Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2025

Segments and Related Information

Summary of reportable segment information

Reportable segment information for the three months ended March 31, 2025 and 2024, is as follows (in millions):

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended March 31, 2025	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	650.1	$	82.1	$	261.7	$	—	$	—	$	993.9
Inter-segment sales		4.8		—		—		—		(4.8)		—
Total sales	$	654.9	$	82.1	$	261.7	$	—	$	(4.8)	$	993.9
Cost of sales	$	684.1	$	59.9	$	331.3	$	—	$	—	$	1,075.3
Gross profit (loss)	$	(34.0)	$	22.2	$	(69.6)	$	-	$	—	$	(81.4)
Adjusted EBITDA	$	56.3	$	15.8	$	(13.6)	$	(20.4)	$	—	$	38.1
Reconciling items to net loss:
Depreciation and amortization		16.7		1.9		27.9		0.2		—		46.7
LCM / LIFO (gain) loss		(0.7)		1.3		(0.7)		—		—		(0.1)
(Gain) loss on sale of business		—		(64.4)		—		2.2		—		(62.2)
Interest expense		4.6		—		18.3		35.6		—		58.5
Debt extinguishment costs		—		—		47.6		—		—		47.6
Unrealized gain on derivatives		(0.1)		—		—		—		—		(0.1)
RINs incurrence expense		22.3		—		8.1		—		—		30.4
RINs mark-to-market loss		60.7		—		26.1		—		—		86.8
Other non-recurring expenses												3.2
Equity-based compensation and other items												(13.5)
Income tax expense												0.4
Noncontrolling interest adjustments												2.4
Net loss											$	(162.0)
Capital expenditures	$	12.0	$	0.2	$	7.9	$	0.3	$	—	$	20.4
PP&E, net	$	344.4	$	31.0	$	1,032.6	$	4.9	$	—	$	1,412.9

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended March 31, 2024	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	681.6	$	79.7	$	244.5	$	—	$	—	$	1,005.8
Inter-segment sales		5.0		0.1		—		—		(5.1)		—
Total sales	$	686.6	$	79.8	$	244.5	$	—	$	(5.1)	$	1,005.8
Cost of sales	$	596.3	$	57.4	$	273.6	$	—	$	—	$	927.3
Gross profit (loss)	$	85.3	$	22.3	$	(29.1)	$	—	$	—	$	78.5
Adjusted EBITDA	$	47.2	$	13.4	$	(13.4)	$	(19.1)	$	—	$	28.1
Reconciling items to net loss:
Depreciation and amortization		17.6		2.1		25.4		0.3		—		45.4
LCM / LIFO (gain) loss		(3.6)		0.2		12.4		—		—		9.0
Interest expense		7.8		—		17.0		36.0		—		60.8
Debt extinguishment costs		—		—		—		0.2		—		0.2
Unrealized gain on derivatives		(35.7)		—		—		—		—		(35.7)
RINs incurrence expense		5.4		—		1.1		—		—		6.5
RINs mark-to-market gain		(47.9)		—		(23.2)		—		—		(71.1)
Other non-recurring expenses (1)												60.8
Equity-based compensation and other items												(7.3)
Income tax expense												0.2
Noncontrolling interest adjustments												0.9
Net loss											$	(41.6)
Capital expenditures	$	14.1	$	0.3	$	11.0	$	0.1	$	—	$	25.5
PP&E, net	$	368.5	$	32.9	$	1,082.9	$	1.7	$	—	$	1,486.0

(1) For the three months ended March 31, 2024, other non-recurring expenses included a $51.9 million realized loss on derivatives related to the embedded derivatives for our inventory financing arrangements.

Summary of major product category sales

The following table sets forth the major product category sales for each segment for the three months ended March 31, 2025 and 2024 (dollars in millions):

	Three Months Ended March 31,
	2025				2024
Specialty Products and Solutions:
Lubricating oils	$	202.2	20.3	%	$	189.7	18.9	%
Solvents		104.7	10.5	%		102.4	10.2	%
Waxes		38.2	3.8	%		39.0	3.9	%
Fuels, asphalt and other by-products		305.0	30.7	%		350.5	34.8	%
Total	$	650.1	65.3	%	$	681.6	67.8	%
Montana/Renewables:
Gasoline	$	32.5	3.3	%	$	31.6	3.1	%
Diesel		23.4	2.4	%		27.9	2.8	%
Jet fuel		4.2	0.4	%		4.6	0.5	%
Asphalt, heavy fuel oils and other		36.0	3.6	%		30.1	3.0	%
Renewable fuels		165.6	16.7	%		150.3	14.9	%
Total	$	261.7	26.4	%	$	244.5	24.3	%
Performance Brands:	$	82.1	8.3	%	$	79.7	7.9	%
Consolidated sales	$	993.9	100.0	%	$	1,005.8	100.0	%