Investor Presentaiton

Non-GAAP Definitions Non GAAP measurements: We report certain financial measures that are not prescribed or authorized by U. S. generally accepted accounting principles ("GAAP"). We discuss management's reasons for reporting these non-GAAP measures below. Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures are not alternatives to revenue, operating income, income from continuing operations, net income, or any other comparable operating measure prescribed by GAAP. In addition, these non-GAAP financial measures may be calculated and/or presented differently than measures with the same or similar names that are reported by other companies, and as a result, the non- GAAP measures we report may not be comparable to those reported by others. Also, we have not reconciled to non-GAAP forward-looking measures, estimations or guidance, including Illustrative Mid-Cycle Refining EBITDA, Illustrative Mid-Cycle Adjusted EBITDA and Illustrative Free Cash Flow, to their corresponding GAAP measures because certain items that impact these measures are unavailable or cannot be reasonably predicted without unreasonable effort. Adjusted EBITDA: HF Sinclair Adjusted EBITDA is calculated as EBITDA plus adjustments for extraordinary items, other unusual or non-recurring items, each as determined in accordance with GAAP and identified in the financial statements, such as lower of cost or market inventory valuation adjustments, gain on sale of real property, severance costs, restructuring charges, Cheyenne refinery LIFO inventory liquidation costs, decommissioning costs, HF Sinclair's pro-rata share of HEP's Osage environmental remediation costs, net of insurance recoveries, acquisition integration and regulatory costs and gain on tariff settlement. HEP Adjusted EBITDA is calculated as EBITDA plus adjustments for extraordinary items, other unusual or non-recurring items, each as determined in accordance with GAAP and identified in the financial statements, such as gain on sales-type leases, gain on significant asset sales, goodwill impairment, share of Osage environmental remediation costs, net of insurance recoveries, acquisition integration and regulatory costs, tariffs and fees not included in revenues due to impacts from lease accounting for certain tariffs and fees, lease payments not included in operating costs and expenses. Adjusted EBITDA is not a calculation based upon GAAP. However, the amounts included in the Adjusted EBITDA calculation are derived from amounts included in our consolidated financial statements. Adjusted 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. Adjusted EBITDA is not necessarily comparable to similarly titled measures of other companies. Adjusted EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. HF Sinclair Adjusted EBITDA is reconciled to net income under the section entitled "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" in HollyFrontier Corporation's quarterly earnings releases furnished on Form 8-K for all periods prior to the first quarter of 2022 and in HF Sinclair's quarterly earnings releases furnished on Form 8-K for all periods starting with and occurring after the first quarter of 2022, each of which are or will be available on our website, www.hfsinclair.com. HEP Adjusted EBITDA is reconciled to net income attributable to the partners in a footnote to the "Income, Distributable Cash Flow and Volumes" table in “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in HEP's Form 10-K for the year ended December 31, 2022 or in a footnote to the "Income, Distributable Cash Flow and Volumes" table in HEP's quarterly earnings releases, available on our website, www.hollyenergy.com. Adjusted Net Income: Adjusted Net Income (also referred to as Adjusted Net Income attributable to HF Sinclair stockholders) is net income (loss) attributable to HF Sinclair stockholders adjusted to reflect the after-tax effect of special items that HF Sinclair believes are not indicative of its core operating performance that may obscure HF Sinclair's underlying business results and trends. Adjusted Net Income attributable to HF Sinclair stockholders is reconciled to net income under the section entitled "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" in HollyFrontier's quarterly earnings releases furnished on Form 8-K for all periods prior to the first quarter of 2022 and in HF Sinclair's quarterly earnings releases furnished on Form 8-K for all periods starting with and occurring after the first quarter of 2022, each of which are or will be available on our website, www.hfsinclair.com. Capitalization: Capitalization is calculated as Stockholder's Equity, inclusive of non-controlling interest, plus consolidated total debt. Consolidated Net Debt: Consolidated net debt is calculated as total debt, excluding unamortized discount and debt issuance costs, less cash and cash equivalents. Consolidated Net Debt is not a calculation based upon GAAP. However, the amounts included in the Consolidated Net Debt calculation are derived from amounts included in our consolidated financial statements. Debt-To-Capital: Debt-to-Capital is a measurement of financial leverage, calculated as long-term debt divided by total capital. Debt includes all long-term obligations. Total capital includes the debt and shareholders' equity. Distributable Cash Flow: Distributable cash flow (DCF) is not a calculation based upon GAAP. However, the amounts included in the calculation are derived from amounts separately presented in HEP's consolidated financial statements, with the general exception of maintenance capital expenditures. Distributable cash flow should not be considered in isolation or as an alternative to net income or operating income as an indication of HEP's operating performance or as an alternative to operating cash flow as a measure of liquidity. Distributable cash flow is not necessarily comparable to similarly titled measures of other companies. Distributable cash flow is presented here because it is a widely accepted financial indicator used by investors to compare partnership performance. It is also used by HEP management for internal analysis and HEP's performance units. We believe that this measure provides investors with an enhanced perspective of the operating performance of HEP's assets and the cash HEP is generating. HEP's historical distributable cash flow for prior years and fiscal quarters is reconciled to net income in a footnote to the table in "Item 6. Selected Financial Data" in HEP's 10-Ks prior to the 10-K for the year ended December 31, 2021 and in a footnote to the "Income, Distributable Cash Flow, Volumes and Balance Sheet Data" table in "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" in HEP's 10-Qs and in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in HEP's 10-Ks starting with the year ended December 31, 2021, available at www.hollyenergy.com. 31 HF Sinclair