Calumet Specialty Products Partners (CLMT) 10-Q4 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Entity Registrant Name	Calumet Specialty Products Partners, L.P.
Entity Address, Address Line One	2780 Waterfront Parkway East Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46214
City Area Code	317
Entity Information, Former Legal or Registered Name	None
Entity Incorporation, State or Country Code	DE
Entity Central Index Key	0001340122
Entity File Number	000-51734
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity Tax Identification Number	35-1811116
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Filer Category	Accelerated Filer
Local Phone Number	328-5660
Security Exchange Name	NASDAQ
Trading Symbol	CLMT
Title of 12(b) Security	Common units representing limited partner interests
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		79,958,262

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 36	$ 35.2
Accounts receivable, net:
Trade, less allowance for credit losses of $1.2 million and $1.3 million, respectively	252.8	245.7
Other	62.5	22.3
Total accounts receivable	315.3	268
Inventory	439.9	498
Derivative assets	14.7
Prepaid expenses and other current assets	41.5	19.2
Total current assets	847.4	820.4
Property, plant and equipment, net	1,536.4	1,482
Other noncurrent assets, net	420.4	439.4
Total assets	2,804.2	2,741.8
Current liabilities:
Accounts payable	278.2	442.4
Accrued interest payable	35.7	34.6
Accrued salaries, wages and benefits	74.4	93
Obligations under inventory financing agreements	213.1	221.8
Current portion of RINs obligation	475.1	399.3
Derivative liabilities		26.5
Other current liabilities	99.8	114.5
Current portion of long-term debt	21.9	20
Total current liabilities	1,198.2	1,352.1
Other long-term liabilities	54.4	60.2
Long-term RINs obligation, less current portion	25.1	77.5
Long-term debt, less current portion	1,824.3	1,539.7
Total liabilities	3,102	3,029.5
Commitments and contingencies
Redeemable noncontrolling interest	250	250
Partners' capital (deficit):
Total partners' capital (deficit)	(547.8)	(537.7)
Total liabilities and partners' capital (deficit)	2,804.2	2,741.8
Limited Partners
Partners' capital (deficit):
Total partners' capital (deficit)	(540.3)	(529.9)
General Partner's
Partners' capital (deficit):
Total partners' capital (deficit)	0.7	0.5
Accumulated other comprehensive loss
Partners' capital (deficit):
Total partners' capital (deficit)	$ (8.2)	$ (8.3)

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss	$ 1.2	$ 1.3
Limited Partners
Limited Partners' interest units issued	79,958,262	79,189,583
Limited partner common units	79,958,262	79,189,583

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Sales	$ 1,017.8	$ 1,424	$ 2,054.7	$ 2,521.9
Cost of sales	946.4	1,280.1	1,886.6	2,345.3
Gross profit	71.4	143.9	168.1	176.6
Operating costs and expenses:
Selling	15.5	16.2	29	28.8
General and administrative	27.3	22.5	64.3	55.1
Other operating expense	5.2	9.5	8.2	14.3
Operating income	23.4	95.7	66.6	78.4
Other income (expense):
Interest expense	(55.8)	(42.6)	(105)	(94.2)
Gain (loss) on derivative instruments	14.3	(67.6)	39.8	(89.7)
Other expense	(5.5)	(0.2)	(5.7)	(4)
Total other expense	(47)	(110.4)	(70.9)	(187.9)
Net loss before income taxes	(23.6)	(14.7)	(4.3)	(109.5)
Income tax expense	0.4	0.6	0.9	1.3
Net loss	(24)	(15.3)	(5.2)	(110.8)
Net loss attributable to noncontrolling interest	(5.5)		(15.4)
Net income (loss) attributable to partners	(18.5)	(15.3)	10.2	(110.8)
Allocation of net income (loss) to partners:
Net income (loss) attributable to partners	(18.5)	(15.3)	10.2	(110.8)
Less:
General partner's interest in net income (loss)	(0.4)	(0.3)	0.2	(2.2)
Net income (loss) available to limited partners	$ (18.1)	$ (15)	$ 10	$ (108.6)
Weighted average limited partner units outstanding:
Basic weighted average limited partner units outstanding	80,152,648	79,424,383	79,992,637	79,241,515
Diluted weighted average limited partner units outstanding (1)	80,152,648	79,424,383	80,102,432	79,241,515
Limited partners' interest net income (loss) per unit:
Limited partners' interest basic net loss per unit	$ (0.23)	$ (0.19)	$ 0.13	$ (1.37)
Limited partners' interest diluted net loss per unit	$ (0.23)	$ (0.19)	$ 0.12	$ (1.37)

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (24)	$ (15.3)	$ (5.2)	$ (110.8)
Other comprehensive income:
Defined benefit pension and retiree health benefit plans	0.1		0.1	0.1
Total other comprehensive income	0.1		0.1	0.1
Comprehensive loss	(23.9)	(15.3)	(5.1)	(110.7)
Less: Comprehensive loss attributable to noncontrolling interest	(5.5)		(15.4)
Comprehensive income (loss) attributable to partners' capital (deficit)	$ (18.4)	$ (15.3)	$ 10.3	$ (110.7)

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (DEFICIT) - USD ($) $ in Millions	General Partner's	Limited Partners	Accumulated other comprehensive loss	Total
Beginning balance at Dec. 31, 2021	$ 3.8	$ (378.8)	$ (10.1)	$ (385.1)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income			0.1	0.1
Net income (loss) attributable to partners	(2.2)	(108.6)		(110.8)
Settlement of tax withholdings on equity-based incentive compensation		(4.1)		(4.1)
Settlement of phantom units		6.6		6.6
Modification of phantom units		13.5		13.5
Amortization of phantom units		2.2		2.2
Ending balance at Jun. 30, 2022	1.6	(469.2)	(10)	(477.6)
Beginning balance at Mar. 31, 2022	1.9	(455.7)	(10)	(463.8)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss) attributable to partners	(0.3)	(15)		(15.3)
Settlement of tax withholdings on equity-based incentive compensation		(0.5)		(0.5)
Settlement of phantom units		0.4		0.4
Amortization of phantom units		1.6		1.6
Ending balance at Jun. 30, 2022	1.6	(469.2)	(10)	(477.6)
Beginning balance at Dec. 31, 2022	0.5	(529.9)	(8.3)	(537.7)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income			0.1	0.1
Net income (loss) attributable to partners	0.2	10		10.2
Settlement of tax withholdings on equity-based incentive compensation		(9.6)		(9.6)
Settlement of phantom units		4.2		4.2
Amortization of phantom units		0.4		0.4
Adjustment to ASC 480 redemption value		(15.4)		(15.4)
Ending balance at Jun. 30, 2023	0.7	(540.3)	(8.2)	(547.8)
Beginning balance at Mar. 31, 2023	1.1	(518.9)	(8.3)	(526.1)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income			0.1	0.1
Net income (loss) attributable to partners	(0.4)	(18.1)		(18.5)
Settlement of tax withholdings on equity-based incentive compensation		(1.7)		(1.7)
Settlement of phantom units		3.7		3.7
Amortization of phantom units		0.2		0.2
Adjustment to ASC 480 redemption value		(5.5)		(5.5)
Ending balance at Jun. 30, 2023	$ 0.7	$ (540.3)	$ (8.2)	$ (547.8)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Operating activities
Net loss	$ (24)	$ (5.2)	$ (110.8)
Non-cash RINs expense		23.4	114
Unrealized (gain) loss on derivative instruments	(14.1)	(55.1)	75.6
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Other non-cash activities		102.2	54.1
Changes in assets and liabilities		(117.9)	(46.1)
Net cash provided by (used in) operating activities		(52.6)	86.8
Investing activities
Additions to property, plant and equipment		(208.2)	(178.8)
Other investing activities			0.2
Net cash used in investing activities		(208.2)	(178.6)
Financing activities
Proceeds from borrowings - revolving credit facility		1,084.8	650
Repayments of borrowings - revolving credit facility		(1,101)	(650)
Proceeds from borrowings - MRL revolving credit agreement		37.2
Repayments of borrowings - MRL revolving credit agreement		(18.7)
Proceeds from borrowings - senior notes		325	325
Repayments of borrowings - senior notes		(121)	(325)
Proceeds from inventory financing		791.2	1,008.4
Payments on inventory financing		(796.6)	(1,014.4)
Proceeds from other financing obligations		95.8	16.7
Payments on other financing obligations		(28.5)	(13.3)
Net cash provided by (used in) financing activities		268.2	(2.6)
Net increase (decrease) in cash, cash equivalents and restricted cash		7.4	(94.4)
Cash, cash equivalents and restricted cash at beginning of period		35.2	121.9
Cash, cash equivalents and restricted cash at end of period	42.6	42.6	27.5
Cash and cash equivalents	36	36	27.5
Restricted cash	$ 6.6	6.6
Supplemental disclosure of non-cash investing activities
Non-cash property, plant and equipment additions		$ 41.7	$ 116.6

Description of the Business

Description of the Business	6 Months Ended
Description of the Business	Jun. 30, 2023
Description of the Business
Description of the Business	1. Description of the Business Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) is a publicly traded Delaware limited partnership. Its common units are listed on the Nasdaq Global Select Market under the ticker symbol “CLMT.” The general partner of the Company is Calumet GP, LLC, a Delaware limited liability company. As of June 30, 2023, the Company had 79,958,262 limited partner common units and 1,631,801 general partner equivalent units outstanding. The general partner owns 2% of the Company and all of the incentive distribution rights (as defined in the Company’s partnership agreement), while the remaining 98% is owned by limited partners. The general partner employs the Company’s employees and the Company reimburses the general partner for certain of its expenses. The Company manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. The unaudited condensed consolidated financial statements of the Company as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022, included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal nature, unless otherwise disclosed. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Annual Report”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Reclassifications Certain amounts in the prior years’ unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash include all highly liquid investments with a maturity of three months or less at the time of purchase. Restricted cash represents cash that is legally restricted under the MRL Term Loan Credit Agreement, and it is included in prepaid expenses and other current assets in the condensed consolidated balance sheets because it is only available to make principal and interest payments under the terms of the agreement. Renewable Identification Numbers (“RINs”) Obligation The Company’s RINs volume obligation (“RVO” or “RINs Obligation”) is an estimated provision for the future purchase of RINs in order to satisfy the U.S. Environmental Protection Agency’s (“EPA”) requirement to blend renewable fuels into certain transportation fuel products pursuant to the Renewable Fuel Standard (“RFS”) of the Clean Air Act (“CAA”). A RIN is a 38-character number assigned to each physical gallon of renewable fuel produced in or imported into the United States. The EPA sets annual volume obligations for the percentage of renewable fuels that must be blended into transportation fuels consumed in the U.S. and, as a producer of transportation fuels from petroleum, the Company is subject to those obligations. Compliance is demonstrated by tendering RINs to the EPA documenting that blending has been accomplished. To the extent the Company is unable to physically blend renewable fuels to satisfy the EPA requirement, it may purchase RINs in the open market to satisfy the annual obligations. The Company accounts for its current period RVO by multiplying the quantity of RINs shortage (based on actual results) by the period end RINs spot price, which is recorded as both a current and long-term liability in the condensed consolidated balance sheets. These liabilities are revalued at the end of each subsequent accounting period, which produce non-cash mark-to-market adjustments that are reflected in cost of sales in the unaudited condensed consolidated statements of operations (with the exception of RINs for compliance year 2019 related to the San Antonio refinery, which amount is reflected in other operating expense in the unaudited condensed consolidated statements of operations). RINs generated by blending may be sold or held to offset future RVO. Any gains or losses from RINs sales are recorded in cost of sales in the unaudited condensed consolidated statements of operations. The liabilities associated with the Company’s RVO are considered recurring fair value measurement. The RFS provision of the CAA allows small refineries to apply at any time for a Small Refinery Exemption (“SRE”) from the renewable blending requirements, and we have applied in respect of compliance years 2019, 2020, 2021 and 2022. In September 2022, EPA finalized, and in July 2023, EPA amended, an alternative RIN retirement schedule for small refineries as set forth below: Compliance Year RINs Retirement Due Date 2019 Calumet carried forward its 2019 RVO into the 2020 compliance year as provided under the RFS. Calumet’s 2019 RVO is now due with the 2020 RVO. 2020 Under the Alt RIN Retirement schedule, five installments of 20% are due: February 1, 2023 May 1, 2023 August 1, 2023 November 1, 2023 February 1, 2024 However, the Fifth Circuit has granted the Shreveport refinery’s motion to stay enforcement while the appeal is pending. A similar motion regarding the Montana refinery was granted by the D.C. Circuit. 2021 March 31, 2023 2022 December 1, 2023 2018 RVO. 2019-2020 RVO. 2021-2022 RVO. Expenses related to RFS compliance have the potential to remain a significant expense for the Specialty Products and Solutions and Montana/Renewables segments. If legal or regulatory changes occur that have the effect of increasing the RINs Obligation, increasing the market price of RINs, or eliminating or narrowing the availability of SREs, the Company could be required to purchase additional RINs in the open market, which may materially increase the costs related to RFS compliance and could have a material adverse effect on the results of operations and liquidity. As of June 30, 2023 and December 31, 2022, the Company had a RINs Obligation recorded on the condensed consolidated balance sheets of $500.2 million and $476.8 million, respectively.

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2023
Revenue Recognition
Revenue Recognition	3. Revenue Recognition The following is a description of principal activities from which the Company generates revenue. Revenues are recognized when control of the promised goods are transferred to the customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods promised within each contract and determines the performance obligations and assesses whether each promised good is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Products The Company manufactures, formulates, and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. In addition, the Company produces fuel and fuel related products, including gasoline, diesel, jet fuel, asphalt, and other fuels products. At our Montana Renewables facility, we process a variety of geographically advantaged renewable feedstocks into renewable fuels, including: renewable diesel, sustainable aviation fuel (“SAF”), renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha. These renewable fuels are distributed into renewable markets in the western half of North America. The Company also blends, packages and markets high-performance branded specialty products through its Royal Purple, Bel-Ray, and TruFuel brands. The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to variable consideration such as product returns, rebates or other discounts to determine the net consideration to which the Company expects to be entitled. The Company transfers control and recognizes revenue upon shipment to the customer or, in certain cases, upon receipt by the customer in accordance with contractual terms. Revenue is recognized when obligations under the terms of a contract with a customer are satisfied and control of the promised goods are transferred to the customer. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. For fuel products, payment is typically due in full between 2 to 30 days of delivery or the start of the contract term, such that payment is typically collected 2 to 30 days subsequent to the satisfaction of performance obligations. For renewable fuel products, payment is typically due in full between 7 to 14 days of delivery or the start of the contract term, such that payment is typically collected 7 to 14 days subsequent to the satisfaction of performance obligations. For specialty products, payment is typically due in full between 30 to 90 days of delivery or the start of the contract term, such that payment is typically collected 30 to 90 days subsequent to the satisfaction of performance obligations. In the normal course of business, the Company does not accept product returns unless the item is defective as manufactured. The expected costs associated with a product assurance warranty continue to be recognized as expense when products are sold. The Company does not offer promised services that could be considered warranties that are sold separately or provide a service in addition to assurance that the related product complies with agreed upon specifications. The Company establishes provisions based on the methods described in ASC 606 for estimated returns as variable consideration when determining the transaction price. Excise and Sales Taxes The Company assesses, collects and remits excise taxes associated with the sale of certain of its fuel products. Furthermore, the Company collects and remits sales taxes associated with certain sales of its products to non-exempt customers. The Company excludes excise taxes and sales taxes that are collected from customers from the transaction price in its contracts with customers. Accordingly, revenue from contracts with customers is net of sales-based taxes that are collected from customers and remitted to taxing authorities. Shipping and Handling Costs Shipping and handling costs are deemed to be fulfillment activities rather than a separate distinct performance obligation. Cost of Obtaining Contracts The Company may incur incremental costs to obtain a sales contract, which under ASC 606 should be capitalized and amortized over the life of the contract. The Company has elected to apply the practical expedient in ASC 340-40-50-5 allowing the Company to expense these costs since the contracts are short-term in nature with a contract term of one year or less. Contract Balances Under product sales contracts, the Company invoices customers for performance obligations that have been satisfied, at which point payment is unconditional. Accordingly, a product sales contract does not give rise to contract assets or liabilities under ASC 606. The Company’s receivables, net of allowance for expected credit losses from contracts with customers as of June 30, 2023 and December 31, 2022 were $252.8 million and $245.7 million, respectively. Transaction Price Allocated to Remaining Performance Obligations The Company’s product sales are short-term in nature with a contract term of one year or less. The Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Additionally, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2023
Inventories
Inventories	4. Inventories The cost of inventory is recorded using the last-in, first-out (“LIFO”) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. In certain circumstances, the Company may decide not to replenish inventory for certain products or product lines during an interim period, in which case, the Company may record interim LIFO adjustments during that period. During the three and six months ended June 30, 2023 and 2022, the Company recorded no activity (exclusive of lower of cost or market (“LCM”) adjustments) in cost of sales in the unaudited condensed consolidated statements due to the permanent liquidation of inventory layers. Costs include crude oil and other feedstocks, labor, processing costs and refining overhead costs. Inventories are valued at the LCM value. The replacement cost of these inventories, based on current market values, would have been $60.1 million and $99.9 million higher than the carrying value of inventory as of June 30, 2023 and December 31, 2022, respectively. On March 31, 2017, June 19, 2017, and November 2, 2022, the Company sold inventory comprised of crude oil, refined products and renewable feedstocks to Macquarie Energy North America Trading Inc. (“Macquarie”) under Supply and Offtake Agreements as described in Note 7 - “Inventory Financing Agreements” related to the Great Falls, Shreveport and Montana Renewables facilities, respectively. Inventories consist of the following (in millions): June 30, 2023 December 31, 2022 Supply and Supply and Titled Offtake Titled Offtake Inventory Agreements (1) Total Inventory Agreements (1) Total Raw materials $ 73.1 $ 40.5 $ 113.6 $ 99.6 $ 22.5 $ 122.1 Work in process 69.2 56.4 125.6 62.5 95.7 158.2 Finished goods 121.6 79.1 200.7 137.3 80.4 217.7 $ 263.9 $ 176.0 $ 439.9 $ 299.4 $ 198.6 $ 498.0 (1) Amounts represent LIFO value and do not necessarily represent the value at which the inventory was sold. Please read Note 7 - “Inventory Financing Agreements” for further information. In addition, the use of the LIFO inventory method may result in increases or decreases to cost of sales in years that inventory volumes decline as the result of charging cost of sales with LIFO inventory costs generated in prior periods. In periods of rapidly declining prices, LIFO inventories may have to be written down to market value due to the higher costs assigned to LIFO layers in prior periods. During the three months ended June 30, 2023 and 2022 June 30, 2023, the Company recorded an increase in cost of sales the Company recorded a decrease in cost of sales

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases
Leases	5. Leases The Company has various operating and finance leases primarily for the use of land, storage tanks, railcars, equipment, precious metals and office facilities that have remaining lease terms of greater than one year to 16 years, some of which include options to extend the lease for up to 32 years, and some of which include options to terminate the lease within one year. Supplemental balance sheet information related to the Company’s leases for the periods presented were as follows (in millions): June 30, December 31, Assets: Classification: 2023 2022 Operating lease assets Other noncurrent assets, net $ 84.0 $ 107.5 Finance lease assets Property, plant and equipment, net (1) 2.5 2.8 Total leased assets $ 86.5 $ 110.3 Liabilities: Current Operating Other current liabilities $ 47.1 $ 70.7 Finance Current portion of long-term debt 1.0 0.9 Non-current Operating Other long-term liabilities 37.5 37.1 Finance Long-term debt, less current portion 2.2 2.5 Total lease liabilities $ 87.8 $ 111.2 (1) Finance lease assets are recorded net of accumulated amortization of $4.6 million and $4.1 million as of June 30, 2023 and December 31, 2022, respectively. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense related to the Company’s leases for the periods presented were as follows (in millions). Three Months Ended June 30, Six Months Ended June 30, Lease Costs: Classification: 2023 2022 2023 2022 Fixed operating lease cost Cost of Sales; SG&A Expenses $ 16.6 $ 18.8 $ 35.6 $ 37.5 Short-term operating lease cost (1) Cost of Sales; SG&A Expenses 2.6 1.8 4.8 3.8 Variable operating lease cost (2) Cost of Sales; SG&A Expenses 0.1 5.3 2.8 6.0 Finance lease cost: Amortization of finance lease assets Cost of Sales 0.3 0.2 0.5 0.4 Interest on lease liabilities Interest expense — 0.1 0.1 1.2 Total lease cost $ 19.6 $ 26.2 $ 43.8 $ 48.9 (1) The Company’s leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets . (2) The Company’s railcar leases typically include a mileage limit the railcar can travel over the life of the lease. For any mileage incurred over this limit, the Company is obligated to pay an agreed upon dollar value for each mile that is traveled over the limit. As of June 30, 2023, the Company had estimated minimum commitments for the payment of rentals under leases which, at inception, had a noncancellable term of more than one year, as follows (in millions): Operating Finance Maturity of Lease Liabilities Leases (1) Leases (2) Total 2023 $ 39.8 $ 0.6 $ 40.4 2024 21.1 1.2 22.3 2025 14.8 0.8 15.6 2026 6.4 0.7 7.1 2027 4.3 0.2 4.5 Thereafter 7.3 0.1 7.4 Total $ 93.7 $ 3.6 $ 97.3 Less: Interest 9.1 0.4 9.5 Present value of lease liabilities $ 84.6 $ 3.2 $ 87.8 Less obligations due within one year 47.1 1.0 48.1 Long-term lease obligation $ 37.5 $ 2.2 $ 39.7 (1) As of June 30, 2023, the Company’s operating lease payments included no material options to extend lease terms that are reasonably certain of being exercised. The Company has no legally binding minimum lease payments for leases signed but not yet commenced as of June 30, 2023. (2) As of June 30, 2023, the Company’s finance lease payments included no material options to extend lease terms that are reasonably certain of being exercised. The Company has no legally binding minimum lease payments for leases that have been signed but not yet commenced as of June 30, 2023. Weighted-Average Lease Term and Discount Rate The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating and finance leases were as follows: June 30, December 31, Lease Term and Discount Rate: 2023 2022 Weighted-average remaining lease term (years): Operating leases 2.9 2.7 Finance leases 3.5 3.9 Weighted-average discount rate: Operating leases 7.2 % 6.9 % Finance leases 7.3 % 7.1 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies.
Commitments and Contingencies	6. Commitments and Contingencies From time to time, the Company is a party to certain claims and litigation incidental to its business, including claims made by various taxation and regulatory authorities, such as the Internal Revenue Service, the EPA and the U.S. Occupational Safety and Health Administration (“OSHA”), as well as various state environmental regulatory bodies and state and local departments of revenue, as the result of audits or reviews of the Company’s business. In addition, the Company has property, business interruption, general liability and various other insurance policies that may result in certain losses or expenditures being reimbursed to the Company. Environmental The Company conducts specialty refining, blending and terminal operations and such activities are subject to stringent federal, regional, state and local laws and regulations governing worker health and safety, the discharge of materials into the environment and environmental protection. These laws and regulations impose obligations that are applicable to the Company’s operations, such as requiring the acquisition of permits to conduct regulated activities, restricting the manner in which the Company may release materials into the environment, requiring remedial activities or capital expenditures to mitigate pollution from former or current operations, requiring the application of specific health and safety criteria addressing worker protection and imposing substantial liabilities for pollution resulting from its operations. Failure to comply with these laws and regulations may result in the assessment of sanctions, including administrative, civil and criminal penalties; the imposition of investigatory, remedial or corrective action obligations or the incurrence of capital expenditures; the occurrence of delays in the permitting, development or expansion of projects and the issuance of injunctive relief limiting or prohibiting Company activities. Moreover, certain of these laws impose joint and several, strict liability for costs required to remediate and restore sites where petroleum hydrocarbons, wastes or other materials have been released or disposed. In addition, new laws and regulations, new interpretations of existing laws and regulations, increased governmental enforcement or other developments, some of which legal requirements are discussed below, could significantly increase the Company’s operational or compliance expenditures. Remediation of subsurface contamination is in process at certain of the Company’s refinery sites and is being overseen by the appropriate state agencies. Based on current investigative and remedial activities, the Company believes that the soil and groundwater contamination at these refineries can be controlled or remediated without having a material adverse effect on the Company’s financial condition. However, such costs are often unpredictable and, therefore, there can be no assurance that the future costs will not become material. Occupational Health and Safety The Company is subject to various laws and regulations relating to occupational health and safety, including the federal Occupational Safety and Health Act, as amended, and comparable state laws. These laws and regulations strictly govern the protection of the health and safety of employees. In addition, OSHA’s hazard communication standard, the EPA’s community right-to-know regulations under Title III of the federal Comprehensive Environmental Response, Compensation and Liability Act, as amended, and similar state statutes require the Company to maintain information about hazardous materials used or produced in the Company’s operations and provide this information to employees, contractors, state and local government authorities and customers. The Company maintains safety and training programs as part of its ongoing efforts to promote compliance with applicable laws and regulations. The Company conducts periodic audits of process safety management systems at each of its locations subject to this standard. The Company’s compliance with applicable health and safety laws and regulations has required, and continues to require, substantial expenditures. Changes in occupational safety and health laws and regulations or a finding of non-compliance with current laws and regulations could result in additional capital expenditures or operating expenses, as well as civil penalties and, in the event of a serious injury or fatality, criminal charges. Other Matters, Claims and Legal Proceedings The Company is subject to matters, claims and litigation incidental to its business. The Company has recorded accruals with respect to certain of its matters, claims and litigation where appropriate, that are reflected in the unaudited condensed consolidated financial statements but are not individually considered material. For other matters, claims and litigation, the Company has not recorded accruals because it has not yet determined that a loss is probable or because the amount of loss cannot be reasonably estimated. While the ultimate outcome of matters, claims and litigation currently pending cannot be determined, the Company currently does not expect these outcomes, individually or in the aggregate (including matters for which the Company has recorded accruals), to have a material adverse effect on its financial position, results of operations or cash flows. The outcome of any matter, claim or litigation is inherently uncertain, however, and if decided adversely to the Company, or if the Company determines that settlement of particular litigation is appropriate, the Company may be subject to liability that could have a material adverse effect on its financial position, results of operations or cash flows. Standby Letters of Credit The Company has agreements with various financial institutions for standby letters of credit, which have been issued primarily to vendors. As of June 30, 2023 and December 31, 2022, the Company had outstanding standby letters of credit of $15.1 million and $35.8 million, respectively, under its senior secured revolving credit facility (the “revolving credit facility”). Please read Note 8 - “Long-Term Debt” for additional information regarding the Company’s revolving credit facility. At June 30, 2023 and December 31, 2022, the maximum amount of letters of credit the Company could issue under its revolving credit facility was subject to borrowing base limitations, with a maximum letter of credit sublimit equal to $255.0 million, which may be increased with the consent of the Agent (as defined in the Credit Agreement) to 90% of revolver commitments then in effect ($500.0 million at June 30, 2023 and December 31, 2022). Throughput Contract Prior to 2020, the Company entered into a long-term agreement to transport crude oil at a minimum of 5,000 bpd through a pipeline, which commenced service in the second quarter of 2020. The agreement also contains a capital recovery charge that increases 2% per annum. This agreement is for seven As of June 30, 2023, the estimated minimum unconditional purchase commitments, including the capital recovery charge, under the agreement were as follows (in millions): Year Commitment 2023 $ 1.9 2024 4.0 2025 4.0 2026 4.0 2027 2.4 Thereafter — Total (1) $ 16.3 (1) As of June 30, 2023, the estimated minimum payments for the unconditional purchase commitments have been accrued and are included in other current liabilities and other long-term liabilities in the condensed consolidated balance sheets. This liability was accrued due to the fact that the contract was entered into to supply crude to a divested facility.

Inventory Financing Agreements

Inventory Financing Agreements	6 Months Ended
Inventory Financing Agreements	Jun. 30, 2023
Inventory Financing Agreements
Inventory Financing Agreements	7. Inventory Financing Agreements The Company is party to several agreements with Macquarie to support the operations of the Great Falls specialty asphalt facility, the Shreveport facility and the Montana Renewables facility (as amended, the “Supply and Offtake Agreements”). On March 20, 2023, Macquarie provided notice of Macquarie’s election of its right to terminate the Great Falls specialty asphalt facility and Shreveport facility agreements, in each case effective December 31, 2023. The Montana Renewables agreement was amended on March 10, 2023 to change the expiration date September 30, 2023 The Supply and Offtake Agreements allow the Company to purchase crude oil, refined products and renewable feedstocks from Macquarie or one of its affiliates. Per the Supply and Offtake Agreements, Macquarie will provide up to 30,000 barrels per day of crude oil to the Great Falls specialty asphalt facility, 60,000 barrels per day of crude oil to the Shreveport facility, and 15,000 barrels per day of renewable feedstocks to the Montana Renewables facility. While title to certain inventories will reside with Macquarie, the Supply and Offtake Agreements are accounted for by the Company similar to a product financing arrangement; therefore, the inventories sold to Macquarie will continue to be included in the Company’s condensed consolidated balance sheets until processed and sold to a third party. For the three months ended June 30, 2023 and 2022, the Company incurred an expense of $7.6 million and $4.8 million, respectively, for financing costs related to the Supply and Offtake Agreements, which are included in interest expense in the Company’s unaudited condensed consolidated statements of operations. For the six months ended June 30, 2023 and 2022, the Company incurred an expense of $14.6 million and $16.3 million, respectively, for financing costs related to the Supply and Offtake Agreements, which are included in interest expense in the Company’s unaudited condensed consolidated statements of operations. The Company has provided cash collateral of $20.1 million related to the initial purchase of the Great Falls specialty asphalt facility, Shreveport facility and Montana Renewables facility inventory to cover credit risk for future crude oil deliveries and potential liquidation risk if Macquarie exercises its rights and sells the inventory to third parties. The collateral was recorded as a reduction to the obligations. The Supply and Offtake Agreements also include a deferred payment arrangement (“Deferred Payment Arrangement”) whereby the Company can defer payments on just-in-time crude oil purchases from Macquarie owed under the agreements up to the value of the collateral provided (up to 90% of the collateral inventory). The deferred amounts under the Deferred Payment Arrangement bear interest at a rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 3.25% per annum for the Shreveport facility and both Montana facilities. Amounts outstanding under the Deferred Payment Arrangement are included in obligations under inventory financing agreements in the Company’s condensed consolidated balance sheets. Changes in the amount outstanding under the Deferred Payment Arrangement are included within cash flows from financing activities in the Company’s unaudited condensed consolidated statements of cash flows. As of June 30, 2023 and December 31, 2022, the Company had $41.7 million and $36.0 million of deferred payments outstanding, respectively. In addition to the Deferred Payment Arrangement, Macquarie advanced the Company an additional $5.0 million, which was paid back to Macquarie by the Company in the first quarter of 2023. No amounts advanced to the Company by Macquarie remained outstanding as of June 30, 2023.

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2023
Long-Term Debt.
Long-Term Debt	8. Long-Term Debt Long-term debt consisted of the following (in millions): June 30, December 31, 2023 2022 Borrowings under amended and restated senior secured revolving credit agreement with third-party lenders, interest payments quarterly, borrowings due January 2027, weighted average interest rates of 6.7% and 4.7% for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively. $ 87.8 $ 104.0 Borrowings under amended secured MRL revolving credit agreement with third-party lender, interest payments quarterly, borrowings due November 2027, weighted average interest rate of 6.8% for the six months ended June 30, 2023. 18.5 — Borrowings under the 2024 Secured Notes, interest at a fixed rate of 9.25%, interest payments semiannually, borrowings due July 2024, effective interest rate of 9.5% for the six months ended June 30, 2023 and the year ended December 31, 2022. 179.0 200.0 Borrowings under the 2025 Notes, interest at a fixed rate of 11.0%, interest payments semiannually, borrowings due April 2025, effective interest rate of 11.4% for the six months ended June 30, 2023 and the year ended December 31, 2022. 413.5 513.5 Borrowings under the 2027 Notes, interest at a fixed rate of 8.125%, interest payments semiannually, borrowings due July 2027, effective interest rate of 8.3% for the six months ended June 30, 2023 and the year ended December 31, 2022. 325.0 325.0 Borrowings under the 2028 Notes, interest at a fixed rate of 9.75%, interest payments semiannually, borrowings due July 2028, effective interest rate of 10.2% for the six months ended June 30, 2023. 325.0 — MRL Term Loan Credit Agreement 74.8 — Shreveport terminal asset financing arrangement 54.5 58.2 MRL asset financing arrangements 385.1 370.1 Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028 3.2 3.4 Less unamortized debt issuance costs (1) (16.3) (12.1) Less unamortized discounts (3.9) (2.4) Total debt $ 1,846.2 $ 1,559.7 Less current portion of long-term debt 21.9 20.0 Total long-term debt $ 1,824.3 $ 1,539.7 (1) Deferred debt issuance costs are being amortized by the effective interest rate method over the lives of the related debt instruments. These amounts are net of accumulated amortization of $24.2 million and $22.3 million at June 30, 2023 and December 31, 2022, respectively. 9.75% Senior Notes due 2028 (the “2028 Notes”) On June 27, 2023, the Company issued and sold $325.0 million in aggregate principal amount of 2028 Notes, in a private placement pursuant to Section 4(a)(2) of the Securities Act to eligible purchasers at par. The Company received net proceeds of $319.1 million, after deducting the initial purchasers’ discount and offering expenses, which the Company used a portion of the net proceeds to fund offers (collectively, the “Tender Offers”) to purchase (i) any and all of its outstanding $200.0 million in aggregate principal amount of 2024 Secured Notes (as defined below) and (ii) up to $100.0 million in aggregate principal amount of its outstanding 2025 Notes (as defined below) and pay related premiums and expenses, with the remaining net proceeds to be used for general partnership purposes, including debt repayment. On June 28, 2023, in connection with the early settlement of the Tender Offers, the Company used approximately $125.5 million (excluding accrued and unpaid interest and related expenses) of the proceeds from the offering of the 2028 Notes to fund the repurchase of (i) approximately $21.0 million in aggregate principal amount of 2024 Secured Notes and (ii) $100.0 million in aggregate principal amount of the 2025 Notes and pay related premiums. Interest on the 2028 Notes is paid semiannually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. 8.125% Senior Notes due 2027 (the “2027 Notes”) On January 20, 2022, the Company issued and sold $325.0 million in aggregate principal amount of 2027 Notes, in a private placement pursuant to Section 4(a)(2) of the Securities Act to eligible purchasers at par. The Company received net proceeds of $319.1 million, after deducting the initial purchasers’ discount and offering expenses, which the Company used, along with cash on hand, to fund the redemption of $325.0 million aggregate principal amount of its 2023 Senior Notes at a redemption price of par, plus accrued and unpaid interest to the redemption date of February 11, 2022. In conjunction with the redemption of the 2023 Senior Notes, the Company recorded a loss from debt extinguishment of $1.0 million, which is reflected in other income (expense) in the unaudited condensed consolidated statements of operations for the six months ended June 30, 2022. Interest on the 2027 Notes is paid semiannually in arrears on January 15 and July 15 of each year, beginning on July 15, 2022. 11.00% Senior Notes due 2025 (the “2025 Notes”) and 9.25% Senior Secured First Lien Notes due 2024 (the “2024 Secured Notes”) The Company intends to redeem, at some point after July 15, 2023, approximately $179.0 million in aggregate principal amount of 2024 Secured Notes that remain outstanding after the completion of the Tender Offer for the 2024 Secured Notes, at par, plus accrued and unpaid interest to, but not including, the redemption date. In conjunction with the repurchase of the 2024 Secured Notes and 2025 Notes in connection with the Tender Offers described above, the Company recorded a loss from debt extinguishment of $5.2 million, which is reflected in other expense in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2023. Senior Notes The 2024 Secured Notes, 2025 Notes, 2027 Notes and 2028 Notes (collectively, the “Senior Notes”) are subject to certain automatic customary releases, including the sale, disposition, or transfer of capital stock or substantially all of the assets of a subsidiary guarantor, designation of a subsidiary guarantor as unrestricted in accordance with the applicable indenture, exercise of legal defeasance option or covenant defeasance option, liquidation or dissolution of the subsidiary guarantor and a subsidiary guarantor ceases to both guarantee other Company debt and to be an obligor under the revolving credit facility. The Company’s operating subsidiaries may not sell or otherwise dispose of all or substantially all of their properties or assets to, or consolidate with or merge into, another company if such a sale would cause a default under the indentures governing the Senior Notes. The indentures governing the Senior Notes contain covenants that, among other things, restrict the Company’s ability and the ability of certain of the Company’s subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase the Company’s common units or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue preferred units; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from the Company’s restricted subsidiaries to the Company; (vii) consolidate, merge or transfer all or substantially all of the Company’s assets; (viii) engage in transactions with affiliates and (ix) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. At any time when the Senior Notes are rated investment grade by either Moody’s Investors Service, Inc. (“Moody’s”) or S&P Global Ratings (“S&P”) and no Default or Event of Default, each as defined in the indentures governing the Senior Notes, has occurred and is continuing, many of these covenants will be suspended. As of June 30, 2023, the Company was in compliance with all covenants under the indentures governing the Senior Notes. MRL Asset Financing Arrangements On August 5, 2022, Montana Renewables, LLC (“MRL”), a wholly owned subsidiary of the Company, entered into Equipment Schedule No. 2 (the “Equipment Schedule”) and an Interim Funding Agreement (the “Funding Agreement”) with Stonebriar Commercial Finance LLC (“Stonebriar”). The Equipment Schedule and the Funding Agreement each constitute a schedule under the Master Lease Agreement (the “Lease Agreement”) dated as of December 31, 2021 between MRL and Stonebriar. The Equipment Schedule provides that Stonebriar will purchase from and lease back to MRL a hydrocracker, intended to produce renewable diesel and related products, for a purchase price of $250.0 million. The Funding Agreement provides $100.0 million in financing for the design and construction of a feedstock pre-treater facility. The transactions with Stonebriar described in this paragraph are referred to herein as the “MRL asset financing arrangements.” Third Amended and Restated Senior Secured Revolving Credit Facility On January 20, 2022, the Company entered into the Third Amendment to its revolving credit facility (the “Credit Facility Amendment”), which, among other changes, (a) extended the term of the revolving credit facility for five years from the date of the Credit Facility Amendment, (b) reduced aggregate commitments under the revolving credit facility to $500.0 million, which includes a FILO tranche, and (c) replaced LIBOR as a reference interest rate with a new reference interest rate based on SOFR. The borrowing capacity at June 30, 2023, under the revolving credit facility was approximately $441.0 million. As of June 30, 2023, the Company had outstanding borrowings of $87.8 million under the revolving credit facility and outstanding standby letters of credit of $15.1 million, leaving approximately $338.1 million of unused capacity. The revolving credit facility contains various covenants that limit, among other things, the Company’s ability to: incur indebtedness; grant liens; dispose of certain assets; make certain acquisitions and investments; redeem or prepay other debt or make other restricted payments such as distributions to unitholders; enter into transactions with affiliates; and enter into a merger, consolidation or sale of assets. Further, the revolving credit facility contains one springing financial covenant which provides that only if the Company’s availability to borrow loans under the revolving credit facility falls below an amount equal to the greater of (i) 10% of the Borrowing Base (as defined in the Credit Agreement) then in effect, and (ii) $35.0 million (which amount is subject to increase in proportion to revolving commitment increases), plus the amount of FILO loans outstanding, then the Company will be required to maintain as of the end of each fiscal quarter a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of at least 1.0 to 1.0. As of June 30, 2023, the Company was in compliance with all covenants under the revolving credit facility. MRL Revolving Credit Agreement On November 2, 2022, MRL entered into, as borrower, a Credit Agreement (the “MRL Revolving Credit Agreement”) with Montana Renewables Holdings LLC (“MRHL”), the parent company of MRL, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lender, which MRL Revolving Credit Agreement provides for a secured revolving credit facility in the maximum amount of $90.0 million outstanding, with the option to request additional commitments of up to $15.0 million, and with a maturity date of November 2, 2027. The borrowing capacity at June 30, 2023, under the MRL Revolving Credit Agreement was approximately $45.9 million. As of June 30, 2023, MRL had outstanding borrowings of $18.5 million under the MRL Revolving Credit Agreement. MRL Term Loan Credit Agreement On April 19, 2023, MRL and MRHL entered into a Credit Agreement (the “MRL Term Loan Credit Agreement”) with a group of financial institutions, including I Squared Capital and Delaware Trust Company, as administrative agent, that provides for a $75.0 million term loan facility with a maturity date of April 19, 2028 (the “Maturity Date”). The MRL Term Loan Credit Agreement provides for a variable interest rate based on the SOFR plus 6.0% to 7.3% per annum. The borrowings under the MRL Term Loan Credit Agreement are repayable in quarterly installments commencing on June 30, 2023, in an amount equal to 0.25% of the outstanding principal amount under the MRL Term Loan Credit Agreement as of each quarterly payment date, plus additional principal payments to the extent MRL has excess cash flows, pursuant to the terms of the MRL Term Loan Credit Agreement. The remaining borrowings under the MRL Term Loan Credit Agreement are repayable on the Maturity Date. Maturities of Long-Term Debt As of June 30, 2023, principal payments on debt obligations and future minimum rentals on finance lease obligations are as follows (in millions): Year Maturity 2023 $ 10.1 2024 202.0 2025 438.6 2026 27.6 2027 475.8 Thereafter 712.3 Total $ 1,866.4

Derivatives

Derivatives	6 Months Ended
Derivatives	Jun. 30, 2023
Derivatives
Derivatives	9. Derivatives The Company is exposed to price risks due to fluctuations in the price of crude oil, refined products, natural gas and precious metals. The Company uses various strategies to reduce its exposure to commodity price risk. The strategies to reduce the Company’s risk utilize both physical forward contracts and financially settled derivative instruments, such as swaps, collars, options and futures, to attempt to reduce the Company’s exposure with respect to: ● crude oil purchases and sales; ● fuel product sales and purchases; ● natural gas purchases; ● precious metals purchases; and ● fluctuations in the value of crude oil between geographic regions and between the different types of crude oil such as New York Mercantile Exchange West Texas Intermediate (“NYMEX WTI”), Light Louisiana Sweet, Western Canadian Select (“WCS”), WTI Midland, Mixed Sweet Blend, Magellan East Houston and ICE Brent. The Company manages its exposure to commodity markets, credit, volumetric and liquidity risks to manage its costs and volatility of cash flows as conditions warrant or opportunities become available. These risks may be managed in a variety of ways that may include the use of derivative instruments. Derivative instruments may be used for the purpose of mitigating risks associated with an asset, liability and anticipated future transactions and the changes in fair value of the Company’s derivative instruments will affect its earnings and cash flows; however, such changes should be offset by price or rate changes related to the underlying commodity or financial transaction that is part of the risk management strategy. The Company does not speculate with derivative instruments or other contractual arrangements that are not associated with its business objectives. Speculation is defined as increasing the Company’s natural position above the maximum position of its physical assets or trading in commodities, currencies or other risk bearing assets that are not associated with the Company’s business activities and objectives. The Company’s positions are monitored routinely by a risk management committee to ensure compliance with its stated risk management policy and documented risk management strategies. All strategies are reviewed on an ongoing basis by the Company’s risk management committee, which will add, remove or revise strategies in anticipation of changes in market conditions and/or its risk profiles. Such changes in strategies are to position the Company in relation to its risk exposures in an attempt to capture market opportunities as they arise. The Company is obligated to repurchase crude oil, refined products and renewable feedstocks from Macquarie at the termination of the Supply and Offtake Agreements in certain scenarios. The Company has determined that the redemption feature on the initially recognized liability related to the Supply and Offtake Agreements is an embedded derivative indexed to commodity prices. As such, the Company has accounted for these embedded derivatives at fair value with changes in the fair value, if any, recorded in Gain (loss) on derivative instruments in the Company’s unaudited condensed consolidated statements of operations. The Company recognizes all derivative instruments at their fair values (please read Note 10 - “Fair Value Measurements”) as either current assets or derivative liabilities or other noncurrent assets, net or other long-term liabilities in the condensed consolidated balance sheets. Fair value includes any premiums paid or received and unrealized gains and losses. Fair value does not include any amounts receivable from or payable to counterparties, or collateral provided to counterparties. Derivative asset and liability amounts with the same counterparty are netted against each other for financial reporting purposes in accordance with the provisions of our master netting arrangements. 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 condensed consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Gross Net Amounts Gross Net Amounts Amounts of Assets Amounts of Liabilities Offset in the Presented Offset in the Presented Gross Condensed in the Gross Condensed in the Amounts of Consolidated Condensed Amounts of Consolidated Condensed Balance Sheet Recognized Balance Consolidated Recognized Balance Consolidated Location Assets Sheets Balance Sheets Liabilities Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Crack spread swaps Derivative assets / Other noncurrent assets, net $ 39.3 $ (19.1) $ 20.2 $ — $ — $ — Montana/Renewables segment: Inventory financing obligation Obligations under inventory financing agreements 12.6 (12.6) — — — — Total derivative instruments $ 51.9 $ (31.7) $ 20.2 $ — $ — $ — 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 condensed consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Net Amounts Gross of Liabilities Gross Net Amounts Amounts Presented in Amounts of Liabilities Offset in the the Offset in the Presented in Gross Condensed Condensed Gross Condensed the Amounts of Consolidated Consolidated Amounts of Consolidated Condensed Balance Sheet Recognized Balance Balance Recognized Balance Consolidated Location Liabilities Sheets Sheets Liabilities Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Inventory financing obligation Obligations under inventory financing agreements $ (40.7) $ — $ (40.7) $ (38.0) $ — $ (38.0) Crack spread swaps Derivative liabilities / Other long-term liabilities (19.1) 19.1 — (50.6) 19.3 (31.3) Montana/Renewables segment: Inventory financing obligation Obligations under inventory financing agreements (10.8) 12.6 1.8 (15.8) 11.3 (4.5) Total derivative instruments $ (70.6) $ 31.7 $ (38.9) $ (104.4) $ 30.6 $ (73.8) The Company is exposed to credit risk in the event of nonperformance by its counterparties on these derivative transactions. The Company does not expect nonperformance on any derivative instruments, however, no assurances can be provided. The Company’s credit exposure related to these derivative instruments is represented by the fair value of contracts reported as derivative assets. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings. The Company primarily executes its derivative instruments with large financial institutions that have ratings of at least A3 and BBB+ by Moody’s and S&P, respectively. In the event of default, the Company would potentially be subject to losses on derivative instruments with mark-to-market gains. The Company requires collateral from its counterparties when the fair value of the derivatives exceeds agreed-upon thresholds in its master derivative contracts with these counterparties. No such collateral was held by the Company as of June 30, 2023 or December 31, 2022. Collateral received from counterparties is reported in other current liabilities, and collateral held by counterparties is reported in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheets and is not netted against derivative assets or liabilities. Any outstanding collateral is released to the Company upon settlement of the related derivative instrument liability. As of June 30, 2023 and December 31, 2022, the Company was not required to provide collateral to its counterparties. Certain of the Company’s outstanding derivative instruments are subject to credit support agreements with the applicable counterparties which contain provisions setting certain credit thresholds above which the Company may be required to post agreed-upon collateral, such as cash or letters of credit, with the counterparty to the extent that the Company’s mark-to-market net liability, if any, on all outstanding derivatives exceeds the credit threshold amount per such credit support agreement. The majority of the credit support agreements covering the Company’s outstanding derivative instruments also contain a general provision stating that if the Company experiences a material adverse change in its business, in the reasonable discretion of the counterparty, the Company’s credit threshold could be lowered by such counterparty. The Company does not expect that it will experience a material adverse change in its business. The cash flow impact of the Company’s derivative activities are included within cash flows from operating activities in the unaudited condensed consolidated statements of cash flows. Derivative Instruments Not Designated as Hedges For derivative instruments not designated as hedges, the change in fair value of the asset or liability for the period is recorded to Gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. Upon the settlement of a derivative not designated as a hedge, the gain or loss at settlement is recorded to Gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. The Company has entered into crack spread swaps and crude oil swaps that do not qualify as cash flow hedges for accounting purposes. However, these instruments provide economic hedges of the purchases and sales of the Company’s crude oil and refined products. The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three months ended June 30, 2023 and 2022, related to its derivative instruments not designated as hedges (in millions): Amount of Realized Gain (Loss) Recognized in Gain (Loss) on Amount of Unrealized Gain (Loss) Derivative Recognized in Gain (Loss) on Derivative Instruments Instruments Three Months Ended June 30, Three Months Ended June 30, Type of Derivative 2023 2022 2023 2022 Specialty Products and Solutions segment: Inventory financing obligation $ — $ — $ 1.3 $ (10.9) Crack spread swaps 0.2 (13.3) 12.7 (42.9) Crude oil swaps — (0.8) — 0.3 Montana/Renewables segment: Inventory financing obligation — — 0.1 — Total $ 0.2 $ (14.1) $ 14.1 $ (53.5) The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the six months ended June 30, 2023 and 2022, related to its derivative instruments not designated as hedges (in millions): Amount of Realized Loss Recognized in Gain (Loss) on Amount of Unrealized Gain (Loss) Derivative Recognized in Gain (Loss) on Derivative Instruments Instruments Six Months Ended June 30, Six Months Ended June 30, Type of Derivative 2023 2022 2023 2022 Specialty Products and Solutions segment: Inventory financing obligation $ — $ — $ (2.7) $ (25.6) Crack spread swaps (15.3) (13.3) 51.5 (45.5) Crude oil swaps — (0.8) — — Montana/Renewables segment: Inventory financing obligation — — 6.3 (4.5) Total $ (15.3) $ (14.1) $ 55.1 $ (75.6) Derivative Positions At June 30, 2023, the Company had the following notional contract volumes related to outstanding derivative instruments: Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2023 Unit of Measure Derivative instruments not designated as hedges: Crack spread swaps - sales 3,680,000 3,680,000 Barrels Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2024 Unit of Measure Derivative instruments not designated as hedges: Crack spread swaps - sales 2,928,000 2,928,000 Barrels

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	10. Fair Value Measurements In accordance with ASC 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following: ● Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable ● Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment. Recurring Fair Value Measurements Derivative Assets and Liabilities Derivative instruments are reported in the accompanying unaudited condensed consolidated financial statements at fair value. The Company’s derivative instruments consist of over-the-counter contracts, which are not traded on a public exchange. Substantially all of the Company’s derivative instruments are with counterparties that have long-term credit ratings of at least A3 and BBB+ by Moody’s and S&P, respectively. Commodity derivative instruments are measured at fair value using a market approach. To estimate the fair values of the Company’s commodity derivative instruments, the Company uses the forward rate, the strike price, contractual notional amounts, the risk-free rate of return and contract maturity. Various analytical tests are performed to validate the counterparty data. The fair values of the Company’s derivative instruments are adjusted for nonperformance risk and creditworthiness of the counterparty through the Company’s credit valuation adjustment (“CVA”). The CVA is calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages. The Company uses the counterparty’s marginal default rate and the Company’s survival rate when the Company is in a net asset position at the payment date and uses the Company’s marginal default rate and the counterparty’s survival rate when the Company is in a net liability position at the payment date. As a result of applying the applicable CVA at June 30, 2023 and December 31, 2022, the Company’s net assets and net liabilities changed, in each case, by an immaterial amount. Observable inputs utilized to estimate the fair values of the Company’s derivative instruments were based primarily on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Based on the use of various unobservable inputs, principally non-performance risk, creditworthiness of the counterparties and unobservable inputs in the forward rate, the Company has categorized these derivative instruments as Level 3. Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly lower (higher) fair value measurement. The Company believes it has obtained the most accurate information available for the types of derivative instruments it holds. Please read Note 9 - “Derivatives” for further information on derivative instruments. Pension Assets Pension assets are reported at fair value in the accompanying unaudited condensed consolidated financial statements. At June 30, 2023 and December 31, 2022, the Company’s investments associated with its pension plan consisted of (i) cash and cash equivalents, (ii) fixed income bond funds, (iii) mutual equity funds, and (iv) mutual balanced funds. The fixed income bond funds, mutual equity funds, and mutual balanced funds are measured at fair value using a market approach based on quoted prices from national securities exchanges and are categorized in Level 1 of the fair value hierarchy. Liability Awards Unit-based compensation liability awards are awards that are currently expected to be settled in cash on their vesting dates, rather than in equity units (“Liability Awards”). The Liability Awards are categorized as Level 1 because the fair value of the Liability Awards is based on the Company’s quoted closing unit price as of each balance sheet date. Renewable Identification Numbers Obligation The Company’s RINs Obligation is categorized as Level 2 and is measured at fair value using the market approach based on prices obtained from an independent pricing service. Please read Note 2 - “Summary of Significant Accounting Policies” for further information on the Company’s RINs Obligation. Precious Metals Obligations The fair value of precious metals obligations is based upon unadjusted exchange-quoted prices and is, therefore, classified within Level 1 of the fair value hierarchy. Hierarchy of Recurring Fair Value Measurements The Company’s recurring assets and liabilities measured at fair value were as follows (in millions): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets: Crack spread swaps $ — $ — $ 20.2 $ 20.2 $ — $ — $ — $ — Total derivative assets $ — $ — $ 20.2 $ 20.2 $ — $ — $ — $ — Pension plan investments $ 27.0 $ — $ — $ 27.0 $ 26.4 $ — $ — $ 26.4 Total recurring assets at fair value $ 27.0 $ — $ 20.2 $ 47.2 $ 26.4 $ — $ — $ 26.4 Liabilities: Derivative liabilities: Inventory financing obligation $ — $ — $ (38.9) $ (38.9) $ — $ — $ (42.5) $ (42.5) Crack spread swaps — — — — — — (31.3) (31.3) Total derivative liabilities $ — $ — $ (38.9) $ (38.9) $ — $ — $ (73.8) $ (73.8) RINs obligation — (500.2) — (500.2) — (476.8) — (476.8) Precious metals obligations (6.3) — — (6.3) (7.5) — — (7.5) Liability awards (53.0) — — (53.0) (52.9) — — (52.9) Total recurring liabilities at fair value $ (59.3) $ (500.2) $ (38.9) $ (598.4) $ (60.4) $ (476.8) $ (73.8) $ (611.0) The table below sets forth a summary of net changes in fair value of the Company’s Level 3 financial assets and liabilities (in millions): Six Months Ended June 30, 2023 2022 Fair value at January 1, $ (73.8) $ (27.9) Realized loss on derivative instruments (15.3) (14.1) Unrealized gain (loss) on derivative instruments 55.1 (75.6) Settlements 15.3 14.1 Fair value at June 30, $ (18.7) $ (103.5) Total gain (loss) included in net loss attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of June 30, $ 55.1 $ (75.6) Nonrecurring Fair Value Measurements Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company assesses goodwill for impairment annually and whenever events or changes in circumstances indicate its carrying value may not be recoverable. The fair value of the reporting units is determined using the income approach. The income approach focuses on the income-producing capability of an asset, measuring the current value of the asset by calculating the present value of its future economic benefits such as cash earnings, cost savings, corporate tax structure and product offerings. Value indications are developed by discounting expected cash flows to their present value at a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation and risks associated with the reporting unit. These assets would generally be classified within Level 3, in the event that the Company were required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. The Company periodically evaluates the carrying value of long-lived assets to be held and used, including definite-lived intangible assets and property, plant and equipment, when events or circumstances warrant such a review. Fair value is determined primarily using anticipated cash flows assumed by a market participant discounted at a rate commensurate with the risk involved and these assets would generally be classified within Level 3, in the event that the Company was required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. Estimated Fair Value of Financial Instruments Cash, cash equivalents and restricted cash The carrying value of cash, cash equivalents and restricted cash are each considered to be representative of their fair value. Debt The estimated fair value of long-term debt at June 30, 2023 and December 31, 2022, consists primarily of senior notes. The estimated fair value of the Company’s 2024 Secured Notes and 2025, 2027 and 2028 Senior Notes defined as Level 2 was based upon quoted prices for identical or similar liabilities in markets that are not active. The carrying value of borrowings, if any, under the Company’s revolving credit facility, MRL revolving credit agreement, MRL asset financing arrangements, MRL term loan credit agreement, finance lease obligations and other obligations are classified as Level 3. Please read Note 8 - “Long-Term Debt” for further information on long-term debt. The Company’s carrying value and estimated fair value of the Company’s financial instruments, carried at adjusted historical cost, were as follows (in millions): June 30, 2023 December 31, 2022 Level Fair Value Carrying Value Fair Value Carrying Value Financial Instrument: 2024 Secured Notes, 2025 Notes, 2027 Notes, and 2028 Notes 2 $ 1,239.5 $ 1,230.5 $ 1,045.2 $ 1,030.0 Revolving credit facility 3 $ 87.8 $ 85.1 $ 104.0 $ 100.9 MRL revolving credit agreement 3 $ 18.5 $ 18.0 $ — $ (0.6) MRL term loan credit agreement 3 $ 74.8 $ 71.8 $ — — Shreveport terminal asset financing arrangement 3 $ 54.5 $ 53.7 $ 58.2 $ 57.2 MRL asset financing arrangements 3 $ 385.1 $ 383.9 $ 370.1 $ 368.8 Finance leases and other obligations 3 $ 3.2 $ 3.2 $ 3.4 $ 3.4

Earnings Per Unit

Earnings Per Unit	6 Months Ended
Earnings Per Unit	Jun. 30, 2023
Earnings Per Unit
Earnings Per Unit	11. Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per limited partner unit (in millions, except unit and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per limited partner unit: Net loss $ (24.0) $ (15.3) $ (5.2) $ (110.8) Net loss attributable to noncontrolling interest (5.5) — (15.4) — Net income (loss) attributable to partners $ (18.5) $ (15.3) $ 10.2 $ (110.8) Less: General partner’s interest in net income (loss) (0.4) (0.3) 0.2 (2.2) Net income (loss) attributable to limited partners $ (18.1) $ (15.0) $ 10.0 $ (108.6) Denominator for earnings per limited partner unit: Basic weighted average limited partner units outstanding 80,152,648 79,424,383 79,992,637 79,241,515 Effect of dilutive securities: Incremental units — — 109,795 — Diluted weighted average limited partner units outstanding (1) 80,152,648 79,424,383 80,102,432 79,241,515 Limited partners’ interest basic net income (loss) per unit: Limited partners’ interest $ (0.23) $ (0.19) $ 0.13 $ (1.37) Limited partners’ interest diluted net income (loss) per unit: Limited partners’ interest $ (0.23) $ (0.19) $ 0.12 $ (1.37) (1) Total diluted weighted average limited partner units outstanding excludes a de-minimis amount of potentially dilutive phantom units which would have been anti-dilutive for the three months ended June 30, 2023 and 2022 and for the six months ended June 30, 2022 .

Segments and Related Informatio

Segments and Related Information	6 Months Ended
Segments and Related Information	Jun. 30, 2023
Segments and Related Information
Segments and Related Information	12. 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 by the chief operating decision maker (“CODM”). 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 Great Falls specialty asphalt facility and our Montana Renewables 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. ● Corporate. The Corporate segment primarily consists of general and administrative expenses not allocated to the Montana/Renewables, Specialty Products and Solutions, or Performance Brands segments. The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies as disclosed in Note 3 - “Summary of Significant Accounting Policies,” of the 2022 Annual Report, 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 Company evaluates performance based upon Adjusted EBITDA (a non-GAAP financial measure). 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) attributable to partners; (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) attributable to partners; (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) attributable to partners; (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; and (k) 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, 2023 and 2022, is as follows (in millions): Specialty Products and Performance Montana/ Consolidated Three Months Ended June 30, 2023 Solutions (1) Brands Renewables Corporate Eliminations Total Sales: External customers $ 684.1 $ 85.5 $ 248.2 $ — $ — $ 1,017.8 Inter-segment sales 5.2 0.1 — — (5.3) — Total sales $ 689.3 $ 85.6 $ 248.2 $ — $ (5.3) $ 1,017.8 Adjusted EBITDA $ 61.0 $ 12.2 $ 12.6 $ (18.1) $ — $ 67.7 Reconciling items to net loss attributable to partners: Depreciation and amortization 19.3 2.4 20.9 0.2 — 42.8 LCM / LIFO (gain) loss 1.5 0.6 (7.9) — — (5.8) Interest expense 6.8 0.1 17.5 31.4 — 55.8 Debt extinguishment costs — — — 5.2 — 5.2 Unrealized gain on derivatives (14.0) — (0.1) — — (14.1) RINs mark-to-market loss 2.2 — 1.4 — — 3.6 Other non-recurring expenses 3.6 Equity-based compensation and other items (0.3) Income tax expense 0.4 Noncontrolling interest adjustments (5.0) Net loss attributable to partners $ (18.5) Capital expenditures $ 18.5 $ 0.3 $ 64.7 $ 0.2 $ — $ 83.7 PP&E, net $ 379.9 $ 33.4 $ 1,120.9 $ 2.2 $ — $ 1,536.4 Specialty Products and Performance Montana/ Consolidated Three Months Ended June 30, 2022 Solutions (2) (3) Brands Renewables Corporate Eliminations Total Sales: External customers $ 979.2 $ 80.1 $ 364.7 $ — $ — $ 1,424.0 Inter-segment sales 7.0 — — — (7.0) — Total sales $ 986.2 $ 80.1 $ 364.7 $ — $ (7.0) $ 1,424.0 Adjusted EBITDA $ 123.5 $ 3.7 $ 68.6 $ (20.0) $ — $ 175.8 Reconciling items to net loss attributable to partners: Depreciation and amortization 16.1 2.8 9.5 1.9 — 30.3 LCM / LIFO gain — (0.2) (1.0) — — (1.2) Interest expense 5.9 — 8.7 28.0 — 42.6 Unrealized loss on derivatives 53.5 — — — — 53.5 RINs mark-to-market loss 44.7 — 24.0 — — 68.7 Equity-based compensation and other items (3.4) Income tax expense 0.6 Net loss attributable to partners $ (15.3) Capital expenditures $ 19.2 $ 0.3 $ 99.8 $ — $ — $ 119.3 PP&E, net $ 373.8 $ 34.1 $ 737.0 $ 4.8 $ — $ 1,149.7 Specialty Products and Performance Montana/ Consolidated Six Months Ended June 30, 2023 Solutions (1) Brands (4) Renewables (5) Corporate Eliminations Total Sales: External customers $ 1,422.8 $ 164.3 $ 467.6 $ — $ — $ 2,054.7 Inter-segment sales 10.6 0.1 — — (10.7) — Total sales $ 1,433.4 $ 164.4 $ 467.6 $ — $ (10.7) $ 2,054.7 Adjusted EBITDA $ 137.4 $ 28.6 $ 17.4 $ (38.0) $ — $ 145.4 Reconciling items to net income attributable to partners: Depreciation and amortization 35.2 4.9 39.4 0.5 — 80.0 LCM / LIFO loss 2.7 2.1 9.1 — — 13.9 Interest expense 13.3 0.1 29.9 61.7 — 105.0 Debt extinguishment costs — — — 5.2 — 5.2 Unrealized gain on derivatives (48.8) — (6.3) — — (55.1) RINs mark-to-market gain (28.6) — (13.9) — — (42.5) Other non-recurring expenses 33.1 Equity-based compensation and other items 8.7 Income tax expense 0.9 Noncontrolling interest adjustments (14.0) Net income attributable to partners $ 10.2 Capital expenditures $ 40.0 $ 1.0 $ 179.9 $ 0.3 $ — $ 221.2 PP&E, net $ 379.9 $ 33.4 $ 1,120.9 $ 2.2 $ — $ 1,536.4 Specialty Products and Performance Montana/ Consolidated Six Months Ended June 30, 2022 Solutions (2) (3) Brands Renewables Corporate Eliminations Total Sales: External customers $ 1,748.6 $ 153.3 $ 620.0 $ — $ — $ 2,521.9 Inter-segment sales 12.6 — — — (12.6) — Total sales $ 1,761.2 $ 153.3 $ 620.0 $ — $ (12.6) $ 2,521.9 Adjusted EBITDA $ 151.6 $ 9.0 $ 77.6 $ (39.1) $ — $ 199.1 Reconciling items to net loss attributable to partners: Depreciation and amortization 32.0 5.6 19.0 3.9 — 60.5 LCM / LIFO gain (3.4) (0.2) (3.6) — — (7.2) Interest expense 16.8 1.1 18.8 57.5 — 94.2 Unrealized loss on derivatives 71.1 — 4.5 — — 75.6 RINs mark-to-market loss 50.8 — 27.3 — — 78.1 Other non-recurring expenses 3.8 Equity-based compensation and other items 3.6 Income tax expense 1.3 Net loss attributable to partners $ (110.8) Capital expenditures $ 30.3 $ 0.9 $ 165.0 $ 0.1 $ — $ 196.3 PP&E, net $ 373.8 $ 34.1 $ 737.0 $ 4.8 $ — $ 1,149.7 (1) For the three and six months ended June 30, 2023, Adjusted EBITDA for the Specialty Products and Solutions segment included a $ 1.3 million and $2.4 million gain, respectively, recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s property damage insurance policy. (2) For the three and six months ended June 30, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $13.9 million gain recorded to cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s business interruption insurance policy. The Company incurred business losses due to increased costs arising from a polar vortex that occurred in 2021 in northwest Louisiana. As a result, the Company filed a contingent business interruption claim. Specifically, the losses included a loss of throughput at the Shreveport refinery and additional transportation related expenses. (3) For the three and six months ended June 30, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $4.4 million gain recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s property damage insurance policy as a result of damages caused by a polar vortex that occurred in 2021. (4) For the six months ended June 30, 2023, Adjusted EBITDA for the Performance Brands segment included a $5.0 million gain recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s business interruption insurance policy. (5) For the six months ended June 30, 2023, Adjusted EBITDA for the Montana/Renewables segment excluded a $28.4 million charge to cost of sales in the unaudited condensed consolidated statements of operations for losses under firm purchase commitments. Geographic Information International sales accounted for less than ten percent of consolidated sales in the three and six months ended June 30, 2023 and 2022. Product Information 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 and six months ended June 30, 2023 and 2022 (dollars in millions): Three Months Ended June 30, 2023 2022 Specialty Products and Solutions: Lubricating oils $ 186.3 18.3 % $ 245.3 17.2 % Solvents 96.2 9.5 % 120.6 8.5 % Waxes 40.2 3.9 % 49.8 3.5 % Fuels, asphalt and other by-products 361.4 35.5 % 563.5 39.6 % Total $ 684.1 67.2 % $ 979.2 68.8 % Montana/Renewables: Gasoline $ 40.7 4.0 % $ 67.8 4.8 % Diesel 35.9 3.5 % 180.8 12.7 % Jet fuel 5.6 0.6 % 14.8 1.0 % Asphalt, heavy fuel oils and other 37.8 3.7 % 101.3 7.1 % Renewable fuels 128.2 12.6 % — — % Total $ 248.2 24.4 % $ 364.7 25.6 % Performance Brands: $ 85.5 8.4 % $ 80.1 5.6 % Consolidated sales $ 1,017.8 100.0 % $ 1,424.0 100.0 % Six Months Ended June 30, 2023 2022 Specialty Products and Solutions: Lubricating oils $ 401.4 19.5 % $ 454.8 18.0 % Solvents 202.8 9.9 % 212.6 8.5 % Waxes 84.4 4.1 % 94.3 3.7 % Fuels, asphalt and other by-products 734.2 35.7 % 986.9 39.1 % Total $ 1,422.8 69.2 % $ 1,748.6 69.3 % Montana/Renewables: Gasoline $ 83.6 4.1 % $ 126.4 5.0 % Diesel 68.8 3.3 % 297.3 11.9 % Jet fuel 10.5 0.5 % 26.2 1.0 % Asphalt, heavy fuel oils and other 57.9 2.8 % 170.1 6.7 % Renewable fuels 246.8 12.1 % — — % Total $ 467.6 22.8 % $ 620.0 24.6 % Performance Brands: $ 164.3 8.0 % $ 153.3 6.1 % Consolidated sales $ 2,054.7 100.0 % $ 2,521.9 100.0 % Major Customers During the three and six months ended June 30, 2023 and 2022, the Company had no customer that represented 10% or greater of consolidated sales. Major Suppliers During the three months ended June 30, 2023 and 2022, the Company had two suppliers that supplied approximately 91.1% and 85.8%, respectively, of its crude oil supply. During the six months ended June 30, 2023 and 2022, the Company had two suppliers that supplied approximately 92.8% and 85.1% , respectively, of its crude oil supply.

Unrestricted Subsidiaries

Unrestricted Subsidiaries	6 Months Ended
Unrestricted Subsidiaries	Jun. 30, 2023
Unrestricted Subsidiaries
Unrestricted Subsidiaries	13. Unrestricted Subsidiaries As defined in the indentures governing the Company’s outstanding senior notes, an unrestricted subsidiary means MRHL, MRL and any other subsidiary of the Company, other than Calumet Finance Corp., that is designated by the Company’s general partner’s board of directors as an unrestricted subsidiary, but only to the extent that such subsidiary: ● has no indebtedness other than non-recourse debt owing to any person other than the Company or any of its restricted subsidiaries, except to the extent permitted by the indentures of the senior notes; ● is not party to any agreement, contract, arrangement or understanding with the Company or any restricted subsidiary of the Company unless the terms of any such agreement, contract, arrangement or other understanding are no less favorable to the Company or such restricted subsidiary than those that might be obtained at the time from persons who are not affiliates of the Company, except to the extent permitted by the indentures of the senior notes; ● is a person with respect to which neither the Company nor any of its restricted subsidiaries has any direct or indirect obligation (a) to subscribe for additional equity interests or (b) to maintain or preserve such person’s financial condition or to cause such person to achieve any specified levels of operating results, except to the extent permitted by the indentures of the senior notes; and ● has not guaranteed or otherwise directly or indirectly provided credit support for any indebtedness of the Company or any of its restricted subsidiaries. As of June 30, 2023 and December 31, 2022, respectively, MRHL and MRL were the only unrestricted subsidiaries of the Company. In accordance with the indentures governing the Company’s outstanding senior notes, the following tables set forth certain financial information of (i) the Company and its restricted subsidiaries, on a combined basis, (ii) the Company’s unrestricted subsidiaries, on a combined basis, and (iii) the Company and its subsidiaries, on a consolidated basis, in each case, as of June 30, 2023 and December 31, 2022, respectively. Parent Company and Restricted Unrestricted Consolidated June 30, 2023 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 32.6 $ 3.4 $ — $ 36.0 Accounts receivable $ 279.4 $ 35.9 $ — $ 315.3 Inventory $ 330.2 $ 109.7 $ — $ 439.9 Prepaid expenses and other current assets $ 19.6 $ 21.9 $ — $ 41.5 Property, plant and equipment, net $ 747.0 $ 789.4 $ — $ 1,536.4 Other noncurrent assets, net $ 404.2 $ 16.2 $ — $ 420.4 Accounts payable $ 242.9 $ 217.7 $ (182.4) $ 278.2 Accrued interest payable $ 34.4 $ 1.3 — 35.7 Obligations under inventory financing agreements $ 121.4 $ 91.7 $ — $ 213.1 Other current liabilities $ 90.3 $ 9.5 $ — $ 99.8 Current portion of long-term debt $ 8.6 $ 13.3 $ — $ 21.9 Other long-term liabilities $ 50.3 $ 4.1 $ — $ 54.4 Long-term debt $ 1,363.9 $ 560.4 $ (100.0) $ 1,824.3 Redeemable noncontrolling interest $ — $ 250.0 $ — $ 250.0 Partners’ capital (deficit) $ (357.5) $ (171.5) $ (18.8) $ (547.8) Parent Company and Restricted Unrestricted Consolidated December 31, 2022 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 9.4 $ 25.8 $ — $ 35.2 Accounts receivable $ 259.8 $ 8.2 $ — $ 268.0 Inventory $ 370.1 $ 127.9 $ — $ 498.0 Prepaid expenses and other current assets $ 13.2 $ 6.0 $ — $ 19.2 Property, plant and equipment, net $ 760.7 $ 721.3 $ — $ 1,482.0 Other noncurrent assets, net $ 428.8 $ 10.6 $ — $ 439.4 Accounts payable $ 307.6 $ 265.6 $ (130.8) $ 442.4 Obligations under inventory financing agreements $ 158.2 $ 63.6 $ — $ 221.8 Other current liabilities $ 100.8 $ 13.7 $ — $ 114.5 Current portion of long-term debt $ 8.2 $ 11.8 $ — $ 20.0 Other long-term liabilities $ 59.0 $ 1.2 $ — $ 60.2 Long-term debt $ 1,183.3 $ 356.4 $ — $ 1,539.7 Redeemable noncontrolling interest $ — $ 250.0 $ — $ 250.0 Partners’ capital (deficit) $ (456.4) $ (62.5) $ (18.8) $ (537.7) For the three months ended June 30, 2023, the Company’s unrestricted subsidiaries had revenue of $128.2 million, operating costs of $123.6 million, which was exclusive of depreciation expense of $10.7 million, selling, general and administrative expense of $5.6 million, interest expense of $23.9 million, unrealized loss on derivative instruments of $2.9 million, other income of $0.1 million and net loss attributable to noncontrolling interest of $5.5 million. For the three months ended June 30, 2022, the Company’s unrestricted subsidiaries had tolling revenue of $28.9 million, operating costs of $7.0 million, which was exclusive of depreciation expense of $3.8 million, and interest expense of $11.2 million. For the six months ended June 30, 2023, the Company’s unrestricted subsidiaries had revenue of $246.8 million, operating costs of $288.2 million, which was exclusive of depreciation expense of $19.0 million, selling, general and administrative expense of $9.3 million, other operating expense of $3.8 million, interest expense of $36.9 million, unrealized gain on derivative instruments of $1.3 million, other income of $0.1 million and net loss attributable to noncontrolling interest of $15.4 million. For the six months ended June 30, 2022, the Company’s unrestricted subsidiaries had tolling revenue of $43.2 million, operating costs of $13.9 million, which was exclusive of depreciation expense of $7.5 million, and interest expense of $22.3 million.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest	6 Months Ended
Redeemable Noncontrolling Interest	Jun. 30, 2023
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest	14. Redeemable Noncontrolling Interest On August 5, 2022 (the “Closing Date”), MRHL issued and sold 12,500,000 preferred units (“Preferred Units”) in MRHL to an affiliate of Warburg Pincus LLC for $250.0 million for an immediate cash payment of $200.0 million and the agreement to pay the remaining $50.0 million in cash not later than October 3, 2022 (the “Deferred Purchase Price”) in exchange for a Percentage Interest of 14.2% in MRHL. The Company received the cash payment for the Deferred Purchase Price on October 3, 2022. The Preferred Units are not interest bearing and carry certain minimum return thresholds. Holders of the Preferred Units are entitled to receive a preferred return equal to the greater of (i) an internal rate of return, or IRR (as defined in the Second Amended and Restated Limited Liability Company Agreement of MRHL (the “Second A&R LLC Agreement”), equal to 8.0% and (ii) a multiple on invested capital, or MOIC (as defined in the Second A&R LLC Agreement), initially equal to 1.35 and increasing by 0.01 each anniversary of the Closing Date up to a maximum MOIC equal to 1.40 on or after the fifth anniversary of the Closing Date (the “Preferred Return”). Pursuant to the Second A&R LLC Agreement, MRHL is required to distribute all Available Cash (as defined in the Second A&R LLC Agreement), to the members of MRHL (the “Members”) in the following priority: (i) 37.5% to the holders of the Preferred Units and 62.5% to all other Members pro rata based on their Percentage Interests (as defined in the Second A&R LLC Agreement) until the holders of the Preferred Units receive the Preferred Return and (ii) thereafter, 100.0% to the Members pro rata based on their Percentage Interests. Additionally, pursuant to the Second A&R LLC Agreement the Company is required to make distributions to the members sufficient to enable them to pay, on a quarterly basis, federal, state and local taxes arising from the allocations made to such members. Further, such distributions are determined by the Company and shall be made within thirty (30) At any time following the fifth anniversary of the Closing Date, if MRHL has not had an Initial Public Offering or Change of Control (each as defined in the Second A&R LLC Agreement), Warburg has the right to initiate an Initial Public Offering or Change of Control transaction pursuant to the terms of the Second A&R LLC Agreement. Upon the closing of a Qualified Initial Public Offering (as defined in the Second A&R LLC Agreement), each of MRHL and Warburg have the right to elect to convert all (but not less than all) of the Preferred Units (i) first by MRHL paying each holder of Preferred Units an amount in cash equal to such holder’s Preferred Return (to the extent not already paid) and (ii) thereafter, the Preferred Units automatically convert into the same number of common units of MRHL and will be entitled to participate in any distributions of Available Cash to the Members in proportion to their respective Percentage Interests. The Second A&R LLC Agreement also provides certain drag-along rights in connection with a Change of Control, subject to a minimum preferred return requirement for certain transactions that are consummated before the third anniversary of the Closing Date. The redeemable noncontrolling interest in MRHL is reflected as temporary equity in the condensed consolidated balance sheets due to the redemption features described above and included a balance of $250.0 million as of June 30, 2023. The Company recorded the Preferred Units at their issuance date fair value, net of issuance costs. We recorded an adjustment for the $15.4 million net loss attributable to noncontrolling interest to accrete the carrying amount to redemption value as of June 30, 2023. As of the reporting date, there are no triggering, change of control, early redemption or monetization events that are probable that would require us to revalue the Preferred Units. The changes in our redeemable noncontrolling interest in MRHL from December 31, 2022 to June 30, 2023 were as follows (in millions). Redeemable Noncontrolling Interest Balance at December 31, 2022 $ 250.0 Net loss attributable to noncontrolling interest (15.4) Adjustment to ASC 480 redemption value 15.4 Balance at June 30, 2023 $ 250.0

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events
Subsequent Events	15. Subsequent Events As of July 31, 2023, the fair value of the Company’s derivative instruments have decreased by approximately $46.9 million subsequent to June 30, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Summary of Significant Accounting Policies
Basis of Accounting	The unaudited condensed consolidated financial statements of the Company as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022, included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal nature, unless otherwise disclosed.
Reclassifications	Reclassifications Certain amounts in the prior years’ unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash include all highly liquid investments with a maturity of three months or less at the time of purchase. Restricted cash represents cash that is legally restricted under the MRL Term Loan Credit Agreement, and it is included in prepaid expenses and other current assets in the condensed consolidated balance sheets because it is only available to make principal and interest payments under the terms of the agreement.
Revenue Recognition	The following is a description of principal activities from which the Company generates revenue. Revenues are recognized when control of the promised goods are transferred to the customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods promised within each contract and determines the performance obligations and assesses whether each promised good is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Products The Company manufactures, formulates, and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. In addition, the Company produces fuel and fuel related products, including gasoline, diesel, jet fuel, asphalt, and other fuels products. At our Montana Renewables facility, we process a variety of geographically advantaged renewable feedstocks into renewable fuels, including: renewable diesel, sustainable aviation fuel (“SAF”), renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha. These renewable fuels are distributed into renewable markets in the western half of North America. The Company also blends, packages and markets high-performance branded specialty products through its Royal Purple, Bel-Ray, and TruFuel brands. The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to variable consideration such as product returns, rebates or other discounts to determine the net consideration to which the Company expects to be entitled. The Company transfers control and recognizes revenue upon shipment to the customer or, in certain cases, upon receipt by the customer in accordance with contractual terms. Revenue is recognized when obligations under the terms of a contract with a customer are satisfied and control of the promised goods are transferred to the customer. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. For fuel products, payment is typically due in full between 2 to 30 days of delivery or the start of the contract term, such that payment is typically collected 2 to 30 days subsequent to the satisfaction of performance obligations. For renewable fuel products, payment is typically due in full between 7 to 14 days of delivery or the start of the contract term, such that payment is typically collected 7 to 14 days subsequent to the satisfaction of performance obligations. For specialty products, payment is typically due in full between 30 to 90 days of delivery or the start of the contract term, such that payment is typically collected 30 to 90 days subsequent to the satisfaction of performance obligations. In the normal course of business, the Company does not accept product returns unless the item is defective as manufactured. The expected costs associated with a product assurance warranty continue to be recognized as expense when products are sold. The Company does not offer promised services that could be considered warranties that are sold separately or provide a service in addition to assurance that the related product complies with agreed upon specifications. The Company establishes provisions based on the methods described in ASC 606 for estimated returns as variable consideration when determining the transaction price. Excise and Sales Taxes The Company assesses, collects and remits excise taxes associated with the sale of certain of its fuel products. Furthermore, the Company collects and remits sales taxes associated with certain sales of its products to non-exempt customers. The Company excludes excise taxes and sales taxes that are collected from customers from the transaction price in its contracts with customers. Accordingly, revenue from contracts with customers is net of sales-based taxes that are collected from customers and remitted to taxing authorities. Shipping and Handling Costs Shipping and handling costs are deemed to be fulfillment activities rather than a separate distinct performance obligation. Cost of Obtaining Contracts The Company may incur incremental costs to obtain a sales contract, which under ASC 606 should be capitalized and amortized over the life of the contract. The Company has elected to apply the practical expedient in ASC 340-40-50-5 allowing the Company to expense these costs since the contracts are short-term in nature with a contract term of one year or less. Contract Balances Under product sales contracts, the Company invoices customers for performance obligations that have been satisfied, at which point payment is unconditional. Accordingly, a product sales contract does not give rise to contract assets or liabilities under ASC 606. The Company’s receivables, net of allowance for expected credit losses from contracts with customers as of June 30, 2023 and December 31, 2022 were $252.8 million and $245.7 million, respectively. Transaction Price Allocated to Remaining Performance Obligations The Company’s product sales are short-term in nature with a contract term of one year or less. The Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Additionally, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
Inventories	An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. In certain circumstances, the Company may decide not to replenish inventory for certain products or product lines during an interim period, in which case, the Company may record interim LIFO adjustments during that period. Costs include crude oil and other feedstocks, labor, processing costs and refining overhead costs. Inventories are valued at the LCM value.
Inventory Financing Agreements	While title to certain inventories will reside with Macquarie, the Supply and Offtake Agreements are accounted for by the Company similar to a product financing arrangement; therefore, the inventories sold to Macquarie will continue to be included in the Company’s condensed consolidated balance sheets until processed and sold to a third party.
Short-term Leases	The Company’s leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets
Derivatives	The Company is exposed to price risks due to fluctuations in the price of crude oil, refined products, natural gas and precious metals. The Company uses various strategies to reduce its exposure to commodity price risk. The strategies to reduce the Company’s risk utilize both physical forward contracts and financially settled derivative instruments, such as swaps, collars, options and futures, to attempt to reduce the Company’s exposure with respect to: ● crude oil purchases and sales; ● fuel product sales and purchases; ● natural gas purchases; ● precious metals purchases; and ● fluctuations in the value of crude oil between geographic regions and between the different types of crude oil such as New York Mercantile Exchange West Texas Intermediate (“NYMEX WTI”), Light Louisiana Sweet, Western Canadian Select (“WCS”), WTI Midland, Mixed Sweet Blend, Magellan East Houston and ICE Brent. The Company manages its exposure to commodity markets, credit, volumetric and liquidity risks to manage its costs and volatility of cash flows as conditions warrant or opportunities become available. These risks may be managed in a variety of ways that may include the use of derivative instruments. Derivative instruments may be used for the purpose of mitigating risks associated with an asset, liability and anticipated future transactions and the changes in fair value of the Company’s derivative instruments will affect its earnings and cash flows; however, such changes should be offset by price or rate changes related to the underlying commodity or financial transaction that is part of the risk management strategy. The Company does not speculate with derivative instruments or other contractual arrangements that are not associated with its business objectives. Speculation is defined as increasing the Company’s natural position above the maximum position of its physical assets or trading in commodities, currencies or other risk bearing assets that are not associated with the Company’s business activities and objectives. The Company’s positions are monitored routinely by a risk management committee to ensure compliance with its stated risk management policy and documented risk management strategies. All strategies are reviewed on an ongoing basis by the Company’s risk management committee, which will add, remove or revise strategies in anticipation of changes in market conditions and/or its risk profiles. Such changes in strategies are to position the Company in relation to its risk exposures in an attempt to capture market opportunities as they arise. The Company is obligated to repurchase crude oil, refined products and renewable feedstocks from Macquarie at the termination of the Supply and Offtake Agreements in certain scenarios. The Company has determined that the redemption feature on the initially recognized liability related to the Supply and Offtake Agreements is an embedded derivative indexed to commodity prices. As such, the Company has accounted for these embedded derivatives at fair value with changes in the fair value, if any, recorded in Gain (loss) on derivative instruments in the Company’s unaudited condensed consolidated statements of operations. The Company recognizes all derivative instruments at their fair values (please read Note 10 - “Fair Value Measurements”) as either current assets or derivative liabilities or other noncurrent assets, net or other long-term liabilities in the condensed consolidated balance sheets. Fair value includes any premiums paid or received and unrealized gains and losses. Fair value does not include any amounts receivable from or payable to counterparties, or collateral provided to counterparties. Derivative asset and liability amounts with the same counterparty are netted against each other for financial reporting purposes in accordance with the provisions of our master netting arrangements. 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 condensed consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Gross Net Amounts Gross Net Amounts Amounts of Assets Amounts of Liabilities Offset in the Presented Offset in the Presented Gross Condensed in the Gross Condensed in the Amounts of Consolidated Condensed Amounts of Consolidated Condensed Balance Sheet Recognized Balance Consolidated Recognized Balance Consolidated Location Assets Sheets Balance Sheets Liabilities Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Crack spread swaps Derivative assets / Other noncurrent assets, net $ 39.3 $ (19.1) $ 20.2 $ — $ — $ — Montana/Renewables segment: Inventory financing obligation Obligations under inventory financing agreements 12.6 (12.6) — — — — Total derivative instruments $ 51.9 $ (31.7) $ 20.2 $ — $ — $ — 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 condensed consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Net Amounts Gross of Liabilities Gross Net Amounts Amounts Presented in Amounts of Liabilities Offset in the the Offset in the Presented in Gross Condensed Condensed Gross Condensed the Amounts of Consolidated Consolidated Amounts of Consolidated Condensed Balance Sheet Recognized Balance Balance Recognized Balance Consolidated Location Liabilities Sheets Sheets Liabilities Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Inventory financing obligation Obligations under inventory financing agreements $ (40.7) $ — $ (40.7) $ (38.0) $ — $ (38.0) Crack spread swaps Derivative liabilities / Other long-term liabilities (19.1) 19.1 — (50.6) 19.3 (31.3) Montana/Renewables segment: Inventory financing obligation Obligations under inventory financing agreements (10.8) 12.6 1.8 (15.8) 11.3 (4.5) Total derivative instruments $ (70.6) $ 31.7 $ (38.9) $ (104.4) $ 30.6 $ (73.8) The Company is exposed to credit risk in the event of nonperformance by its counterparties on these derivative transactions. The Company does not expect nonperformance on any derivative instruments, however, no assurances can be provided. The Company’s credit exposure related to these derivative instruments is represented by the fair value of contracts reported as derivative assets. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings. The Company primarily executes its derivative instruments with large financial institutions that have ratings of at least A3 and BBB+ by Moody’s and S&P, respectively. In the event of default, the Company would potentially be subject to losses on derivative instruments with mark-to-market gains. The Company requires collateral from its counterparties when the fair value of the derivatives exceeds agreed-upon thresholds in its master derivative contracts with these counterparties. No such collateral was held by the Company as of June 30, 2023 or December 31, 2022. Collateral received from counterparties is reported in other current liabilities, and collateral held by counterparties is reported in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheets and is not netted against derivative assets or liabilities. Any outstanding collateral is released to the Company upon settlement of the related derivative instrument liability. As of June 30, 2023 and December 31, 2022, the Company was not required to provide collateral to its counterparties. Certain of the Company’s outstanding derivative instruments are subject to credit support agreements with the applicable counterparties which contain provisions setting certain credit thresholds above which the Company may be required to post agreed-upon collateral, such as cash or letters of credit, with the counterparty to the extent that the Company’s mark-to-market net liability, if any, on all outstanding derivatives exceeds the credit threshold amount per such credit support agreement. The majority of the credit support agreements covering the Company’s outstanding derivative instruments also contain a general provision stating that if the Company experiences a material adverse change in its business, in the reasonable discretion of the counterparty, the Company’s credit threshold could be lowered by such counterparty. The Company does not expect that it will experience a material adverse change in its business. The cash flow impact of the Company’s derivative activities are included within cash flows from operating activities in the unaudited condensed consolidated statements of cash flows. Derivative Instruments Not Designated as Hedges For derivative instruments not designated as hedges, the change in fair value of the asset or liability for the period is recorded to Gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. Upon the settlement of a derivative not designated as a hedge, the gain or loss at settlement is recorded to Gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. The Company has entered into crack spread swaps and crude oil swaps that do not qualify as cash flow hedges for accounting purposes. However, these instruments provide economic hedges of the purchases and sales of the Company’s crude oil and refined products.
Fair Value Measurement	In accordance with ASC 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following: ● Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable ● Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment. Unit-based compensation liability awards are awards that are currently expected to be settled in cash on their vesting dates, rather than in equity units (“Liability Awards”). The Liability Awards are categorized as Level 1 because the fair value of the Liability Awards is based on the Company’s quoted closing unit price as of each balance sheet date. The fair value of precious metals obligations is based upon unadjusted exchange-quoted prices and is, therefore, classified within Level 1 of the fair value hierarchy. Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company assesses goodwill for impairment annually and whenever events or changes in circumstances indicate its carrying value may not be recoverable. The fair value of the reporting units is determined using the income approach. The income approach focuses on the income-producing capability of an asset, measuring the current value of the asset by calculating the present value of its future economic benefits such as cash earnings, cost savings, corporate tax structure and product offerings. Value indications are developed by discounting expected cash flows to their present value at a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation and risks associated with the reporting unit. These assets would generally be classified within Level 3, in the event that the Company were required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. The Company periodically evaluates the carrying value of long-lived assets to be held and used, including definite-lived intangible assets and property, plant and equipment, when events or circumstances warrant such a review. Fair value is determined primarily using anticipated cash flows assumed by a market participant discounted at a rate commensurate with the risk involved and these assets would generally be classified within Level 3, in the event that the Company was required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. The carrying value of cash, cash equivalents and restricted cash are each considered to be representative of their fair value.
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 by the chief operating decision maker (“CODM”). 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 Great Falls specialty asphalt facility and our Montana Renewables 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. ● Corporate. The Corporate segment primarily consists of general and administrative expenses not allocated to the Montana/Renewables, Specialty Products and Solutions, or Performance Brands segments. The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies as disclosed in Note 3 - “Summary of Significant Accounting Policies,” of the 2022 Annual Report, 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 Company evaluates performance based upon Adjusted EBITDA (a non-GAAP financial measure). 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) attributable to partners; (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) attributable to partners; (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) attributable to partners; (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; and (k) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense.
Unrestricted Subsidiaries	As defined in the indentures governing the Company’s outstanding senior notes, an unrestricted subsidiary means MRHL, MRL and any other subsidiary of the Company, other than Calumet Finance Corp., that is designated by the Company’s general partner’s board of directors as an unrestricted subsidiary, but only to the extent that such subsidiary: ● has no indebtedness other than non-recourse debt owing to any person other than the Company or any of its restricted subsidiaries, except to the extent permitted by the indentures of the senior notes; ● is not party to any agreement, contract, arrangement or understanding with the Company or any restricted subsidiary of the Company unless the terms of any such agreement, contract, arrangement or other understanding are no less favorable to the Company or such restricted subsidiary than those that might be obtained at the time from persons who are not affiliates of the Company, except to the extent permitted by the indentures of the senior notes; ● is a person with respect to which neither the Company nor any of its restricted subsidiaries has any direct or indirect obligation (a) to subscribe for additional equity interests or (b) to maintain or preserve such person’s financial condition or to cause such person to achieve any specified levels of operating results, except to the extent permitted by the indentures of the senior notes; and ● has not guaranteed or otherwise directly or indirectly provided credit support for any indebtedness of the Company or any of its restricted subsidiaries.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2023
Inventories
Summary of inventories	Inventories consist of the following (in millions): June 30, 2023 December 31, 2022 Supply and Supply and Titled Offtake Titled Offtake Inventory Agreements (1) Total Inventory Agreements (1) Total Raw materials $ 73.1 $ 40.5 $ 113.6 $ 99.6 $ 22.5 $ 122.1 Work in process 69.2 56.4 125.6 62.5 95.7 158.2 Finished goods 121.6 79.1 200.7 137.3 80.4 217.7 $ 263.9 $ 176.0 $ 439.9 $ 299.4 $ 198.6 $ 498.0 (1) Amounts represent LIFO value and do not necessarily represent the value at which the inventory was sold. Please read Note 7 - “Inventory Financing Agreements” for further information.

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases
Summary of supplemental balance sheet detail of assets and liabilities	Supplemental balance sheet information related to the Company’s leases for the periods presented were as follows (in millions): June 30, December 31, Assets: Classification: 2023 2022 Operating lease assets Other noncurrent assets, net $ 84.0 $ 107.5 Finance lease assets Property, plant and equipment, net (1) 2.5 2.8 Total leased assets $ 86.5 $ 110.3 Liabilities: Current Operating Other current liabilities $ 47.1 $ 70.7 Finance Current portion of long-term debt 1.0 0.9 Non-current Operating Other long-term liabilities 37.5 37.1 Finance Long-term debt, less current portion 2.2 2.5 Total lease liabilities $ 87.8 $ 111.2 (1) Finance lease assets are recorded net of accumulated amortization of $4.6 million and $4.1 million as of June 30, 2023 and December 31, 2022, respectively.
Components of lease expense related to the lease cost	Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense related to the Company’s leases for the periods presented were as follows (in millions). Three Months Ended June 30, Six Months Ended June 30, Lease Costs: Classification: 2023 2022 2023 2022 Fixed operating lease cost Cost of Sales; SG&A Expenses $ 16.6 $ 18.8 $ 35.6 $ 37.5 Short-term operating lease cost (1) Cost of Sales; SG&A Expenses 2.6 1.8 4.8 3.8 Variable operating lease cost (2) Cost of Sales; SG&A Expenses 0.1 5.3 2.8 6.0 Finance lease cost: Amortization of finance lease assets Cost of Sales 0.3 0.2 0.5 0.4 Interest on lease liabilities Interest expense — 0.1 0.1 1.2 Total lease cost $ 19.6 $ 26.2 $ 43.8 $ 48.9 (1) The Company’s leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets . (2) The Company’s railcar leases typically include a mileage limit the railcar can travel over the life of the lease. For any mileage incurred over this limit, the Company is obligated to pay an agreed upon dollar value for each mile that is traveled over the limit.
Schedules of maturity of lease liabilities	As of June 30, 2023, the Company had estimated minimum commitments for the payment of rentals under leases which, at inception, had a noncancellable term of more than one year, as follows (in millions): Operating Finance Maturity of Lease Liabilities Leases (1) Leases (2) Total 2023 $ 39.8 $ 0.6 $ 40.4 2024 21.1 1.2 22.3 2025 14.8 0.8 15.6 2026 6.4 0.7 7.1 2027 4.3 0.2 4.5 Thereafter 7.3 0.1 7.4 Total $ 93.7 $ 3.6 $ 97.3 Less: Interest 9.1 0.4 9.5 Present value of lease liabilities $ 84.6 $ 3.2 $ 87.8 Less obligations due within one year 47.1 1.0 48.1 Long-term lease obligation $ 37.5 $ 2.2 $ 39.7 (1) As of June 30, 2023, the Company’s operating lease payments included no material options to extend lease terms that are reasonably certain of being exercised. The Company has no legally binding minimum lease payments for leases signed but not yet commenced as of June 30, 2023. (2) As of June 30, 2023, the Company’s finance lease payments included no material options to extend lease terms that are reasonably certain of being exercised. The Company has no legally binding minimum lease payments for leases that have been signed but not yet commenced as of June 30, 2023.
Schedule of weighted-average remaining lease term and weighted-average discount rate	The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating and finance leases were as follows: June 30, December 31, Lease Term and Discount Rate: 2023 2022 Weighted-average remaining lease term (years): Operating leases 2.9 2.7 Finance leases 3.5 3.9 Weighted-average discount rate: Operating leases 7.2 % 6.9 % Finance leases 7.3 % 7.1 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies.
Schedule of estimated minimum unconditional purchase commitments	As of June 30, 2023, the estimated minimum unconditional purchase commitments, including the capital recovery charge, under the agreement were as follows (in millions): Year Commitment 2023 $ 1.9 2024 4.0 2025 4.0 2026 4.0 2027 2.4 Thereafter — Total (1) $ 16.3 (1) As of June 30, 2023, the estimated minimum payments for the unconditional purchase commitments have been accrued and are included in other current liabilities and other long-term liabilities in the condensed consolidated balance sheets. This liability was accrued due to the fact that the contract was entered into to supply crude to a divested facility.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 30, 2023
Long-Term Debt.
Summary of long-term debt	Long-term debt consisted of the following (in millions): June 30, December 31, 2023 2022 Borrowings under amended and restated senior secured revolving credit agreement with third-party lenders, interest payments quarterly, borrowings due January 2027, weighted average interest rates of 6.7% and 4.7% for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively. $ 87.8 $ 104.0 Borrowings under amended secured MRL revolving credit agreement with third-party lender, interest payments quarterly, borrowings due November 2027, weighted average interest rate of 6.8% for the six months ended June 30, 2023. 18.5 — Borrowings under the 2024 Secured Notes, interest at a fixed rate of 9.25%, interest payments semiannually, borrowings due July 2024, effective interest rate of 9.5% for the six months ended June 30, 2023 and the year ended December 31, 2022. 179.0 200.0 Borrowings under the 2025 Notes, interest at a fixed rate of 11.0%, interest payments semiannually, borrowings due April 2025, effective interest rate of 11.4% for the six months ended June 30, 2023 and the year ended December 31, 2022. 413.5 513.5 Borrowings under the 2027 Notes, interest at a fixed rate of 8.125%, interest payments semiannually, borrowings due July 2027, effective interest rate of 8.3% for the six months ended June 30, 2023 and the year ended December 31, 2022. 325.0 325.0 Borrowings under the 2028 Notes, interest at a fixed rate of 9.75%, interest payments semiannually, borrowings due July 2028, effective interest rate of 10.2% for the six months ended June 30, 2023. 325.0 — MRL Term Loan Credit Agreement 74.8 — Shreveport terminal asset financing arrangement 54.5 58.2 MRL asset financing arrangements 385.1 370.1 Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028 3.2 3.4 Less unamortized debt issuance costs (1) (16.3) (12.1) Less unamortized discounts (3.9) (2.4) Total debt $ 1,846.2 $ 1,559.7 Less current portion of long-term debt 21.9 20.0 Total long-term debt $ 1,824.3 $ 1,539.7 (1) Deferred debt issuance costs are being amortized by the effective interest rate method over the lives of the related debt instruments. These amounts are net of accumulated amortization of $24.2 million and $22.3 million at June 30, 2023 and December 31, 2022, respectively.
Summary of principal payments on debt obligations and future minimum rentals on capital lease obligations	As of June 30, 2023, principal payments on debt obligations and future minimum rentals on finance lease obligations are as follows (in millions): Year Maturity 2023 $ 10.1 2024 202.0 2025 438.6 2026 27.6 2027 475.8 Thereafter 712.3 Total $ 1,866.4

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
Derivatives (Tables)	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
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 condensed consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Gross Net Amounts Gross Net Amounts Amounts of Assets Amounts of Liabilities Offset in the Presented Offset in the Presented Gross Condensed in the Gross Condensed in the Amounts of Consolidated Condensed Amounts of Consolidated Condensed Balance Sheet Recognized Balance Consolidated Recognized Balance Consolidated Location Assets Sheets Balance Sheets Liabilities Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Crack spread swaps Derivative assets / Other noncurrent assets, net $ 39.3 $ (19.1) $ 20.2 $ — $ — $ — Montana/Renewables segment: Inventory financing obligation Obligations under inventory financing agreements 12.6 (12.6) — — — — Total derivative instruments $ 51.9 $ (31.7) $ 20.2 $ — $ — $ —
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 condensed consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Net Amounts Gross of Liabilities Gross Net Amounts Amounts Presented in Amounts of Liabilities Offset in the the Offset in the Presented in Gross Condensed Condensed Gross Condensed the Amounts of Consolidated Consolidated Amounts of Consolidated Condensed Balance Sheet Recognized Balance Balance Recognized Balance Consolidated Location Liabilities Sheets Sheets Liabilities Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Inventory financing obligation Obligations under inventory financing agreements $ (40.7) $ — $ (40.7) $ (38.0) $ — $ (38.0) Crack spread swaps Derivative liabilities / Other long-term liabilities (19.1) 19.1 — (50.6) 19.3 (31.3) Montana/Renewables segment: Inventory financing obligation Obligations under inventory financing agreements (10.8) 12.6 1.8 (15.8) 11.3 (4.5) Total derivative instruments $ (70.6) $ 31.7 $ (38.9) $ (104.4) $ 30.6 $ (73.8)
Schedule of derivative instruments	At June 30, 2023, the Company had the following notional contract volumes related to outstanding derivative instruments: Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2023 Unit of Measure Derivative instruments not designated as hedges: Crack spread swaps - sales 3,680,000 3,680,000 Barrels Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2024 Unit of Measure Derivative instruments not designated as hedges: Crack spread swaps - sales 2,928,000 2,928,000 Barrels
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Summary of gains (losses) in its unaudited condensed consolidated statements of operations	The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three months ended June 30, 2023 and 2022, related to its derivative instruments not designated as hedges (in millions): Amount of Realized Gain (Loss) Recognized in Gain (Loss) on Amount of Unrealized Gain (Loss) Derivative Recognized in Gain (Loss) on Derivative Instruments Instruments Three Months Ended June 30, Three Months Ended June 30, Type of Derivative 2023 2022 2023 2022 Specialty Products and Solutions segment: Inventory financing obligation $ — $ — $ 1.3 $ (10.9) Crack spread swaps 0.2 (13.3) 12.7 (42.9) Crude oil swaps — (0.8) — 0.3 Montana/Renewables segment: Inventory financing obligation — — 0.1 — Total $ 0.2 $ (14.1) $ 14.1 $ (53.5) The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the six months ended June 30, 2023 and 2022, related to its derivative instruments not designated as hedges (in millions): Amount of Realized Loss Recognized in Gain (Loss) on Amount of Unrealized Gain (Loss) Derivative Recognized in Gain (Loss) on Derivative Instruments Instruments Six Months Ended June 30, Six Months Ended June 30, Type of Derivative 2023 2022 2023 2022 Specialty Products and Solutions segment: Inventory financing obligation $ — $ — $ (2.7) $ (25.6) Crack spread swaps (15.3) (13.3) 51.5 (45.5) Crude oil swaps — (0.8) — — Montana/Renewables segment: Inventory financing obligation — — 6.3 (4.5) Total $ (15.3) $ (14.1) $ 55.1 $ (75.6)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Measurements
Schedule of hierarchy of recurring fair value measurements	The Company’s recurring assets and liabilities measured at fair value were as follows (in millions): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets: Crack spread swaps $ — $ — $ 20.2 $ 20.2 $ — $ — $ — $ — Total derivative assets $ — $ — $ 20.2 $ 20.2 $ — $ — $ — $ — Pension plan investments $ 27.0 $ — $ — $ 27.0 $ 26.4 $ — $ — $ 26.4 Total recurring assets at fair value $ 27.0 $ — $ 20.2 $ 47.2 $ 26.4 $ — $ — $ 26.4 Liabilities: Derivative liabilities: Inventory financing obligation $ — $ — $ (38.9) $ (38.9) $ — $ — $ (42.5) $ (42.5) Crack spread swaps — — — — — — (31.3) (31.3) Total derivative liabilities $ — $ — $ (38.9) $ (38.9) $ — $ — $ (73.8) $ (73.8) RINs obligation — (500.2) — (500.2) — (476.8) — (476.8) Precious metals obligations (6.3) — — (6.3) (7.5) — — (7.5) Liability awards (53.0) — — (53.0) (52.9) — — (52.9) Total recurring liabilities at fair value $ (59.3) $ (500.2) $ (38.9) $ (598.4) $ (60.4) $ (476.8) $ (73.8) $ (611.0)
Summary of net changes in fair value of the Company's Level 3 financial assets and liabilities	The table below sets forth a summary of net changes in fair value of the Company’s Level 3 financial assets and liabilities (in millions): Six Months Ended June 30, 2023 2022 Fair value at January 1, $ (73.8) $ (27.9) Realized loss on derivative instruments (15.3) (14.1) Unrealized gain (loss) on derivative instruments 55.1 (75.6) Settlements 15.3 14.1 Fair value at June 30, $ (18.7) $ (103.5) Total gain (loss) included in net loss attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of June 30, $ 55.1 $ (75.6)
Carrying value and estimated fair value of the Company's financial instruments, carried at adjusted historical cost	The Company’s carrying value and estimated fair value of the Company’s financial instruments, carried at adjusted historical cost, were as follows (in millions): June 30, 2023 December 31, 2022 Level Fair Value Carrying Value Fair Value Carrying Value Financial Instrument: 2024 Secured Notes, 2025 Notes, 2027 Notes, and 2028 Notes 2 $ 1,239.5 $ 1,230.5 $ 1,045.2 $ 1,030.0 Revolving credit facility 3 $ 87.8 $ 85.1 $ 104.0 $ 100.9 MRL revolving credit agreement 3 $ 18.5 $ 18.0 $ — $ (0.6) MRL term loan credit agreement 3 $ 74.8 $ 71.8 $ — — Shreveport terminal asset financing arrangement 3 $ 54.5 $ 53.7 $ 58.2 $ 57.2 MRL asset financing arrangements 3 $ 385.1 $ 383.9 $ 370.1 $ 368.8 Finance leases and other obligations 3 $ 3.2 $ 3.2 $ 3.4 $ 3.4

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	6 Months Ended
Earnings Per Unit (Tables)	Jun. 30, 2023
Earnings Per Unit
Summery of basic and diluted earnings per limited partner unit	The following table sets forth the computation of basic and diluted earnings per limited partner unit (in millions, except unit and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per limited partner unit: Net loss $ (24.0) $ (15.3) $ (5.2) $ (110.8) Net loss attributable to noncontrolling interest (5.5) — (15.4) — Net income (loss) attributable to partners $ (18.5) $ (15.3) $ 10.2 $ (110.8) Less: General partner’s interest in net income (loss) (0.4) (0.3) 0.2 (2.2) Net income (loss) attributable to limited partners $ (18.1) $ (15.0) $ 10.0 $ (108.6) Denominator for earnings per limited partner unit: Basic weighted average limited partner units outstanding 80,152,648 79,424,383 79,992,637 79,241,515 Effect of dilutive securities: Incremental units — — 109,795 — Diluted weighted average limited partner units outstanding (1) 80,152,648 79,424,383 80,102,432 79,241,515 Limited partners’ interest basic net income (loss) per unit: Limited partners’ interest $ (0.23) $ (0.19) $ 0.13 $ (1.37) Limited partners’ interest diluted net income (loss) per unit: Limited partners’ interest $ (0.23) $ (0.19) $ 0.12 $ (1.37) (1) Total diluted weighted average limited partner units outstanding excludes a de-minimis amount of potentially dilutive phantom units which would have been anti-dilutive for the three months ended June 30, 2023 and 2022 and for the six months ended June 30, 2022 .

Segments and Related Informat_2

Segments and Related Information (Tables)	6 Months Ended
Segments and Related Information (Tables)	Jun. 30, 2023
Segments and Related Information
Summary of reportable segment information	Reportable segment information for the three and six months ended June 30, 2023 and 2022, is as follows (in millions): Specialty Products and Performance Montana/ Consolidated Three Months Ended June 30, 2023 Solutions (1) Brands Renewables Corporate Eliminations Total Sales: External customers $ 684.1 $ 85.5 $ 248.2 $ — $ — $ 1,017.8 Inter-segment sales 5.2 0.1 — — (5.3) — Total sales $ 689.3 $ 85.6 $ 248.2 $ — $ (5.3) $ 1,017.8 Adjusted EBITDA $ 61.0 $ 12.2 $ 12.6 $ (18.1) $ — $ 67.7 Reconciling items to net loss attributable to partners: Depreciation and amortization 19.3 2.4 20.9 0.2 — 42.8 LCM / LIFO (gain) loss 1.5 0.6 (7.9) — — (5.8) Interest expense 6.8 0.1 17.5 31.4 — 55.8 Debt extinguishment costs — — — 5.2 — 5.2 Unrealized gain on derivatives (14.0) — (0.1) — — (14.1) RINs mark-to-market loss 2.2 — 1.4 — — 3.6 Other non-recurring expenses 3.6 Equity-based compensation and other items (0.3) Income tax expense 0.4 Noncontrolling interest adjustments (5.0) Net loss attributable to partners $ (18.5) Capital expenditures $ 18.5 $ 0.3 $ 64.7 $ 0.2 $ — $ 83.7 PP&E, net $ 379.9 $ 33.4 $ 1,120.9 $ 2.2 $ — $ 1,536.4 Specialty Products and Performance Montana/ Consolidated Three Months Ended June 30, 2022 Solutions (2) (3) Brands Renewables Corporate Eliminations Total Sales: External customers $ 979.2 $ 80.1 $ 364.7 $ — $ — $ 1,424.0 Inter-segment sales 7.0 — — — (7.0) — Total sales $ 986.2 $ 80.1 $ 364.7 $ — $ (7.0) $ 1,424.0 Adjusted EBITDA $ 123.5 $ 3.7 $ 68.6 $ (20.0) $ — $ 175.8 Reconciling items to net loss attributable to partners: Depreciation and amortization 16.1 2.8 9.5 1.9 — 30.3 LCM / LIFO gain — (0.2) (1.0) — — (1.2) Interest expense 5.9 — 8.7 28.0 — 42.6 Unrealized loss on derivatives 53.5 — — — — 53.5 RINs mark-to-market loss 44.7 — 24.0 — — 68.7 Equity-based compensation and other items (3.4) Income tax expense 0.6 Net loss attributable to partners $ (15.3) Capital expenditures $ 19.2 $ 0.3 $ 99.8 $ — $ — $ 119.3 PP&E, net $ 373.8 $ 34.1 $ 737.0 $ 4.8 $ — $ 1,149.7 Specialty Products and Performance Montana/ Consolidated Six Months Ended June 30, 2023 Solutions (1) Brands (4) Renewables (5) Corporate Eliminations Total Sales: External customers $ 1,422.8 $ 164.3 $ 467.6 $ — $ — $ 2,054.7 Inter-segment sales 10.6 0.1 — — (10.7) — Total sales $ 1,433.4 $ 164.4 $ 467.6 $ — $ (10.7) $ 2,054.7 Adjusted EBITDA $ 137.4 $ 28.6 $ 17.4 $ (38.0) $ — $ 145.4 Reconciling items to net income attributable to partners: Depreciation and amortization 35.2 4.9 39.4 0.5 — 80.0 LCM / LIFO loss 2.7 2.1 9.1 — — 13.9 Interest expense 13.3 0.1 29.9 61.7 — 105.0 Debt extinguishment costs — — — 5.2 — 5.2 Unrealized gain on derivatives (48.8) — (6.3) — — (55.1) RINs mark-to-market gain (28.6) — (13.9) — — (42.5) Other non-recurring expenses 33.1 Equity-based compensation and other items 8.7 Income tax expense 0.9 Noncontrolling interest adjustments (14.0) Net income attributable to partners $ 10.2 Capital expenditures $ 40.0 $ 1.0 $ 179.9 $ 0.3 $ — $ 221.2 PP&E, net $ 379.9 $ 33.4 $ 1,120.9 $ 2.2 $ — $ 1,536.4 Specialty Products and Performance Montana/ Consolidated Six Months Ended June 30, 2022 Solutions (2) (3) Brands Renewables Corporate Eliminations Total Sales: External customers $ 1,748.6 $ 153.3 $ 620.0 $ — $ — $ 2,521.9 Inter-segment sales 12.6 — — — (12.6) — Total sales $ 1,761.2 $ 153.3 $ 620.0 $ — $ (12.6) $ 2,521.9 Adjusted EBITDA $ 151.6 $ 9.0 $ 77.6 $ (39.1) $ — $ 199.1 Reconciling items to net loss attributable to partners: Depreciation and amortization 32.0 5.6 19.0 3.9 — 60.5 LCM / LIFO gain (3.4) (0.2) (3.6) — — (7.2) Interest expense 16.8 1.1 18.8 57.5 — 94.2 Unrealized loss on derivatives 71.1 — 4.5 — — 75.6 RINs mark-to-market loss 50.8 — 27.3 — — 78.1 Other non-recurring expenses 3.8 Equity-based compensation and other items 3.6 Income tax expense 1.3 Net loss attributable to partners $ (110.8) Capital expenditures $ 30.3 $ 0.9 $ 165.0 $ 0.1 $ — $ 196.3 PP&E, net $ 373.8 $ 34.1 $ 737.0 $ 4.8 $ — $ 1,149.7 (1) For the three and six months ended June 30, 2023, Adjusted EBITDA for the Specialty Products and Solutions segment included a $ 1.3 million and $2.4 million gain, respectively, recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s property damage insurance policy. (2) For the three and six months ended June 30, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $13.9 million gain recorded to cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s business interruption insurance policy. The Company incurred business losses due to increased costs arising from a polar vortex that occurred in 2021 in northwest Louisiana. As a result, the Company filed a contingent business interruption claim. Specifically, the losses included a loss of throughput at the Shreveport refinery and additional transportation related expenses. (3) For the three and six months ended June 30, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $4.4 million gain recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s property damage insurance policy as a result of damages caused by a polar vortex that occurred in 2021. (4) For the six months ended June 30, 2023, Adjusted EBITDA for the Performance Brands segment included a $5.0 million gain recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s business interruption insurance policy. (5) For the six months ended June 30, 2023, Adjusted EBITDA for the Montana/Renewables segment excluded a $28.4 million charge to cost of sales in the unaudited condensed consolidated statements of operations for losses under firm purchase commitments.
Summary of major product category sales	Three Months Ended June 30, 2023 2022 Specialty Products and Solutions: Lubricating oils $ 186.3 18.3 % $ 245.3 17.2 % Solvents 96.2 9.5 % 120.6 8.5 % Waxes 40.2 3.9 % 49.8 3.5 % Fuels, asphalt and other by-products 361.4 35.5 % 563.5 39.6 % Total $ 684.1 67.2 % $ 979.2 68.8 % Montana/Renewables: Gasoline $ 40.7 4.0 % $ 67.8 4.8 % Diesel 35.9 3.5 % 180.8 12.7 % Jet fuel 5.6 0.6 % 14.8 1.0 % Asphalt, heavy fuel oils and other 37.8 3.7 % 101.3 7.1 % Renewable fuels 128.2 12.6 % — — % Total $ 248.2 24.4 % $ 364.7 25.6 % Performance Brands: $ 85.5 8.4 % $ 80.1 5.6 % Consolidated sales $ 1,017.8 100.0 % $ 1,424.0 100.0 % Six Months Ended June 30, 2023 2022 Specialty Products and Solutions: Lubricating oils $ 401.4 19.5 % $ 454.8 18.0 % Solvents 202.8 9.9 % 212.6 8.5 % Waxes 84.4 4.1 % 94.3 3.7 % Fuels, asphalt and other by-products 734.2 35.7 % 986.9 39.1 % Total $ 1,422.8 69.2 % $ 1,748.6 69.3 % Montana/Renewables: Gasoline $ 83.6 4.1 % $ 126.4 5.0 % Diesel 68.8 3.3 % 297.3 11.9 % Jet fuel 10.5 0.5 % 26.2 1.0 % Asphalt, heavy fuel oils and other 57.9 2.8 % 170.1 6.7 % Renewable fuels 246.8 12.1 % — — % Total $ 467.6 22.8 % $ 620.0 24.6 % Performance Brands: $ 164.3 8.0 % $ 153.3 6.1 % Consolidated sales $ 2,054.7 100.0 % $ 2,521.9 100.0 %

Unrestricted Subsidiaries (Tabl

Unrestricted Subsidiaries (Tables)	6 Months Ended
Unrestricted Subsidiaries (Tables)	Jun. 30, 2023
Unrestricted Subsidiaries
Schedule of unrestricted subsidiaries	Parent Company and Restricted Unrestricted Consolidated June 30, 2023 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 32.6 $ 3.4 $ — $ 36.0 Accounts receivable $ 279.4 $ 35.9 $ — $ 315.3 Inventory $ 330.2 $ 109.7 $ — $ 439.9 Prepaid expenses and other current assets $ 19.6 $ 21.9 $ — $ 41.5 Property, plant and equipment, net $ 747.0 $ 789.4 $ — $ 1,536.4 Other noncurrent assets, net $ 404.2 $ 16.2 $ — $ 420.4 Accounts payable $ 242.9 $ 217.7 $ (182.4) $ 278.2 Accrued interest payable $ 34.4 $ 1.3 — 35.7 Obligations under inventory financing agreements $ 121.4 $ 91.7 $ — $ 213.1 Other current liabilities $ 90.3 $ 9.5 $ — $ 99.8 Current portion of long-term debt $ 8.6 $ 13.3 $ — $ 21.9 Other long-term liabilities $ 50.3 $ 4.1 $ — $ 54.4 Long-term debt $ 1,363.9 $ 560.4 $ (100.0) $ 1,824.3 Redeemable noncontrolling interest $ — $ 250.0 $ — $ 250.0 Partners’ capital (deficit) $ (357.5) $ (171.5) $ (18.8) $ (547.8) Parent Company and Restricted Unrestricted Consolidated December 31, 2022 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 9.4 $ 25.8 $ — $ 35.2 Accounts receivable $ 259.8 $ 8.2 $ — $ 268.0 Inventory $ 370.1 $ 127.9 $ — $ 498.0 Prepaid expenses and other current assets $ 13.2 $ 6.0 $ — $ 19.2 Property, plant and equipment, net $ 760.7 $ 721.3 $ — $ 1,482.0 Other noncurrent assets, net $ 428.8 $ 10.6 $ — $ 439.4 Accounts payable $ 307.6 $ 265.6 $ (130.8) $ 442.4 Obligations under inventory financing agreements $ 158.2 $ 63.6 $ — $ 221.8 Other current liabilities $ 100.8 $ 13.7 $ — $ 114.5 Current portion of long-term debt $ 8.2 $ 11.8 $ — $ 20.0 Other long-term liabilities $ 59.0 $ 1.2 $ — $ 60.2 Long-term debt $ 1,183.3 $ 356.4 $ — $ 1,539.7 Redeemable noncontrolling interest $ — $ 250.0 $ — $ 250.0 Partners’ capital (deficit) $ (456.4) $ (62.5) $ (18.8) $ (537.7)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Tables)	6 Months Ended
Redeemable Noncontrolling Interest (Tables)	Jun. 30, 2023
Redeemable Noncontrolling Interest
Schedule of redeemable noncontrolling interest	Redeemable Noncontrolling Interest Balance at December 31, 2022 $ 250.0 Net loss attributable to noncontrolling interest (15.4) Adjustment to ASC 480 redemption value 15.4 Balance at June 30, 2023 $ 250.0

Description of the Business (De

Description of the Business (Details) - shares	6 Months Ended
Description of the Business (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Limited Partners
Schedule of Capitalization, Equity [Line Items]
Limited partner common units	79,958,262	79,189,583
Limited Partners \| CLMT Limited Partner
Schedule of Capitalization, Equity [Line Items]
Percentage of limited partner owns	98%
General Partner's
Schedule of Capitalization, Equity [Line Items]
General partner equivalent units outstanding	1,631,801
General Partner's \| CLMT General Partner
Schedule of Capitalization, Equity [Line Items]
Percentage of general partner owns	2%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	Jun. 30, 2023 USD ($) installment	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies
Number of installments under Alt RIN retirement schedule \| installment	5
Percent of each of installments due under Alt RIN retirement schedule	20%
Fair Value, Measurements, Recurring
Summary of Significant Accounting Policies
RINs obligation	$ 500.2	$ 476.8
Fair Value, Measurements, Recurring \| Level 1
Summary of Significant Accounting Policies
RINs obligation	0	0
Fair Value, Measurements, Recurring \| Level 2
Summary of Significant Accounting Policies
RINs obligation	500.2	476.8
Fair Value, Measurements, Recurring \| Level 3
Summary of Significant Accounting Policies
RINs obligation	$ 0	$ 0

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue Recognition
Receivables, net of allowance for expected credit losses from contracts with customers	$ 252.8	$ 245.7
Fuel Products \| Minimum
Revenue Recognition
Payment due, term	2 days
Payment collection, term	2 days
Fuel Products \| Maximum
Revenue Recognition
Payment due, term	30 days
Payment collection, term	30 days
Renewable Fuels \| Minimum
Revenue Recognition
Payment due, term	7 days
Payment collection, term	7 days
Renewable Fuels \| Maximum
Revenue Recognition
Payment due, term	14 days
Payment collection, term	14 days
Total specialty products \| Minimum
Revenue Recognition
Payment due, term	30 days
Payment collection, term	30 days
Total specialty products \| Maximum
Revenue Recognition
Payment due, term	90 days
Payment collection, term	90 days

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventories
Inventory method			last-in, first-out (“LIFO”)
Replacement costs over stated LIFO value	$ 60.1		$ 60.1		$ 99.9
Lower of cost or market inventory adjustment	$ 5.8	$ 1.2	$ 13.9	$ 7.2

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventories
Raw materials		$ 113.6		$ 113.6		$ 122.1
Work in process		125.6		125.6		158.2
Finished goods		200.7		200.7		217.7
Total Inventories		439.9		439.9		498
Lower of cost or market inventory adjustment		5.8	$ 1.2	13.9	$ 7.2
Titled Inventory
Inventories
Raw materials		73.1		73.1		99.6
Work in process		69.2		69.2		62.5
Finished goods		121.6		121.6		137.3
Total Inventories		263.9		263.9		299.4
Supply & Offtake Agreements
Inventories
Raw materials	[1]	40.5		40.5		22.5
Work in process	[1]	56.4		56.4		95.7
Finished goods	[1]	79.1		79.1		80.4
Total Inventories	[1]	$ 176		$ 176		$ 198.6

[1] Amounts represent LIFO value and do not necessarily represent the value at which the inventory was sold. Please read Note 7 - “Inventory Financing Agreements” for further information.

Leases (Narrative) (Details)

Leases (Narrative) (Details)	6 Months Ended
Leases (Narrative) (Details)	Jun. 30, 2023
Leases
Finance lease, Option to extend	no
Lease, practical expedients, package	true
Lease, practicaleExpedient, use of hindsight	false
Minimum
Leases
Renewal term	1 year
Maximum
Leases
Renewal term	16 years
Finance lease, Option to extend	32 years

Leases - Summary of Supplementa

Leases - Summary of Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases
Operating lease right-of-use assets	$ 84	$ 107.5
Finance lease, right-of-use asset	2.5	2.8
Lease right of use asset	86.5	110.3
Current operating lease liabilities	47.1	70.7
Less obligations due within one year	1	0.9
Long-term lease obligation, operating	37.5	37.1
Long-term lease obligation, financing	2.2	2.5
Lease liability	87.8	111.2
Finance lease, accumulated amortization	$ 4.6	$ 4.1

Leases - Schedule of Lease cost

Leases - Schedule of Lease costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases
Fixed operating lease cost	$ 16.6	$ 18.8	$ 35.6	$ 37.5
Short-term Operating Lease Cost	2.6	1.8	4.8	3.8
Variable Operating Lease Cost	0.1	5.3	2.8	6
Amortization of finance lease assets	0.3	0.2	0.5	0.4
Interest on lease liabilities		0.1	0.1	1.2
Total Lease Cost	$ 19.6	$ 26.2	$ 43.8	$ 48.9

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities - (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023	$ 39.8
2024	21.1
2025	14.8
2026	6.4
2027	4.3
Thereafter	7.3
Total	93.7
Less: Interest	9.1
Present value of lease liabilities	84.6
Less obligations due within one year	47.1	$ 70.7
Long-term lease obligation	$ 37.5	37.1
Operating lease, option to extend	no
Operating lease, lease not yet commenced	no
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023	$ 0.6
2024	1.2
2025	0.8
2026	0.7
2027	0.2
Thereafter	0.1
Total	3.6
Less: Interest	0.4
Present value of lease liabilities	3.2
Less obligations due within one year	1	0.9
Long-term lease obligation	$ 2.2	2.5
Finance lease, Option to extend	no
Finance lease, lease not yet commenced	no
Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023	$ 40.4
2024	22.3
2025	15.6
2026	7.1
2027	4.5
Thereafter	7.4
Total	97.3
Less: Interest	9.5
Lease liability	87.8	$ 111.2
Less obligations due within one year	48.1
Long-term lease obligation	39.7
Lease Arrangement, Types [Domain]
Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Lease liability	$ 87.8

Leases - Schedule of lease term

Leases - Schedule of lease term and discount (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases
Operating leases, Weighted-average remaining lease term (years)	2 years 10 months 24 days	2 years 8 months 12 days
Finance leases, Operating leases, Weighted-average remaining lease term (years)	3 years 6 months	3 years 10 months 24 days
Operating leases, Weighted-average discount rate	7.20%	6.90%
Finance leases, Weighted-average discount rate	7.30%	7.10%

Commitments and Contingencies -

Commitments and Contingencies - Standby Letters of Credit (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Letter of Credit
Debt Disclosure [Abstract]
Revolver commitments	$ 255	$ 255
Revolving Credit Facility
Loss Contingencies [Line Items]
Outstanding standby letters of credit	15.1	35.8
Debt Disclosure [Abstract]
Revolver commitments	$ 500	$ 500
Revolving Credit Facility \| Maximum
Debt Disclosure [Abstract]
Letter of Credit Sublimit	90%	90%

Commitments and Contingencies-

Commitments and Contingencies- Schedule of Estimated Minimum Unconditional Purchase Commitments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) bbl
Commitments and Contingencies.
Long-term purchase commitment, minimum volume required \| bbl	5,000
Capital recovery charge increases percentage	2%
Through put contract terms	7 years
2023	$ 1.9
2024	4
2025	4
2026	4
2027	2.4
Thereafter	0
Total	$ 16.3

Inventory Financing Agreement (

Inventory Financing Agreement (Details) $ in Millions		3 Months Ended		6 Months Ended
Inventory Financing Agreement (Details) $ in Millions	May 19, 2019	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2019 item	Jun. 19, 2017 item
Inventory Financing Agreements
Interest expense		$ 55.8	$ 42.6	$ 105	$ 94.2
Inventory Financing Obligations \| Secured Overnight Financing Rate (SOFR)
Inventory Financing Agreements
Debt instrument, basis spread on variable rate				3.25%
Inventory Financing Obligations
Inventory Financing Agreements
Interest expense		7.6	$ 4.8	$ 14.6	$ 16.3
Deferred payment arrangement, maximum percentage of eligible inventory				90%
Deferred payment arrangement, outstanding amount		41.7		$ 41.7			$ 36
Obligations under inventory financing agreements		0		0		$ 5
Inventory Financing Obligations \| Macquarie
Inventory Financing Agreements
Amount retained from initial inventory to cover credit and liquidation risks		$ 20.1		$ 20.1
Great Falls, MT
Inventory Financing Agreements
Inventory financing agreement extension	Sep. 30, 2023
Great Falls, MT \| Inventory Financing Obligations
Inventory Financing Agreements
Barrels of crude oil per day provided by Macquarie \| item								30,000
Shreveport
Inventory Financing Agreements
Inventory financing agreement extension	Sep. 30, 2023
Shreveport \| Inventory Financing Obligations
Inventory Financing Agreements
Barrels of crude oil per day provided by Macquarie \| item									60,000
Montana/Renewables \| Inventory Financing Obligations
Inventory Financing Agreements
Barrels of crude oil per day provided by Macquarie \| item		15,000		15,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022	Jan. 20, 2022
Summary of Long-term debt
MRL Term Loan Credit Agreement		$ 74.8
Shreveport terminal asset financing arrangement		54.5	$ 58.2
MRL asset financing arrangements		385.1	370.1
Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028		3.2
Less unamortized debt issuance costs (1)	[1]	(16.3)	(12.1)
Total debt		1,846.2	1,559.7
Less current portion of long-term debt		21.9	20
Total long-term debt		1,824.3	1,539.7
Accumulated amortization, deferred debt issuance costs		24.2	22.3
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		$ 87.8	$ 104
Summary of Long-term debt
Weighted average interest rates		6.70%	4.70%
11.00% Senior Notes April 2025
Summary of Long-term debt
Borrowings under Senior Notes		$ 413.5	$ 513.5
Effective interest rate		11.40%	11.40%
Fixed interest rate		11%	11%
MRL Revolving Credit Agreement
Summary of Long-term debt
MRL Revolving Credit Agreement		$ 18.5
Effective interest rate		6.80%
Capital Lease Obligations
Summary of Long-term debt
Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028		$ 3.2	$ 3.4
Unamortized Discount on 2022 Notes, 2023 Notes, 2024 Notes, and 2025 Notes
Summary of Long-term debt
Less unamortized discounts		(3.9)	(2.4)
9.25% Senior Notes due July 2024
Summary of Long-term debt
Borrowings under Senior Notes		$ 179	$ 200
Effective interest rate		9.50%	9.50%
Fixed interest rate		9.25%	9.25%
8.125% Senior Notes due July 2027
Summary of Long-term debt
Borrowings under Senior Notes		$ 325	$ 325
Effective interest rate		8.30%	8.30%
Fixed interest rate		8.125%	8.125%	8.125%
9.75% July 2028, Notes
Summary of Long-term debt
Borrowings under Senior Notes		$ 325
Effective interest rate		10.20%
Fixed interest rate		9.75%

[1] Deferred debt issuance costs are being amortized by the effective interest rate method over the lives of the related debt instruments. These amounts are net of accumulated amortization of $24.2 million and $22.3 million at June 30, 2023 and December 31, 2022, respectively.

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)					3 Months Ended	6 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 28, 2023	Jun. 27, 2023	Apr. 19, 2023	Jan. 20, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 05, 2022
Long Term Debt Textual [Abstract]
Debt instrument, covenant compliance						in compliance with all covenants under the indentures governing the Senior Notes
Line of credit facility, remaining borrowing capacity					$ 338,100,000	$ 338,100,000
Debt instrument, repurchase amount					325,000,000	325,000,000
Debt extinguishment costs					(5,200,000)	(5,200,000)
MRL asset financing arrangements					385,100,000	385,100,000		$ 370,100,000
9.75% Senior Notes due 2028
Long Term Debt Textual [Abstract]
Proceeds used for repurchase of debt	$ 125,500,000
Fixed interest rate		9.75%
11.00% Senior Notes due 2025
Long Term Debt Textual [Abstract]
Debt instrument, repurchase amount	100,000,000	$ 100,000,000
Revolving Credit Facility
Long Term Debt Textual [Abstract]
Senior secured revolving credit facility					500,000,000	$ 500,000,000
Line of credit amendment				Jan. 20, 2022
Line of credit facility, covenant terms						if the Company’s availability to borrow loans under the revolving credit facility falls below an amount equal to the greater of (i) 10% of the Borrowing Base (as defined in the Credit Agreement) then in effect, and (ii) $35.0 million (which amount is subject to increase in proportion to revolving commitment increases), plus the amount of FILO loans outstanding, then the Company will be required to maintain as of the end of each fiscal quarter a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of at least 1.0 to 1.0.
Revolving credit facility, amendment duration				5 years
Letters of credit outstanding, amount					15,100,000	$ 15,100,000
Line of credit facility, current borrowing capacity					$ 441,000,000	$ 441,000,000
8.125% Senior Notes due July 2027
Long Term Debt Textual [Abstract]
Senior Notes, Issuance Date				Jan. 20, 2022
Senior Notes Issued, Gross				$ 325,000,000
Proceeds from debt				$ 319,100,000
Fixed interest rate				8.125%	8.125%	8.125%		8.125%
Debt extinguishment costs							$ (1,000,000)
MRL Asset #2
Long Term Debt Textual [Abstract]
MRL asset financing arrangements									$ 250,000,000
MRL Asset3
Long Term Debt Textual [Abstract]
MRL asset financing arrangements									$ 100,000,000
MRL Revolving Credit Agreement
Long Term Debt Textual [Abstract]
MRL revolving credit agreement					$ 18,500,000	$ 18,500,000
MRL revolving credit agreement, current borrowing capacity					45,900,000	45,900,000
MRL revolving credit agreement , maximum borrowing capacity, optional Increase per request					15	15
MRL revolving credit agreement, maximum borrowing capacity					90,000,000	90,000,000
2025 Notes
Long Term Debt Textual [Abstract]
Debt instrument, repurchase amount	$ 21,000,000	$ 200,000,000			$ 179,000,000	$ 179,000,000
9.75% July 2028, Notes
Long Term Debt Textual [Abstract]
Senior Notes, Issuance Date		Jun. 27, 2023
Senior Notes Issued, Gross		$ 325,000,000
Proceeds from debt		$ 319,100,000
Fixed interest rate					9.75%	9.75%
2024 Secured Notes and 2025 Notes
Long Term Debt Textual [Abstract]
Debt extinguishment costs					$ 5,200,000	$ 5,200,000
MrlTermLoanCreditAgreement
Long Term Debt Textual [Abstract]
Quarterly installments of borrowings payable in percentage of outstanding principal			0.25%
Face amount			$ 75,000,000
MrlTermLoanCreditAgreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long Term Debt Textual [Abstract]
Debt instrument, basis spread on variable rate			6%
MrlTermLoanCreditAgreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long Term Debt Textual [Abstract]
Debt instrument, basis spread on variable rate			7.30%

Long-Term Debt - Summary of Pri

Long-Term Debt - Summary of Principal Payments on Debt Obligations and Future Minimum Rentals on Capital Lease Obligations (Details) $ in Millions	Jun. 30, 2023 USD ($)
Maturities of long-term debt
2023	$ 10.1
2024	202
2025	438.6
2026	27.6
2027	475.8
Thereafter	712.3
Total	$ 1,866.4

Derivatives - Summary of Gross

Derivatives - Summary of Gross Fair Values of Derivative Instruments, Presenting the Impact of Offsetting Derivative Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	$ 51.9	$ 0
Derivative Asset, Fair Value, Gross Liability	(31.7)	0
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	20.2	0
Crack spread swaps \| Not Designated as Hedging Instrument \| Specialty Products and Solutions
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	39.3	0
Derivative Asset, Fair Value, Gross Liability	(19.1)	0
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	20.2	0
Inventory Financing Obligations \| Not Designated as Hedging Instrument \| Montana/Renewables
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	12.6	0
Derivative Asset, Fair Value, Gross Liability	(12.6)	0
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	$ 0	$ 0

Derivatives - Summary of Gros_2

Derivatives - Summary of Gross Fair Values of Derivative Instruments, Presenting the Impact of Offsetting Derivative Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ (70.6)	$ (104.4)
Gross Amounts Offset in the Consolidated Balance Sheets	31.7	30.6
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(38.9)	(73.8)
Not Designated as Hedging Instrument \| Specialty Products and Solutions \| Inventory Financing Obligations
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	(40.7)	(38)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(40.7)	(38)
Not Designated as Hedging Instrument \| Specialty Products and Solutions \| Crack spread swaps
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	(19.1)	(50.6)
Gross Amounts Offset in the Consolidated Balance Sheets	19.1	19.3
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	0	(31.3)
Not Designated as Hedging Instrument \| Montana/Renewables \| Inventory Financing Obligations
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	(10.8)	(15.8)
Gross Amounts Offset in the Consolidated Balance Sheets	12.6	11.3
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	$ 1.8	$ (4.5)

Derivatives - Not Designated as

Derivatives - Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Realized Gain (Loss)
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 0.2	$ (14.1)	$ (15.3)	$ (14.1)
Realized Gain (Loss) \| Specialty Products and Solutions \| Inventory Financing Obligations
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0
Realized Gain (Loss) \| Specialty Products and Solutions \| Crack spread swaps
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0.2	(13.3)	(15.3)	(13.3)
Realized Gain (Loss) \| Specialty Products and Solutions \| Crude oil swaps
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	(0.8)		(0.8)
Realized Gain (Loss) \| Montana/Renewables \| Inventory Financing Obligations
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0
Unrealized Gain (Loss)
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	14.1	(53.5)	55.1	(75.6)
Unrealized Gain (Loss) \| Specialty Products and Solutions \| Inventory Financing Obligations
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1.3	(10.9)	(2.7)	(25.6)
Unrealized Gain (Loss) \| Specialty Products and Solutions \| Crack spread swaps
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	12.7	(42.9)	51.5	(45.5)
Unrealized Gain (Loss) \| Specialty Products and Solutions \| Crude oil swaps
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0.3
Unrealized Gain (Loss) \| Montana/Renewables \| Inventory Financing Obligations
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 0.1	$ 0	$ 6.3	$ (4.5)

Derivatives - Schedule of posit

Derivatives - Schedule of positions Diesel, MEH Crack Spread Swaps (Details)	6 Months Ended
	Jun. 30, 2023 bbl
Crack spread swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Volume	3,680,000
crack spread swaps 2023 maturity
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Volume	2,928,000

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Derivative assets	$ 14.7
Derivative liabilities:
Total derivative liabilities	38.9	$ 73.8
Fair Value, Measurements, Recurring
Assets:
Derivative assets	20.2	0
Pension Plan investments	27	26.4
Total recurring assets at fair value	47.2	26.4
Derivative liabilities:
Total derivative liabilities	38.9	73.8
RINs obligation	(500.2)	(476.8)
Precious metals obligations	(6.3)	(7.5)
Liability Awards	(53)	(52.9)
Total recurring liabilities at fair value	(598.4)	(611)
Fair Value, Measurements, Recurring \| Inventory Financing Obligations
Derivative liabilities:
Total derivative liabilities	38.9	42.5
Fair Value, Measurements, Recurring \| A211 Crack Spread Swap
Assets:
Derivative assets	20.2	0
Derivative liabilities:
Total derivative liabilities	0	31.3
Fair Value, Measurements, Recurring \| Level 1
Assets:
Derivative assets	0	0
Pension Plan investments	27	26.4
Total recurring assets at fair value	27	26.4
Derivative liabilities:
Total derivative liabilities	0	0
RINs obligation	0	0
Precious metals obligations	(6.3)	(7.5)
Liability Awards	(53)	(52.9)
Total recurring liabilities at fair value	(59.3)	(60.4)
Fair Value, Measurements, Recurring \| Level 1 \| Inventory Financing Obligations
Derivative liabilities:
Total derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level 1 \| A211 Crack Spread Swap
Assets:
Derivative assets	0	0
Derivative liabilities:
Total derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level 2
Assets:
Derivative assets	0	0
Pension Plan investments	0	0
Total recurring assets at fair value	0	0
Derivative liabilities:
Total derivative liabilities	0	0
RINs obligation	(500.2)	(476.8)
Precious metals obligations	0	0
Liability Awards	0	0
Total recurring liabilities at fair value	(500.2)	(476.8)
Fair Value, Measurements, Recurring \| Level 2 \| Inventory Financing Obligations
Derivative liabilities:
Total derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level 2 \| A211 Crack Spread Swap
Assets:
Derivative assets	0	0
Derivative liabilities:
Total derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level 3
Assets:
Derivative assets	20.2	0
Pension Plan investments	0	0
Total recurring assets at fair value	20.2	0
Derivative liabilities:
Total derivative liabilities	38.9	73.8
RINs obligation	0	0
Precious metals obligations	0	0
Liability Awards	0	0
Total recurring liabilities at fair value	(38.9)	(73.8)
Fair Value, Measurements, Recurring \| Level 3 \| Inventory Financing Obligations
Derivative liabilities:
Total derivative liabilities	38.9	42.5
Fair Value, Measurements, Recurring \| Level 3 \| A211 Crack Spread Swap
Assets:
Derivative assets	20.2	0
Derivative liabilities:
Total derivative liabilities	$ 0	$ 31.3

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Summary of net changes in fair value of the company's level 3 financial assets and liabilities
Gain (loss) on derivative instruments	$ 14.3	$ (67.6)	$ 39.8	$ (89.7)
Unrealized gain (loss) on derivative instruments	14.1	(53.5)	55.1	(75.6)
Level 3
Summary of net changes in fair value of the company's level 3 financial assets and liabilities
Beginning Balance at January 1,			(73.8)	(27.9)
Gain (loss) on derivative instruments			(15.3)	(14.1)
Unrealized gain (loss) on derivative instruments			55.1	(75.6)
Settlements			15.3	14.1
Ending Balance at June 30,	$ (18.7)	$ (103.5)	$ (18.7)	$ (103.5)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
MRL Term Loan Credit Agreement	$ 74.8
Asset financing arrangement	54.5	$ 58.2
MRL asset financing arrangements	385.1	370.1
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	1,239.5	1,045.2
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
MRL revolving credit agreement	18.5
MRL Term Loan Credit Agreement	74.8	0
Asset financing arrangement	54.5	58.2
Oaktree credit agreement		0
MRL asset financing arrangements	385.1	370.1
Debt Instrument, Fair Value Disclosure	3.2	3.4
Fair Value \| Level 3 \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of Credit, Fair Value Disclosure	87.8	104
Carrying Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	1,230.5	1,030
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
MRL revolving credit agreement	18
MRL Term Loan Credit Agreement	71.8
Asset financing arrangement	53.7	57.2
Oaktree credit agreement		(0.6)
MRL asset financing arrangements	383.9	368.8
Debt Instrument, Fair Value Disclosure	3.2	3.4
Carrying Value \| Level 3 \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of Credit, Fair Value Disclosure	$ 85.1	$ 100.9

Earnings Per Unit (Details)

Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator for basic and diluted earnings per limited partner unit:
Net income (loss)	$ 24	$ 15.3	$ 5.2	$ 110.8
Net loss attributable to noncontrolling interest	(5.5)		(15.4)
Net income (loss) attributable to partners	(18.5)	(15.3)	10.2	(110.8)
General partner's interest in net income (loss)	(0.4)	(0.3)	0.2	(2.2)
Net income (loss) available to limited partners	$ (18.1)	$ (15)	$ 10	$ (108.6)
Denominator for earnings per limited partner unit:
Basic weighted average limited partner units outstanding	80,152,648	79,424,383	79,992,637	79,241,515
Effect of dilutive securities:
Incremental units			109,795
Diluted weighted average limited partner units outstanding (1)	80,152,648	79,424,383	80,102,432	79,241,515
Limited partners' interest net income (loss) per unit:
Limited partners' interest basic net loss per unit	$ (0.23)	$ (0.19)	$ 0.13	$ (1.37)
Limited partners' interest diluted net loss per unit	$ (0.23)	$ (0.19)	$ 0.12	$ (1.37)

Segments and Related Informat_3

Segments and Related Information - Schedule of Reportable segment information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Reportable segment information
Sales	$ 1,017.8	$ 1,424	$ 2,054.7	$ 2,521.9
Adjusted EBITDA	67.7	175.8	145.4	199.1
Reconciling items to net loss attributable to partners:
Depreciation and amortization	42.8	30.3	80	60.5
LCM / LIFO (gain) loss	(5.8)	(1.2)	13.9	(7.2)
Interest expense	55.8	42.6	105	94.2
Debt extinguishment costs	5.2		5.2
Unrealized (gain) loss on derivatives	(14.1)	53.5	(55.1)	75.6
RINs mark-to-market loss	3.6	68.7	(42.5)	78.1
Other non-recurring expenses	3.6		33.1	3.8
Equity based compensation and other items	(0.3)	(3.4)	8.7	3.6
Income tax expense	0.4	0.6	0.9	1.3
Noncontrolling interest adjustments	(5)		(14)
Net loss attributable to partners	(18.5)	(15.3)	10.2	(110.8)
Capital expenditures	83.7	119.3	221.2	196.3
PP&E, net	1,536.4	1,149.7	1,536.4	1,149.7	$ 1,482
External customers
Reportable segment information
Sales	1,017.8	1,424	2,054.7	2,521.9
Eliminations
Reportable segment information
Sales	(5.3)	(7)	(10.7)	(12.6)
Eliminations \| Inter-segment sales
Reportable segment information
Sales	(5.3)	(7)	(10.7)	(12.6)
Specialty Products and Solutions
Reconciling items to net loss attributable to partners:
Gain on Business Interruption Insurance Recovery	1.3	13.9	2.4	13.9
property damage insurance proceeds		4.4		4.4
Specialty Products and Solutions \| Operating Segments
Reportable segment information
Sales	689.3	986.2	1,433.4	1,761.2
Adjusted EBITDA	61	123.5	137.4	151.6
Reconciling items to net loss attributable to partners:
Depreciation and amortization	19.3	16.1	35.2	32
LCM / LIFO (gain) loss	1.5		2.7	(3.4)
Interest expense	6.8	5.9	13.3	16.8
Unrealized (gain) loss on derivatives	(14)	53.5	(48.8)	71.1
RINs mark-to-market loss	2.2	44.7	(28.6)	50.8
Capital expenditures	18.5	19.2	40	30.3
PP&E, net	379.9	373.8	379.9	373.8
Specialty Products and Solutions \| Operating Segments \| External customers
Reportable segment information
Sales	684.1	979.2	1,422.8	1,748.6
Specialty Products and Solutions \| Operating Segments \| Inter-segment sales
Reportable segment information
Sales	5.2	7	10.6	12.6
Performance Brands
Reconciling items to net loss attributable to partners:
Gain on Business Interruption Insurance Recovery			5
Performance Brands \| Operating Segments
Reportable segment information
Sales	85.6	80.1	164.4	153.3
Adjusted EBITDA	12.2	3.7	28.6	9
Reconciling items to net loss attributable to partners:
Depreciation and amortization	2.4	2.8	4.9	5.6
LCM / LIFO (gain) loss	0.6	(0.2)	2.1	(0.2)
Interest expense	0.1		0.1	1.1
Capital expenditures	0.3	0.3	1	0.9
PP&E, net	33.4	34.1	33.4	34.1
Performance Brands \| Operating Segments \| External customers
Reportable segment information
Sales	85.5	80.1	164.3	153.3
Performance Brands \| Operating Segments \| Inter-segment sales
Reportable segment information
Sales	0.1		0.1
Montana/Renewables
Reconciling items to net loss attributable to partners:
Inventory firm purchase commitment			28.4
Montana/Renewables \| Operating Segments
Reportable segment information
Sales	248.2	364.7	467.6	620
Adjusted EBITDA	12.6	68.6	17.4	77.6
Reconciling items to net loss attributable to partners:
Depreciation and amortization	20.9	9.5	39.4	19
LCM / LIFO (gain) loss	(7.9)	(1)	9.1	(3.6)
Interest expense	17.5	8.7	29.9	18.8
Unrealized (gain) loss on derivatives	(0.1)		(6.3)	4.5
RINs mark-to-market loss	1.4	24	(13.9)	27.3
Capital expenditures	64.7	99.8	179.9	165
PP&E, net	1,120.9	737	1,120.9	737
Montana/Renewables \| Operating Segments \| External customers
Reportable segment information
Sales	248.2	364.7	467.6	620
Corporate \| Operating Segments
Reportable segment information
Adjusted EBITDA	(18.1)	(20)	(38)	(39.1)
Reconciling items to net loss attributable to partners:
Depreciation and amortization	0.2	1.9	0.5	3.9
Interest expense	31.4	28	61.7	57.5
Debt extinguishment costs	5.2		5.2
Capital expenditures	0.2		0.3	0.1
PP&E, net	$ 2.2	$ 4.8	$ 2.2	$ 4.8

Segments and Related Informat_4

Segments and Related Information - Schedule of Product Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Major product category sales
Sales	$ 1,017.8	$ 1,424	$ 2,054.7	$ 2,521.9
Product Concentration Risk \| Sales
Major product category sales
Sales	$ 1,017.8	$ 1,424	$ 2,054.7	$ 2,521.9
Concentration Risk, Percentage	100%	100%	100%	100%
Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 684.1	$ 979.2	$ 1,422.8	$ 1,748.6
Concentration Risk, Percentage	67.20%	68.80%	69.20%	69.30%
Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 248.2	$ 364.7	$ 467.6	$ 620
Concentration Risk, Percentage	24.40%	25.60%	22.80%	24.60%
Product Concentration Risk \| Performance Brands \| Sales
Major product category sales
Sales	$ 85.5	$ 80.1	$ 164.3	$ 153.3
Concentration Risk, Percentage	8.40%	5.60%	8%	6.10%
Lubricating oils \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 186.3	$ 245.3	$ 401.4	$ 454.8
Concentration Risk, Percentage	18.30%	17.20%	19.50%	18%
Solvents \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 96.2	$ 120.6	$ 202.8	$ 212.6
Concentration Risk, Percentage	9.50%	8.50%	9.90%	8.50%
Waxes \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 40.2	$ 49.8	$ 84.4	$ 94.3
Concentration Risk, Percentage	3.90%	3.50%	4.10%	3.70%
Fuels, asphalt and other by-products \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 361.4	$ 563.5	$ 734.2	$ 986.9
Concentration Risk, Percentage	35.50%	39.60%	35.70%	39.10%
Gasoline \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 40.7	$ 67.8	$ 83.6	$ 126.4
Concentration Risk, Percentage	4%	4.80%	4.10%	5%
Diesel \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 35.9	$ 180.8	$ 68.8	$ 297.3
Concentration Risk, Percentage	3.50%	12.70%	3.30%	11.90%
Jet fuel \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 5.6	$ 14.8	$ 10.5	$ 26.2
Concentration Risk, Percentage	0.60%	1%	0.50%	1%
Asphalt, heavy fuel oils and other \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 37.8	$ 101.3	$ 57.9	$ 170.1
Concentration Risk, Percentage	3.70%	7.10%	2.80%	6.70%
Renewable Fuels \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 128.2		$ 246.8
Concentration Risk, Percentage	12.60%		12.10%

Segments and Related Informat_5

Segments and Related Information - Narrative (Details)	3 Months Ended		6 Months Ended
Segments and Related Information - Narrative (Details)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Segment Reporting, Disclosure of Major Customers	no	no	no	no
Number of major supplier	2	2	2	2
Supplier Concentration Risk \| Two Suppliers \| percentage
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	91.10%	85.80%	92.80%	85.10%

Unrestricted Subsidiaries - Sch

Unrestricted Subsidiaries - Schedule of Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	$ 36	$ 27.5	$ 36	$ 27.5		$ 35.2
Accounts receivable	315.3		315.3			268
Inventory	439.9		439.9			498
Prepaid expenses and other current assets	41.5		41.5			19.2
Property, plant and equipment, net	1,536.4	1,149.7	1,536.4	1,149.7		1,482
Other noncurrent assets, net	420.4		420.4			439.4
Accounts payable	278.2		278.2			442.4
Accrued interest payable	35.7		35.7			34.6
Obligations under inventory financing agreements	213.1		213.1			221.8
Other current liabilities	99.8		99.8			114.5
Current portion of long-term debt	21.9		21.9			20
Other long-term liabilities	54.4		54.4			60.2
Long-term Debt	1,866.4		1,866.4
Redeemable noncontrolling interest	250		250			250
Total partners' capital (deficit)	(547.8)	(477.6)	(547.8)	(477.6)	$ (526.1)	(537.7)	$ (463.8)	$ (385.1)
Other operating expense	(5.2)	(9.5)	(8.2)	(14.3)
Interest expense	(55.8)	(42.6)	(105)	(94.2)
Unrealized gain (loss) on derivative instruments	14.1	(53.5)	55.1	(75.6)
Net loss attributable to noncontrolling interest	(5.5)		(15.4)
Parent Company
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	32.6		32.6			9.4
Accounts receivable	279.4		279.4			259.8
Inventory	330.2		330.2			370.1
Prepaid expenses and other current assets	19.6		19.6			13.2
Property, plant and equipment, net	747		747			760.7
Other noncurrent assets, net	404.2		404.2			428.8
Accounts payable	242.9		242.9			307.6
Accrued interest payable	34.4		34.4
Obligations under inventory financing agreements	121.4		121.4			158.2
Other current liabilities	90.3		90.3			100.8
Current portion of long-term debt	8.6		8.6			8.2
Other long-term liabilities	50.3		50.3			59
Long-term Debt	1,363.9		1,363.9			1,183.3
Redeemable noncontrolling interest	0		0			0
Total partners' capital (deficit)	(357.5)		(357.5)			(456.4)
Unrestricted Subsidiaries
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	3.4		3.4			25.8
Accounts receivable	35.9		35.9			8.2
Inventory	109.7		109.7			127.9
Prepaid expenses and other current assets	21.9		21.9			6
Property, plant and equipment, net	789.4		789.4			721.3
Other noncurrent assets, net	16.2		16.2			10.6
Accounts payable	217.7		217.7			265.6
Accrued interest payable	1.3		1.3
Obligations under inventory financing agreements	91.7		91.7			63.6
Other current liabilities	9.5		9.5			13.7
Current portion of long-term debt	13.3		13.3			11.8
Other long-term liabilities	4.1		4.1			1.2
Long-term Debt	560.4		560.4			356.4
Redeemable noncontrolling interest	250		250			250
Total partners' capital (deficit)	(171.5)		(171.5)			(62.5)
Revenues	128.2	28.9	246.8	43.2
Operating costs	123.6	7	288.2	13.9
Other operating expense			3.8
Depreciation expense	10.7	3.8	19	7.5
Selling, general and administrative expense	5.6		9.3
Interest expense	(23.9)	$ (11.2)	(36.9)	$ (22.3)
Other Income	0.1		0.1
Unrealized gain (loss) on derivative instruments	(2.9)		1.3
Net loss attributable to noncontrolling interest	(5.5)		(15.4)
Eliminations
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	0		0			0
Accounts receivable	0		0			0
Inventory	0		0			0
Prepaid expenses and other current assets	0		0			0
Property, plant and equipment, net	0		0			0
Other noncurrent assets, net	0		0			0
Accounts payable	(182.4)		(182.4)			(130.8)
Accrued interest payable	0		0
Obligations under inventory financing agreements	0		0			0
Other current liabilities	0		0			0
Current portion of long-term debt	0		0			0
Other long-term liabilities	0		0			0
Long-term Debt	(100)		(100)			0
Redeemable noncontrolling interest	0		0			0
Total partners' capital (deficit)	(18.8)		(18.8)			(18.8)
Consolidated Total
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	36		36			35.2
Accounts receivable	315.3		315.3			268
Inventory	439.9		439.9			498
Prepaid expenses and other current assets	41.5		41.5			19.2
Property, plant and equipment, net	1,536.4		1,536.4			1,482
Other noncurrent assets, net	420.4		420.4			439.4
Accounts payable	278.2		278.2			442.4
Accrued interest payable	35.7		35.7
Obligations under inventory financing agreements	213.1		213.1			221.8
Other current liabilities	99.8		99.8			114.5
Current portion of long-term debt	21.9		21.9			20
Other long-term liabilities	54.4		54.4			60.2
Long-term Debt	1,824.3		1,824.3			1,539.7
Redeemable noncontrolling interest	250		250			250
Total partners' capital (deficit)	$ (547.8)		$ (547.8)			$ (537.7)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest - Narrative (Details) - USD ($) $ in Millions	Oct. 03, 2022	Aug. 05, 2022	Jun. 30, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest			$ 250	$ 250
MRHL
Redeemable Noncontrolling Interest [Line Items]
Issued and sold preferred units		12,500,000
Redeemable noncontrolling interest		$ 250
Immediate cash payment	$ 50	$ 200
Exchange for a percentage interest		14.20%
Temporary equity, preferred return, percentage		8%
Temporary equity preferred return, multiple of invested capital		1.35
Temporary equity preferred return, multiple of invested capital annual increases		0.01
Cash distribution priority to preferred unit holders, until preferred return		37.50%
Cash distribution, priority to other members, until preferred return		62.50%
Cash distribution, priority given for members after preferred return distribution		100%
Distribution for income taxes on allocations, term		30 days
MRHL \| Maximum
Redeemable Noncontrolling Interest [Line Items]
Temporary equity preferred return, multiple of invested capital		1.40

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Redeemable Noncontrolling Interest [Line Items]
Net loss attributable to noncontrolling interest	$ (5.5)	$ (15.4)
Adjustment to ASC 480 redemption value	5.5	15.4
MRHL
Redeemable Noncontrolling Interest [Line Items]
Beginning balance		250
Net loss attributable to noncontrolling interest		(15.4)
Adjustment to ASC 480 redemption value		15.4
Ending balance	$ 250	$ 250

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jul. 31, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Increase (decrease) in derivative assets and liabilities	$ (46.9)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (18.5)	$ (15.3)	$ 10.2	$ (110.8)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false