Unrestricted Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2025

Unrestricted Subsidiaries

Schedule of unrestricted subsidiaries

As of September 30, 2025 and December 31, 2024, respectively, MRHL and MRL were the only unrestricted subsidiaries of the Company. In accordance with the indentures governing the Company’s outstanding senior notes, the following tables set forth certain financial information of (i) the Company and its restricted subsidiaries, on a combined basis, (ii) the Company’s unrestricted subsidiaries, on a combined basis, and (iii) the Company and its subsidiaries, on a consolidated basis, in each case, as of September 30, 2025 and December 31, 2024, respectively (dollars in millions):

	Parent
	Company and
	Restricted		Unrestricted				Consolidated
September 30, 2025	Subsidiaries		Subsidiaries		Eliminations		Total
Cash and cash equivalents	$	8.6	$	86.0	$	—	$	94.6
Restricted cash	$	—	$	80.0	$	—	$	80.0
Accounts receivable - trade	$	247.4	$	16.5	$	—	$	263.9
Accounts receivable - other	$	14.8	$	—	$	—	$	14.8
Inventory	$	346.9	$	53.2	$	—	$	400.1
Prepaid expenses and other current assets	$	21.5	$	5.2	$	—	$	26.7
Property, plant and equipment, net	$	652.1	$	709.9	$	—	$	1,362.0
Other noncurrent assets, net	$	465.5	$	26.3	$	—	$	491.8
Accounts payable	$	259.1	$	336.6	$	(297.0)	$	298.7
Accrued interest payable	$	28.9	$	—	$	—	$	28.9
Accrued salaries, wages and benefits	$	66.1	$	—	$	—	$	66.1
Current portion of RINs obligation	$	133.0	$	—	$	—	$	133.0
Other current liabilities	$	92.4	$	2.0	$	—	$	94.4
Current portion of long-term debt	$	155.1	$	0.1	$	—	$	155.2
Other long-term liabilities	$	257.3	$	2.6	$	—	$	259.9
Long-term debt, less current portion	$	1,361.6	$	883.6	$	(97.8)	$	2,147.4
Redeemable noncontrolling interest	$	—	$	245.6	$	—	$	245.6
Stockholders' equity	$	(45.0)	$	(493.4)	$	(156.9)	$	(695.3)

	Parent
	Company and
	Restricted		Unrestricted				Consolidated
December 31, 2024	Subsidiaries		Subsidiaries		Eliminations		Total
Cash and cash equivalents	$	8.9	$	29.2	$	—	$	38.1
Restricted cash	$	—	$	7.8	$	—	$	7.8
Accounts receivable - trade	$	219.2	$	22.5	$	—	$	241.7
Accounts receivable - other	$	24.5	$	11.9	$	—	$	36.4
Inventory	$	379.9	$	36.4	$	—	$	416.3
Prepaid expenses and other current assets	$	20.5	$	5.2	$	—	$	25.7
Property, plant and equipment, net	$	688.2	$	750.6	$	—	$	1,438.8
Other noncurrent assets, net	$	539.4	$	14.0	$	—	$	553.4
Accounts payable	$	279.5	$	484.3	$	(443.0)	$	320.8
Accrued interest payable	$	44.4	$	1.0	$	—	$	45.4
Accrued salaries, wages and benefits	$	94.7	$	—	$	—	$	94.7
Obligations under inventory financing agreements	$	—	$	32.0	$	—	$	32.0
Current portion of RINs obligation	$	245.4	$	—	$	—	$	245.4
Other current liabilities	$	85.1	$	4.7	$	—	$	89.8
Current portion of long-term debt	$	16.4	$	19.1	$	—	$	35.5
Other long-term liabilities	$	295.4		0.8	$	—	$	296.2
Long-term debt, less current portion	$	1,646.7	$	516.0	$	(98.0)	$	2,064.7
Redeemable noncontrolling interest	$	—	$	245.6	$	—	$	245.6
Stockholders' equity	$	(249.7)	$	(425.9)	$	(36.3)	$	(711.9)

The following table sets forth certain financial information of the Company’s unrestricted subsidiaries, on a combined basis, for the periods presented (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales	$	204.3	$	177.7	$	578.8	$	510.9
Cost of sales		245.8		180.9		672.2		544.3
Gross profit (loss)		(41.5)		(3.2)		(93.4)		(33.4)
Operating costs and expenses:
General and administrative		2.2		6.9		20.7		20.3
Other operating expense		1.7		4.0		3.6		6.8
Operating loss		(45.4)		(14.1)		(117.7)		(60.5)
Other income (expense):
Interest expense		(18.8)		(25.9)		(61.7)		(72.4)
Gain (loss) on derivative instruments		—		(1.6)		(5.6)		4.3
Debt extinguishment costs		0.1		—		(47.5)		—
Other income		1.6		0.1		4.3		0.6
Total other expense		(17.1)		(27.4)		(110.5)		(67.5)
Net loss before income taxes		(62.5)		(41.5)		(228.2)		(128.0)
Income tax benefit		(40.1)		—		(40.1)		—
Net loss	$	(22.4)	$	(41.5)	$	(188.1)	$	(128.0)