Calumet’s Aug. 7 second-quarter 2026 earnings call drew CEO Todd Borgmann, CFO David Lunin, EVP Bruce Fleming, President Scott Obermeyer and IR’s John Kompa.
Adjusted EBITDA with Tax Attributes reached $175 million; restricted group leverage fell below 4x; management targeted below 3x next quarter.
Debt actions included calling $100 million of 2028 mirror notes; termination of a CMR truck rack sale-leaseback via a $115 million repurchase.
Montana Renewables posted $17 million of Adjusted EBITDA with Tax Attributes despite April and part of May downtime; index margins cited near $2.6 per gallon.
MaxSAF expansion plans shifted to a lower-cost reconfiguration using a second reactor already at Great Falls; 120-150 million gallons SAF by spring 2027, about 200 million by 2028.
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