Calumet Inc. published a transcript of its Fourth Quarter and Full Year 2025 results conference call. The call featured CEO Todd Borgmann, EVP and Chief Financial Officer David Lunin, EVP Montana Renewables and Corporate Development Bruce Fleming, President of Specialties Scott Obermeier, and Investor Relations representative John Kompa. Management said 2025 marked a “defining high-impact year” highlighted by higher earnings, deleveraging, and operational improvements across the company. Borgmann said Calumet delivered $293 million of full-year 2025 Adjusted EBITDA with Tax Attributes and reduced restricted debt by more than $220 million, while “net recourse leverage improved from 8.2 times to 4.9 times.” He added that Montana Renewables closed its DOE loan, “removing roughly $80 million of annual cash debt service.” The company emphasized cost reductions and reliability gains, including fixed costs down more than $40 million, water treatment costs at Montana Renewables down over $20 million, and production up about 1.3 million barrels year over year. Lunin also outlined 2026 capital spending of $115 million to $145 million, driven by a “heavy turnaround year” across multiple sites, while still expecting total company production to rise. At Montana Renewables, executives focused on the MaxSAF 150 expansion and the SAF contracting strategy. Borgmann said Montana Renewables will begin a turnaround and MaxSAF 150 project in early March and remain down through late April, with a ramp expected in the second half of 2026. The company also discussed multiyear SAF contracts covering roughly 100 million gallons, with an indicated $1.00 to $2.00 per gallon premium over renewable diesel. Fleming said the company is structuring a diversified portfolio of SAF contracts and added, “SAF is an excellent renewable diesel blend component… and it cannot go into the market below RD. It can’t.” In Specialty Products and Solutions, Calumet highlighted sustained margins above $60 per barrel and continued volumes above 20,000 barrels per day each quarter. Obermeier attributed performance to “commercial excellence… coupled with our integration and optionality,” and said the company remains constructive on continuing to “outperform the market.” Performance Brands results were impacted by retail destocking in the fourth quarter, though management pointed to growth initiatives and strong demand trends entering 2026. The full transcript can be accessed through the link below.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Calumet Inc. published the original content used to generate this news brief on March 04, 2026, and is solely responsible for the information contained therein.
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