
(in thousands)	June 30, 2025		December 31, 2024
Assets:
Cash	$	163,846	$	353,446
Total other current assets	1,106,712		1,137,821
Property, plant and equipment, net	3,798,391		3,868,943
Other assets	315,491		100,307
Total assets	$	5,384,440	$	5,460,517
Liabilities and members' equity:
Revolver	$	100,000	$	—
Total other current portion of long term debt	30,496		29,809
Total other current liabilities	265,023		319,688
Total long term debt	691,736		707,158
Total other long term liabilities	18,078		17,195
Total members' equity	4,279,107		4,386,667
Total liabilities and members' equity	$	5,384,440	$	5,460,517


	Three Months Ended				Six Months Ended
(in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Revenues:
Operating revenues	$	1,097,831	$	1,184,076	$	1,997,740	$	2,595,191
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense	1,119,445		1,014,927		2,096,551		2,174,283
Lower of cost or market (LCM) inventory valuation adjustment	(111,245)		15,866		(202,249)		37,504
Depreciation, amortization and accretion expense	61,529		61,910		129,001		127,200
Total costs and expenses	1,069,729		1,092,703		2,023,303		2,338,987
Operating income/(loss)	28,102		91,373		(25,563)		256,204
Other income	2,181		6,058		5,883		9,278
Interest and debt expense, net	(12,844)		(9,037)		(22,150)		(20,279)
Income/(loss) before income tax expense	17,439		88,394		$	(41,830)	$	245,203
Income tax expense/(benefit)	1,105		—		1,144		(29)
Net income/(loss)	$	16,334	$	88,394	$	(42,974)	$	245,232

As of June 28, 2025, under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $2,082.9 million on the consolidated balance sheet. The Company has recorded equity in net income from the DGD Joint Venture of approximately $6.0 million and $44.2 million for the three months ended June 28, 2025 and June 29, 2024, respectively. The Company has recorded equity in net income/(loss) from the DGD Joint Venture of approximately $(24.5) million and $122.6 million for the six months ended June 28, 2025 and June 29, 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 during calendar year 2025 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. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant tax related provisions. With respect to the CFPC, the OBBBA extends the credit for two years through December 31, 2029, reduces the maximum credit rate for SAF to $1.00 per gallon for gallons produced after December 31, 2025, and beginning in 2026 all eligible transportation fuel must be derived exclusively from feedstocks produced or grown in the U.S., Mexico or Canada. Furthermore, on July 21, 2025, the Internal Revenue Service released Notice 2025-37, announcing the 2025 calendar year inflation adjustment factor for several green energy credits added to the Code by the IR Act, including the CFPC. Specifically, the base credit for on-road transportation fuel is increased to $1.06 per gallon (from $1.00 per gallon) and SAF is increased to $1.86 per gallon (from $1.75 per gallon) provided the fuel is produced at a qualified facility meeting the prevailing wage and apprenticeship requirements. These revised base credits, subject to the aforementioned emission reduction percentages, are applicable for on-road transportation fuel and SAF produced and sold in 2025 (i.e., retroactive effective date of January 1, 2025). For the three months ended June 28, 2025 and June 29, 2024, the DGD Joint Venture recorded approximately $140.2 million and $308.2 million of production tax credits and blenders tax credits, respectively. For the six months ended June 28, 2025 and June 29, 2024, the DGD Joint Venture recorded approximately $191.1 million and $639.2 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 six months ended June 28, 2025 and June 29, 2024, the Company received approximately $129.5 million and zero in dividend distributions from the DGD Joint Venture, respectively. In the six months ended June 28, 2025 and June 29, 2024, respectively, the Company made approximately $40.2 million and $90.0 million in capital contributions to the DGD Joint Venture. Subsequent to June 28, 2025, the Company made a capital contribution of approximately $57.0 million on June 30, 2025 to the DGD Joint venture.