Updated: HF Sinclair Sets Record Quarterly Profit and Appoints New CEO

Details added in paragraphs 2 to 4 and 6

Reuters, October 28 - HF Sinclair (DINO.N) reported record quarterly profits on Wednesday, driven by higher refining margins boosting earnings, and has appointed Steve Ledbetter as its next Chief Executive Officer, effective January 1, with its stock rising nearly 5% in pre-market trading.

This appointment comes several months after former CEO Timothy Go departed. Previously, during an internal review of HF Sinclair's information disclosure processes, Go took a voluntary leave of nearly three months, and subsequently left the company under a mutually agreed departure agreement (link).

Since Go's departure, board chairman Franklin Myers has served as interim CEO and president.

HF Sinclair also plans to spin off its lubricants and specialty products business into an independent publicly traded company.

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According to data compiled by London Stock Exchange Group (LSEG), the Dallas, Texas-based company reported record adjusted earnings per share of $11.75 for the three months ended September 30, compared to analysts' average estimate of $7.65.

Since the escalation of conflict in the Middle East, surging fuel exports have greatly benefited U.S. refiners, resulting in tighter global supplies and significantly higher refining margins.

The benchmark 3-2-1 crack spread CL321-1=R, a key measure of refining profitability, more than doubled in the July–September quarter compared to a year earlier.

The company's adjusted refining gross margin per barrel in the third quarter was $54.22, versus $19.16 in the same period last year.

Sinclair's refining segment reported adjusted core profit of $2.43 billion for the quarter, compared to $476 million a year earlier.

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