• HF Sinclair average debt/equity ratio for 2023 was 0.28, a 17.65% decline from 2022.
• HF Sinclair average debt/equity ratio for 2022 was 0.34, a 33.33% decline from 2021.
• HF Sinclair average debt/equity ratio for 2021 was 0.51, a 6.25% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.