Calumet, Inc. reports developments across its specialty products, branded performance products and renewable fuels operations. The company manufactures, formulates and markets specialty branded products and renewable fuels for consumer-facing and industrial markets, with recurring updates tied to Specialty Products & Solutions, Montana Renewables and Performance Brands.
Company news commonly covers quarterly results, Adjusted EBITDA commentary, RINs and other environmental attributes, facility operations at Shreveport, Montana Renewables projects including MaxSAF®, and product activity such as TruFuel®. Other recurring items include senior-note and credit-facility actions, shareholder voting matters, board composition and investor-event participation.
Calumet (CLMT) reported third-quarter 2026 net income of $273.3 million, below the prior-year quarter despite higher sales and operating profit. Earnings per common share fell to $2.91 from $3.61, while sales rose to $1,682.9 million from $1,078.0 million. Adjusted EBITDA with Tax Attributes, a company-adjusted earnings measure, increased to $347.2 million from $92.5 million.
Specialty Products and Solutions adjusted EBITDA reached $248.1 million, while Performance Brands declined to $9.1 million. Montana/Renewables adjusted EBITDA with Tax Attributes rose to $110.6 million. Calumet retired approximately $265 million of debt since July. Nine-month operating cash flow improved to $224.6 million from a $7.6 million outflow, but the nine-month net loss was $139.6 million versus $3.5 million of income. Cash reached $225.2 million at September 30; stockholders’ deficit widened to $870.7 million.
Calumet (NASDAQ: CLMT) entered a long-term asset lease and amended its Warburg Pincus agreement to support the Montana Renewables expansion.
Calumet Montana Refining expects approximately $30 million in annual lease income, subject to adjustments. Warburg Pincus will exchange its 13.17% Montana Renewables Holdings stake for warrants covering up to 8% of common equity, exercisable above a $750 million common equity value. Its preferred return rises to 11.5%; preferred units increase from approximately $346 million to $395 million.
The revised MaxSAF plan targets approximately 200 million gallons of annual sustainable aviation fuel production and 17,000 barrels per day of total product sales by year-end 2028. Remaining project capital spending is $137 million, versus the $1.2 billion project contemplated in the original Department of Energy loan. Calumet Montana Refining will continue operating its asphalt facility.
Royal Purple (CLMT) will unveil its three-tier passenger car motor oil lineup at AAPEX on November 3, 2026. The lineup consolidates legacy products into High Performance, Ultimate High Performance and Extreme Performance Racing, covering daily driving through track use. Retail availability and distribution through partners are scheduled to begin in January 2027.
Calumet (CLMT) announced notice to redeem $150 million of senior notes through its wholly owned subsidiaries on October 25, 2026.
The notes carry a 9.75% coupon and mature in 2028. The cash redemption price is 102.438% of principal, plus accrued and unpaid interest to, but excluding, the redemption date. In July, the issuers redeemed another $100 million of 9.75% notes due 2028 and fully repaid and terminated a $15.5 million Montana terminal asset financing arrangement. Including the planned redemption, debt retired since July 2026 will total approximately $265 million. Calumet expects these debt reductions to generate approximately $26 million in annual cash interest savings.
Calumet (NASDAQ: CLMT) plans to report its third-quarter 2026 results on November 6, 2026, with a conference call that morning. The call to discuss financial and operational results is scheduled for 9:00 AM ET. A live webcast will include presentation slides, and a replay will be available a few hours afterward in the events section of the company's investor relations website.
Calumet (CLMT) will attend the T.D. Cowen 3rd Annual Energy Conference on Thursday, September 24, and plans to hold one-on-one investor meetings throughout the day.
The company manufactures, formulates, and markets specialty branded products and renewable fuels for consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities across North America.
Calumet (CLMT) increased total commitments under its senior secured asset-based revolving credit facility to $600 million, up $100 million, while keeping the maturity date at January 2031.
The ABL facility, led by Bank of America as agent for a lender group, remains subject to borrowing base limitations and is intended to support working capital needs amid commodity price volatility. Calumet said the amendment reflects higher market prices and receivables.
Separately, Montana Renewables, an unrestricted subsidiary, received its final $34 million draw under its amended Loan Guarantee Agreement with the U.S. Department of Energy. Remaining project capital for the MaxSAF expansion was previously reduced to $137 million from the $1.2 billion originally contemplated in Phase 2.
Calumet (CLMT) will attend the H.C. Wainwright 28th Annual Global Investment Conference on Tuesday, September 15, 2026, and plans to hold one-on-one investor meetings during the event.
Calumet manufactures, formulates, and markets specialty branded products and renewable fuels, serving consumer-facing and industrial markets from twelve facilities across North America, with headquarters in Indianapolis, Indiana.
Calumet (CLMT) announced an update on U.S. EPA small refinery exemptions affecting its Renewable Identification Number (RIN) obligations. The EPA granted full exemptions on two Calumet petitions for the 2025 compliance year, reducing the company’s balance sheet liability accrual by 71 million RINs, valued at approximately $170 million as of June 30, 2026.
Calumet reports a remaining RIN liability of about 129 million RINs, valued at approximately $309 million as of the same date. This remaining balance includes 2022–2024 partial exemptions, which are still under discussion with the EPA and are also under judicial review alongside legal challenges brought by other industry participants.
Calumet (NASDAQ: CLMT) announced a revised, capital-efficient MaxSAF® expansion at Montana Renewables, targeting approximately 200 million gallons/year of Sustainable Aviation Fuel (SAF) and 17,000 barrels per day of total renewable product sales by year-end 2028. Remaining project capital is cut to $137 million, versus the $1.2 billion previously contemplated.
The DOE Loan Guarantee Agreement is amended, reducing Phase 2 availability from up to $658 million to a single final draw of $34 million, with the balance expected to be funded from Montana Renewables earnings. The new plan requires no third-party equity, avoiding dilution. Repurposed Calumet Montana Refining assets under long-term lease and six smaller, quick-payback projects support the ramp from a current 60 million-gallon SAF run-rate to about 80 million by year-end 2026, 120 million by Spring 2027, and 200 million by year-end 2028, while capturing roughly 20 million gallons/year of additional saleable propane and butane.