REH Advisors Cuts HF Sinclair Holding To 2.7% Through Negotiated Company Buybacks
HF Sinclair completed purchases costing $257 million and $232.7 million, while REH retained the option to buy or sell shares.
REH Advisors reduced its holding in HF Sinclair, which makes and sells gasoline, diesel, jet fuel and specialty products, to a reported 2.7% stake following negotiated company buybacks. REH's SEC ownership amendment filed Tuesday put its remaining investment at 4,431,662 shares and said it ceased owning more than 5% on Thursday.
Two Purchases, Two Prices
HF Sinclair paid $257 million to buy 2,350,000 shares from REH at $109.37 apiece. The companies agreed to that privately negotiated purchase on Thursday and completed it last Tuesday.
Last Tuesday, HF Sinclair also agreed to a separate purchase of 2,100,000 REH shares at $110.81 each. That deal closed Friday, with HF Sinclair paying $232.7 million.
The reported ownership percentage uses HF Sinclair's 171,371,164 shares outstanding as of October 22, adjusted to subtract the shares the company bought in those transactions. REH Advisors directly owns the remaining holding, with its board controlling voting and investment decisions.
REH Keeps Its Trading Options
REH had sold shares previously through both market trades and negotiated purchases by HF Sinclair. The latest transactions continued that direct-sale route.
REH said it may purchase additional shares or sell part or all of its remaining investment, subject to its stockholder agreement. It reviews the investment continually, weighing market conditions, alternative investments and other considerations.
The amendment therefore records completed sales without committing REH to an eventual full exit.
A Refiner With Businesses Beyond Fuel
HF Sinclair's operations span refining, renewables, marketing, lubricants and specialties, and midstream services. Its midstream business collects fees for transporting and storing crude oil and petroleum products.
As of December 31, 2025, the company owned seven refineries with combined crude-processing capacity of 678,000 barrels per stream day. Its customers include refiners, convenience-store and truck-stop chains, railroads and airlines.
Its marketing business supplies more than 1,700 branded U.S. sites, while Petro-Canada Lubricants products reach over 80 countries. HF Sinclair's market value was $16.9 billion in Tuesday trading.
HF Sinclair has completed both purchases; REH still holds 4,431,662 shares and retains the ability to change that investment.
