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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.
Montana Renewables, a subsidiary of Calumet (NASDAQ: CLMT), has received approval for its Excise Tax Registration from the IRS, enabling the company to claim clean fuel Production Tax Credits (PTC) under IRC Section 45Z. The company is registered as both a producer of clean transportation fuel and sustainable aviation fuel (SAF).
The Section 45Z PTC, which replaces the previous Blenders Tax Credit, provides a transferrable federal income tax credit for clean fuels produced between January 1, 2025, and December 31, 2027. Montana Renewables, the largest SAF producer in North America (2024), operates in Great Falls, Montana, producing SAF, Renewable Diesel, Renewable Hydrogen, and Renewable Naphtha using sustainable feedstocks from Pacific Northwest farm operations.
Calumet announced the final settlement of its private exchange offer for 11.00% Senior Notes due 2025. The company successfully exchanged $354,399,000 principal amount of Old Notes for New Notes due 2026. Following the exchange, $9,142,000 of Old Notes remain outstanding, which Calumet plans to fully redeem on December 10, 2024, at par value plus accrued interest. The New Notes and Exchange Offer were not registered with the SEC and are subject to certain regulatory restrictions.
Calumet announced the completion of its private exchange offer for its 11.00% Senior Notes due 2025. The exchange offer, which expired on November 21, 2024, resulted in holders tendering $354,399,000 principal amount, representing approximately 97.5% of the outstanding Old Notes. The company expects to issue an equal amount of new 11.00% Senior Notes due 2026 in exchange, with settlement anticipated around November 25, 2024.
Calumet (NASDAQ: CLMT) has announced its participation in two major investor conferences in December 2024. The company will attend the Bank of America Leveraged Finance Conference on December 3rd and 4th, followed by Janney's 2nd Annual Clean Energy Investment Symposium on December 5th. At both events, Calumet will conduct one-on-one investor meetings throughout the day.
Calumet is an Indianapolis-based manufacturer that specializes in specialty branded products and renewable fuels, operating twelve facilities across North America. The company serves various consumer-facing and industrial markets.
Calumet Inc. (NASDAQ: CLMT) reported a third quarter 2024 net loss of $100.6 million, or $1.18 per share, compared to net income of $99.8 million in Q3 2023. Adjusted EBITDA was $49.8 million, down from $75.4 million year-over-year. The company achieved significant operational milestones, including record production levels in its Specialties business and new SAF production volume records at Montana Renewables. Notable developments include completing conversion from MLP to C-Corp structure and receiving a $1.44 billion conditional commitment from the Department of Energy for Montana Renewables expansion.
Calumet announced early results of its private exchange offer for its 11.00% Senior Notes due 2025. As of November 5, 2024, approximately 97.5% ($354,399,000) of outstanding Old Notes were validly tendered. The company is offering new 11.00% Senior Notes due 2026 in exchange. Eligible holders who tendered before the Early Tender Time will receive $1,000 principal amount of New Notes for each $1,000 of Old Notes. The exchange offer requires a minimum participation of 80% of aggregate principal amount and will expire on November 21, 2024, unless extended.
Calumet (NASDAQ: CLMT) has announced its participation in the Goldman Sachs Carbonomics Conference scheduled for November 12, 2024, in London. The company will engage in one-on-one investor meetings and join a panel discussion focused on aviation industry decarbonization. Calumet, headquartered in Indianapolis, is a manufacturer of specialty branded products and renewable fuels, operating twelve facilities across North America, serving both consumer-facing and industrial markets.
Calumet (NASDAQ: CLMT) has announced it will release its Third Quarter 2024 financial results on November 8, 2024. The company will host a conference call at 9:00 AM ET on the same day to discuss financial and operational results. Investors and analysts can join via webcast or dial-in, with presentation slides available through the company's investor relations website. A conference call replay will be accessible shortly after the event through the company's website.
Montana Renewables (MRL), North America's largest SAF producer, has delivered its first 7,000-gallon shipment of Sustainable Aviation Fuel to Detroit Metropolitan Airport (DTW) via Dearborn's Buckeye Pipeline facility. The fuel, produced and blended by MRL, will be used by Delta Air Lines. This milestone marks the introduction of SAF at DTW and highlights the use of camelina oil as a non-food renewable feedstock, providing additional crop opportunities for farmers. MRL, an unrestricted subsidiary of Calumet (NASDAQ: CLMT), produces SAF, Renewable Diesel, Renewable Hydrogen, and Renewable Naphtha using sustainable feedstocks from Pacific Northwest farm operations.
Calumet (NASDAQ: CLMT) released preliminary Q3 2024 financial results, expecting a net loss between $110-90 million and Adjusted EBITDA of $45-55 million. The company reports total liquidity of approximately $290 million, including $35 million in cash. Montana Renewables processed 12,000 barrels per day of renewable feedstock, producing over 2,500 barrels per day of sustainable aviation fuel (SAF), with a record 3,200 barrels per day in September. Despite strong operations, margins were impacted by a $6 million feedstock price lag. The Specialties business faced challenges from Hurricane Beryl, resulting in approximately $8 million in lost opportunity. The DOE has awarded a conditional commitment for a $1.44 billion loan guarantee for Montana Renewables expansion.
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