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Research Alert: Dino: Q1 Refining Margin Strength

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

DINO delivered exceptional Q1 results with adjusted EPS of $0.69 vs. a consensus loss of $0.27, beating by $0.74, while adjusted EBITDA more than doubled to $426M from $201M. The refining segment led the recovery with $514M operating income vs. a$30M loss in the prior year, though regional performance diverged with West margins expanding to $14.61/barrel while Mid-Continent compressed to $3.58/barrel. We believe the strong performance reflects improving refining fundamentals and regulatory tailwinds in renewables. The renewables segment returned to profitability with $182M operating income, benefiting from higher volumes, improved margins, and $49M in prior-year Producer Tax Credit benefits. Cash generation remained robust at $457M from operations, more than covering $167M in shareholder returns, while the balance sheet strengthened with cash rising to $1.15B. We expect continued benefit from favorable renewable diesel demand dynamics and small refinery RINs waivers.

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