Investor Presentaiton
Driving Significant Uplift to Free Cash Flow
Illustrative Mid-Cycle Adjusted EBITDA Uplift¹:
($mm's)
REFINING
MIDSTREAM
RENEWABLES
MARKETING
LUBRICANTS
EXPECTED ANNUAL SYNERGIES
HFC
PSR
Sinclair
HF Sinclair
$1,000
$175
$175
$1,350
$350
$250
$250
$75
$425
$150
$400
$50
$50
$250
$100
TOTAL ADJUSTED EBITDA²
$1,850
$175
$450
$2,575
(DEPRECIATION AND AMORTIZATION³)
$(375)
$(40)
$(175)
$(590)
PRE-TAX INCOME
$1,475
$135
$275
$1,985
(INCOME TAX PROVISION4)
FREE CASH FLOW2
$(354)
$(32)
$(66)
$(476)
$1,121
$103
$209
$1,509
24
1.
Mid-cycle Adjusted EBITDA and Depreciation and Amortization based on management's
3.
Depreciation and Amortization is equal to estimated mid-
2.
current estimates and expectations. Please see appendix for Non-GAAP definitions.
See definitions in Appendix.
cycle capital expenditures.
4.
Based on a 24% corporate tax rate.
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