HF Sinclair Corporation (DINO) surged 5.03% in pre-market trading after the company reported second-quarter earnings that handily beat analyst expectations and announced a series of strategic initiatives.

The Dallas-based refiner posted adjusted earnings of $5.31 per share, significantly above the consensus estimate of $4.51. Revenue climbed 53% year-over-year to $10.39 billion, also surpassing forecasts. The strong performance was driven by robust refining margins, improved renewables profitability, and higher sales volumes in its Lubricants & Specialties segment.

Beyond the earnings beat, the company unveiled plans to separate its Lubricants & Specialties business into an independent publicly traded company over the next 12 to 18 months. HF Sinclair also intends to retire its base oil refining assets in Mississauga, Ontario by 2027, and raised its quarterly dividend by 5% to $0.53 per share. These actions underscore management's focus on streamlining operations and returning capital to shareholders.