HF Sinclair acquisitions, on the record

Word for word“On December 1, 2023, pursuant to that certain Agreement and Plan of Merger, dated as of August 15, 2023 (the “Merger Agreement”), by and among HEP, HF Sinclair, Navajo Pipeline Co., L.P., a Delaware limited partnership and an indirect wholly owned subsidiary of HF Sinclair (“HoldCo”), Holly Apple Holdings LLC, a Delaware limited liability company and a wholly owned subsidiary of HoldCo (“Merger Sub”), HEP Logistics Holdings, L.P., a Delaware limited partnership and the general partner of HEP (“HLH”), and Holly Logistic Services, L.L.C., a Delaware limited liability company and the general partner of HLH, Merger Sub merged with and into HEP, with HEP surviving as an indirect, wholly owned subsidiary of HF Sinclair (the “HEP Merger Transaction”).” 10-K for 2023

Word for word“Pursuant to that certain Business Combination Agreement, dated as of August 2, 2021 (as amended on March 14, 2022, the “Business Combination Agreement”), REH Company made a $77.5 million cash payment to HF Sinclair, inclusive of final working capital adjustments, which reduced the aggregate transaction value to approximately $2,072 million.” 10-K for 2023

Word for word“HEP completed its acquisition of STC, REH Company’s integrated crude and refined products midstream business, and issued 21,000,000 HEP common units with a value of approximately $349.0 million based on HEP’s fully diluted common units outstanding and HEP’s closing unit price on March 11, 2022, and paid cash consideration of $329.0 million, inclusive of final working capital adjustments, to REH Company in exchange for all the outstanding equity interests of STC (the “HEP Transaction” and together with the HFC Transactions, the “Sinclair Transactions”).” 10-K for 2023

Word for word“The acquisition closed on November 1, 2021 for aggregate cash consideration of $624.3 million.” 10-K for 2023

Word for word“On March 14, 2022, we 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.” 10-K for 2023

Word for word“On March 14, 2022, we acquired the Sinclair RDU, co-located with the Parco Refinery.” 10-K for 2023

Word for word“The Merger Agreement consideration totaled $268 million in cash and resulted in the issuance of 21,072,326 shares of HF Sinclair common stock from treasury stock.” 10-K for 2024

Word for word“On March 14, 2022, HollyFrontier Corporation (“HollyFrontier”) and HEP 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 (the “Sinclair Transactions”) 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, LLC (“REH Company”) and together with its affiliate REH Advisors Inc., “REH”).” 10-K for 2024

Word for word“On March 14, 2022, we 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.” 10-K for 2024

Word for word“On March 14, 2022, we acquired the Sinclair RDU, co-located with the Parco Refinery.” 10-K for 2024

Word for word“HFS Puget Sound acquired the Puget Sound Refinery from Equilon Enterprises LLC dba Shell Oil Products US (“SOPUS”) on November 1, 2021.” 10-K for 2024

Word for word“Acquisition of remaining UNEV interests — — 20 — — — — ( 78 ) ( 58 ) Balance at December 31, 2022 223,231 $ 2 $ 6,469 $ 4,130 $ ( 22 ) 26,152 $ ( 1,335 ) $ 774 $ 10,018 Net income — — — 1,590 — — — 121 1,711 Dividends ($ 1.80 declared per common share) — — — ( 341 ) — — — — ( 341 ) Other comprehensive income, net of tax — — — — 10 — — — 10 HEP Merger Transaction — — ( 466 ) — — ( 21,072 ) 1,085 ( 725 ) ( 106 ) Issuance of common shares under incentive compensation plans — — ( 49 ) — — ( 957 ) 49 — — Equity-based compensation — — 40 — — — — 1 41 Purchase of treasury stock, inclusive of excise tax — — — — — 19,113 ( 993 ) — ( 993 ) Distributions to noncontrolling interest holders — — — — — — — ( 102 ) ( 102 ) Purchase of HEP units for equity grants — — — — — — — ( 1 ) ( 1 ) Balance at December 31, 2023 223,231 $ 2 $ 5,994 $ 5,379 $ ( 12 ) 23,236 $ ( 1,194 ) $ 68 $ 10,237 Net income — — — 177 — — — 7 184 Dividends ($ 2.00 declared per common share) — — — ( 386 ) — — — — ( 386 ) Other comprehensive loss, net of tax — — — — ( 35 ) — — — ( 35 ) Issuance of common shares under incentive compensation plans — — ( 28 ) — — ( 536 ) 28 — — Equity-based compensation — — 23 — — — — — 23 Purchase of treasury stock, inclusive of excise tax — — — — — 12,126 ( 679 ) — ( 679 ) Distributions to noncontrolling interest holders — — — — — — — ( 7 ) ( 7 ) Other — — 9 — — — — — 9 Balance at December 31, 2024 223,231 $ 2 $ 5,998 $ 5,170 $ ( 47 ) 34,826 $ ( 1,845 ) $ 68 $ 9,346 (1) In thousands. See accompanying notes.” 10-K for 2024

Word for word“In the first quarter of 2026, we completed our acquisition of Industrial Oils Unlimited, LLC for $38 million, which will enable us to continue improving our sales mix optimization and base oil integration efforts across our portfolio.” 10-K for 2025

Word for word“On December 1, 2023, we completed the merger of HEP into an indirect wholly owned subsidiary of HF Sinclair pursuant to an Agreement and Plan of Merger dated August 15, 2023 (the “HEP Merger Transaction”).” 10-K for 2025

Word for word“HFS Puget Sound acquired the Puget Sound Refinery from Equilon Enterprises LLC dba Shell Oil Products US (“SOPUS”) on November 1, 2021.” 10-K for 2025