About HF Sinclair

HF Sinclair Corporation (HF Sinclair) operates as an independent energy company that produces and markets high-value light products, such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. On March 14, 2022, HollyFrontier (HollyFrontier Corporation) and HEP (Holly Energy Partners, L.P.) announced the establishment of HF Sinclair as the new parent holding company of HollyFrontier and HEP and their subsidiaries, and the completion of their respective acquisitions of Sinclair Oil Corporation (now known as Sinclair Oil LLC, ‘Sinclair Oil’) and Sinclair Transportation Company LLC (STC) from The Sinclair Companies (now known as REH Company and referred to herein as ‘REH Company’). HF Sinclair acquired REH Company’s refining, branded marketing, renewables, and midstream businesses. At the time of closing, the Sinclair branded marketing business supplied high-quality fuels to more than 1,300 Sinclair branded stations and licensed the use of the Sinclair brand at more than 300 additional locations throughout the United States. The renewables business includes the operation of a renewable diesel unit located in Sinclair, Wyoming. The refining business includes two Rocky Mountains-based refineries located in Casper, Wyoming and Sinclair, Wyoming. Under the terms of that certain Contribution Agreement (as amended on March 14, 2022, the ‘Contribution Agreement’), HEP acquired STC, REH Company’s integrated crude and refined products pipelines and terminal assets, including approximately 1,200 miles of integrated crude and refined product pipeline supporting the Sinclair refineries and third parties, eight product terminals and two crude terminals with approximately 4.5 million barrels of operated storage. In addition, HEP acquired STC’s interests in three pipeline joint ventures for crude gathering and product offtake, including Saddle Butte Pipeline III, LLC (at the time of closing, 25.06%, and currently, a 25.12% non-operated interest); Pioneer Investments Corp. (49.995% non-operated interest); and UNEV Pipeline, LLC (‘UNEV’) (the 25% non-operated interest not already owned by HEP, resulting in UNEV becoming a wholly owned subsidiary of HEP). The addition of Sinclair Oil and STC to the HollyFrontier business created a combined company with increased scale and ability to diversify and is expected to drive growth through the expanded refining and renewables business. In addition, the HFC Transactions added an integrated branded wholesale distribution network to the company’s business. As of December 31, 2023, the company: Owned and operated a refinery in El Dorado, Kansas (the ‘El Dorado Refinery’), two refinery facilities located in Tulsa, Oklahoma (collectively, the ‘Tulsa Refineries’), the Puget Sound Refinery in Anacortes, Washington, a refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the ‘Navajo Refinery’), a refinery in West Bountiful, Utah (the ‘Woods Cross Refinery’), a refinery in Sinclair, Wyoming (the ‘Parco Refinery,’) and a refinery in Casper, Wyoming (the ‘Casper Refinery’); Owned and operated RDUs (renewable diesel units) in Artesia, New Mexico (the ‘Artesia RDU’), in Cheyenne, Wyoming (the ‘Cheyenne RDU’) and in Sinclair, Wyoming (the ‘Sinclair RDU’) and a PTU in Artesia, New Mexico (the ‘Artesia PTU’); Owned and operated a manufacturing facility in Mississauga, Ontario, which produces base oils and other specialized lubricant products for the company’s Petro-Canada Lubricants business; Owned and operated manufacturing facilities in Petrolia, Pennsylvania and the Netherlands, which produce specialty lubricant products for the company’s Sonneborn business, such as white oils, petrolatums and waxes; Owned and operated Red Giant Oil Company LLC (‘Red Giant Oil’), which supplies locomotive engine oil and has storage and distribution facilities in Iowa and Wyoming, along with a blending and packaging facility in Texas; Owned and operated HF Sinclair Asphalt Company LLC (‘Asphalt’), which operates various asphalt terminals in Arizona, New Mexico and Oklahoma; and Owned and operated logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units that principally support the company’s refining operations in the Mid-Continent, Southwest, and Rocky Mountains geographic regions of the United States. As of December 31, 2023, the company’s operations were organized into five reportable segments, Refining, Renewables, Marketing, Lubricants & Specialties and Midstream. The Refining segment includes the operations of the company’s El Dorado, Tulsa, Puget Sound, Navajo, Woods Cross, Parco and Casper Refineries and Asphalt. The Renewables segment includes the operations of the Artesia, Cheyenne and Sinclair RDUs and the Artesia PTU (pre-treatment unit). The Marketing segment includes branded fuel sales. The Lubricants & Specialties segment, which was previously referred to as the company’s Lubricant and Specialty Products segment, includes the operations of the company’s Petro-Canada Lubricants, Red Giant Oil and Sonneborn businesses in addition to specialty lubricant products produced at the company’s Tulsa West refinery. As of December 31, 2023, the Midstream segment, which was previously referred to as the company’s HEP segment, included petroleum product and crude pipelines, terminal, tankage and loading rack facilities, and refinery processing units that primarily support the company’s refining operations. Refinery Operations The company’s refinery operations serve the Mid-Continent, Southwest and Rocky Mountains extending into the Pacific Northwest geographic regions of the United States. The company owns and operates seven complex refineries having a combined crude oil processing capacity of 678,000 BPSD. Each of the company’s refineries has the complexity to convert discounted, heavy or sour crude oils into a high percentage of gasoline, diesel and other high-value refined products. Products and Customers Light products are shipped to customers via product pipelines or are available for loading at the company’s refinery truck facilities and terminals. Light products are also made available to customers at various other locations via exchange with other parties. The company’s principal customers for gasoline include other refiners, branded sites, convenience store chains, independent marketers and retailers. Diesel fuel is sold to other refiners, branded sites, truck stop chains, wholesalers and railroads. Jet fuel is sold for commercial airline use. Base oils are intercompany sales to the company’s Lubricants & Specialties segment. LPGs are sold to LPG wholesalers and LPG retailers. The company produces and purchases asphalt products that are sold to governmental entities, paving contractors or manufacturers. Asphalt is also blended into fuel oil and is either sold locally or is shipped to the Gulf Coast. For the year ended December 31, 2023, the company had one customer, Shell (Equilon Enterprises LLC d/b/a Shell Oil Products US), together with certain of its affiliates, that accounted for 10% or more of the company’s total annual revenues at approximately 12%. Mid-Continent Region Facilities The El Dorado Refinery is a high-complexity coking refinery with a 135,000 BPSD processing capacity and the ability to process significant volumes of heavy and sour crudes. The integrated refining processes at the Tulsa West and East refinery facilities provide the company with a highly complex refining operation having a combined crude processing rate of approximately 125,000 BPSD. The El Dorado Refinery is located on 1,100 acres south of El Dorado, Kansas and is a fully integrated refinery. The principal processing units at the El Dorado Refinery consist of crude and vacuum distillation; hydrodesulfurization of naphtha, kerosene, diesel, and gas oil streams; isomerization; catalytic reforming; aromatics recovery; catalytic cracking; alkylation; delayed coking; hydrogen production; and sulfur recovery. The Tulsa West facility is located on a 750-acre site in Tulsa, Oklahoma. The principal processing units at the Tulsa West facility consist of crude and vacuum distillation (with light ends recovery), naphtha hydrodesulfurization, propane de-asphalting, lubes extraction, MEK dewaxing, delayed coker and butane splitter units. The Tulsa East facility is located on a 466-acre site also in Tulsa, Oklahoma. The principal processing units at the Tulsa East facility consist of crude and vacuum distillation, naphtha hydrodesulfurization, FCC, isomerization, catalytic reforming, alkylation, scanfiner, diesel hydrodesulfurization and sulfur units. Crude Oil and Feedstock Supplies Both of the company’s Mid-Continent refineries are connected via pipeline to Cushing, Oklahoma, a significant crude oil pipeline trading and storage hub. The El Dorado Refinery and the Tulsa Refineries are located approximately 125 miles and 50 miles, respectively, from Cushing, Oklahoma. Local pipelines provide direct access to regional Oklahoma crude production, as well as access to United States onshore and Canadian crudes. The proximity of the refineries to the Cushing pipeline and storage hub provides the flexibility to optimize their crude slate with a wide variety of crude oil supply options. Additionally, the company has transportation service agreements to transport Canadian crude oil on the Spearhead and Keystone Pipelines, enabling the company to transport Canadian crude oil to Cushing for subsequent shipment to either of the company’s Mid-Continent refineries. The company also purchases isobutane, natural gasoline, butane and other feedstocks for processing at the company’s Mid-Continent refineries. The El Dorado Refinery is connected to Conway, Kansas, a major gas liquids trading and storage hub, via the Oneok Pipeline. From time to time, other feedstocks such gas oil, naphtha and light cycle oil are purchased from other refiners for use at the company’s refineries. Markets The El Dorado Refinery primarily serves Colorado and the Plains states, which include the Kansas City metropolitan area. The gasoline, diesel and jet fuel produced by the El Dorado Refinery are primarily shipped via pipeline to terminals for distribution by truck or rail. The company ships product via the NuStar Pipeline Operating Partnership L.P. pipeline to the northern Plains states, via the Magellan Pipeline Company, L.P. (‘Magellan’) mountain pipeline to Denver, Colorado, and on the Magellan mid-continent pipeline to the Plains states. Additionally, the company’s midstream operations’ on-site truck and rail racks facilitate access to local refined product markets. The El Dorado Refinery faces competition from other Plains states and Mid-Continent refiners, but the principal competitors for the El Dorado Refinery are Gulf Coast refiners. The Gulf Coast refiners typically have lower production costs due to greater economies of scale; however, they incur higher refined product transportation costs, which allows the El Dorado Refinery to compete effectively in the Plains states and Rocky Mountains region. The Tulsa Refineries serve the Mid-Continent geographic region of the United States. Distillates and gasolines are primarily delivered from the Tulsa Refineries to market via pipelines owned and operated by Magellan. These pipelines connect the refinery to distribution channels throughout Colorado, Oklahoma, Kansas, Missouri, Illinois, Iowa, Minnesota, Nebraska and Arkansas. Additionally, the company’s midstream operations' on-site truck and rail racks facilitate geographic refined product distribution within the Mid-Continent region. The Tulsa Refineries’ principal customers for conventional gasoline include other refiners, branded sites, convenience store chains, independent marketers and retailers. Truck stop operators and railroads are the primary diesel customers. Jet fuel is sold primarily for commercial use. The refineries’ asphalt and roofing flux products are sold via truck or railcar directly from the refineries or to customers throughout the Mid-Continent geographic region primarily to paving contractors and manufacturers of roofing products. West Region Facilities The Navajo Refinery has a crude oil processing capacity of 100,000 BPSD and has the ability to process sour crude oils into high-value light products, such as gasoline, diesel fuel and jet fuel. The Woods Cross Refinery has a crude oil processing capacity of 45,000 BPSD and processes regional sweet and black wax crude oil into high-value light products. On November 1, 2021, the company acquired the Puget Sound Refinery, which is a complex refinery with a 149,000 BPSD processing capacity and has the ability to process a variety of light, medium, heavy sweet and sour crudes. On March 14, 2022, the company acquired the Parco Refinery, which has a crude oil processing capacity of 94,000 BPSD and has the ability to process heavy and sweet crudes, and the Casper Refinery, which has a crude oil processing capacity of 30,000 BPSD and processes regional sweet crude into high-value light products. The Navajo Refinery's Artesia, New Mexico facility is located on a 561-acre site and is a fully integrated refinery with crude oil distillation, vacuum distillation, FCC, ROSE (solvent deasphalter), HF alkylation, catalytic reforming, hydrodesulfurization, mild hydrocracking, isomerization, sulfur recovery and product blending units. The Artesia facility is operated in conjunction with a refining facility located in Lovington, New Mexico, approximately 65 miles east of Artesia. The principal equipment at the Lovington facility consists of a crude oil distillation unit and associated vacuum distillation units. The Lovington facility processes crude oil into intermediate products that are transported to Artesia by three of the company’s midstream operations' intermediate pipelines. These products are then upgraded into finished products at the Artesia facility. The combined crude oil capacity of the Navajo Refinery facilities is 100,000 BPSD and it typically processes or blends an additional 10,000 BPSD of natural gasoline, butane, gas oil and naphtha. The Woods Cross Refinery facility is located on a 200-acre site in West Bountiful, Utah and is a fully integrated refinery with crude oil distillation, solvent deasphalter, FCC, HF alkylation, catalytic reforming, hydrodesulfurization, isomerization, sulfur recovery and product blending units. The facility typically processes or blends an additional 2,000 BPSD of natural gasoline, butane and gas oil over its 45,000 BPSD capacity. The Puget Sound Refinery facility is located on approximately 850 acres in Anacortes, Washington and is a fully integrated refinery. The principal processing units at the Puget Sound Refinery consist of crude and vacuum distillation, FCC, delayed coking, sulfuric alkylation, catalytic reforming, hydrodesulfurization, isomerization, sulfur recovery, cogeneration and product blending. In addition to refining assets and an on-site cogeneration facility, the Puget Sound Refinery also includes a deep-water marine dock, a light product loading rack, a rail terminal and storage tanks with approximately 5.8 million barrels of crude, product and other hydrocarbon storage capacity. The Parco Refinery facility is located on approximately 420 acres in Sinclair, Wyoming and is a fully integrated refinery. The principal processing units at the Parco Refinery consist of gas oil hydrocracking, gas oil hydrotreating, delayed coking units and associated hydrogen generation. The Casper Refinery facility is located on approximately 250 acres in Casper, Wyoming and is a fully integrated refinery. The principal processing units at the Casper Refinery consist of crude oil distillation, FCC, catalytic reforming, hydrodesulfurization, sulfur recovery and product blending. In addition to refining assets, the Casper Refinery also includes a light product loading rack, a heavy oil rail terminal and crude and product storage tanks. Crude Oil and Feedstock Supplies The Navajo Refinery is situated near the Permian Basin, an area that has historically, and continues to have, abundant supplies of crude oil available both for regional users and for export to other areas. The company purchases crude oil from independent producers in southeastern New Mexico and west Texas, as well as from major oil companies. The crude oil is gathered through the company’s midstream operations' pipelines and through third-party tank trucks and crude oil pipeline systems for delivery to the Navajo Refinery. The company also purchases volumes of isobutane, natural gasoline and other feedstocks to supply the Navajo Refinery from sources in Texas and the Mid-Continent area that are delivered to this region on a common carrier pipeline owned by Enterprise Products, L.P. Ultimately all volumes of these products are shipped to the Artesia refining facilities on the company’s midstream operations' intermediate pipelines running from Lovington to Artesia. From time to time, the company purchases gas oil, naphtha and light cycle oil from other refiners for use as feedstock. The Woods Cross Refinery obtains crude oil from suppliers in Canada, Wyoming and Utah as delivered via common carrier pipelines, including the SLC Pipeline and Frontier Pipeline. Supplies of black wax crude oil are shipped via truck. The Puget Sound Refinery is well positioned geographically and logistically to source advantaged Canadian and Alaskan North Slope crudes. The Canadian crudes are sourced from Edmonton, Alberta and are supplied directly to the Puget Sound Refinery by the Trans Mountain pipeline system. The Alaskan North Slope crudes are supplied by oil tankers that load the crude from Valdez, Alaska and offload at the Puget Sound Refinery's marine dock. The dock also allows the refinery to receive other crude oil via marine transport. The Parco Refinery and Casper Refinery purchase much of their crude oil from inland domestic sources, primarily in areas of Wyoming, North Dakota and Colorado, as well as crude oil delivered via pipeline from other regions, including Canada. A long-term agreement with the Express Pipeline allows delivery of up to 40,000 BPD of crude oil from Canada directly to these refineries and affords the optionality between Western Canadian Select and Syncrude. Markets The Navajo Refinery primarily serves the southwestern United States, including the metropolitan areas of El Paso, Texas; Albuquerque, Moriarty and Bloomfield, New Mexico; Phoenix and Tucson, Arizona; and portions of northern Mexico. The company’s products are shipped through its midstream operations' pipelines from Artesia, New Mexico to El Paso, Texas and from El Paso to Albuquerque and to Mexico via products pipeline systems owned by Magellan and from El Paso to Tucson and Phoenix via a products pipeline system owned by SFPP, L.P. (‘SFPP’). In addition, petroleum products from the Navajo Refinery are transported to northwest New Mexico, to Moriarty, New Mexico, near Albuquerque, via the company’s pipelines running from Artesia to San Juan County, New Mexico, and to Bloomfield, New Mexico. The company has refined product storage through its midstream operations at terminals in Artesia and Moriarty, New Mexico. The Woods Cross Refinery primarily serves Utah, which is supplied by a number of local refiners and the Pioneer Pipeline. It also supplies a small percentage of the refined products consumed in Idaho, Wyoming, eastern Washington and Nevada. The company’s Woods Cross Refinery ships refined products over a common carrier pipeline system owned by Tesoro Logistics Northwest Pipelines LLC to numerous terminals, including the company’s terminal at Spokane, Washington and third-party terminals at Pocatello and Boise, Idaho and Pasco, Washington, as well as to Cedar City, Utah and Las Vegas, Nevada via the UNEV Pipeline. The Puget Sound Refinery primarily serves the Pacific Northwest, including Washington, Oregon and British Columbia. It supplies jet fuel for the Seattle-Tacoma, Washington, Portland, Oregon and Vancouver, British Columbia airports. Products are shipped to Seattle, Tacoma, and Portland terminals by the common carrier Olympic Pipeline. Additionally, products are loaded across the Puget Sound Refinery’s marine dock to deliver to the same locations in the Pacific Northwest and to expanded locations in California and Alaska. The Puget Sound Refinery can also load products for export sales across its marine dock. The Parco Refinery’s products are primarily distributed by major direct pipelines to Denver, Colorado and to Salt Lake City, Utah connecting to pipelines owned by the company, its joint ventures or third parties, serving an extensive network of terminals or by exchange. The refinery's customers are located in Colorado, Utah, Arizona, Idaho, Nebraska, Nevada, Oregon, South Dakota, Washington and Wyoming. The Casper Refinery’s products are primarily distributed by major direct pipelines serving the Rocky Mountain region and western South Dakota through an extensive network of terminals or by exchange. The refinery’s customers are located in Colorado, Utah, South Dakota and Wyoming. HF Sinclair Asphalt Company The company manufactures commodity and modified asphalt products at its manufacturing facilities located in Glendale, Arizona; Albuquerque, New Mexico; Artesia, New Mexico; and Catoosa, Oklahoma. The company’s Albuquerque and Artesia facilities manufacture commodity and modified hot asphalt products, as well as commodity and modified asphalt emulsions from base asphalt materials provided by the company’s refineries and third-party suppliers. The company’s Glendale facility manufactures commodity, modified and specialty modified hot asphalt products from base asphalt materials provided by the company’s refineries and third-party suppliers. The company’s Catoosa facility manufactures commodity, modified and specialty modified hot asphalt products and commodity asphalt products from base asphalts supplied by the company’s refineries. The company primarily sells its finished asphalt products in Arizona, California, Colorado, New Mexico, Oklahoma, Kansas, Missouri, Texas, Arkansas and northern Mexico. The company’s products are shipped via third-party trucking companies to commercial customers that provide asphalt based materials for private, commercial and government agency projects. Renewables Operations The company’s renewables business includes the operations of the Cheyenne RDU, the Artesia RDU, and the Sinclair RDU, which the company acquired from REH Company. The company’s Cheyenne RDU was mechanically complete in the fourth quarter of 2021 and operational in the first quarter of 2022 and has a production capacity of approximately 90 million gallons a year. The company’s Artesia RDU, co-located with the Navajo Refinery, was completed and operational in the second quarter of 2022. The Artesia RDU facility also includes rail infrastructure and storage tanks and has a production capacity of approximately 135 million gallons a year. The company’s Artesia PTU, co-located with the Navajo Refinery, was completed and operational in the first quarter of 2022. The Artesia PTU provides feedstock flexibility for both the company’s Cheyenne RDU and Artesia RDU. On March 14, 2022, the company acquired the Sinclair RDU, co-located with the Parco Refinery. The Sinclair RDU has been operational since 2018 and produces approximately 153 million gallons a year. The Artesia RDU and Sinclair RDU are dependent upon and share certain infrastructure, including a hydrogen plant, with the refineries where they are co-located, respectively. The company’s RDUs allow the company to process soybean oil and other renewable feedstocks into renewable diesel. Marketing Operations The company’s marketing operations include branded fuel sales to more than 1,500 branded sites in the United States and licensing fees for the use of the Sinclair brand at more than 300 additional locations throughout the United States. The company’s marketing operations also include revenues from branded gasoline, diesel and other marketing activities. The company’s branded sites are located in several states across the United States with the highest concentration of the sites located in the company’s West and Mid-Continent regions. Lubricants & Specialties Operations The company’s lubricants and specialties operations consist of the company’s Petro-Canada Lubricants, Red Giant Oil, Sonneborn and the Tulsa lubricants businesses. The company’s Petro-Canada Lubricants business produces automotive, industrial and food grade lubricants and greases, base and process oils and specialty fluids. It is one of the largest manufacturers of high margin Group III base oils in North America. Products are marketed in over 80 countries worldwide to a diverse customer base through a global sales force and distributor network. The company’s Red Giant Oil business provides high quality lubricants to the railroad industry. The company’s Sonneborn business produces specialty products, such as white oils, petrolatums and waxes for the personal care, cosmetic, pharmaceutical and food processing industries. Combined with Petro-Canada Lubricants, it is one of the world's largest producers of pharmaceutical white oils. The company’s Tulsa Refinery produces high quality base oils, process oils, waxes, horticultural oils and asphalt performance products. Products are marketed worldwide through strategically located terminals in the United States and selected distributors internationally. Petro-Canada Lubricants Inc. (‘PCLI’) owns and operates a production facility located in Mississauga, Ontario having lubricant production capacity of 15,600 BPD and has the flexibility to match unique lubricant product formulations. The primary operating units are high-pressure hydrotreating and hydrofinishing, solvent dewaxing and catalytic dewaxing. In addition, the facility operates a hydrogen plant, naphtha hydrotreater and catalytic reformer, along with other utility units to support production. The Mississauga plant also includes packaging facilities and has extensive distribution capabilities with marine, truck and rail access. Red Giant Oil, headquartered in Council Bluffs, Iowa, owns and operates blending and distribution facilities in Council Bluffs, Iowa, Joshua, Texas and Newcastle, Wyoming. Sonneborn has manufacturing facilities in Petrolia, Pennsylvania, and the Netherlands. The Sonneborn Petrolia site has a production capacity of 6,000 BPD with flexibility to produce a full range of finished specialty products. The primary operating unit is a high-pressure hydrotreater with hydrofinishing. In addition, the facility operates a hydrogen plant along with other utility units to support production. The Petrolia plant also includes packaging facilities with distribution capabilities through rail and trucking. The Sonneborn Netherlands site is located in Amsterdam and has a production capacity of approximately 1,500 BPD. The primary operating units include base oil acid treating, percolation filtration, and bleaching & steaming operations. The Netherlands sites include packaging facilities with distribution capabilities through truck and marine. Midstream Operations As of December 31, 2023, the company’s midstream operations were consisted of logistic and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units that principally support the company’s refining operations, as well as other third-party refineries, in the Mid-Continent, Southwest and Rocky Mountains geographic regions of the United States. Additionally, the company owned a 50% ownership interest in each of Osage Pipe Line Company, LLC, the owner of a pipeline running from Cushing, Oklahoma to El Dorado, Kansas (the ‘Osage Pipeline’), Cheyenne Pipeline, LLC, the owner of a pipeline running from Fort Laramie, Wyoming to Cheyenne, Wyoming (the ‘Cheyenne Pipeline’) and Cushing Connect Pipeline & Terminal LLC (‘Cushing Connect’), the owner of a crude oil storage terminal in Cushing, Oklahoma and a pipeline that runs from Cushing, Oklahoma to the company’s Tulsa Refineries; a 25.12% ownership interest in Saddle Butte Pipeline III, LLC, the owner of a pipeline from the Powder River Basin to Casper, Wyoming (the ‘Saddle Butte Pipeline’); and a 49.995% ownership interest in Pioneer Investments Corp., the owner of a pipeline from Sinclair, Wyoming to the North Salt Lake City, Utah Terminal (the ‘Pioneer Pipeline’). As of December 31, 2023, the company’s midstream operations generated revenues by charging tariffs for transporting petroleum products and crude oil through its pipelines, by charging fees for terminalling refined products and other hydrocarbons, by storing and providing other services at its storage tanks and terminals and charging a tolling fee per barrel or thousand standard cubic feet of feedstock throughput in its refinery processing units. The company’s midstream operations do not take ownership of products that it transports, terminals, stores or refines; therefore, it is not directly exposed to changes in commodity prices. Investment in Joint Venture Cushing Connect Joint Venture In October 2019, HEP Cushing LLC, then a wholly owned subsidiary of HEP and now a wholly owned subsidiary of HF Sinclair, and Plains Marketing, L.P., a wholly owned subsidiary of Plains All American Pipeline, L.P. (‘Plains’), formed a 50/50 joint venture, Cushing Connect, for the development, construction, ownership and operation of a new 160,000 barrel per day common carrier crude oil pipeline (the ‘Cushing Connect Pipeline’) that connects the Cushing, Oklahoma crude oil hub to the company’s Tulsa Refineries; and the ownership and operation of 1.5 million barrels of crude oil storage in Cushing, Oklahoma (the ‘Cushing Connect Terminal’). The Cushing Connect Terminal was fully in service beginning in April 2020, and the Cushing Connect Pipeline was placed in service at the end of the third quarter of 2021. Long-term commercial agreements have been entered into to support the Cushing Connect assets. Cushing Connect entered into a contract with an affiliate of HEP, now a subsidiary of HF Sinclair, to manage the operation of the Cushing Connect Pipeline and with an affiliate of Plains to manage the operation of the Cushing Connect Terminal. The total investment in Cushing Connect was generally shared proportionately among the partners. As of December 31, 2023, the company’s midstream assets included: Pipelines Approximately 660 miles of refined product pipelines, including 340 miles of leased pipelines, that transport gasoline, diesel and jet fuel principally from the company’s Navajo Refinery in New Mexico to the company’s customers in the metropolitan and rural areas of Texas, New Mexico, Arizona, Colorado, Utah and northern Mexico; One 205-mile pipeline that transports refined product from the company’s Parco Refinery in Wyoming to the company’s customers in Colorado; One 114-mile bi-directional products pipeline that transports finished and intermediate products between the company’s Parco and Casper Refineries in Wyoming; One 220-mile refined products pipeline that transports products between Olathe, Kansas and Montrose, Iowa; Approximately 510 miles of refined product pipelines that transport refined products from Delek US Holding, Inc.’s (‘Delek’) Big Spring refinery in Texas to its customers in Texas and Oklahoma; Two 65-mile pipelines that transport intermediate feedstocks and crude oil from the company’s Navajo Refinery crude oil distillation and vacuum facilities in Lovington, New Mexico to the company’s petroleum refinery facilities in Artesia, New Mexico; One 65-mile intermediate pipeline that is used for the shipment of crude oil from the gathering systems in Barnsdall and Beeson, New Mexico to the company’s Navajo Refinery; The SLC Pipeline, a 95-mile intrastate crude oil pipeline system that transports crude oil into the Salt Lake City, Utah area from the Utah terminus of the Frontier Pipeline, as well as crude oil flowing from Wyoming and Utah via the Marathon Wamsutter system; The Frontier Pipeline, a 289-mile crude oil pipeline running from Casper, Wyoming to Frontier Station, Utah through a connection to the SLC Pipeline; Approximately 990 miles of crude oil trunk, gathering and connection pipelines located in west Texas, New Mexico and Oklahoma that primarily deliver crude oil to the company’s Navajo Refinery; Approximately 535 miles of crude oil trunk, gathering and connection pipelines in Wyoming that primarily deliver crude oil to the company’s Parco and Casper Refineries; Approximately 10 miles of refined product pipelines that support the company’s Woods Cross Refinery located near Salt Lake City, Utah; Gasoline and diesel connecting pipelines that support the company’s Tulsa East facility; Five intermediate product and gas pipelines between the company’s Tulsa East and Tulsa West facilities; Crude receiving assets located at the company’s Cheyenne facility; The UNEV Pipeline, which is a 427-mile, 12-inch refined products pipeline running from Woods Cross, Utah to Las Vegas, Nevada and Cedar City, Utah; A 50% interest in the Osage Pipeline, a 135-mile pipeline that transports crude oil from Cushing, Oklahoma to the company’s El Dorado Refinery and also has a connection to the Jayhawk pipeline that services the CHS refinery in McPherson, Kansas; A 50% interest in the Cheyenne Pipeline, an 87-mile crude oil pipeline running from Fort Laramie, Wyoming to Cheyenne, Wyoming; A 50% interest in Cushing Connect Pipeline, a 50-mile crude oil pipeline running from Cushing, Oklahoma to the company’s Tulsa Refineries; A 49.995% interest in the Pioneer Pipeline, a 312-mile refined product pipeline running from Sinclair Station in Wyoming to the terminal in North Salt Lake City, Utah. Through connections, this pipeline is also able to deliver refined products to the UNEV refined products pipeline, and A 25.12% interest in the Saddle Butte Pipeline, a crude oil pipeline that collects crude oil from the Powder River Basin in Wyoming and primarily delivers into the company’s crude oil pipeline system that supplies the company’s Parco and Casper Refineries. Refined Product Terminals and Refinery Tankage Two refined product terminals located in Orla, Texas and Moriarty, New Mexico, with an aggregate capacity of approximately 240,000 barrels, that are integrated with the company’s refined product pipeline system that serves the company’s Navajo Refinery; One refined product terminal located in Spokane, Washington, with a capacity of approximately 430,000 barrels, that serves third-party common carrier pipelines; One refined product terminal near Mountain Home, Idaho, with a capacity of approximately 120,000 barrels, that serves a nearby United States Air Force Base; Two refined product terminals, located in Wichita Falls and Abilene, Texas, and one tank farm in Orla, Texas with aggregate capacity of approximately 560,000 barrels, that are integrated with the company’s refined product pipelines that serve Delek's Big Spring, Texas refinery; A refined product terminal in Catoosa, Oklahoma with a capacity of approximately 70,000 barrels that stores specialty lubricant products and is utilized by the company’s Tulsa Refineries; A refined product loading rack facility at each of the company’s El Dorado, Tulsa, Navajo and Woods Cross Refineries and the company’s Cheyenne facility, heavy product / asphalt loading rack facilities at the company’s Tulsa East facility, Lovington facility and Cheyenne facility, LPG loading rack facilities at the company’s El Dorado Refinery, Tulsa West facility and Cheyenne facility, lube oil loading racks at the company’s Tulsa West facility and crude oil Leased Automatic Custody Transfer units located at the company’s Cheyenne facility; Refined product storage capacity at the company’s Parco and Casper Refineries, as well as at seven refined product terminals in Colorado, Idaho and Wyoming serving the company’s Parco and Casper Refineries with a capacity of approximately 1,960,000 barrels; Three refined product terminals in Kansas City, Missouri, Carrollton, Missouri and Montrose, Iowa having an aggregate storage capacity of approximately 880,000 barrels; On-site crude oil tankage at the company’s Tulsa, Navajo and Woods Cross Refineries and Cheyenne facility having an aggregate storage capacity of approximately 1,440,000 barrels; On-site refined and intermediate product tankage at the company’s El Dorado, Tulsa, Navajo and Woods Cross Refineries and Cheyenne facility having an aggregate storage capacity of approximately 8,280,000 barrels; Eleven crude oil tanks adjacent to the company’s El Dorado Refinery with a capacity of approximately 1,040,000 barrels that primarily serve the company’s El Dorado Refinery; Crude oil tankage at five crude oil terminals with a capacity of approximately 1,790,000 barrels that primarily serve the company’s Parco and Casper Refineries; Crude oil tankage with an aggregate storage capacity of approximately 450,000 barrels that primarily serve the company’s Navajo Refinery; SLC Pipeline and Frontier Pipeline's tankage with an aggregate capacity of approximately 380,000 barrels; The UNEV Pipeline's product terminals near Cedar City, Utah and Las Vegas, Nevada with an aggregate capacity of approximately 650,000 barrels; A 50% interest in Cushing Connect Terminal with a capacity of approximately 1,500,000 barrels of crude oil storage in Cushing, Oklahoma; A 25.12% interest in Saddle Butte Pipeline III, LLC, which has approximately 160,000 barrels of crude oil storage in Wyoming, and A 49.995% ownership interest in Pioneer Investments Corp., which has approximately 655,000 barrels of refined product storage in Utah. Refinery Processing Units A naphtha fractionation tower at the company’s El Dorado Refinery, with a capacity of 50,000 BPD of desulfurized naphtha; A hydrogen generation unit at the company’s El Dorado Refinery, with a capacity of 6.1 million standard cubic feet per day of natural gas; A crude unit, which is primarily an atmospheric distillation tower, a desalter and heat exchangers, at the company’s Woods Cross Refinery, with a feedstock capacity of 15,000 BPD of crude oil; A FCC unit at the company’s Woods Cross Refinery, which converts crude oil to high-value refined products such as gasoline, diesel and liquefied petroleum gases, with a capacity of 8,000 BPD; and A polymerization unit at the company’s Woods Cross Refinery, that uses the output of the fluid cracking unit and converts them into gasoline blendstock, with a capacity of 2,500 BPD. Governmental Regulation Some of the company’s existing pipelines provide interstate transportation services subject to regulation by the Federal Energy Regulatory Commission (the ‘FERC’) pursuant to the Interstate Commerce Act (the ‘ICA’). While the FERC regulates the rates for interstate shipments on the company’s interstate liquids pipelines, the New Mexico Public Regulation Commission regulates the rates for intrastate shipments on the company’s pipelines in New Mexico; the Texas Railroad Commission regulates the rates for intrastate shipments on the company’s pipelines in Texas; and the Oklahoma Corporation Commission regulates the rates for intrastate shipments on the company’s pipelines in Oklahoma. Many of the company’s pipelines are subject to regulation by the Pipeline and Hazardous Materials Safety Administration (‘PHMSA’) of the Department of Transportation (‘DOT’). Furthermore, other related programs, such as the EPA’s Risk Management Program and the OSHA’s Process Safety Management (‘PSM’) standard apply to some of the company’s terminals and associated facilities. The company’s operations are subject to certain requirements of the federal Clean Air Act (‘CAA’) as well as related state and local laws and regulations, and similar laws in Canada and the Netherlands. The company is subject to the EPA’s regulations governing fuels and fuel additives used in motor vehicles, non-road equipment and airplanes. The company’s operations are also subject to the Federal Clean Water Act (‘CWA’), the Federal Safe Drinking Water Act (‘SDWA’) and comparable state and local requirements, as well as similar laws in Canada and the Netherlands. The CWA contains provisions that also impose similar liabilities for oil spills, and regulations under the CWA imposed prevention and response planning requirements applicable to many of the company’s facilities. The principal legislation affecting the company’s Canadian operations is the Canadian Environmental Protection Act, the Fisheries Act, the Greenhouse Gas Pollution Pricing Act and their regulations at a federal level and various provincial statutes and regulations such as the Ontario Environmental Protection Act, the Ontario Occupational Health and Safety Act and the Ontario Water Resources Act. The statutes to which the company’s Dutch assets and operations are subject include the Environmental Protection Act, the Activities Decree, the Environmental Licensing (General Provisions) Act, the Water Act, the Soil Protection Act, the Major Accidents (Risks) Decree, the Climate Act, the European Birds and Habitats Directive implemented in the Nature Conservation Act, and other subordinate decrees and regulations relative to environmental control, permitting and enforcement. The company’s operations are subject to various laws and regulations relating to health and safety, including the OSHA, comparable state statutes, Canadian regulations applicable to the company’s operations in Canada and Dutch regulations, including the Health and Safety Act and other subordinate decrees and regulations, applicable to the company’s operations in the Netherlands. Some of the company’s operations are also subject to OSHA PSM regulations and the EPA’s CAA Risk Management Plan (‘RMP’) regulations, both of which are designed to prevent or minimize chemical accidents and any resulting releases of toxic, reactive, flammable or explosive chemicals.