Montana Renewables has not found a way to build the original $1.2 billion MaxSAF Phase 2 project for $137 million. Calumet has redesigned...

Calumet, Inc. has announced significant changes to its credit facility, increasing it by $100 million and securing a $34 million draw from the DOE.

Reported Tuesday, Sep 1 - 7:08am EDT (TheFly subscription required to read more.)

Reported Tuesday, Sep 1 - 7:02am EDT (TheFly subscription required to read more.)

Montana Renewables introduces MaxSAF, a certified blended sustainable aviation fuel, increasing regional availability and planning major capacity expansion.

GREAT FALLS, Mont., Oct. 28, 2025 /PRNewswire/ — Montana Renewables (MRL), in collaboration with Calumet Montana Refining (CMR), has commissioned onsite blending and shipping facilities to offer a nominal 50/50 blend of renewable and fossil jet fuel certified under ASTM D7566 and ASTM D1655 specifications. This finished product is drop-in compatible with all existing systems […]

Montana Renewables, with Calumet, introduces MaxSAF™ blended fuel. This sustainable aviation fuel offers a path to reducing carbon emissions in the aviation industry.

Calumet (NASDAQ: CLMT) reported a Q1 2026 net loss of $317.0 million, or a basic loss per share of $3.64, and Adjusted EBITDA with Tax Attributes of $50.1 million. Non-cash items included a $147.4 million RINs expense and $102.7 million unrealized derivative losses.Segment highlights: SPS Adjusted EBITDA $44.3M; Performance Brands Adjusted EBITDA $12.6M; Montana/Renewables Adjusted EBITDA with Tax Attributes $10.2M. Montana turnaround completed; MaxSAF 150 operations commenced in early May.

Shreveport is back processing above 50,000 barrels a day after repairs. Montana Renewables' 48-day MaxSAF expansion shutdown is 70% complete, on time.

Calumet (NASDAQ: CLMT) reported fiscal 2025 results with a $33.8 million net loss and basic loss per share $0.39. Adjusted EBITDA with tax attributes reached $293.3 million. The company reduced recourse debt by $222 million, realized ~$100 million of cost savings, and closed a $405 million 2031 notes offering; its amended ABL now provides $500 million in commitments. Montana Renewables' MaxSAF 150 expansion remains on track for Q2 2026.

Calumet (NASDAQ: CLMT) reported Q1 2025 results with a net loss of $162.0 million ($1.87 per share), compared to a loss of $41.6 million in Q1 2024. Adjusted EBITDA with Tax Attributes was $55.0 million. Key developments include: - Received $782 million DOE loan funding in February 2025 - Sold Royal Purple® industrial business for $110 million - Announced $150 million partial redemption of 2026 Notes - Achieved $22 million year-over-year reduction in operating costs - Plans to accelerate MaxSAF™ expansion to reach 120-150 million gallon SAF capacity by Q2 2026 for $20-30 million - Maintained strong liquidity of $542.7 million Segment performance showed mixed results with Specialty Products Solutions and Performance Brands posting positive Adjusted EBITDA of $56.3M and $15.8M respectively, while Montana/Renewables reported $3.3M Adjusted EBITDA with Tax Attributes.

Specialty chemicals company raises capital through 9.75% Senior Notes and establishes ATM equity program, bolstering financial flexibility for MaxSAF project and debt management.