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) 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.
Royal Purple continues its partnership with Formula DRIFT as the official engine oil for 2023 and 2024, marking its fourth and fifth consecutive years. Announced at the Performance Racing Industry Tradeshow in Indianapolis, the partnership includes a contingency sponsorship for the Formula DRIFT PROSPEC Championship, offering prize money for participants displaying Royal Purple decals. Additionally, driver Dylan Hughes will return with Royal Purple this season, having achieved two podium finishes in 2022. Royal Purple is known for high-performance lubricants, available through various retailers.
Royal Purple will showcase its BIOMAX™ Environmentally Acceptable Lubricants at the 2022 International WorkBoat Show in New Orleans from November 30 to December 2. The BIOMAX™ products are European-Ecolabel certified and comply with U.S. EPA VIDA/VGP standards. These lubricants are made from renewable, biodegradable materials, ensuring reduced environmental impact. The product line includes gear, hydraulic, and stern tube oils, designed to enhance equipment performance while minimizing cleanup costs in case of spillage. For more details, visit their website.
Calumet Specialty Products Partners (CLMT) reported a net income of $15.7 million ($0.19 per unit) for Q3 2022, a decrease from $51.5 million in Q3 2021. Adjusted EBITDA soared to $127.0 million from $58.8 million year-over-year, driven by strong market performance and business execution. Notable achievements include the commissioning of a renewable diesel plant and a partnership with Warburg Pincus for Montana Renewables. However, production volumes declined, impacting the Montana/Renewables segment's EBITDA, which fell to $11.3 million from $24.4 million in the previous year.
On November 7, 2022, Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced Steve Mawer's transition from Executive Chairman to Chairman of the Board, effective January 1, 2023. This change marks the conclusion of a planned transition begun earlier in the year. CEO Todd Borgmann expressed gratitude for Mawer's leadership and emphasized the company's operational performance and ongoing business transformation. Further details can be found in the Form 8-K filed with the U.S. Securities and Exchange Commission.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the completion of two transactions to support the working capital needs of Montana Renewables LLC (MRL). The agreements included a Supply and Offtake Agreement with Macquarie Commodities, facilitating inventory monetization for renewable products, and a $90 million asset-backed revolving credit facility with Wells Fargo Bank. Bruce Fleming, EVP of Montana Renewables, stated these actions fulfill MRL's financing plan as operations commence.
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