HF Sinclair Expands Rockies Footprint with 30-Site Joint Venture — HF Sinclair Corporation

Event summary

HF Sinclair forms Green Trail Fuels LLC, a 50/50 joint venture with UPOP Holdings covering 30 retail sites in Colorado and New Mexico.
The company will supply fuel from nearby refineries, strengthening its branded presence in the Rockies and Southwest.
Joint venture aims to accelerate Sinclair-branded location growth and create operational synergies with existing assets.
HF Sinclair holds non-operating economic interest; UPOP will operate the retail sites.

The big picture

This joint venture extends HF Sinclair’s branded marketing reach in key growth regions, aligning with its strategy of leveraging integrated assets for scalable expansion. The move comes as fuel retailers increasingly seek partnerships to optimize supply chains and enhance regional market penetration. With over 1,700 branded stations already under its belt, HF Sinclair is positioning itself to capture more share in the competitive Rockies and Southwest markets.

What we're watching

Execution Risk: Whether HF Sinclair can integrate the new sites efficiently while maintaining operational consistency across its network.
Market Penetration: The pace at which the joint venture expands beyond initial 30 locations in Colorado and New Mexico.
Margin Impact: How additional margin streams from the partnership affect HF Sinclair's overall profitability.