Calumet Specialty Products Partners (CLMT) 10-Q10 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-51734
Registrant Name	Calumet Specialty Products Partners, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-1811116
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
Local Phone Number	328-5660
Title of 12(b) Security	Common units representing limited partner interests
Trading Symbol	CLMT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Information, Former Legal or Registered Name	None
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,388,555
CIK	0001340122
Amendment	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Quarterly Report	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 23.9	$ 7.9
Accounts receivable, net:
Trade, less allowance for credit losses of $1.4 million and $1.2 million, respectively	289.4	252.4
Other	49.6	33.8
Total accounts receivable	339	286.2
Inventories	403.1	439.4
Derivative assets	5.5	9.6
Prepaid expenses and other current assets	40.2	51.6
Total current assets	811.7	794.7
Property, plant and equipment, net	1,486	1,506.3
Other noncurrent assets, net	433.9	450.3
Total assets	2,731.6	2,751.3
Current liabilities:
Accounts payable	321.1	322
Accrued interest payable	41.3	48.7
Accrued salaries, wages and benefits	68.4	87.1
Obligations under inventory financing agreements	55.6	190.4
Current portion of RINs obligation	212.7	277.3
Other current liabilities	99	131.5
Current portion of long-term debt	26.3	55.7
Total current liabilities	824.4	1,112.7
Other long-term liabilities	135.7	53.6
Long-term debt, less current portion	2,055.6	1,829.7
Total liabilities	3,015.7	2,996
Commitments and contingencies
Redeemable noncontrolling interest	245.6	245.6
Partners' capital (deficit):
Partners' capital (deficit)	(529.7)	(490.3)
Total liabilities and partners' capital (deficit)	2,731.6	2,751.3
Limited Partners
Partners' capital (deficit):
Partners' capital (deficit)	(523.1)	(484.4)
General Partner
Partners' capital (deficit):
Partners' capital (deficit)	0.5	1.3
Accumulated Other Comprehensive Loss
Partners' capital (deficit):
Partners' capital (deficit)	$ (7.1)	$ (7.2)

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss	$ 1.4	$ 1.2
Limited Partners
Limited Partners' interest units issued	80,223,093	79,967,363
Limited partner common units	80,223,093	79,967,363

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Sales	$ 1,005.8	$ 1,037.3
Cost of sales	927.3	940.7
Gross profit	78.5	96.6
Operating costs and expenses:
Selling	13.7	13.5
General and administrative	23.3	37.1
Other operating expense	5.2	3
Operating income (loss)	36.3	43
Other income (expense):
Interest expense	(60.8)	(49.2)
Gain (loss) on derivative instruments	(16.9)	25.5
Other income (expense)		(0.2)
Total other expense	(77.7)	(23.9)
Net income (loss) before income taxes	(41.4)	19.1
Income tax expense	0.2	0.5
Net income (loss)	(41.6)	18.6
Less:
General partners' interest in net income (loss)	(0.8)	0.4
Net income (loss) available to limited partners	$ (40.8)	$ 18.2
Weighted average limited partner units outstanding:
Basic	80,352,403	79,830,671
Diluted	80,352,403	79,939,985
Limited partners' interest basic net income (loss) per unit:
Limited partners' interest basic net income (loss) per unit	$ (0.51)	$ 0.23
Limited partners' interest diluted net income (loss) per unit	$ (0.51)	$ 0.23

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (41.6)	$ 18.6
Other comprehensive income:
Defined benefit pension and retiree health benefit plans	0.1
Total other comprehensive income	0.1
Comprehensive income (loss) attributable to partners' capital (deficit)	$ (41.5)	$ 18.6

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (DEFICIT) - USD ($) $ in Millions	General Partner	Limited Partners	Accumulated Other Comprehensive Loss	Total
Beginning balance at Dec. 31, 2022	$ 0.3	$ (525.3)	$ (8.3)	$ (533.3)
Increase (Decrease) in Partners' Capital
Net income (loss) attributable to partners	0.4	18.2		18.6
Settlement of tax withholdings on equity-based incentive compensation		(7.9)		(7.9)
Settlement of phantom units		(1)		(1)
Amortization of phantom units		0.3		0.3
Ending balance at Mar. 31, 2023	0.7	(515.7)	(8.3)	(523.3)
Beginning balance at Dec. 31, 2023	1.3	(484.4)	(7.2)	(490.3)
Increase (Decrease) in Partners' Capital
Other comprehensive income			0.1	0.1
Net income (loss) attributable to partners	(0.8)	(40.8)		(41.6)
Settlement of tax withholdings on equity-based incentive compensation		(3.5)		(3.5)
Settlement of phantom units		5.6		5.6
Ending balance at Mar. 31, 2024	$ 0.5	$ (523.1)	$ (7.1)	$ (529.7)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income (loss)	$ (41.6)	$ 18.6
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Non-cash RINs gain	(64.6)	(32.1)
Unrealized (gain) loss on derivative instruments	17.5	(41)
Other non-cash activities	47.8	66.3
Changes in assets and liabilities	(53.1)	(38.5)
Net cash used in operating activities	(94)	(26.7)
Investing activities
Additions to property, plant and equipment	(20)	(130.4)
Net cash used in investing activities	(20)	(130.4)
Financing activities
Proceeds from borrowings - revolving credit facility	596.8	559
Repayments of borrowings - revolving credit facility	(423.7)	(437)
Proceeds from borrowings - MRL revolving credit agreement	32	18.7
Repayments of borrowings - MRL revolving credit agreement	(22.3)
Proceeds from borrowings - senior notes	200
Repayments of borrowings - senior notes	(179)
Proceeds from inventory financing	280.7	388.5
Payments on inventory financing	(336.8)	(404.1)
Proceeds from other financing obligations		20.8
Payments on other financing obligations	(17)	(12.8)
Net cash provided by financing activities	130.7	133.1
Net increase (decrease) in cash, cash equivalents and restricted cash	16.7	(24)
Cash, cash equivalents and restricted cash at beginning of period	14.7	35.2
Cash, cash equivalents and restricted cash at end of period	31.4	11.2
Cash and cash equivalents	23.9	11.2
Restricted cash	7.5
Supplemental disclosure of non-cash investing activities
Non-cash property, plant and equipment additions	$ 25.2	$ 95.1

Description of the Business

Description of the Business	3 Months Ended
Description of the Business	Mar. 31, 2024
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 March 31, 2024, the Company had 80,223,093 limited partner common units and 1,637,206 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 March 31, 2024 and for the three months ended March 31, 2024 and 2023, 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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 (“2023 Annual Report”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
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 Montana Renewables, LLC (“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 if future purchase of RINs were to be required 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”). The Company has historically not been obligated to make these purchases. 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. Compliance is demonstrated by tendering RINs to the EPA documenting that blending has been accomplished or by obtaining a Small Refinery Exemption as provided in the Clean Air Act. Prior to 2018, the Company historically received the Small Refinery Exemption after qualifying on the merits. The Company’s petitions for the Small Refinery Exemption for compliance years 2018-2022 ultimately were denied by the EPA. EPA’s denials of those petitions is subject to litigation, as described below. Future exemptions are the subject of future annual applications. The RIN obligation is a non-financial instrument representing a quantity that cannot be settled financially. 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 a current 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 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, 2022 and 2023. 2018 RVO. 2019-2020 RVO. courts to stay the Company’s 2019 and 2020 RFS obligations while the merits appeals are pending. In January 2023, the Fifth Circuit granted the Company’s motion for stay relating to the Shreveport refinery, and in March 2023, the D.C. Circuit granted the Company’s motion for stay relating to the Montana refinery. The stays granted by each of the respective circuits hold that the Company is likely to be successful on the merits of its appeals. In November 2023, the Fifth Circuit issued its decision and found that venue for the appeal is proper in the Fifth Circuit and that EPA’s denial of the Shreveport refinery’s petitions for program years 2018-2020 was improper. The Fifth Circuit vacated the EPA’s denials of those petitions and remanded the petitions to EPA. 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 March 31, 2024 and December 31, 2023, the Company had a RINs Obligation recorded on the condensed consolidated balance sheets of $212.7 million and $277.3 million, respectively.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 were $289.4 million and $252.4 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	3 Months Ended
Inventories	Mar. 31, 2024
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 months ended March 31, 2024 and 2023 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 $75.5 million and $67.8 million higher than the carrying value of inventory as of March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024 and 2023, the Company sold inventory comprised of crude oil, refined products and renewable feedstocks under Supply and Offtake Agreements as described in Note 7 — “Inventory Financing Agreements” related to the Great Falls, Shreveport and Montana Renewables facilities. Inventories consist of the following (in millions): March 31, 2024 December 31, 2023 Supply and Supply and Titled Offtake Titled Offtake Inventory Agreements (1) Total Inventory Agreements (1) Total Raw materials $ 56.8 $ 51.4 $ 108.2 $ 61.6 $ 27.6 $ 89.2 Work in process 64.3 31.2 95.5 72.3 36.7 109.0 Finished goods 153.9 45.5 199.4 162.1 79.1 241.2 $ 275.0 $ 128.1 $ 403.1 $ 296.0 $ 143.4 $ 439.4 (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 March 31, 2024 and 2023

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
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 31 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): March 31, December 31, Assets: Classification: 2024 2023 Operating lease assets Other noncurrent assets, net (1) $ 100.4 $ 114.4 Finance lease assets Property, plant and equipment, net (2) 2.3 2.4 Total leased assets $ 102.7 $ 116.8 Liabilities: Current Operating Other current liabilities $ 63.2 $ 75.6 Finance Current portion of long-term debt 1.0 1.1 Non-current Operating Other long-term liabilities 37.5 39.0 Finance Long-term debt, less current portion 1.7 1.9 Total lease liabilities $ 103.4 $ 117.6 (1) During the three months ended March 31, 2024, the Company had additions to its operating lease right of use assets and operating lease liabilities of approximately $5.0 million. (2) Finance lease assets are recorded net of accumulated amortization of $5.1 million and $5.0 million as of March 31, 2024 and December 31, 2023, 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 March 31, Lease Costs: Classification: 2024 2023 Fixed operating lease cost Cost of Sales; SG&A Expenses $ 20.9 $ 19.0 Short-term operating lease cost (1) Cost of Sales; SG&A Expenses 2.3 2.2 Variable operating lease cost (2) Cost of Sales; SG&A Expenses 0.7 2.7 Finance lease cost: Amortization of finance lease assets Cost of Sales 0.1 0.2 Interest on lease liabilities Interest expense 0.1 0.1 Total lease cost $ 24.1 $ 24.2 (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 March 31, 2024, 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 2024 $ 62.4 $ 0.9 $ 63.3 2025 20.5 0.9 21.4 2026 11.4 0.8 12.2 2027 7.5 0.3 7.8 2028 4.7 0.1 4.8 Thereafter 4.8 — 4.8 Total $ 111.3 $ 3.0 $ 114.3 Less: Interest 10.6 0.3 10.9 Present value of lease liabilities $ 100.7 $ 2.7 $ 103.4 Less obligations due within one year 63.2 1.0 64.2 Long-term lease obligation $ 37.5 $ 1.7 $ 39.2 (1) As of March 31, 2024, 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 March 31, 2024. (2) As of March 31, 2024, 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 March 31, 2024. 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: March 31, December 31, Lease Term and Discount Rate: 2024 2023 Weighted-average remaining lease term (years): Operating leases 2.6 2.6 Finance leases 3.0 3.1 Weighted-average discount rate: Operating leases 8.6 % 8.6 % Finance leases 7.5 % 7.3 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, the Company had outstanding standby letters of credit of $43.6 million and $29.9 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023). 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 March 31, 2024, the estimated minimum unconditional purchase commitments, including the capital recovery charge, under the agreement were as follows (in millions): Year Commitment 2024 $ 3.0 2025 4.0 2026 4.0 2027 2.4 Thereafter — Total (1) $ 13.4 (1) As of March 31, 2024, 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	3 Months Ended
Inventory Financing Agreements	Mar. 31, 2024
Inventory Financing Agreements
Inventory Financing Agreements	7. Inventory Financing Agreements On January 17, 2024 (the “Effective Date”), the Company and J. Aron entered into a Monetization Master Agreement (the “Master Agreement”), a related Financing Agreement (the “Financing Agreement”) and Supply and Offtake Agreement (together with the Master Agreement and the Financing Agreement, the “Shreveport Supply and Offtake Agreement”). Pursuant to the Shreveport Supply and Offtake Agreement, J. Aron agreed to, among other things, purchase from the Company, or extend to the Company, financial accommodations secured by crude oil and finished products located at the Company’s Shreveport facility on the Effective Date and from time to time, up to maximum volumes specified for crude oil and categories of finished products, subject to the Company’s repurchase obligations with respect thereto. The Shreveport Supply and Offtake Agreement replaced the Company’s previous inventory financing agreement with Macquarie, which terminated on January 17, 2024. In March 2017, the Company entered into an agreement with Macquarie to support the operations of the Great Falls refinery (as amended, the “Great Falls Supply and Offtake Agreement”). The Great Falls Supply and Offtake Agreement terminated on December 13, 2023. The inventories that were previously associated with the Great Falls Supply and Offtake Agreement were added back to our revolving credit facility borrowing base. On October 3, 2023, MRL and Wells Fargo Commodities, LLC (“Wells Fargo”) entered into (a) an ISDA 2002 Master Agreement (the “Master Agreement”), (ii) a Schedule to the ISDA 2002 Master Agreement (the “Schedule”), (iii) a Credit Support Annex to the ISDA 2002 Master Agreement (the “Credit Support Annex”), and (iv) a Renewable Fuel and Feedstock Repurchase Master Confirmation (together with the Master Agreement, the Schedule and the Credit Support Annex, collectively the “MRL Supply and Offtake Agreement” and, together with the Shreveport Supply and Offtake Agreement, the “Supply and Offtake Agreements”). Pursuant to the MRL Supply and Offtake Agreement, Wells Fargo agreed to, among other things, (a) purchase from MRL renewable feedstocks and finished products located at MRL’s Great Falls facility, subject to MRL’s repurchase obligations with respect thereto, and (b) provide certain financial accommodations to MRL secured by liens on certain renewable feedstocks and finished products owned by MRL. The MRL Supply and Offtake Agreement replaced MRL’s previous inventory financing agreement with Macquarie, which terminated on October 3, 2023. While title to certain inventories will reside with the counterparties to the arrangements, the Supply and Offtake Agreements are accounted for by the Company similar to a product financing arrangement; therefore, the inventories sold to the counterparties 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 March 31, 2024 and 2023, the Company incurred an expense of $8.4 million and $7.0 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’s inventory financing arrangement with Macquarie for the Company’s Shreveport facility in effect as of December 31, 2023 included a deferred payment arrangement (the “Deferred Payment Arrangement”) whereby the Company could defer payments on just-in-time crude oil purchases from Macquarie owed under the agreements up to the value of the collateral provided (90% of the collateral was inventory). The deferred amounts under the Deferred Payment Arrangement bore interest at a rate equal to the SOFR plus 3.25% per annum. Amounts outstanding under the Deferred Payment Arrangement were 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 for the three months ended March 31, 2023 were included within cash flows from financing activities in the unaudited condensed consolidated statements of cash flows. As of December 31, 2023, the Company had $14.1 million of deferred payments outstanding for the inventory financing arrangement with Macquarie then in effect.

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2024
Long-Term Debt.
Long-Term Debt	8. Long-Term Debt Long-term debt consisted of the following (in millions): March 31, December 31, 2024 2023 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 7.5% and 6.8% for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively. $ 309.8 $ 136.7 Borrowings under amended secured MRL revolving credit agreement with third-party lender, interest payments quarterly, borrowings due November 2027, weighted average interest rate of 7.4% and 6.9% for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively. 22.6 13.0 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 year ended December 31, 2023. — 179.0 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 three months ended March 31, 2024 and the year ended December 31, 2023. 413.5 413.5 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 three months ended March 31, 2024 and the year ended December 31, 2023. 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 three months ended March 31, 2024 and the year ended December 31, 2023. 325.0 325.0 Borrowings under the 2029 Secured Notes, interest at a fixed rate of 9.25%, interest payments semiannually, borrowings due July 2029, effective interest rate of 9.4% for the three months ended March 31, 2024. 200.0 — MRL Term Loan Credit Agreement 74.3 74.4 Shreveport terminal asset financing arrangement 48.9 50.8 MRL asset financing arrangements 380.6 384.6 Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028 2.7 3.0 Less unamortized debt issuance costs (1) (17.4) (16.1) Less unamortized discounts (3.1) (3.5) Total debt $ 2,081.9 $ 1,885.4 Less current portion of long-term debt 26.3 55.7 Total long-term debt $ 2,055.6 $ 1,829.7 (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 $27.8 million and $26.6 million at March 31, 2024 and December 31, 2023, respectively. 9.25% Senior Secured First Lien Notes due 2029 (the “2029 Secured Notes”) On March 7, 2024, the Company issued and sold $200.0 million in aggregate principal amount of 2029 Secured Notes in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The 2029 Secured Notes were issued at par for net proceeds of $199.0 million, after deducting transaction expenses. The Company used the net proceeds from the private placement of the 2029 Secured Notes, together with cash on hand, to redeem all of its outstanding 9.25% Senior Secured First Lien Notes due 2024 (the “2024 Secured Notes”) and $50.0 million aggregate principal amount of its outstanding 11.00% Senior Notes due 2025 (the “2025 Notes”). The Company redeemed $50.0 million aggregate principal amount of its outstanding 2025 Notes on April 15, 2024. Interest on the 2029 Secured Notes is paid semiannually on January 15 and July 15 of each year, beginning on July 15, 2024. 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 and (ii) up to $100.0 million in aggregate principal amount of its outstanding 2025 Notes 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 January 15, 2024. Senior Notes The 2025 Notes, 8.125% Senior Notes due 2027 (the “2027 Notes”), the 2028 Notes, and the 2029 Secured 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 March 31, 2024, 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 and $50.0 million for the construction of a hydrogen plant. The transactions with Stonebriar described in this paragraph are referred to herein as the “MRL asset financing arrangements.” The Company has recorded the MRL asset financing arrangements as a financial liability in the condensed consolidated balance sheets. Fourth Amendment to Third Amended and Restated Senior Secured Revolving Credit Facility On January 17, 2024, the Company entered into the Fourth Amendment to its revolving credit facility (the “Credit Agreement”) governing its senior secured revolving credit facility maturing in January 2027, which provides maximum availability of credit under the revolving credit facility of $650.0 million, including a FILO tranche, subject to borrowing base limitations, and includes a $500.0 million incremental uncommitted expansion feature. Lenders under the revolving credit facility have a first priority lien on, among other things, the Company’s account receivable and inventory and substantially all of its cash (collectively, the “Credit Agreement Collateral”). The borrowing capacity at March 31, 2024, under the revolving credit facility was approximately $521.7 million. As of March 31, 2024, the Company had outstanding borrowings of $309.8 million under the revolving credit facility and outstanding standby letters of credit of $43.6 million, leaving approximately $168.3 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 the sum of (a) the greater of (i) (x) 15% of the borrowing base then in effect at the same time that the refinery asset borrowing base component is greater than $0 and (y) 10% of the borrowing base then in effect at any time that the refinery asset borrowing base component is equal to $0 and (ii) $45.0 million (which amount is subject to certain increases) plus (b) the amount of FILO Loans outstanding, then we 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 March 31, 2024, 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, secured by accounts receivable, 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 March 31, 2024, under the MRL Revolving Credit Agreement was approximately $42.2 million. As of March 31, 2024, MRL had $22.6 million of outstanding borrowings under the MRL Revolving Credit Agreement and no outstanding standby letters of credit, leaving approximately $19.6 million of unused capacity. 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 March 31, 2024, principal payments on debt obligations and future minimum rentals on finance lease obligations are as follows (in millions): Year Maturity 2024 $ 19.9 2025 442.4 2026 32.0 2027 706.9 2028 423.3 Thereafter 477.9 Total $ 2,102.4

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2024
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. As of March 31, 2024 and December 31, 2023, the Company was obligated to repurchase crude oil and refined products from its counterparties, then in effect, 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): March 31, 2024 December 31, 2023 Gross Net Amounts Gross Net Amounts Amounts of Assets Amounts of Assets 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 Assets Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Crack spread swaps Derivative assets / Other noncurrent assets, net $ 5.5 $ — $ 5.5 $ 11.6 $ — $ 11.6 Total derivative instruments $ 5.5 $ — $ 5.5 $ 11.6 $ — $ 11.6 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): March 31, 2024 December 31, 2023 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 Other long-term liabilities / Obligations under inventory financing agreements $ (10.9) $ — $ (10.9) $ (52.5) $ — $ (52.5) Total derivative instruments $ (10.9) $ — $ (10.9) $ (52.5) $ — $ (52.5) 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 basis 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 natural gas, crude oil, gasoline and refined products. The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, 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 Three Months Ended March 31, Three Months Ended March 31, Type of Derivative 2024 2023 2024 2023 Specialty Products and Solutions segment: Inventory financing obligation $ (54.2) $ — $ 41.7 $ (4.0) Crack spread swaps (0.8) (15.5) (6.0) 38.8 Montana/Renewables segment: Inventory financing obligation 2.4 — — 6.2 Total $ (52.6) $ (15.5) $ 35.7 $ 41.0 Derivative Positions At March 31, 2024, the Company had the following notional contract volumes related to outstanding derivative instruments: Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2024 Unit of Measure Derivative instruments not designated as hedges: Crack spread swaps - sales 2,200,000 2,200,000 Barrels

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 that 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. The fixed income bond funds, mutual equity funds, and mutual balanced funds that are measured at fair value using a market approach based on prices obtained from an independent pricing service are categorized in Level 2 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. 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): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets: Crack spread swaps $ — $ — $ 5.5 $ 5.5 $ — $ — $ 11.6 $ 11.6 Total derivative assets $ — $ — $ 5.5 $ 5.5 $ — $ — $ 11.6 $ 11.6 Pension plan investments $ 3.6 $ 23.3 $ — $ 26.9 $ 3.5 $ 23.5 $ — $ 27.0 Total recurring assets at fair value $ 3.6 $ 23.3 $ 5.5 $ 32.4 $ 3.5 $ 23.5 $ 11.6 $ 38.6 Liabilities: Derivative liabilities: Inventory financing obligation $ — $ — $ (10.9) $ (10.9) $ — $ — $ (52.5) $ (52.5) Total derivative liabilities $ — $ — $ (10.9) $ (10.9) $ — $ — $ (52.5) $ (52.5) Precious metals obligations (6.3) — — (6.3) (6.9) — — (6.9) Liability awards (50.4) — — (50.4) (64.2) — — (64.2) Total recurring liabilities at fair value $ (56.7) $ — $ (10.9) $ (67.6) $ (71.1) $ — $ (52.5) $ (123.6) 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): Three Months Ended March 31, 2024 2023 Fair value at January 1, $ (40.8) $ (73.8) Realized loss on derivative instruments (52.6) (15.5) Unrealized gain (loss) on derivative instruments 35.7 41.0 Settlements 52.6 15.5 Fair value at March 31, $ (5.1) $ (32.8) Total gain (loss) included in net income (loss) attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of March 31, $ 35.7 $ 41.0 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 March 31, 2024 and December 31, 2023, consists primarily of senior notes. The estimated fair value of the Company’s 2024 Secured Notes, 2025, 2027, and 2028 Senior Notes, and 2029 Secured 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): March 31, 2024 December 31, 2023 Level Fair Value Carrying Value Fair Value Carrying Value Financial Instrument: 2024 Secured Notes, 2025 Notes, 2027 Notes, 2028 Notes, and 2029 Secured Notes 2 $ 1,259.2 $ 1,253.4 $ 1,247.2 $ 1,232.3 Revolving credit facility 3 $ 309.8 $ 306.1 $ 136.7 $ 134.4 MRL revolving credit agreement 3 $ 22.6 $ 22.0 $ 13.0 $ 12.4 MRL term loan credit agreement 3 $ 74.3 $ 71.6 $ 74.4 71.6 Shreveport terminal asset financing arrangement 3 $ 48.9 $ 48.4 $ 50.8 $ 50.1 MRL asset financing arrangements 3 $ 380.6 $ 377.7 $ 384.6 $ 381.6 Finance leases and other obligations 3 $ 2.7 $ 2.7 $ 3.0 $ 3.0

Earnings Per Unit

Earnings Per Unit	3 Months Ended
Earnings Per Unit	Mar. 31, 2024
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 March 31, 2024 2023 (As Restated) Numerator for basic and diluted earnings per limited partner unit: Net income (loss) $ (41.6) $ 18.6 Less: General partner’s interest in net income (loss) (0.8) 0.4 Net income (loss) attributable to limited partners $ (40.8) $ 18.2 Denominator for earnings per limited partner unit: Basic weighted average limited partner units outstanding 80,352,403 79,830,671 Effect of dilutive securities: Incremental units — 109,314 Diluted weighted average limited partner units outstanding (1) 80,352,403 79,939,985 Limited partners’ interest basic net income (loss) per unit: Limited partners’ interest $ (0.51) $ 0.23 Limited partners’ interest diluted net income (loss) per unit: Limited partners’ interest $ (0.51) $ 0.23 (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 March 31, 2024.

Segments and Related Informatio

Segments and Related Information	3 Months Ended
Segments and Related Information	Mar. 31, 2024
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 2 - “Summary of Significant Accounting Policies,” of the 2023 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); (d) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (e) debt refinancing fees, extinguishment costs, premiums and penalties; (f) any net gain or loss realized in connection with an asset sale that was deducted in computing net income (loss); (g) amortization of turnaround costs; (h) LCM inventory adjustments; (i) the impact of liquidation of inventory layers calculated using the LIFO method; (j) RINs mark-to-market adjustments; and (k) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense. Reportable segment information for the three months ended March 31, 2024 and 2023, is as follows (in millions): Specialty Products and Performance Montana/ Consolidated Three Months Ended March 31, 2024 Solutions Brands Renewables Corporate Eliminations Total Sales: External customers $ 681.6 $ 79.7 $ 244.5 $ — $ — $ 1,005.8 Inter-segment sales 5.0 0.1 — — (5.1) — Total sales $ 686.6 $ 79.8 $ 244.5 $ — $ (5.1) $ 1,005.8 Adjusted EBITDA $ 41.8 $ 13.4 $ (14.5) $ (19.1) $ — $ 21.6 Reconciling items to net loss: Depreciation and amortization 17.6 2.1 25.4 0.3 — 45.4 LCM / LIFO (gain) loss (3.6) 0.2 12.4 — — 9.0 Interest expense 7.8 — 17.0 36.0 — 60.8 Debt extinguishment costs — — — 0.2 — 0.2 Unrealized gain on derivatives (35.7) — — — — (35.7) RINs mark-to-market gain (47.9) — (23.2) — — (71.1) Other non-recurring expenses 60.8 Equity-based compensation and other items (7.3) Income tax expense 0.2 Noncontrolling interest adjustments 0.9 Net loss $ (41.6) Capital expenditures $ 14.1 $ 0.3 $ 11.0 $ 0.1 $ — $ 25.5 PP&E, net $ 368.5 $ 32.9 $ 1,082.9 $ 1.7 $ — $ 1,486.0 Specialty Products and Performance Montana/ Consolidated Three Months Ended March 31, 2023 (As Restated) Solutions (1) Brands (2) Renewables (3) Corporate Eliminations Total Sales: External customers $ 738.7 $ 78.8 $ 219.8 $ — $ — $ 1,037.3 Inter-segment sales 5.4 — — — (5.4) — Total sales $ 744.1 $ 78.8 $ 219.8 $ — $ (5.4) $ 1,037.3 Adjusted EBITDA $ 76.0 $ 16.4 $ 4.8 $ (19.9) $ — $ 77.3 Reconciling items to net income: Depreciation and amortization 15.9 2.5 18.5 0.3 — 37.2 LCM / LIFO loss 1.2 1.5 17.0 — — 19.7 Interest expense 6.5 — 12.4 30.3 — 49.2 Unrealized gain on derivatives (34.8) — (6.2) — — (41.0) RINs mark-to-market gain (30.8) — (15.3) — — (46.1) Other non-recurring expenses 29.5 Equity-based compensation and other items 9.0 Income tax expense 0.5 Noncontrolling interest adjustments 0.7 Net income $ 18.6 Capital expenditures $ 21.5 $ 0.7 $ 115.2 $ 0.1 $ — $ 137.5 PP&E, net $ 380.3 $ 33.7 $ 1,126.6 $ 2.6 $ — $ 1,543.2 (1) For the three months ended March 31, 2023, Adjusted EBITDA for the Specialty Products and Solutions segment included a $ 1.1 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. (2) For the three months ended March 31, 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. (3) For the three months ended March 31, 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 months ended March 31, 2024 and 2023. 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 months ended March 31, 2024 and 2023 (dollars in millions): Three Months Ended March 31, 2024 2023 Specialty Products and Solutions: Lubricating oils $ 189.7 18.9 % $ 215.2 20.7 % Solvents 102.4 10.2 % 106.6 10.3 % Waxes 39.0 3.9 % 44.2 4.3 % Fuels, asphalt and other by-products 350.5 34.8 % 372.7 35.9 % Total $ 681.6 67.8 % $ 738.7 71.2 % Montana/Renewables: Gasoline $ 31.6 3.1 % $ 42.9 4.1 % Diesel 27.9 2.8 % 32.9 3.2 % Jet fuel 4.6 0.5 % 4.9 0.5 % Asphalt, heavy fuel oils and other 30.1 3.0 % 20.5 2.0 % Renewable fuels 150.3 14.9 % 118.6 11.4 % Total $ 244.5 24.3 % $ 219.8 21.2 % Performance Brands: $ 79.7 7.9 % $ 78.8 7.6 % Consolidated sales $ 1,005.8 100.0 % $ 1,037.3 100.0 % Major Customers During the three months ended March 31, 2024 and 2023, the Company had no customer that represented 10% or greater of consolidated sales. Major Suppliers During the three months ended March 31, 2024 and 2023, the Company had two suppliers that supplied approximately 88.1% and 94.4% , respectively, of its crude oil supply.

Unrestricted Subsidiaries

Unrestricted Subsidiaries	3 Months Ended
Unrestricted Subsidiaries	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 (dollars in millions) 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 March 31, 2024 and December 31, 2023, respectively. Parent Company and Restricted Unrestricted Consolidated March 31, 2024 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 22.3 $ 1.6 $ — $ 23.9 Accounts receivable - trade $ 253.4 $ 36.0 $ — $ 289.4 Accounts receivable - other $ 28.1 $ 21.5 $ — $ 49.6 Inventory $ 329.9 $ 73.2 $ — $ 403.1 Prepaid expenses and other current assets $ 12.5 $ 27.7 $ — $ 40.2 Property, plant and equipment, net $ 723.0 $ 763.0 $ — $ 1,486.0 Other noncurrent assets, net $ 420.9 $ 13.0 $ — $ 433.9 Accounts payable $ 280.9 $ 410.8 $ (370.6) $ 321.1 Accrued interest payable $ 40.1 $ 1.2 $ — $ 41.3 Obligations under inventory financing agreements $ — $ 55.6 $ — $ 55.6 Other current liabilities $ 89.4 $ 9.6 $ — $ 99.0 Current portion of long-term debt $ 8.9 $ 17.4 $ — $ 26.3 Other long-term liabilities $ 133.1 $ 2.6 $ — $ 135.7 Long-term debt $ 1,601.6 $ 554.0 $ (100.0) $ 2,055.6 Redeemable noncontrolling interest $ — $ 245.6 $ — $ 245.6 Partners’ capital (deficit) $ (150.1) $ (360.8) $ (18.8) $ (529.7) Parent Company and Restricted Unrestricted Consolidated December 31, 2023 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 7.3 $ 0.6 $ — $ 7.9 Accounts receivable - trade $ 230.7 $ 21.7 $ — $ 252.4 Accounts receivable - other $ 24.8 $ 9.0 $ — $ 33.8 Inventory $ 353.1 $ 86.3 $ — $ 439.4 Prepaid expenses and other current assets $ 14.6 $ 37.0 $ — $ 51.6 Property, plant and equipment, net $ 731.7 $ 774.6 $ — $ 1,506.3 Other noncurrent assets, net $ 436.9 $ 13.4 $ — $ 450.3 Accounts payable $ 282.4 $ 333.3 $ (293.7) $ 322.0 Accrued interest payable $ 47.8 $ 0.9 $ — $ 48.7 Obligations under inventory financing agreements $ 126.0 $ 64.4 $ — $ 190.4 Other current liabilities $ 104.5 $ 27.0 $ — $ 131.5 Current portion of long-term debt $ 38.8 $ 16.9 $ — $ 55.7 Other long-term liabilities $ 50.6 $ 3.0 $ — $ 53.6 Long-term debt $ 1,381.0 $ 548.7 $ (100.0) $ 1,829.7 Redeemable noncontrolling interest $ — $ 245.6 $ — $ 245.6 Partners’ capital (deficit) $ (174.3) $ (297.2) $ (18.8) $ (490.3) The following table sets forth certain financial information of the Company’s unrestricted subsidiaries, on a combined basis, for the periods presented (in millions): Three Months Ended March 31, 2024 2023 Sales $ 150.3 $ 118.6 Cost of sales 184.0 170.6 Gross profit (loss) (33.7) (52.0) Operating costs and expenses: General and administrative 6.5 3.7 Other operating expense 1.5 3.0 Operating loss (41.7) (58.7) Other income (expense): Interest expense (24.6) (13.0) Gain on derivative instruments 2.4 4.2 Other income 0.3 — Total other expense (21.9) (8.8) Net loss $ (63.6) $ (67.5)

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest	3 Months Ended
Redeemable Noncontrolling Interest	Mar. 31, 2024
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 $245.6 million as of March 31, 2024 and December 31, 2023, respectively, which represents the amount recorded for the Preferred Units at their issuance date fair value, net of issuance costs. 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.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events
Subsequent Events	15. Subsequent Events As of May 7, 2024, the fair value of the Company’s derivative instruments has increased by approximately $8.6 million subsequent to March 31, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Summary of Significant Accounting Policies
Basis of Accounting	The unaudited condensed consolidated financial statements of the Company as of March 31, 2024 and for the three months ended March 31, 2024 and 2023, 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 Montana Renewables, LLC (“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.
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.
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. As of March 31, 2024 and December 31, 2023, the Company was obligated to repurchase crude oil and refined products from its counterparties, then in effect, 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): March 31, 2024 December 31, 2023 Gross Net Amounts Gross Net Amounts Amounts of Assets Amounts of Assets 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 Assets Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Crack spread swaps Derivative assets / Other noncurrent assets, net $ 5.5 $ — $ 5.5 $ 11.6 $ — $ 11.6 Total derivative instruments $ 5.5 $ — $ 5.5 $ 11.6 $ — $ 11.6 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): March 31, 2024 December 31, 2023 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 Other long-term liabilities / Obligations under inventory financing agreements $ (10.9) $ — $ (10.9) $ (52.5) $ — $ (52.5) Total derivative instruments $ (10.9) $ — $ (10.9) $ (52.5) $ — $ (52.5) 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 basis 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 natural gas, crude oil, gasoline and refined products.
Inventory Financing Agreements	While title to certain inventories will reside with the counterparties to the arrangements, the Supply and Offtake Agreements are accounted for by the Company similar to a product financing arrangement; therefore, the inventories sold to the counterparties 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
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 2 - “Summary of Significant Accounting Policies,” of the 2023 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); (d) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (e) debt refinancing fees, extinguishment costs, premiums and penalties; (f) any net gain or loss realized in connection with an asset sale that was deducted in computing net income (loss); (g) amortization of turnaround costs; (h) LCM inventory adjustments; (i) the impact of liquidation of inventory layers calculated using the LIFO method; (j) RINs mark-to-market adjustments; 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.
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 March 31, 2024 and December 31, 2023 were $289.4 million and $252.4 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 (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2024
Inventories
Schedule of inventories	Inventories consist of the following (in millions): March 31, 2024 December 31, 2023 Supply and Supply and Titled Offtake Titled Offtake Inventory Agreements (1) Total Inventory Agreements (1) Total Raw materials $ 56.8 $ 51.4 $ 108.2 $ 61.6 $ 27.6 $ 89.2 Work in process 64.3 31.2 95.5 72.3 36.7 109.0 Finished goods 153.9 45.5 199.4 162.1 79.1 241.2 $ 275.0 $ 128.1 $ 403.1 $ 296.0 $ 143.4 $ 439.4 (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)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
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): March 31, December 31, Assets: Classification: 2024 2023 Operating lease assets Other noncurrent assets, net (1) $ 100.4 $ 114.4 Finance lease assets Property, plant and equipment, net (2) 2.3 2.4 Total leased assets $ 102.7 $ 116.8 Liabilities: Current Operating Other current liabilities $ 63.2 $ 75.6 Finance Current portion of long-term debt 1.0 1.1 Non-current Operating Other long-term liabilities 37.5 39.0 Finance Long-term debt, less current portion 1.7 1.9 Total lease liabilities $ 103.4 $ 117.6 (1) During the three months ended March 31, 2024, the Company had additions to its operating lease right of use assets and operating lease liabilities of approximately $5.0 million. (2) Finance lease assets are recorded net of accumulated amortization of $5.1 million and $5.0 million as of March 31, 2024 and December 31, 2023, 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 March 31, Lease Costs: Classification: 2024 2023 Fixed operating lease cost Cost of Sales; SG&A Expenses $ 20.9 $ 19.0 Short-term operating lease cost (1) Cost of Sales; SG&A Expenses 2.3 2.2 Variable operating lease cost (2) Cost of Sales; SG&A Expenses 0.7 2.7 Finance lease cost: Amortization of finance lease assets Cost of Sales 0.1 0.2 Interest on lease liabilities Interest expense 0.1 0.1 Total lease cost $ 24.1 $ 24.2 (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 March 31, 2024, 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 2024 $ 62.4 $ 0.9 $ 63.3 2025 20.5 0.9 21.4 2026 11.4 0.8 12.2 2027 7.5 0.3 7.8 2028 4.7 0.1 4.8 Thereafter 4.8 — 4.8 Total $ 111.3 $ 3.0 $ 114.3 Less: Interest 10.6 0.3 10.9 Present value of lease liabilities $ 100.7 $ 2.7 $ 103.4 Less obligations due within one year 63.2 1.0 64.2 Long-term lease obligation $ 37.5 $ 1.7 $ 39.2 (1) As of March 31, 2024, 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 March 31, 2024. (2) As of March 31, 2024, 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 March 31, 2024.
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: March 31, December 31, Lease Term and Discount Rate: 2024 2023 Weighted-average remaining lease term (years): Operating leases 2.6 2.6 Finance leases 3.0 3.1 Weighted-average discount rate: Operating leases 8.6 % 8.6 % Finance leases 7.5 % 7.3 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies.
Schedule of estimated minimum unconditional purchase commitments	As of March 31, 2024, the estimated minimum unconditional purchase commitments, including the capital recovery charge, under the agreement were as follows (in millions): Year Commitment 2024 $ 3.0 2025 4.0 2026 4.0 2027 2.4 Thereafter — Total (1) $ 13.4 (1) As of March 31, 2024, 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)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2024
Long-Term Debt.
Summary of long-term debt	Long-term debt consisted of the following (in millions): March 31, December 31, 2024 2023 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 7.5% and 6.8% for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively. $ 309.8 $ 136.7 Borrowings under amended secured MRL revolving credit agreement with third-party lender, interest payments quarterly, borrowings due November 2027, weighted average interest rate of 7.4% and 6.9% for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively. 22.6 13.0 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 year ended December 31, 2023. — 179.0 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 three months ended March 31, 2024 and the year ended December 31, 2023. 413.5 413.5 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 three months ended March 31, 2024 and the year ended December 31, 2023. 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 three months ended March 31, 2024 and the year ended December 31, 2023. 325.0 325.0 Borrowings under the 2029 Secured Notes, interest at a fixed rate of 9.25%, interest payments semiannually, borrowings due July 2029, effective interest rate of 9.4% for the three months ended March 31, 2024. 200.0 — MRL Term Loan Credit Agreement 74.3 74.4 Shreveport terminal asset financing arrangement 48.9 50.8 MRL asset financing arrangements 380.6 384.6 Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028 2.7 3.0 Less unamortized debt issuance costs (1) (17.4) (16.1) Less unamortized discounts (3.1) (3.5) Total debt $ 2,081.9 $ 1,885.4 Less current portion of long-term debt 26.3 55.7 Total long-term debt $ 2,055.6 $ 1,829.7 (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 $27.8 million and $26.6 million at March 31, 2024 and December 31, 2023, respectively.
Summary of principal payments on debt obligations and future minimum rentals on finance lease obligations	As of March 31, 2024, principal payments on debt obligations and future minimum rentals on finance lease obligations are as follows (in millions): Year Maturity 2024 $ 19.9 2025 442.4 2026 32.0 2027 706.9 2028 423.3 Thereafter 477.9 Total $ 2,102.4

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Mar. 31, 2024
Derivatives
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): March 31, 2024 December 31, 2023 Gross Net Amounts Gross Net Amounts Amounts of Assets Amounts of Assets 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 Assets Sheets Balance Sheets Derivative instruments not designated as hedges: Specialty Products and Solutions segment: Crack spread swaps Derivative assets / Other noncurrent assets, net $ 5.5 $ — $ 5.5 $ 11.6 $ — $ 11.6 Total derivative instruments $ 5.5 $ — $ 5.5 $ 11.6 $ — $ 11.6
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): March 31, 2024 December 31, 2023 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 Other long-term liabilities / Obligations under inventory financing agreements $ (10.9) $ — $ (10.9) $ (52.5) $ — $ (52.5) Total derivative instruments $ (10.9) $ — $ (10.9) $ (52.5) $ — $ (52.5)
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 March 31, 2024 and 2023, 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 Three Months Ended March 31, Three Months Ended March 31, Type of Derivative 2024 2023 2024 2023 Specialty Products and Solutions segment: Inventory financing obligation $ (54.2) $ — $ 41.7 $ (4.0) Crack spread swaps (0.8) (15.5) (6.0) 38.8 Montana/Renewables segment: Inventory financing obligation 2.4 — — 6.2 Total $ (52.6) $ (15.5) $ 35.7 $ 41.0
Schedule of derivative instruments	Notional Contract Volumes by Year of Maturity Total Outstanding Notional 2024 Unit of Measure Derivative instruments not designated as hedges: Crack spread swaps - sales 2,200,000 2,200,000 Barrels

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets: Crack spread swaps $ — $ — $ 5.5 $ 5.5 $ — $ — $ 11.6 $ 11.6 Total derivative assets $ — $ — $ 5.5 $ 5.5 $ — $ — $ 11.6 $ 11.6 Pension plan investments $ 3.6 $ 23.3 $ — $ 26.9 $ 3.5 $ 23.5 $ — $ 27.0 Total recurring assets at fair value $ 3.6 $ 23.3 $ 5.5 $ 32.4 $ 3.5 $ 23.5 $ 11.6 $ 38.6 Liabilities: Derivative liabilities: Inventory financing obligation $ — $ — $ (10.9) $ (10.9) $ — $ — $ (52.5) $ (52.5) Total derivative liabilities $ — $ — $ (10.9) $ (10.9) $ — $ — $ (52.5) $ (52.5) Precious metals obligations (6.3) — — (6.3) (6.9) — — (6.9) Liability awards (50.4) — — (50.4) (64.2) — — (64.2) Total recurring liabilities at fair value $ (56.7) $ — $ (10.9) $ (67.6) $ (71.1) $ — $ (52.5) $ (123.6)
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): Three Months Ended March 31, 2024 2023 Fair value at January 1, $ (40.8) $ (73.8) Realized loss on derivative instruments (52.6) (15.5) Unrealized gain (loss) on derivative instruments 35.7 41.0 Settlements 52.6 15.5 Fair value at March 31, $ (5.1) $ (32.8) Total gain (loss) included in net income (loss) attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of March 31, $ 35.7 $ 41.0
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): March 31, 2024 December 31, 2023 Level Fair Value Carrying Value Fair Value Carrying Value Financial Instrument: 2024 Secured Notes, 2025 Notes, 2027 Notes, 2028 Notes, and 2029 Secured Notes 2 $ 1,259.2 $ 1,253.4 $ 1,247.2 $ 1,232.3 Revolving credit facility 3 $ 309.8 $ 306.1 $ 136.7 $ 134.4 MRL revolving credit agreement 3 $ 22.6 $ 22.0 $ 13.0 $ 12.4 MRL term loan credit agreement 3 $ 74.3 $ 71.6 $ 74.4 71.6 Shreveport terminal asset financing arrangement 3 $ 48.9 $ 48.4 $ 50.8 $ 50.1 MRL asset financing arrangements 3 $ 380.6 $ 377.7 $ 384.6 $ 381.6 Finance leases and other obligations 3 $ 2.7 $ 2.7 $ 3.0 $ 3.0

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	3 Months Ended
Earnings Per Unit (Tables)	Mar. 31, 2024
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 March 31, 2024 2023 (As Restated) Numerator for basic and diluted earnings per limited partner unit: Net income (loss) $ (41.6) $ 18.6 Less: General partner’s interest in net income (loss) (0.8) 0.4 Net income (loss) attributable to limited partners $ (40.8) $ 18.2 Denominator for earnings per limited partner unit: Basic weighted average limited partner units outstanding 80,352,403 79,830,671 Effect of dilutive securities: Incremental units — 109,314 Diluted weighted average limited partner units outstanding (1) 80,352,403 79,939,985 Limited partners’ interest basic net income (loss) per unit: Limited partners’ interest $ (0.51) $ 0.23 Limited partners’ interest diluted net income (loss) per unit: Limited partners’ interest $ (0.51) $ 0.23 (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 March 31, 2024.

Segments and Related Informat_2

Segments and Related Information (Tables)	3 Months Ended
Segments and Related Information (Tables)	Mar. 31, 2024
Segments and Related Information
Summary of reportable segment information	Reportable segment information for the three months ended March 31, 2024 and 2023, is as follows (in millions): Specialty Products and Performance Montana/ Consolidated Three Months Ended March 31, 2024 Solutions Brands Renewables Corporate Eliminations Total Sales: External customers $ 681.6 $ 79.7 $ 244.5 $ — $ — $ 1,005.8 Inter-segment sales 5.0 0.1 — — (5.1) — Total sales $ 686.6 $ 79.8 $ 244.5 $ — $ (5.1) $ 1,005.8 Adjusted EBITDA $ 41.8 $ 13.4 $ (14.5) $ (19.1) $ — $ 21.6 Reconciling items to net loss: Depreciation and amortization 17.6 2.1 25.4 0.3 — 45.4 LCM / LIFO (gain) loss (3.6) 0.2 12.4 — — 9.0 Interest expense 7.8 — 17.0 36.0 — 60.8 Debt extinguishment costs — — — 0.2 — 0.2 Unrealized gain on derivatives (35.7) — — — — (35.7) RINs mark-to-market gain (47.9) — (23.2) — — (71.1) Other non-recurring expenses 60.8 Equity-based compensation and other items (7.3) Income tax expense 0.2 Noncontrolling interest adjustments 0.9 Net loss $ (41.6) Capital expenditures $ 14.1 $ 0.3 $ 11.0 $ 0.1 $ — $ 25.5 PP&E, net $ 368.5 $ 32.9 $ 1,082.9 $ 1.7 $ — $ 1,486.0 Specialty Products and Performance Montana/ Consolidated Three Months Ended March 31, 2023 (As Restated) Solutions (1) Brands (2) Renewables (3) Corporate Eliminations Total Sales: External customers $ 738.7 $ 78.8 $ 219.8 $ — $ — $ 1,037.3 Inter-segment sales 5.4 — — — (5.4) — Total sales $ 744.1 $ 78.8 $ 219.8 $ — $ (5.4) $ 1,037.3 Adjusted EBITDA $ 76.0 $ 16.4 $ 4.8 $ (19.9) $ — $ 77.3 Reconciling items to net income: Depreciation and amortization 15.9 2.5 18.5 0.3 — 37.2 LCM / LIFO loss 1.2 1.5 17.0 — — 19.7 Interest expense 6.5 — 12.4 30.3 — 49.2 Unrealized gain on derivatives (34.8) — (6.2) — — (41.0) RINs mark-to-market gain (30.8) — (15.3) — — (46.1) Other non-recurring expenses 29.5 Equity-based compensation and other items 9.0 Income tax expense 0.5 Noncontrolling interest adjustments 0.7 Net income $ 18.6 Capital expenditures $ 21.5 $ 0.7 $ 115.2 $ 0.1 $ — $ 137.5 PP&E, net $ 380.3 $ 33.7 $ 1,126.6 $ 2.6 $ — $ 1,543.2 (1) For the three months ended March 31, 2023, Adjusted EBITDA for the Specialty Products and Solutions segment included a $ 1.1 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. (2) For the three months ended March 31, 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. (3) For the three months ended March 31, 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 March 31, 2024 2023 Specialty Products and Solutions: Lubricating oils $ 189.7 18.9 % $ 215.2 20.7 % Solvents 102.4 10.2 % 106.6 10.3 % Waxes 39.0 3.9 % 44.2 4.3 % Fuels, asphalt and other by-products 350.5 34.8 % 372.7 35.9 % Total $ 681.6 67.8 % $ 738.7 71.2 % Montana/Renewables: Gasoline $ 31.6 3.1 % $ 42.9 4.1 % Diesel 27.9 2.8 % 32.9 3.2 % Jet fuel 4.6 0.5 % 4.9 0.5 % Asphalt, heavy fuel oils and other 30.1 3.0 % 20.5 2.0 % Renewable fuels 150.3 14.9 % 118.6 11.4 % Total $ 244.5 24.3 % $ 219.8 21.2 % Performance Brands: $ 79.7 7.9 % $ 78.8 7.6 % Consolidated sales $ 1,005.8 100.0 % $ 1,037.3 100.0 %

Unrestricted Subsidiaries (Tabl

Unrestricted Subsidiaries (Tables)	3 Months Ended
Unrestricted Subsidiaries (Tables)	Mar. 31, 2024
Unrestricted Subsidiaries
Schedule of unrestricted subsidiaries	Parent Company and Restricted Unrestricted Consolidated March 31, 2024 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 22.3 $ 1.6 $ — $ 23.9 Accounts receivable - trade $ 253.4 $ 36.0 $ — $ 289.4 Accounts receivable - other $ 28.1 $ 21.5 $ — $ 49.6 Inventory $ 329.9 $ 73.2 $ — $ 403.1 Prepaid expenses and other current assets $ 12.5 $ 27.7 $ — $ 40.2 Property, plant and equipment, net $ 723.0 $ 763.0 $ — $ 1,486.0 Other noncurrent assets, net $ 420.9 $ 13.0 $ — $ 433.9 Accounts payable $ 280.9 $ 410.8 $ (370.6) $ 321.1 Accrued interest payable $ 40.1 $ 1.2 $ — $ 41.3 Obligations under inventory financing agreements $ — $ 55.6 $ — $ 55.6 Other current liabilities $ 89.4 $ 9.6 $ — $ 99.0 Current portion of long-term debt $ 8.9 $ 17.4 $ — $ 26.3 Other long-term liabilities $ 133.1 $ 2.6 $ — $ 135.7 Long-term debt $ 1,601.6 $ 554.0 $ (100.0) $ 2,055.6 Redeemable noncontrolling interest $ — $ 245.6 $ — $ 245.6 Partners’ capital (deficit) $ (150.1) $ (360.8) $ (18.8) $ (529.7) Parent Company and Restricted Unrestricted Consolidated December 31, 2023 Subsidiaries Subsidiaries Eliminations Total Cash and cash equivalents $ 7.3 $ 0.6 $ — $ 7.9 Accounts receivable - trade $ 230.7 $ 21.7 $ — $ 252.4 Accounts receivable - other $ 24.8 $ 9.0 $ — $ 33.8 Inventory $ 353.1 $ 86.3 $ — $ 439.4 Prepaid expenses and other current assets $ 14.6 $ 37.0 $ — $ 51.6 Property, plant and equipment, net $ 731.7 $ 774.6 $ — $ 1,506.3 Other noncurrent assets, net $ 436.9 $ 13.4 $ — $ 450.3 Accounts payable $ 282.4 $ 333.3 $ (293.7) $ 322.0 Accrued interest payable $ 47.8 $ 0.9 $ — $ 48.7 Obligations under inventory financing agreements $ 126.0 $ 64.4 $ — $ 190.4 Other current liabilities $ 104.5 $ 27.0 $ — $ 131.5 Current portion of long-term debt $ 38.8 $ 16.9 $ — $ 55.7 Other long-term liabilities $ 50.6 $ 3.0 $ — $ 53.6 Long-term debt $ 1,381.0 $ 548.7 $ (100.0) $ 1,829.7 Redeemable noncontrolling interest $ — $ 245.6 $ — $ 245.6 Partners’ capital (deficit) $ (174.3) $ (297.2) $ (18.8) $ (490.3) The following table sets forth certain financial information of the Company’s unrestricted subsidiaries, on a combined basis, for the periods presented (in millions): Three Months Ended March 31, 2024 2023 Sales $ 150.3 $ 118.6 Cost of sales 184.0 170.6 Gross profit (loss) (33.7) (52.0) Operating costs and expenses: General and administrative 6.5 3.7 Other operating expense 1.5 3.0 Operating loss (41.7) (58.7) Other income (expense): Interest expense (24.6) (13.0) Gain on derivative instruments 2.4 4.2 Other income 0.3 — Total other expense (21.9) (8.8) Net loss $ (63.6) $ (67.5)

Description of the Business (De

Description of the Business (Details) - shares	3 Months Ended
Description of the Business (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Limited Partners
Schedule of Capitalization, Equity
Limited partner common units	80,223,093	79,967,363
Limited Partners \| CLMT Limited Partner
Schedule of Capitalization, Equity
Percentage of limited partner owns	98%
General Partner
Schedule of Capitalization, Equity
General partner equivalent units outstanding	1,637,206
General Partner \| CLMT General Partner
Schedule of Capitalization, Equity
Percentage of general partner owns	2%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Measurements, Recurring
Summary of Significant Accounting Policies
RINs obligation	$ 212.7	$ 277.3

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue Recognition
Accounts receivable - trade	$ 289.4	$ 252.4
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
Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventories
Inventory method	last-in, first-out (“LIFO”)
Replacement costs over stated LIFO value	$ 75.5		$ 67.8
Lower of cost or market inventory adjustment	$ 9	$ 19.7

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventories
Raw materials		$ 108.2		$ 89.2
Work in process		95.5		109
Finished goods		199.4		241.2
Total Inventories		403.1		439.4
Lower of cost or market inventory adjustment		9	$ 19.7
Titled Inventory
Inventories
Raw materials		56.8		61.6
Work in process		64.3		72.3
Finished goods		153.9		162.1
Total Inventories		275		296
Supply & Offtake Agreements
Inventories
Raw materials	[1]	51.4		27.6
Work in process	[1]	31.2		36.7
Finished goods	[1]	45.5		79.1
Total Inventories	[1]	$ 128.1		$ 143.4

[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 (Details)

Leases (Details)	3 Months Ended
Leases (Details)	Mar. 31, 2024
Leases
Finance lease, option to extend	no
Lease, practical expedients, package	true
Lease, practical expedient, use of hindsight	false
Minimum
Leases
Renewal term	1 year
Maximum
Leases
Renewal term	16 years
Finance lease, option to extend	31 years

Leases - Summary of Supplementa

Leases - Summary of Supplemental Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Leases
Operating lease assets		$ 100.4	$ 114.4
Finance lease assets		2.3	2.4
Total leased assets		102.7	116.8
Current portion of operating lease liabilities		63.2	75.6
Current finance lease liabilities		1	1.1
Long-term operating lease liabilities		37.5	39
Non-current finance lease liabilities		1.7	1.9
Total lease liabilities		103.4	117.6
Finance lease, accumulated amortization		$ 5.1	$ 5
Additions to operating lease right of use assets	$ 5

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Fixed operating lease cost	$ 20.9	$ 19
Short-term operating lease cost	2.3	2.2
Variable operating lease cost	0.7	2.7
Amortization of finance lease assets	0.1	0.2
Interest on lease liabilities	0.1	0.1
Total lease cost	$ 24.1	$ 24.2

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity
2024	$ 62.4
2025	20.5
2026	11.4
2027	7.5
2028	4.7
Thereafter	4.8
Total	111.3
Less: Interest	10.6
Present value of lease liabilities	100.7
Less obligations due within one year	63.2	$ 75.6
Long-term lease obligation	$ 37.5	39
Operating lease, option to extend	no
Operating lease, lease not yet commenced	no
Finance Lease, Liability, to be Paid, Fiscal Year Maturity
2024	$ 0.9
2025	0.9
2026	0.8
2027	0.3
2028	0.1
Total	3
Less: Interest	0.3
Present value of lease liabilities	2.7	3
Less obligations due within one year	1	1.1
Long-term lease obligation	$ 1.7	1.9
Finance lease, option to extend	no
Finance lease, lease not yet commenced	no
Lease, Liability, to be Paid, Fiscal Year Maturity
2024	$ 63.3
2025	21.4
2026	12.2
2027	7.8
2028	4.8
Thereafter	4.8
Total	114.3
Less: Interest	10.9
Total lease liabilities	103.4	$ 117.6
Less obligations due within one year	64.2
Long-term lease obligation	$ 39.2

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases
Operating leases, Weighted-average remaining lease term (years)	2 years 7 months 6 days	2 years 7 months 6 days
Finance leases, Weighted-average remaining lease term (years)	3 years	3 years 1 month 6 days
Operating leases, Weighted-average discount rate	8.60%	8.60%
Finance leases, Weighted-average discount rate	7.50%	7.30%

Commitments and Contingencies -

Commitments and Contingencies - Standby Letters of Credit (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Letter of Credit
Debt Disclosure
Revolver commitments	$ 255	$ 255
Revolving Credit Facility
Loss Contingencies
Outstanding standby letters of credit	43.6	29.9
Debt Disclosure
Revolver commitments	$ 500	$ 500
Revolving Credit Facility \| Maximum
Debt Disclosure
Letter of credit sublimit, percentage	90%	90%

Commitments and Contingencies-

Commitments and Contingencies- Schedule of Estimated Minimum Unconditional Purchase Commitments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 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
2024	$ 3
2025	4
2026	4
2027	2.4
Thereafter	0
Total	$ 13.4

Inventory Financing Agreement (

Inventory Financing Agreement (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory Financing Agreements
Interest expense	$ 60.8	$ 49.2
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	$ 8.4	$ 7
Deferred payment arrangement, maximum percentage of eligible inventory			90%
Deferred payment arrangement, outstanding amount			$ 14.1

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long Term Debt (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Summary of Long-term debt
MRL term loan credit agreement		$ 74.3	$ 74.4
Asset financing arrangement		48.9	50.8
MRL asset financing arrangements		380.6	384.6
Present value of lease liabilities		2.7	3
Less unamortized debt issuance costs	[1]	(17.4)	(16.1)
Less unamortized discounts		(3.1)	(3.5)
Total debt		2,081.9	1,885.4
Less current portion of long-term debt		26.3	55.7
Total long-term debt		2,055.6	1,829.7
Accumulated amortization, deferred debt issuance costs		27.8	26.6
Revolving Credit Facility
Summary of Long-term debt
Long-term line of credit		309.8	136.7
MRL Revolving Credit Agreement
Summary of Long-term debt
Borrowings under senior notes		22.6	13
9.25% Senior Notes due July 2024
Summary of Long-term debt
Borrowings under senior notes			179
11.00% Senior Notes due 2025
Summary of Long-term debt
Borrowings under senior notes		413.5	413.5
8.125% Senior Notes due July 2027
Summary of Long-term debt
Borrowings under senior notes		325	325
9.75% July 2028, Notes
Summary of Long-term debt
Borrowings under senior notes		325	$ 325
9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes")
Summary of Long-term debt
Borrowings under senior notes		$ 200

[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 $27.8 million and $26.6 million at March 31, 2024 and December 31, 2023, respectively.

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)							3 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Apr. 15, 2024	Mar. 07, 2024	Jan. 17, 2024	Jun. 28, 2023	Jun. 27, 2023	Apr. 19, 2023	Mar. 31, 2024	Dec. 31, 2023	Nov. 02, 2022	Aug. 05, 2022
Debt Instruments
Debt instrument, covenant compliance							in compliance with all covenants under the indentures governing the Senior Notes
Line of credit facility, remaining borrowing capacity							$ 168,300,000
Debt extinguishment costs							(200,000)
MRL asset financing arrangements							$ 380,600,000	$ 384,600,000
11.00% Senior Notes due 2025
Debt Instruments
Proceeds used for repurchase of debt		$ 50,000,000
Fixed interest rate		11%					11%	11%
Debt instrument, repurchase amount				$ 100,000,000	$ 100,000,000
Effective interest rate							11.40%	11.40%
9.25% Senior Notes due July 2024
Debt Instruments
Fixed interest rate		9.25%						9.25%
Effective interest rate								9.50%
Revolving Credit Facility
Debt Instruments
Debt instrument, covenant compliance							in compliance with all covenants under the revolving credit facility.
Weighted average interest rate during period							7.50%	6.80%
Line of credit amendment			Jan. 17, 2024
Line of credit facility, covenant terms							if the Company’s availability to borrow loans under the revolving credit facility falls below the sum of (a) the greater of (i) (x) 15% of the borrowing base then in effect at the same time that the refinery asset borrowing base component is greater than $0 and (y) 10% of the borrowing base then in effect at any time that the refinery asset borrowing base component is equal to $0 and (ii) $45.0 million (which amount is subject to certain increases) plus (b) the amount of FILO Loans outstanding, then we 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.
Letters of credit outstanding, amount							$ 43,600,000
Line of credit facility, current borrowing capacity							521,700,000
Incremental Uncommitted Expansion Feature							500,000,000
Term Loan Facility, Maximum Borrowing Capacity							$ 650,000,000
8.125% Senior Notes due July 2027
Debt Instruments
Fixed interest rate							8.125%	8.125%
Effective interest rate							8.30%	8.30%
MRL Asset #2
Debt Instruments
MRL asset financing arrangements										$ 250,000,000
MRL Asset #3
Debt Instruments
MRL asset financing arrangements										100,000,000
MRL Asset #4
Debt Instruments
MRL asset financing arrangements										$ 50,000,000
MRL Revolving Credit Agreement
Debt Instruments
Weighted average interest rate during period							7.40%	6.90%
Line of credit facility, remaining borrowing capacity							$ 19,600,000
MRL revolving credit agreement							22,600,000
Letters of credit outstanding, amount							0
MRL revolving credit agreement, current borrowing capacity							42,200,000
MRL revolving credit agreement , maximum borrowing capacity, optional Increase per request									$ 15,000,000
MRL revolving credit agreement, maximum borrowing capacity							$ 90,000,000
2025 Notes
Debt Instruments
Proceeds used for repurchase of debt	$ 50,000,000
Debt instrument, repurchase amount				21,000,000	$ 200,000,000
9.75% July 2028, Notes
Debt Instruments
Senior notes, issuance date					Jun. 27, 2023
Senior notes issued, gross					$ 325,000,000
Proceeds from debt					$ 319,100,000
Proceeds used for repurchase of debt				$ 125,500,000
Fixed interest rate					9.75%		9.75%	9.75%
Effective interest rate							10.20%	10.20%
9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes")
Debt Instruments
Senior notes, issuance date		Mar. 07, 2024
Senior notes issued, gross		$ 200,000,000
Proceeds from debt		$ 199,000,000
Fixed interest rate		9.25%					9.25%
Effective interest rate							9.40%
MRL Term Loan Credit Agreement
Debt Instruments
Quarterly installments of borrowings payable in percentage of outstanding principal						0.25%
Face amount						$ 75,000,000
MRL Term Loan Credit Agreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instruments
Debt instrument, basis spread on variable rate						6%
MRL Term Loan Credit Agreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instruments
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	Mar. 31, 2024 USD ($)
Maturities of long-term debt
2024	$ 19.9
2025	442.4
2026	32
2027	706.9
2028	423.3
Thereafter	477.9
Total	$ 2,102.4

Derivatives - Summary of Gross

Derivatives - Summary of Gross Fair Values of Derivative Instruments, Presenting the Impact of Offsetting Derivative Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Offsetting Assets
Gross Amounts of Recognized Assets	$ 5.5	$ 11.6
Derivative Asset, Fair Value, Gross Liability		0
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	5.5	11.6
Crack spread swaps \| Not Designated as Hedging Instrument \| Specialty Products and Solutions
Offsetting Assets
Gross Amounts of Recognized Assets	5.5	11.6
Derivative Asset, Fair Value, Gross Liability		0
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	$ 5.5	$ 11.6

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	Mar. 31, 2024	Dec. 31, 2023
Offsetting Liabilities
Gross Amounts of Recognized Liabilities	$ (10.9)	$ (52.5)
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(10.9)	(52.5)
Not Designated as Hedging Instrument \| Specialty Products and Solutions \| Inventory Financing Obligations
Offsetting Liabilities
Gross Amounts of Recognized Liabilities	(10.9)	(52.5)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	$ (10.9)	$ (52.5)

Derivatives - Not Designated as

Derivatives - Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Realized Gain (Loss)
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (52.6)	$ (15.5)
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	(54.2)
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	(0.8)	(15.5)
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	2.4
Unrealized Gain (Loss)
Derivative instruments not designated as cash flow hedges
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	35.7	41
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	41.7	(4)
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	$ (6)	38.8
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		$ 6.2

Derivatives - Schedule of posit

Derivatives - Schedule of positions Diesel, MEH Crack Spread Swaps (Details)	3 Months Ended
	Mar. 31, 2024 bbl
Crack spread swaps 2023 maturity
Derivative Instruments, Gain (Loss)
Notional contract volumes	2,200,000

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Derivative assets	$ 5.5	$ 9.6
Derivative liabilities:
Total derivative liabilities	(10.9)	(52.5)
Fair Value, Measurements, Recurring
Assets:
Derivative assets	5.5	11.6
Pension plan investments	26.9	27
Total recurring assets at fair value	32.4	38.6
Derivative liabilities:
Total derivative liabilities	(10.9)	(52.5)
Precious metals obligations	(6.3)	(6.9)
Liability awards	(50.4)	(64.2)
Total recurring liabilities at fair value	(67.6)	(123.6)
Fair Value, Measurements, Recurring \| Inventory Financing Obligations
Derivative liabilities:
Total derivative liabilities	(10.9)	(52.5)
Fair Value, Measurements, Recurring \| A211 Crack Spread Swap
Assets:
Derivative assets	5.5	11.6
Fair Value, Measurements, Recurring \| Level 1
Assets:
Derivative assets	0	0
Pension plan investments	3.6	3.5
Total recurring assets at fair value	3.6	3.5
Derivative liabilities:
Total derivative liabilities	0	0
Precious metals obligations	(6.3)	(6.9)
Liability awards	(50.4)	(64.2)
Total recurring liabilities at fair value	(56.7)	(71.1)
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
Fair Value, Measurements, Recurring \| Level 2
Assets:
Derivative assets	0	0
Pension plan investments	23.3	23.5
Total recurring assets at fair value	23.3	23.5
Derivative liabilities:
Total derivative liabilities	0	0
Precious metals obligations	0	0
Liability awards	0	0
Total recurring liabilities at fair value	0	0
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
Fair Value, Measurements, Recurring \| Level 3
Assets:
Derivative assets	5.5	11.6
Pension plan investments	0	0
Total recurring assets at fair value	5.5	11.6
Derivative liabilities:
Total derivative liabilities	(10.9)	(52.5)
Precious metals obligations	0	0
Liability awards	0	0
Total recurring liabilities at fair value	(10.9)	(52.5)
Fair Value, Measurements, Recurring \| Level 3 \| Inventory Financing Obligations
Derivative liabilities:
Total derivative liabilities	(10.9)	(52.5)
Fair Value, Measurements, Recurring \| Level 3 \| A211 Crack Spread Swap
Assets:
Derivative assets	$ 5.5	$ 11.6

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary of net changes in fair value of the company's level 3 financial assets and liabilities
Realized loss on derivative instruments	$ (16.9)	$ 25.5
Unrealized gain (loss) on derivative instruments	35.7	41
Level 3
Summary of net changes in fair value of the company's level 3 financial assets and liabilities
Beginning Balance at January 1,	(40.8)	(73.8)
Realized loss on derivative instruments	(52.6)	(15.5)
Unrealized gain (loss) on derivative instruments	35.7	41
Settlements	52.6	15.5
Ending Balance at September 30,	$ (5.1)	$ (32.8)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions
MRL term loan credit agreement	$ 74.3	$ 74.4
Shreveport terminal asset financing arrangement	48.9	50.8
MRL asset financing arrangements	380.6	384.6
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Notes payable, fair value disclosure	1,259.2	1,247.2
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Revolving credit facility	309.8	136.7
MRL revolving credit agreement	22.6	13
MRL term loan credit agreement	74.3	74.4
Shreveport terminal asset financing arrangement	48.9	50.8
MRL asset financing arrangements	380.6	384.6
Finance leases and other obligations	2.7	3
Carrying Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Notes payable, fair value disclosure	1,253.4	1,232.3
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Revolving credit facility	306.1	134.4
MRL revolving credit agreement	22	12.4
MRL term loan credit agreement	71.6	71.6
Shreveport terminal asset financing arrangement	48.4	50.1
MRL asset financing arrangements	377.7	381.6
Finance leases and other obligations	$ 2.7	$ 3

Earnings Per Unit (Details)

Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for basic and diluted earnings per limited partner unit:
Net income (loss)	$ (41.6)	$ 18.6
General partners' interest in net income (loss)	(0.8)	0.4
Net income (loss) attributable to limited partners	$ (40.8)	$ 18.2
Denominator for earnings per limited partner unit:
Basic weighted average limited partner units outstanding	80,352,403	79,830,671
Effect of dilutive securities:
Incremental units		109,314
Diluted weighted average limited partner units outstanding	80,352,403	79,939,985
Limited partners' interest basic net income (loss) per unit:
Limited partners' interest basic net income (loss) per unit	$ (0.51)	$ 0.23
Limited partners' interest diluted net income (loss) per unit	$ (0.51)	$ 0.23

Segments and Related Informat_3

Segments and Related Information - Schedule of Reportable Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Reportable segment information
Sales	$ 1,005.8	$ 1,037.3
Adjusted EBITDA	21.6	77.3
Reconciling items to net income attributable to partners
Depreciation and amortization	45.4	37.2
LCM / LIFO (gain) loss	9	19.7
Interest expense	60.8	49.2
Debt extinguishment costs	0.2
Unrealized (gain) loss on derivatives	(35.7)	(41)
RINs mark-to-market gain	(71.1)	(46.1)
Other non-recurring expenses (income)	60.8	29.5
Equity based compensation and other items	(7.3)	9
Income tax expense	0.2	0.5
Noncontrolling interest adjustments	0.9	0.7
Net income (loss) attributable to partners	(41.6)	18.6
Capital expenditures	25.5	137.5
PP&E, net	1,486	1,543.2	$ 1,506.3
External customers
Reportable segment information
Sales	1,005.8	1,037.3
Eliminations
Reportable segment information
Sales	(5.1)	(5.4)
Eliminations \| Inter-segment sales
Reportable segment information
Sales	(5.1)	(5.4)
Specialty Products and Solutions
Reconciling items to net income attributable to partners
Gain on business interruption insurance recovery		1.1
Specialty Products and Solutions \| Operating Segments
Reportable segment information
Sales	686.6	744.1
Adjusted EBITDA	41.8	76
Reconciling items to net income attributable to partners
Depreciation and amortization	17.6	15.9
LCM / LIFO (gain) loss	(3.6)	1.2
Interest expense	7.8	6.5
Unrealized (gain) loss on derivatives	(35.7)	(34.8)
RINs mark-to-market gain	(47.9)	(30.8)
Capital expenditures	14.1	21.5
PP&E, net	368.5	380.3
Specialty Products and Solutions \| Operating Segments \| External customers
Reportable segment information
Sales	681.6	738.7
Specialty Products and Solutions \| Operating Segments \| Inter-segment sales
Reportable segment information
Sales	5	5.4
Performance Brands
Reconciling items to net income attributable to partners
Gain on business interruption insurance recovery		5
Performance Brands \| Operating Segments
Reportable segment information
Sales	79.8	78.8
Adjusted EBITDA	13.4	16.4
Reconciling items to net income attributable to partners
Depreciation and amortization	2.1	2.5
LCM / LIFO (gain) loss	0.2	1.5
Capital expenditures	0.3	0.7
PP&E, net	32.9	33.7
Performance Brands \| Operating Segments \| External customers
Reportable segment information
Sales	79.7	78.8
Performance Brands \| Operating Segments \| Inter-segment sales
Reportable segment information
Sales	0.1
Montana/Renewables
Reconciling items to net income attributable to partners
Inventory firm purchase commitment		28.4
Montana/Renewables \| Operating Segments
Reportable segment information
Sales	244.5	219.8
Adjusted EBITDA	(14.5)	4.8
Reconciling items to net income attributable to partners
Depreciation and amortization	25.4	18.5
LCM / LIFO (gain) loss	12.4	17
Interest expense	17	12.4
Unrealized (gain) loss on derivatives		(6.2)
RINs mark-to-market gain	(23.2)	(15.3)
Capital expenditures	11	115.2
PP&E, net	1,082.9	1,126.6
Montana/Renewables \| Operating Segments \| External customers
Reportable segment information
Sales	244.5	219.8
Corporate \| Operating Segments
Reportable segment information
Adjusted EBITDA	(19.1)	(19.9)
Reconciling items to net income attributable to partners
Depreciation and amortization	0.3	0.3
Interest expense	36	30.3
Debt extinguishment costs	0.2
Capital expenditures	0.1	0.1
PP&E, net	$ 1.7	$ 2.6

Segments and Related Informat_4

Segments and Related Information - Schedule of Product Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Major product category sales
Sales	$ 1,005.8	$ 1,037.3
Product Concentration Risk \| Sales
Major product category sales
Sales	$ 1,005.8	$ 1,037.3
Concentration risk, percentage	100%	100%
Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 681.6	$ 738.7
Concentration risk, percentage	67.80%	71.20%
Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 244.5	$ 219.8
Concentration risk, percentage	24.30%	21.20%
Product Concentration Risk \| Performance Brands \| Sales
Major product category sales
Sales	$ 79.7	$ 78.8
Concentration risk, percentage	7.90%	7.60%
Lubricating oils \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 189.7	$ 215.2
Concentration risk, percentage	18.90%	20.70%
Solvents \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 102.4	$ 106.6
Concentration risk, percentage	10.20%	10.30%
Waxes \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 39	$ 44.2
Concentration risk, percentage	3.90%	4.30%
Fuels, asphalt and other by-products \| Product Concentration Risk \| Specialty Products and Solutions \| Sales
Major product category sales
Sales	$ 350.5	$ 372.7
Concentration risk, percentage	34.80%	35.90%
Gasoline \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 31.6	$ 42.9
Concentration risk, percentage	3.10%	4.10%
Diesel \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 27.9	$ 32.9
Concentration risk, percentage	2.80%	3.20%
Jet fuel \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 4.6	$ 4.9
Concentration risk, percentage	0.50%	0.50%
Asphalt, heavy fuel oils and other \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 30.1	$ 20.5
Concentration risk, percentage	3%	2%
Renewable Fuels \| Product Concentration Risk \| Montana/Renewables \| Sales
Major product category sales
Sales	$ 150.3	$ 118.6
Concentration risk, percentage	14.90%	11.40%

Segments and Related Informat_5

Segments and Related Information - Narrative (Details) - item	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Segment Reporting, Disclosure of Major Customers	no	no
Number of major supplier	2	2
Supplier Concentration Risk \| Two Suppliers [Member] \| percentage
Segment Reporting Information
Concentration risk, percentage	88.10%	94.40%

Unrestricted Subsidiaries - Sch

Unrestricted Subsidiaries - Schedule of Financial Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments
Cash and cash equivalents	$ 23.9	$ 7.9	$ 11.2
Accounts receivable - trade	289.4	252.4
Accounts receivable - other	49.6	33.8
Inventory	403.1	439.4
Prepaid expenses and other current assets	40.2	51.6
Property, plant and equipment, net	1,486	1,506.3	1,543.2
Other noncurrent assets, net	433.9	450.3
Accounts payable	321.1	322
Accrued interest payable	41.3	48.7
Obligations under inventory financing agreements	55.6	190.4
Other current liabilities	99	131.5
Current portion of long-term debt	26.3	55.7
Other long-term liabilities	135.7	53.6
Long-term debt	2,055.6	1,829.7
Redeemable noncontrolling interest	245.6	245.6
Partners' capital (deficit)	(529.7)	(490.3)	$ (523.3)	$ (533.3)
Eliminations
Schedule of Equity Method Investments
Cash and cash equivalents	0	0
Accounts receivable - trade	0	0
Accounts receivable - other	0	0
Inventory	0	0
Prepaid expenses and other current assets	0	0
Property, plant and equipment, net	0	0
Other noncurrent assets, net	0	0
Accounts payable	(370.6)	(293.7)
Accrued interest payable	0	0
Obligations under inventory financing agreements	0	0
Other current liabilities	0	0
Current portion of long-term debt	0	0
Other long-term liabilities	0	0
Long-term debt	(100)	(100)
Redeemable noncontrolling interest	0	0
Partners' capital (deficit)	(18.8)	(18.8)
Parent Company and Restricted Subsidiaries
Schedule of Equity Method Investments
Cash and cash equivalents	22.3	7.3
Accounts receivable - trade	253.4	230.7
Accounts receivable - other	28.1	24.8
Inventory	329.9	353.1
Prepaid expenses and other current assets	12.5	14.6
Property, plant and equipment, net	723	731.7
Other noncurrent assets, net	420.9	436.9
Accounts payable	280.9	282.4
Accrued interest payable	40.1	47.8
Obligations under inventory financing agreements	0	126
Other current liabilities	89.4	104.5
Current portion of long-term debt	8.9	38.8
Other long-term liabilities	133.1	50.6
Long-term debt	1,601.6	1,381
Redeemable noncontrolling interest	0	0
Partners' capital (deficit)	(150.1)	(174.3)
Unrestricted Subsidiaries
Schedule of Equity Method Investments
Cash and cash equivalents	1.6	0.6
Accounts receivable - trade	36	21.7
Accounts receivable - other	21.5	9
Inventory	73.2	86.3
Prepaid expenses and other current assets	27.7	37
Property, plant and equipment, net	763	774.6
Other noncurrent assets, net	13	13.4
Accounts payable	410.8	333.3
Accrued interest payable	1.2	0.9
Obligations under inventory financing agreements	55.6	64.4
Other current liabilities	9.6	27
Current portion of long-term debt	17.4	16.9
Other long-term liabilities	2.6	3
Long-term debt	554	548.7
Redeemable noncontrolling interest	245.6	245.6
Partners' capital (deficit)	$ (360.8)	$ (297.2)

Unrestricted Subsidiaries - Inc

Unrestricted Subsidiaries - Income statement information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments
Sales	$ 1,005.8	$ 1,037.3
Cost of sales	927.3	940.7
Gross profit	78.5	96.6
Operating costs and expenses:
General and administrative	23.3	37.1
Other operating expense	5.2	3
Operating income (loss)	36.3	43
Other income (expense):
Interest expense	(60.8)	(49.2)
Debt extinguishment costs	(0.2)
Gain (loss) on derivative instruments	(16.9)	25.5
Other income (expense)		(0.2)
Total other expense	(77.7)	(23.9)
Net income (loss)	(41.6)	18.6
Unrestricted Subsidiaries
Schedule of Equity Method Investments
Sales	150.3	118.6
Cost of sales	184	170.6
Gross profit	(33.7)	(52)
Operating costs and expenses:
General and administrative	6.5	3.7
Other operating expense	1.5	3
Operating income (loss)	(41.7)	(58.7)
Other income (expense):
Interest expense	(24.6)	(13)
Gain (loss) on derivative instruments	2.4	4.2
Other income (expense)	0.3
Total other expense	(21.9)	(8.8)
Net income (loss)	$ (63.6)	$ (67.5)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest - Narrative (Details) - USD ($) $ in Millions	Oct. 03, 2022	Aug. 05, 2022	Mar. 31, 2024	Dec. 31, 2023
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest			$ 245.6	$ 245.6
MRHL
Redeemable Noncontrolling Interest
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
Temporary equity preferred return, multiple of invested capital		1.40

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
MRHL
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest	$ 245.6	$ 245.6

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	May 07, 2024 USD ($)
Subsequent Event
Subsequent Events
Increase (decrease) in derivative assets and liabilities	$ 8.6

Document Information

Document Information	3 Months Ended
Document Information	Mar. 31, 2024
Document Information:
Document Type	10-Q
Amendment	false
CIK	0001340122
Registrant Name	Calumet Specialty Products Partners, L.P.
Period End Date	Mar. 31, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (41.6)	$ 18.6

Insider Trading Arrangements

Insider Trading Arrangements - Daniel J. Sajkowski [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 14, 2024, the Daniel J. Sajkowski 2011 Trust U/DEC DTD 2/8/2011, of which Daniel J. Sajkowski, a member of the board of directors of our general partner, is a co-trustee, adopted a trading plan (the “Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Plan will commence on March 1, 2025 and will expire on July 31, 2025. The Plan provides for the potential sale of up to 82,000 common units pursuant to the terms of the Plan.
Name	Daniel J. Sajkowski
Title	member of the board of directors of our general partner
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2024
Aggregate Available	82