Calumet Business Summary

Calumet, Inc. (CLMT) is a leading North American producer of specialty hydrocarbon products and renewable fuels, generating revenue through the manufacturing, formulation, and global distribution of high-margin petroleum-based and bio-based solutions. The company operates through four primary segments: Specialty Products and Solutions, which produces solvents, waxes, and lubricating oils; Montana/Renewables, focused on Sustainable Aviation Fuel (SAF) and renewable diesel; Performance Brands, featuring consumer labels like Royal Purple, Bel-Ray, and TruFuel; and Corporate. Following its July 2024 conversion from a Master Limited Partnership to a C-Corporation, Calumet has pivoted aggressively toward the energy transition, securing a $1.44 billion Department of Energy loan to expand its Montana Renewables facility into the Western Hemisphere’s largest SAF producer. In the competitive landscape, Calumet operates alongside diversified refiners and specialty chemical players such as Delek US Holdings (DK), Par Pacific (PARR), and CVR Energy (CVI), distinguishing itself as a niche leader in high-purity hydrocarbons and a first-mover in the burgeoning SAF market. The company was co-founded in its modern form in 1990 by Bill Grube and Fred M. Fehsenfeld, Jr., though its industrial roots trace back to the 1919 establishment of the Calumet Refining Company. The current leadership team is headed by President and CEO Louis Todd Borgmann, an industry veteran who previously served as the company’s CFO and VP of Supply & Trading. He is supported by Executive VP and CFO David Lunin, who also oversees accounting functions, and Bruce Fleming, Executive VP of Montana Renewables & Corporate Development. The board is chaired by Stephen Mawer, a former CEO of the company with extensive experience in energy trading and refining. Notable stakeholders include The Heritage Group, which maintains a significant 16% ownership stake and board nomination rights, alongside institutional investors such as Two Seas Capital and Wasserstein Debt Opportunities Management.