If this might be of any help, I had a large Case tractor in for a PTO reclutch and the 30 gallons of hydraulic oil that came out was clean but very milky. I replaced it with new for the customer but was left with the question of what to do with that much bad oil. Too much to take to a retailer for disposal and it won't burn right in my oil injected wood stove. On a whim I put some in an old electric popcorn popper base and to my surprise, the water cooked out and it turned back to a pretty but dark oil again. Having enough older machinery to run it in, I cooked up 10 gallons in a fish fryer setup. It took an hour or more to do, but resulted in the same clean dark oil. My thought is the color was from earlier use in the tractor and not the cook out as I didn't get it hot enough to oxidize. A word of caution in cooking it out; don't fill the fryer more than half full, stay close to it, and when stirring after it comes to a rolling boil, it will froth quickly so be ready to kill the fire and whip the froth down with a welding wire or big wisk or it will boil over.