Calument Inc (CLMT)

Calumet Issues Redemption Notice for $100 Million of 9.75% Senior Notes due 2028July 8, 2026 7:00 AM
PR Newswire (US) INDIANAPOLIS, July 8, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), have given notice for redemption of all of the outstanding $100 million 9.75% Senior Notes due 2028 (CUSIP Nos. 131477 AZ4 and U13077 AR0) that were originally issued in January 2025 (the "2028 Mirror Notes"), to be effected on July 15, 2026 at a cash redemption price of 102.438% of the principal amount, plus accrued and unpaid interest to but not including the redemption date."Today's announcement marks another important milestone in our commitment to strengthening our balance sheet and reducing interest expense," said David Lunin, CFO. "We also reduced borrowings under our revolving credit facility during the second quarter. With operating momentum and a favorable outlook, we are well positioned to continue accelerating deleveraging while investing in the growth opportunities that create long-term shareholder value."This press release shall not constitute a notice of redemption of the 2028 Mirror Notes. Information concerning the terms and conditions of the redemption of the 2028 Mirror Notes is described in the notice of full redemption distributed to holders on July 2, 2026.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding the redemption of the 2028 Mirror Notes. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our ?lings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. View original content:https://www.prnewswire.com/news-releases/calumet-issues-redemption-notice-for-100-million-of-9-75-senior-notes-due-2028--302820138.htmlSOURCE Calumet, Inc. Original: Calumet Issues Redemption Notice for $100 Million of 9.75% Senior Notes due 2028

Nevada's Only Refinery Is Switching On -- Just as the West Loses the Capacity It Can't ReplaceJune 22, 2026 10:38 AM
PR Newswire (US) Issued on behalf of Sky Quarry Inc.After a period of repairs and balance-sheet work, Sky Quarry says it is entering its production phase — with crude already on-site, storage in place, and a strategic position in a fuel market the West keeps shrinkingUSA News Group News Commentary BOCA RATON, Fla., June 22, 2026 /PRNewswire/ -- The American refining map is shrinking, and the math behind that simple fact is becoming one of the more overlooked stories in energy. Across the Western United States, refineries have been closing or announcing closures, pulling meaningful capacity out of a market where demand for gasoline, diesel, and jet fuel has stayed stubbornly resilient. When supply contracts and demand does not, the assets that remain become more valuable — and harder to replace. Against that backdrop, a small Nevada-focused energy company says it is flipping the switch on an asset that sits squarely in the gap. On its latest update, Sky Quarry Inc. (NASDAQ: SKYQ) told shareholders it is entering the production phase at its Foreland Refinery — described as the only operating refinery in the State of Nevada — marking a transition the company has spent years working toward. Key TakeawaysEntering production: Sky Quarry says it is moving into the production phase at the Foreland Refinery near Ely, Nevada — the only operating refinery in the state — with refinery operations expected to commence in July.Inventory already in place: The company reports approximately 10,000 barrels of crude oil and in-process inventory on-site and moving through the refining process, which it frames as both operational readiness and an immediate working asset.Storage and readiness: Foreland has more than 100,000 barrels of total storage capacity, which the company expects to provide operational flexibility and describes as an important component of the refinery's long-term value.A scarce strategic position: Nevada is one of the most fuel-import-dependent states in the country, and the company argues Foreland's in-state refining capacity is increasingly valuable as Western refining capacity exits the market.From preparation to performance: Management frames this as an inflection point — shifting focus from repairing and funding the asset toward production, customer deliveries, operating margins, and cash flow — though it remains a micro-cap working through that transition.Why a Single Refinery Matters So MuchTo understand why Sky Quarry frames this moment as pivotal, you have to understand the unusual scarcity of what it owns. Refineries are extraordinarily difficult to build today: they require enormous capital, years of permitting, and the navigation of environmental and community opposition that has effectively halted new refinery construction in much of the United States. The practical consequence is that existing, permitted, operating refineries have become high-barrier infrastructure — assets that would be very difficult, and in many regions effectively impossible, to replicate. When one of them sits in a state that has none other, its strategic weight grows accordingly.That is the case Sky Quarry makes for Foreland. Nevada consumes substantial quantities of gasoline, diesel, and other refined products, yet has historically relied on fuel imported from neighboring regions — making it one of the most fuel-import-dependent states in the nation. A refinery physically located within Nevada occupies a distinctive position in that supply chain, able to serve in-state demand and the broader Intermountain West without the logistics and cost penalties of long-haul imports. As the company puts it, Foreland provides refining capacity directly within a market that otherwise depends on barrels trucked or piped in from outside.The Capacity Squeeze Working in Its FavorThe macro trend underpinning the story is the steady erosion of Western refining capacity. Several large refining facilities in California have either ceased operations or announced plans to do so, removing meaningful capacity from the Western market. Each closure tightens the regional supply-demand balance and, in the company's framing, reinforces the strategic importance of the refining assets that remain. It is a dynamic that does not depend on any single dramatic event; it is the cumulative, structural drift of a region losing the ability to make its own fuel even as it keeps consuming it.That backdrop is what gives a sub-scale asset like Foreland outsized relevance. The company describes a combination of attributes that, taken together, it considers increasingly difficult to replicate: refining infrastructure, substantial storage capacity, access to regional crude supply, operating permits, customer relationships, and a strategic location serving a fuel-deficient market. Individually, none of these is unique. Collectively, in a region where replacement refining capacity has become scarce, the company argues they form a genuinely defensible position. Foreland has operated for more than two decades, processing heavy crude sourced from Nevada and Utah into diesel, vacuum gas oil, naphtha, and liquid paving asphalt for Western markets.What "Entering Production" Actually Means HereThe substance of the update is a shift from preparation to operation. Sky Quarry says recent work has included repairs, upgrades, and enhancements across critical operating systems, including storage infrastructure that now gives the company more than 100,000 barrels of total storage capacity — capacity that provides operational flexibility and, the company argues, represents an important component of the refinery's long-term value. With that work in its final stages, management expects to commence refinery operations in July.Critically, the company says it is entering operations with inventory already in place — approximately 10,000 barrels of crude oil and in-process inventory on-site and moving through the refining process. Sky Quarry frames that inventory as both a sign of operational readiness and an immediate working asset as production begins, positioning the company to participate in the value-creation process of converting crude into refined products from the outset rather than starting from a standstill."As refinery operations commence, Sky Quarry's focus shifts toward production, customer deliveries, operating margins, and cash flow generation," said Marcus Laun, Interim Chief Executive Officer of Sky Quarry, describing what the company calls a fundamental transition in its corporate evolution. For much of its recent history, management's attention was centered on repairing infrastructure, securing working capital, and preparing Foreland for operations; as operations begin, the company says that focus turns to running the asset and generating cash flow — a materially different operating profile, in its telling, than it carried earlier in the year.The Economics: Margins, Not Just Oil PricesOne nuance worth understanding is how a refiner actually makes money. While headlines tend to fixate on the price of crude oil, a refinery's economics are driven primarily by refining margins — the spread between what it pays for crude feedstock and what it earns for the refined products it sells. Crude oil is the principal input, and in a healthy demand environment, lower feedstock costs can actually benefit a refiner rather than hurt it. Sky Quarry has emphasized that its focus is on operating efficiently, managing costs, and capturing attractive margins through disciplined execution, rather than betting on the direction of crude prices themselves. For investors more accustomed to thinking of energy companies as leveraged plays on oil, that distinction matters: a refiner can prosper in environments that pressure producers, and vice versa.The Names That Frame the Refining TradeSky Quarry is, by any measure, a micro-cap minnow in a sector dominated by far larger operators, but the broader independent-refining landscape helps frame both the economics it is entering and the scale of its established peers. Looking at a few of the most relevant public names illustrates the sector — and the gulf between a single-refinery developer and the industry's incumbents.HF Sinclair Corporation (NYSE: DINO) is arguably the most geographically on-point comparison. The integrated refiner operates facilities across the Rocky Mountain, Mid-Continent, Southwest, and Pacific Northwest regions — including refineries in Wyoming, Utah, and Washington — serving the very Intermountain West fuel markets that Foreland targets, and its Utah operations are configured to run the kind of regional waxy crude that the eastern-Utah basin around Sky Quarry's PR Spring resource is known for. As a large, established operator in Foreland's own backyard, HF Sinclair illustrates both the scale of the regional refining incumbents and the strategic value of refining capacity positioned to serve these inland markets.Par Pacific Holdings, Inc. (NYSE: PARR) offers perhaps the most apt comparison in spirit. Par Pacific has built a business around refineries in logistically isolated, niche Western markets such as Hawaii, Wyoming, and the Pacific Northwest — markets where local refining enjoys a natural advantage over distant imports, much as Sky Quarry argues Foreland does in Nevada. As a mid-cap that has rewarded investors handsomely while carrying the volatility inherent to refining, Par Pacific illustrates both the appeal and the risk of the regionally advantaged refining model.CVR Energy, Inc. (NYSE: CVI) is an independent petroleum refiner and marketer focused on the mid-continent region. CVR exemplifies the margin-driven nature of the refining business — its fortunes rise and fall with the spread between crude costs and refined-product prices — and serves as a reminder that even established refiners operate in a cyclical, margin-sensitive industry where execution and cost discipline determine outcomes.Calumet, Inc. (NASDAQ: CLMT) rounds out the group as one of the closest comparisons in profile, if not in product mix. A specialty-products refiner with facilities positioned from Louisiana to Montana, Calumet is among the smaller, more niche-focused names in the public refining universe — a reminder that not every refiner competes on commodity-fuel scale, and that specialized positioning and disciplined operations matter as much as size. Calumet illustrates the challenges and opportunities facing smaller refining operations, including the leverage and margin sensitivity that come with the territory. These companies are referenced to illustrate the sector and do not imply any partnership, endorsement, affiliation, or comparable financial performance; they are larger and more established multi-facility operators, while Sky Quarry is a micro-cap operating a single refinery and entering its production phase.The Risks Behind the StoryThe strategic logic is compelling, but the risks are substantial and deserve clear emphasis. Sky Quarry is a development-stage micro-cap, and the production phase it is entering follows a difficult stretch: the Foreland refinery experienced outages for boiler repairs that halted production and sharply reduced revenue, and the company has been working through the financial consequences. Management states that repairs are complete and operations are expected to commence in July, but a planned restart is not the same as sustained, profitable production, and ramp-up timelines can slip. The company's ability to procure feedstock, run reliably, and capture healthy margins all remain to be demonstrated at scale.Beyond operational execution, the company carries the ordinary risks of a small-cap energy operator: exposure to volatile refining margins and commodity prices, the need for continued access to capital, and a balance sheet that — while improved, by the company's account — reflects a business still establishing consistent cash generation. As a micro-cap, its shares can be volatile, and its development ambitions beyond the refinery depend on financing that is not assured. Investors should weigh the genuine strategic appeal of a scarce, in-state refining asset against the real and well-documented execution, financing, and commodity risks that accompany a company at this stage.The Bottom LineSky Quarry's update marks a genuine inflection point in its corporate story: the moment a company that has spent years repairing, funding, and preparing an asset says it is ready to actually run it. The value of the Foreland Refinery has historically been viewed through the lens of its potential; as operations commence and throughput builds, it will increasingly be judged on operational performance, cash-generating capability, and its strategic position within a Western fuel market that keeps losing the capacity it cannot easily replace. That is a meaningfully different way for the market to evaluate the company — and a higher bar.Whether Sky Quarry can convert a scarce, strategically located refining asset into sustained, profitable production remains to be proven, and the execution and financing risks facing any micro-cap at this stage are real. But the underlying question the company is built around — who will supply fuel to a region steadily losing the ability to make its own — is a genuinely important one. For investors tracking where the shrinking Western refining map creates value, the switching-on of Nevada's only refinery is a development worth following closely.CONTINUED … Learn more about Sky Quarry Inc. at: https://usanewsgroup.com/skyq-landing.SEE WHAT THE MARKET IS TALKING ABOUT BEFORE IT MOVESEagle Eye reads social, forum, and news chatter across thousands of investor conversations in real time — and surfaces the tickers the crowd is piling into, along with the sentiment and catalysts behind them.Explore Eagle Eye free (for now) at https://Eagle-Eye.dev.CONTACT:
World Street Intelligence
info@worldstreetintelligence.comSOURCES:[1] Sky Quarry Inc. — "Sky Quarry Enters Production Phase at Nevada's Only Refinery" / shareholder business update (June 2026; primary source for the production-phase transition, ~10,000 bbl on-site inventory, 100,000+ bbl storage, ~$4M liquidity, July operations commencement, CEO Marcus Laun quotes): https://skyquarry.com/investor-information/new-events/.
[2] Sky Quarry Inc. — "Sky Quarry's Nevada Refinery Gains Strategic Value as Brent Crude Surpasses $110 and West Coast Refining Capacity Shrinks" (ACCESS Newswire, April 2, 2026; Foreland ~5,000 bpd permitted capacity, products slate, California refinery closures, Nevada import dependence).
[3] Sky Quarry Inc. — corporate / SEC disclosure (NASDAQ: SKYQ; Foreland / Eagle Springs facility, Railroad Valley near Ely, NV; 1-for-8 reverse split March 2026; Q1 2026 boiler-repair outages and revenue impact; PR Spring, ECOSolv).
[4] U.S. Energy Information Administration — Western U.S. refining capacity, California refinery closures, and regional fuel supply dynamics (context for shrinking PADD 5 refining capacity and import dependence): https://www.eia.gov/petroleum/refinerycapacity/.
[5] Yahoo Finance / sector coverage — independent and downstream refining peer context (HF Sinclair DINO, Par Pacific PARR, CVR Energy CVI, Calumet CLMT; refining margins, Intermountain West and Western-market exposure).DISCLAIMER:USANewsGroup.com ("USA") is a wholly-owned subsidiary of Market IQ Media Group Limited, a company incorporated under the laws of Ireland ("MIQL"). This communication is for digital media distribution purposes only. MIQL has been paid a fee by Creative Direct Marketing Group ("CDMG") for digital media distribution and original content production related to Sky Quarry, Inc. on behalf of Sky Quarry, Inc. The owner/operator of MIQL does not currently own any shares of Sky Quarry, Inc. but reserves the right to buy and sell, and will buy and sell shares of Sky Quarry, Inc. at any time without any further notice commencing immediately and ongoing. The communications between MIQL and Sky Quarry, Inc. and the related compensation arrangements between MIQL, CDMG and Sky Quarry, Inc. have been reviewed and approved on behalf of Sky Quarry, Inc. by CDMG.This article was reviewed and approved on behalf of Sky Quarry, Inc. by CDMG, and also directly from the Sky Quarry Inc.Owners, employees, and agents of USA and MIQL are not registered broker-dealers or investment advisors. The information contained in this communication is not, and should not be construed as, investment advice, an offer to sell or a solicitation of an offer to buy any security. The information contained in this communication is current at the date of publication and is provided in good faith from sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Readers should conduct their own due diligence and consult with a registered broker-dealer or financial advisor before making any investment decision.This communication contains forward-looking statements within the meaning of applicable U.S. securities legislation. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: market and commodity price volatility; legal and regulatory risks; risks of being a small-capitalization company; the volatility of microcap and small-cap securities; risks associated with U.S. listing requirements; reliance on a single operating refinery; risks associated with operating in regulated U.S. energy markets; geopolitical risks; risks associated with development-stage assets; and risks of changes in U.S. federal and state energy policy. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this communication.This article references Sky Quarry, Inc.'s Request for Proposals to engage partners in accelerating development of the PR Spring oil sands asset. Independent investors should understand that the RFP is a non-binding solicitation of interest. There is no guarantee that any partnership transaction, joint venture, or development financing will result from the RFP process, or that any specific commercial terms will be agreed. Estimated production costs ($35 per barrel) and incremental capital requirements ($4 to $5 million) are based on prior engineering and feasibility work and are subject to change. The PR Spring resource estimate (approximately 180 million barrels) is based on prior technical reports and does not constitute proved reserves.Comparable companies referenced in this article (Valero Energy, HF Sinclair, Par Pacific, and Delek US) are presented for context purposes only. Sky Quarry, Inc. is materially different from each of these comparables in terms of market capitalization, refining throughput, leverage, and operating scope. Past performance of any comparable does not guarantee future performance of Sky Quarry, Inc.By reading this communication, the reader acknowledges that they have read and understand this disclaimer and the risks identified herein. View original content to download multimedia:https://www.prnewswire.com/news-releases/nevadas-only-refinery-is-switching-on--just-as-the-west-loses-the-capacity-it-cant-replace-302806475.html Original: Nevada's Only Refinery Is Switching On -- Just as the West Loses the Capacity It Can't Replace

Calumet to Attend Wells Fargo Industrials & Materials ConferenceJune 2, 2026 4:00 PM
PR Newswire (US) INDIANAPOLIS, June 2, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend the Wells Fargo Industrials & Materials Conference on Tuesday June 9 and will hold one-on-one investor meetings throughout the day.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. View original content:https://www.prnewswire.com/news-releases/calumet-to-attend-wells-fargo-industrials--materials-conference-302787480.htmlSOURCE Calumet, Inc. Original: Calumet to Attend Wells Fargo Industrials & Materials Conference

Calumet to Attend Bank of America Energy and Power Credit ConferenceMay 28, 2026 7:00 AM
PR Newswire (US) INDIANAPOLIS, May 28, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend the Bank of America Energy and Power Credit Conference on Thursday, June 4 and will hold one-on-one investor meetings throughout the day.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. View original content:https://www.prnewswire.com/news-releases/calumet-to-attend-bank-of-america-energy-and-power-credit-conference-302782258.htmlSOURCE Calumet Specialty Products Partners, L.P. Original: Calumet to Attend Bank of America Energy and Power Credit Conference

Calumet to Attend Goldman Sachs Leverage Finance ConferenceMay 21, 2026 7:00 AM
PR Newswire (US) INDIANAPOLIS, May 21, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend the Goldman Sachs Leverage Finance Conference on Thursday, May 28 and will hold one-on-one investor meetings throughout the day.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. View original content:https://www.prnewswire.com/news-releases/calumet-to-attend-goldman-sachs-leverage-finance-conference-302778173.htmlSOURCE Calumet, Inc. Original: Calumet to Attend Goldman Sachs Leverage Finance Conference

Calumet Reports First Quarter 2026 ResultsMay 8, 2026 7:00 AM
PR Newswire (US) First Quarter 2026 net loss of $317.0 million, or basic loss per common share of $3.64, driven by non-cash RINs and other mark-to-market itemsFirst Quarter 2026 Adjusted EBITDA with Tax Attributes of $50.1 million Montana Renewables completed turnaround and commenced MaxSAF® 150 operations in early MayEPA's SET2 RVO, announced in March, has transformed the outlook for biofuel marginsIntegrated specialties business entering extremely strong margin environmentShreveport plant resumed normal operations in early April following previously disclosed downtimeINDIANAPOLIS, May 8, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us")  today reported its results for the first quarter ended March 31, 2026, as follows:

Three Months Ended March 31, 

2026
2025

(Dollars in millions, except per share data)Net loss
$(317.0)
$(162.0)Basic earnings (loss) per common share
$(3.64)
$(1.87)Adjusted EBITDA
$27.6
$38.1Adjusted EBITDA with Tax Attributes
$50.1
$55.0




















Specialty Products and Solutions
Performance Brands
Montana/Renewables

Three Months Ended March 31, 
Three Months Ended March 31, 
Three Months Ended March 31, 

2026
2025
2026
2025
2026
2025

(Dollars in millions, except per barrel data)Gross profit (loss)
$(62.9)
$(34.0)
$21.0
$22.2
$(45.6)
$(69.6)Adjusted gross profit (loss)
$59.2
$64.9
$22.0
$24.2
$(6.5)
$(8.2)Adjusted EBITDA
$44.3
$56.3
$12.6
$15.8
$(12.3)
$(13.6)Adjusted EBITDA with Tax Attributes
$44.3
$56.3
$12.6
$15.8
$10.2
$3.3Gross profit (loss) per barrel
$(10.72)
$(6.33)
$125.75
$144.16
$(25.38)
$(32.03)Adjusted gross profit (loss) per barrel
$10.09
$12.08
$131.74
$157.14
$(3.62)
$(3.77)"The first quarter of 2026 marked a pivotal moment in Calumet's transformation," said Todd Borgmann, CEO. "Late in the quarter, we saw the renewable fuels market fundamentally transformed following EPA's long-awaited SET2 RVO announcement in March, and we entered one of the strongest margin environments we've seen across both traditional and renewable energy markets.  Further, we brought down Montana Renewables for a turnaround and MaxSAF 150 expansion in early March, and successfully commenced operations in early May.  While these developments did not fully benefit first quarter financial results due to previously disclosed operational downtime at our Shreveport facility and the planned expansion work in Montana, Calumet is exceptionally well positioned to capture these tailwinds, accelerate deleveraging, and continue our long-term growth and value creation strategy." Net loss in the first quarter of 2026 reflected the following non-cash items: (1) $37.9 million in non-cash equity-based compensation related expenses as a result of an increase in the Company's stock price in the current  year period; (2) non-cash RINs related expense of $147.4 million; and (3) an unrealized loss of $102.7 million for derivatives, including $46.0 million from the increased value of the inventory within our Supply and Offtake inventory financing arrangement.Specialty Products and Solutions (SPS): The SPS segment reported Adjusted EBITDA of $44.3 million during the first quarter of 2026 compared to Adjusted EBITDA of $56.3 million for the same quarter a year ago.  Segment results reflected strong specialty product sales, partially offset by a rapid increase in feedstocks costs spurring over 20 price increases in our network. Results were negatively impacted by an unplanned outage at our Shreveport site due to the discovery of organic chloride contamination in our crude supply, which resulted in a loss of approximately 750,000 barrels of production.  The Shreveport facility resumed normal operations in early April.   Performance Brands (PB): The PB segment reported Adjusted EBITDA of $12.6 million during the first quarter of 2026 versus Adjusted EBITDA of $15.8 million in the first quarter of 2025. First quarter 2026 results reflected strong volumes and record quarterly sales of TruFuel®.  The first quarter 2025 results include Adjusted EBITDA from the Royal Purple® Industrial business, which was divested in March 2025.  Montana/Renewables (MR): The MR segment reported $10.2 million of Adjusted EBITDA with Tax Attributes during the first quarter of 2026 compared to Adjusted EBITDA with Tax Attributes of $3.3 million in the prior year period.  Our renewables business operated in January and February, and then began its planned turnaround and MaxSAF® expansion in March that lasted into April.   In addition, total corporate costs represent $(17.0) million of Adjusted EBITDA for the first quarter 2026. This compares to $(20.4) million of Adjusted EBITDA in the first quarter 2025. Operations SummaryThe following table sets forth information about the Company's continuing operations after giving effect to the elimination of all intercompany activity. Facility production volume differs from sales volume due to changes in inventories and the sale of purchased blendstocks such as ethanol and specialty blendstocks, as well as the resale of crude oil.

Three Months Ended March 31, 

2026
2025

(In bpd)Total sales volume (1)
87,028
85,547Facility production:



Specialty Products and Solutions:



Lubricating oils
12,331
11,368Solvents
7,250
7,528Waxes
1,418
1,142Fuels, asphalt and other by-products
34,622
34,451Total Specialty Products and Solutions
55,621
54,489Montana/Renewables:



Gasoline
4,205
3,706Diesel
3,157
2,494Jet fuel
308
417Asphalt, heavy fuel oils and other
3,617
3,750Renewable fuels
7,853
9,932Total Montana/Renewables
19,140
20,299




Performance Brands
1,724
1,618




Total facility production
76,485
76,406________________(1) Total sales volume includes sales from the production at our facilities and certain third-party facilities pursuant to supply and/or processing agreements, sales of inventories and the resale of crude oil and other finished products to third-party customers. Total sales volume includes the sale of purchased blendstocks.Webcast InformationA conference call is scheduled for 9:00 a.m. ET on May 8, 2026, to discuss the financial and operational results for the first quarter of 2026. Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides, available on Calumet's website at www.calumet.investorroom.com/events. Interested parties may also participate in the call by dialing 844-695-5524 (U.S.) or 1-412-317-0700 (International). A replay of the conference call will be available a few hours after the event on the investor relations section of Calumet's website, under the events and presentations section and will remain available for at least 90 days.   About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking Statements  Certain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding (i) demand for finished products in markets we serve, (ii) our expectation regarding our business outlook and cash flows, including with respect to the Montana Renewables business and our plans to de-leverage our balance sheet, (iii) our ability to monetize federal clean fuel production tax credits ("CFPCs") under Section 45Z of the Internal Revenue Code and the price we expect to receive for CFPCs, (iv) our expectation regarding anticipated capital expenditures and strategic initiatives and (v) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditures. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our current expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisition or disposition transactions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ materially from those in the forward-looking statements include: the overall demand for specialty products, fuels, renewable fuels and other refined products; the level of foreign and domestic production of crude oil and refined products; our ability to produce specialty products, fuel products, and renewable fuel products that meet our customers' unique and precise specifications; the marketing of alternative and competing products; the impact of fluctuations and rapid increases or decreases in crude oil and crack spread prices, including the resulting impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with financial covenants contained in our debt instruments; the availability of, and our ability to consummate, acquisition or combination opportunities and the impact of any completed acquisitions; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets, businesses or third-party product supply and processing relationships; our ability to timely and effectively integrate the operations of acquired businesses or assets, particularly those in new geographic areas or in new lines of business; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit lines from our suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; our ability to access sufficient crude oil supply through long-term or month-to-month evergreen contracts and on the spot market; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations, including guidance related to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the costs of complying with the Renewable Fuel Standard, including the prices paid for renewable identification numbers ("RINs"); our ability to sell, and the prices received for, CFPCs; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; our ability to access the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market, business or political conditions, including inflationary pressures, instability in financial institutions, general economic slowdown or a recession, political tensions, conflicts and war (such as the ongoing conflicts in Ukraine and the Middle East and their regional and global ramifications).For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K and our other filings with the SEC.We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Certain public statements made by us and our representatives on the date hereof may also contain forward-looking statements, which are qualified in their entirety by the cautionary statements contained above.Non-GAAP Financial MeasuresOur management uses certain non-GAAP performance measures to analyze operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with generally accepted accounting principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include performance measures along with certain key operating metrics.We use the following financial performance measures:EBITDA: We define EBITDA for any period as net income (loss) plus interest expense (including amortization of debt issuance costs), income taxes and depreciation and amortization. We believe net income (loss) is the most directly comparable GAAP measure to EBITDA.Adjusted EBITDA: We define 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; (k) RINs incurrence expense; and (l) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense.We define Adjusted EBITDA with Tax Attributes for any period as Adjusted EBITDA plus the notional value of CFPCs, less the difference between the notional value of any CFPCs sold and the amount realized from such sales.Specialty Products and Solutions segment Adjusted EBITDA Margin: We define Specialty Products and Solutions segment Adjusted EBITDA Margin for any period as Specialty Products and Solutions segment Adjusted EBITDA divided by Specialty Products and Solutions segment sales.Specialty Products and Solutions segment Adjusted gross profit (loss): We define Specialty Products and Solutions segment Adjusted gross profit (loss) for any period as Specialty Products and Solutions segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.Performance Brands segment Adjusted gross profit (loss): We define Performance Brands segment Adjusted gross profit (loss) for any period as Performance Brands segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.Montana/Renewables segment Adjusted gross profit (loss): We define Montana/Renewables segment Adjusted gross profit (loss) for any period as Montana/Renewables segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.The definition of Adjusted EBITDA that is presented in this press release is similar to the calculation of (i) "Consolidated Cash Flow" contained in the indentures governing our each series of our 9.75% Senior Notes due 2028 (the "2028 Notes"), our 9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes") and our 9.75% Senior Notes due 2031 and (ii) "Consolidated EBITDA" contained in the credit agreement governing our revolving credit facility. We are required to report Consolidated Cash Flow to the holders of our 2028 Notes, 2029 Secured Notes and 2031 Notes and Consolidated EBITDA to the lenders under our revolving credit facility, and these measures are used by them to determine our compliance with certain covenants governing those debt instruments. Please see our filings with the SEC, including our most recent Annual Report on Form 10-K and Current Reports on Form 8-K, for additional details regarding the covenants governing our debt instruments.These non-GAAP measures are used as supplemental financial measures by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others, to assess:the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure;the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities; andour operating performance excluding the non-cash impact of LCM and LIFO inventory adjustments, RINs mark-to-market adjustments, RINs incurrence expense, and depreciation and amortization.We believe that these non-GAAP measures are useful to analysts and investors, as they exclude transactions not related to our core cash operating activities and provide metrics to analyze our ability to fund our capital requirements and to pay interest on our debt obligations. We believe that excluding these transactions allows investors to meaningfully analyze trends and performance of our core cash operations.EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) should not be considered alternatives to Net income (loss), Operating income (loss), Net cash provided by (used in) operating activities, gross profit (loss) or any other measure of financial performance presented in accordance with GAAP. In evaluating our performance as measured by EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) management recognizes and considers the limitations of these measurements. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes do not reflect our liabilities for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) are only a few of several measurements that management utilizes. Moreover, our EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) may not be comparable to similarly titled measures of another company because all companies may not calculate EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) in the same manner. Please see the section of this release entitled "Non-GAAP Reconciliations" for tables that present reconciliations of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Net income (loss), our most directly comparable GAAP financial performance measure; and segment Adjusted gross profit (loss) to segment gross profit (loss), our most directly comparable GAAP financial performance measure.CALUMET, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except share and per share data) 

Three Months Ended March 31, 

2026
2025Sales
$1,029.7
$993.9Cost of sales

1,117.2

1,075.3Gross profit (loss)

(87.5)

(81.4)Operating costs and expenses:





Selling

12.3

12.3General and administrative

66.0

12.1Gain on sale of business

—

(62.2)Other operating expense

5.5

5.1Operating income (loss)

(171.3)

(48.7)Other income (expense):





Interest expense

(51.1)

(58.5)Debt extinguishment costs

(1.7)

(47.6)Gain (loss) on derivative instruments

(115.4)

(7.2)Other income (expense)

1.7

0.4Total other expense

(166.5)

(112.9)Net loss before income taxes

(337.8)

(161.6)Income tax (benefit) expense

(20.8)

0.4Net loss
$(317.0)
$(162.0)Earnings per share:





Basic and diluted
$(3.64)
$(1.87)Weighted average number of common shares outstanding:





Basic and diluted

86,995,431

86,428,634 CALUMET, INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In millions, except share data) 

March 31, 2026
December 31, 2025ASSETS



Current assets:





Cash and cash equivalents
$138.6
$125.1Restricted cash

40.0

80.0Accounts receivable, less allowance for credit losses of $1.6 and $1.1, respectively

358.4

232.5Inventories

369.5

385.2Derivative assets

—

6.7Prepaid expenses and other current assets

21.4

28.3Total current assets

927.9

857.8Property, plant and equipment, net

1,336.4

1,353.0Other noncurrent assets, net

490.7

478.1Total assets
$2,755.0
$2,688.9LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable
$353.3
$281.5Accrued interest payable

27.8

46.1Accrued salaries, wages and benefits

90.7

84.6Current portion of RINs obligation

316.7

169.3Derivative liabilities

50.0

—Other current liabilities

92.0

103.0Current portion of long-term debt

32.6

156.2Total current liabilities

963.1

840.7Other long-term liabilities

285.1

258.0Long-term debt, less current portion

2,299.4

2,077.3Total liabilities
$3,547.6
$3,176.0Commitments and contingencies





Redeemable noncontrolling interest and other equity instruments
$250.6
$245.6Stockholders' equity:





Common stock: par value $0.01 per share, 700,000,000 shares authorized, and
87,040,558 and 86,776,552 shares issued and outstanding as of March 31, 2026
and December 31, 2025, respectively.
$0.9
$0.9Additional paid-in capital

845.3

838.8Warrants: 2,000,000 warrants issued and outstanding as of December 31, 2025
and December 31, 2024.

7.8

7.8Accumulated deficit

(1,890.4)

(1,573.4)Accumulated other comprehensive loss

(6.8)

(6.8)Total stockholders' equity

(1,043.2)

(732.7)Total liabilities and stockholders' equity
$2,755.0
$2,688.9 CALUMET, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions) 

Three Months Ended March 31, 

2026
2025


Operating activities





Net loss
$(317.0)
$(162.0)Adjustments to reconcile net loss to net cash used in operating activities:





Depreciation and amortization

33.0

37.0Amortization of turnaround costs

8.5

9.6Non-cash interest expense

12.1

7.1Debt extinguishment costs

1.7

45.7RINs expense

147.4

117.2Unrealized (gain) loss on derivative instruments

102.7

(0.1)Gain on sale of business

—

(62.2)Equity based compensation

37.4

(21.5)Lower of cost or market inventory adjustment

(26.2)

(0.1)Other adjustments to reconcile net loss to cash flow from operating activities

0.6

5.1Changes in assets and liabilities





Accounts receivable

(126.4)

(15.6)Inventories

41.9

27.0Prepaid expenses and other current assets

7.1

2.6Turnaround costs

(1.8)

(2.9)Other assets

(22.9)

5.2Accounts payable

57.0

(12.7)Accrued interest payable

(21.0)

(9.0)Accrued salaries, wages and benefits

(19.5)

(10.0)Other taxes payable

(6.9)

7.7Other liabilities

6.1

2.6Net cash used in operating activities
$(86.2)
$(29.3)Investing activities





Additions to property, plant and equipment

(13.2)

(17.6)Proceeds from sale of business, net

—

95.4Other

(0.5)

—Net cash provided by (used in) investing activities
$(13.7)
$77.8Financing activities





Proceeds from borrowings — revolving credit facility

538.3

838.2Repayments of borrowings — revolving credit facility

(537.6)

(1,071.2)Proceeds from borrowings — MRL revolving credit agreement

—

26.6Repayments of borrowings — MRL revolving credit agreement

—

(26.7)Proceeds from borrowings — senior notes

557.7

100.0Repayments of borrowings — senior notes

(449.4)

—Proceeds from inventory financing

88.5

88.0Payments on inventory financing

(98.2)

(147.0)Proceeds from DOE Loan

—

781.8Proceeds from asset financing arrangements

—

40.0Payments on asset financing arrangements

(7.6)

(6.8)Repayments of borrowings - MRL Asset Financing Arrangements

—

(396.1)Repayments of borrowings - MRL Term Loan Credit Agreement

—

(86.0)Debt issuance costs, debt discounts and premiums

(12.9)

(24.9)Payments on other financing obligations

(5.4)

(6.9)Net cash provided by financing activities

73.4

109.0Net increase (decrease) in cash, cash equivalents and restricted cash

(26.5)

157.5Cash, cash equivalents and restricted cash at beginning of period

205.1

45.9Cash, cash equivalents and restricted cash at end of period
$178.6

203.4Supplemental disclosure of cash flow information





Interest paid, net of capitalized interest
$57.3
$60.4Capital expenditures included in accounts payable
$29.8
$27.0 CALUMET, INC.NON-GAAP RECONCILIATIONSRECONCILIATION OF NET INCOME (LOSS)TO EBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA WITH TAX ATTRIBUTES(In millions) 

Three Months Ended March 31, 

2026
2025

(Unaudited)





Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA, and
Adjusted EBITDA with Tax Attributes:





Net income (loss)
$(317.0)
$(162.0)Add:





Interest expense

51.1

58.5Depreciation and amortization

32.9

37.1Income tax (benefit) expense

(20.8)

0.4EBITDA
$(253.8)
$(66.0)Add:





LCM / LIFO (gain) loss
$(26.2)
$(0.1)Unrealized (gain) loss on derivative instruments

102.7

(0.1)Debt extinguishment costs

1.7

47.6Amortization of turnaround costs

8.5

9.6Gain on sale of business

—

(62.2)RINs incurrence (gain) expense

31.5

30.4RINs mark-to-market (gain) loss

115.9

86.8Equity-based compensation and other items

44.7

(13.5)Other

0.5

3.2Noncontrolling interest adjustments

2.1

2.4Adjusted EBITDA
$27.6
$38.1   Tax attributes (1)

22.5

16.9Adjusted EBITDA with Tax Attributes
$50.1
$55.0________________(1)Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs. The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate. CALUMET, INC.NON-GAAP RECONCILIATIONSRECONCILIATION OF MONTANA/RENEWABLES SEGMENT NET INCOME (LOSS)TO SEGMENT ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA WITH TAX ATTRIBUTES(In millions) 

Three Months Ended March 31, 

2026
2025

(Unaudited)Reconciliation of Montana/Renewables Segment Net income (loss) to
Segment Adjusted EBITDA and Segment Adjusted EBITDA with Tax
Attributes:





Montana/Renewables Segment Net loss
$(45.4)
$(153.5)Add:





Depreciation and amortization
$21.9
$27.9LCM / LIFO gain

(7.6)

(0.7)Interest expense

14.3

18.3Debt extinguishment costs

—

47.6RINs incurrence expense

6.9

8.1RINs mark-to-market loss

17.9

26.1Other

0.6

4.6Equity-based compensation and other items

—

5.6Income tax benefit

(23.0)

—Noncontrolling interest adjustments

2.1

2.4Montana/Renewables Segment Adjusted EBITDA
$(12.3)
$(13.6)Tax attributes (1)

22.5

16.9Montana/Renewables Segment Adjusted EBITDA with Tax Attributes
$10.2
$3.3________________(1) Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs. The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate.   CALUMET, INC.RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS)TO SEGMENT ADJUSTED GROSS PROFIT(In millions, except per barrel data) 

Three Months Ended March 31, 


2026
2025


(Unaudited)
Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss):






Specialty Products and Solution segment gross profit (loss)
$(62.9)
$(34.0)
LCM/LIFO inventory (gain) loss

(18.9)

(0.7)
RINs incurrence (gain) expense

24.6

22.3
RINs mark to market (gain) loss

98.0

60.7
Depreciation and amortization

18.4

16.6
Specialty Products and Solutions segment Adjusted gross profit
$59.2
$64.9








Performance Brands segment gross profit
$21.0
$22.2
LCM/LIFO inventory (gain) loss

0.3

1.3
Depreciation and amortization

0.7

0.7
Performance Brands segment Adjusted gross profit
$22.0
$24.2








Montana/Renewables segment gross profit (loss)
$(45.6)
$(69.6)
LCM/LIFO inventory (gain) loss

(7.6)

(0.7)
RINs incurrence (gain) expense

6.9

8.1
RINs mark to market (gain) loss

17.9

26.1
Depreciation and amortization

21.9

27.9
Montana/Renewables segment Adjusted gross profit (loss)
$(6.5)
$(8.2)








Reported Specialty Products and Solutions segment gross profit (loss) per barrel
$(10.72)
$(6.33)
LCM/LIFO inventory (gain) loss per barrel

(3.22)

(0.13)
RINs incurrence (gain) expense per barrel

4.19

4.15
RINs mark to market (gain) loss per barrel

16.70

11.30
Depreciation and amortization per barrel

3.14

3.09
Specialty Products and Solutions segment Adjusted gross profit per barrel
$10.09
$12.08








Reported Performance Brands segment gross profit per barrel
$125.75
$144.16
LCM/LIFO inventory (gain) loss per barrel

1.80

8.44
Depreciation and amortization per barrel

4.19

4.54
Performance Brands segment Adjusted gross profit per barrel
$131.74
$157.14








Reported Montana/Renewables segment gross profit (loss) per barrel
$(25.38)
$(32.03)
LCM/LIFO inventory (gain) loss per barrel

(4.23)

(0.32)
RINs incurrence (gain) expense per barrel

3.84

3.73
RINs mark to market (gain) loss per barrel

9.96

12.01
Depreciation and amortization per barrel

12.19

12.84
Montana/Renewables segment Adjusted gross profit (loss) per barrel
$(3.62)
$(3.77)








Specialty Products and Solutions Adjusted EBITDA
$44.3
$56.3
Specialty Products and Solutions sales

705.0

650.1
Specialty Products and Solutions Adjusted EBITDA margin

6.3%
8.7% View original content:https://www.prnewswire.com/news-releases/calumet-reports-first-quarter-2026-results-302766844.htmlSOURCE Calumet, Inc. Original: Calumet Reports First Quarter 2026 Results

Calumet Announces Intention to Nominate Bradford T. Sanders to Board of DirectorsApril 6, 2026 7:48 AM
PR Newswire (US)

INDIANAPOLIS, April 6, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that Bradford T. Sanders has been selected as a nominee for election to the Board of Directors of Calumet (the "Board") at the Company's 2026 Annual Meeting of Stockholders (the "Annual Meeting"). Steve Mawer, Calumet's Chairman said, "The Board is delighted to announce its nomination of Brad for election at the Company's Annual Meeting. Brad brings a broad range of industry experience, which would be a valuable complement to the Board as we continue to focus on creating shareholder value, including a distinguished record of strategic and commercial leadership in renewables and commodity markets."Calumet's Board engaged HC Group to identify and select highly qualified independent director candidates who align with Board and shareholder priorities.About Bradford T. SandersBradford T. Sanders is an energy executive with more than 30 years of leadership across the energy value chain, including refining, chemicals, trading, logistics, and renewable fuels. Mr. Sanders has held senior leadership roles at U.S. Development Group, where he served as Executive Vice President, Head of Market Strategy and Chief Commercial Officer, working with leadership teams to identify and execute strategic commercial opportunities. Prior to joining USDG, Mr. Sanders spent 32 years at Koch Industries, where he built and led trading and commercial businesses spanning crude oil, natural gas liquids, refined products, environmental attributes, gasoline components, plastics, and ethanol. Mr. Sanders advises boards and executives on strategy, capital allocation, governance, and risk management. He holds a bachelor's degree in business from the University of Kansas and serves as a Trustee of the KU Endowment. .About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us and include those related to future growth and governance of the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include actions by shareholders or nominees, market conditions, regulatory changes, and factors discussed in our filings with Securities and Exchange Commission, including our latest Annual Report on Form 10-K and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. 



View original content:https://www.prnewswire.com/news-releases/calumet-announces-intention-to-nominate-bradford-t-sanders-to-board-of-directors-302734642.htmlSOURCE Calumet, Inc.

Original: Calumet Announces Intention to Nominate Bradford T. Sanders to Board of Directors

Calumet Announces Board Member Will Not Stand for Re-ElectionMarch 25, 2026 4:05 PM
PR Newswire (US)

INDIANAPOLIS, March 25, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet" or the "Company") announced today that Jennifer Straumins, a member of the Company's Board of Directors (the "Board"), has informed the Board of her decision not to seek re-election and to retire at the end of her current term, which expires at the Company's 2026 Annual Meeting of Stockholders.   Straumins has served on the Board since July 2024, previously served on the board of Calumet GP, LLC (the "General Partner") from February 2021 to July 2024, and was also an employee of the Partnership for 13 years.  Straumins currently serves on the Board's Strategy and Growth and Risk Committees. "On behalf of Calumet and the entire Board, I would like to sincerely thank Jennifer for her dedicated commitment and outstanding contributions," said Steve Mawer, Chair of the Board. "Her extensive specialty products experience and knowledge have been incredibly valuable to the Board.""Jennifer has also been a passionate partner to management, and I want to personally thank her for her leadership, support, and tireless dedication," said Todd Borgmann, CEO. "Jennifer has made a lasting impact on Calumet, and we will build on the strong foundation she has helped establish as we continue to execute our growth strategy.""I'd like to thank Steve and Todd for the incredible opportunity to serve on the board these past 5 years. I'd also like to thank Fred Fehsenfeld, Amy Schumacher, and The Heritage Group for so many great experiences. I am especially grateful I had the opportunity to work with and learn from my dad, Bill Grube. Calumet has been a part of my family since I was 16 years old and will always have a special place in my life. I also want to thank the investors and banking partners for all the support over the years. I know the best is still to come for Calumet and the outstanding team in place," said Jennifer Straumins.The Board, with the assistance of its Nominating and Governance Committee, will continue to evaluate Board composition and skills to ensure alignment with the Company's strategy and governance best practices.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us and include those related to future growth and governance of the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include actions by shareholders or nominees, market conditions, regulatory changes, and factors discussed in our filings with Securities and Exchange Commission, including our latest Annual Report on Form 10-K and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.



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Original: Calumet Announces Board Member Will Not Stand for Re-Election

Calumet to Attend H.C. Wainwright Renewable Fuels Virtual DayMarch 18, 2026 4:15 PM
PR Newswire (US)

INDIANAPOLIS, March 18, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend the H.C. Wainwright Renewables Fuels Virtual Day on March 25th and will hold virtual one-on-one investor meetings throughout the day.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.



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Original: Calumet to Attend H.C. Wainwright Renewable Fuels Virtual Day

Calumet Completes Offering of $150 Million of Additional 9.75% Senior Notes due 2031March 17, 2026 4:50 PM
PR Newswire (US)

INDIANAPOLIS, March 17, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), closed their private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $150 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the "Additional Notes"). The Additional Notes were issued at 105% of par, plus accrued interest from January 12, 2026, for net proceeds of approximately $154.9 million, after deducting the initial purchasers' discount, estimated offering expenses and accrued interest.As previously announced, Calumet intends to use the net proceeds from the Offering to repay outstanding borrowings under its revolving credit facility immediately. The Additional Notes constitute a further issuance of the Issuers' 9.75% Senior Notes due 2031, of which $405 million in aggregate principal amount were issued on January 12, 2026 (the "Existing Notes"). The Additional Notes form a single series with, and have the same terms (other than the initial offering price) as, the Existing Notes."Following our strong financial and operational performance in 2025, our priorities remain clear: continue to generate strong cash flow in a favorable margin environment while unlocking additional value at Montana Renewables as we advance our MaxSAF® 150 expansion," said David Lunin, CFO. "This transaction builds on the success of our notes issuance earlier this year, with proceeds used to immediately reduce our revolver, providing ample flexibility in what's expected to continue as a volatile and highly profitable commodity environment. Ultimately, we expect to use the additional liquidity provided by this offering to reduce our 2028 notes when the call premium steps down in July."About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding the use of proceeds from the Offering. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our ?lings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. 



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Original: Calumet Completes Offering of $150 Million of Additional 9.75% Senior Notes due 2031

Calumet Announces Pricing of $150 Million Private Placement of Additional 9.75% Senior Notes due 2031March 12, 2026 5:55 PM
PR Newswire (US)

INDIANAPOLIS, March 12, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), priced their private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), of $150 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the "Additional Notes"). The Additional Notes mature on February 15, 2031 and will be issued at 105% of par. The Offering is expected to close on March 17, 2026, subject to customary closing conditions.Calumet intends to use the net proceeds from the Offering to repay outstanding borrowings under Calumet's revolving credit facility. The Additional Notes will constitute a further issuance of the Issuers' 9.75% Senior Notes due 2031, of which $405 million in aggregate principal amount were issued on January 12, 2026 (the "Existing Notes"). The Additional Notes will form a single series with, and have the same terms (other than the initial offering price) as, the Existing Notes.The securities to be sold will not be, and have not been, registered under the Securities Act, or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Calumet plans to offer and sell the securities only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding the Offering and the use of proceeds therefrom. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our ?lings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.



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Original: Calumet Announces Pricing of $150 Million Private Placement of Additional 9.75% Senior Notes due 2031

Calumet Announces $150 Million Private Placement of Additional 9.75% Senior Notes due 2031March 12, 2026 7:52 AM
PR Newswire (US)

INDIANAPOLIS, March 12, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that, subject to market conditions, its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), intend to offer (the "Offering") for sale to eligible purchasers in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), $150 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the "Additional Notes"). Calumet intends to use the net proceeds from the Offering to repay outstanding borrowings under Calumet's revolving credit facility.The Additional Notes will constitute a further issuance of the Issuers' 9.75% Senior Notes due 2031, of which $405 million in aggregate principal amount were issued on January 12, 2026 (the "Existing Notes"). The Additional Notes will form a single series with, and have the same terms (other than the initial offering price) as, the Existing Notes.The securities to be offered will not be, and have not been, registered under the Securities Act, or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Calumet plans to offer and sell the securities only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding the Offering and the use of proceeds therefrom. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our ?lings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. 



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Original: Calumet Announces $150 Million Private Placement of Additional 9.75% Senior Notes due 2031

TRUFUEL® Announces Record-Breaking Sales as Rapid Growth ContinuesMarch 4, 2026 7:00 AM
PR Newswire (US)

INDIANAPOLIS, March 4, 2026 /PRNewswire/ -- TRUFUEL®, an industry leader in precision-engineered fuel, has achieved the highest monthly sales volume in the company's history, eclipsing the brands' previous monthly high by over 10%.This milestone, which comes on the heels of a record sales year in 2025, reflects the growing reliance on TRUFUEL by customers who depend on their equipment to perform when it matters most. From winter storms and power outages to routine property maintenance, consumers continue to turn to engineered, ready-to-use fuel solutions that eliminate guesswork and deliver consistent performance."This new monthly sales record is a testament to the hard work of our team and the trust customers place in our products," said Scott Obermeier, President, Specialties at Calumet. "Our consistent growth also shows the confidence consumers place in the TruFuel brand, whether it be for home use in snowblowers and lawn equipment, a growing niche in portable power generation, or professional demand when extreme performance and reliability matter most."About TRUFUEL®
TRUFUEL® is the nation's first ready-to-use fuel engineered specifically with the most advanced synthetic lubricants and performance-enhancing additives for outdoor power equipment. It is available for 4-cycle engines, as well as 2-cycle engines in 50:1 and 40:1 mix ratios. The precise fuel-to-oil blend in TRUFUEL assures the correct ratio every time, and eliminates the need for mixing gas station gas and oil. TRUFUEL is ethanol-free, protecting small engines from the corrosive nature of ethanol while ensuring peak performance of equipment. The product features a re-sealable cap and has a shelf life of more than 2 years after opening the can and 5 years unopened for convenient storage. TRUFUEL products are manufactured by Calumet Branded Products, LLC, a wholly-owned subsidiary of Calumet, Inc. (NASDAQ: CLMT). To learn more, visit www.trufuel50.com.About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.



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Original: TRUFUEL® Announces Record-Breaking Sales as Rapid Growth Continues

Calumet Reports Fourth Quarter and Fiscal Year 2025 ResultsFebruary 27, 2026 7:00 AM
PR Newswire (US)

Fiscal Year 2025 net loss of $33.8 million, or basic loss per common share of $0.39Fiscal Year 2025 Adjusted EBITDA with Tax Attributes of $293.3 million$222 million of recourse debt reduction in 2025Strong free cash flow driven by approximately $100 million of cost reduction initiatives in 2025Record production year in Specialty Products & Solutions segment and Montana RenewablesMontana Renewables MaxSAF®150 expansion on track for second quarter of 2026INDIANAPOLIS, Feb. 27, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us")  today reported its results for the fourth quarter and year ended December 31, 2025, as follows:















Three Months Ended December 31, 
Year Ended December 31, 

2025
2024
2025
2024

(Dollars in millions, except per share data)Net loss
$(37.3)
$(40.7)
$(33.8)
$(222.0)Basic earnings (loss) per common share
$(0.43)
$(0.47)
$(0.39)
$(2.67)Adjusted EBITDA
$48.4
$66.6
$211.2
$229.3Adjusted EBITDA with Tax Attributes
$69.3
$66.6
$293.3
$229.3 

Specialty Products and Solutions
Performance Brands
Montana/Renewables

Three Months Ended December 31, 
Three Months Ended December 31, 
Three Months Ended December 31, 

2025
2024
2025
2024
2025
2024

(Dollars in millions, except per barrel data)Gross profit (loss)
$38.3
$62.3
$15.4
$25.2
$(56.7)
$(3.9)Adjusted gross profit (loss)
$97.8
$59.1
$14.4
$25.7
$(18.3)
$20.6Adjusted EBITDA
$88.5
$51.9
$5.4
$16.3
$(26.3)
$12.4Adjusted EBITDA with Tax Attributes
$88.5
$51.9
$5.4
$16.3
$(5.4)
$12.4Gross profit (loss) per barrel
$6.03
$11.00
$119.38
$170.27
$(24.32)
$(1.87)Adjusted gross profit (loss) per barrel
$15.39
$10.43
$111.63
$173.65
$(7.85)
$9.87 

Specialty Products and Solutions
Performance Brands
Montana/Renewables

Year Ended December 31, 
Year Ended December 31, 
Year Ended December 31, 

2025
2024
2025
2024
2025
2024

(Dollars in millions, except per barrel data)Gross profit (loss)
$265.7
$189.0
$78.2
$95.3
$(98.2)
$(53.5)Adjusted gross profit (loss)
$327.8
$243.4
$81.8
$98.6
$(33.8)
$57.5Adjusted EBITDA
$291.8
$222.5
$47.9
$57.4
$(50.8)
$22.3Adjusted EBITDA with Tax Attributes
$291.8
$222.5
$47.9
$57.4
$31.3
$22.3Gross profit (loss) per barrel
$11.46
$8.26
$132.32
$152.24
$(10.63)
$(6.14)Adjusted gross profit (loss) per barrel
$14.13
$10.64
$138.41
$157.51
$(3.66)
$6.60 "2025 was a defining year for Calumet," said Todd Borgmann, CEO. "Throughout the year, we materially reduced financial risk, strengthened our balance sheet, and positioned the company for its next phase of growth. Approximately $100 million of structural cost reductions, combined with continued commercial leadership and record production in both our Specialties and Montana Renewables businesses, enabled the paydown of  $222 million of recourse debt and drove nearly 30% year-over-year EBITDA growth. Montana Renewables demonstrated its differentiated competitive position in one of the most challenging renewable diesel environments on record and is now poised to complete its MaxSAF™ 150 expansion in the second quarter. We enter 2026 with two proven, durable businesses, and a clear line of sight to continued growth and long-term value creation."Specialty Products and Solutions (SPS): The SPS segment reported Adjusted EBITDA of $88.5 million during the fourth quarter of 2025 compared to Adjusted EBITDA of $51.9 million for the same quarter a year ago.  Segment results reflected strong specialty product sales, fixed cost reduction, enhanced production volumes, and year-over-year gains in fuels reflecting record production and strong margins. Performance Brands (PB): The PB segment reported Adjusted EBITDA of $5.4 million during the fourth quarter of 2025 versus Adjusted EBITDA of $16.3 million in the fourth quarter of 2024. Fourth quarter 2025 results reflected solid margin performance across the segment, including our TruFuel® brand. The fourth quarter 2024 results include Adjusted EBITDA from the Royal Purple® Industrial business, which was divested in March 2025.  The fourth quarter 2024 results also include $2.7 million in insurance proceeds that did not repeat in the fourth quarter 2025.Montana/Renewables (MR): The MR segment reported $(5.4) million of Adjusted EBITDA with Tax Attributes during the fourth quarter of 2025 compared to Adjusted EBITDA with Tax Attributes of $12.4 million in the prior year period.  The MR segment continued to benefit from significant operating cost reductions compared to the prior year period,  partially offset by low industry renewable diesel margins.  The MR segment also reflected insurance proceeds of $19.6 million in the fourth quarter of 2024 that did not reoccur in the fourth quarter of 2025.On February 3, 2026, the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations under Section 45Z of the Internal Revenue Code, providing clarification on the calculation and eligibility requirements for the Clean Fuel Production Credit (CRPCs). An additional $8.4 million in 2025 CFPCs were generated based on updates made to our estimates in the first quarter of 2026.Corporate: Total corporate costs represent $(19.2) million of Adjusted EBITDA for the fourth quarter 2025. This compares to $(14.0) million of Adjusted EBITDA in the fourth quarter 2024. January 2026 Refinancing ActivitiesIn January 2026, Calumet announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), closed their private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $405 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the 2031 "Notes"). The Offering was upsized to $405 million in aggregate principal amount of 2031 Notes from the original offering size of $350 million in aggregate principal amount of 2031 Notes. Calumet used all of the net proceeds from the Offering, together with cash on hand and borrowings under its revolving credit facility, to redeem all of the Issuers' outstanding 11.00% Senior Notes due 2026 and all of the Issuers' outstanding 8.125% Senior Notes due 2027. Also in January 2026, the Company announced that it amended its existing asset-based loan (ABL) facility to extend the maturity date from January 2027 to January 2031.  The amended facility provides for total commitments of $500 million, subject to borrowing base limitations, and is led by Bank of America, N.A., as agent for a group of lenders.   Operations SummaryThe following table sets forth information about the Company's continuing operations after giving effect to the elimination of all intercompany activity. Facility production volume differs from sales volume due to changes in inventories and the sale of purchased blendstocks such as ethanol and specialty blendstocks, as well as the resale of crude oil.











Three Months Ended December 31, 
Year Ended December 31, 


2025
2024
2025
2024


(In bpd)
Total sales volume (1)
95,829
85,882
90,468
88,007
Facility production:








Specialty Products and Solutions:








Lubricating oils
12,922
12,591
12,012
11,927
Solvents
7,078
7,397
7,675
7,494
Waxes
1,496
1,452
1,405
1,415
Fuels, asphalt and other by-products
45,937
39,812
39,537
36,390
Total Specialty Products and Solutions
67,433
61,252
60,629
57,226
Montana/Renewables:








Gasoline
3,362
3,660
3,480
3,556
Diesel
2,541
2,903
2,642
2,830
Jet fuel
371
338
525
472
Asphalt, heavy fuel oils and other
3,366
3,667
3,779
3,983
Renewable fuels
11,895
7,865
11,270
9,848
Total Montana/Renewables
21,535
18,433
21,696
20,689










Performance Brands
1,418
1,692
1,570
1,739










Total facility production
90,386
81,377
83,895
79,654
__________________(1)    Total sales volume includes sales from the production at our facilities and certain third-party facilities pursuant to supply and/or processing agreements, sales of inventories and the resale of crude oil to third-party customers. Total sales volume includes the sale of purchased blendstocks.Webcast InformationA conference call is scheduled for 9:00 a.m. ET on February 27, 2026, to discuss the financial and operational results for the fourth quarter and fiscal year 2025. Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides, available on Calumet's website at www.calumet.investorroom.com/events. Interested parties may also participate in the call by dialing 844-695-5524 (U.S.) or 1-412-317-0700 (International). A replay of the conference call will be available a few hours after the event on the investor relations section of Calumet's website, under the events and presentations section and will remain available for at least 90 days.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding (i) demand for finished products in markets we serve, (ii) our expectation regarding our business outlook and cash flows, including with respect to the Montana Renewables business and our plans to de-leverage our balance sheet, (iii) our ability to monetize federal clean fuel production tax credits ("CFPCs") under Section 45Z of the Internal Revenue Code and the price we expect to receive for CFPCs, (iv) our expectation regarding anticipated capital expenditures and strategic initiatives and (v) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditures. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our current expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisition or disposition transactions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ materially from those in the forward-looking statements include: the overall demand for specialty products, fuels, renewable fuels and other refined products; the level of foreign and domestic production of crude oil and refined products; our ability to produce specialty products, fuel products, and renewable fuel products that meet our customers' unique and precise specifications; the marketing of alternative and competing products; the impact of fluctuations and rapid increases or decreases in crude oil and crack spread prices, including the resulting impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with financial covenants contained in our debt instruments; the availability of, and our ability to consummate, acquisition or combination opportunities and the impact of any completed acquisitions; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets, businesses or third-party product supply and processing relationships; our ability to timely and effectively integrate the operations of acquired businesses or assets, particularly those in new geographic areas or in new lines of business; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit lines from our suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; our ability to access sufficient crude oil supply through long-term or month-to-month evergreen contracts and on the spot market; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations, including guidance related to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the costs of complying with the Renewable Fuel Standard, including the prices paid for renewable identification numbers ("RINs"); our ability to sell, and the prices received for, CFPCs; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; our ability to access the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market, business or political conditions, including inflationary pressures, instability in financial institutions, general economic slowdown or a recession, political tensions, conflicts and war (such as the ongoing conflicts in Ukraine and the Middle East and their regional and global ramifications).For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K and our other filings with the SEC.We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Certain public statements made by us and our representatives on the date hereof may also contain forward-looking statements, which are qualified in their entirety by the cautionary statements contained above.Non-GAAP Financial MeasuresOur management uses certain non-GAAP performance measures to analyze operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with generally accepted accounting principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include performance measures along with certain key operating metrics.We use the following financial performance measures:EBITDA: We define EBITDA for any period as net income (loss) plus interest expense (including amortization of debt issuance costs), income taxes and depreciation and amortization. We believe net income (loss) is the most directly comparable GAAP measure to EBITDA.Adjusted EBITDA: We define 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; (k) RINs incurrence expense; and (l) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense.We define Adjusted EBITDA with Tax Attributes for any period as Adjusted EBITDA plus the notional value of clean fuel production tax credits ("CFPCs"), less the difference between the notional value of any CFPCs sold and the amount realized from such sales.Specialty Products and Solutions segment Adjusted EBITDA Margin: We define Specialty Products and Solutions segment Adjusted EBITDA Margin for any period as Specialty Products and Solutions segment Adjusted EBITDA divided by Specialty Products and Solutions segment sales.Specialty Products and Solutions segment Adjusted gross profit (loss): We define Specialty Products and Solutions segment Adjusted gross profit (loss) for any period as Specialty Products and Solutions segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.Performance Brands segment Adjusted gross profit (loss): We define Performance Brands segment Adjusted gross profit (loss) for any period as Performance Brands segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.Montana/Renewables segment Adjusted gross profit (loss): We define Montana/Renewables segment Adjusted gross profit (loss) for any period as Montana/Renewables segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.The definition of Adjusted EBITDA that is presented in this press release is similar to the calculation of (i) "Consolidated Cash Flow" contained in the indentures governing our each series of our 9.75% Senior Notes due 2028 (the "2028 Notes"), our 9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes") and our 9.75% Senor Notes due 2031 and (ii) "Consolidated EBITDA" contained in the credit agreement governing our revolving credit facility. We are required to report Consolidated Cash Flow to the holders of our 2028 Notes, 2029 Secured Notes and 2031 Notes and Consolidated EBITDA to the lenders under our revolving credit facility, and these measures are used by them to determine our compliance with certain covenants governing those debt instruments. Please see our filings with the SEC, including our most recent Annual Report on Form 10-K and Current Reports on Form 8-K, for additional details regarding the covenants governing our debt instruments.These non-GAAP measures are used as supplemental financial measures by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others, to assess:the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure;the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities; andour operating performance excluding the non-cash impact of LCM and LIFO inventory adjustments, RINs mark-to-market adjustments, RINs incurrence expense, and depreciation and amortization.We believe that these non-GAAP measures are useful to analysts and investors, as they exclude transactions not related to our core cash operating activities and provide metrics to analyze our ability to fund our capital requirements and to pay interest on our debt obligations. We believe that excluding these transactions allows investors to meaningfully analyze trends and performance of our core cash operations.EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) should not be considered alternatives to Net income (loss), Operating income (loss), Net cash provided by (used in) operating activities, gross profit (loss) or any other measure of financial performance presented in accordance with GAAP. In evaluating our performance as measured by EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) management recognizes and considers the limitations of these measurements. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes do not reflect our liabilities for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) are only a few of several measurements that management utilizes. Moreover, our EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) may not be comparable to similarly titled measures of another company because all companies may not calculate EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) in the same manner. Please see the section of this release entitled "Non-GAAP Reconciliations" for tables that present reconciliations of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Net income (loss), our most directly comparable GAAP financial performance measure; and segment Adjusted gross profit (loss) to segment gross profit (loss), our most directly comparable GAAP financial performance measure. CALUMET, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except share and per share data) 














Three Months Ended December 31, 
Year Ended December 31, 

2025
2024
2025
2024Sales
$1,038.6
$949.5
$4,137.1
$4,189.4Cost of sales

1,041.6

865.9

3,891.4

3,958.6Gross profit (loss)

(3.0)

83.6

245.7

230.8Operating costs and expenses:











Selling

12.5

12.0

47.9

55.7General and administrative

39.2

44.5

123.8

145.5Taxes other than income taxes

8.5

2.8

19.8

20.7Loss on impairment and disposal of assets

1.3

2.0

1.3

2.0Gain on sale of business

—

—

(55.8)

—Other operating income

—

(0.4)

—

(1.2)Operating income (loss)

(64.5)

22.7

108.7

8.1Other income (expense):











Interest expense

(50.8)

(61.4)

(215.8)

(236.7)Debt extinguishment costs

(0.2)

(0.1)

(47.4)

(0.4)Gain (loss) on derivative instruments

13.1

(0.3)

8.7

9.3Other income (expense)

13.3

(2.2)

19.4

(1.5)Total other expense

(24.6)

(64.0)

(235.1)

(229.3)Net loss before income taxes

(89.1)

(41.3)

(126.4)

(221.2)Income tax (benefit) expense

(51.8)

(0.6)

(92.6)

0.8Net loss
$(37.3)
$(40.7)
$(33.8)
$(222.0)Earnings per share:











Basic and diluted
$(0.43)
$(0.47)
$(0.39)
$(2.67)Weighted average number of common shares:











Basic and diluted

86,910,580

86,089,979

86,761,139

83,146,680 CALUMET, INC.CONSOLIDATED BALANCE SHEETS(In millions, except share data)








December 31, 2025
December 31, 2024ASSETS



Current assets:





Cash and cash equivalents
$125.1
$38.1Restricted cash

80.0

7.8Accounts receivable, net:





Trade, less allowance for credit losses of $1.1 million and $1.1 million, respectively

224.4

241.7Other

8.1

36.4


232.5

278.1Inventories

385.2

416.3Derivative assets

6.7

—Prepaid expenses and other current assets

28.3

25.7Total current assets

857.8

766.0Property, plant and equipment, net

1,353.0

1,438.8Goodwill

140.5

173.0Other intangible assets, net

8.7

22.0Operating lease right-of-use assets

224.2

240.2Other noncurrent assets, net

104.7

118.2Total assets
$2,688.9
$2,758.2LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable
$281.5
$320.8Accrued interest payable

46.1

45.4Accrued salaries, wages and benefits

84.6

94.7Other taxes payable

17.7

11.9Obligations under inventory financing agreements

—

32.0Current portion of RINs obligation

169.3

245.4Current portion of operating lease liabilities

64.2

58.8Other current liabilities

21.1

19.1Current portion of long-term debt

156.2

35.5Total current liabilities

840.7

863.6Pension and postretirement benefit obligations

3.8

4.0Other long-term liabilities

92.8

110.0Long-term operating lease liabilities

161.4

182.2Long-term debt, less current portion

2,077.3

2,064.7Total liabilities
$3,176.0
$3,224.5Commitments and contingencies





Redeemable noncontrolling interest
$245.6
$245.6Stockholders' equity:





Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 86,776,552 and
85,950,493 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.
$0.9
$0.9Additional paid-in capital

838.8

825.4Warrants: 2,000,000 warrants issued and outstanding as of December 31, 2025 and December 31, 2024.

7.8

7.8Accumulated deficit

(1,573.4)

(1,539.0)Accumulated other comprehensive loss

(6.8)

(7.0)Total stockholders' equity

(732.7)

(711.9)Total liabilities and stockholders' equity
$2,688.9
$2,758.2 CALUMET, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)








Year Ended December 31, 

2025
2024


Operating activities





Net loss
$(33.8)
$(222.0)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:





Depreciation and amortization

148.8

149.0Amortization of turnaround costs

41.0

38.0Non-cash interest expense

42.6

8.0Debt extinguishment costs

47.4

0.4RINs gain

(76.1)

(31.9)Unrealized (gain) loss on derivative instruments

(24.1)

5.9Loss on impairment and disposal of assets

1.3

2.0Gain on sale of business

(55.8)

—Equity based compensation

(4.5)

14.6Lower of cost or market inventory adjustment

16.2

7.0Other adjustments to reconcile net income (loss) to cash flow from operating activities

9.0

(7.0)Changes in assets and liabilities





Accounts receivable

47.0

8.0Inventories

14.9

16.1Prepaid expenses and other current assets

(2.1)

17.9Turnaround costs

(24.4)

(20.6)Other assets

(2.6)

(5.6)Accounts payable

(52.2)

1.7Accrued interest payable

0.7

(5.2)Accrued salaries, wages and benefits

14.6

4.0Other taxes payable

5.7

(1.6)Other liabilities

(4.7)

(25.1)Net cash provided by (used in) operating activities
$108.9
$(46.4)Investing activities





Additions to property, plant and equipment

(52.3)

(76.7)Proceeds from sale of business, net

96.9

—Purchases of investments

(0.5)

—Net cash provided by (used in) investing activities
$44.1
$(76.7)Financing activities





Proceeds from borrowings — revolving credit facility

2,311.4

2,129.2Repayments of borrowings — revolving credit facility

(2,503.5)

(1,979.3)Proceeds from borrowings — MRL revolving credit agreement

26.6

159.1Repayments of borrowings — MRL revolving credit agreement

(26.7)

(172.1)Proceeds from borrowings — senior notes

100.0

554.4Repayments of borrowings — senior notes

(230.0)

(592.5)Payments on finance lease obligations

(1.0)

(1.1)Proceeds from inventory financing

362.9

671.3Payments on inventory financing

(398.1)

(708.5)Proceeds from DOE Loan

781.8

—Proceeds from asset financing arrangements

160.0

144.7Payments on asset financing arrangements

(61.2)

—Repayments of borrowings - MRL Asset Financing Arrangements

(396.1)

—Repayments of borrowings - MRL Term Loan Credit Agreement

(86.0)

—Debt issuance costs and debt discount

(28.1)

(9.4)Payments on other financing obligations

(5.8)

(41.5)Net cash provided by financing activities

6.2

154.3Net increase in cash, cash equivalents and restricted cash

159.2

31.2Cash, cash equivalents and restricted cash at beginning of period

45.9

14.7Cash, cash equivalents and restricted cash at end of period
$205.1

45.9Cash and cash equivalents
$125.1
$38.1Restricted cash
$80.0
$7.8Supplemental disclosure of cash flow information





Interest paid, net of capitalized interest
$172.4
$232.0Supplemental disclosure of non-cash investing activities





Non-cash property, plant and equipment additions
$43.1
$30.7 CALUMET, INC.NON-GAAP RECONCILIATIONSRECONCILIATION OF NET INCOME (LOSS)TO EBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA WITH TAX ATTRIBUTES(In millions)














Three Months Ended December 31, 
Year Ended December 31, 

2025
2024
2025
2024

(Unaudited)







Reconciliation of Net income (loss) to EBITDA,
Adjusted EBITDA, and Adjusted EBITDA with
Tax Attributes:











Net income (loss)
$(37.3)
$(40.7)
$(33.8)
$(222.0)Add:











Interest expense

50.8

61.4

215.8

236.7Depreciation and amortization

35.5

40.9

148.9

149.0Income tax expense

(51.8)

(0.6)

(92.6)

0.8EBITDA
$(2.8)
$61.0
$238.3
$164.5Add:











LCM / LIFO loss
$16.8
$3.4
$19.9
$12.3Unrealized (gain) loss on derivative instruments

(14.9)

5.2

(24.0)

(47.1)Debt extinguishment costs

0.2

0.1

47.4

0.4Amortization of turnaround costs

9.1

9.5

41.0

38.0Loss on impairment and disposal of assets

1.3

2.0

1.3

2.0Gain on sale of business

—

—

(55.8)

—RINs incurrence (gain) expense

25.4

10.0

(232.0)

34.5RINs mark-to-market (gain) loss

10.9

(40.3)

156.0

(66.4)Equity-based compensation and other items

8.3

15.3

14.4

19.7Other (1)

(10.2)

3.4

(8.1)

75.5Noncontrolling interest adjustments

4.3

(3.0)

12.8

(4.1)Adjusted EBITDA
$48.4
$66.6
$211.2
$229.3   Tax attributes (2)

20.9

—

82.1

—Adjusted EBITDA with Tax Attributes
$69.3
$66.6
$293.3
$229.3__________________(1)     For the year ended December 31, 2024, other non-recurring expenses included a $51.3 million realized loss on derivatives related to the embedded derivatives for our inventory financing arrangements.(2)    Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs. The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate. CALUMET, INC.NON-GAAP RECONCILIATIONSRECONCILIATION OF MONTANA/RENEWABLES SEGMENT NET INCOME (LOSS)TO SEGMENT ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA WITH TAX ATTRIBUTES(In millions)











Year Ended December 31, 

2025
2024
2023



















Reconciliation of Montana/Renewables Segment Net income (loss) to
Segment Adjusted EBITDA and Segment Adjusted EBITDA with
Tax Attributes:








Montana/Renewables Segment Net loss
$(145.1)
$(158.4)
$(137.0)Add:








Depreciation and amortization
$109.5
$106.8
$95.2LCM / LIFO loss

1.7

11.5

35.7Loss on impairment and disposal of assets

—

1.1

3.5Interest expense

63.8

70.4

65.4Debt extinguishment costs

47.5

—

0.4Unrealized gain on derivatives

—

—

(4.6)RINs incurrence (gain) expense

(94.1)

5.6

22.3RINs mark-to-market (gain) loss

47.4

(21.4)

(89.1)Other

(6.3)

10.8

57.5Equity-based compensation and other items

5.6

—

—Income tax benefit

(93.6)

—

—Noncontrolling interest adjustments

12.8

(4.1)

3.2Montana/Renewables Segment Adjusted EBITDA
$(50.8)
$22.3
$52.5Tax attributes (1)

82.1

—

—Montana/Renewables Segment Adjusted EBITDA with Tax Attributes
$31.3
$22.3
$52.5__________________ (1)  Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs. The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate.   CALUMET, INC.RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS)TO SEGMENT ADJUSTED GROSS PROFIT(In millions, except per barrel data)















Three Months Ended December 31, 
Year Ended December 31, 


2025
2024
2025
2024


(Unaudited)
Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss):












Specialty Products and Solution segment gross profit
$38.3
$62.3
$265.7
$189.0
LCM/LIFO inventory (gain) loss

11.8

(1.1)

17.4

0.2
RINs incurrence (gain) expense

20.7

8.5

(137.9)

28.9
RINs mark to market (gain) loss

9.2

(28.1)

108.6

(45.0)
Depreciation and amortization

17.8

17.5

74.0

70.3
Specialty Products and Solutions segment Adjusted gross profit
$97.8
$59.1
$327.8
$243.4














Performance Brands segment gross profit
$15.4
$25.2
$78.2
$95.3
LCM/LIFO inventory (gain) loss

(1.7)

(0.2)

0.8

0.6
Depreciation and amortization

0.7

0.7

2.8

2.7
Performance Brands segment Adjusted gross profit
$14.4
$25.7
$81.8
$98.6














Montana/Renewables segment gross profit (loss)
$(56.7)
$(3.9)
$(98.2)
$(53.5)
LCM/LIFO inventory (gain) loss

6.7

4.7

1.7

11.5
Loss on firm purchase commitments

—

—

—

8.5
RINs incurrence (gain) expense

4.7

1.5

(94.1)

5.6
RINs mark to market (gain) loss

1.7

(12.2)

47.4

(21.4)
Depreciation and amortization

25.3

30.5

109.4

106.8
Montana/Renewables segment Adjusted gross profit (loss)
$(18.3)
$20.6
$(33.8)
$57.5














Reported Specialty Products and Solutions segment gross profit per barrel
$6.03
$11.00
$11.46
$8.26
LCM/LIFO inventory (gain) loss per barrel

1.86

(0.19)

0.75

0.01
RINs incurrence (gain) expense per barrel

3.26

1.50

(5.95)

1.26
RINs mark to market (gain) loss per barrel

1.45

(4.96)

4.68

(1.97)
Depreciation and amortization per barrel

2.79

3.08

3.19

3.08
Specialty Products and Solutions segment Adjusted gross profit per barrel
$15.39
$10.43
$14.13
$10.64














Reported Performance Brands segment gross profit per barrel
$119.38
$170.27
$132.32
$152.24
LCM/LIFO inventory (gain) loss per barrel

(13.18)

(1.35)

1.35

0.96
Depreciation and amortization per barrel

5.43

4.73

4.74

4.31
Performance Brands segment Adjusted gross profit per barrel
$111.63
$173.65
$138.41
$157.51














Reported Montana/Renewables segment gross profit (loss) per barrel
$(24.32)
$(1.87)
$(10.63)
$(6.14)
LCM/LIFO inventory (gain) loss per barrel

2.87

2.25

0.18

1.32
Loss on firm purchase commitments per barrel

—

—

—

0.98
RINs incurrence (gain) expense per barrel

2.02

0.72

(10.19)

0.65
RINs mark to market (gain) loss per barrel

0.73

(5.85)

5.13

(2.45)
Depreciation and amortization per barrel

10.85

14.62

11.85

12.24
Montana/Renewables segment Adjusted gross profit (loss) per barrel
$(7.85)
$9.87
$(3.66)
$6.60














Specialty Products and Solutions Adjusted EBITDA
$88.5
$51.9
$291.8
$222.5
Specialty Products and Solutions sales

675.9

647.5

2,633.0

2,789.3
Specialty Products and Solutions Adjusted EBITDA margin

13.1%
8.0%
11.1%
8.0% 



View original content:https://www.prnewswire.com/news-releases/calumet-reports-fourth-quarter-and-fiscal-year-2025-results-302699556.htmlSOURCE Calumet, Inc.

Original: Calumet Reports Fourth Quarter and Fiscal Year 2025 Results

Montana Renewables and World Energy Join Forces to Drive Efficiency and Scale in Sustainable Aviation Fuel (SAF) DeliveriesFebruary 19, 2026 7:00 AM
PR Newswire (US)

Agreement signals ongoing growth of Sustainable Aviation Fuel marketGREAT FALLS, Mont. and BOSTON, Feb. 19, 2026 /PRNewswire/ -- Montana Renewables, LLC (MRL) and World Energy Clean Fuels LLC (World Energy) today announced a Sustainable Aviation Fuel (SAF) agreement that will deliver more than 70 million gallons of SAF to the market over three years, reducing as much as 600,000 MT of CO2 emissions while strengthening the American economy, supporting the agricultural community, and bolstering domestic energy independence. MRL is an unrestricted subsidiary of Calumet, Inc. (NASDAQ: CLMT).







This collaboration combines the strengths of each company to move the American SAF industry forward at a pivotal moment. MRL is one of the largest SAF producers in North America and is set to significantly increase SAF production capacity with its MaxSAF™ 150 expansion.World Energy has been a leader in advanced bioenergy and low carbon solutions over three decades and is the world's first commercial scale SAF producer. The company is a pioneer in the carbon insets market, which enables corporate clients to acquire the environmental attributes derived from SAF to decarbonize their global aviation operations. Through this deal, MRL and World Energy will be accelerating SAF and emissions credit supplies to meet the growing demand for this clean, American-made advanced biofuel."MRL's MaxSAF expansion project is progressing rapidly and is on track to deliver economic benefits to the region's farmers, ranchers, and energy-related economy this spring," said Bruce Fleming, CEO, Montana Renewables. "Market demand for SAF remains strong, and this agreement is another signal of our commitment to American energy independence and Montana agriculture.""Contracting with MRL for SAF production enables us to better support our growing aviation decarbonization business," said World Energy CEO, Gene Gebolys. "We are serving many of the most recognized and respected brands in the world in sectors including tech, pharma, aviation, finance, business services, and others to meet their decarbonization commitments. Even as aviation demand is projected to double by 2050, our corporate clients are seeking ever better solutions to do more with less in terms of both environmental impact and cost. This important collaboration with MRL is a big step forward for both of our businesses but, more importantly, working together will allow us to serve corporate leaders better than either of us could do on our own."World Energy's long-term contract helps to validate the significant new capital investments MRL is making to scale the SAF industry.   About Montana Renewables
Montana Renewables is a leading renewable fuel company located in Great Falls, Montana. MRL produces Sustainable Aviation Fuel, Renewable Diesel, Renewable Hydrogen and Renewable Naphtha. As the largest SAF producer in North America (2024), MRL is dedicated to meeting the increasing demand for sustainable fuels. As a Great Falls business leader, MRL offers high-paying jobs and career opportunities while supporting the local economy and contributing to the community's overall well-being. Pacific Northwest farm and ranch operations ultimately provide MRL with sustainable, renewable, low-carbon feedstocks and agricultural byproducts including tallow, distillers corn oil, canola oil, used cooking oil and camelina oil. These feedstocks are converted to renewable transportation fuels which have lower emissions compared to conventional fossil fuels. MRL is an unrestricted subsidiary of Calumet, Inc.About World Energy
World Energy works with leading companies to help reduce emissions across their value chains. With solutions spanning sustainable aviation fuel, clean hydrogen, advanced biofuels, and fully transparent decarbonization services, World Energy is collaborating to confront the biggest decarbonization challenges in key industries like aviation, cement, and steel. World Energy has been at the forefront of commercializing renewable fuels and today we're investing in projects and partnerships to bring more fuels to market faster, helping to meet clean energy demand and keep critical industries moving forward responsibly. Learn more at www.worldenergy.net.About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America



View original content to download multimedia:https://www.prnewswire.com/news-releases/montana-renewables-and-world-energy-join-forces-to-drive-efficiency-and-scale-in-sustainable-aviation-fuel-saf-deliveries-302689936.htmlSOURCE Calumet, Inc.

Original: Montana Renewables and World Energy Join Forces to Drive Efficiency and Scale in Sustainable Aviation Fuel (SAF) Deliveries

Calumet, Inc. to Release Fourth Quarter and Fiscal Year 2025 Earnings on February 27, 2026February 13, 2026 7:00 AM
PR Newswire (US)

INDIANAPOLIS, Feb. 13, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the Fourth Quarter and Fiscal Year 2025 on February  27, 2026. A conference call to discuss the financial and operational results is scheduled for February 27th at 9:00 AM ET.Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides; parties interested in listening to the webcast may follow the link which will be made available at http://calumetspecialty.investorroom.com/events.  For those participants wishing to dial into the call, please pre-register by following the link: https://dpregister.com/sreg/10205940/1031d31899c. A participant dial-in is also available toll-free at 1-844-695-5524 (US) or 1-412-317-0700 (International).  When joining the call, please ask to be joined into the Calumet, Inc. call.  A replay of the conference call will be available a few hours after the event on the investor relations section of the Company's website, under the events section.About Calumet, Inc.Calumet manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.



View original content:https://www.prnewswire.com/news-releases/calumet-inc-to-release-fourth-quarter-and-fiscal-year-2025-earnings-on-february-27-2026-302686635.htmlSOURCE Calumet, Inc.

Original: Calumet, Inc. to Release Fourth Quarter and Fiscal Year 2025 Earnings on February 27, 2026

Calumet Extends Senior Secured Revolving Credit Facility to January 2031January 28, 2026 4:15 PM
PR Newswire (US)

INDIANAPOLIS, Jan. 28, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that it has amended its existing asset-based loan (ABL) facility to extend the maturity date from January 2027 to January 2031.  The amended facility provides for total commitments of $500 million, subject to borrowing base limitations, and is led by Bank of America, N.A., as agent for a group of lenders. "Our amended revolving credit facility further extends our overall debt maturity profile and expands our bank group, while optimizing the size of the potential borrowing base capacity following the divestiture of the industrial portion of our Royal Purple® business," said David Lunin, Executive Vice President and CFO. "I'd like to thank the lending group for their continued support."For more information, please see the Current Report on Form 8-K that will be filed with the Securities and Exchange Commission (the "SEC").About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our ?lings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. 



View original content:https://www.prnewswire.com/news-releases/calumet-extends-senior-secured-revolving-credit-facility-to-january-2031-302673150.htmlSOURCE Calumet, Inc.

Original: Calumet Extends Senior Secured Revolving Credit Facility to January 2031

Runs not over yet.

https://apple.news/AVnuejdW6ThOwXioi0x-tEg

How is this not getting any attention on this board.

Interesting amt of June 18th $7 Calls bought... hmmm... wonder if there's some news coming? Anyone?

CLMT

CLMT

News: $CLMT Calumet Specialty Products Partners, L.P. Enters into Support Agreement and Announces Commencement of Exchange Offer for up to $200 Million of Outstanding 7.625% Senior Notes due 2022 and Consent Solicitation for Outstanding 11.00% Senior Notes due 2025

INDIANAPOLIS , July 6, 2020 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. ("Calumet" or the "Company") (NASDAQ: CLMT) and Calumet Finance Corp. ("Finance Corp." and, together with the Company, the "Issuers") today announced that, with the support of the holders of a majority o...

Find out more CLMT - Calumet Specialty Products Partners, L.P. Enters into Support Agreement and Announces Commencement of Exchange Offer for up to $200 Million of Outstanding 7.625% Senior Notes due 2022 and Consent Solicitation for Outstanding 11.00% Senior Notes due 2025

News: $CLMT Calumet Specialty Products Partners, L.P. Provides Liquidity Update

INDIANAPOLIS , July 6, 2020 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," the "we," "our" or "us"), a leading independent producer of specialty hydrocarbon and fuels products, today provides updated information related to the Partn...

Got this from CLMT - Calumet Specialty Products Partners, L.P. Provides Liquidity Update

What is your tie to the company?

Correction* Phase 2

I am here to help, feel free to ask me about phase 2 of self help initiative.

CLMT is paying off its debt and has started phase 3 of its self help initiative.

Calumet names new CEO to replace Tim Go.

We have found the bottom.

News: $CLMT Calumet Specialty Products Partners, L.P. Announces $100 Million Expansion of its Revolving Credit Facility

INDIANAPOLIS , Sept. 6, 2019 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Company", "Partnership" or "Calumet"), a leading independent producer of specialty hydrocarbon and fuels products, today announced that it has successfully amended the terms of its ...

Read the whole news CLMT - Calumet Specialty Products Partners, L.P. Announces $100 Million Expansion of its Revolving Credit Facility

News: $CLMT Calumet Specialty Products Partners, L.P. Reports First Quarter 2019 Results

INDIANAPOLIS , May 10, 2019 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," the "Company," "we," "our" or "us"), a leading independent producer of specialty hydrocarbon and fuel products, today reported results for the first quart...

Find out more https://marketwirenews.com/news-releases/calumet-specialty-products-partners-l-p-reports-first-quarter-2019-results-8158974.html

That was fast.

i sold it..its not behaving the way i wanted it..

I wish you were right, but I doubt it.

i think this one is ready...prime

They need to bring back the dividend.

News: $CLMT Calumet Specialty Products Partners, L.P. Reports Fourth Quarter and Year End 2018 Results

INDIANAPOLIS , March 7, 2019 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), a leading independent producer of petroleum-based specialty products, today reported results for the quarter and year ended Decembe...

Read the whole news https://marketwirenews.com/news-releases/calumet-specialty-products-partners-l-p-reports-fourth-quarter-and-year-end-2018-results-7816980.html

its stable and they are buying it

Not sure it was worthy of saying three times though. From what I see, the chart just broke down again and it's headed south. Hope the article helps it.

dude on barrons likes it https://www.barrons.com/articles/mlp-calumet-is-set-to-pop-130-1533840789

Is that a guess? I can't find that in print anywhere.

4th Q

When is the dividend returning?

no one is selling except minimum...get ready for earnings and a bump...

right again

Watching this one closely.

10 soon

What is your outlook now for rest of year?

nice week I'm up on all buys from 420 -725. hold for good or bad..waiting for big boys com
kill ing.....