The invention relates to compositions and methods for separating oil and other contaminants (particularly oleophilic compounds) from water and other carriers. The invention is particularly useful for separating oil and other oleophilic compounds from bilgewater and other wastewater. The compositions typically comprise a hydrocarbon resin and a drying oil. The compounds in the composition are typically combined in an organic solvent. For example, hydrocarbon resin and tung oil are optionally combined into a naphtha solvent. The invention is particularly useful for separating emulsified oil from water, whether oil in water emulsions or water in oil emulsions.