Calumet posts transcript of first-quarter 2026 earnings call

• Calumet discussed first-quarter 2026 results on May 8 with CEO Todd Borgmann, CFO David Lunin, EVP Montana Renewables and Corporate Development Bruce Fleming, President Specialties Scott Obermeier, and Investor Relations head John Kompa.
• Adjusted EBITDA with tax attributes totaled $50.1 million, down from $55 million a year earlier, as an organic chlorides incident at Shreveport cut about 750,000 barrels of production and drove more than $30 million of lost opportunity; management said issue is resolved and plant has run about 50,000 barrels per day for most of April.
• Specialty Products and Solutions adjusted EBITDA fell to $44.3 million from $56 million as crude inflation temporarily compressed margins; management cited more than 20 price increases and expected benefit to show up in second quarter.
• Montana Renewables adjusted EBITDA with tax attributes rose to $10.2 million from $3.3 million; management said MaxSAF 150 expansion started up in early May, positioning business for a four- to five-fold increase in SAF volumes on an annual run-rate basis and contractual SAF premiums of $1 to $2 per gallon over renewable diesel.
• To support deleveraging, management disclosed 211 crack spread hedges covering about 10,000 barrels per day, or about 25% of fuels production, with portions of 2026 hedged around $22 per barrel on a CBOB basis and a 2027 tranche near $27 per barrel; realized hedge losses were about $6 million in quarter.

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