v3.26.1
Segments and Related Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information
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).
Schedule of Product Information
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 %