Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2025

Segments and Related Information

Summary of reportable segment information

Reportable segment information for the three and nine months ended September 30, 2025 and 2024 is as follows (in millions):  

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended September 30, 2025	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	679.1	$	79.7	$	319.2	$	—	$	—	$	1,078.0
Inter-segment sales		5.0		0.2		—		—		(5.2)		—
Total sales	$	684.1	$	79.9	$	319.2	$	—	$	(5.2)	$	1,078.0
Cost of sales	$	402.8	$	61.2	$	240.3	$	—	$	—	$	704.3
Gross profit	$	276.3	$	18.5	$	78.9	$	-	$	—	$	373.7
Adjusted EBITDA	$	80.2	$	13.2	$	(5.8)	$	(18.0)	$	—	$	69.6
Reconciling items to net income:
Depreciation and amortization		21.5		1.2		27.9		0.1		—		50.7
LCM / LIFO loss		1.4		1.7		2.0		—		—		5.1
Loss on sale of business		—		6.3		—		0.1		—		6.4
Interest expense		7.1		0.1		15.4		31.0		—		53.6
Debt extinguishment costs		(0.4)		—		(0.1)		—		—		(0.5)
Unrealized gain on derivatives		(2.0)		—		—		—		—		(2.0)
RINs incurrence gain		(192.9)		—		(110.2)		—		—		(303.1)
RINs mark-to-market gain		(16.7)		—		(4.1)		—		—		(20.8)
Other non-recurring (income) expenses												(5.3)
Equity-based compensation and other items												9.5
Income tax benefit												(41.4)
Noncontrolling interest adjustments												4.0
Net income											$	313.4
Capital expenditures	$	21.4	$	—	$	2.1	$	—	$	—	$	23.5
PP&E, net	$	333.0	$	29.7	$	994.6	$	4.7	$	—	$	1,362.0

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended September 30, 2024	Solutions (1)		Brands (2)		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	714.0	$	80.3	$	306.1	$	—	$	—	$	1,100.4
Inter-segment sales		6.3		0.1		—		—		(6.4)		—
Total sales	$	720.3	$	80.4	$	306.1	$	—	$	(6.4)	$	1,100.4
Cost of sales	$	711.7	$	57.6	$	326.2	$	—	$	—	$	1,095.5
Gross profit (loss)	$	2.3	$	22.7	$	(20.1)	$	—	$	—	$	4.9
Adjusted EBITDA	$	50.7	$	13.6	$	14.6	$	(19.1)	$	—	$	59.8
Reconciling items to net loss:
Depreciation and amortization		17.4		2.2		25.5		0.2		—		45.3
LCM / LIFO loss		4.2		0.8		4.4		—		—		9.4
Interest expense		5.6		—		15.7		36.4		—		57.7
Unrealized gain on derivatives		(13.6)		—		—		—		—		(13.6)
RINs incurrence expense		8.1		—		1.9		—		—		10.0
RINs mark-to-market loss		22.6		—		10.2		—		—		32.8
Other non-recurring expenses												12.1
Equity-based compensation and other items												7.0
Income tax expense												0.7
Noncontrolling interest adjustments												(1.0)
Net loss											$	(100.6)
Capital expenditures	$	9.4	$	0.2	$	8.9	$	0.9	$	—	$	19.4
PP&E, net	$	355.7	$	32.0	$	1,061.1	$	4.5	$	—	$	1,453.3

	Specialty
	Products and		Performance		Montana/						Consolidated
Nine Months Ended September 30, 2025	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	1,957.1	$	242.5	$	898.9	$	—	$	—	$	3,098.5
Inter-segment sales		14.9		0.3		—		—		(15.2)		—
Total sales	$	1,972.0	$	242.8	$	898.9	$	—	$	(15.2)	$	3,098.5
Cost of sales	$	1,729.7	$	179.7	$	940.4	$	—	$	—	$	2,849.8
Gross profit (loss)	$	227.4	$	62.8	$	(41.5)	$	-	$	—	$	248.7
Adjusted EBITDA	$	203.3	$	42.5	$	(24.5)	$	(58.5)	$	—	$	162.8
Reconciling items to net income:
Depreciation and amortization		56.4		4.4		84.0		0.5		—		145.3
LCM / LIFO (gain) loss		5.6		2.5		(5.0)		—		—		3.1
(Gain) loss on sale of business		—		(58.1)		—		2.3		—		(55.8)
Interest expense		16.4		0.1		48.8		99.7		—		165.0
Debt extinguishment costs		(0.4)		—		47.5		0.1		—		47.2
Unrealized gain on derivatives		(9.1)		—		—		—		—		(9.1)
RINs incurrence gain		(158.6)		—		(98.8)		—		—		(257.4)
RINs mark-to-market loss		99.4		—		45.7		—		—		145.1
Other non-recurring expenses												2.1
Equity-based compensation and other items												6.1
Income tax benefit												(40.8)
Noncontrolling interest adjustments												8.5
Net income											$	3.5
Capital expenditures	$	47.8	$	0.7	$	13.9	$	0.5	$	—	$	62.9
PP&E, net	$	333.0	$	29.7	$	994.6	$	4.7	$	—	$	1,362.0

	Specialty
	Products and		Performance		Montana/						Consolidated
Nine Months Ended September 30, 2024	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	2,141.8	$	256.1	$	842.0	$	—	$	—	$	3,239.9
Inter-segment sales		18.3		0.3		—		—		(18.6)		—
Total sales	$	2,160.1	$	256.4	$	842.0	$	—	$	(18.6)	$	3,239.9
Cost of sales	$	2,015.1	$	186.0	$	891.6	$	—	$	—	$	3,092.7
Gross profit (loss)	$	126.7	$	70.1	$	(49.6)	$	—	$	—	$	147.2
Adjusted EBITDA	$	170.6	$	41.1	$	9.9	$	(58.9)	$	—	$	162.7
Reconciling items to net loss:
Depreciation and amortization		53.1		6.5		76.3		0.7		—		136.6
LCM / LIFO loss		1.3		0.8		6.8		—		—		8.9
Interest expense		17.3		0.1		48.7		109.2		—		175.3
Debt extinguishment costs		0.1		—		—		0.2		—		0.3
Unrealized gain on derivatives		(52.3)		—		—		—		—		(52.3)
RINs incurrence expense		20.4		—		4.1		—		—		24.5
RINs mark-to-market gain		(16.9)		—		(9.2)		—		—		(26.1)
Other non-recurring expenses (1)												72.1
Equity-based compensation and other items												4.4
Income tax expense												1.4
Noncontrolling interest adjustments												(1.1)
Net loss											$	(181.3)
Capital expenditures	$	41.0	$	0.8	$	25.1	$	2.7	$	—	$	69.6
PP&E, net	$	355.7	$	32.0	$	1,061.1	$	4.5	$	—	$	1,453.3

(1) For the nine months ended September 30, 2024, other non-recurring expenses included a $56.2 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 September 30, 2025 and 2024 (dollars in millions):

	Three Months Ended September 30,
	2025				2024
Specialty Products and Solutions:
Lubricating oils	$	183.5	17.0	%	$	192.5	17.5	%
Solvents		97.7	9.1	%		106.1	9.6	%
Waxes		37.0	3.4	%		38.8	3.5	%
Fuels, asphalt and other by-products		360.9	33.5	%		376.6	34.3	%
Total	$	679.1	63.0	%	$	714.0	64.9	%
Montana/Renewables:
Gasoline	$	35.8	3.3	%	$	40.8	3.7	%
Diesel		29.6	2.7	%		31.0	2.8	%
Jet fuel		6.5	0.6	%		5.3	0.5	%
Asphalt, heavy fuel oils and other		42.9	4.0	%		51.3	4.7	%
Renewable fuels		204.4	19.0	%		177.7	16.1	%
Total	$	319.2	29.6	%	$	306.1	27.8	%
Performance Brands:	$	79.7	7.4	%	$	80.3	7.3	%
Consolidated sales	$	1,078.0	100.0	%	$	1,100.4	100.0	%

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

	Nine Months Ended September 30,
	2025				2024
Specialty Products and Solutions:
Lubricating oils	$	576.0	18.6	%	$	598.1	18.5	%
Solvents		303.9	9.8	%		318.0	9.8	%
Waxes		115.4	3.7	%		117.9	3.6	%
Fuels, asphalt and other by-products		961.8	31.0	%		1,107.8	34.2	%
Total	$	1,957.1	63.1	%	$	2,141.8	66.1	%
Montana/Renewables:
Gasoline	$	101.8	3.3	%	$	110.0	3.4	%
Diesel		79.4	2.6	%		87.9	2.7	%
Jet fuel		15.4	0.5	%		14.8	0.5	%
Asphalt, heavy fuel oils and other		123.5	4.0	%		118.5	3.7	%
Renewable fuels		578.8	18.7	%		510.8	15.7	%
Total	$	898.9	29.1	%	$	842.0	26.0	%
Performance Brands:	$	242.5	7.8	%	$	256.1	7.9	%
Consolidated sales	$	3,098.5	100.0	%	$	3,239.9	100.0	%