HF Sinclair : Investor Presentation June 2024

INVESTOR PRESENTATION

June 2024

NYSE: DINO

Disclosure Statement

Statements made during the course of this presentation that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "project," "will," "expect," "plan," "goal," "forecast," "strategy," "intend," "should," "would," "could," "believe," "may," and similar expressions and statements regarding our plans and objectives for future operations are intended to identify forward-looking statements. Forward- looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of HF Sinclair Corporation ("HF Sinclair"), and actual results may differ materially from those discussed during the presentation. These statements are based on management's beliefs and assumptions using currently available information and expectations as of the date thereof, are not guarantees of future performance and involve certain risks and uncertainties. All statements concerning HF Sinclair's expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the demand for and supply of feedstocks, crude oil and refined products, including uncertainty regarding the increasing societal expectations that companies address climate change and greenhouse gas emissions; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in HF Sinclair's markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, infection in the workforce, weather events, global health events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, vandalism or other catastrophes or disruptions affecting HF Sinclair's operations, production facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing of HF Sinclair's suppliers, customers, or third-party providers, and any potential asset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions; the effects of current and/or future governmental and environmental regulations and policies, including compliance with existing, new and changing environmental, health and safety laws and regulations, related reporting requirements and pipeline integrity programs; the availability and cost of financing to HF Sinclair; the effectiveness of HF Sinclair's capital investments and marketing strategies; HF Sinclair's efficiency in carrying out and consummating construction projects, including HF Sinclair's ability to complete announced capital projects on time and within capital guidance; HF Sinclair's ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of HF Sinclair to acquire complementary assets or businesses to HF Sinclair's existing assets and businesses on acceptable terms and to integrate any existing or future acquired operations and realize the expected synergies of any such transaction on the expected timeline; the possibility of vandalism or other disruptive activity, or terrorist or cyberattacks and the consequences of any such activities or attacks; uncertainty regarding the effects and duration of global hostilities, including shipping disruptions in the Red Sea, the Israel-Gaza conflict, the Russia-Ukraine war, and any associated military campaigns which may disrupt crude oil supplies and markets for HF Sinclair's refined products and create instability in the financial markets that could restrict HF Sinclair's ability to raise capital; general economic conditions, including economic slowdowns caused by a local or national recession or other adverse economic condition, such as periods of increased or prolonged inflation; limitations on HF Sinclair's ability to make future dividend payments or effectuate share repurchases due to market conditions and corporate, tax, regulatory and other considerations; and other business, financial, operational and legal risks. Additional information on risks and uncertainties that could affect the business prospects and performance of HF Sinclair is provided in the reports filed by HF Sinclair with the Securities and Exchange Commission. All forward-looking statements included in this presentation are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, HF Sinclair undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Executive Summary

Positioned for Value Across All Segments

	REFINING			MARKETING			RENEWABLES
▪	7 refineries in the Mid-		▪	Iconic DINO brand and		▪	10,000 BPD1 Renewable
	Continent, West and			customer loyalty			Diesel Unit capacity at
	Pacific Northwest						Sinclair, WY Refinery
	regions		▪	Over 1,5002 branded		▪	6,000 BPD1 Renewable
▪				retail sites
678,000 BPD1 of refining						Diesel Unit capacity at
	capacity		▪	Over 300 branded sites			Cheyenne, WY Refinery
▪				under license program		▪	9,000 BPD1 Renewable
Flexible refining system			outside of supply
	with fleet wide discounts			footprint			Diesel Unit capacity at
	to WTI						Artesia, NM Refinery
▪			▪	Sinclair branded		▪
Premium product			wholesale business		Pre-Treatment Unit at
	distribution areas versus			generates an uplift			Artesia, NM Refinery
	Gulf Coast			versus unbranded
				sales
▪	Organic initiatives to
	drive growth and
	enhance returns

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LUBRICANTS &

SPECIALTIES

• Integrated specialty lubricants producer with 34,000 BPD1 of production capacity
• Sells finished lubricants
• • products in >80 countries under Petro- Canada Lubricants, Sonneborn, Red Giant Oil & HollyFrontier product lines
• Production facilities in Mississauga, Ontario; Tulsa, Oklahoma; Petrolia, Pennsylvania;
• • the Netherlands
• A leading North American white oil & group III base oil producer

MIDSTREAM3

• Operate crude and product pipelines, loading racks, terminals and tanks in and around
  HF Sinclair's refining assets
• Approximately 4,400 miles of crude oil and petroleum product pipelines
• Approximately 17.8 million barrels of refined product and crude oil storage with 19 terminals and 7 loading rack facilities in 12 western and mid- continent states

1.	BPD: Barrels per day	3.	On December 1, 2023, HF Sinclair announced the completion of the transactions contemplated by the previously announced Agreement and Plan of
2.	Includes non-Sinclair branded sites		Merger, pursuant to which HF Sinclair acquired all of the outstanding common units representing limited partner interests in Holly Energy Partners, L.P.
	from legacy HollyFrontier agreements.		not already owned by HF Sinclair and its subsidiaries for a combination of HF Sinclair common stock and cash.

HF Sinclair Asset Footprint

HF SINCLAIR REFINERIES

RENEWABLE DIESEL

FACILITY

HF SINCLAIR REFINERY +

LUBRICANTS PRODUCTION

LUBRICANTS &

SPECIALTIES FACILITY

HF SINCLAIR TERMINALS

HF SINCLAIR

DISTRIBUTION AREAS

MIDSTREAM

PRODUCT PIPELINES

MIDSTREAM

CRUDE PIPELINES

CRUDE HUB

CRUDE GATHERING

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Note: On December 1, 2023, HF Sinclair announced the completion of the transactions contemplated by the previously announced Agreement and Plan of Merger, pursuant to which HF Sinclair acquired all of the outstanding common units representing limited partner interests in Holly Energy Partners, L.P. not already owned by HF Sinclair and its subsidiaries for a combination of HF Sinclair common stock and cash.

Environmental, Social and Governance (ESG)1

Environmental Social

Governance

Scope 1 and Scope 2 GHG Intensity Target

• Established goal to reduce Scope 1 and Scope 2 net emissions intensity by 25% by 2030, through offsets and reductions versus 2020 levels

Renewable Fuels Investments

• Made significant investments in 3 renewable diesel projects in Artesia, NM, Cheyenne, WY and Sinclair, WY
• Renewable diesel is a cleaner burning fuel and, depending on the feedstock, can have 50% to 80% lower lifecycle GHG emissions compared to conventional diesel

Recycling and Water Conservation

• Our Navajo refinery implemented a project to sell wastewater from its operations to upstream operators to reduce the amount of freshwater used in upstream operations in Artesia, NM, a high-risk region for water scarcity

Product Innovation

• Developed SonneNatural, a line of 100% natural plant-based products, ENVIRON™ MV, a line of biodegradeable hydraulic oils, and other oils and lubricants designed to promote improved fuel economy, higher energy efficiency and support alternative energy systems

"One HF Sinclair Culture" program instills integrity, teamwork and ownership at every level, as well as a focus and commitment to safety, human capital management and community relations, teamwork, ownership and inclusion

Safety "Goal Zero"

• Over the past five years ended December 31, 2023, our OSHA2 total recordable incident rate declined by 52%

Inclusion

• Commitment to attracting, retaining and developing a diverse and inclusive workforce, including through partnerships with historically Black colleges to offer summer internship opportunities
• Supporting our employees and communities by investing in racially and ethnically underrepresented groups, women, and veterans through program sponsorships

Human Capital Management

• Invested in professional development scholarships and education assistance programs that enable employees of all levels to enhance their skills and grow professionally

Community Relations

• Active volunteering and philanthropic involvement in communities where we operate

Board leadership provides significant industry expertise, alongside diverse business, financial and environmental, health and safety experience

• Board level committees with specific oversight over ESG matters include the Compensation Committee, Environmental, Health, Safety, and Public Policy Committee and the Nominating, Governance and Social Responsibility Committee
• 9 of 11 directors independent, including chair
• 3 board members are women
• 4 racially/ethnically diverse board members
• Long standing commitment to ethical behavior is inherently tied to how we do business
• Code of Business Conduct and Ethics among governing principles

Executive compensation strongly aligned with shareholders and long-term performance

• Available free cash flow, EBITDA, ROCE, TSR, Reliability and ESG metrics comprised of Environmental, Safety and GHG emission reduction target metrics drive performance pay

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1. Please see HF Sinclair 2022 Sustainability Report for additional ESG related information. https://www.hfsinclair.com/sustainability/sustainability-report/default.aspx
2. OSHA: Occupational Safety and Health Act

Refining Overview

Expanded Footprint centered around Mid-Continent, Southwest, Rocky Mountain and Pacific Northwest with 678,000 BPD oil processing capacity

West Region

Puget Sound Refinery (Anacortes, WA)

• 149,000 BPD capacity
• Crude slate: Canadian mixed sweet and sour and Alaskan North Slope crude
• Distributes to locations in WA, OR, and British Columbia
  Navajo Refinery (Artesia, NM)
• 100,000 BPD capacity
• Crude slate: Permian sweet and sour crude
• Distributes to locations in AZ, NM, west TX and northern Mexico
  Parco Refinery (Sinclair, WY)
• 94,000 BPD capacity
• Crude slate: Canadian heavy and Rockies sweet crude
• Distributes to locations in greater Rocky Mountain region
  Woods Cross Refinery (Salt Lake City, UT)
• 45,000 BPD capacity
• Crude slate: Regional sweet and heavy crude
• Distributes to locations in UT, ID, NV, WY, and eastern WA
  Casper Refinery (Casper, WY)
• 30,000 BPD capacity
• Crude slate: Rockies sweet
• Distributes to locations in greater Rocky Mountain region and

6 western SD

Mid-Continent Region

El Dorado Refinery (El Dorado, KS)

• 135,000 BPD capacity
• Crude slate: WCS, Bakken and Permian sour crude
• Distributes to locations in CO and Plains states

Tulsa Refinery (Tulsa, OK)

• 125,000 BPD capacity
• Crude slate: Domestic sweet with up to 10,000 BPD of WCS crude
• Distributes to locations in Mid-Continent states
• Integrated refinery with base oil and lubricant production

Crude and Product Advantage

Proximity to North American Crude Production

Laid-In Crude Advantage

• Refinery location and configuration enables fleet- wide crude slate discounts to WTI
• Approximately 140,000 - 160,000 barrels per day Canadian, primarily heavy sweet and sour crude
• Approximately 140,000 - 160,000 barrels per day of Permian crude

High Value Premium Product Distribution Areas

Regional Gasoline Pricing vs Gulf Coast1

2019		2020		2021		2022		2023		Average

$37
$32
$27
$22			$22.10		$16.91
		$14.71
$17
		$7.50
$12	$11.06
		$1.46
$7	$1.87
$2
$(3)
	Group 3 vs GC	PNW vs GC	Chicago vs GC Denver vs GC Phoenix vs GC	Salt Lake vs	Las Vegas vs
				GC	GC

2023 Average Crude Slate

Regional ULSD Pricing vs Gulf Coast2

3%

	8%
13%			Sweet
42%		Sour

Heavy

		Wax Crude
34%		Other

$25				2019			2020			2021		2022			2023		Average
$20
											$15.80		$11.71
$15
									$8.17		$10.99
$10
	$1.52		$6.15
$5
							$(0.41)
$-
$(5)
Group 3 vs GC	PNW vs GC	Chicago vs GC Denver vs GC Phoenix vs GC	Salt Lake vs	Las Vegas vs
																GC	GC

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1. Gulf Coast: CBOB Unleaded 84 Octane Spot Price, Group 3: Unleaded 84 Octane Spot Price, PNW: Sub-octane Spot Price, Chicago: Unleaded CBOB 84 Octane Spot Price, Denver: CBOB 81.5 Octane Rack Price, Phoenix: CBG 84 Octane Rack Price, SLC: CBOB 81.5 Octane Rack Price, Las Vegas: CBOB 84 Octane Rack Price. Source: MarketView

2. Source: MarketView

Refining Segment Earnings Power

Illustrative Mid-Cycle Refining EBITDA1

HF Sinclair Index	$21.50
Capture Rate	70%
Realized Gross Margin Per Barrel	$15.00
Operating Expense Per Barrel	$7.25
Target Throughput	640,000
Refining SG&A (millions)	$225
Mid-Cycle Refining EBITDA	~$1.6 B

HF Sinclair Consolidated 3-2-1 Index2

$/barrel

$40	$39.57
			HF Sinclair Index
	$36.04
$35			Avg since 2019

$30

$25

$21.26$21.03

$20

$15

$12.19

$10

2019

2020

2021

2022

2023

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1. Illustrative Mid-Cycle Refining EBITDA based on management's current expectations. See definition in Appendix. Because Illustrative Mid-Cycle Refining EBITDA is based in part on management's current expectations, we cannot provide a reconciliation to the most closely comparable GAAP metric without unreasonable effort.

2. 2021 includes November and December contribution from Puget Sound Refinery and does not include the Parco or Casper refineries acquired from Sinclair in March 2022. 2022 includes the contribution from the Parco and Casper refineries starting from the date of their acquisition on March 14, 2022.

Marketing Overview

Diversifying with HF Sinclair's Iconic Brand and Integrated Distribution Network

Provides a consistent sales channel for produced fuels with stable margins as well as additional earnings from brand licensing and credit card programs

Footprint1:

• Iconic DINO brand
• 1,500+2 wholesale branded sites
• Over 2B gallons per year of branded fuel sales
• 300+ sites branded under a license program outside supply footprint

Financial Highlights:

• Provides further advantage through RIN generation
• Additional margin from branded credit card program
• Sinclair branded wholesale business generates an uplift versus unbranded sales

Driving growth and leveraging increased distribution network

• Downward integration of legacy HollyFrontier products
• Opportunities with accelerated brand growth across HF Sinclair products and geographies
• Significant RIN generation through distribution network

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1. As of March 31, 2024.
2. Includes non-Sinclair branded sites from legacy HollyFrontier agreements.

Marketing Footprint

Broad Reach of Branded Retail Sites with Opportunity for Expansion within Current Asset Footprint1

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1. Reflective of independent branded and licensed sites, which are not owned or operated by HF Sinclair Corporation. As of March 31, 2024.