levels, including the likelihood of a customer’s ability to utilize such amounts prior to the end of the contractual shortfall make-up period. HEP recognizes the service portion of these deficiency payments as revenue when HEP does not expect it will be required to satisfy these performance obligations in the future based on the pattern of rights exercised by the customer. Payment terms under our contracts with customers are consistent with industry norms and are typically payable within 30 days of the date of invoice.
Foreign Currency Translation	Foreign Currency Translation: Assets and liabilities recorded in foreign currencies are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the period presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income. We have intercompany notes that were issued to fund certain of our foreign businesses. Remeasurement adjustments resulting from the conversion of intercompany financing amounts to functional currencies are recorded as gains and losses as a component of other income (expense) in the consolidated statements of operations. Such adjustments are not recorded to the Lubricants and Specialty Products segment operations, but to Corporate and Other. See Note 15 for additional information on our segments.
Income Taxes	Income Taxes : Provisions for income taxes include deferred taxes resulting from temporary differences in income for financial and tax purposes, using the liability method of accounting for income taxes. The liability method requires the effect of tax rate changes on deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. We account for U.S. tax on global intangible low-taxed income in the period in which it is incurred. Potential interest and penalties related to income tax matters are recognized in income tax expense. We believe we have appropriate support for the income tax positions taken and to be taken on our income tax returns and that our accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter. For the six months ended June 30, 2022, we recorded an income tax expense of $404.8 million compared to an expense of $95.2 million for the six months ended June 30, 2021. This increase was principally due to higher pre-tax income during the six months ended June 30, 2022 compared to the same period of 2021. Our effective tax rates were 22.0% and 20.1% for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate is principally due to the relationship between the pre-tax results and the earnings attributable to the noncontrolling interest that is not included in income for tax purposes. The difference in the U.S. federal statutory rate and the effective tax rate for the six months ended June 30, 2022 was primarily due to the increase in state taxes due to increased pre-tax income during the period.
Inventory Repurchase Obligations	Inventory Repurchase Obligations:
Fair Value Measurements	Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows: • (Level 1) Quoted prices in active markets for identical assets or liabilities. • (Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data. • (Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Purchase Price Consideration and Allocation	The following tables present the preliminary purchase consideration and preliminary purchase price allocation of the assets acquired and liabilities assumed on March 14, 2022: Preliminary Purchase Consideration (in thousands except for per share amounts) Shares of HF Sinclair common stock issued 60,230 Closing price per share of HFC common stock (1) $ 35.68 Purchase consideration paid in HF Sinclair common stock 2,149,008 Shares of HEP common units issued to Sinclair 21,000 Closing price per share of HEP common units (2) $ 16.62 Purchase consideration paid in units of HEP common units 349,020 Total equity consideration 2,498,028 Cash consideration paid by HEP 321,366 Aggregate of estimated adjusted payments to be received by HFC and HEP (90,165) Total cash consideration 231,201 Total purchase consideration $ 2,729,229 (1) Based on the HollyFrontier closing stock price on March 11, 2022. (2) Based on the HEP closing unit price on March 11, 2022.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	(In thousands) Assets Acquired Accounts receivable $ 460,391 Inventories: Crude oil and refined products 889,340 Inventories: Materials, supplies and other 33,172 Properties, plants and equipment 1,286,656 Operating lease right-of-use assets 4,585 Other assets: Intangibles and other 487,368 Total assets acquired $ 3,161,512 Liabilities Assumed Accounts payable $ 580,040 Operating lease liabilities 1,030 Accrued liabilities 83,729 Noncurrent operating lease liabilities 3,554 Deferred income taxes 353,813 Other long-term liabilities 66,527 Total liabilities assumed $ 1,088,693 Net assets acquired $ 2,072,819 Goodwill $ 656,410
Schedule of Pro Forma Information	The pro forma combined condensed financial data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Sinclair Transactions taken place on January 1, 2021 and is not intended to be a projection of future results. Three Months Ended Six Months Ended 2021 2022 2021 (In thousands) Sales and other revenues $ 5,726,961 $ 19,626,409 $ 10,088,706 Net income attributable to HF Sinclair stockholders $ 216,972 $ 1,311,871 $ 337,132

Holly Energy Partners (Tables)

Holly Energy Partners (Tables)	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Lease Income	Lease income recognized was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Operating lease revenues $ 3,874 $ 3,731 $ 7,157 $ 8,178 Sales-type lease interest income $ 629 $ 637 $ 1,261 $ 1,276 Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable $ 708 $ 520 $ 1,069 $ 857

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	Disaggregated revenues were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Revenues by type Refined product revenues Transportation fuels (1) $ 7,783,925 $ 3,323,897 $ 13,084,961 $ 5,795,668 Specialty lubricant products (2) 748,099 605,939 1,430,140 1,086,620 Asphalt, fuel oil and other products (3) 538,545 221,743 977,727 380,329 Total refined product revenues 9,070,569 4,151,579 15,492,828 7,262,617 Excess crude oil revenues (4) 571,874 389,275 1,254,471 745,575 Renewable diesel revenues (5) 115,939 — 144,252 — Transportation and logistic services 25,233 27,092 53,177 52,350 Marketing revenues (6) 1,336,302 — 1,613,343 — Other revenues (7) 42,243 9,177 62,839 20,874 Total sales and other revenues $ 11,162,160 $ 4,577,123 $ 18,620,910 $ 8,081,416 Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Refined product revenues by market United States Mid-Continent $ 4,145,654 $ 2,334,226 $ 7,055,122 $ 4,002,439 Southwest 1,464,245 941,451 2,527,349 1,709,514 Rocky Mountains 2,806,262 373,252 4,664,749 611,055 Northeast 274,422 199,955 517,859 372,253 Canada 290,474 213,338 544,433 395,284 Europe, Asia and Latin America 89,512 89,357 183,316 172,072 Total refined product revenues $ 9,070,569 $ 4,151,579 $ 15,492,828 $ 7,262,617 (1) Transportation fuels revenues are attributable to our Refining segment wholesale marketing of gasoline, diesel and jet fuel. (2) Specialty lubricant products consist of base oil, waxes, finished lubricants and other specialty fluids. (3) Asphalt, fuel oil and other products revenues include revenues attributable to our Refining and Lubricants and Specialty Products segments of $443.4 million and $95.1 million, respectively, for the three months ended June 30, 2022, $811.0 million and $166.7 million, respectively, for the six months ended June 30, 2022, $165.9 million and $55.8 million, respectively, for the three months ended June 30, 2021, $283.2 million and $97.1 million for the six months ended June 30, 2021. (4) Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries. (5) Renewable diesel revenues are attributable to our Renewables segment. (6) Marketing revenues consist primarily of branded gasoline and diesel fuel. (7) Other revenues are principally attributable to our Refining segment.
Schedule of Changes to Contract Liabilities	The following table present s changes to our contract liabilities durin g the six months ended June 30, 2022 and 2021. Six Months Ended June 30, 2022 2021 (In thousands) Balance at January 1 $ 9,278 $ 6,738 Increase 16,209 15,314 Recognized as revenue (15,787) (14,686) Balance at June 30 $ 9,700 $ 7,366
Schedules of Aggregate Minimum Volumes Expected to Be Sold Under Long-term Sales Contracts	Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows, which include branded sales volumes assumed upon our acquisition of the Acquired Sinclair Businesses: Remainder of 2022 2023 2024 Thereafter Total (In thousands) Refined product sales volumes (barrels) 19,929 30,445 24,117 46,030 120,521 Remainder of 2022 2023 2024 Thereafter Total (In thousands) HEP contractual minimum revenues $ 5,653 $ 11,017 $ 11,017 $ 3,017 $ 30,704

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements Of Asset and Liability Instruments	The carrying amounts of derivative instruments and RINs receivable and credit obligations at June 30, 2022 and December 31, 2021 were as follows: Fair Value by Input Level Carrying Amount Level 1 Level 2 Level 3 (In thousands) June 30, 2022 Assets: NYMEX futures contracts $ 5,776 $ 5,776 $ — $ — Commodity forward contracts 3,621 — 3,621 — RINs receivable (1) 79,488 — 79,488 — Foreign currency forward contracts 8,159 — 8,159 — Total assets $ 97,044 $ 5,776 $ 91,268 $ — Liabilities: Commodity forward contracts $ 3,073 $ — $ 3,073 $ — Foreign currency forward contracts 94 — 94 — RINs credit obligations (1) (2) 79,488 — 79,488 — Total liabilities $ 82,655 $ — $ 82,655 $ — Fair Value by Input Level Carrying Amount Level 1 Level 2 Level 3 (In thousands) December 31, 2021 Assets: Commodity forward contracts $ 286 $ — $ 286 $ — Foreign currency forward contracts 6,177 — 6,177 — Total assets $ 6,463 $ — $ 6,463 $ — Liabilities: NYMEX futures contracts $ 1,269 $ 1,269 $ — $ — Commodity forward contracts 566 — 566 — RINs credit obligations (2) 9,429 — 9,429 — Total liabilities $ 11,264 $ 1,269 $ 9,995 $ — (1) Sinclair HoldCo is financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing of the Sinclair Transactions. See Note 2 for additional information. (2) Represents obligations for RINs credits for which we did not have sufficient quantities at June 30, 2022 and December 31, 2021 to satisfy our Environmental Protection Agency (“EPA”) regulatory blending requirements. See Note 2 for additional information on RINs credit obligations assumed in the Sinclair Transactions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share	The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HF Sinclair stockholders: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands, except per share data) Net income attributable to HF Sinclair stockholders $ 1,221,262 $ 168,850 $ 1,381,236 $ 317,067 Participating securities’ share in earnings (1) 11,632 2,223 14,888 4,271 Net income attributable to common shares $ 1,209,630 $ 166,627 $ 1,366,348 $ 312,796 Average number of shares of common stock outstanding 222,952 162,523 199,149 162,501 Average number of shares of common stock outstanding assuming dilution 222,952 162,523 199,149 162,501 Basic earnings per share $ 5.43 $ 1.03 $ 6.86 $ 1.92 Diluted earnings per share $ 5.43 $ 1.03 $ 6.86 $ 1.92 (1) Unvested restricted stock unit awards and unvested performance share units that settle in HF Sinclair common stock represent participating securities because they participate in nonforfeitable dividends or distributions with the common stockholders of HF Sinclair. Participating earnings represent the distributed and undistributed earnings of HF Sinclair attributable to the participating securities. Unvested restricted stock unit awards and performance share units do not participate in undistributed net losses as they are not contractually obligated to do so.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule Of Restricted Stock Activity	A summary of restricted stock unit and performance share unit activity during the six months ended June 30, 2022 is presented below: Restricted Stock Units Performance Share Units Outstanding at January 1, 2022 1,604,540 864,626 Granted (1) 20,023 7,335 Vested (19,711) — Forfeited (74,333) (40,101) Outstanding at June 30, 2022 1,530,519 831,860 (1) Weighted average grant date fair value per unit $ 38.31 $ 38.50
Schedule Of Performance Share Activity	A summary of restricted stock unit and performance share unit activity during the six months ended June 30, 2022 is presented below: Restricted Stock Units Performance Share Units Outstanding at January 1, 2022 1,604,540 864,626 Granted (1) 20,023 7,335 Vested (19,711) — Forfeited (74,333) (40,101) Outstanding at June 30, 2022 1,530,519 831,860 (1) Weighted average grant date fair value per unit $ 38.31 $ 38.50

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory Components	Inventories consist of the following components: June 30, December 31, 2021 (In thousands) Crude oil $ 937,259 $ 630,873 Other raw materials and unfinished products (1) 951,938 530,067 Finished products (2) 1,443,230 726,930 Lower of cost or market reserve (34,731) (8,739) Process chemicals (3) 51,175 43,025 Repair and maintenance supplies and other (4) 276,637 199,972 Total inventory $ 3,625,508 $ 2,122,128 (1) Other raw materials and unfinished products include feedstocks and blendstocks, other than crude. (2) Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels. (3) Process chemicals include additives and other chemicals. (4) Includes RINs.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The carrying amounts of long-term debt are as follows: June 30, December 31, (In thousands) HollyFrontier 2.625% Senior Notes $ 59,652 $ 350,000 5.875% Senior Notes 202,900 1,000,000 4.500% Senior Notes 74,966 400,000 337,518 1,750,000 HF Sinclair 2.625% Senior Notes 290,348 — 5.875% Senior Notes 797,100 — 4.500% Senior Notes 325,034 — 1,412,482 — Unamortized discount and debt issuance costs (10,357) (10,312) Total HF Sinclair long-term debt 1,739,643 1,739,688 HEP Credit Agreement 721,000 840,000 HEP 5.000% Senior Notes 500,000 500,000 6.375% Senior Notes 400,000 — 900,000 500,000 Unamortized discount and debt issuance costs (12,540) (6,951) Total HEP long-term debt 1,608,460 1,333,049 Total long-term debt $ 3,348,103 $ 3,072,737 The fair values of the senior notes are as follows: June 30, December 31, (In thousands) HollyFrontier and HF Sinclair Senior Notes $ 1,717,195 $ 1,912,753 HEP Senior Notes $ 808,706 $ 502,705

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Net Unrealized Gain (Loss) Recognized in OCI and Gain (Loss) Reclassified into Earnings	The following table presents the pre-tax effect on other comprehensive income (loss) (“OCI”) and earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting: Net Unrealized Gain (Loss) Recognized in OCI Gain (Loss) Reclassified into Earnings Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended Income Statement Location Three Months Ended 2022 2021 2022 2021 (In thousands) Commodity contracts $ — $ 5,424 Sales and other revenues $ — $ (5,052) Operating expenses — 103 Total $ — $ 5,424 $ — $ (4,949) Derivatives Designated as Cash Flow Hedging Instruments Six Months Ended Income Statement Location Six Months Ended 2022 2021 2022 2021 (In thousands) Commodity contracts $ 326 $ 782 Sales and other revenues $ (5,288) $ (18,771) Operating expenses — (53) Total $ 326 $ 782 $ (5,288) $ (18,824)
Schedule of Gain (Loss) Recognized in Earnings	The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges: Gain (Loss) Recognized in Earnings Derivatives Not Designated as Hedging Instruments Income Statement Location Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) Commodity contracts Cost of products sold $ (27,618) $ (9,469) $ (37,406) $ (12,079) Interest expense 4,001 4,831 2,580 7,506 Foreign currency contracts Gain (loss) on foreign currency transactions 12,960 (6,086) 6,530 (12,829) Total $ (10,657) $ (10,724) $ (28,296) $ (17,402)
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges	As of June 30, 2022, we have the following notional contract volumes related to outstanding derivative instruments: Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2022 2023 Unit of Measure Derivatives Not Designated as Hedging Instruments NYMEX futures (WTI) - short 1,245,000 1,245,000 — Barrels Forward gasoline and diesel contracts - long 270,000 270,000 — Barrels Foreign currency forward contracts 445,568,948 226,327,761 219,241,187 U.S. dollar Forward commodity contracts (platinum) 38,723 3,800 34,923 Troy ounces
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements. Derivatives in Net Asset Position Derivatives in Net Liability Position Gross Assets Gross Liabilities Offset in Balance Sheet Net Assets Recognized in Balance Sheet Gross Liabilities Gross Assets Offset in Balance Sheet Net Liabilities Recognized in Balance Sheet (In thousands) June 30, 2022 Derivatives not designated as cash flow hedging instruments: NYMEX futures contracts $ 5,776 $ — $ 5,776 $ — $ — $ — Commodity forward contracts 3,621 — 3,621 3,073 — 3,073 Foreign currency forward contracts 8,159 — 8,159 94 — 94 $ 17,556 $ — $ 17,556 $ 3,167 $ — $ 3,167 Total net balance $ 17,556 $ 3,167 Balance sheet classification: Prepayment and other $ 17,556 Accrued liabilities $ 3,167 Derivatives in Net Asset Position Derivatives in Net Liability Position Gross Assets Gross Liabilities Offset in Balance Sheet Net Assets Recognized in Balance Sheet Gross Liabilities Gross Assets Offset in Balance Sheet Net Liabilities Recognized in Balance Sheet (In thousands) December 31, 2021 Derivatives designated as cash flow hedging instruments: Commodity forward contracts $ — $ — $ — $ 238 $ — $ 238 $ — $ — $ — $ 238 $ — $ 238 Derivatives not designated as cash flow hedging instruments: NYMEX futures contracts $ — $ — $ — $ 1,269 $ — $ 1,269 Commodity forward contracts 286 — 286 328 — 328 Foreign currency forward contracts 7,494 (1,317) 6,177 — — — $ 7,780 $ (1,317) $ 6,463 $ 1,597 $ — $ 1,597 Total net balance $ 6,463 $ 1,835 Balance sheet classification: Prepayment and other $ 6,463 Accrued liabilities $ 1,835

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2022
Other Comprehensive Income (Loss), before Tax [Abstract]
Schedule of Components and Allocated Tax Effects of OCI	The components and allocated tax effects of other comprehensive income (loss) are as follows: Before-Tax Tax Expense After-Tax (In thousands) Three Months Ended June 30, 2022 Net change in foreign currency translation adjustment $ (17,886) $ (3,775) $ (14,111) Net change in pension and other post-retirement benefit obligations (906) (221) (685) Other comprehensive loss attributable to HF Sinclair stockholders $ (18,792) $ (3,996) $ (14,796) Three Months Ended June 30, 2021 Net change in foreign currency translation adjustment $ 2,088 $ 450 $ 1,638 Net unrealized gain on hedging instruments 5,424 1,363 4,061 Net change in pension and other post-retirement benefit obligations (932) (228) (704) Other comprehensive income attributable to HF Sinclair stockholders $ 6,580 $ 1,585 $ 4,995 Six Months Ended June 30, 2022 Net change in foreign currency translation adjustment $ (16,165) $ (3,396) $ (12,769) Net unrealized gain on hedging instruments 326 67 259 Net change in pension and other post-retirement benefit obligations (1,812) (442) (1,370) Other comprehensive loss attributable to HF Sinclair stockholders $ (17,651) $ (3,771) $ (13,880) Six Months Ended June 30, 2021 Net change in foreign currency translation adjustment $ (3,775) $ (775) $ (3,000) Net unrealized gain on hedging instruments 782 194 588 Net change in pension and other post-retirement benefit obligations (1,862) (465) (1,397) Other comprehensive loss attributable to HF Sinclair stockholders $ (4,855) $ (1,046) $ (3,809)
Schedule of Income Statement Line Items Effects Out of AOCI	The following table presents the statements of operations line item effects for reclassifications out of accumulated other comprehensive income (loss) (“AOCI”): AOCI Component Gain (Loss) Reclassified From AOCI Statement of Operations Line Item Three Months Ended June 30, 2022 2021 (In thousands) Hedging instruments: Commodity price swaps $ — $ (5,052) Sales and other revenues — 103 Operating expenses — (4,949) — (1,247) Income tax benefit — (3,702) Net of tax Other post-retirement benefit obligations: Pension obligations 45 104 Gain on sale of assets and other 11 26 Income tax expense 34 78 Net of tax Post-retirement healthcare obligations 870 837 Gain on sale of assets and other 211 211 Income tax expense 659 626 Net of tax Retirement restoration plan (9) (9) Gain on sale of assets and other (2) (2) Income tax benefit (7) (7) Net of tax Total reclassifications for the period $ 686 $ (3,005) AOCI Component Gain (Loss) Reclassified From AOCI Statement of Operations Line Item Six Months Ended June 30, 2022 2021 (In thousands) Hedging instruments: Commodity price swaps $ (5,288) $ (18,771) Sales and other revenues — (53) Operating expenses (5,288) (18,824) (1,282) (4,744) Income tax benefit (4,006) (14,080) Net of tax Other post-retirement benefit obligations: Pension obligations 90 205 Gain on sale of assets and other 22 52 Income tax expense 68 153 Net of tax Post-retirement healthcare obligations 1,740 1,675 Gain on sale of assets and other 422 422 Income tax expense 1,318 1,253 Net of tax Retirement restoration plan (18) (18) Gain on sale of assets and other (4) (5) Income tax benefit (14) (13) Net of tax Total reclassifications for the period $ (2,634) $ (12,687)
Schedule of AOCI in Equity	Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets includes: June 30, December 31, (In thousands) Foreign currency translation adjustment $ (20,630) $ (7,861) Unrealized gain on pension obligation 1,359 1,449 Unrealized gain on post-retirement benefit obligations 8,062 9,342 Unrealized loss on hedging instruments — (259) Accumulated other comprehensive income (loss) $ (11,209) $ 2,671

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information	Refining Renewables Marketing Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Three Months Ended June 30, 2022 Sales and other revenues: Revenues from external customers $ 8,839,662 $ 115,939 $ 1,336,302 $ 845,024 $ 25,233 $ — $ 11,162,160 Intersegment revenues 1,448,919 78,639 — 4,917 110,537 (1,643,012) — $ 10,288,581 $ 194,578 $ 1,336,302 $ 849,941 $ 135,770 $ (1,643,012) $ 11,162,160 Cost of products sold (exclusive of lower of cost or market inventory) $ 8,119,285 $ 192,662 $ 1,311,333 $ 576,428 $ — $ (1,619,793) $ 8,579,915 Lower of cost or market inventory valuation adjustment $ — $ 34,543 $ — $ — $ — $ — $ 34,543 Operating expenses $ 469,304 $ 29,273 $ — $ 74,470 $ 53,899 $ (20,819) $ 606,127 Selling, general and administrative expenses $ 39,123 $ 1,001 $ 1,049 $ 43,555 $ 4,683 $ 21,464 $ 110,875 Depreciation and amortization $ 102,780 $ 10,371 $ 4,418 $ 20,605 $ 26,371 $ (501) $ 164,044 Income (loss) from operations $ 1,558,089 $ (73,272) $ 19,502 $ 134,883 $ 50,817 $ (23,363) $ 1,666,656 Earnings of equity method investments $ — $ — $ — $ — $ 5,447 $ — $ 5,447 Capital expenditures $ 36,711 $ 87,525 $ 5,309 $ 8,026 $ 9,100 $ 12,773 $ 159,444 Refining Renewables Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Three Months Ended June 30, 2021 Sales and other revenues: Revenues from external customers $ 3,887,273 $ — $ 662,755 $ 27,092 $ 3 $ 4,577,123 Intersegment revenues 205,186 — 6,434 99,142 (310,762) — $ 4,092,459 $ — $ 669,189 $ 126,234 $ (310,759) $ 4,577,123 Cost of products sold (exclusive of lower of cost or market inventory) $ 3,619,319 $ — $ 491,218 $ — $ (284,808) $ 3,825,729 Lower of cost or market inventory valuation adjustment $ (118,825) $ — $ — $ — $ — $ (118,825) Operating expenses $ 231,422 $ 11,231 $ 61,310 $ 42,068 $ (11,840) $ 334,191 Selling, general and administrative expenses $ 30,136 $ — $ 37,583 $ 2,846 $ 7,189 $ 77,754 Depreciation and amortization $ 79,938 $ 316 $ 19,152 $ 22,275 $ 2,361 $ 124,042 Income (loss) from operations $ 250,469 $ (11,547) $ 59,926 $ 59,045 $ (23,661) $ 334,232 Earnings of equity method investments $ — $ — $ — $ 3,423 $ — $ 3,423 Capital expenditures $ 33,150 $ 113,747 $ 5,614 $ 24,498 $ 5,871 $ 182,880 Refining Renewables Marketing Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Six Months Ended June 30, 2022 Sales and other revenues: Revenues from external customers $ 15,211,556 $ 144,252 $ 1,613,343 $ 1,598,582 $ 53,177 $ — $ 18,620,910 Intersegment revenues 1,583,192 97,693 — 6,368 202,791 (1,890,044) — $ 16,794,748 $ 241,945 $ 1,613,343 $ 1,604,950 $ 255,968 $ (1,890,044) $ 18,620,910 Cost of products sold (exclusive of lower of cost or market inventory) $ 14,028,895 $ 236,933 $ 1,582,464 $ 1,081,005 $ — $ (1,847,370) $ 15,081,927 Lower of cost or market inventory valuation adjustment $ — $ 25,992 $ — $ — $ — $ — $ 25,992 Operating expenses $ 824,276 $ 56,369 $ — $ 140,471 $ 96,523 $ (34,078) $ 1,083,561 Selling, general and administrative expenses $ 73,005 $ 1,873 $ 1,189 $ 85,304 $ 8,995 $ 50,931 $ 221,297 Depreciation and amortization $ 197,461 $ 16,171 $ 4,919 $ 41,199 $ 47,957 $ 938 $ 308,645 Income (loss) from operations $ 1,671,111 $ (95,393) $ 24,771 $ 256,971 $ 102,493 $ (60,465) $ 1,899,488 Earnings of equity method investments $ — $ — $ — $ — $ 9,073 $ — $ 9,073 Capital expenditures $ 66,631 $ 186,294 $ 5,309 $ 14,395 $ 23,246 $ 21,865 $ 317,740 Refining Renewables Lubricants and Specialty Products HEP Corporate, Other Consolidated (In thousands) Six Months Ended June 30, 2021 Sales and other revenues: Revenues from external customers $ 6,844,306 $ — $ 1,184,753 $ 52,350 $ 7 $ 8,081,416 Intersegment revenues 265,648 — 8,999 201,068 (475,715) — $ 7,109,954 $ — $ 1,193,752 $ 253,418 $ (475,708) $ 8,081,416 Cost of products sold (exclusive of lower of cost or market inventory) $ 6,381,262 $ — $ 822,741 $ — $ (417,969) $ 6,786,034 Lower of cost or market inventory valuation adjustment $ (318,353) $ — $ — $ — $ (509) $ (318,862) Operating expenses $ 524,277 $ 24,052 $ 122,063 $ 83,433 $ (19,725) $ 734,100 Selling, general and administrative expenses $ 58,632 $ — $ 83,136 $ 5,815 $ 12,146 $ 159,729 Depreciation and amortization $ 168,020 $ 658 $ 39,273 $ 45,281 $ (5,111) $ 248,121 Income (loss) from operations $ 296,116 $ (24,710) $ 126,539 $ 118,889 $ (44,540) $ 472,294 Earnings of equity method investments $ — $ — $ — $ 5,186 $ — $ 5,186 Capital expenditures $ 73,511 $ 183,969 $ 9,701 $ 57,716 $ 7,944 $ 332,841

Description of Business and P_3

Description of Business and Presentation of Financial Statements (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 14, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Ownership Interest By Project Type [Line Items]
Allowance for expected credit losses		$ 12,200		$ 12,200		$ 3,700
Income tax expense (benefit)		383,493	$ 123,485	$ 404,822	$ 95,178
Effective income tax rate				22%	20.10%
Proceeds from inventory repurchase agreements				$ 21,300	$ 23,000
Payments under inventory repurchase agreements				21,400	24,200
Cheyenne Refinery
Ownership Interest By Project Type [Line Items]
Severance costs			200		700
Decommissioning expense		$ 500	$ 8,100	$ 1,500	16,300
Lubricants and Specialty Products
Ownership Interest By Project Type [Line Items]
Severance costs					$ 7,800
HEP
Ownership Interest By Project Type [Line Items]
Percentage of ownership in variable interest entity				47%
Sinclair Merger | HEP
Ownership Interest By Project Type [Line Items]
Shares issued in transaction (in shares)	21,000,000
Sinclair Merger | Sinclair HoldCo
Ownership Interest By Project Type [Line Items]
Shares issued in transaction (in shares)	60,230,036
Sinclair Merger | Sinclair HoldCo | HEP
Ownership Interest By Project Type [Line Items]
Shares issued in transaction (in shares)	21,000,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ / shares in Units, bbl in Millions		3 Months Ended	4 Months Ended	6 Months Ended
	Mar. 14, 2022 USD ($) terminal nomination brandedStation location mi $ / shares shares bbl	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
Business Acquisition [Line Items]
Common stock par value (in USD per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Goodwill		$ 2,948,570,000	$ 2,948,570,000	$ 2,948,570,000	$ 2,293,044,000
HEP
Business Acquisition [Line Items]
Goodwill		$ 403,642,000	$ 403,642,000	$ 403,642,000	$ 312,873,000
HEP | Saddle Butte Pipeline III, LLC
Business Acquisition [Line Items]
Equity method investment, ownership percentage	25.06%	25.06%	25.06%	25.06%
HEP | Pioneer Investments Corp.
Business Acquisition [Line Items]
Equity method investment, ownership percentage	49.995%	49.995%	49.995%	49.995%
HEP | UNEV
Business Acquisition [Line Items]
Remaining ownership interest acquired	0.250
Sinclair HoldCo
Business Acquisition [Line Items]
Number of nominations to the Board of Directors | nomination	2
Sinclair HoldCo | RINs credit obligations
Business Acquisition [Line Items]
Market price of RINs credit obligations	$ 68,400,000
Sinclair Merger
Business Acquisition [Line Items]
Value of shares issued in transaction	2,498,028,000
Transaction cash consideration transferred	231,201,000
Aggregate consideration paid in transaction	$ 2,729,229,000
Shares held in escrow (in shares) | shares	2,570,000
Number of branded stations | brandedStation	1,300
Number of locations licensed to use brand | location	300
Goodwill	$ 656,410,000
Intangible assets acquired	213,100,000
Fair value of equity method investments acquired	234,300,000
Accrued liabilities	83,729,000
Revenue from acquiree		$ 1,910,300,000	$ 2,433,600,000
Income from operations from acquiree		316,900,000	$ 357,300,000
Incremental acquisition and integration costs		$ 12,500,000		$ 37,500,000
Sinclair Merger | RINs credit obligations
Business Acquisition [Line Items]
Accrued liabilities	$ 70,600,000
Sinclair Merger | Minimum
Business Acquisition [Line Items]
Amortization period of intangible assets acquired	4 years
Sinclair Merger | Maximum
Business Acquisition [Line Items]
Amortization period of intangible assets acquired	20 years
Sinclair Merger | HEP
Business Acquisition [Line Items]
Shares issued in transaction (in shares) | shares	21,000,000
Value of shares issued in transaction	$ 349,020,000
Transaction cash consideration transferred	321,366,000
Aggregate consideration paid in transaction	$ 670,400,000
Shares held in escrow (in shares) | shares	5,290,000
Size of pipeline | mi	1,200
Number of product terminals | terminal	8
Number of crude terminals | terminal	2
Barrels of crude oil, value | bbl	4.5
Goodwill	$ 90,800,000
Sinclair Merger | Sinclair HoldCo
Business Acquisition [Line Items]
Shares issued in transaction (in shares) | shares	60,230,036
Percentage of pro forma equity representing shares issued in transaction	0.27
Value of shares issued in transaction	$ 2,149,000,000
Shares held in escrow (in shares) | shares	2,570,000
Sinclair Merger | Sinclair HoldCo | HEP
Business Acquisition [Line Items]
Shares issued in transaction (in shares) | shares	21,000,000
Transaction cash consideration transferred	$ 321,400,000
Shares held in escrow (in shares) | shares	5,290,000
Sinclair Merger | HF Sinclair | Sinclair HoldCo
Business Acquisition [Line Items]
Transaction cash consideration transferred	$ 90,200,000
Aggregate consideration paid in transaction	$ 2,059,000,000

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Sinclair Merger - USD ($) $ / shares in Units, shares in Thousands	Mar. 14, 2022	Mar. 11, 2022
Business Acquisition [Line Items]
Total equity consideration	$ 2,498,028,000
Total cash consideration	231,201,000
Aggregate of estimated adjusted payments to be received by HFC and HEP	(90,165,000)
Total purchase consideration	$ 2,729,229,000
HF Sinclair
Business Acquisition [Line Items]
Shares issued (in shares)	60,230
Closing price per share (in USD per share)		$ 35.68
Total equity consideration	$ 2,149,008,000
HEP
Business Acquisition [Line Items]
Shares issued (in shares)	21,000
Closing price per share (in USD per share)		$ 16.62
Total equity consideration	$ 349,020,000
Total cash consideration	321,366,000
Total purchase consideration	$ 670,400,000

Acquisitions - Schedule of Prel

Acquisitions - Schedule of Preliminary Purchase Consideration (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 14, 2022	Dec. 31, 2021
Liabilities Assumed
Goodwill	$ 2,948,570		$ 2,293,044
Sinclair Merger
Assets Acquired
Accounts receivable		$ 460,391
Properties, plants and equipment		1,286,656
Operating lease right-of-use assets		4,585
Other assets: Intangibles and other		487,368
Total assets acquired		3,161,512
Liabilities Assumed
Accounts payable		580,040
Operating lease liabilities		1,030
Accrued liabilities		83,729
Noncurrent operating lease liabilities		3,554
Deferred income taxes		353,813
Other long-term liabilities		66,527
Total liabilities assumed		1,088,693
Net assets acquired		2,072,819
Goodwill		656,410
Sinclair Merger | Crude Oil and Refined Products
Assets Acquired
Inventories		889,340
Sinclair Merger | Materials, Supplies and Other
Assets Acquired
Inventories		$ 33,172

Acquisitions - Schedule of Pro

Acquisitions - Schedule of Pro Forma Information (Details) - Sinclair Merger - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Sales and other revenues	$ 5,726,961	$ 19,626,409	$ 10,088,706
Net income attributable to HF Sinclair stockholders	$ 216,972	$ 1,311,871	$ 337,132

Holly Energy Partners - Narrati

Holly Energy Partners - Narrative (Details) shares in Thousands, bbl in Thousands			1 Months Ended	6 Months Ended
	Jul. 01, 2022 USD ($)	Mar. 14, 2022 USD ($) shares bbl	Oct. 31, 2019 USD ($) bbl	Jun. 30, 2022
Sinclair Merger
Holly Energy Partners Entity [Line Items]
Value of shares issued in transaction		$ 2,498,028,000
Transaction cash consideration transferred		231,201,000
Aggregate consideration paid in transaction		$ 2,729,229,000
HEP
Holly Energy Partners Entity [Line Items]
Percentage of ownership in variable interest entity				47%
HEP | Subsequent Event
Holly Energy Partners Entity [Line Items]
Minimum annualized payments under agreement	$ 445,900,000
HEP | Sinclair Merger
Holly Energy Partners Entity [Line Items]
Barrels of crude oil, value | bbl		4,500
Shares issued in transaction (in shares) | shares		21,000
Value of shares issued in transaction		$ 349,020,000
Transaction cash consideration transferred		321,366,000
Aggregate consideration paid in transaction		$ 670,400,000
HEP | Revenue Benchmark | Customer Concentration Risk | HollyFrontier
Holly Energy Partners Entity [Line Items]
Concentration risk, percentage of total revenues				79%
HEP | Osage Pipeline
Holly Energy Partners Entity [Line Items]
Equity method investment, ownership percentage				50%
HEP | Cheyenne Pipeline
Holly Energy Partners Entity [Line Items]
Equity method investment, ownership percentage				50%
HEP | Cushing Connect
Holly Energy Partners Entity [Line Items]
Equity method investment, ownership percentage				50%
HEP | Saddle Butte Pipeline III, LLC
Holly Energy Partners Entity [Line Items]
Equity method investment, ownership percentage		25.06%		25.06%
HEP | Pioneer Investments Corp.
Holly Energy Partners Entity [Line Items]
Equity method investment, ownership percentage		49.995%		49.995%
HEP | Crushing Connect Joint Venture
Holly Energy Partners Entity [Line Items]
Barrels of crude oil per day | bbl			160
Barrels of crude oil, value | bbl			1,500
Percent of budget which construction costs payable by HEP			10%
Expected construction costs			$ 73,000,000
HEP | UNEV
Holly Energy Partners Entity [Line Items]
Remaining ownership interest acquired		0.250

Holly Energy Partners - Schedul

Holly Energy Partners - Schedule of Lease Income (Details) - HEP - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Variable Interest Entity [Line Items]
Operating lease revenues	$ 3,874	$ 3,731	$ 7,157	$ 8,178
Sales-type lease interest income	629	637	1,261	1,276
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable	$ 708	$ 520	$ 1,069	$ 857

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Sales and other revenues	$ 11,162,160	$ 4,577,123	$ 18,620,910	$ 8,081,416
Mid-Continent
Disaggregation of Revenue [Line Items]
Sales and other revenues	4,145,654	2,334,226	7,055,122	4,002,439
Southwest
Disaggregation of Revenue [Line Items]
Sales and other revenues	1,464,245	941,451	2,527,349	1,709,514
Rocky Mountains
Disaggregation of Revenue [Line Items]
Sales and other revenues	2,806,262	373,252	4,664,749	611,055
Northeast
Disaggregation of Revenue [Line Items]
Sales and other revenues	274,422	199,955	517,859	372,253
Canada
Disaggregation of Revenue [Line Items]
Sales and other revenues	290,474	213,338	544,433	395,284
Europe, Asia and Latin America
Disaggregation of Revenue [Line Items]
Sales and other revenues	89,512	89,357	183,316	172,072
Transportation fuels
Disaggregation of Revenue [Line Items]
Sales and other revenues	7,783,925	3,323,897	13,084,961	5,795,668
Specialty lubricant products
Disaggregation of Revenue [Line Items]
Sales and other revenues	748,099	605,939	1,430,140	1,086,620
Asphalt, fuel oil and other products
Disaggregation of Revenue [Line Items]
Sales and other revenues	538,545	221,743	977,727	380,329
Refined product
Disaggregation of Revenue [Line Items]
Sales and other revenues	9,070,569	4,151,579	15,492,828	7,262,617
Excess crude oil revenues
Disaggregation of Revenue [Line Items]
Sales and other revenues	571,874	389,275	1,254,471	745,575
Renewable diesel revenues
Disaggregation of Revenue [Line Items]
Sales and other revenues	115,939	0	144,252	0
Transportation and logistic services
Disaggregation of Revenue [Line Items]
Sales and other revenues	25,233	27,092	53,177	52,350
Marketing revenues
Disaggregation of Revenue [Line Items]
Sales and other revenues	1,336,302	0	1,613,343	0
Other revenues
Disaggregation of Revenue [Line Items]
Sales and other revenues	42,243	9,177	62,839	20,874
Refining | Asphalt, fuel oil and other products
Disaggregation of Revenue [Line Items]
Sales and other revenues	443,400	165,900	811,000	283,200
Lubricants and Specialty Products | Asphalt, fuel oil and other products
Disaggregation of Revenue [Line Items]
Sales and other revenues	$ 95,100	$ 55,800	$ 166,700	$ 97,100

Revenues - Schedule Contract Li

Revenues - Schedule Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Change In Contract With Customer, Liability [Roll Forward]
Contract liabilities at beginning of period	$ 9,278	$ 6,738
Increase	16,209	15,314
Recognized as revenue	(15,787)	(14,686)
Contract liabilities at end of period	$ 9,700	$ 7,366

Revenues - Schedule of Performa

Revenues - Schedule of Performance Obligations (Details) bbl in Thousands, $ in Thousands	Jun. 30, 2022 USD ($) bbl
Third-Party Customer | HEP
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenues | $	$ 30,704
Refined product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, sale of refined product barrels | bbl	120,521
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Third-Party Customer | HEP
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenues | $	$ 5,653
Satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Refined product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, sale of refined product barrels | bbl	19,929
Satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Third-Party Customer | HEP
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenues | $	$ 11,017
Satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Refined product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, sale of refined product barrels | bbl	30,445
Satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Third-Party Customer | HEP
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenues | $	$ 11,017
Satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Refined product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, sale of refined product barrels | bbl	24,117
Satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Third-Party Customer | HEP
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenues | $	$ 3,017
Satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Refined product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, sale of refined product barrels | bbl	46,030
Satisfaction period

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Level 1
Debt Instrument [Line Items]
Assets:	$ 5,776	$ 0
Liabilities:	0	1,269
Level 2
Debt Instrument [Line Items]
Assets:	91,268	6,463
Liabilities:	82,655	9,995
Level 3
Debt Instrument [Line Items]
Assets:	0	0
Liabilities:	0	0
Carrying Amount
Debt Instrument [Line Items]
Assets:	97,044	6,463
Liabilities:	82,655	11,264
NYMEX futures contracts | Level 1
Debt Instrument [Line Items]
Assets:	5,776
Liabilities:		1,269
NYMEX futures contracts | Level 2
Debt Instrument [Line Items]
Assets:	0
Liabilities:		0
NYMEX futures contracts | Level 3
Debt Instrument [Line Items]
Assets:	0
Liabilities:		0
NYMEX futures contracts | Carrying Amount
Debt Instrument [Line Items]
Assets:	5,776
Liabilities:		1,269
Commodity forward contracts | Level 1
Debt Instrument [Line Items]
Assets:	0	0
Liabilities:	0	0
Commodity forward contracts | Level 2
Debt Instrument [Line Items]
Assets:	3,621	286
Liabilities:	3,073	566
Commodity forward contracts | Level 3
Debt Instrument [Line Items]
Assets:	0	0
Liabilities:	0	0
Commodity forward contracts | Carrying Amount
Debt Instrument [Line Items]
Assets:	3,621	286
Liabilities:	3,073	566
RINs | Level 1
Debt Instrument [Line Items]
Assets:	0
Liabilities:	0	0
RINs | Level 2
Debt Instrument [Line Items]
Assets:	79,488
Liabilities:	79,488	9,429
RINs | Level 3
Debt Instrument [Line Items]
Assets:	0
Liabilities:	0	0
RINs | Carrying Amount
Debt Instrument [Line Items]
Assets:	79,488
Liabilities:	79,488	9,429
Foreign currency forward contracts | Level 1
Debt Instrument [Line Items]
Assets:	0	0
Liabilities:	0
Foreign currency forward contracts | Level 2
Debt Instrument [Line Items]
Assets:	8,159	6,177
Liabilities:	94
Foreign currency forward contracts | Level 3
Debt Instrument [Line Items]
Assets:	0	0
Liabilities:	0
Foreign currency forward contracts | Carrying Amount
Debt Instrument [Line Items]
Assets:	8,159	$ 6,177
Liabilities:	$ 94

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income attributable to HF Sinclair stockholders	$ 1,221,262	$ 168,850	$ 1,381,236	$ 317,067
Participating securities' share in earnings	11,632	2,223	14,888	4,271
Net income attributable to common shares	$ 1,209,630	$ 166,627	$ 1,366,348	$ 312,796
Average number of shares of common stock outstanding (in shares)	222,952	162,523	199,149	162,501
Average number of shares of common stock outstanding assuming dilution (in shares)	222,952	162,523	199,149	162,501
Basic earnings per share (in USD per share)	$ 5.43	$ 1.03	$ 6.86	$ 1.92
Diluted earnings per share (in USD per share)	$ 5.43	$ 1.03	$ 6.86	$ 1.92

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost attributable to share-based compensation plans	$ 8.4	$ 11.9	$ 17.3	$ 22.8
HEP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost attributable to share-based compensation plans	$ 0.6	$ 0.5	$ 1.2	$ 1.2
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period			1 year
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period			3 years
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period			3 years
Performance Share Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target			0%
Performance Share Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target			200%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule Of Restricted Stock and Performance Share Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants outstanding at beginning of period (in shares)	1,604,540
Units granted (in shares)	20,023
Units vested (in shares)	(19,711)
Units forfeited (in shares)	(74,333)
Grants outstanding at end of period (in shares)	1,530,519
Weighted average grant date fair value of units granted (in USD per share) | $ / shares	$ 38.31
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants outstanding at beginning of period (in shares)	864,626
Units granted (in shares)	7,335
Units vested (in shares)	0
Units forfeited (in shares)	(40,101)
Grants outstanding at end of period (in shares)	831,860
Weighted average grant date fair value of units granted (in USD per share) | $ / shares	$ 38.50

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventories
Crude oil	$ 937,259	$ 630,873
Other raw materials and unfinished products	951,938	530,067
Finished products	1,443,230	726,930
Lower of cost or market reserve	(34,731)	(8,739)
Process chemicals	51,175	43,025
Repair and maintenance supplies and other	276,637	199,972
Total inventory	$ 3,625,508	$ 2,122,128

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 34,731		$ 34,731		$ 8,739
Increase (decrease) to cost of products sold	$ 34,500	$ (118,800)	$ 26,000	$ (318,900)

Environmental (Details)

Environmental (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 14, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Environmental remediation costs	$ 0.7	$ 1.9	$ 2.8	$ 2
Accrued environmental liability	166.2		$ 166.2			$ 117.2
Period for environmental remediation			30 years
Sinclair Merger
Loss Contingencies [Line Items]
Accrued environmental liabilities assumed in transaction					$ 50.7
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Accrued environmental liability	$ 143.8		$ 143.8			$ 99.1

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)			3 Months Ended		6 Months Ended
	Apr. 27, 2022	Apr. 08, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Fair value of financing arrangements			$ 34,800,000		$ 34,800,000		$ 37,400,000
Capitalized interest			1,200,000	$ 2,800,000	4,900,000	$ 4,700,000
HEP
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit agreement			1,200,000,000		1,200,000,000
Outstanding borrowing			721,000,000		721,000,000		$ 840,000,000
Letters of credit amount outstanding			0		0
Maximum borrowing capacity with accordion feature			$ 1,700,000,000		$ 1,700,000,000
Effective interest rate on debt			3.57%		3.57%
Proceeds from issuance of senior notes - HEP					$ 400,000,000	$ 0
HF Sinclair Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit agreement	$ 1,650,000,000
HF Sinclair Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Variable rate spread	1%
HF Sinclair Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Variable rate spread	0.25%
HF Sinclair Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Variable rate spread	1.125%
HF Sinclair Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Variable rate spread	1.25%
HF Sinclair Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Variable rate spread	2.125%
HF Sinclair Credit Agreement | CDOR Rate | Minimum
Debt Instrument [Line Items]
Variable rate spread	1.25%
HF Sinclair Credit Agreement | CDOR Rate | Maximum
Debt Instrument [Line Items]
Variable rate spread	2.125%
Terminated HFC Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit agreement			$ 1,350,000,000		1,350,000,000
Outstanding borrowing			0		0
Letters of credit amount outstanding			2,300,000		2,300,000
Letter of Credit | HEP
Debt Instrument [Line Items]
Line of credit, maximum capacity available			$ 50,000,000		$ 50,000,000
HollyFrontier 2.625% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	2.625%
HollyFrontier 5.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.875%
HollyFrontier 4.500% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.50%
HF Sinclair 2.625% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	2.625%
HF Sinclair 5.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.875%
HF Sinclair 4.500% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.50%
5.000% Senior Notes | HEP
Debt Instrument [Line Items]
Stated interest rate			5%		5%
Aggregate principal amount of senior note			$ 500,000,000		$ 500,000,000
6.375% Senior Notes | HEP
Debt Instrument [Line Items]
Stated interest rate		6.375%	6.375%		6.375%
Aggregate principal amount of senior note		$ 400,000,000
Proceeds from issuance of senior notes - HEP		$ 393,000,000

Debt - Carrying Amounts Of Long

Debt - Carrying Amounts Of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Apr. 27, 2022	Apr. 08, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	$ (10,357)			$ (10,312)
Total HF Sinclair long-term debt	1,739,643			1,739,688
Total long-term debt	3,348,103			3,072,737
Level 2
Debt Instrument [Line Items]
Senior notes	1,717,195			1,912,753
HollyFrontier 2.625% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	59,652			350,000
Stated interest rate		2.625%
HollyFrontier 5.875% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	202,900			1,000,000
Stated interest rate		5.875%
HollyFrontier 4.500% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	74,966			400,000
Stated interest rate		4.50%
HF Sinclair 2.625% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	290,348			0
Stated interest rate		2.625%
HF Sinclair 5.875% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	797,100			0
Stated interest rate		5.875%
HF Sinclair 4.500% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	325,034			0
Stated interest rate		4.50%
HollyFrontier Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	337,518			1,750,000
HF Sinclair Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	1,412,482			0
HEP
Debt Instrument [Line Items]
Carrying amounts of long-term debt	900,000			500,000
Unamortized discount and debt issuance costs	(12,540)			(6,951)
HEP Credit Agreement	721,000			840,000
Total long-term debt	1,608,460			1,333,049
HEP | Level 2
Debt Instrument [Line Items]
Senior notes	808,706			502,705
HEP | 5.000% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	$ 500,000			500,000
Stated interest rate	5%
HEP | 6.375% Senior Notes
Debt Instrument [Line Items]
Carrying amounts of long-term debt	$ 400,000			$ 0
Stated interest rate	6.375%		6.375%

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities- Location of Gain Loss in Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Trading Activity, Gains and Losses, Net [Line Items]
Net Unrealized Gain (Loss) Recognized in OCI	$ 0	$ 5,424	$ 326	$ 782
Gain (Loss) Reclassified into Earnings	0	(4,949)	(5,288)	(18,824)
Commodity contracts
Trading Activity, Gains and Losses, Net [Line Items]
Net Unrealized Gain (Loss) Recognized in OCI	0	5,424	326	782
Commodity contracts | Sales and other revenues
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) Reclassified into Earnings	0	(5,052)	(5,288)	(18,771)
Commodity contracts | Operating expenses
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) Reclassified into Earnings	$ 0	$ 103	$ 0	$ (53)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Pre-tax effect on Income Due to Maturities and Fair Value Adjustments of Economic Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Not Designated as Hedging Instruments	$ (10,657)	$ (10,724)	$ (28,296)	$ (17,402)
Commodity contracts | Cost of products sold
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Not Designated as Hedging Instruments	(27,618)	(9,469)	(37,406)	(12,079)
Commodity contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Not Designated as Hedging Instruments	4,001	4,831	2,580	7,506
Foreign currency contracts | Gain (loss) on foreign currency transactions
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Not Designated as Hedging Instruments	$ 12,960	$ (6,086)	$ 6,530	$ (12,829)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Notional Contracts by Derivative Type (Details) - Derivatives Not Designated as Hedging Instruments bbl in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) ozt bbl
NYMEX futures (WTI) - short
Economic hedges by derivative type [Line Items]
Derivative nonmonetary notional amount (in barrels)	1,245
NYMEX futures (WTI) - short | 2022
Economic hedges by derivative type [Line Items]
Derivative nonmonetary notional amount (in barrels)	1,245
NYMEX futures (WTI) - short | 2023
Economic hedges by derivative type [Line Items]
Derivative nonmonetary notional amount (in barrels)	0
Forward gasoline and diesel contracts - long
Economic hedges by derivative type [Line Items]
Derivative nonmonetary notional amount (in barrels)	270
Forward gasoline and diesel contracts - long | 2022
Economic hedges by derivative type [Line Items]
Derivative nonmonetary notional amount (in barrels)	270
Forward gasoline and diesel contracts - long | 2023
Economic hedges by derivative type [Line Items]
Derivative nonmonetary notional amount (in barrels)	0
Foreign currency forward contracts
Economic hedges by derivative type [Line Items]
Derivative notional amount | $	$ 445,568,948
Foreign currency forward contracts | 2022
Economic hedges by derivative type [Line Items]
Derivative notional amount | $	226,327,761
Foreign currency forward contracts | 2023
Economic hedges by derivative type [Line Items]
Derivative notional amount | $	$ 219,241,187
Commodity contracts
Economic hedges by derivative type [Line Items]
Derivative notional amount (in troy ounce) | ozt	38,723
Commodity contracts | 2022
Economic hedges by derivative type [Line Items]
Derivative notional amount (in troy ounce) | ozt	3,800
Commodity contracts | 2023
Economic hedges by derivative type [Line Items]
Derivative notional amount (in troy ounce) | ozt	34,923

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Net Assets Recognized in Balance Sheet	$ 17,556	$ 6,463
Net Liabilities Recognized in Balance Sheet	3,167	1,835
Prepayment and other
Derivative [Line Items]
Net Assets Recognized in Balance Sheet	17,556	6,463
Accrued liabilities
Derivative [Line Items]
Net Liabilities Recognized in Balance Sheet	3,167	1,835
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Gross Assets		0
Gross Liabilities Offset in Balance Sheet		0
Net Assets Recognized in Balance Sheet		0
Gross Liabilities		238
Gross Assets Offset in Balance Sheet		0
Net Liabilities Recognized in Balance Sheet		238
Derivatives Designated as Hedging Instruments | Commodity forward contracts
Derivative [Line Items]
Gross Assets		0
Gross Liabilities Offset in Balance Sheet		0
Net Assets Recognized in Balance Sheet		0
Gross Liabilities		238
Gross Assets Offset in Balance Sheet		0
Net Liabilities Recognized in Balance Sheet		238
Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Gross Assets	17,556	7,780
Gross Liabilities Offset in Balance Sheet	0	(1,317)
Net Assets Recognized in Balance Sheet	17,556	6,463
Gross Liabilities	3,167	1,597
Gross Assets Offset in Balance Sheet	0	0
Net Liabilities Recognized in Balance Sheet	3,167	1,597
Derivatives Not Designated as Hedging Instruments | NYMEX futures contracts
Derivative [Line Items]
Gross Assets	5,776	0
Gross Liabilities Offset in Balance Sheet	0	0
Net Assets Recognized in Balance Sheet	5,776	0
Gross Liabilities	0	1,269
Gross Assets Offset in Balance Sheet	0	0
Net Liabilities Recognized in Balance Sheet	0	1,269
Derivatives Not Designated as Hedging Instruments | Commodity forward contracts
Derivative [Line Items]
Gross Assets	3,621	286
Gross Liabilities Offset in Balance Sheet	0	0
Net Assets Recognized in Balance Sheet	3,621	286
Gross Liabilities	3,073	328
Gross Assets Offset in Balance Sheet	0	0
Net Liabilities Recognized in Balance Sheet	3,073	328
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts
Derivative [Line Items]
Gross Assets	8,159	7,494
Gross Liabilities Offset in Balance Sheet	0	(1,317)
Net Assets Recognized in Balance Sheet	8,159	6,177
Gross Liabilities	94	0
Gross Assets Offset in Balance Sheet	0	0
Net Liabilities Recognized in Balance Sheet	$ 94	$ 0

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 08, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Nov. 30, 2019
Class of Stock [Line Items]
Authorized share repurchase amount						$ 1,000,000
Share repurchase program, value of shares purchased (in shares)		$ 132,451	$ 479	$ 132,803	$ 491
Remaining authorized share repurchase amount		$ 867,700		$ 867,700
Common stock withheld under stock-based compensation agreements (in shares)				4,990	14,063
Dividends declared per share (in USD per share)		$ 0.40		$ 0.40	$ 0.35
Subsequent Event
Class of Stock [Line Items]
Dividends declared per share (in USD per share)	$ 0.40
HF Sinclair Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, shares purchased (in shares)		2,730,000	0	2,730,000	0
Share repurchase program, value of shares purchased (in shares)		$ 132,300		$ 132,300

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Components And Allocated Tax Effects Of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Before-Tax	$ (18,792)	$ 6,580	$ (17,651)	$ (4,855)
Tax Expense (Benefit)	(3,996)	1,585	(3,771)	(1,046)
Other comprehensive income (loss)	(14,796)	4,995	(13,880)	(3,809)
Net change in foreign currency translation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Before-Tax	(17,886)	2,088	(16,165)	(3,775)
Tax Expense (Benefit)	(3,775)	450	(3,396)	(775)
Other comprehensive income (loss)	(14,111)	1,638	(12,769)	(3,000)
Net unrealized gain on hedging instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Before-Tax		5,424	326	782
Tax Expense (Benefit)		1,363	67	194
Other comprehensive income (loss)		4,061	259	588
Net change in pension and other post-retirement benefit obligations
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Before-Tax	(906)	(932)	(1,812)	(1,862)
Tax Expense (Benefit)	(221)	(228)	(442)	(465)
Other comprehensive income (loss)	$ (685)	$ (704)	$ (1,370)	$ (1,397)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) Amounts Reclassified to Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales and other revenues	$ 11,162,160	$ 4,577,123	$ 18,620,910	$ 8,081,416
Operating expenses	(606,127)	(334,191)	(1,083,561)	(734,100)
Gain on sale of assets and other	2,320	7,927	6,215	9,817
Net income (loss), before tax	1,636,401	318,252	1,843,031	472,795
Income tax expense (benefit)	383,493	123,485	404,822	95,178
Net income	1,252,908	194,767	1,438,209	377,617
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	686	(3,005)	(2,634)	(12,687)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net unrealized gain on hedging instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss), before tax	0	(4,949)	(5,288)	(18,824)
Income tax expense (benefit)	0	(1,247)	(1,282)	(4,744)
Net income	0	(3,702)	(4,006)	(14,080)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net unrealized gain on hedging instruments | Commodity price swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales and other revenues	0	(5,052)	(5,288)	(18,771)
Operating expenses	0	103	0	(53)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net change in pension and other post-retirement benefit obligations | Pension obligations
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of assets and other	45	104	90	205
Income tax expense (benefit)	11	26	22	52
Net income	34	78	68	153
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net change in pension and other post-retirement benefit obligations | Post-retirement healthcare obligations
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of assets and other	870	837	1,740	1,675
Income tax expense (benefit)	211	211	422	422
Net income	659	626	1,318	1,253
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net change in pension and other post-retirement benefit obligations | Retirement restoration plan
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of assets and other	(9)	(9)	(18)	(18)
Income tax expense (benefit)	(2)	(2)	(4)	(5)
Net income	$ (7)	$ (7)	$ (14)	$ (13)

Other Comprehensive Income (L_5

Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) In Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Stockholders' equity	$ 9,874,910	$ 8,876,977	$ 6,294,465	$ 6,040,244	$ 5,838,046	$ 5,722,203
Foreign currency translation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Stockholders' equity	(20,630)		(7,861)
Unrealized gain on defined benefit plans | Actuarial loss on pension plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Stockholders' equity	1,359		1,449
Unrealized gain on defined benefit plans | Actuarial gain on post-retirement healthcare plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Stockholders' equity	8,062		9,342
Unrealized loss on hedging instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Stockholders' equity	0		(259)
Accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Stockholders' equity	$ (11,209)	$ 3,587	$ 2,671	$ 9,653	$ 4,658	$ 13,462

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Mar. 14, 2022	Feb. 10, 2021
Commitments And Contingencies [Line Items]
Proceeds from legal settlements		$ 51.5
Sinclair Merger
Commitments And Contingencies [Line Items]
Shares held in escrow (in shares)	2,570,000
Sinclair Merger | HEP
Commitments And Contingencies [Line Items]
Shares held in escrow (in shares)	5,290,000

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	6 Months Ended
	Jun. 30, 2022	Mar. 14, 2022
Segment Reporting Information [Line Items]
Number of reportable segments	5
HEP | Osage Pipeline
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	50%
HEP | Cheyenne Pipeline
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	50%
HEP | Cushing Connect
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	50%
HEP | Saddle Butte Pipeline III, LLC
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	25.06%	25.06%
HEP | Pioneer Investments Corp.
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	49.995%	49.995%

Segment Information - Schedule

Segment Information - Schedule Of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenues from external customers	$ 11,162,160	$ 4,577,123	$ 18,620,910	$ 8,081,416
Intersegment revenues	0	0	0	0
Sales and other revenues	11,162,160	4,577,123	18,620,910	8,081,416
Cost of products sold (exclusive of lower of cost or market inventory)	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)
Operating expenses	606,127	334,191	1,083,561	734,100
Selling, general and administrative expenses	110,875	77,754	221,297	159,729
Depreciation and amortization	164,044	124,042	308,645	248,121
Income (loss) from operations	1,666,656	334,232	1,899,488	472,294
Earnings of equity method investments	5,447	3,423	9,073	5,186
Capital expenditures	159,444	182,880	317,740	332,841
Corporate, Other and Eliminations
Segment Reporting Information [Line Items]
Revenues from external customers	0	3	0	7
Intersegment revenues	(1,643,012)	(310,762)	(1,890,044)	(475,715)
Sales and other revenues	(1,643,012)	(310,759)	(1,890,044)	(475,708)
Cost of products sold (exclusive of lower of cost or market inventory)	(1,619,793)	(284,808)	(1,847,370)	(417,969)
Lower of cost or market inventory valuation adjustment	0	0	0	(509)
Operating expenses	(20,819)	(11,840)	(34,078)	(19,725)
Selling, general and administrative expenses	21,464	7,189	50,931	12,146
Depreciation and amortization	(501)	2,361	938	(5,111)
Income (loss) from operations	(23,363)	(23,661)	(60,465)	(44,540)
Earnings of equity method investments	0	0	0	0
Capital expenditures	12,773	5,871	21,865	7,944
Refining | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	8,839,662	3,887,273	15,211,556	6,844,306
Intersegment revenues	1,448,919	205,186	1,583,192	265,648
Sales and other revenues	10,288,581	4,092,459	16,794,748	7,109,954
Cost of products sold (exclusive of lower of cost or market inventory)	8,119,285	3,619,319	14,028,895	6,381,262
Lower of cost or market inventory valuation adjustment	0	(118,825)	0	(318,353)
Operating expenses	469,304	231,422	824,276	524,277
Selling, general and administrative expenses	39,123	30,136	73,005	58,632
Depreciation and amortization	102,780	79,938	197,461	168,020
Income (loss) from operations	1,558,089	250,469	1,671,111	296,116
Earnings of equity method investments	0	0	0	0
Capital expenditures	36,711	33,150	66,631	73,511
Renewables | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	115,939	0	144,252	0
Intersegment revenues	78,639	0	97,693	0
Sales and other revenues	194,578	0	241,945	0
Cost of products sold (exclusive of lower of cost or market inventory)	192,662	0	236,933	0
Lower of cost or market inventory valuation adjustment	34,543	0	25,992	0
Operating expenses	29,273	11,231	56,369	24,052
Selling, general and administrative expenses	1,001	0	1,873	0
Depreciation and amortization	10,371	316	16,171	658
Income (loss) from operations	(73,272)	(11,547)	(95,393)	(24,710)
Earnings of equity method investments	0	0	0	0
Capital expenditures	87,525	113,747	186,294	183,969
Marketing | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	1,336,302		1,613,343
Intersegment revenues	0		0
Sales and other revenues	1,336,302		1,613,343
Cost of products sold (exclusive of lower of cost or market inventory)	1,311,333		1,582,464
Lower of cost or market inventory valuation adjustment	0		0
Operating expenses	0		0
Selling, general and administrative expenses	1,049		1,189
Depreciation and amortization	4,418		4,919
Income (loss) from operations	19,502		24,771
Earnings of equity method investments	0		0
Capital expenditures	5,309		5,309
Lubricants and Specialty Products | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	845,024	662,755	1,598,582	1,184,753
Intersegment revenues	4,917	6,434	6,368	8,999
Sales and other revenues	849,941	669,189	1,604,950	1,193,752
Cost of products sold (exclusive of lower of cost or market inventory)	576,428	491,218	1,081,005	822,741
Lower of cost or market inventory valuation adjustment	0	0	0	0
Operating expenses	74,470	61,310	140,471	122,063
Selling, general and administrative expenses	43,555	37,583	85,304	83,136
Depreciation and amortization	20,605	19,152	41,199	39,273
Income (loss) from operations	134,883	59,926	256,971	126,539
Earnings of equity method investments	0	0	0	0
Capital expenditures	8,026	5,614	14,395	9,701
HEP | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	25,233	27,092	53,177	52,350
Intersegment revenues	110,537	99,142	202,791	201,068
Sales and other revenues	135,770	126,234	255,968	253,418
Cost of products sold (exclusive of lower of cost or market inventory)	0	0	0	0
Lower of cost or market inventory valuation adjustment	0	0	0	0
Operating expenses	53,899	42,068	96,523	83,433
Selling, general and administrative expenses	4,683	2,846	8,995	5,815
Depreciation and amortization	26,371	22,275	47,957	45,281
Income (loss) from operations	50,817	59,045	102,493	118,889
Earnings of equity method investments	5,447	3,423	9,073	5,186
Capital expenditures	$ 9,100	$ 24,498	$ 23,246	$ 57,716