Inventory

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventory

Inventory

Crude oil feedstocks, refined products, blendstocks and asphalt inventory for all of our operations are stated at the lower of cost determined using the first-in, first-out basis or net realizable value.

The following table presents the components of inventory for each period presented (in millions):

	Titled Inventory		Inventory Intermediation Agreement (1)		Total
September 30, 2025
Feedstocks, raw materials and supplies	$	194.3	$	110.1	$	304.4
Refined products and blendstock	267.0		197.9		464.9
Total	$	461.3	$	308.0	$	769.3
December 31, 2024
Feedstocks, raw materials and supplies	$	246.5	$	131.5	$	378.0
Refined products and blendstock	243.4		271.8		515.2
Total	$	489.9	$	403.3	$	893.2

(1) Refer to Note 9 - Inventory Intermediation Obligations for further information.

At September 30, 2025, we recorded a pre-tax inventory valuation reserve of $0.7 million due to a market price decline below our cost of certain inventory products. At December 31, 2024, we recorded a pre-tax inventory valuation reserve of $0.9 million. We recognized a net reduction (increase) in cost of materials and other in the accompanying condensed consolidated statements of income related to the change in pre-tax inventory valuation of $0.3 million and $0.2 million for the three and nine months ended September 30, 2025, respectively, $(0.1) million and $10.5 million for the three and nine months ended September 30, 2024, respectively.