Calumet eyes recovery as Montana Renewables expansion offsets Q1 operational hurdles

Calumet (NASDAQ:CLMT) reported a first-quarter 2026 net loss of $317 million, or $3.64 per share, as the company navigated a period of heavy maintenance and non-cash accounting volatility.

The results were significantly impacted by $250.1 million in non-cash items, including a $147.4 million expense related to Renewable Identification Numbers (RINs) and $102.7 million in unrealized derivative losses.

Despite the net loss, the company posted adjusted EBITDA with Tax Attributes of $50.1 million.

Operational performance was hampered by a previously disclosed unplanned outage at the Shreveport facility due to crude supply contamination, which resulted in a production loss of approximately 750,000 barrels.

The Specialty Products and Solutions (SPS) segment reported adjusted EBITDA of $44.3 million, down from $56.3 million a year ago, as the facility only returned to normal operations in early April.

The centerpiece of Calumet’s growth strategy, Montana Renewables, completed its planned turnaround and successfully commenced MaxSAF 150 operations in early May.

This expansion allows the facility to produce between 120 million and 150 million gallons of Sustainable Aviation Fuel (SAF) annually.

The segment reported adjusted EBITDA with Tax Attributes of $10.2 million for the quarter, a figure expected to rise sharply as the new capacity comes online.