| | | | | | | | | | | |||||||||
| | | Year Ended December 31, | ||||||||||||||||
| | 2024 | 2023 | 2022 | |||||||||||||||
| | | (In millions) | ||||||||||||||||
| Operating activities | | | | | | | | | ||||||||||
| Net income (loss) | | $ | (222.0) | | $ | 48.1 | | $ | (173.3) | |||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | |||||||||
| Depreciation and amortization | | 149.0 | | 146.8 | | 98.3 | ||||||||||||
| Amortization of turnaround costs | | 38.0 | | 36.1 | | 23.1 | ||||||||||||
| Non-cash interest expense | | 8.0 | | 5.7 | | 17.6 | ||||||||||||
| Debt extinguishment costs | | 0.4 | | 1.6 | | 41.4 | ||||||||||||
| Non-cash RINs (gain) expense | | (31.9) | | (199.1) | | 197.5 | ||||||||||||
| Unrealized (gain) loss on derivative instruments | | 5.9 | | (33.0) | | 45.9 | ||||||||||||
| Loss on impairment and disposal of assets | | 2.0 | | 3.5 | | 0.7 | ||||||||||||
| Equity based compensation | | 14.6 | | 14.7 | | 17.3 | ||||||||||||
| Lower of cost or market inventory adjustment | | 7.0 | | 33.2 | | 19.4 | ||||||||||||
| Other non-cash activities | | (7.0) | | 0.5 | | 2.2 | ||||||||||||
| Changes in assets and liabilities | | | | | | | | | | |||||||||
| Accounts receivable | | 8.0 | | (19.2) | | (14.1) | ||||||||||||
| Inventories | | 16.1 | | 25.1 | | (190.5) | ||||||||||||
| Prepaid expenses and other current assets | | 17.9 | | (25.9) | | (5.6) | ||||||||||||
| Turnaround costs | | (20.6) | | (47.9) | | (62.6) | ||||||||||||
| Other assets | | | (5.6) | | | (10.2) | | | — | |||||||||
| Accounts payable | | 1.7 | | (12.4) | | 56.9 | ||||||||||||
| Accrued interest payable | | (5.2) | | 15.3 | | 8.4 | ||||||||||||
| Accrued salaries, wages and benefits | | 4.0 | | (17.1) | | 9.5 | ||||||||||||
| Other taxes payable | | (1.6) | | 4.0 | | (2.1) | ||||||||||||
| Other liabilities | | (25.1) | | 15.3 | | 10.6 | ||||||||||||
| Net cash provided by (used in) operating activities | | (46.4) | | (14.9) | | 100.6 | ||||||||||||
| Investing activities | | | | |||||||||||||||
| Additions to property, plant and equipment | | (76.7) | | (271.8) | | (536.2) | ||||||||||||
| Proceeds from sale of property, plant and equipment | | — | | — | | 0.2 | ||||||||||||
| Net cash used in investing activities | | (76.7) | | (271.8) | | (536.0) | ||||||||||||
| Financing activities | | | | |||||||||||||||
| Proceeds from borrowings — revolving credit facility | | 2,129.2 | | 2,185.0 | | 1,695.1 | ||||||||||||
| Repayments of borrowings — revolving credit facility | | (1,979.3) | | (2,152.3) | | (1,591.1) | ||||||||||||
| Proceeds from borrowings — MRL revolving credit agreement | | | 159.1 | | | 93.2 | | | — | |||||||||
| Repayments of borrowings — MRL revolving credit agreement | | | (172.1) | | | (80.2) | | | — | |||||||||
| Proceeds from borrowings — senior notes | | 554.4 | | 325.0 | | 325.0 | ||||||||||||
| Repayments of borrowings — senior notes | | (592.5) | | (121.0) | | (363.1) | ||||||||||||
| Payments on finance lease obligations | | (1.1) | | (1.0) | | (0.9) | ||||||||||||
| Proceeds from inventory financing | | 671.3 | | 1,712.0 | | 2,166.0 | ||||||||||||
| Payments on inventory financing | | (708.5) | | (1,753.9) | | (2,132.6) | ||||||||||||
| Proceeds from sale of redeemable noncontrolling interest in subsidiary | | — | | — | | 250.0 | ||||||||||||
| Payments for issuance of Preferred Units | | — | | — | | (4.4) | ||||||||||||
| Repayments of borrowings — MRL Credit Facility | | — | | — | | (347.3) | ||||||||||||
| Proceeds from other financing obligations | | 144.7 | | 102.0 | | 372.9 | ||||||||||||
| Payments on other financing obligations | | (41.5) | | (30.1) | | (15.6) | ||||||||||||
| Debt issuance costs | | (9.4) | | (12.5) | | (5.3) | ||||||||||||
| Net cash provided by financing activities | | 154.3 | | 266.2 | | 348.7 | ||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | | 31.2 | | (20.5) | | (86.7) | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | | 14.7 | | 35.2 | | 121.9 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | | $ | 45.9 | | $ | 14.7 | | $ | 35.2 | |||||||||
| Cash and cash equivalents | | $ | 38.1 | | $ | 7.9 | | $ | 35.2 | |||||||||
| Restricted cash | | $ | 7.8 | | $ | 6.8 | | $ | — | |||||||||
| Supplemental disclosure of cash flow information | | | | |||||||||||||||
| Interest paid, net of capitalized interest | | $ | 232.0 | | $ | 201.9 | | $ | 151.4 | |||||||||
| Supplemental disclosure of non-cash investing activities | | | | |||||||||||||||
| Non-cash property, plant and equipment additions | | $ | 30.7 | | $ | 31.3 | | $ | 136.9 | |||||||||
| | | | | | | | ||||||
| | Year Ended December 31, | |||||||||||
| | 2024 | 2023 | ||||||||||
| | | (In millions, except share/unit data) | ||||||||||
| ASSETS | | | | | | | ||||||
| Current assets: | | | | | | | ||||||
| Cash and cash equivalents | | $ | 38.1 | | $ | 7.9 | ||||||
| Accounts receivable, net: | | | | | | | ||||||
| Trade, less allowance for credit losses of $1.1 million and $1.2 million, respectively | | | 241.7 | | | 252.4 | ||||||
| Other | | | 36.4 | | | 33.8 | ||||||
| | | | 278.1 | | | 286.2 | ||||||
| Inventories | | | 416.3 | | | 439.4 | ||||||
| Derivative assets | | | — | | | 9.6 | ||||||
| Prepaid expenses and other current assets | | | 33.5 | | | 51.6 | ||||||
| Total current assets | | | 766.0 | | | 794.7 | ||||||
| Property, plant and equipment, net | | | 1,438.8 | | | 1,506.3 | ||||||
| Goodwill | | | 173.0 | | | 173.0 | ||||||
| Other intangible assets, net | | | 22.0 | | | 28.5 | ||||||
| Operating lease right-of-use assets | | | 240.2 | | | 114.4 | ||||||
| Other noncurrent assets, net | | | 118.2 | | | 134.4 | ||||||
| Total assets | | $ | 2,758.2 | | $ | 2,751.3 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY / PARTNERS' CAPITAL (DEFICIT) | ||||||||||||
| Current liabilities: | | | | | | | ||||||
| Accounts payable | | $ | 320.8 | | $ | 322.0 | ||||||
| Accrued interest payable | | | 45.4 | | | 48.7 | ||||||
| Accrued salaries, wages and benefits | | | 94.7 | | | 87.1 | ||||||
| Other taxes payable | | | 11.9 | | | 13.5 | ||||||
| Obligations under inventory financing agreements | | | 32.0 | | | 190.4 | ||||||
| Current portion of RINs obligation | | | 245.4 | | | 277.3 | ||||||
| Current portion of operating lease liabilities | | | 58.8 | | | 75.6 | ||||||
| Other current liabilities | | | 19.1 | | | 42.4 | ||||||
| Current portion of long-term debt | | | 35.5 | | | 55.7 | ||||||
| Total current liabilities | | | 863.6 | | | 1,112.7 | ||||||
| Pension and postretirement benefit obligations | | | 4.0 | | | 4.2 | ||||||
| Other long-term liabilities | | | 110.0 | | | 10.4 | ||||||
| Long-term operating lease liabilities | | | 182.2 | | | 39.0 | ||||||
| Long-term debt, less current portion | | | 2,064.7 | | | 1,829.7 | ||||||
| Total liabilities | | $ | 3,224.5 | | $ | 2,996.0 | ||||||
| Commitments and contingencies | | | | | | |||||||
| Redeemable noncontrolling interest | | $ | 245.6 | | $ | 245.6 | ||||||
| Stockholders' equity / partners' capital (deficit): | | | | | | | ||||||
| Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 85,950,493 shares issued and outstanding as of December 31, 2024. | | $ | 0.9 | | $ | — | ||||||
| Additional paid-in capital | | | 825.4 | | | — | ||||||
| Warrants: 2,000,000 warrants issued and outstanding as of December 31, 2024. | | | 7.8 | | | — | ||||||
| Accumulated deficit | | | (1,539.0) | | | — | ||||||
| Limited partners' interest (79,967,363 units issued and outstanding at December 31, 2023.) | | | — | | | (484.4) | ||||||
| General partners' interest | | | — | | | 1.3 | ||||||
| Accumulated other comprehensive loss | | | (7.0) | | | (7.2) | ||||||
| Total stockholders' equity / partners' capital (deficit) | | | (711.9) | | | (490.3) | ||||||
| Total liabilities and stockholders' equity / partners' capital (deficit) | | $ | 2,758.2 | | $ | 2,751.3 | ||||||
| | | | | | | | |
| | June 30, 2024 | | December 31, 2023 | ||||
| | (Unaudited) | | |||||
| | | (In millions, except unit data) | | ||||
| ASSETS | | | | | | | |
| Current assets: | | | | | | | |
| Cash and cash equivalents | | $ | 7.0 | | $ | 7.9 | |
| Accounts receivable, net: | | | | | | | |
| Trade, less allowance for credit losses of $1.8 million and $1.2 million, respectively | | 306.9 | | 252.4 | | ||
| Other | | 32.7 | | 33.8 | | ||
| | | 339.6 | | 286.2 | | ||
| Inventories | | 394.8 | | 439.4 | | ||
| Derivative assets | | | 3.7 | | | 9.6 | |
| Prepaid expenses and other current assets | | 50.5 | | 51.6 | | ||
| Total current assets | | 795.6 | | 794.7 | | ||
| Property, plant and equipment, net | | 1,467.2 | | 1,506.3 | | ||
| Other noncurrent assets, net | | 408.1 | | 450.3 | | ||
| Total assets | | $ | 2,670.9 | | $ | 2,751.3 | |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | ||||
| Current liabilities: | | | | ||||
| Accounts payable | | $ | 342.3 | | $ | 322.0 | |
| Accrued interest payable | | 49.5 | | 48.7 | | ||
| Accrued salaries, wages and benefits | | 73.0 | | 87.1 | | ||
| Obligations under inventory financing agreements | | 34.9 | | 190.4 | | ||
| Current portion of RINs obligation | | 232.9 | | 277.3 | | ||
| Other current liabilities | | 97.1 | | 131.5 | | ||
| Current portion of long-term debt | | 390.4 | | 55.7 | | ||
| Total current liabilities | | 1,220.1 | | 1,112.7 | | ||
| Other long-term liabilities | | 146.5 | | 53.6 | | ||
| Long-term debt, less current portion | | 1,625.1 | | 1,829.7 | | ||
| Total liabilities | | $ | 2,991.7 | | $ | 2,996.0 | |
| Commitments and contingencies | | | | ||||
| Redeemable noncontrolling interest | | $ | 245.6 | | $ | 245.6 | |
| Partners’ capital (deficit): | | | | ||||
| Limited partners’ interest (80,388,555 units and 79,967,363 units, issued and outstanding at June 30, 2024 and December 31, 2023, respectively) | | $ | (559.0) | | $ | (484.4) | |
| General partner’s interest | | (0.3) | | 1.3 | | ||
| Accumulated other comprehensive loss | | (7.1) | | (7.2) | | ||
| Total partners’ capital (deficit) | | (566.4) | | (490.3) | | ||
| Total liabilities and partners’ capital (deficit) | | $ | 2,670.9 | | $ | 2,751.3 | |
