HF Sinclair CEO takes voluntary leave amid disclosure review

By Tanay Dhumal

Feb 18 (Reuters) - HF Sinclair DINO.N said on Wednesday its CEO Tim Go has taken a voluntary leave of absence, with board chair Franklin Myers stepping in on an interim basis as the refiner reviews certain disclosure processes.

Shares of the refiner fell nearly 12% in premarket trading, after it said the audit committee is assessing matters related to its disclosure controls. The company also said it released 2025 earnings on an un-audited basis and expects to file its annual report on time.

The board has directed its nominating, governance and social responsibility committee to begin a process to determine what future actions should be taken regarding the chief executive's role, whether interim or permanent.

The company did not provide details on the nature of the disclosure matters under review.

Go, who was appointed as the CEO in 2023 and is also the president and a member of the board, requested the leave on February 17, the company said.

STRONG QUARTERLY RESULTS

HF Sinclair, however, 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 CL321-1=R, 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 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.