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• Ashland Global for petroleum-derived specialty chemicals and lubricants.
• Eastman Chemical, but focused exclusively on specialty products like waxes, lubricants, and solvents made from crude oil.
• Valero, but focused on producing high-value industrial waxes, lubricants, and solvents instead of just gasoline and diesel.

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• Specialty Hydrocarbon Products: Calumet produces a diverse range of highly refined paraffinic and naphthenic oils, waxes, solvents, petrolatums, and synthetic lubricants for various industrial, consumer, and pharmaceutical applications.
• Renewable Fuels: Through its Montana Renewables business, Calumet manufactures sustainable aviation fuel (SAF) and renewable diesel from bio-based feedstocks.

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Calumet Specialty Products Partners, L.P. (CLMT) primarily sells its products to other companies (Business-to-Business, or B2B) rather than directly to individuals.

Due to the diverse nature of its customer base across various industries, Calumet does not publicly disclose the names of individual major customer companies in its SEC filings. Instead, it serves a broad range of businesses that utilize its specialty hydrocarbon and fuel products. The major categories of customers it serves include:

• Formulators and Distributors in Specialty Industries: These customers purchase Calumet's specialty products (such as lubricants, solvents, waxes, and white oils) for use as ingredients or components in a wide array of end products. Industries served include:
  • Automotive
  • Industrial
  • Electrical
  • Food processing
  • Packaging
  • Pharmaceutical
  • Cosmetic
• Wholesale Marketers and Retailers of Fuel Products: These customers purchase fuel products (gasoline, diesel, jet fuel) for further distribution and sale. This includes:
  • Wholesale marketers
  • Convenience store chains and other fuel retailers
• Large Industrial, Agricultural, and Commercial End-Users: These customers use Calumet's fuel products directly for their operations. This category includes entities such as:
  • Railroads
  • Industrial businesses
  • Agricultural enterprises

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Todd Borgmann - President and Chief Executive Officer

Todd Borgmann was appointed Chief Executive Officer in May 2022 and has served as President and Director since 2024. He has been with Calumet for over 15 years, holding various management roles including Chief Financial Officer, Senior Vice President & Interim CFO, Vice President of Supply & Trading, Vice President of Business Development, and Director of White Oils and Petrolatums sales.

David Lunin - Executive Vice President and Chief Financial Officer

David Lunin was appointed Chief Financial Officer on January 1, 2024, having joined Calumet as Executive Vice President and CFO Designate. Prior to his time at Calumet, Mr. Lunin spent 13 years at Goldman Sachs, where he held various investment banking roles with a focus on capital markets and mergers and acquisitions, particularly within the commodity and specialty chemical industries.

Stephen P. Mawer - Chairman

Stephen P. Mawer has served as the Chairman of Calumet since May 2022 and has been a board member since March 2016. He previously served as Calumet's Chief Executive Officer from April 2020 to May 2022. Before joining Calumet, he retired as president of Koch Supply & Trading in 2014, following a 27-year career that encompassed commodities trading, risk management, and refining operations. Mr. Mawer also holds positions on the Board of Directors of ClimeCo Corporation and Zenith Energy Management.

Scott Obermeier - Executive Vice President, Commercial

Scott Obermeier was promoted to Executive Vice President, Commercial in January 2020, a role also referred to as Executive Vice President - Specialties. He has been a Vice President with Calumet since November 2017 and possesses over 20 years of experience in sales, marketing, and general management within the specialty chemicals market. Before joining Calumet, he spent 10 years with Univar Solutions Inc., where he most recently served as Vice President, managing their organic chemicals business.

Bruce A. Fleming - Executive Vice President - Montana Renewables & Corporate Development

Bruce A. Fleming has served as Executive Vice President - Montana Renewables & Corporate Development since February 2021. Prior to this, he was Calumet’s Executive Vice President – Strategy & Growth from March 2016. Mr. Fleming has over 30 years of experience leading internal growth initiatives, business development, and strategic acquisition advisory services for global energy companies. Before joining Calumet, he served for 10 years as the Vice President of Mergers & Acquisitions at Tesoro Corporation, where he led numerous business development engagements, including Tesoro's $2.5 billion acquisition of the Carson, California refinery from BP. His career also includes senior business development and planning roles with Amoco Oil and Orient Refining.

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The key risks to Calumet's (CLMT) business include high debt levels, commodity price volatility, and regulatory and political risks associated with its renewable fuels segment.

1. High Debt Levels and Financial Flexibility: Calumet has historically faced challenges with elevated debt and weak cash flow generation. While the company has undertaken refinancing efforts, including securing a US$1.44 billion Department of Energy (DOE)-guaranteed loan to manage higher-cost debt and fund expansion, its substantial debt load and constrained financial flexibility remain a significant concern for investors.
2. Commodity Price Volatility and Dependence: Calumet's financial performance is highly susceptible to fluctuations in commodity prices, particularly crude oil, which directly impacts its cost of sales. The profitability of its renewable fuels segment is also significantly affected by the volatile costs and availability of Renewable Identification Numbers (RINs). Such price unpredictability can lead to margin compression during unfavorable market conditions.
3. Regulatory and Political Risks: As a manufacturer of fuels and fuel-related products, Calumet is subject to stringent and evolving environmental regulations. Furthermore, its growing renewable fuels business, particularly the Montana Renewables segment, is exposed to policy shifts, litigation, and changes in governmental incentives, tax credits, and the Renewable Fuel Standard (RFS), which can materially impact its operating costs and demand for its products.

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The accelerating adoption of electric vehicles (EVs) and other alternative propulsion systems poses a clear emerging threat to Calumet's traditional fuel refining business. As EV market share grows globally, it directly reduces the demand for gasoline and diesel fuels, which constitute a significant portion of Calumet's legacy product offerings. This trend represents a fundamental shift in transportation energy consumption, akin to the historical disruptions where new technologies or business models displaced established ones.

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Calumet (CLMT) operates in several key markets with the following addressable market sizes:

• Base Oils: The global base oil market was valued at USD 33.21 billion in 2023 and is projected to reach approximately USD 46.73 billion by 2030, growing at a compound annual growth rate (CAGR) of 5% from 2024 to 2030.
• Waxes (Industrial and Paraffin):
  • The global industrial wax market was valued at USD 9.6 billion in 2022 and is expected to reach USD 15.1 billion by 2032, with a CAGR of 6.2% during the forecast period of 2022 to 2032.
  • Separately, the global wax market was valued at USD 9.90 billion in 2024 and is projected to grow to approximately USD 13.09 billion by 2032, at a CAGR of 3.56% from 2025 to 2032.
  • The global paraffin wax market size was valued at USD 5.2 billion in 2024 and is projected to be valued at USD 8.62 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period of 2024 to 2032.
• Industrial Lubricants: The global industrial lubricants market is projected to grow from USD 28.57 billion in 2025 to USD 40.20 billion by 2032, expanding at a 5% CAGR during the forecast period.

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Calumet (CLMT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Montana Renewables (MRL) MaxSAF Expansion: Calumet is significantly expanding its Sustainable Aviation Fuel (SAF) production capabilities at its Montana Renewables facility. The MaxSAF expansion is on track to increase annualized SAF production to 120-150 million gallons by the second quarter of 2026. The company has already secured contracts or is in final review for approximately 100 million gallons of these post-expansion volumes. This expansion positions Calumet to capitalize on the robust and growing demand for renewable fuels.
2. Growth in Specialty Products & Solutions (SPS) Segment: The Specialty Products & Solutions segment continues to be a strong performer, achieving record production quarters and consistently high sales volumes exceeding 20,000 barrels per day. Calumet's strategy in this segment focuses on commercial excellence, product and market diversification, and placing higher volumes at strong margins, contributing to resilient financial performance.
3. Favorable Regulatory Environment and Market Demand for Renewables: The broader market for renewable fuels is supported by a favorable regulatory environment, including the extension of Production Tax Credits (PTCs) through 2029 and stricter Low Carbon Fuel Standard (LCFS) requirements in California. Strong demand for SAF, partially driven by increasing European mandates, is expected to enhance revenue streams for Calumet's renewable segment. Furthermore, anticipated increases in Renewable Volume Obligations (RVOs) from the EPA are expected to improve industry margins.
4. Cost Reduction and Operational Efficiency: Calumet has demonstrated significant success in reducing operating costs, with a reported $61 million year-over-year reduction through the first nine months of 2025. This operational discipline, which includes achieving new low operating costs at Montana Renewables, enhances profitability and allows the company to maintain competitive pricing, indirectly supporting revenue growth by strengthening its market position and freeing up capital for further investments.
5. Performance Brands Expansion: The Performance Brands segment, particularly the TRUFUEL brand, is experiencing strong growth, tracking towards another record EBITDA year. This growth is attributed to the brand's expanding position as a channel leader and its success in securing shelf space in new retail locations, such as over 4,000 new Walmart stores.

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Share Repurchases

• Calumet's 3-Month Share Buyback Ratio was -0.04%, indicating no significant share repurchases or potential issuance during that period.

Share Issuance

• The number of common shares outstanding increased from 86,207,118 as of February 28, 2025, to 86,752,229 as of August 8, 2025.
• There are outstanding warrants to purchase an aggregate of 2,000,000 shares of common stock exercisable through July 10, 2027, which could lead to dilution.

Inbound Investments

• Calumet secured a $1.44 billion Department of Energy (DOE) loan to expand its renewable fuels production capacity, with the first tranche of $782 million slated for January 2025.
• The DOE loan of approximately $1.5 billion carries deferred interest payments until projects are complete and was closed and funded in early 2025.

Outbound Investments

• Calumet made a $150 million equity investment into Montana Renewables Limited from its own balance sheet.
• In early 2025, Calumet completed the accretive sale of its Royal Purple industrial business, generating $95.4 million in net proceeds.
• The company refreshed its Shreveport terminal asset financing in Q2 2025, which unlocked $80 million in incremental cash and was used to call $80 million of 2026 notes.

Capital Expenditures

• Anticipated capital expenditures for 2025 include $50 million to $70 million for the specialties business and $10 million to $20 million for maintenance at Montana Renewables, excluding the MaxSAF project.
• The MaxSAF project at Montana Renewables is expected to incur capital expenditures of $40 million to $60 million in 2025.
• The MaxSAF 150 expansion, targeting 120-150 million gallons of Sustainable Aviation Fuel (SAF) capacity by early 2026, is projected to cost $20 million to $30 million, a significant reduction from the earlier estimate of $150 million to $250 million.