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Calumet (CLMT) guidance and outlook

Calumet's 10-Q filed Nov 6, 2026 makes 17 forward-looking statements.

Guidance and outlook

Forward-looking statements, 10-Q filed Nov 6, 2026

• Due to the more capital efficient nature of the revised project, the Company and DOE reduced the maximum principal amount under the DOE Loan to $815.8 million.
• Against this favorable regulatory backdrop, MRL’s strategic location and proximity to domestic customers and suppliers and the fourth quarter expansion project position the Company for strong performance in the fourth quarter of 2026, continued momentum into 2027, and a sustained long-term competitive advantage.
• These levels enabled the Company to generate significant cash flow in the third quarter of 2026, and we expect these market conditions to persist in the medium term.
• Fourth quarter results are expected to reflect reduced production volumes at our Shreveport facility due to a planned turnaround in October.
• In our Performance Brands segment, rising input costs and constrained supply of Group III base oil and synthetic feedstocks continued to compress margins in the third quarter; with recent price increases in place, we expect margins to expand as input costs stabilize.
• We expect the current margin environment for both specialty products and fuel-based products to continue to be volatile, and above historical industry margins in the near-term due to the global conflict impacting feedstock pricing.
• In our Montana/Renewables segment, we believe long-term demand for renewable fuel products will continue to grow supported by Federal, State, Provincial and local governmental mandates and incentives that have been enacted or announced in North America and globally.
• The start-up of our MaxSAF ® project allows us to shift our renewable product mix toward more SAF production which has historically realized higher pricing relative to renewable diesel, and we expect this change in product mix to support improved margin realizations immediately and long-term.
• We recently announced plans to significantly expand our SAF capacity by repurposing proven, installed refining equipment from the adjacent Montana specialty asphalt facility.
• We believe we will continue to have sufficient liquidity from cash on hand, projected cash flow from operations, borrowing capacity and other means by which to meet our financial commitments, debt service obligations, contingencies, and anticipated capital expenditures for at least the next 12 months.
• We enter into derivative contracts for future periods in quantities that do not exceed our projected purchases of crude oil and natural gas and sales of fuel and renewable fuel products.
• This was partially offset by a decline in volume driven by a planned outage to support the MaxSAF ® expansion project that reduced our renewable fuels production by 22.3% in comparison to the prior year period.

Calumet's latest quarter

Questions

What does Calumet expect?

Due to the more capital efficient nature of the revised project, the Company and DOE reduced the maximum principal amount under the DOE Loan to $815.8 million. Against this favorable regulatory backdrop, MRL’s strategic location and proximity to domestic customers and suppliers and the fourth quarter expansion project position the Company for strong performance in the fourth quarter of 2026, continued momentum into 2027, and a sustained long-term competitive advantage. These levels enabled the Company to generate significant cash flow in the third quarter of 2026, and we expect these market co

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.