v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Derivative Assets
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative assets in the Company’s unaudited condensed consolidated balance sheets (in millions):
June 30, 2026December 31, 2025
Balance Sheet
Location		Gross
Amounts of
Recognized
Assets		Gross
Amounts
Offset 		Net Amounts
of Assets
Presented		Gross
Amounts of
Recognized
Assets		Gross
Amounts
Offset 		Net Amounts
of Assets
Presented
Derivative instruments not designated as hedges:
Specialty Products and Solutions segment:
Crack spread swapsDerivative assets$— $— $— $6.7 $— $6.7 
Schedule of Offsetting Derivative Liabilities
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative liabilities in the Company’s unaudited condensed consolidated balance sheets (in millions):
June 30, 2026December 31, 2025
Balance Sheet
Location		Gross
Amounts of
Recognized
Liabilities		Gross
Amounts
Offset 		Net Amounts
of Liabilities
Presented		Gross
Amounts of
Recognized
Liabilities		Gross
Amounts
Offset 		Net Amounts
of Liabilities
Presented
Derivative instruments not designated as hedges:
Specialty Products and Solutions segment:
Inventory financing obligation
Other long-term liabilities
$(0.4)$— $(0.4)$— $23.1 $23.1 
Crack spread swapsDerivative liabilities / Other long-term liabilities(70.6)5.7 (64.9)— — — 
Total derivative instruments$(71.0)$5.7 $(65.3)$— $23.1 $23.1 
Schedule of Derivative Instruments Not Designated as Hedges Gains (Losses)
The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 related to its derivative instruments not designated as hedges (in millions):
Amount of Realized Gain (Loss)
Recognized in Gain (Loss) on
Derivative
Instruments		Amount of Unrealized Gain (Loss)
Recognized in Gain (Loss) on Derivative
Instruments
Three Months Ended June 30,Three Months Ended June 30,
Type of Derivative2026202520262025
Specialty Products and Solutions segment:
Inventory financing obligation$(11.9)$(2.7)$23.9 $7.0 
Crack spread swaps(23.1)— (14.9)— 
Montana/Renewables segment:
Inventory financing obligation— — — — 
Total$(35.0)$(2.7)$9.0 $7.0 

Amount of Realized Gain (Loss)
Recognized in Gain (Loss) on
Derivative
Instruments		Amount of Unrealized Gain (Loss)
Recognized in Gain (Loss) on Derivative
Instruments
Six Months Ended June 30,Six Months Ended June 30,
Type of Derivative2026202520262025
Specialty Products and Solutions segment:
Inventory financing obligation$(18.9)$(4.4)$(22.1)$7.1 
Crack spread swaps(28.8)— (71.6)— 
Montana/Renewables segment:
Inventory financing obligation— (5.6)— — 
Total$(47.7)$(10.0)$(93.7)$7.1 
Schedule of Notional Contract Volumes Related to Outstanding Derivative Instruments At June 30, 2026, the Company had the following notional contract volumes related to outstanding derivative instruments:
Notional Contract Volumes by
Year of Maturity
Total
Outstanding
Notional		2026Unit of Measure
Derivative instruments not designated as hedges:
Crack spread swaps - sales2,300,0002,300,000Barrels
Crack spread swaps - purchases620,000620,000Barrels
Notional Contract Volumes by
Year of Maturity
Total
Outstanding
Notional		2027Unit of Measure
Derivative instruments not designated as hedges:
Crack spread swaps - sales3,650,0003,650,000Barrels
Notional Contract Volumes by
Year of Maturity
Total
Outstanding
Notional		2028Unit of Measure
Derivative instruments not designated as hedges:
Crack spread swaps - sales637,000637,000Barrels