HF Sinclair Corporation (NYSE:DINO) Q4 2022 Earnings Call Transcript

Mike Jennings: Thanks, Rob. This is Mike Jennings. I want to wrap up with just a couple of points. 2022 was obviously a pivotal year for our company as we completed the Sinclair acquisition and established ourselves as HF Sinclair, a downstream integrated company, and further integrated the Puget Sound acquisition that had been done just in the previous year. Really dramatic changes in our business. And at the same time, operating full and well to serve the needs of our customers and generating really tremendous income and returns to our own shareholders. So we executed well. We executed on some really key points, which would have included getting these acquisitions integrated, realizing that initial $100 million, completing our start-ups within renewable diesel and importantly, returning over $1.6 billion of cash to our owners, proving up our commitment to get this done and frankly, get it done early.

Moving forward, I think Tim has called out priorities well, and they include continuing to optimize this portfolio. improving our reliability and obviously, maintaining our foot on the accelerator in terms of cash returns to shareholders. We get it that that’s a fundamentally important part of the investment equation within this sector and for this company. I’m going to finish up with a little note on Tim, and I want to publicly congratulate him for the announced appointment to President and CEO of HF Sinclair. This culminates a multiyear succession planning process on the part of our Board to find and develop the right leader for our company’s future. I’ve had great pleasure of working with Tim for almost 3 years now and have come to admire his knowledge of the business, desire to improve and optimize our operations, an important ability to attract and retain strong talent for the key roles and a tremendous passion for our company and for his job.

So while it will be with some regret that I stepped down simply because I love working in this industry and with the great people at this company who are committed to our success, get past the sentimentality, we’re really fortunate to have Tim and the rest of this great team on board and engaged. And I believe that they will together get the job done for our owners. So thanks a lot.

Operator: Thank you. This does conclude today’s teleconference. Please disconnect your lines at this time, and have a wonderful day.