Investor Presentaiton

Non-GAAP Definitions Distribution Coverage Ratio: Distribution coverage ratio is the ratio of distributable cash flow attributable to GP and LP unitholders to total GP and LP distributions declared. Earnings Per Share (EPS): earnings per share is calculated as net income (loss) attributable to stockholders divided by the average number of shares of common stock outstanding. EBITDA: Earnings before interest, taxes, depreciation and amortization, is calculated as net income attributable to HF Sinclair stockholders plus (i) interest expense net of interest income, (ii) income tax provision, and (iii) depreciation and amortization. EBITDA is not a calculation provided for under GAAP; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to net income or operating income as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants. Our historical EBITDA is reconciled to net income under the section entitled "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" in "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in HF Sinclair's Form 10-K for the year ended December 31, 2022. Our historical EBITDA for the prior fiscal quarters is reconciled to net income under the section entitled "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" in "Item 3. Quantitative and Qualitative Disclosures About Market Risk" in HF Sinclair's Form 10-Qs, all of which are or will be available on our website, www.hfsinclair.com. Enterprise Value: Enterprise value is a measure of a company's total market capitalization, plus outstanding debt, minus cash and cash equivalents. Free Cash Flow: Free cash flow is calculated by taking operating cash flow and subtracting capital expenditures. Illustrative Mid-Cycle EBITDA: Illustrative Mid-Cycle EBITDA means, at any time, management's good faith estimate of the consolidated EBITDA of the company based on an estimate of average historical peak and trough prices through the economic cycle. Leverage Ratio: Leverage ratio is the ratio of consolidated debt to last twelve months Adjusted EBITDA. Payout Ratio: Payout ratio is the sum of dividends and stock buybacks divided by the Adjusted Net Income. Total Tariffs and Fees: Total Tariffs and Fees are calculated as revenues plus tariffs and fees not included in revenues due to impacts from lease accounting for certain tariffs and fees. Portions of our minimum guaranteed pipeline and terminal tariffs and fees for assets subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. These tariffs and fees were previously recorded as revenues prior to the renewal of the throughput agreement, which triggered sales-type lease accounting. Please see the reconciliation to HEP's total revenues on slide 29. 32 HF Sinclair

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