Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2024

Segments and Related Information

Summary of reportable segment information

Reportable segment information is as follows (in millions):

	Specialty
	Products and		Performance		Montana/						Consolidated
Year Ended December 31, 2024	Solutions (1)		Brands (2)		Renewables (3)		Corporate		Eliminations		Total
Sales:
External customers	$	2,789.3	$	335.2	$	1,064.9	$	—	$	—	$	4,189.4
Inter-segment sales		23.3		0.4		—		—		(23.7)		—
Total sales	$	2,812.6	$	335.6	$	1,064.9	$	—	$	(23.7)	$	4,189.4
Cost of sales	$	2,600.3	$	239.9	$	1,118.4	$	—	$	—	$	3,958.6
Gross profit (loss)	$	189.0	$	95.3	$	(53.5)	$	-	$	—	$	230.8
Adjusted EBITDA	$	193.6	$	57.4	$	16.7	$	(72.9)	$	—	$	194.8
Reconciling items to net loss:
Depreciation and amortization		70.6		8.7		106.8		0.9		—		187.0
LCM / LIFO loss		0.2		0.6		11.5		—		—		12.3
Loss on impairment and disposal of assets		0.9		—		1.1		—		—		2.0
Interest expense		22.7		0.1		70.4		143.5		—		236.7
Debt extinguishment costs		0.1		—		—		0.3		—		0.4
Unrealized gain on derivatives		(47.1)		—		—		—		—		(47.1)
RINs mark-to-market gain		(45.0)		—		(21.4)		—		—		(66.4)
Other non-recurring expenses												75.5
Equity-based compensation and other items												19.7
Income tax expense												0.8
Noncontrolling interest adjustments												(4.1)
Net loss											$	(222.0)
Capital expenditures	$	49.5	$	0.7	$	43.3	$	3.8	$	—	$	97.3
PP&E, net	$	351.6	$	31.4	$	1,051.0	$	4.8	$	—	$	1,438.8

	Specialty
	Products and		Performance		Montana/						Consolidated
Year Ended December 31, 2023	Solutions (1)		Brands (2)		Renewables (4)		Corporate		Eliminations		Total
Sales:
External customers	$	2,876.9	$	310.3	$	993.8	$	—	$	—	$	4,181.0
Inter-segment sales		17.2		0.3		—		—		(17.5)		—
Total sales	$	2,894.1	$	310.6	$	993.8	$	—	$	(17.5)	$	4,181.0
Cost of sales	$	2,474.7	$	228.2	$	1,026.4	$	—	$	—	$	3,729.3
Gross profit (loss)	$	402.2	$	82.1	$	(32.6)	$	-	$	—	$	451.7
Adjusted EBITDA	$	251.2	$	47.9	$	30.2	$	(68.8)	$	—	$	260.5
Reconciling items to net income:
Depreciation and amortization		76.8		9.9		95.2		1.1		—		183.0
LCM / LIFO (gain) loss		(2.1)		2.0		35.7		—		—		35.6
Loss on impairment and disposal of assets		—		—		3.5		—		—		3.5
Interest expense		27.9		0.1		65.4		128.3		—		221.7
Debt extinguishment costs		—		—		0.4		5.5		—		5.9
Unrealized (gain) loss on derivatives		(28.4)		—		(4.6)		—		—		(33.0)
RINs mark-to-market gain		(201.1)		—		(89.1)		—		—		(290.2)
Other non-recurring expenses												60.9
Equity-based compensation and other items												20.2
Income tax expense												1.6
Noncontrolling interest adjustments												3.2
Net income											$	48.1
Capital expenditures	$	82.2	$	2.3	$	234.6	$	0.6	$	—	$	319.7
PP&E, net	$	373.0	$	33.4	$	1,097.9	$	2.0	$	—	$	1,506.3

	Specialty
	Products and		Performance		Montana/						Consolidated
Year Ended December 31, 2022	Solutions (5) (6)		Brands		Renewables (4)		Corporate		Eliminations		Total
Sales:
External customers	$	3,508.0	$	303.4	$	874.9	$	—	$	—	$	4,686.3
Inter-segment sales		24.7		—		—		—		(24.7)		—
Total sales	$	3,532.7	$	303.4	$	874.9	$	—	$	(24.7)	$	4,686.3
Cost of sales	$	3,182.5	$	247.8	$	904.3	$	—	$	—	$	4,334.6
Gross profit (loss)	$	325.5	$	55.6	$	(29.4)	$	-	$	—	$	351.7
Adjusted EBITDA	$	379.4	$	20.2	$	75.8	$	(85.4)	$	—	$	390.0
Reconciling items to net loss:
Depreciation and amortization		63.0		11.3		41.1		6.0		—		121.4
LCM / LIFO (gain) loss		(14.2)		(0.3)		21.1		—		—		6.6
Loss on impairment and disposal of assets		—		—		0.7		—		—		0.7
Interest expense		32.3		1.2		29.8		112.6		—		175.9
Debt extinguishment costs		—		—		38.3		3.1		—		41.4
Unrealized (gain) loss on derivatives		51.9		—		(6.0)		—		—		45.9
RINs mark-to-market loss		75.0		—		40.7		—		—		115.7
Other non-recurring expenses												15.6
Equity-based compensation and other items												34.4
Income tax expense												3.4
Noncontrolling interest adjustments												2.3
Net loss											$	(173.3)
Capital expenditures	$	68.4	$	2.0	$	528.1	$	0.3	$	—	$	598.8
PP&E, net	$	382.4	$	34.1	$	1,062.7	$	2.8	$	—	$	1,482.0

(1) For the years ended December 31, 2024 and 2023, Adjusted EBITDA for the Specialty Products and Solutions segment included a $6.2 million and $9.5 million gain recorded in cost of sales in the consolidated statements of operations, respectively, for proceeds received under the Company’s property damage insurance policy.

(2) For the years ended December 31, 2024 and 2023, Adjusted EBITDA for the Performance Brands segment included a $5.8 million and $8.2 million gain recorded in cost of sales in the consolidated statements of operations, respectively, for proceeds received under the Company’s business interruption insurance policy.

(3) For the year ended December 31, 2024, Adjusted EBITDA for the Montana/Renewables segment included a $19.6 million gain recorded in cost of sales in the consolidated statements of operations for proceeds received under the Company’s property damage insurance policy.

(4) For the year ended December 31, 2023, Adjusted EBITDA for the Montana/Renewables segment excluded a $50.6 million charge to cost of sales in the consolidated statements of operations for losses under firm purchase commitments. For the year ended December 31, 2022, Adjusted EBITDA for the Montana/Renewables segment excluded a $13.0 million charge to cost of sales in the consolidated statements of operations for losses under firm purchase commitments.

(5) For the year ended December 31, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $13.9 million gain recorded in cost of sales in the consolidated statements of operations for proceeds received under the Company’s business interruption insurance policy. The Company incurred business losses due to increased costs arising from a polar vortex that occurred in 2021 in northwest Louisiana. As a result, the Company filed a contingent

business interruption claim. Specifically, the losses included a loss of throughput at the Shreveport refinery and additional transportation related expenses.

(6) For the year ended December 31, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $4.4 million gain recorded in cost of sales in the consolidated statements of operations for proceeds received under the Company’s property damage insurance policy as a result of damages caused by a polar vortex that occurred in 2021.

Summary of major product category sales

The following table sets forth the major product category sales for each segment (dollars in millions):

	Year Ended December 31,
	2024				2023				2022
Specialty Products and Solutions:
Lubricating oils	$	788.6	18.8	%	$	763.8	18.3	%	$	913.7	19.5	%
Solvents		407.3	9.7	%		398.5	9.5	%		434.9	9.3	%
Waxes		156.3	3.7	%		163.9	3.9	%		189.3	4.0	%
Fuels, asphalt and other by-products		1,437.1	34.4	%		1,550.7	37.1	%		1,970.1	42.0	%
Total	$	2,789.3	66.6	%	$	2,876.9	68.8	%	$	3,508.0	74.8	%
Montana/Renewables:
Gasoline	$	140.8	3.4	%	$	167.2	4.0	%	$	188.1	4.0	%
Diesel		114.6	2.7	%		144.8	3.5	%		391.8	8.4	%
Jet fuel		18.2	0.4	%		20.5	0.5	%		41.8	0.9	%
Asphalt, heavy fuel oils and other		159.6	3.8	%		148.1	3.5	%		253.2	5.4	%
Renewable fuels		631.7	15.1	%		513.2	12.3	%		—	—	%
Total	$	1,064.9	25.4	%	$	993.8	23.8	%	$	874.9	18.7	%
Performance Brands:	$	335.2	8.0	%	$	310.3	7.4	%	$	303.4	6.5	%
Consolidated sales	$	4,189.4	100.0	%	$	4,181.0	100.0	%	$	4,686.3	100.0	%