1 unchanged sentence
See “Risk Management” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
−Removed: Table of Content
Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles
Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to amounts reported under generally accepted accounting principles in financial statements.
−Removed: Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as net income (loss) attributable to HF Sinclair stockholders plus (i) income tax provision, (ii) interest expense, net of interest income and (iii) depreciation and amortization.
+Added: Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as net income attributable to HF Sinclair stockholders plus (i) income tax provision, (ii) interest expense, net of interest income and (iii) depreciation and amortization.
EBITDA is not a calculation provided for under GAAP;
8 unchanged sentences
(In thousands)
−Removed: Net income (loss) attributable to HF Sinclair stockholders $ 2,922,668 $ 558,324 $ (601,448)
−Removed: Add (subtract) income tax provision 894,872 123,898 (232,147)
+Added: Net income attributable to HF Sinclair stockholders $ 1,589,666 $ 2,922,668 $ 558,324
Add interest expense 190,796 175,628 125,175
Subtract interest income (93,468) (30,179) (4,019)
+Added: Add income tax expense 441,612 894,872 123,898
Add depreciation and amortization 770,573 656,787 503,539
6 unchanged sentences
These two margins do not include the non-cash effects of long-lived asset impairment charges, lower of cost or market inventory valuation adjustments or depreciation and amortization.
−Removed: Each of these component performance measures can be reconciled directly to our consolidated statements of operations.
+Added: Each of these component performance measures can be reconciled directly to our consolidated statements of income.
Other companies in our industry may not calculate these performance measures in the same manner.
−Removed: Below are reconciliations to our consolidated statements of operations for refinery net operating and gross margin and operating expenses, in each case averaged per produced barrel sold.
−Removed: Due to rounding of reported numbers, some amounts may not calculate exactly.
Table of Content
4 unchanged sentences
Refining segment sales and other revenues $ 28,672,604 $ 34,412,909 $ 16,358,558
−Removed: Refining segment cost of products sold (exclusive of lower of cost or market inventory adjustment) 28,270,195 14,673,062 8,439,680
−Removed: Lower of cost or market inventory adjustment — (318,353) 82,214
+Added: Refining segment cost of products sold (exclusive of lower of cost or market inventory valuation adjustment) 23,969,557 28,270,195 14,673,062
+Added: Lower of cost or market inventory valuation adjustment 220,558 — (318,353)
4,482,489 6,142,714 2,003,849
−Removed: Add (subtract) lower of cost or market inventory adjustment — (318,353) 82,214
−Removed: Less Cheyenne Refinery sales and other revenues — — (501,589)
−Removed: Less Cheyenne Refinery cost of products sold — — 447,628
−Removed: Refining gross margin $ 6,142,714 $ 1,685,496 $ 1,045,548
+Added: Add (subtract) lower of cost or market inventory valuation adjustment 220,558 — (318,353)
+Added: Refinery gross margin $ 4,703,047 $ 6,142,714 $ 1,685,496
Refining segment operating expenses $ 1,946,958 $ 1,815,931 $ 1,090,424
−Removed: Less Cheyenne Refinery operating expenses — — (121,151)
−Removed: $ 1,815,931 $ 1,090,424 $ 866,894
Produced barrels sold (BPD) 602,280 628,340 424,100
8 unchanged sentences
These two margins do not include the non-cash effects of lower of cost or market inventory valuation adjustments and depreciation and amortization.
−Removed: Each of these component performance measures can be reconciled directly to our consolidated statements of operations.
+Added: Each of these component performance measures can be reconciled directly to our consolidated statements of income.
Other companies in our industry may not calculate these performance measures in the same manner.
1 unchanged sentence
Reconciliation of renewables gross margin and operating expenses to gross margin per produced gallon sold and net operating margin per produced gallon sold
−Removed: December 31, 2022
+Added: Years Ended December 31,
+Added: (In thousands, except for per gallon amounts)
Renewables segment sales and other revenues $ 1,188,990 $ 1,015,499
Renewables segment cost of products sold 1,080,919 974,167
−Removed: Lower of cost or market inventory adjustment 52,412
−Removed: Add lower of cost or market inventory adjustment 52,412
+Added: Lower of cost or market inventory valuation adjustment 49,861 52,412
+Added: 58,210 (11,080)
+Added: Add lower of cost or market inventory valuation adjustment 49,861 52,412
Renewables gross margin $ 108,071 $ 41,332
9 unchanged sentences
This margin does not include the non-cash effects of depreciation and amortization.
−Removed: This component performance measure can be reconciled directly to our consolidated statements of operations.
+Added: This component performance measure can be reconciled directly to our consolidated statements of income.
Other companies in our industry may not calculate these performance measures in the same manner.
Reconciliation of marketing gross margin to gross margin per gallon sold
−Removed: December 31, 2022
+Added: Years Ended December 31,
Marketing segment sales and other revenues $ 4,146,292 $ 3,911,922
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.