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Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Carrying Amounts
We used a portion of the funds to complete the early settlement of cash tender offers for $646 million in aggregate principal amount as follows:

Maturity DateAggregate Principal Amount AcceptedPurchase Price Including PremiumInterest Paid
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$448 $452 $9 
6.375% Senior Notes
April 2027150 153 3 
598 605 12 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 202648 49 1 
Total$646 $654 $13 
We used a portion of the funds from the HF Sinclair 5.500% Senior Notes to complete the early settlement of a cash tender offer for $201 million in aggregate principal amount as follows:

Maturity DateAggregate Principal Amount Accepted
Purchase Price Including Premium
Interest Paid
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$37 $37 $1 
6.375% Senior Notes
April 2027164 166 4 
Total$201 $203 $5 
The principal and carrying amounts of Long-term debt are as follows:
Carrying Amount (1)
Maturity DateSeptember 30, 2025December 31, 2024
(In millions)
HF Sinclair Senior Notes:
5.875% Senior Notes
April 2026$— $797 
6.375% Senior Notes
April 2027— 400 
5.000% Senior Notes
February 2028499 499 
4.500% Senior Notes
October 2030325 325 
5.750% Senior Notes
January 2031650 — 
5.500% Senior Notes
September 2032500 — 
6.250% Senior Notes
January 2035750 — 
2,724 2,021 
HollyFrontier Senior Notes:
5.875% Senior Notes
April 2026— 203 
4.500% Senior Notes
October 203075 75 
75 278 
HEP Senior Notes:
6.375% Senior Notes
April 2027— — 
5.000% Senior Notes
February 20281 1 
1 1 
Total Senior Notes2,800 2,300 
Terminated HEP Credit Agreement
July 2025— 350 
Terminated HF Sinclair Credit Agreement
April 2026— — 
HF Sinclair Credit Agreement
April 2030— — 
Total Credit Agreements— 350 
Total debt at face value2,800 2,650 
Unamortized discount and debt issuance costs(32)(12)
Total debt2,768 2,638 
Current debt— (350)
Long-term debt$2,768 $2,288 
(1)As of September 30, 2025 and December 31, 2024, the carrying amounts of our Senior Notes equaled the principal amounts.

The fair values of the senior notes are as follows:
September 30, 2025December 31, 2024
(In millions)
HF Sinclair, HollyFrontier and HEP Senior Notes$2,861 $2,284