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Calumet Specialty Products Partners, L.P. - $CLMT STOCK NEWS

Welcome to our dedicated page for Calumet Specialty Products Partners, L.P. news (Ticker: $CLMT), a resource for investors and traders seeking the latest updates and insights on Calumet Specialty Products Partners, L.P. stock.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a premier independent producer of specialty hydrocarbon products. Based in Indianapolis, Indiana, Calumet operates through four primary segments: Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate. These segments enable Calumet to deliver a diverse suite of products, including lubricating oils, solvents, waxes, food-grade white oils, pharmaceutical-grade petrolatums, asphalt, and heavy fuel oils, as well as a variety of renewable fuel products.

The Specialty Products and Solutions segment is the cornerstone of Calumet's business, generating the majority of the company's revenue. This segment focuses on providing customer-tailored solutions and formulations, leveraging a highly integrated production complex located in Northwest Louisiana.

The Montana/Renewables segment, operated by Montana Renewables, LLC, is a leader in North America's energy transition. This segment is noted for its production of low-emission sustainable alternatives, including Sustainable Aviation Fuel (SAF). Located in Great Falls, Montana, the facility processes up to 15,000 barrels of renewable feedstock per day, making it the largest SAF producer in the western hemisphere.

The Performance Brands segment specializes in high-performance consumer products and brands, contributing significantly to Calumet's market presence and financial success.

Recent Achievements:

  • In January 2024, Calumet announced two major financing updates, simplifying its inventory and working capital management through a new Supply and Offtake Agreement with J. Aron and an expanded Asset-Backed Loan facility.
  • In February 2024, Calumet signed a Conversion Agreement to transition from a Master Limited Partnership (MLP) to a C-Corp, aiming to broaden investor participation and enhance shareholder value.
  • In April 2024, the company resumed production at its Montana Renewables facility, achieving significant operational milestones and positioning itself for robust future performance.

Calumet's strong focus on renewable energy, strategic financial management, and robust operational capabilities position it as a key player in the specialty products market. As the company progresses through 2024, it anticipates several catalysts that could further enhance shareholder value and operational efficiency.

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Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has scheduled a special meeting on July 9, 2024, for unitholders to vote on converting the company from a master partnership to a Delaware The board unanimously recommends voting in favor of the conversion. Only unitholders of record as of May 24, 2024, can vote. The meeting will be held at the Courtyard by Marriott Indianapolis West-Speedway. If approved, the conversion will finalize shortly after, contingent on meeting all conditions.

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Calumet Specialty Products Partners (NASDAQ: CLMT) has announced its participation in TD Cowen's 2nd Annual Sustainability Week, scheduled for May 22, 2024. The company will engage in a fireside chat and hold one-on-one investor meetings throughout the day at this virtual conference.

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Calumet Specialty Products Partners, L.P. reported a net loss of $41.6 million in the first quarter of 2024 with Adjusted EBITDA of $21.6 million. The conversion to a C-Corp is on track, Montana Renewables showed improvement, and Shreveport turnaround was successful. The company issued $200 million in Senior Secured First Lien Notes due 2029, used to redeem existing notes. Segments like Specialty Products and Solutions, Performance Brands, and Montana/Renewables had varying financial performance compared to the previous year. The company is preparing for a strategic spring and summer with a focus on renewable fuels and DOE loan progress.

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Calumet Specialty Products Partners, L.P. (CLMT) will release its first-quarter 2024 earnings on May 10, 2024, with a conference call scheduled for the same day at 9:00 AM ET. Investors, analysts, and the media can join a webcast or dial in to listen to the call. The replay will be available on the company's website afterward.
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Calumet Specialty Products Partners, L.P. (CLMT) provided an operational update for the first quarter of 2024, highlighting positive developments at Montana Renewables and Shreveport sites. Despite challenges with higher priced feedstock and seasonal weakness in fuels and asphalt products, the company remains optimistic about achieving representative financial performance and generating cash for deleveraging. The planned conversion of Calumet into a C-Corp in the second quarter aims to create substantial shareholder value.
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Calumet Specialty Products Partners, L.P. and its subsidiary retire senior secured first lien notes due 2024 and call $50 million of senior notes due 2025. They closed $200 million in new 9.25% senior secured first lien notes due 2029. The partnership used part of the proceeds to redeem existing notes and plans to use the rest for further redemptions, aiming to lower interest expenses and enhance flexibility for deleveraging.
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Calumet Specialty Products Partners, L.P. (CLMT) to participate in Barclays Emerging Growth, Climate Technology Company, and Investor Meetings in New York City on March 21, 2024.
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Calumet Specialty Products Partners, L.P. (CLMT) has been recognized by EcoVadis for its Corporate Social Responsibility commitment. The company received the Committed to Sustainability Badge, showcasing its dedication to sustainability, business ethics, and environmental respect. Calumet's facilities in Louisiana, Pennsylvania, and Texas also received EcoVadis silver medal awards. This recognition highlights Calumet's focus on innovation and sustainability in various product lines like sustainable aviation fuel and biodegradable marine lubricants.
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Calumet Specialty Products Partners, L.P. reported a net income of $48.1 million for the full year 2023, with Adjusted EBITDA of $260.5 million. The company announced its intent to convert its corporate structure to a C-Corp from a Master Limited Partnership. Montana Renewables returned to normal operations after a steam drum replacement. The Specialties business saw margin growth for the fifth consecutive year. Calumet entered into a note purchase agreement and issued conditional notices to redeem outstanding notes.
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Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) to report Q4 and full-year 2023 results on February 23, 2024. Conference call scheduled for 9:00 AM ET. Webcast and dial-in options available for interested parties.
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FAQ

What does Calumet Specialty Products Partners, L.P. produce?

Calumet produces specialty products including lubricating oils, solvents, waxes, food-grade white oils, pharmaceutical-grade petrolatums, asphalt, heavy fuel oils, and renewable fuels.

Where is Calumet Specialty Products Partners, L.P. headquartered?

Calumet is headquartered at 2780 Waterfront Parkway East Drive, Indianapolis, Indiana, United States.

What are the main segments of Calumet's business?

Calumet operates through four segments: Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate.

What recent financial updates has Calumet announced?

In January 2024, Calumet announced new financing updates including a new Supply and Offtake Agreement with J. Aron and an expanded Asset-Backed Loan facility.

What is Montana Renewables' role in Calumet's operations?

Montana Renewables, a subsidiary of Calumet, is a leader in producing low-emission sustainable alternatives like Sustainable Aviation Fuel (SAF) and operates the largest SAF facility in the western hemisphere.

What is the significance of Calumet's transition to a C-Corp?

Calumet’s transition to a C-Corp is expected to broaden investor participation and create meaningful shareholder value.

How many facilities does Calumet operate?

Calumet operates twelve facilities across North America.

What are some of the recent achievements of Calumet?

Recent achievements include new financing agreements in January 2024, a conversion agreement to transition to a C-Corp in February 2024, and resuming production at Montana Renewables in April 2024.

What are Calumet's plans for the future?

Calumet plans to complete its C-Corp transition, enhance shareholder value through strategic initiatives, and expand its renewable fuel production capabilities.

How can investors participate in Calumet's upcoming conference calls?

Investors can join Calumet's conference calls via webcast with presentation slides available on the company’s website or dial in using the provided toll-free and international numbers.

Calumet Specialty Products Partners, L.P.

Nasdaq:CLMT

CLMT Rankings

CLMT Stock Data

1.29B
53.31M
18.51%
30.59%
1.13%
Petroleum Refineries
Manufacturing
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United States of America
INDIANAPOLIS