RIN and derivative losses deepen Calumet (NASDAQ: CLMT) Q1 2026 results

Rhea-AI Filing Summary

Calumet, Inc. reported a much wider net loss for the first quarter of 2026 as non-cash RIN and derivative charges weighed on results. Net loss was $317.0 million versus $162.0 million a year earlier, with basic loss per share at $3.64 versus $1.87. Sales rose modestly to $1,029.7 million from $993.9 million, but cost of sales increased faster, driving a gross loss of $87.5 million.

Adjusted EBITDA declined to $27.6 million from $38.1 million, while Adjusted EBITDA with Tax Attributes was $50.1 million compared with $55.0 million. Management highlighted strong specialty and Performance Brands volumes but cited rapid feedstock cost increases and an unplanned Shreveport outage that cut about 750,000 barrels of production.

By segment, Specialty Products and Solutions Adjusted EBITDA fell to $44.3 million, Performance Brands to $12.6 million, while Montana/Renewables Adjusted EBITDA with Tax Attributes improved to $10.2 million. Net cash used in operating activities was $86.2 million versus $29.3 million a year earlier. Long-term debt (less current portion) increased to $2,299.4 million, and total liabilities exceeded total assets, leaving stockholders’ equity at $(1,043.2) million as of March 31, 2026.

Positive

• None.

Negative

• Net loss more than doubled year over year, reaching $317.0 million versus $162.0 million, as large non-cash RINs and derivative losses pressured profitability.
• Operating cash burn increased, with net cash used in operating activities rising to $86.2 million from $29.3 million, while long-term debt grew to $2,299.4 million and stockholders’ equity was a negative $(1,043.2) million.

Insights

Energy credit analyst

Calumet’s Q1 2026 shows weaker earnings, heavy non-cash charges and rising leverage.

Calumet reported a larger net loss of $317.0 million versus $162.0 million, with EBITDA at $(253.8) million and Adjusted EBITDA down to $27.6 million. The quarter was hit by substantial non-cash items, including $147.4 million of RINs expense and an unrealized derivative loss of $102.7 million.

Operationally, Specialty Products and Solutions and Performance Brands saw lower Adjusted EBITDA, while Montana/Renewables improved its Adjusted EBITDA with Tax Attributes to $10.2 million from $3.3 million. Management cited an unplanned Shreveport outage that cut about 750,000 barrels, and a planned turnaround and MaxSAF expansion at Montana that limited first-quarter contribution.

From a balance sheet perspective, long-term debt (less current portion) rose to $2,299.4 million, and total liabilities of $3,547.6 million exceeded total assets of $2,755.0 million, resulting in stockholders’ equity of $(1,043.2) million as of March 31, 2026. Net cash used in operating activities increased to $86.2 million, underscoring ongoing funding needs despite management’s focus on deleveraging.

8-K Event Classification

4 items: 2.02, 5.6, 9.01, 44.7

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.6 Item 5.6

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Item 44.7 Item 44.7

Key Figures

Net loss: $317.0 million Net loss prior year: $162.0 million Sales: $1,029.7 million +5 more

8 metrics

Net loss $317.0 million Three months ended March 31, 2026

Net loss prior year $162.0 million Three months ended March 31, 2025

Sales $1,029.7 million Three months ended March 31, 2026

Adjusted EBITDA $27.6 million Three months ended March 31, 2026

Adjusted EBITDA with Tax Attributes $50.1 million Three months ended March 31, 2026

Net cash used in operating activities $86.2 million Three months ended March 31, 2026

Long-term debt (less current portion) $2,299.4 million As of March 31, 2026

Total sales volume 87,028 bpd Three months ended March 31, 2026

Key Terms

Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, RINs, LCM / LIFO, +1 more

5 terms

Adjusted EBITDA financial

"Net loss in the first quarter of 2026 reflected the following non-cash items..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted EBITDA with Tax Attributes financial

"We define Adjusted EBITDA with Tax Attributes for any period as Adjusted EBITDA plus the notional value of CFPCs..."

A financial metric that starts with adjusted EBITDA — operating profit after removing one-time or unusual items — and then incorporates the effects of a company’s tax positions, such as usable loss carryforwards, tax credits or estimated tax payments. Think of it as a measure of recurring cash-generating performance with the value of future tax benefits or obligations folded in, which helps investors judge true cash flow, debt capacity and deal value more accurately.

RINs financial

"Net loss in the first quarter of 2026 reflected the following non-cash items... non-cash RINs related expense of $147.4 million..."

RINs (Renewable Identification Numbers) are tradable compliance credits used to prove that a certain volume of transportation fuel comes from renewable sources under government mandates. Think of them as digital coupons companies must submit to show they met biofuel rules; their price swings can add or shave costs from refiners, fuel producers, and agriculture-linked businesses, so RIN markets can materially affect profit margins and investment value.

LCM / LIFO financial

"LCM / LIFO (gain) loss | $ (26.2) | $ (0.1)"

CFPCs financial

"our ability to monetize federal clean fuel production tax credits (“CFPCs”) under Section 45Z of the Internal Revenue Code..."

Earnings Snapshot

Sales: $1,029.7 million

Q1 2026

Sales $1,029.7 million

Net loss $317.0 million

Basic and diluted EPS $(3.64)

Adjusted EBITDA $27.6 million

Adjusted EBITDA with Tax Attributes $50.1 million

Understanding 8-K Material Events →

Calumet, Inc. /DE0002013745false00020137452026-05-082026-05-08

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

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Washington, D.C. 20549

FORM 8-K

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CURRENT REPORT

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Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): May 8, 2026

CALUMET, INC.

(Exact name of registrant as specified in its charter)

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Delaware	​ ​ ​	001-42172	​ ​ ​	36-5098520
(State or other jurisdiction of incorporation)	​	(Commission File Number)	​	(IRS Employer Identification No.)

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1060 N Capitol Ave

Suite 6-401

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip Code)

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Registrant’s telephone number, including area code (317) 328-5660

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(Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	​ ​ ​	Trading symbol(s)	​ ​ ​	Name of each exchange on which registered
Common Stock, par value $0.01 per share	​	CLMT	​	The Nasdaq Stock Market LLC	​

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition.

On May 8, 2026, Calumet, Inc. reported results of operations for the quarter ended March 31, 2026, pursuant to a press release. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this report shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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Exhibit No.	​ ​ ​	Description
99.1	​	Press release dated May 8, 2026.
104	​	Cover Page Interactive Data File- the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	CALUMET, INC.
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May 8, 2026	By:	/s/ David Lunin
​	​	Name: David Lunin
​	​	Title: Executive Vice President and Chief Financial Officer

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Exhibit 99.1

Calumet Reports First Quarter 2026 Results

· 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 items

· First Quarter 2026 Adjusted EBITDA with Tax Attributes of $50.1 million

● Montana Renewables completed turnaround and commenced MaxSAF^® 150 operations in early May

● EPA’s SET2 RVO, announced in March, has transformed the outlook for biofuel margins

● Integrated specialties business entering extremely strong margin environment

● Shreveport plant resumed normal operations in early April following previously disclosed downtime

INDIANAPOLIS — (PR NEWSWIRE) — May 8, 2026 — 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:

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​	​	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	​	$	38.1
Adjusted EBITDA with Tax Attributes	​	$	50.1	​	$	55.0

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​	​ ​ ​	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	​	$	3.3
Gross 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)

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“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.”

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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.

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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.

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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.

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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.

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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.

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Operations Summary

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The 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.

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​	​	Three Months Ended March 31,
​	​	2026	​ ​ ​	2025
​	​	(In bpd)
Total sales volume (1)	​	87,028	​	85,547
Facility production:	​	​	​	​
Specialty Products and Solutions:	​	​	​	​
Lubricating oils	​	12,331	​	11,368
Solvents	​	7,250	​	7,528
Waxes	​	1,418	​	1,142
Fuels, asphalt and other by-products	​	34,622	​	34,451
Total Specialty Products and Solutions	​	55,621		54,489
Montana/Renewables:	​	​		​
Gasoline	​	4,205	​	3,706
Diesel	​	3,157	​	2,494
Jet fuel	​	308	​	417
Asphalt, heavy fuel oils and other	​	3,617	​	3,750
Renewable fuels	​	7,853	​	9,932
Total Montana/Renewables	​	19,140		20,299
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Performance Brands	​	1,724	​	1,618
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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 Information

A 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 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.

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

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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

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hereof may also contain forward-looking statements, which are qualified in their entirety by the cautionary statements contained above.

Non-GAAP Financial Measures

Our 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”),

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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; and

· our 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.

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CALUMET, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share data)

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Sales	​	$	1,029.7	​	$	993.9
Cost of sales	​		1,117.2	​		1,075.3
Gross profit (loss)	​		(87.5)	​		(81.4)
Operating costs and expenses:	​		​	​		​
Selling	​		12.3	​		12.3
General and administrative	​		66.0	​		12.1
Gain on sale of business	​	​	—	​	​	(62.2)
Other operating expense	​		5.5	​		5.1
Operating 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	​		0.4
Total other expense	​		(166.5)	​		(112.9)
Net loss before income taxes	​		(337.8)	​		(161.6)
Income tax (benefit) expense	​		(20.8)	​		0.4
Net 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

​

​

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7

​

CALUMET, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

​

​	​	​	​	​	​	​
​	​ ​ ​	March 31, 2026		​	December 31, 2025
ASSETS	​	​		​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	138.6	​	$	125.1
Restricted cash	​	​	40.0	​	​	80.0
Accounts receivable, less allowance for credit losses of $1.6 and $1.1, respectively	​		358.4	​		232.5
Inventories	​		369.5	​		385.2
Derivative assets	​		—	​		6.7
Prepaid expenses and other current assets	​		21.4	​		28.3
Total current assets	​		927.9	​		857.8
Property, plant and equipment, net	​		1,336.4	​		1,353.0
Other noncurrent assets, net	​		490.7	​		478.1
Total assets	​	$	2,755.0	​	$	2,688.9
LIABILITIES AND STOCKHOLDERS' EQUITY	​		​	​		​
Current liabilities:	​		​	​		​
Accounts payable	​	$	353.3	​	$	281.5
Accrued interest payable	​		27.8	​		46.1
Accrued salaries, wages and benefits	​		90.7	​		84.6
Current portion of RINs obligation	​	​	316.7	​	​	169.3
Derivative liabilities	​		50.0	​		—
Other current liabilities	​		92.0	​		103.0
Current portion of long-term debt	​		32.6	​		156.2
Total current liabilities	​		963.1	​		840.7
Other long-term liabilities	​		285.1	​		258.0
Long-term debt, less current portion	​		2,299.4	​		2,077.3
Total liabilities	​	$	3,547.6	​	$	3,176.0
Commitments and contingencies	​		​	​		​
Redeemable noncontrolling interest and other equity instruments	​	$	250.6	​	$	245.6
Stockholders' 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	​	$	0.9
Additional paid-in capital	​		845.3	​		838.8
Warrants: 2,000,000 warrants issued and outstanding as of December 31, 2025 and December 31, 2024.	​		7.8	​		7.8
Accumulated 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

​

​

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8

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	​	​	37.0
Amortization of turnaround costs	​	​	8.5	​	​	9.6
Non-cash interest expense	​	​	12.1	​	​	7.1
Debt extinguishment costs	​	​	1.7	​	​	45.7
RINs expense	​	​	147.4	​	​	117.2
Unrealized (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	​	​	5.1
Changes in assets and liabilities	​	​	​	​	​	​
Accounts receivable	​	​	(126.4)	​	​	(15.6)
Inventories	​	​	41.9	​	​	27.0
Prepaid expenses and other current assets	​	​	7.1	​	​	2.6
Turnaround costs	​	​	(1.8)	​	​	(2.9)
Other assets	​	​	(22.9)	​	​	5.2
Accounts 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)	​	​	7.7
Other liabilities	​	​	6.1	​	​	2.6
Net 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	​	​	—	​		95.4
Other	​		(0.5)	​		—
Net cash provided by (used in) investing activities	​	$	(13.7)	​	$	77.8
Financing activities	​		​	​		​
Proceeds from borrowings — revolving credit facility	​		538.3	​		838.2
Repayments of borrowings — revolving credit facility	​		(537.6)	​		(1,071.2)
Proceeds from borrowings — MRL revolving credit agreement	​		—	​		26.6
Repayments of borrowings — MRL revolving credit agreement	​		—	​		(26.7)
Proceeds from borrowings — senior notes	​		557.7	​		100.0
Repayments of borrowings — senior notes	​	​	(449.4)	​	​	—
Proceeds from inventory financing	​	​	88.5	​	​	88.0
Payments on inventory financing	​	​	(98.2)	​	​	(147.0)
Proceeds from DOE Loan	​	​	—	​	​	781.8
Proceeds from asset financing arrangements	​		—	​	​	40.0
Payments 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	​	​	109.0
Net increase (decrease) in cash, cash equivalents and restricted cash	​		(26.5)	​	​	157.5
Cash, cash equivalents and restricted cash at beginning of period	​		205.1	​	​	45.9
Cash, cash equivalents and restricted cash at end of period	​	$	178.6	​	​	203.4
Supplemental disclosure of cash flow information	​		​	​		​
Interest paid, net of capitalized interest	​	$	57.3	​	$	60.4
Capital expenditures included in accounts payable	​	$	29.8	​	$	27.0

​

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9

​

CALUMET, INC.

NON-GAAP RECONCILIATIONS

RECONCILIATION 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	​		58.5
Depreciation and amortization	​		32.9	​		37.1
Income tax (benefit) expense	​		(20.8)	​		0.4
EBITDA	​	$	(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	​	​	47.6
Amortization of turnaround costs	​		8.5	​		9.6
Gain on sale of business	​		—	​		(62.2)
RINs incurrence (gain) expense	​		31.5	​		30.4
RINs mark-to-market (gain) loss	​		115.9	​		86.8
Equity-based compensation and other items	​		44.7	​		(13.5)
Other	​		0.5	​		3.2
Noncontrolling interest adjustments	​		2.1	​		2.4
Adjusted EBITDA	​	$	27.6	​	$	38.1
Tax attributes (1)	​	​	22.5	​	​	16.9
Adjusted 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.

​

​

10

CALUMET, INC.

NON-GAAP RECONCILIATIONS

RECONCILIATION 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	​	$	27.9
LCM / LIFO gain	​		(7.6)	​		(0.7)
Interest expense	​		14.3	​		18.3
Debt extinguishment costs	​		—	​		47.6
RINs incurrence expense	​		6.9	​		8.1
RINs mark-to-market loss	​		17.9	​		26.1
Other	​		0.6	​		4.6
Equity-based compensation and other items	​	​	—	​	​	5.6
Income tax benefit	​		(23.0)	​		—
Noncontrolling interest adjustments	​		2.1	​		2.4
Montana/Renewables Segment Adjusted EBITDA	​	$	(12.3)	​	$	(13.6)
Tax attributes (1)	​		22.5	​		16.9
Montana/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.  

​

11

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	%

​

12

FAQ

How did Calumet (CLMT) perform financially in Q1 2026?

Calumet posted a net loss of $317.0 million in Q1 2026, compared with a $162.0 million loss a year earlier. Sales were $1,029.7 million versus $993.9 million. Adjusted EBITDA declined to $27.6 million from $38.1 million, reflecting weaker margins and significant non-cash items.

What drove Calumet’s larger net loss in the first quarter of 2026?

The wider Q1 2026 net loss mainly reflected non-cash items: $147.4 million of RINs-related expense, $102.7 million of unrealized losses on derivatives, and $37.9 million of non-cash equity-based compensation. These items, plus higher cost of sales, offset modestly higher revenue versus the prior-year quarter.

How did Calumet’s business segments perform in Q1 2026?

Specialty Products and Solutions Adjusted EBITDA was $44.3 million, down from $56.3 million, partly due to an unplanned Shreveport outage that cut about 750,000 barrels. Performance Brands Adjusted EBITDA fell to $12.6 million from $15.8 million, while Montana/Renewables Adjusted EBITDA with Tax Attributes improved to $10.2 million from $3.3 million.

What was Calumet’s cash flow and debt position as of March 31, 2026?

Net cash used in operating activities was $86.2 million in Q1 2026, versus $29.3 million a year earlier. Long-term debt, excluding current portion, totaled $2,299.4 million, and total liabilities of $3,547.6 million exceeded total assets of $2,755.0 million, resulting in negative stockholders’ equity of $(1,043.2) million.

How did Montana/Renewables contribute to Calumet (CLMT) in Q1 2026?

The Montana/Renewables segment reported Adjusted EBITDA with Tax Attributes of $10.2 million in Q1 2026, up from $3.3 million. Operations ran in January and February, followed by a planned turnaround and MaxSAF expansion in March and into April, limiting full-quarter operating contribution but improving future capacity.

What non-GAAP metrics did Calumet emphasize for Q1 2026?

Calumet highlighted EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit. Adjusted EBITDA was $27.6 million, while Adjusted EBITDA with Tax Attributes was $50.1 million. These measures adjust net income for interest, taxes, depreciation, RINs effects, derivatives, turnarounds, and other non-cash or unusual items.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 498.0 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 15.5 KB
• EX-101 EX-101.PRE 10.1 KB