Feb 18 (Reuters) – HF Sinclair said on Wednesday its CEO Tim Go has taken a voluntary leave of absence, and that it has appointed board chair Franklin Myers as temporary replacement while the refiner reviews certain disclosure processes.
The move comes as the audit committee assesses matters related to the company’s disclosure controls, it said. The company also said it released 2025 earnings on an un-audited basis and expects to file its annual report on time.
Shares of the refiner fell nearly 6% in premarket trading. That, even as it posted a better-than-expected profit for the fourth quarter, supported by higher refining margins for its products.
Quarterly U.S. refinery margins, measured by the 3-2-1 crack spread, were up about 45% on an average in the fourth quarter from a year earlier.
U.S. fuelmaker margins have begun to rebound from multi-year lows touched in 2024, a pullback that followed the earlier spike triggered by sanctions on Russia in the wake of its invasion of Ukraine, which had constricted global supply.
The company’s adjusted refinery gross margin more than doubled to $16.28 per barrel during the period. Its refining segment posted an adjusted core profit of $403 million, compared with a loss of $169 million a year earlier.
Its quarterly throughput volumes were up 2.7% at 620,010 barrels per day, while refinery utilization was at 82.1% compared with 82.9% a year ago.
HF Sinclair posted an adjusted profit of $1.20 per share for the three months ended December 31, while analysts on average estimated 45 cents, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)
