Calumet: Focusing On MRL At Great Falls Site And A Little More

Calumet delivered a stellar quarter, outperforming analyst expectations and confirming a strong operational turnaround. MRL's revised SAF expansion leverages existing assets, accelerating volume ramp to 200M gallons by YE 2028 at lower capital costs. Robust cash generation enables rapid deleveraging, with $500M targeted to extinguish key debts and support future growth projects. I maintain a strong buy rating on CLMT, anticipating $800M–$1B in annual free cash flow and cash flow per share exceeding $10.

Calumet (CLMT) reported a stellar quarter with numbers significantly higher than analysts and slightly lower than my last update. I lowered an estimate by $30 million EBITDA to a range of $180-$200 million. A major start-up adjustment for