Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2025

Segments and Related Information

Summary of reportable segment information

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended June 30, 2025	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	627.9	$	80.7	$	318.0	$	—	$	—	$	1,026.6
Inter-segment sales		5.1		0.1		—		—		(5.2)		—
Total sales	$	633.0	$	80.8	$	318.0	$	—	$	(5.2)	$	1,026.6
Cost of sales	$	642.8	$	58.6	$	368.8	$	—	$	—	$	1,070.2
Gross profit (loss)	$	(14.9)	$	22.1	$	(50.8)	$	-	$	—	$	(43.6)
Adjusted EBITDA	$	66.8	$	13.5	$	(5.1)	$	(20.1)	$	—	$	55.1
Reconciling items to net loss:
Depreciation and amortization		18.2		1.3		28.2		0.2		—		47.9
LCM / LIFO (gain) loss		4.9		(0.5)		(6.3)		—		—		(1.9)
Interest expense		4.7		—		15.1		33.1		—		52.9
Debt extinguishment costs		—		—		(0.0)		0.1		—		0.1
Unrealized gain on derivatives		(7.0)		—		—		—		—		(7.0)
RINs incurrence expense		12.0		—		3.3		—		—		15.3
RINs mark-to-market loss		55.4		—		23.7		—		—		79.1
Other non-recurring expenses												4.2
Equity-based compensation and other items												10.1
Income tax expense												0.2
Noncontrolling interest adjustments												2.1
Net loss											$	(147.9)
Capital expenditures	$	14.3	$	0.4	$	3.8	$	0.5	$	—	$	19.0
PP&E, net	$	339.6	$	30.4	$	1,012.6	$	5.1	$	—	$	1,387.7

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended June 30, 2024	Solutions (1)		Brands (2)		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	746.2	$	96.1	$	291.4	$	—	$	—	$	1,133.7
Inter-segment sales		7.0		0.1		—		—		(7.1)		—
Total sales	$	753.2	$	96.2	$	291.4	$	—	$	(7.1)	$	1,133.7
Cost of sales	$	707.1	$	71.0	$	291.8	$	—	$	—	$	1,069.9
Gross profit (loss)	$	39.1	$	25.1	$	(0.4)	$	—	$	—	$	63.8
Adjusted EBITDA	$	72.7	$	14.1	$	8.7	$	(20.7)	$	—	$	74.8
Reconciling items to net loss:
Depreciation and amortization		18.1		2.2		25.4		0.2		—		45.9
LCM / LIFO (gain) loss		0.7		(0.2)		(10.0)		—		—		(9.5)
Interest expense		3.9		0.1		16.0		36.8		—		56.8
Debt extinguishment costs		0.1		—		—		—		—		0.1
Unrealized gain on derivatives		(3.0)		—		—		—		—		(3.0)
RINs incurrence expense		6.9		—		1.1		—		—		8.0
RINs mark-to-market loss		8.4		—		3.8		—		—		12.2
Other non-recurring income												(0.8)
Equity-based compensation and other items												4.7
Income tax expense												0.5
Noncontrolling interest adjustments												(1.0)
Net loss											$	(39.1)
Capital expenditures	$	17.5	$	0.3	$	5.2	$	1.7	$	—	$	24.7
PP&E, net	$	363.0	$	32.5	$	1,068.2	$	3.5	$	—	$	1,467.2

	Specialty
	Products and		Performance		Montana/						Consolidated
Six Months Ended June 30, 2025	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	1,278.0	$	162.8	$	579.7	$	—	$	—	$	2,020.5
Inter-segment sales		9.9		0.1		—		—		(10.0)		—
Total sales	$	1,287.9	$	162.9	$	579.7	$	—	$	(10.0)	$	2,020.5
Cost of sales	$	1,326.9	$	118.5	$	700.1	$	—	$	—	$	2,145.5
Gross profit (loss)	$	(48.9)	$	44.3	$	(120.4)	$	-	$	—	$	(125.0)
Adjusted EBITDA	$	123.1	$	29.3	$	(18.7)	$	(40.5)	$	—	$	93.2
Reconciling items to net loss:
Depreciation and amortization		34.9		3.2		56.1		0.4		—		94.6
LCM / LIFO (gain) loss		4.2		0.8		(7.0)		—		—		(2.0)
(Gain) loss on sale of business		—		(64.4)		—		2.2		—		(62.2)
Interest expense		9.3		—		33.4		68.7		—		111.4
Debt extinguishment costs		—		—		47.6		0.1		—		47.7
Unrealized gain on derivatives		(7.1)		—		—		—		—		(7.1)
RINs incurrence expense		34.3		—		11.4		—		—		45.7
RINs mark-to-market loss		116.1		—		49.8		—		—		165.9
Other non-recurring expenses												7.4
Equity-based compensation and other items												(3.4)
Income tax expense												0.6
Noncontrolling interest adjustments												4.5
Net loss											$	(309.9)
Capital expenditures	$	26.3	$	0.6	$	11.7	$	0.8	$	—	$	39.4
PP&E, net	$	339.6	$	30.4	$	1,012.6	$	5.1	$	—	$	1,387.7

	Specialty
	Products and		Performance		Montana/						Consolidated
Six Months Ended June 30, 2024	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	1,427.8	$	175.8	$	535.9	$	—	$	—	$	2,139.5
Inter-segment sales		12.0		0.2		—		—		(12.2)		—
Total sales	$	1,439.8	$	176.0	$	535.9	$	—	$	(12.2)	$	2,139.5
Cost of sales	$	1,303.4	$	128.4	$	565.4	$	—	$	—	$	1,997.2
Gross profit (loss)	$	124.4	$	47.4	$	(29.5)	$	—	$	—	$	142.3
Adjusted EBITDA	$	119.9	$	27.5	$	(4.7)	$	(39.8)	$	—	$	102.9
Reconciling items to net loss:
Depreciation and amortization		35.7		4.3		50.8		0.5		—		91.3
LCM / LIFO (gain) loss		(2.9)		—		2.4		—		—		(0.5)
Interest expense		11.7		0.1		33.0		72.8		—		117.6
Debt extinguishment costs		0.1		—		—		0.2		—		0.3
Unrealized gain on derivatives		(38.7)		—		—		—		—		(38.7)
RINs incurrence expense		12.3		—		2.2		—		—		14.5
RINs mark-to-market gain		(39.5)		—		(19.4)		—		—		(58.9)
Other non-recurring expenses												60.0
Equity-based compensation and other items												(2.6)
Income tax expense												0.7
Noncontrolling interest adjustments												(0.1)
Net loss											$	(80.7)
Capital expenditures	$	31.6	$	0.6	$	16.2	$	1.8	$	—	$	50.2
PP&E, net	$	363.0	$	32.5	$	1,068.2	$	3.5	$	—	$	1,467.2

Summary of major product category sales

The following table sets forth the major product category sales for each segment for the three months ended June 30, 2025 and 2024 (dollars in millions):

	Three Months Ended June 30,
	2025				2024
Specialty Products and Solutions:
Lubricating oils	$	190.3	18.5	%	$	215.9	19.0	%
Solvents		101.5	9.9	%		109.5	9.7	%
Waxes		40.2	3.9	%		40.1	3.5	%
Fuels, asphalt and other by-products		295.9	28.8	%		380.7	33.6	%
Total	$	627.9	61.1	%	$	746.2	65.8	%
Montana/Renewables:
Gasoline	$	33.5	3.3	%	$	37.6	3.3	%
Diesel		26.4	2.6	%		29.0	2.6	%
Jet fuel		4.7	0.5	%		4.9	0.4	%
Asphalt, heavy fuel oils and other		44.6	4.3	%		37.1	3.3	%
Renewable fuels		208.8	20.3	%		182.8	16.1	%
Total	$	318.0	31.0	%	$	291.4	25.7	%
Performance Brands:	$	80.7	7.9	%	$	96.1	8.5	%
Consolidated sales	$	1,026.6	100.0	%	$	1,133.7	100.0	%

The following table sets forth the major product category sales for each segment for the six months ended June 30, 2025 and 2024 (dollars in millions):

	Six Months Ended June 30,
	2025				2024
Specialty Products and Solutions:
Lubricating oils	$	392.5	19.4	%	$	405.6	19.0	%
Solvents		206.2	10.2	%		211.9	9.9	%
Waxes		78.4	3.9	%		79.1	3.7	%
Fuels, asphalt and other by-products		600.9	29.7	%		731.2	34.2	%
Total	$	1,278.0	63.2	%	$	1,427.8	66.8	%
Montana/Renewables:
Gasoline	$	66.0	3.3	%	$	69.2	3.2	%
Diesel		49.8	2.5	%		56.9	2.7	%
Jet fuel		8.9	0.4	%		9.5	0.4	%
Asphalt, heavy fuel oils and other		80.6	4.0	%		67.2	3.1	%
Renewable fuels		374.4	18.5	%		333.1	15.6	%
Total	$	579.7	28.7	%	$	535.9	25.0	%
Performance Brands:	$	162.8	8.1	%	$	175.8	8.2	%
Consolidated sales	$	2,020.5	100.0	%	$	2,139.5	100.0	%