HF Sinclair Corporation closed its acquisition of Industrial Oils Unlimited, a Tulsa‑based manufacturer of industrial lubricants and specialty fluids, on January 8, 2026. The $38 million purchase, which includes $15 million of working capital, expands the company’s lubricants and specialties segment and adds a well‑established regional manufacturing footprint.
The deal brings a portfolio of high‑margin specialty products and a reputation for technical expertise and customer service. Industrial Oils Unlimited’s plants will enhance HF Sinclair’s ability to serve key industrial customers in the Midwest and Southwest, providing a revenue stream that is less sensitive to refining margin cycles.
CEO Tim Go said the transaction is expected to be accretive to earnings per share and free cash flow within the first twelve months, reinforcing HF Sinclair’s capital‑allocation strategy of returning excess cash to shareholders. The acquisition is projected to generate a 2027 EBITDA multiple of about 3.5× after synergies.
The lubricants and specialties segment reported income of $46 million and EBITDA of $69 million in Q4 2024, and $33 million income and $55 million EBITDA in Q2 2025. By adding Industrial Oils Unlimited’s product lines, HF Sinclair anticipates a higher‑margin revenue stream that complements its refinery‑derived lubricants and strengthens its integrated model.
The transaction supports HF Sinclair’s broader strategy of diversifying earnings beyond refining. With a debt‑to‑equity ratio of 0.36 and a strong balance sheet, the company can pursue growth through small acquisitions while maintaining capital discipline and shareholder returns.
Overall, the acquisition positions HF Sinclair to capture higher‑margin specialty lubricant markets, leverage base‑oil synergies with its Tulsa refinery, and reinforce its integrated model in a market where refining margins remain volatile.
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