HF Sinclair Names Steve Ledbetter CEO and President, Effective January 1, 2027
Key Facts
HF Sinclair announced the appointment of Steve Ledbetter as CEO and president, effective January 1, 2027, succeeding Franklin Myers, according to the company’s announcement via Business Wire. Ledbetter currently serves as the company’s president and chief operating officer, making the transition an internal promotion. Myers will remain CEO until the appointment takes effect in January. The announcement comes as the company was scheduled to report third-quarter results on October 28, before the market opens. The results are set to cover the quarter ended September 30, 2026, followed by an online conference at 8:30 a.m. Eastern time.
The appointment moves an executive already leading the company and its operations into the CEO role, with Myers remaining in leadership during the interim. The announcement does not describe the change as part of a succession plan; it names Ledbetter as Myers’ successor and sets an effective date. The board also said it plans to expand its membership and appoint Ledbetter as a director at a later date. The announcement did not specify when that board appointment would take place. The announced arrangement thus separates the date of the CEO transition from the later planned board appointment.
According to HF Sinclair’s leadership page, Ledbetter has more than 25 years of leadership experience in the energy, transportation and consumer services sectors. Before joining the company, he was CEO of Shell Midstream Partners GP LLC. He also led Jiffy Lube International, according to the company’s published biography. His previous experience, as described by the company, spans energy, transportation and consumer services. At HF Sinclair, he currently serves as president and chief operating officer ahead of his move to the CEO role in January.
HF Sinclair operates seven refineries with crude oil processing capacity of about 678,000 barrels per day, according to its facilities page. The company says its refineries can process heavier, lower-cost crude while producing a high proportion of gasoline, diesel and other high-value refined products. In fiscal 2025, the company reported net income of $579 million, compared with $177 million in 2024. It attributed the increase mainly to improved adjusted refining margins. Adjusted gross refining margin per produced barrel sold rose to $15.37 in 2025, from $10.43 in 2024.
The company said small-refinery exemptions from Renewable Fuel Standard identification number obligations lifted adjusted refining margins by $485 million in 2025. In contrast, inventory valuation adjustments reduced pretax earnings by $417 million that year, after increasing them by $43 million in 2024. Sales and other revenues fell 6%, from $28.580 billion in 2024 to $26.869 billion in 2025. The company attributed the decline mainly to lower selling prices for refined products. HF Sinclair returned more than $724 million to shareholders in 2025 through dividends and share repurchases.
Myers assumed the roles of interim CEO and president effective February 17, 2026, according to the company’s filing with the U.S. Securities and Exchange Commission. In its February announcement of 2025 results, HF Sinclair said the figures were unaudited while its audit committee reviewed matters related to disclosure controls. The company added that the matters under review did not affect the results it reported. The company’s shares, listed under the ticker DINO, closed at $114.21 on October 27, according to EL7 data. The company said third-quarter results would be released before the market opens on October 28, with the online conference beginning at 8:30 a.m. Eastern time.