Welcome to our dedicated page for Calumet news (Ticker: CLMT), a resource for investors and traders seeking the latest updates and insights on Calumet 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.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced significant advancements in its Montana Renewables subsidiary (MRL) as they achieved full operational status for their Sustainable Aviation Fuel (SAF) and Pretreatment units. A ribbon-cutting ceremony is scheduled for May 10, 2023. CEO Bruce Fleming affirmed their EBITDA guidance of $1.25 to $1.45 per gallon, supported by local untreated feedstock sourcing. Additionally, MRL secured a $75 million bridge loan from I Squared Capital with favorable repayment terms. Calumet's CEO Todd Borgmann emphasized the importance of this milestone in maximizing unitholder value and establishing MRL as a leader in North America's SAF market. The company aims to expand its renewable offerings, poised for future growth in the energy transition.
Calumet Specialty Products Partners (NASDAQ: CLMT) plans to announce its first quarter 2023 earnings on May 5, 2023. A conference call to discuss the results will also take place on the same date at 9:30 AM ET. Investors and analysts are encouraged to join the live webcast, which will include presentation slides, available on their investor relations website.
Calumet, headquartered in Indianapolis, Indiana, operates twelve facilities across North America and specializes in manufacturing and marketing a broad range of specialty branded products for both consumer and industrial sectors.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced significant operational advancements at its Montana Renewables subsidiary in Great Falls, MT. The facility has achieved design throughput capacity, marking a milestone since initial renewable fuels production began in late 2022. The company's renewable hydrogen plant was successfully commissioned in March 2023, showcasing its commitment to reducing carbon intensity in its products.
Montana Renewables is authorized to process 15,000 barrels per stream day of renewable feedstocks, aiming to replace fossil fuel products with low-emission alternatives. This development positions the subsidiary as a key player in North America’s energy transition, with products being delivered to Canada and the U.S. West Coast.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced its Montana Renewables subsidiary has been invited by the U.S. Department of Energy to submit a Part II Application for a $600 million loan guarantee. This funding aims to manufacture 18,000 barrels per day of renewable diesel and sustainable aviation fuel using advanced technology. While this milestone is significant, it does not guarantee loan approval or favorable terms. CEO Bruce Fleming expressed optimism about Montana Renewables' role in North America's energy transition.
Calumet Specialty Products Partners reported a net loss of $70 million, or $(0.86) per unit, for Q4 2022, improving from a loss of $87.1 million the previous year. Adjusted EBITDA for the quarter was $63.5 million, significantly up from $24.6 million in Q4 2021. The company noted successful startup of its Renewable Diesel unit and strong performance in the Specialty Products segment, which achieved adjusted EBITDA of $95.7 million. However, the Montana/Renewables segment faced challenges with an adjusted EBITDA loss of $13.1 million due to planned turnaround activities. Overall, the fourth quarter showcased improved financial metrics and operational advances.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced a proposed offering of $250 million in tax-exempt municipal bonds to be issued by Cascade County, Montana. This offering, led by its subsidiary Montana Renewables, is contingent upon market conditions. The details of the offering and investor materials are accessible online for both prospective and existing investors. It is important to note that this press release does not represent an offer to sell or solicit any bonds in jurisdictions where such an action would be illegal. For additional insights, refer to Calumet's SEC filings for risks and forward-looking statements.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has appointed Citigroup Global Markets Inc. as the lead underwriter for a proposed offering of $250 million in tax-exempt bonds. These bonds, to be issued by Cascade County, Montana, are aimed at supporting Montana Renewables, LLC, which produces sustainable fuels including SAF and Renewable Diesel. The bond issuance is anticipated in the first quarter of 2023. Executive Bruce Fleming expressed gratitude for the municipal bond capacity provided by Cascade County and the State of Montana, noting that the bonds are expected to enhance Montana Renewables' cost of capital.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced plans to report its 2022 fourth quarter and full year results on March 15, 2023. A conference call will follow at 9:00 AM ET to discuss financial and operational outcomes, and interested parties can join via a webcast or dial into the call. Calumet specializes in manufacturing and marketing a diverse range of specialty branded products, operating twelve facilities across North America from its headquarters in Indianapolis, Indiana.
Royal Purple has introduced the Max-Restore™ High Mileage Fuel Treatment, aimed at solving performance issues in higher-mileage vehicles. This new product addresses problems such as reduced fuel economy, increased emissions, and engine wear, which are common in older vehicles. Max-Restore™ is designed to enhance fuel economy by up to 5.9%, lower emissions by 14.8%, and improve injector flow by 78.5%. The treatment features ingredients that effectively clean deposits and create a protective barrier to maintain injector performance. This innovation reflects Royal Purple's commitment to providing solutions for vehicle longevity as more drivers retain older cars.
Calumet Specialty Products Partners provided a year-end operational update on December 29, 2022. The company reported successful operations in Renewable Diesel, with a 6,000 bpd capacity expected to double after commissioning renewable hydrogen and Sustainable Aviation Fuel (SAF) in 1Q2023. The separation of Montana Renewables and the specialty asphalt refinery has been completed, both now running successfully. Despite impacts from extreme weather, the specialty business achieved throughput and profitability records. Forward-looking projects included a 2024 SAF expansion, indicating growth potential.
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