HF Sinclair Corporation (DINO) saw its stock plummet 6.76% in the pre-market trading session on Thursday. This significant decline came after the company reported a bigger-than-expected loss for the fourth quarter of 2024, primarily due to lower refining margins and a rise in global refining capacity.

The independent energy company reported a quarterly loss of $1.02 per share on an adjusted basis, missing analysts' expectations of a loss of $0.90 per share. The company's revenue of $6.5 billion also fell short of Wall Street's estimates of $6.94 billion. The disappointing results were attributed to a slump in refining margins, which have been impacted by the oversupply of refined products globally.

HF Sinclair's fourth-quarter adjusted EBITDA came in at $28 million, lower than the consensus estimate of $34 million. The company's pretax profit was a loss of $230 million, significantly worse than the expected loss of $51.8 million. The refiner's operating income also took a hit, reporting a loss of $225 million for the quarter.