
(in thousands)	March 31, 2025		December 31, 2024
Assets:
Cash	$	152,440	$	353,446
Total other current assets	1,038,381		1,137,821
Property, plant and equipment, net	3,847,613		3,868,943
Other assets	115,915		100,307
Total assets	$	5,154,349	$	5,460,517
Liabilities and members' equity:
Revolver	$	—	$	—
Total other current portion of long term debt	30,150		29,809
Total other current liabilities	336,404		319,688
Total long term debt	699,491		707,158
Total other long term liabilities	17,095		17,195
Total members' equity	4,071,209		4,386,667
Total liabilities and members' equity	$	5,154,349	$	5,460,517


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Revenues:
Operating revenues	$	899,909	$	1,411,115
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense	977,106		1,159,356
Lower of cost or market (LCM) inventory valuation adjustment	(91,004)		21,638
Depreciation, amortization and accretion expense	67,472		65,290
Total costs and expenses	953,574		1,246,284
Operating income/(loss)	(53,665)		164,831
Other income	3,702		3,220
Interest and debt expense, net	(9,306)		(11,242)
Income/(loss) before income tax expense	(59,269)		156,809
Income tax expense/(benefit)	39		(29)
Net income/(loss)	$	(59,308)	$	156,838

As of March 29, 2025, under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $2,038.1 million on the consolidated balance sheet. The Company has recorded equity in net income/(loss) from the DGD Joint Venture of approximately $(30.5) million and $78.4 million for the three months ended March 29, 2025 and March 30, 2024, respectively. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act ( the “IR Act”). As part of the IR Act, the blenders tax credits of $1.00 per gallon were extended as is until December 31, 2024, a new Sustainable Aviation Fuel (“SAF”) blenders tax credit was introduced effective for 2023 and 2024, and a new Clean Fuels Production Credit (the “CFPC”) was created effective from 2025 through 2027. Under the IR Act, Section 40B, SAF, blended with Jet A and sold on or before December 31, 2024, receives a base credit of $1.25 per gallon plus $0.01 for each percentage point by which the lifecycle greenhouse gas (“GHG”) emissions reduction percentage exceeds 50% up to a maximum supplementary amount of $0.50. Under the CFPC, on-road transportation fuel receives a base credit of up to $1.00 per gallon of renewable diesel (adjusted for inflation each calendar year) multiplied by the fuel's emission reduction percentage as long as it is produced at a qualifying facility and it meets prevailing wage requirements and apprenticeship requirements. Similarly, SAF produced at a qualified facility that meets the apprenticeship and prevailing wage requirements receives a base credit of $1.75 (adjusted for inflation each calendar year) multiplied by the GHG emissions factor for SAF. In contrast to the blenders tax credit, the CFPC requires that production must take place in the United States. For the three months ended March 29, 2025 and March 30, 2024, the DGD Joint Venture recorded approximately $50.9 million and $331.1 million of production tax credits and blenders tax credits, respectively. The production tax credit and blenders tax credits are recorded as a reduction of cost of sales by the DGD Joint Venture. In the three months ended March 29, 2025 and March 30, 2024, respectively, the Company made approximately $0.2 million and $90.0 million in capital contributions to the DGD Joint Venture. In the three months ended March 29, 2025 and March 30, 2024, the Company received approximately $129.5 million and zero in dividend distributions from the DGD Joint Venture, respectively.