What is HF Sinclair's midstream — cost, direct material?

HF Sinclair (DINO) reported midstream — cost, direct material of $0 in Q1 2026.

What does midstream — cost, direct material mean?

The direct cost of materials used in midstream operations.

How do you interpret midstream — cost, direct material?

A decrease relative to revenue indicates improved cost management or operational efficiency.

How does midstream — cost, direct material compare across companies?

Comparable to direct operating costs in pipeline and logistics business units.

HF Sinclair DINO Midstream — Cost, Direct Material

Other segment segments

Refining

$5.69B+10.7%

Marketing

$756M+16.0%

Lubricants & Specialties

$450M-0.7%

Renewables

$178M-2.7%

Similar metrics at other companies

PSXMidstream — Cost And Expenses

$5.06B+3.4%

ETMidstream — Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

$446M+5.9%

OXYMidstream and marketing — Purchased commodities and midstream cost of sales

$200M-22.7%

ETMidstream — Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

$54M-3.6%

CNP

CNPMidstream Investments — Interest and Debt Expense

$13.5M+1.9%

CNP

CNPMidstream Investments — Interest Expense Other

$13M-7.1%

Other financials

Income statement

See full

Revenue$7.1B+11.8%

Gross profit$1.2B+187%

Operating income$847.0M+946%

Net income$648.0M+16,300%

EPS (diluted)$3.56+17,900%

Balance sheet

See full

Cash & equivalents$1.1B+110%

Total debt$3.3B+4.1%

Total equity$9.7B+5.2%

Total assets$18.2B+9.9%

Cash flow

See full

Operating cash flow$457.0M+613%

CapEx$102.0M+18.6%

Free cash flow$355.0M+303%

Valuation

See full

Market cap$11.63B+81.6%

Enterprise value$13.73B+52.2%

P/E9.2×—

P/S0.4×+0.3×

Profitability

See full

Gross margin11.1%+8.6pp

Operating margin6.1%—

Net margin4.6%—

FCF margin3.6%-4.2pp

Returns & leverage

See full

Return on equity13.4%—

Debt / equity0.3×0.0×

Current ratio1.8×-0.1×

Where this comes from

Reported directly by HF Sinclair in its filing.

Tagged under the XBRL concept us-gaap:CostDirectMaterial.

The official record: HF Sinclair’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is HF Sinclair's midstream — cost, direct material?: HF Sinclair (DINO) reported midstream — cost, direct material of $0 in Q1 2026.
What does midstream — cost, direct material mean?: The direct cost of materials used in midstream operations.
How do you interpret midstream — cost, direct material?: A decrease relative to revenue indicates improved cost management or operational efficiency.
How does midstream — cost, direct material compare across companies?: Comparable to direct operating costs in pipeline and logistics business units.