TacticScaleWhat HF Sinclair Does & How It Makes Money (DINO)
Updated October 2026 · reflects HF Sinclair's latest reported financials
US independent oil refiner, fuel marketer, and lubricants producer. It earns most of its money on the spread between crude oil costs and the prices of the refined fuels and specialty products it sells.
How HF Sinclair makes money
It earns most of its money on the spread between crude oil costs and the prices of the refined fuels and specialty products it sells. It also earns fees from branded fuel supply, Sinclair brand licensing, and pipeline, terminal, and storage services.
What HF Sinclair does
HF Sinclair is a Dallas-based independent energy company, founded in 1947. It operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington, and Utah, and sells its products mainly in the Southwest, Rocky Mountains, Pacific Northwest, and nearby Plains states. Its main products are gasoline, diesel, jet fuel, and asphalt, along with renewable diesel. The business has five segments: Refining, Renewables, Marketing, Lubricants & Specialties, and Midstream. Marketing supplies about 1,700 branded stations and licenses the Sinclair brand to about 350 more locations. Lubricants & Specialties makes base oils, white oils, petrolatums, and waxes. Midstream provides pipeline transport, terminalling, and storage. The company also exports some of its products.
Products & services
- Gasoline, diesel and jet fuel
- Renewable diesel
- Sinclair-branded fuel stations
- Base oils and specialty lubricants
- Asphalt products
- Pipeline, terminalling and storage services
What is HF Sinclair worth?
On an owner-earnings DCF, HF Sinclair's most-likely value is about $100 versus a recent price near $121 (18% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$75) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Valero Energy (VLO) · PBF Energy (PBF) · CVR Energy (CVI) · Phillips 66 (PSX) · Sinopec Shanghai Petrochemical (600688.SS)