HF Sinclair Corporation (DINO), formerly HollyFrontier Corporation (HFC), will pay a dividend of $0.40 quarterly in June 2022. The former HFC had suspended its quarterly dividend of 35 cents per share in 2021. HFC last hiked its dividend by 6.1 percent to $0.35 per share in 2019.
The HF Sinclair Board of Directors has declared the reinstatement of the regular quarterly dividend at an increased rate of $0.40 per share, compared to the first quarter 2021 dividend of $0.35 per share. The dividend is payable on June 2, 2022 to holders of record of common stock on May 23, 2022. A $1.60 per share annual dividend for DINO yields 3.8% at a stock price of $42.29.
HF Sinclair’s CEO, Michael Jennings, commented, “The first quarter was transformational as we closed on the acquisition of the Sinclair companies, marking the new HF Sinclair, and made our first sales of renewable diesel from Cheyenne. Our combined, integrated platform delivered strong financial results led by the performance of our refining and lubricants segments. With the closing of the acquisitions of the Puget Sound refinery and Sinclair and our Renewables business approaching full operation, we are pleased to announce the first milestone in our capital return plan, an increased regular dividend of $0.40 per share. As we head into summer driving season, refining fundamentals are very favorable due to strong gasoline and diesel demand, coupled with low product inventories. We remain fully committed to our capital allocation strategy of returning $1 billion in cash to shareholders over the next twelve months.”
HF Sinclair Corp, formerly HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. The company owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, DINO produces base oils and other specialized lubricants in the U.S. and internationally.