Members of Catalyst Hedge Investing had early access to this article. They have exclusive access to many other articles every month as well as an active chat board with regular updates on ideas and a best ideas portfolio. He leads the investing group Catalyst Hedge Investing , in which he shares his best long and short ideas. He looks for investment ideas with asymmetric risk/reward and a clear catalyst. Learn More . Cashfow Hunter has over 25 years of experience in the markets, with nearly 20 of them as a ...

INDIANAPOLIS, Oct. 3, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") announced today a series of related agreements with Stonebriar Commercial Finance LLC ("Stonebriar"). Our restricted subsidiary Calumet Montana Refining, LLC ("CMR") entered into a new agreement with Stonebriar in which CMR sold certain of its assets to Stonebriar for $150 million and leased back the same assets ("CMR Funding Agreement"). Our unrestricted subsidiary Montana Renewables, LLC ...

Members of Catalyst Hedge Investing had early access to this article. They have exclusive access to many other articles every month as well as an active chat board with regular updates on ideas and a best ideas portfolio. At first blush, Calumet, Inc. (NASDAQ: CLMT ) is an overleveraged no-growth business whose looming highcoupon debt maturities pose considerable risk to a stock that is still down over 25% from where it was ten He leads the investing group Catalyst Hedge Investing , in which he shares his b ...

J Studios/DigitalVision via Getty Images Calumet, Inc. (NASDAQ:CLMT) reported its 2nd quarter with results in line with analysts and slightly lower than our last estimate. Great Falls asphalt business reported results $10 million less than our guess being the major difference. But management offered otherwise expected results and important and significant hints on how the balance sheet will be fixed. The market responded with a significant positive change in the stock price. This article continues our long ...

Financial Data and Key Metrics Changes - Calumet generated $66.8 million of adjusted EBITDA in Q2 2024, reflecting strong operational performance despite challenging market conditions [4][20] - The Specialty Products segment achieved $65.8 million of adjusted EBITDA, an increase of approximately 8% year-over-year [13] - Performance Brands segment adjusted EBITDA increased 16% to $14.1 million, driven by a 30% growth in volumes [16] Business Line Data and Key Metrics Changes - The Montana Renewables segment contributed over $7 million of adjusted EBITDA in Q2 2024, despite facing trough margin conditions [8][18] - The Specialties business saw record quarterly sales volumes, the highest in over five years, demonstrating resilience in a weak commodity environment [6][14] - Performance Brands experienced a 30% growth in volumes, reflecting strong execution and operational reliability [15] Market Data and Key Metrics Changes - The Gulf crack 2-1-1 crack spread declined by $7 per barrel year-over-year, impacting overall market conditions [14] - The renewable diesel market is expected to experience volatility due to changes in tax credits and market dynamics, with optimism for recovery driven by various catalysts [9][29] Company Strategy and Development Direction - The company aims to focus on safe and reliable operations, with a strategic emphasis on the uniqueness of its Specialties business and operational excellence in Montana Renewables [5][12] - The transition to a C-Corporation is expected to attract institutional investors and enhance shareholder value through index inclusion [12][64] - The MaxSAF expansion project is a key strategic initiative, with plans to leverage DOE support for funding [11][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the renewable diesel market recovery, citing multiple positive catalysts on both supply and demand sides [9][10] - The company is committed to reducing debt levels, having already reduced $50 million in 2025 notes during the quarter [20] - Management highlighted the importance of operational reliability and the potential for improved financial performance as market conditions stabilize [15][19] Other Important Information - The company successfully completed its corporate conversion to a C-Corp, which is expected to facilitate broader institutional investment [12][19] - The court ruling on small refinery exemptions was viewed positively, with expectations for favorable outcomes in ongoing legal matters [21][56] Q&A Session Summary Question: How will the SRE and EPA ruling impact the balance sheet? - Management indicated that the Clean Air Act provides clear guidelines for small refinery exemptions, and the recent court ruling supports their position [21][22] Question: What are the expectations for the asphalt market in Q3? - Management clarified that the asphalt market is not weak but seasonal, with expectations for improved results in Q3 as paving jobs ramp up [24][25] Question: How is the old high-priced inventory affecting RD earnings? - Management confirmed that the old high-priced inventory has been worked through the system, and it is not a major contributor to current earnings [27][28] Question: What is the outlook for renewable diesel margins? - Management expects short-term volatility but anticipates a more predictable market structure moving into 2025 [32][33] Question: What are the plans for the MaxSAF project funding? - Management stated that they will not spend significant funds on MaxSAF until the DOE loan is secured, focusing on deleveraging in the meantime [66][67]

Second Quarter 2024 Financial Results August 9, 2024 CAUTIONARY STATEMENTS 2 Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of August 9, 2024. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "may," "intend," "believe," "expect," "anticipate," "estimate," "forecast," "outlook," "continue" or other s ...

Second quarter 2024 net loss of $39.1 million, or Limited partners' interest of $0.48 basic net loss per unit Second quarter 2024 Adjusted EBITDA of $66.8 million Successfully completed conversion of structure from a Master Limited Partnership ("MLP") to a C-Corp Montana Renewables ("MRL") achieved full production levels for the second quarter; produced approximately 7 million gallons of SAF Record volumes achieved in both Specialties and Renewables businesses INDIANAPOLIS, Aug. 9, 2024 /PRNewswire/ -- Calu ...

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; parties interested in listening to the webcast may follow the link which will be made available at http://calumetspecialty.investorroom.com/events. For those participants wishing to dial into the call, please pre-register by following the link: https://dpregister.com/sreg/10190874/fd10bed026. A participant dial-in is also available ...

INDIANAPOLIS, July 10, 2024 /PRNewswire/ -- July 10, 2024 — Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it has completed the previously announced conversion (the "Conversion") of its structure from a master limited partnership ("MLP") to a C-Corporation, pursuant to which the unitholders of the Partnership became shareholders of Calumet, Inc. ("New Calumet"). As previously announced, unitholders approved each proposal pre ...

INDIANAPOLIS, July 9, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that its unitholders voted to approve the previously announced conversion (the "Conversion") of its structure from a master limited partnership ("MLP") to a C-Corporation, pursuant to which the unitholders of the Partnership will become shareholders of Calumet, Inc. ("New Calumet") upon closing of the Conversion. About Calumet Certain statem ...