Investor Presentaiton

Capital Allocation Strategy¹ Free Cash Flow² Drives Capital Returns & Balanced Capital Allocation Strategy Delivers: Sustainable Free Cash Flow Visible Deleveraging Pathway $ Increase shareholder returns 26 1. 2. Near-term Pay $0.45 regular quarterly dividend (increased quarterly dividend to $0.45 in Q1 2023) Continue share repurchases in 2023 Approximately $1.4 billion in share repurchases in 2022 Mid to Long-term 2023 and Beyond Target 50% Payout Ratio² (dividends + repurchases) of Adjusted Net Income² Pay $0.45 regular quarterly dividend New $1.0 billion share repurchase program authorized on September 21, 20223 Maintain Investment Grade Credit Ratings S&P (BBB-), Moody's (Baa3) and Fitch (BBB-) 3. Based on management's current estimates and expectations. Adjusted Net Income, Payout Ratio and Free Cash Flow are not financial measures prepared in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See definitions in Appendix. As of December 31, 2022, the remaining authorization under the $1.0 billion share repurchase program authorized by the Board of Directors on September 21, 2022 was $662 million. HF Sinclair

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