v3.26.1
Segments and Related Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
Segment Reporting
The Company determines its reportable segments based on how the business is managed internally for the products sold to customers, including how results are reviewed and resources are allocated. Effective January 1, 2026, the Company reorganized its business segments as a result of a change in how our chief operating decision maker (“CODM”) allocates resources, makes operating decisions, and assesses the performance of its business. As a result, as of January 1, 2026, the Company’s operations are managed by the CODM using the following reportable segments:
•Specialty Products and Solutions. The Specialty Products and Solutions segment consists of our customer-focused solutions and formulations businesses, covering multiple specialty product lines, anchored by our unique integrated complex in Northwest Louisiana. In this segment, we manufacture and market a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. Our specialty products are sold to domestic and international customers who purchase them primarily as raw material components for consumer-facing and industrial products.
•Montana/Renewables. The Montana/Renewables segment is composed of our Montana Renewables facility and our Great Falls specialty asphalt facility. At our Montana Renewables facility, we process a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha that are distributed into renewable markets in the western half of North America. At our Montana specialty asphalt facility, we process Canadian crude oil into conventional gasoline, diesel, jet fuel and specialty grades of asphalt, with production sized to serve local markets.
•Performance Brands. The Performance Brands segment includes our fast-growing portfolio of high-quality, high-performing brands. In this segment, we blend, package, and market high performance products through our Royal Purple, Bel-Ray, and TruFuel brands.
The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies as disclosed in Note 2 — “Summary of Significant Accounting Policies,” except that the disaggregated financial results for the reporting segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for the purposes of assisting internal operating decisions. The Company accounts for inter-segment sales and transfers using market-based transfer pricing. The Company will periodically refine its expense allocation methodology for its segment reporting as more specific information becomes available and the industry or market changes. The CODM uses Adjusted EBITDA (a non-GAAP financial measure) to evaluate performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. The Company defines Adjusted EBITDA for any period as EBITDA adjusted for (a) impairment; (b) unrealized gains and losses from mark-to-market accounting for hedging activities; (c) realized gains and losses under derivative instruments excluded from the determination of net income (loss); (d) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (e) debt refinancing fees, extinguishment costs, premiums and penalties; (f) any net gain or loss realized in connection with an asset sale that was deducted in computing net income (loss); (g) amortization of turnaround costs; (h) LCM inventory adjustments; (i) the impact of liquidation of inventory layers calculated using the LIFO method; (j) RINs mark-to-market adjustments; (k) RINs incurrence expense; and (l) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense.
Reportable segment information for the three and six months ended June 30, 2026 and 2025 is as follows (in millions):
Three Months Ended June 30, 2026Specialty
Products and
Solutions		Performance
Brands		Montana/
Renewables		Consolidated
Total
Sales:
External customers$1,012.5 $103.6 $329.0 $1,445.1 
Inter-segment sales9.0 — — 9.0 
Total sales$1,021.5 $103.6 $329.0 $1,454.1 
Inter-segment sales eliminations(9.0)
Sales$1,445.1 
Cost of sales
$816.8 $87.2 $309.5 
Other segment expenses
10.3 10.2 10.6 
Other segment items (1)
23.7 (0.1)(1.8)
Segment Adjusted EBITDA$161.7 $6.3 $10.7 178.7 
Reconciling items to net loss:
Corporate expenses (2) $19.4 
Depreciation and amortization45.5 
LCM / LIFO (gain) loss4.4 
Interest expense52.0 
Debt extinguishment costs— 
Unrealized (gain) loss on derivatives(9.0)
RINs incurrence expense48.0 
RINs mark-to-market loss115.6 
Other0.2 
Equity-based compensation and other items19.5 
Income tax (benefit) expense(21.2)
Noncontrolling interest adjustments0.2 
Net loss$(95.9)
Capital expenditures$14.1 $— $38.8 
PP&E, net$303.5 $27.6 $982.5 
Three Months Ended June 30, 2025Specialty
Products and
Solutions		Performance
Brands		Montana/
Renewables		Consolidated
Total
Sales:
External customers$627.9 $80.7 $318.0 $1,026.6 
Inter-segment sales5.1 0.1 — 5.2 
Total sales$633.0 $80.8 $318.0 $1,031.8 
Inter-segment sales eliminations(5.2)
Sales$1,026.6 
Cost of sales
$552.3 $57.8 $319.9 
Other segment expenses
8.9 9.5 10.6 
Other segment items (1)
(0.1)(0.1)(7.4)
Segment Adjusted EBITDA$66.8 $13.5 $(5.1)75.2 
Reconciling items to net loss:
Corporate expenses (2)
$20.1 
Depreciation and amortization47.9 
LCM / LIFO (gain) loss(1.9)
Interest expense52.9 
Debt extinguishment costs0.1 
Unrealized (gain) loss on derivatives(7.0)
RINs incurrence expense15.3 
RINs mark-to-market loss79.1 
Other 4.2 
Equity-based compensation and other items10.1 
Income tax (benefit) expense0.2 
Noncontrolling interest adjustments2.1 
Net loss$(147.9)
Capital expenditures$14.3 $0.4 $3.8 
PP&E, net$339.6 $30.4 $1,012.6 
Six Months Ended June 30, 2026Specialty
Products and
Solutions		Performance
Brands		Montana/
Renewables		Consolidated
Total
Sales:
External customers$1,717.5 $192.5 $564.9 $2,474.9 
Inter-segment sales12.9 0.1 — 13.0 
Total sales$1,730.4 $192.6 $564.9 $2,487.9 
Inter-segment sales eliminations(13.0)
Sales$2,474.9 
Cost of sales
$1,462.5 $153.6 $552.1 
Other segment expenses
19.5 20.1 20.1 
Other segment items (1)
29.5 (0.1)(5.6)
Segment Adjusted EBITDA$206.0 $18.9 $(1.7)223.2 
Reconciling items to net loss:
Corporate expenses (2)
$36.3 
Depreciation and amortization87.0 
LCM / LIFO (gain) loss(21.8)
Interest expense103.1 
Debt extinguishment costs1.7 
Unrealized (gain) loss on derivatives93.7 
RINs incurrence expense79.5 
RINs mark-to-market loss231.5 
Other 0.6 
Equity-based compensation and other items64.3 
Income tax (benefit) expense(42.1)
Noncontrolling interest adjustments2.3 
Net loss$(412.9)
Capital expenditures$14.8 $— $52.5 
PP&E, net$303.5 $27.6 $982.5 
Six Months Ended June 30, 2025Specialty
Products and
Solutions		Performance
Brands		Montana/
Renewables		Consolidated
Total
Sales:
External customers$1,278.0 $162.8 $579.7 $2,020.5 
Inter-segment sales9.9 0.1 — 10.0 
Total sales$1,287.9 $162.9 $579.7 $2,030.5 
Inter-segment sales eliminations(10.0)
Sales$2,020.5 
Cost of sales
$1,137.4 $114.5 $589.9 
Other segment expenses
17.5 19.2 23.6 
Other segment items (1)
— (0.2)(15.1)
Segment Adjusted EBITDA$123.1 $29.3 $(18.7)133.7 
Reconciling items to net loss:
Corporate expenses (2)
$40.5 
Depreciation and amortization94.6 
LCM / LIFO (gain) loss(2.0)
(Gain) loss on sale of business(62.2)
Interest expense111.4 
Debt extinguishment costs47.7 
Unrealized (gain) loss on derivatives(7.1)
RINs incurrence expense45.7 
RINs mark-to-market loss165.9 
Other 7.4 
Equity-based compensation and other items(3.4)
Income tax (benefit) expense0.6 
Noncontrolling interest adjustments4.5 
Net loss$(309.9)
Capital expenditures$26.3 $0.6 $11.7 
PP&E, net$339.6 $30.4 $1,012.6 
____________________________
(1) Other segment items includes realized derivative gains and (losses), foreign currency gains and (losses), pension costs, and other ancillary (expenses).
(2) Corporate expenses represents corporate costs that are not allocated to the operating segments. Corporate expenses are included in the tables above to reconcile total Segment Adjusted EBITDA attributable to the Company’s consolidated net income (loss).

Geographic Information
International sales accounted for less than ten percent of consolidated sales in the three and six months ended June 30, 2026 and 2025.
The Company offers specialty, fuels, renewable fuels and packaged products primarily in categories consisting of lubricating oils, solvents, waxes, gasoline, diesel, jet fuel, asphalt, heavy fuel oils, renewable fuels, high-performance branded products, and other specialty and fuels products.
The following table sets forth the major product category sales for each segment for the three months ended June 30, 2026 and 2025 (dollars in millions):
Three Months Ended June 30,
20262025
Specialty Products and Solutions:
Lubricating oils$281.0 19.4 %$190.3 18.5 %
Solvents153.2 10.6 %101.5 9.9 %
Waxes40.9 2.8 %40.2 3.9 %
Fuels, asphalt and other by-products537.4 37.2 %295.9 28.8 %
Total$1,012.5 70.0 %$627.9 61.1 %
Montana/Renewables:
Fuels, asphalt and other by-products$145.8 10.1 %$109.2 10.6 %
Renewable fuels183.2 12.7 %208.8 20.3 %
Total$329.0 22.8 %$318.0 30.9 %
Performance Brands:$103.6 7.2 %$80.7 8.0 %
Consolidated sales$1,445.1 100.0 %$1,026.6 100.0 %
The following table sets forth the major product category sales for each segment for the six months ended June 30, 2026 and 2025 (dollars in millions):
Six Months Ended June 30,
20262025
Specialty Products and Solutions:
Lubricating oils$472.8 19.1 %$392.5 19.4 %
Solvents261.1 10.5 %206.2 10.2 %
Waxes80.7 3.3 %78.4 3.9 %
Fuels, asphalt and other by-products902.9 36.5 %600.9 29.7 %
Total$1,717.5 69.4 %$1,278.0 63.2 %
Montana/Renewables:
Fuels, asphalt and other by-products$239.5 9.7 %$205.3 10.2 %
Renewable fuels325.4 13.1 %374.4 18.5 %
Total$564.9 22.8 %$579.7 28.7 %
Performance Brands:$192.5 7.8 %$162.8 8.1 %
Consolidated sales$2,474.9 100.0 %$2,020.5 100.0 %
Major Customers
During the three and six months ended June 30, 2026 and 2025, the Company had no customer that represented 10% or greater of consolidated sales.
Major Suppliers
During the three and six months ended June 30, 2026, the Company had four suppliers that supplied approximately 82.0% and 90.0% of its crude oil supply, respectively. During the three and six months ended June 30, 2025, the Company had four suppliers that supplied approximately 88.0% and 88.4% of its crude oil supply, respectively.