Calumet Specialty Products sees third quarter profit
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Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting third quarter net income of $15.7 million, down from $51.5 million during the same period last year. Despite the drop, CEO Todd Borgmann says the company made “tremendous strategic strides and executed exceptionally well” during the quarter.
Earlier this year, the company announced two capital markets transactions, concluding the capitalization of the Montana Renewables business.
“While Montana Renewables has received so much of the attention, our specialty team has been clicking on all cylinders,” said Borgmann. “A strong market environment coupled with superb commercial and operational execution allowed us to generate another strong quarter as we rapidly approach our strategic goal of achieving a competitive leverage profile.”
During the quarter, Borgmann says Montana Renewables announced the partnership with Warburg Pincus, an investor specializing in scaling advantaged businesses through their de-carbonization platform.
“Further, we added the capability to produce Sustainable Aviation Fuel,” said Borgmann. “Montana Renewables will be the largest SAF producer in North America early in 2023, and the material has been fully contracted through an oversubscribed process. Since quarter end, we’ve completed the planned Great Falls turnaround, commissioned our renewable diesel plant, and closed two transactions that fund MRL’s working capital.”
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