The authorization replaces all existing share repurchase authorizations, of which there was about $5 million remaining under the company’s prior $1 billion share repurchase program authorized in September 2022. 

Share repurchases under the program may be made in the open market or through privately negotiated transactions.

The share repurchase program may be discontinued at any time by the Board of Directors.

Sinclair held $1.6 billion in cash and equivalents as of June 30, 2023.

The company, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. 

Price Action: DINO shares closed lower by 2.99% at $56.22 on Tuesday.