Calumet Inc

Calumet Specialty Products Partners LP engages in the production of specialty hydrocarbon products. It operates through the following segments: Specialty Products, Fuel Products and Corporate. The Specialty Products segment produces lubricating oils, solvents, waxes, synthetic lubricants and other products. The Fuel Products segment is involved in the processing of crude oil into fuel and fuel-related products, including unleaded gasoline, diesel, and jet fuel, asphalt and other products. The Corporate segment consists of general and administrative expenses not allocated to the specialty products or fuel products segments. The company was founded on September 27, 2005 and is headquartered in Indianapolis, IN.

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Calumet Specialty Products Partners achieves record EBITDA, eyes growth opportunities

Calumet Specialty Products Partners reported strong financial performance in 2022, driven by specialty business growth and strategic focus on sustainability. While facing challenges in certain segments, the company is well-positioned for growth with opportunities in financing, expansion, and investments. Management's emphasis on innovation, collaboration, and financial discipline bodes well for future success.

Calumet Specialty Products Partners excels in Q1 earnings and growth strategies

Calumet Specialty Products Partners delivered a strong performance in Q1 2023, driven by robust earnings in specialty businesses and operational achievements at Montana Renewables.
The company's focus on debt reduction and potential IPO plans for Montana Renewables reflect strategic initiatives aimed at enhancing financial stability and growth prospects.
While facing challenges in sustaining growth momentum and executing debt reduction strategies, Calumet Specialty Products Partners remains poised to capitalize on opportunities for expansion and value creation.

Calumet Specialty Products Partners reports solid Q2 performance and growth opportunities

Calumet Specialty Products Partners showcased strong performance in Q2 2023, with notable achievements in Montana Renewables and Performance Brands businesses.
Despite challenges like severe weather impacting production, the company remains focused on growth opportunities and strategic initiatives.
With a focus on high-value applications and upcoming projects like MaxSAF expansion, Calumet is positioning itself for future success and profitability.

Calumet Specialty Products Partners reports strong Q3 performance and SAF growth opportunities

Calumet Specialty Products Partners showcased solid financial performance and progress in strategic transformation in Q3 2023.
Despite challenges such as operational issues and CFO transition, the company is well-positioned for growth and innovation in the SAF production sector.
Opportunities in producing Sustainable Aviation Fuel in North America and leveraging regulatory support mechanisms present avenues for future success.

Calumet transitions to C-Corp, excels in SAF production amid challenges

Calumet's Q4 performance reflects resilience amid challenges, with a strategic focus on sustainable aviation fuel production and debt management.
The company's conversion to a C-Corp aims to attract more investors and enhance shareholder value, supported by key growth initiatives.
Despite setbacks and challenges, Calumet is actively pursuing opportunities in SAF production, debt reduction, and market expansion for renewable products.

Calumet reports mixed Q1 results, focuses on growth opportunities

Calumet Specialty Products Partners reported mixed Q1 2024 results, with operational challenges at Montana Renewables but strength in Performance Brands and specialties business.
The company is focused on deleveraging, reducing debt levels, and proving the competitive advantage of Montana Renewables to attract investors.
Despite industry challenges and uncertainties, Calumet sees opportunities in the SAF sector, potential transactions, and the C-Corp conversion.
Investor sentiment is positive towards the C-Corp conversion, with expectations of increased trading liquidity and new institutional investors.

Calumet Inc reports robust Q2 earnings, eyes renewable energy growth

Calumet Inc's Q2 performance reflects strong financial results and operational achievements across its specialty and renewable businesses.
The company's focus on driving shareholder value through the C-Corp conversion and debt reduction efforts is evident in its strategic initiatives.
While facing challenges in regulatory monitoring and funding for expansion projects, Calumet remains optimistic about growth opportunities in renewable energy markets.

Calumet Inc (CLMT) reports robust Q3 performance and strategic advancements

Calumet Inc (CLMT) demonstrated strong financial performance and strategic advancements in Q3 2024, positioning the company for continued growth and value creation.
Management's focus on deleveraging, organic growth, and potential asset sales underscores a commitment to enhancing shareholder value and financial stability.
Analyst inquiries highlighted areas of interest and potential challenges, signaling a need for continued operational excellence and strategic decision-making.

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Calumet, Inc. engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate. The Specialty Products & Solutions segment consists of customer-focused solutions and formulations businesses, covering multiple specialty product lines, anchored by a unique integrated complex in Northwest Louisiana. The Performance Brands segment includes a fast-growing portfolio of high-quality, high performing brands. The Montana/Renewables segment is composed of a Great Falls specialty asphalt facility and Montana Renewables facility. The Corporate segment focuses on the general and administrative expenses not allocated to the Montana/Renewables, Specialty Products and Solutions, or Performance Brands segments. The company was founded in 1919 and is headquartered in Indianapolis, IN.

Calumet Specialty Products is experiencing a falling knife pattern in the market. The company is comprised of three businesses, all of which are now performing well generating significant levels of excess cash. Calumet has several strategies in place to manage its debt, including a possible DOE loan and a partial equity sale of one of its businesses.

Calumet Specialty Products: Falling Knifes And Investor Irrationality

INDIANAPOLIS , Jan. 23, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "Company," "we," "our" or "us"), announced two financing transaction updates today.

Calumet Enters into Supply Offtake Agreement with J. Aron at Shreveport, Upsizes ABL to Replace Montana Supply Offtake Agreement

INDIANAPOLIS , Jan. 3, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet", "our"), announced today our plans to attend the Goldman Sachs Energy, Cleantech & Utilities Conference in Miami, FL on Friday January 5, 2024.

Calumet to Attend Goldman Sachs Energy, Cleantech & Utilities Conference

INDIANAPOLIS , Dec. 5, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet", "our", "we"), announced today plans to attend the Wells Fargo Midstream and Utilities Symposium on Thursday December 7, 2023 in New York City, NY.

Calumet to Attend Wells Fargo Conference

INDIANAPOLIS , Dec. 1, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet," "we," "our" or "us"), announced today that Montana Renewables, LLC ("MRL") renewable diesel facility has returned to normal operations.

Operational Update: Calumet Announces Montana Renewables Returns to Full Operations

INDIANAPOLIS, Nov. 27, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet", "our", "we"), announced today our plans to attend the Bank of America Leveraged Finance Conference on Wednesday November 29, 2023 in Boca Raton, FL.

Calumet to Attend Bank of America Leveraged Finance Conference

Calumet Specialty Products announced significant changes and operating results for September, falling short of potential due to operating issues. Montana Renewables demonstrated positive financial results in July but faced challenges with a crack in a steam drum in August. Calumet is on track to complete a turnaround and expects to add new regionally available supply in the New Year.

Calumet Specialty Products Reached The Final Financial Turn

Calumet Specialty Products Partners LP (NASDAQ:CLMT ) Q3 2023 Earnings Conference Call November 9, 2023 9:00 AM ET Company Participants Brad McMurray - Director, IR Louis Todd Borgmann - CEO Vincent Donargo - EVP & CFO Bruce Fleming - EVP, Montana Renewables & Corporate Development Scott Obermeier - EVP, Specialties Conference Call Participants Roger Read - Wells Fargo Securities Neil Mehta - Goldman Sachs Manav Gupta - UBS Amit Dayal - H.C. Wainwright & Co. Jason Gabelman - TD Cowen Operator Good day, and welcome to the Calumet Specialty Products Third Quarter 2023 Results Conference Call.

Calumet Specialty Products Partners LP (CLMT) Q3 2023 Earnings Call Transcript

Net income attributable to partners of $103.0 million, or Limited partners' interest of $1.26 basic net income per unit, for the third quarter of 2023 Third quarter Adjusted EBITDA of $75.5 million driven by supportive market and strong commercial execution, partially offset by transient operational issues in Shreveport and Montana MRL hydrogen steam drum replacement installed; turnaround brought forward opportunistically; on track for full production in December INDIANAPOLIS , Nov. 9, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today reported results for the third quarter ended September 30, 2023, as follows: Three Months Ended September 30,  Nine Months Ended September 30,  2023 2022 2023 2022 (Dollars in millions, except per unit data) Net income (loss) attributable to partners $ 103.0 $ 15.7 $ 113.2 $ (95.1) Limited partners' interest basic net income (loss) per unit $ 1.26 $ 0.19 $ 1.38 $ (1.18) Adjusted EBITDA $ 75.5 $ 127.0 $ 220.9 $ 326.1   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended September 30,  Three Months Ended September 30,  Three Months Ended September 30,  2023 2022 2023 2022 2023 2022 (Dollars in millions, except per barrel data) Gross profit (loss) $ 158.9 $ 123.4 $ 21.0 $ 17.0 $ 81.7 $ (1.1) Adjusted gross profit $ 56.7 $ 149.4 $ 18.6 $ 17.4 $ 48.3 $ 11.7 Adjusted EBITDA $ 38.7 $ 131.7 $ 13.2 $ 8.5 $ 38.2 $ 11.3 Gross profit (loss) per barrel $ 28.77 $ 21.65 $ 160.31 $ 139.34 $ 41.66 $ (0.96) Adjusted gross profit per barrel $ 10.26 $ 26.22 $ 141.98 $ 142.62 $ 24.63 $ 10.17   Specialty Products and Solutions Performance Brands Montana/Renewables Nine Months Ended September 30,  Nine Months Ended September 30,  Nine Months Ended September 30,  2023 2022 2023 2022 2023 2022 (Dollars in millions, except per barrel data) Gross profit $ 314.5 $ 229.2 $ 66.0 $ 44.5 $ 49.2 $ 42.2 Adjusted gross profit $ 221.8 $ 328.8 $ 62.0 $ 45.9 $ 78.8 $ 97.6 Adjusted EBITDA $ 176.1 $ 283.3 $ 41.8 $ 17.5 $ 55.6 $ 88.9 Gross profit per barrel $ 19.66 $ 13.63 $ 167.09 $ 112.09 $ 9.19 $ 6.78 Adjusted gross profit per barrel $ 13.86 $ 19.55 $ 156.96 $ 115.62 $ 14.72 $ 15.69   "The third quarter at Calumet was a tale of two halves," said Todd Borgmann, CEO.

Calumet Specialty Products Partners, L.P. Reports Third Quarter 2023 Results

INDIANAPOLIS , Nov. 9, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today announced the execution of an agreement to effectuate a corporate transition (the "Corporate Transition") of Calumet Specialty Products Partners, L.P.

Calumet Specialty Products Partners, L.P. Announces Corporate Transition

INDIANAPOLIS , Oct. 30, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the 2023 third quarter on November 9, 2023.

Calumet Specialty Products Partners, L.P. to Release Third Quarter 2023 Results on November 9, 2023

INDIANAPOLIS , Oct. 20, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "Company," "we," "our" or "us"), provided an operational update for the 3rd quarter 2023.

Calumet Provides Operational Update

INDIANAPOLIS , Oct. 10, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "Company," "we," "our" or "us"), today announced that Montana Renewables LLC ("MRL") has entered into a Supply and Offtake Agreement ("S&O Agreement") with Wells Fargo.

Calumet Announces New Inventory Financing Agreement for Montana Renewables

Calumet Specialty Products investors face a quandary on which way the price will head, but I believe it will go higher. The chart shows a bullish pattern, with a breakout potentially putting the price at $24-$25. Strong crack spread support and positive financial results support the belief that the price will increase.

The Bullish Calumet Specialty Products' Chart (Technical Analysis)

First commercial demonstration of low carbon intensity, non-food seed oil to open new markets for Montana INDIANAPOLIS , Sept. 18, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P.

Montana Renewables Receives First Camelina Oil

INDIANAPOLIS , Sept. 12, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P.

Calumet CFO Vince Donargo to retire in April 2024, David Lunin joins as CFO Designate

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July profitability verifies top tier financial position in renewable fuels. Steam system maintenance currently limits MRL processing rate until late September.

Calumet Provides Operational Update for Montana Renewables LLC

INDIANAPOLIS , Aug. 30, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet", "our", "we"), announced today our plans to attend the Barclays CEO Energy – Power Conference in New York City on Thursday September 7, 2023.

Calumet to Attend Barclays CEO Energy - Power Conference

Wayne Gretzky's quote about skating to where the puck is going applies to investors understanding the future market value. Understanding "the where" in investing is seen as more of an art than a science. Calumet Specialty Products is used as an example to illustrate the importance of understanding future stock or unit pricing.

Wayne Gretzky Investing: Modeling Calumet Specialty Products

Net loss attributable to partners of $18.5 million, or Limited partners' interest of $0.23 basic net loss per unit, for the second quarter of 2023 Second quarter Adjusted EBITDA of $67.7 driven by supportive market and strong commercial execution, partially offset by weather-related production constraints Montana Renewables achieves full throughput rates, demonstrated advantaged feedstock Pre-Treater technology, and became the largest Sustainable Aviation Fuel producer in North America INDIANAPOLIS , Aug. 4, 2023 /PRNewswire/ --  Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today reported results for the second quarter ended June 30, 2023, as follows: Three Months Ended June 30,  Six Months Ended June 30,  2023 2022 2023 2022 (Dollars in millions, except per unit data) (Dollars in millions, except per unit data) Net income (loss) attributable to partners $ (18.5) $ (15.3) $ 10.2 $ (110.8) Limited partners' interest basic net income (loss)per unit $ (0.23) $ (0.19) $ 0.13 $ (1.37) Adjusted EBITDA $ 67.7 $ 175.8 $ 145.4 $ 199.1   Specialty Products and Solutions Performance Brands Montana/Renewables Three months ended June 30,  Three months ended June 30,  Three months ended June 30,  2023 2022 2023 2022 2023 2022 (Dollars in millions, except per barrel data) Gross profit $ 45.3 $ 88.1 $ 21.4 $ 14.2 $ 4.7 $ 41.6 Adjusted gross profit $ 68.3 $ 144.0 $ 22.6 $ 14.6 $ 19.2 $ 74.0 Adjusted EBITDA $ 61.0 $ 123.5 $ 12.2 $ 3.7 $ 12.6 $ 68.6 Gross profit per barrel $ 8.55 $ 15.72 $ 153.96 $ 100.00 $ 2.64 $ 16.12 Adjusted gross profit per barrel $ 12.90 $ 25.69 $ 162.59 $ 102.82 $ 10.79 $ 28.67   Specialty Products and Solutions Performance Brands Montana/Renewables Six months ended June 30,  Six months ended June 30,  Six months ended June 30,  2023 2022 2023 2022 2023 2022 (Dollars in millions, except per barrel data) Gross profit (loss) $ 155.6 $ 105.8 $ 45.0 $ 27.5 $ (32.5) $ 43.3 Adjusted gross profit $ 167.5 $ 179.4 $ 43.4 $ 28.5 $ 30.5 $ 85.9 Adjusted EBITDA $ 137.4 $ 151.6 $ 28.6 $ 9.0 $ 17.4 $ 77.6 Gross profit (loss) per barrel $ 14.85 $ 9.51 $ 169.17 $ 100.00 $ (9.59) $ 8.54 Adjusted gross profit per barrel $ 15.99 $ 16.13 $ 163.16 $ 103.64 $ 9.00 $ 16.95 "Calumet and Montana Renewables took a series of strategic steps in the second quarter," said Todd Borgmann, CEO.

Calumet Specialty Products Partners, L.P. Reports Second Quarter 2023 Results

INDIANAPOLIS , July 24, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the 2023 second quarter on August 4, 2023.

Calumet Specialty Products Partners, L.P. to Release Second Quarter 2023 Results on August 4, 2023

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During the second quarter, Montana Renewables became the largest sustainable aviation fuel producer in North America in addition to establishing itself as a top tier renewable diesel business. The Northwest Louisiana Specialties complex completed recovery from tornado events which interrupted external utilities and production.

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