Here are 1-2 brief analogies to describe Calumet:

• Neste, but also a specialty chemicals company.
• Valero, transitioning into renewable fuels and specialty chemicals.

• Specialty Solvents & Waxes: Offers various solvents, waxes, and other customized chemical products.
• Lubricating Oils & Petrolatums: Provides customized lubricating oils, white oils, petrolatums, gels, and esters.
• Renewable Fuels: Manufactures renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha.
• Conventional Fuels & Asphalt: Produces conventional gasoline, diesel, jet fuel, and specialty grades of asphalt.
• Performance Branded Products: Markets high-performance lubricants, fuels, and related products under the Royal Purple, Bel-Ray, and TruFuel brands.

For Calumet (CLMT), the company primarily sells to other businesses (B2B).

Based on the provided background information, Calumet's major customers are:

• Wholesale distributors
• Retail chains

The background does not specify the names of individual major customer companies or their public symbols.

• Enbridge Inc. (ENB)

Todd Borgmann, President & Chief Executive Officer

Todd Borgmann has served as Chief Executive Officer of Calumet's general partner since May 2022. Prior to this role, he was the Executive Vice President – Chief Financial Officer of Calumet's general partner since February 2021. Mr. Borgmann has over fifteen years of experience with Calumet, serving in diverse management roles, including Senior Vice President – Chief Financial Officer, Senior Vice President – Interim Chief Financial Officer, and Vice President of Supply & Trading. He also held positions as Calumet's Vice President of Business Development and Director of White Oils and Petrolatums sales. Mr. Borgmann brings extensive expertise in petroleum markets, refining operations, and risk management. He holds a Bachelor of Science in Industrial Engineering from Purdue University and a Master of Business Administration from the University of Notre Dame.

David Lunin, Executive Vice President, Chief Financial Officer

David Lunin was appointed Chief Financial Officer of Calumet on January 1, 2024, having joined as EVP and CFO Designate. He assumed the role of the company's principal accounting officer on April 15, 2025, in addition to his CFO responsibilities. Mr. Lunin has over 20 years of finance experience, most recently in various investment banking roles at Goldman Sachs. At Goldman Sachs, he focused on capital markets and mergers and acquisitions, spending significant time in the Natural Resources group covering the commodity and specialty chemicals industries. Mr. Lunin holds a Bachelor's degree in Business Administration from George Washington University, a Master of Arts in Applied Economics from Johns Hopkins University, and an MBA from Columbia Business School.

Bruce Fleming, Executive Vice President — Montana Renewables & Corporate Development

Bruce Fleming serves as the Executive Vice President — Montana Renewables & Corporate Development at Calumet. He previously served as President of NuStar Energy L.P. and also held a position on the Board of Directors for Valero Energy Corporation. Prior to these roles, Mr. Fleming was with Koch Industries for 30 years, where his roles included President of Koch Petroleum Group, LP, and Chief Executive Officer of Koch Supply & Trading.

Scott Obermeier, Executive Vice President — Specialties

Scott Obermeier is the Executive Vice President — Specialties at Calumet. He was promoted to Executive Vice President, Commercial in January 2020, focusing on the company's commercial strategy and specialty products transformation. Mr. Obermeier has over 20 years of experience in sales, marketing, and general management within the specialty chemicals market. Before joining Calumet in November 2017, he spent 10 years with Univar Solutions Inc., where he served as Vice President and managed their organic chemicals business. Earlier in his career, he held various sales management and regional oversight roles at CHEMCENTRAL Corporation. Mr. Obermeier earned a B.A. in Chemistry Marketing from the University of Northern Iowa.

Gregory Morical, Senior Vice President, General Counsel & Secretary

Gregory Morical serves as the Senior Vice President, General Counsel & Secretary for Calumet. Before joining Calumet, Mr. Morical was a partner at the law firm of Ice Miller LLP, where he specialized in corporate transactions, mergers and acquisitions, and corporate governance.

The key risks to Calumet's (CLMT) business include its significant debt burden, the volatile nature and execution challenges within its Montana/Renewables segment, and persistent profitability challenges stemming from a high cost base.

1. High Debt and Balance Sheet Risk: Calumet carries a substantial debt load, with approximately $2.23 billion in debt exceeding its cash on hand. The company's net-debt-to-EBITDA ratio of 7x indicates it is highly leveraged. This high level of debt leads to increased fixed-interest obligations, which can strain financial flexibility and profitability. Furthermore, Calumet has faced elevated refinancing risks for its upcoming debt maturities, leading S&P Global Ratings to downgrade its credit rating due to concerns about its ability to address these maturities without external funding.
2. Challenges and Volatility in the Montana/Renewables Segment: Calumet's Montana/Renewables (MRL) segment, which focuses on renewable diesel and sustainable aviation fuel, is crucial for its future growth but is subject to significant market and operational uncertainties. This segment has experienced substantial headwinds, including volatile market conditions and record-low industry margins, which have pressured profitability. The business is also reliant on favorable renewable fuel policies, and potential shifts in regulatory support, such as changes to Renewable Identification Numbers (RINs) obligations, could quickly impact margins and cash flow. Additionally, there are execution risks associated with the MaxSAF150 expansion project and a "one-site risk" related to the Great Falls facility, where a major shutdown could significantly impact the company.
3. Overall Profitability Challenges and High Operating Costs: Despite being profitable over the last five years, Calumet's overall profitability has been hampered by a high cost base, with its average EBITDA margin of 6.3% being among the lowest in the energy upstream and integrated energy sector. The company has reported ongoing profitability challenges, including missing analyst earnings expectations, and high operational costs continue to pressure its earnings per share. Calumet has also historically demonstrated a mediocre track record in investing in profitable growth initiatives, with a low average return on invested capital.

The accelerating global transition away from fossil fuels and internal combustion engines (ICEs) poses a significant emerging threat to Calumet's conventional refining operations and its Performance Brands segment. As electric vehicles and renewable energy sources gain market share, demand for traditional gasoline, diesel, jet fuel, and the specialized lubricants and fuels for ICEs (e.g., Royal Purple, TruFuel) could substantially decline. This shift necessitates a rapid and successful pivot towards their renewable initiatives, or their legacy assets and product lines face obsolescence and reduced profitability.

Calumet, Inc. (CLMT) participates in several addressable markets for its diverse product offerings across specialty products, renewable fuels, and performance brands.

Renewable Fuels and Sustainable Solutions:

• Renewable Diesel: The global renewable diesel market was estimated at approximately USD 26.12 billion in 2025 and is projected to reach about USD 60.43 billion by 2035, growing at a CAGR of 8.75% from 2026 to 2035. North America is a significant market, holding approximately 42.2% of the global market share in 2025. The U.S. renewable diesel industry is expected to grow significantly.
• Sustainable Aviation Fuel (SAF): The global sustainable aviation fuel market size was approximately USD 2.31 billion in 2025 and is predicted to surge to around USD 357.41 billion by 2035, expanding at a CAGR of 65.56% between 2026 and 2035. North America held a substantial share of 47.11% of the global market in 2025.

Specialty Products and Lubricants:

• Specialty Lubricants: The global specialty lubricants market size was valued at USD 34.7 billion in 2025 and is predicted to reach USD 55.6 billion by 2035, growing at a CAGR of 4.9% from 2026 to 2035. North America is a leading region, with an anticipated share of around 40% of global revenue in 2026, and its market is valued at around USD 10 billion.
• High-Performance Lubricants: The global high-performance lubricants market size was valued at approximately USD 6.77 billion in 2025 and is expected to reach USD 11.13 billion by 2035, expanding at a CAGR of 5.1% during the forecast period from 2026-2035. North America is the largest market, holding approximately 40% of the global market share.
• Waxes: The global wax market size was estimated at USD 10.456 billion in 2023 and is projected to reach USD 14.1658 billion by 2030, with a CAGR of 4.6% from 2024 to 2030. Another estimate places the global market at USD 11.6 billion in 2020, projected to reach USD 16.7 billion by 2030. The U.S. wax market is projected to reach USD 1.9924 billion by 2027.
• White Oils: The global white oil market size was valued at USD 2.2 billion in 2021 and is projected to reach USD 3.1 billion by 2031. More recent estimates show the global white oil market size at USD 2.4273 billion in 2025, projected to reach USD 3.3863 billion by 2033. Asia-Pacific dominated the market with 53.2% of the revenue share in 2025.
• Petrolatum (Petroleum Jelly): The global petrolatum market size is expected to grow from USD 0.6 billion by the end of 2024 to USD 0.9 billion by 2033. Another source indicates the global market was valued at USD 911.59 million in 2025 and is expected to reach USD 1456.84 million by 2035. Asia Pacific dominated the global industry in 2024.

Conventional Fuels and Asphalt:

• Asphalt: The global asphalt market size was estimated at USD 65.91 billion in 2024 and is anticipated to reach USD 83.35 billion by 2030, growing at a CAGR of 4.0% from 2025 to 2030. The U.S. asphalt market size was USD 32.6 million in 2024 and is expected to reach USD 52.9 million by 2032. Asia Pacific dominated the global market with a revenue share of about 38.81% in 2024.

Share Issuance

• In July 2024, Calumet completed its conversion from a master limited partnership to a C-Corporation, issuing approximately 80.4 million shares of common stock in exchange for outstanding common units. Additionally, 5.5 million shares of common stock and 2.0 million warrants were issued to Sponsor Parties.
• As of February 27, 2026, the company reported 86.8 million common shares outstanding.
• Calumet announced a $65 million At-the-Market Equity Offering Program in January 2025.

Inbound Investments

• In November 2021, Montana Renewables, LLC (MRL), a subsidiary, received a $300 million convertible debt investment from funds managed by Oaktree Capital Management, L.P.
• In August 2022, Warburg Pincus invested $250 million in MRL through preferred equity, and Stonebriar Commercial Finance provided an additional $350 million via sale and leaseback contracts; the Oaktree investment was subsequently retired.
• In January 2025, Montana Renewables secured a $1.44 billion guaranteed loan facility from the U.S. Department of Energy (DOE) Loan Programs Office for the expansion of its renewable fuels facility, with an initial funding of approximately $782 million.

Outbound Investments

• In 2025, Calumet divested the industrial segment of its Royal Purple business for $110 million, resulting in a $55.8 million gain, while retaining the consumer brand.

Capital Expenditures

• Calumet's capital expenditures were $82.9 million in 2021, $536.2 million in 2022, and $271.8 million in 2023.
• Expected capital expenditures were $76.7 million for 2024 and estimated between $60 million to $90 million for 2025, primarily focused on maintenance and optimization, funded by operating cash flows and credit facilities.
• For 2026, capital spending is projected to be between $115 million and $145 million, including $70 million to $90 million for the restricted group, with a significant portion allocated to heavy turnarounds across various sites and the completion of the Montana Renewables' MaxSAF 150 expansion.