Calumet Inc

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

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Calumet Specialty Products Partners achieves record EBITDA, eyes growth opportunities

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

Calumet Specialty Products Partners excels in Q1 earnings and growth strategies

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

Calumet Specialty Products Partners reports solid Q2 performance and growth opportunities

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

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

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

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

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

Calumet reports mixed Q1 results, focuses on growth opportunities

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

Calumet Inc reports robust Q2 earnings, eyes renewable energy growth

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

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

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

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

Second quarter 2024 net loss of $39.1 million, or Limited partners' interest of $0.48 basic net loss per unit Second quarter 2024 Adjusted EBITDA of $66.8 million Successfully completed conversion of structure from a Master Limited Partnership ("MLP") to a C-Corp Montana Renewables ("MRL") achieved full production levels for the second quarter; produced approximately 7 million gallons of SAF Record volumes achieved in both Specialties and Renewables businesses INDIANAPOLIS , Aug. 9, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet Specialty Products Partners, L.P. (the "Partnership," "Calumet," "we," "our" or "us") for the second quarter ended June 30, 2024, as follows: Three Months Ended June 30,  Six Months Ended June 30,  2024 2023 2024 2023 (Dollars in millions, except per unit data) Net loss $ (39.1) $ (22.3) $ (80.7) $ (3.7) Limited partners' interest basic net loss per unit $ (0.48) $ (0.27) $ (0.98) $ (0.05) Adjusted EBITDA $ 66.8 $ 68.1 $ 88.4 $ 145.4   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended June 30,  Three Months Ended June 30,  Three Months Ended June 30,  2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 39.1 $ 45.3 $ 25.1 $ 21.4 $ (0.4) $ 4.8 Adjusted gross profit $ 66.0 $ 68.3 $ 25.4 $ 22.6 $ 18.8 $ 19.3 Adjusted EBITDA $ 65.8 $ 61.0 $ 14.1 $ 12.2 $ 7.6 $ 13.0 Gross profit (loss) per barrel $ 6.71 $ 8.55 $ 141.01 $ 153.96 $ (0.18) $ 2.70 Adjusted gross profit per barrel $ 11.32 $ 12.90 $ 142.70 $ 162.59 $ 8.53 $ 10.85   Specialty Products and Solutions Performance Brands Montana/Renewables Six Months Ended June 30,  Six Months Ended June 30,  Six Months Ended June 30,  2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 124.4 $ 155.2 $ 47.4 $ 45.0 $ (29.5) $ (32.1) Adjusted gross profit $ 117.4 $ 167.1 $ 48.6 $ 43.4 $ 12.8 $ 30.9 Adjusted EBITDA $ 107.6 $ 137.0 $ 27.5 $ 28.6 $ (6.9) $ 17.8 Gross profit (loss) per barrel $ 11.07 $ 14.82 $ 147.20 $ 169.17 $ (6.92) $ (9.47) Adjusted gross profit per barrel $ 10.45 $ 15.95 $ 150.93 $ 163.16 $ 3.00 $ 9.12   "Calumet benefited from a strong operational quarter as we continue to demonstrate the strength of our specialties and renewables businesses," said Todd Borgmann, CEO.

Calumet Reports Second Quarter 2024 Results

INDIANAPOLIS , July 26, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the second quarter 2024 on August 9, 2024. A conference call to discuss the financial and operational results is scheduled for August 9, 2024 at 9:00 AM ET.

Calumet, Inc. to Release Second Quarter 2024 Earnings on August 9, 2024

Calumet Specialty Products unit holders voted to convert from an MLP to a C-Corp, aiming to become a premium specialty and low-cost producer of renewable energy. The company's future outlook includes factors such as a review of last quarter's EBITDA, EPA regulations affecting RIN prices, a potential DOE loan, and cost reductions. MRL plans to convert into a higher margin SAF production facility, with potential for significant profits.

Calumet Converted To A C-Corp, So What's Next

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Common Stock of Calumet, Inc. to Commence Trading on Nasdaq on Thursday, July 11 INDIANAPOLIS , July 10, 2024 /PRNewswire/ -- July 10, 2024 — Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it has completed the previously announced conversion (the "Conversion") of its structure from a master limited partnership ("MLP") to a C-Corporation, pursuant to which the unitholders of the Partnership became shareholders of Calumet, Inc. ("New Calumet").

Calumet Specialty Products Partners, L.P. Completes Conversion to a C-Corporation

99.6% of the Votes Cast Supported the Conversion INDIANAPOLIS , July 9, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that its unitholders voted to approve the previously announced conversion (the "Conversion") of its structure from a master limited partnership ("MLP") to a C-Corporation, pursuant to which the unitholders of the Partnership will become shareholders of Calumet, Inc. ("New Calumet") upon closing of the Conversion.

Calumet Specialty Products Partners, L.P. Unitholders Approve Conversion to a C-Corporation

INDIANAPOLIS , June 10, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet," the "Partnership," "we" or "us") announced today that a special meeting (the "Special Meeting") of unitholders to approve the previously announced conversion (the "Conversion") of Calumet from a master limited partnership to a Delaware corporation, among other things, has been scheduled to take place on July 9, 2024.

Calumet Specialty Products Partners, L.P. Announces Meeting Date for Special Meeting of Unitholders to Approve Proposed Conversion Transaction

Calumet Specialty Products reported results negatively impacted by rapidly changing markets in its 1st Quarter. Much of the negative impacts are likely recovered in the natural cycling of the energy markets on a full-year basis. MRL, the low-cost renewable producer, now generates positive cash flows, which are likely to significantly increase over the next two to three quarters.

Calumet Specialty Products Endured Rainy Days With Blue Skies Ahead

INDIANAPOLIS , May 13, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet", "our", "we"), announced today plans to participate in TD Cowen's 2nd Annual Sustainability Week.

Calumet to Attend TD Cowen's 2nd Annual Sustainability Week Investor Conference

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT ) Q1 2024 Earnings Conference Call May 10, 2024 9:00 AM ET Company Participants John Kompa - Investor Relations Todd Borgmann - Chief Executive Officer David Lunin - Chief Financial Officer Bruce Fleming - Executive Vice President, Montana/Renewables & Corporate Development Conference Call Participants Roger Read - Wells Fargo Saumya Jain - UBS Gregg Brody - Bank of America Jason Gabelman - TD Cowen Neil Mehta - Goldman Sachs Amit Dayal - H.C.

Calumet Specialty Products Partners, L.P. (CLMT) Q1 2024 Earnings Call Transcript

First quarter 2024 net loss of $41.6 million, or Limited partners' interest of $0.51 basic net loss per unit First quarter 2024 Adjusted EBITDA of $21.6 million Plan to convert structure from a Master Limited Partnership to a C-Corp is on track Montana Renewables ("MRL") improved sequentially through the quarter, posted positive EBITDA in March 2024, and operated at planned production levels in April MRL remains the largest SAF producer in the Western Hemisphere with 30 million gallons annual capacity Shreveport turnaround completed successfully during the first quarter of 2024 INDIANAPOLIS , May 10, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today reported results for the first quarter ended March 31, 2024, as follows: Three Months Ended March 31,  2024 2023 (Dollars in millions, except per unit data) Net income (loss) $ (41.6) $ 18.6 Limited partners' interest basic net income (loss) per unit $ (0.51) $ 0.23 Adjusted EBITDA $ 21.6 $ 77.3   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended March 31,  Three Months Ended March 31,  Three Months Ended March 31,  2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 85.3 $ 109.9 $ 22.3 $ 23.6 $ (29.1) $ (36.9) Adjusted EBITDA $ 41.8 $ 76.0 $ 13.4 $ 16.4 $ (14.5) $ 4.8 Gross profit (loss) per barrel $ 15.77 $ 21.22 $ 154.86 $ 185.83 $ (14.16) $ (22.91)   "We're anticipating an exciting and strategically important spring and summer at Calumet as we remain on pace to complete our C-Corp conversion and demonstrate the competitive advantages of Montana Renewables.

Calumet Specialty Products Partners, L.P. Reports First Quarter 2024 Results

INDIANAPOLIS , April 26, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the first quarter 2024 on May 10, 2024.

Calumet Specialty Products Partners, L.P. to Release First Quarter 2024 Earnings on May 10, 2024

INDIANAPOLIS , April 16, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today provided an operational update for the first quarter of 2024.

Calumet Announces First Quarter 2024 Operational Update

NEW YORK , March 27, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Calumet Specialty Products Partners, L.P. ("Calumet" or the "Company") (NASDAQ: CLMT).

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Calumet Specialty Products Partners, L.P. - CLMT

Petroleum refining industry revenues have been declining for the last five years and are expected to continue declining. In contrast, renewable fuel revenues will be growing at a high rate. Only 20% of America's 128 operating refineries can economically switch to become renewable fuel refineries. The ones that can and do will enjoy margin and multiple expansion. Calumet Specialty Products has recently converted one of their petroleum refineries into a renewable fuels refinery. The value of this one refinery will soon eclipse Calumet's current enterprise value.

Calumet Specialty Products: A First Mover Among The Fuels Of The Future

Partnership Retires Senior Secured First Lien Notes due 2024 Calls $50 million of Senior Notes due 2025 INDIANAPOLIS , March 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership") and its wholly-owned subsidiary Calumet Finance Corp. (together with the Partnership, the "Issuers") announced the closing of $200 million in aggregate principal amount of a new series of the Issuers' 9.25% Senior Secured First Lien Notes due 2029 (the "Notes") in a private placement transaction.

Calumet Completes Notes Offering

INDIANAPOLIS, March 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet", "our", "we"), announced today plans to attend the Barclays Emerging Growth, Climate Technology Company and Investor Meetings on Thursday March 21, 2024, in New York City, NY.

Calumet to Attend Barclays Emerging Growth, Climate Technology Company Meetings

NEW YORK--(BUSINESS WIRE)---- $CLMT #Investigation--The law firm of Kirby McInerney LLP is investigating potential claims against Calumet Specialty Products Partners, L.P. (“Calumet” or the “Company”) (NASDAQ:CLMT). The investigation concerns whether Calumet and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here to learn more about the investigation] On February 23, 2024, Calumet released its fourth quarter and full year 2023 financial r.

Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Calumet Specialty Products Partners, L.P. (CLMT)

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Calumet Specialty Products Partners, L.P. (“Calumet” or the “Company”) (NASDAQ: CLMT) investors concerning the Company's possible violations of the federal securities laws. If you suffered a loss on your Calumet investments or would like to inquire about potentially pursuing claims to recover your loss under th.

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Calumet Specialty Products Partners, L.P. (CLMT) on Behalf of Investors

INDIANAPOLIS , Feb. 29, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has been recognized by EcoVadis for its Corporate Social Responsibility (CSR) commitment.

Calumet Recognized by EcoVadis for Commitment to Sustainability

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Calumet Specialty Products Partners, L.P. (“Calumet” or the “Company”) (NASDAQ: CLMT) investors concerning the Company's possible violations of federal securities laws. On February 23, 2024, Calumet released its fourth quarter and full year 2023 financial results and disclosed that its financial statements for the fiscal year ended December 31, 2022, and the quarters ended March 31, 2023, June.

INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Calumet Specialty Products Partners, L.P.

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Calumet Specialty Products Partners, L.P. (“Calumet” or the “Company”) (NASDAQ: CLMT) on behalf of investors concerning the Company's possible violations of federal securities laws. If you are a shareholder who suffered a loss, click here to participate. On February 23, 2024, Calumet released its fourth quarter and full year 2023 financial results and disclosed that its financial statements for the fisc.

The Law Offices of Frank R. Cruz Announces Investigation of Calumet Specialty Products Partners, L.P.

Calumet Specialty Products Partners, L.P. (CLMT) Q4 2023 Earnings Call Transcript

Full Year 2023 net income of $48.1 million, or Limited partners' interest of $0.59 basic net income per unit Full Year 2023 Adjusted EBITDA of $260.5 million Announced intent to convert corporate structure to a C-Corp from a Master Limited Partnership Montana Renewables ("MRL") returned to normal operations in December; steam drum successfully replaced Specialties business delivers fifth consecutive year of margin growth Entered into note purchase agreement to issue $200 million aggregate principal amount of 9.25% Senior Secured First Lien Notes due 2029 Issued conditional notices to redeem all outstanding 9.25% Senior Secured First Lien Notes due 2024 and $50 million aggregate principal amount of our outstanding 11.00% Senior Notes due 2025 INDIANAPOLIS , Feb. 23, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today reported results for the fourth quarter and full year ended December 31, 2023, as follows: Three Months Ended December 31,  Year Ended December 31,  2023 2022 2023 2022 (Dollars in millions, except per unit data)(Restated) Net income (loss) $ (48.0) $ (77.1) $ 48.1 $ (173.3) Limited partners' interest basic net income (loss) per unit $ (0.59) $ (0.95) $ 0.59 $ (2.14) Adjusted EBITDA $ 39.7 $ 63.9 $ 260.5 $ 390.0   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended December 31,  Three Months Ended December 31,  Three Months Ended December 31,  2023 2022 2023 2022 2023 2022 (Dollars in millions, except per barrel data) Gross profit (loss) $ 88.1 $ 96.3 $ 16.1 $ 11.1 $ (82.1) $ (71.6) Adjusted gross profit (loss) $ 69.6 $ 93.6 $ 16.5 $ 11.9 $ (19.3) $ (11.2) Adjusted EBITDA $ 75.6 $ 96.1 $ 6.1 $ 2.7 $ (25.8) $ (13.1) Gross profit (loss) per barrel $ 16.11 $ 17.08 $ 135.29 $ 92.50 $ (45.76) $ (66.42) Adjusted gross profit (loss) per barrel $ 12.73 $ 16.60 $ 138.66 $ 99.17 $ (10.76) $ (10.39)   Specialty Products and Solutions Performance Brands Montana/Renewables Year Ended December 31,  Year Ended December 31,  Year Ended December 31,  2023 2022 2023 2022 2023 2022 (Dollars in millions, except per barrel data) Gross profit (loss) $ 402.2 $ 325.5 $ 82.1 $ 55.6 $ (32.6) $ (29.4) Adjusted gross profit $ 291.0 $ 422.4 $ 78.5 $ 57.8 $ 59.8 $ 86.4 Adjusted EBITDA $ 251.2 $ 379.4 $ 47.9 $ 20.2 $ 30.2 $ 75.8 Gross profit (loss) per barrel $ 18.73 $ 14.49 $ 160.35 $ 107.54 $ (4.56) $ (4.03) Adjusted gross profit per barrel $ 13.56 $ 18.81 $ 153.32 $ 111.80 $ 8.36 $ 11.84   "2023 was a strategically foundational year for Calumet," said Todd Borgmann, CEO.

Calumet Specialty Products Partners, L.P. Reports Fourth Quarter and Full Year 2023 Results

INDIANAPOLIS , Feb. 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today plans to report results for the fourth quarter and full year 2023 on February 23, 2024.

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