On September 11, 2026, Calumet, Inc. entered into the Eleventh Amendment to its Third Amended and Restated Credit Agreement, increasing lender commitments from $500.0 million to $600.0 million, subject to borrowing base limitations. Concurrently, the company executed a Fourth Amendment to its Monetization Master Agreement with J. Aron & Company LLC to permit this increase in credit facility capacity. This transaction creates a new direct financial obligation for the registrant. Calumet, Inc. operates in the specialty chemicals industry, producing high-performance lubricants and related products.

Calumet, Inc. amended its Loan Guarantee Agreement with the U.S. Department of Energy to right-size the MaxSAF expansion at its Montana Renewables subsidiary. The project shifted from a $1.2 billion large-scale build to a capital-efficient repurposing of existing equipment, reducing total remaining project capital to $137 million and cutting the final DOE loan draw from up to $658 million to just $34 million. The revised structure eliminates third-party equity requirements, preserving a simple capital structure without dilution. Production is expected to reach approximately 200 million gallons of annual Sustainable Aviation Fuel by year-end 2028, with total renewable product sales expanding 40% to 17,000 barrels per day. Calumet manufactures and markets specialty branded products and renewable fuels.

Calumet, Inc. reported a net loss of $95.9 million, or $(1.09) per share, for the quarter ended June 30, 2026, driven by a $163.6 million non-cash RINs expense and an unrealized derivative gain of $9.0 million. Adjusted EBITDA rose to $159.3 million from $55.1 million in the prior year period, while Adjusted EBITDA with Tax Attributes reached $175.2 million. The Specialty Products and Solutions segment delivered strong results with $161.7 million in Adjusted EBITDA, supported by a global shortage in specialty products. Meanwhile, Performance Brands reported $6.3 million in Adjusted EBITDA, impacted by compressed margins and LIFO costs. Montana/Renewables generated $26.6 million in Adjusted EBITDA with Tax Attributes following the restart of operations after its MaxSAF 150 expansion. The company accelerated deleveraging by retiring $115 million in debt during July through the redemption of senior notes and repayment of asset financing arrangements. Calumet, Inc. manufactures, formulates, and markets specialty branded products and renewable fuels to consumer-facing and industrial markets across North America.