Calumet reports third quarter loss, touts record production
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Calumet Inc. reported losses of just more than $100 million in its third-quarter earnings report released last week.
Those losses come after the Indianapolis-based company announced a conditional commitment from the U.S. Department of Energy for a $1.44 billion loan that Calumet plans to spend on expanding its renewable fuels facility in Montana. That facility is part of Calumetsubsidiary Montana Renewables.
The $100 million loss in the third quarter is a stark contrast from the company’s reported $100 million profit for the third quarter of last year. Through three quarters in 2024, Calumet reported a net loss of $181 million.
Amid those losses, Calumet highlighted production marks throughout the company. Calumet said Montana Renewables reached a high point on sustainable aviation fuel — and that’s before the expansion of its facilities, which would position the subsidiary as one of the largest sustainable aviation fuel producers in the world.
Calumet CEO Todd Borgmann said the company’s specialty businesses posted its highest production levels in over five years.
“Calumet continues to execute on our strategic catalysts as planned,” Todd Borgmann said in the earnings report. “Further, we are pleased to report significant progress towards fortifying our operations, with our specialties business achieving a new production record and Montana Renewables reaching a new SAF production high. These new operational milestones and continued execution against our strategic initiatives support our relentless focus on driving shareholder value.”
The full earnings report can be found here.