Calumet Specialty Products Partners, L.P. (CLMT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de los productos petroleros especializados, Calumet Specialty Products Partners, L.P. (CLMT) surge como una potencia dinámica, transformando la ingeniería química compleja en soluciones de alto rendimiento que las industrias eléctricas en todo el mundo. Al aprovechar las tecnologías avanzadas de refinación y un modelo de negocio estratégico, esta innovadora empresa elabora formulaciones químicas personalizadas que cumplen con las especificaciones más exigentes en los mercados automotrices, industriales y especializados. Sumérgete en el fascinante modelo de cómo CLMT convierte el petróleo crudo en productos diseñados con precisión que impulsan la excelencia tecnológica y el rendimiento industrial.

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas de refinación con proveedores de petróleo

Calumet Specialty Products Partners mantiene asociaciones estratégicas con proveedores de petróleo para asegurar entradas críticas de materias primas. A partir de 2023, la compañía informó las siguientes asociaciones de suministro de petróleo:

Proveedor	Volumen anual de suministro (barriles)	Duración del contrato
Marathon Petroleum Corporation	1.2 millones	Acuerdo de 3 años
Phillips 66	850,000	Contrato de 2 años
Exxonmobil	650,000	Asociación de 5 años

Empresas conjuntas con fabricantes de productos químicos especializados

Calumet ha establecido empresas conjuntas críticas en fabricación de productos químicos especializados:

• Nexus Lubricants LLC - Ventura conjunta 50/50
• Asociación avanzada de tecnologías químicas
• Grupo de innovaciones petroleras especializadas

Colaboración con proveedores de transporte y logística

Las asociaciones clave de transporte y logística incluyen:

Socio de logística	Volumen de transporte anual	Tipo de servicio
Werner Enterprises	125,000 toneladas métricas	Transporte químico especializado
Servicios de transporte de J.B. Hunt	95,000 toneladas métricas	Logística de productos de petróleo a granel
Transporte Knight-Swift	85,000 toneladas métricas	Distribución de lubricante especializado

Acuerdos con distribuidores de lubricantes automotrices e industriales

Calumet mantiene asociaciones de distribución estratégica en múltiples sectores:

• Autozone - Distribución de lubricantes automotrices nacionales
• O'Reilly Auto Parts - Supplio de lubricante del mercado de accesorios
• Advance Auto Parts - Asociación de lubricante especializado
• Asociación de Distribuidores de Lubricantes Industriales - Red de distribución al por mayor

Contribución total de ingresos de la asociación: $ 487.3 millones en 2023

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocio: actividades clave

Manufactura de productos de petróleo especializado

Calumet opera 10 instalaciones de fabricación en los Estados Unidos, con una capacidad de producción total de aproximadamente 206,000 barriles por día. En 2022, la compañía produjo productos de petróleo especializados valorados en $ 1.26 mil millones.

Ubicación de la instalación	Capacidad de producción (barriles/día)	Tipos de productos especializados
Shreveport, Louisiana	45,000	Lubricantes especializados
San Antonio, Texas	35,000	Químicos de rendimiento
Indianápolis, Indiana	55,000	Productos de petróleo refinados

Procesamiento y formulación de productos químicos personalizados

Calumet genera aproximadamente $ 380 millones anuales a partir de servicios de procesamiento químico personalizado, con Más de 250 formulaciones químicas únicas desarrollado para clientes industriales.

• Procesamiento químico de grado farmacéutico
• Fabricación de solventes industriales
• Mezcla química especializada

Refinación y mezcla de lubricantes de alto rendimiento

La compañía produce lubricantes de alto rendimiento con ingresos anuales de $ 420 millones. Su cartera de lubricantes incluye más de 500 especificaciones diferentes de productos.

Categoría de lubricante	Volumen de producción anual	Cuota de mercado
Lubricantes automotrices	65,000 barriles	4.2%
Lubricantes industriales	48,000 barriles	6.7%

Investigación y desarrollo de productos

Calumet invierte $ 42 millones anuales en I + D, empleando a 78 científicos e ingenieros de investigación en múltiples instalaciones.

• Innovación avanzada de productos petroleros
• Desarrollo químico sostenible
• Tecnologías de mejora del rendimiento

Distribución y marketing de productos especializados

La compañía mantiene redes de distribución que atienden a 47 estados y 12 mercados internacionales, con gastos anuales de marketing de $ 35 millones.

Canal de distribución	Volumen de ventas anual	Contribución de ingresos
Ventas industriales directas	1,2 millones de barriles	62%
Distribución al por mayor	750,000 barriles	38%

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocios: recursos clave

Instalaciones avanzadas de refinación de petróleo

Calumet opera 6 refinerías de petróleo especializadas en los Estados Unidos, con una capacidad de procesamiento total de aproximadamente 57,000 barriles por día a partir de 2023. Las ubicaciones clave de la refinería incluyen:

Ubicación	Capacidad de procesamiento (barriles/día)	Especialización
Shreveport, Louisiana	22,000	Lubricantes especializados
Great Falls, Montana	12,000	Solventes especializados
San Antonio, Texas	10,000	Químicos especializados

Equipo de fabricación especializado

Inversión de capital en infraestructura de fabricación:

• Total de propiedad, planta y valor del equipo: $ 684.3 millones (informe anual de 2022)
• Gastos de capital anuales: $ 45-50 millones
• Equipo avanzado de destilación y fraccionamiento
• Sistemas de mezcla y formulación de alta precisión

Experiencia técnica en ingeniería química

Recursos de capital humano:

• Total de empleados: 945 (a partir de 2023)
• Titulares de grado avanzado: 38%
• Experiencia de la industria promedio: 14.6 años

Tecnologías de formulación de productos patentadas

Cartera de propiedades intelectuales:

• Patentes activas: 23
• Aplicaciones de patentes pendientes: 7
• Gastos de investigación y desarrollo: $ 12.4 millones (2022)

Extensa cartera de productos y propiedad intelectual

Categoría de productos	Número de productos únicos	Cuota de mercado
Lubricantes especializados	87	15.3%
Solventes especializados	42	8.7%
Químicos especializados	56	11.2%

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocio: propuestas de valor

Productos petrolíferos especializados de alto rendimiento

Calumet genera $ 1.42 mil millones en ingresos anuales de productos petroleros especializados a partir del cuarto trimestre de 2023. La cartera de productos incluye:

• Solventes a base de hidrocarburos
• Productos de petróleo refinados
• Existencias de base de lubricante especializado

Categoría de productos	Ingresos anuales	Cuota de mercado
Productos petroleros especiales	$ 1.42 mil millones	12.5%
Solventes de hidrocarburos	$ 378 millones	8.3%

Soluciones químicas personalizadas para nicho de mercado

Las soluciones químicas especializadas representan $ 456 millones en ingresos de segmento de mercado especializados.

• Químicos de grado farmacéutico
• Productos químicos del proceso industrial
• Formulaciones químicas personalizadas

Lubricantes industriales y automotrices de calidad superior

El segmento de lubricante industrial y automotriz genera $ 612 millones anuales con una penetración del mercado del 15,7%.

Tipo lubricante	Ingresos anuales	Penetración del mercado
Lubricantes industriales	$ 387 millones	11.4%
Lubricantes automotrices	$ 225 millones	4.3%

Ofertas de productos innovadoras y técnicamente avanzadas

Inversión en I + D de $ 42.6 millones en 2023 para desarrollar soluciones químicas avanzadas.

• Tecnologías de procesamiento químico patentado
• Capacidades avanzadas de refinación
• Desarrollo de productos de alto rendimiento

Formulaciones químicas personalizadas para necesidades específicas de la industria

Soluciones químicas personalizadas en múltiples verticales de la industria que generan $ 276 millones en ingresos especializados del mercado.

De la industria vertical	Ingresos anuales	Nivel de personalización
Farmacéutico	$ 124 millones	Alto
Automotor	$ 98 millones	Medio
Procesamiento industrial	$ 54 millones	Alto

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocios: relaciones con los clientes

Soporte técnico y consulta

Calumet Specialty Products Partners brinda soporte técnico en múltiples segmentos de la industria, que incluyen:

• Consulta técnica de refinación de petróleo
• Servicios de optimización de rendimiento de productos especializados
• Soporte de formulación lubricante personalizada

Métrica de soporte al cliente	2023 datos
Tiempo de respuesta técnica promedio	48 horas
Personal anual de soporte técnico	37 especialistas
Tasa de satisfacción de atención al cliente	92.4%

Asociaciones contractuales a largo plazo

Composición de cartera de contratos:

• Contratos de refinación de petróleo: 14 acuerdos de varios años
• Contratos de suministro de lubricantes especializados: 22 asociaciones a largo plazo
• Duración promedio del contrato: 3-5 años

Desarrollo de productos personalizado

Métrica de desarrollo de productos	2023 datos
Solicitudes de productos personalizados	87 formulaciones únicas
Inversión de I + D	$ 6.2 millones
Tasa de éxito del nuevo producto	73%

Gestión de cuentas dedicada

Estructura de gestión de cuentas:

• Total de gerentes de cuentas dedicados: 19
• Cuentas promedio por gerente: 7-9
• Cobertura del mercado vertical: automotriz, industrial, petróleo

Optimización continua del rendimiento del producto

Métrica de optimización del rendimiento	2023 datos
Frecuencia de revisión del desempeño	Trimestral
Implementaciones de mejora de productos	42 Modificaciones de productos
Tasa de incorporación de comentarios de los clientes	88%

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Calumet Specialty Products Partners mantiene una fuerza de ventas directas especializada dirigida a clientes industriales y comerciales. La compañía emplea aproximadamente 35-40 profesionales de ventas dedicados centrados en productos de petróleo especializados.

Tipo de canal de ventas	Número de representantes	Segmento del mercado objetivo
Lubricantes industriales	15	Fabricación
Productos petroleros especiales	12	Automotor
Ceras de petróleo	8	Bienes de consumo

Catálogo de productos en línea y plataforma de pedido

CLMT opera una plataforma digital con especificaciones de productos en tiempo real y capacidades de pedido en línea. La plataforma admite aproximadamente 250-300 clientes industriales activos mensualmente.

• Plataforma digital lanzada en 2019
• 93% de la tasa de digitalización del catálogo de productos
• Transacciones en línea mensuales promedio: 175-200

Ferias y conferencias de comercio industrial

Calumet participa en 12-15 conferencias industriales especializadas anualmente, lo que representa una inversión de marketing anual de $ 450,000- $ 575,000.

Redes de distribución especializadas

La compañía mantiene relaciones con 47 distribuidores industriales especializados en América del Norte, que cubren segmentos de productos especializados de petróleo.

Red de distribución	Cobertura geográfica	Volumen de distribución anual
Distribuidores de lubricantes industriales	América del norte	1.2 millones de galones
Distribuidores de cera de petróleo	Estados Unidos	850,000 galones

Marketing digital y comunicación técnica

CLMT invierte aproximadamente $ 275,000 anuales en estrategias de marketing digital y comunicación técnica.

• Presupuesto de marketing de LinkedIn: $ 85,000
• Producción técnica de seminarios web: $ 65,000
• Publicidad digital dirigida: $ 125,000

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocio: segmentos de clientes

Fabricantes de automóviles

Calumet sirve a fabricantes automotrices con lubricantes especializados y productos a base de petróleo.

Segmento	Cuota de mercado	Consumo anual
Lubricantes de vehículos de pasajeros	12.4%	$ 287 millones
Lubricantes de vehículos comerciales	8.7%	$ 214 millones

Productores de maquinaria industrial

Calumet proporciona lubricantes industriales especializados y productos químicos de rendimiento.

• Ventas anuales de lubricantes industriales: $ 412 millones
• Penetración del mercado en segmento de maquinaria pesada: 15.6%
• Rango de productos que cubre aceites hidráulicos, de equipo y de proceso

Industrias químicas especializadas

Calumet suministra productos químicos críticos a varios sectores de fabricación.

Categoría química	Ingresos anuales	Índice de crecimiento
Derivados petroquímicos	$ 276 millones	4.3%
Solventes especializados	$ 189 millones	3.7%

Mercados de petróleo y lubricación

Calumet sirve diversos segmentos del mercado de petróleo.

• Ventas de productos totales de petróleo: $ 1.2 mil millones
• Capacidad de procesamiento de refinería: 206,000 barriles por día
• Cobertura geográfica: 28 estados en los Estados Unidos

Sectores de fabricación de alto rendimiento

Calumet ofrece productos especializados para requisitos de fabricación avanzados.

Sector manufacturero	Especialización de productos	Valor de mercado anual
Aeroespacial	Lubricantes de alta temperatura	$ 98 millones
Electrónica	Compuestos químicos de precisión	$ 76 millones
Materiales avanzados	Aceites de procesamiento especializados	$ 112 millones

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de materia prima

A partir del cuarto trimestre de 2023, los gastos de adquisición de materias primas de Calumet para productos de petróleo especializados fueron de aproximadamente $ 752.3 millones anuales.

Categoría de materia prima	Costo anual
Entradas de petróleo crudo	$ 468.5 millones
Materias primas especiales	$ 183.7 millones
Aditivos y productos químicos	$ 100.1 millones

Costos de fabricación y procesamiento

Los costos de fabricación para 2023 totalizaron $ 237.6 millones, con un desglose de la siguiente manera:

• Mantenimiento del equipo de producción: $ 86.2 millones
• Consumo de energía: $ 62.4 millones
• Operaciones de la instalación: $ 89.0 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 18.3 millones, lo que representa el 1.2% de los gastos operativos totales.

Transporte y logística

Los costos de transporte y logística para 2023 alcanzaron los $ 124.5 millones.

Segmento logístico	Costo anual
Transporte de camiones	$ 68.3 millones
Transporte de tuberías	$ 36.7 millones
Almacenamiento y manejo	$ 19.5 millones

Compensación de la fuerza laboral especializada

La compensación total de la fuerza laboral para 2023 fue de $ 92.4 millones.

• Salarios base: $ 62.1 millones
• Beneficios y bonificaciones: $ 18.3 millones
• Compensación basada en acciones: $ 12.0 millones

Estructura de costos operativos totales para 2023: $ 1,224.7 millones

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negocios: flujos de ingresos

Venta de productos de petróleo especializado

Para el año fiscal 2023, Calumet Specialty Products Partners reportó ingresos totales de $ 1.33 mil millones. Las ventas especializadas en productos petroleros comprendían una parte significativa de estos ingresos.

Categoría de productos	Contribución de ingresos
Lubricantes especializados	$ 412.5 millones
Productos especializados a base de petróleo	$ 587.6 millones
Ceras especializadas	$ 215.3 millones

Servicios de formulación química personalizada

Servicios químicos personalizados generados aproximadamente $ 87.2 millones en ingresos para 2023.

Contratos de fabricación de lubricantes

Contratos de fabricación de lubricantes aportados $ 156.4 millones al flujo de ingresos de la empresa.

Tipo de contrato	Ingresos anuales
Contratos de lubricantes industriales	$ 98.7 millones
Contratos de lubricante automotriz	$ 57.7 millones

Tarifas de consultoría técnica

Servicios de consultoría técnica generados $ 24.5 millones en ingresos para 2023.

• Consultoría de ingeniería de petróleo: $ 14.2 millones
• Consultoría de procesos químicos: $ 10.3 millones

Licencias de productos y transferencia de tecnología

Licencias y ingresos de transferencia de tecnología alcanzados $ 35.6 millones en 2023.

Categoría de licencias	Ganancia
Licencias de productos químicos especializados	$ 22.3 millones
Transferencia de tecnología de proceso	$ 13.3 millones

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Value Propositions

High-margin, customized specialty products deliver a material margin of $66.17/bbl in the Specialty Products and Solutions segment for the second quarter of 2025, up from $62.44/bbl in the second quarter of 2024. This segment posted an Adjusted EBITDA of $66.8 million in the second quarter of 2025. This performance was achieved despite a planned, month-long turnaround at the Shreveport facility.

Calumet Specialty Products Partners, L.P. offers value through its focus on low-emission Sustainable Aviation Fuel (SAF) and renewable diesel production via Montana Renewables. The company remains on track to achieve 120-150 million gallons of annualized SAF production capacity by the second quarter of 2026. Furthermore, as of the third quarter of 2025, approximately 100 million gallons of post-expansion SAF volumes are fully committed or deep in contracting.

The company has demonstrated the ability to capture a premium on its renewable fuels, specifically noting an expected $1-$2 per gallon premium for SAF over renewable diesel. The Montana/Renewables segment generated an Adjusted EBITDA with Tax Attributes of $16.3 million in the third quarter of 2025, up from $14.6 million in the prior year period.

The core offering includes essential products that serve diverse end-markets. These products are used in:

• Consumer applications.
• Industrial applications.
• Automotive applications.

Calumet Specialty Products Partners, L.P. maintains supply chain stability through its North American footprint, operating nine manufacturing facilities across locations including northwest Louisiana and northern Montana. The company has also driven significant cost discipline, delivering $61 million in year-over-year operating cost savings through the first nine months of 2025.

Here's a look at the Specialty Products and Solutions segment performance supporting the high-margin value proposition:

Metric	Q2 2025 Data	Q2 2024 Data
SPS Adjusted EBITDA (Millions USD)	$66.8	$72.7
Specialty Products Margin (per barrel)	$66.17	$62.44
Specialty Sales Volume (k bpd)	Exceeding 20,000 (Third consecutive quarter)	N/A

The company continues to execute on commercial excellence, which helps secure contracted homes at higher margins rather than relying on the spot market. This focus on product and market diversification helps ensure the resilience of specialty margins.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Customer Relationships

You're looking at how Calumet Specialty Products Partners, L.P. (CLMT) keeps its diverse customer base locked in, moving from bespoke chemical needs to massive renewable fuel commitments. It's a dual-focus approach, really, balancing high-touch service with large-scale, long-term volume placement.

Consultative and technical support for customized specialty product co-development

For the core Specialty Products and Solutions (SPS) business, the relationship is deep. Calumet Specialty Products Partners, L.P. emphasizes offering more technical support and bespoke services compared to competitors. This approach helps secure sticky demand, as evidenced by the consistent operational performance in this segment. The SPS segment posted sales volume exceeding 20,000 barrels per day for the fourth consecutive quarter through the third quarter of 2025. Furthermore, specialty products margins were strong, hitting more than $66 per barrel in the second quarter of 2025. Back in fiscal year 2023, the company served approximately 2,400 customers with a range of over 1,900 specialty and fuels products.

Long-term, high-volume contracts for renewable fuels (e.g., 100 million gallons of committed SAF)

The Montana/Renewables (MR) segment is all about locking in future volume for Sustainable Aviation Fuel (SAF). This is where the big, forward-looking commitments happen. As of late 2025, approximately 100 million gallons of SAF are fully committed or deep in contracting. This commitment is part of a larger expansion plan. The company is on track to achieve 120-150 million gallons of annualized SAF production capacity by the second quarter of 2026. The ultimate goal for the MaxSAF initiative is to reach 300 million gallons per year of SAF capacity by 2028. The initial, accelerated phase to bring 120 MMgy to 150 MMgy of SAF capacity online by early 2026 required a capital outlay of only $20 million to $30 million.

Dedicated account management for large industrial and aviation customers

For the large-scale renewable fuel buyers, dedicated management is key to navigating complex regulatory frameworks and long-term supply agreements. While specific account manager headcount isn't public, the success in placing SAF volume speaks to this focus. The MR segment generated $17.1 million of Adjusted EBITDA with Tax Attributes in the third quarter of 2025.

Standardized retail relationships for Performance Brands (e.g., TruFuel)

The Performance Brands (PB) segment, which includes the TruFuel brand, relies on more standardized retail relationships, though commercial improvements are still driving results. The segment posted an Adjusted EBITDA of $13.2 million in the third quarter of 2025. The sales volume for this segment was 6.7 million gallons in the second quarter of 2025, following a 7% increase in sales volume during the first quarter of 2025.

Commercial excellence program focused on customer-centricity

The company's focus on customer-centricity is formalized through its commercial excellence program, which is credited with driving strong performance across the specialties portfolio. This focus is clearly linked to operational efficiency gains that benefit the customer. Company-wide cost reduction initiatives delivered $61 million of year-over-year operating cost savings through the first nine months of 2025.

Here's a quick look at the segment performance that reflects these customer-facing efforts through Q3 2025:

Segment	Q3 2025 Adjusted EBITDA (Millions USD)	Key Customer/Volume Metric
Specialty Products and Solutions (SPS)	$80.2	Sales volume exceeded 20,000 bpd for the fourth consecutive quarter
Performance Brands (PB)	$13.2	Sales volume of 6.7 million gallons in Q2 2025
Montana/Renewables (MR)	$17.1 (with Tax Attributes)	Approximately 100 million gallons of SAF fully committed or deep in contracting

The overall Adjusted EBITDA with Tax Attributes for the entire company reached $92.5 million in the third quarter of 2025.

If onboarding those new SAF customers takes longer than expected, the realization of those committed volumes could slip. Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Channels

You're looking at how Calumet Specialty Products Partners, L.P. gets its diverse products-from specialty oils to renewable fuels-into the hands of end-users. The channel strategy is clearly segmented to match the product type, which makes sense given the pivot to high-margin specialties and renewables.

The company uses a direct sales force to reach industrial and business-to-business (B2B) customers for its Specialty Products and Solutions segment. This direct approach is critical for specialty applications that often require long customer approval processes, which can take from six months to two years for some products. For the Performance Brands, which include consumer-facing products like those under the Royal Purple and Bel-Ray brands, the approach shifts to leveraging established third-party networks.

The scale of their reach is significant. Calumet products are available in more than 90 countries across the world, serving nearly 2,500 customers globally through their global distribution network as of early 2025. For context, in fiscal year 2022, they sold specialty products to approximately 2,200 customers.

The logistics backbone is complex, relying heavily on owned and third-party infrastructure to move bulk and finished goods. The Shreveport facility, for instance, has direct pipeline access to the Enterprise Products Partners L.P. pipeline (TEPPCO pipeline) for shipping certain grades of gasoline, diesel, and jet fuel. It also has barge access via the Red River Terminal to the Mississippi River and Gulf Coast inland waterway system for both feedstocks and products. The Wisconsin Refinery also connects to the Magellan system pipeline, alongside its rail racks and marine terminal.

Here's a look at the structure supporting these channels:

• The company operates at 12 specialty product manufacturing and production facilities across North America.
• International shipments accounted for less than 10% of consolidated sales in 2023.
• The Specialty Products and Solutions segment posted sales volume exceeding 20,000 barrels per day for four consecutive quarters as of Q3 2025.
• Performance Brands volume grew 7% year over year in Q1 2025.

The channels are differentiated by segment, as you'd expect. The table below summarizes the known scale and access points for the various product lines:

Channel Type	Product Focus	Metric/Access Point	Latest Reported Value/Scope
Direct Sales Force	Specialty Products and Solutions	Industrial/B2B Customer Count (FY 2022)	Approximately 2,200 customers
Global Distribution Network	Specialty Products and Solutions, Performance Brands, Renewables	Countries Served (as of April 2025)	More than 90 countries
Wholesale Distributors	Fuel Products, Performance Brands	Customer Type	Explicitly mentioned customer base segment
Retail Chains and Big-Box Stores	Fuel Products, Performance Brands	Customer Type	Explicitly mentioned customer base segment
Rail and Pipeline Logistics	Bulk Fuels, Feedstocks, Specialty Products	Pipeline Access Points	TEPPCO pipeline, Magellan system pipeline, Red River Terminal (barge access)

For Performance Brands, the reliance on wholesale distributors and retail chains and big-box stores is how they reach the consumer-facing markets. While the exact number of these partners isn't explicitly stated in the latest filings I have, the structure implies a broad, established network for their branded consumer products.

The Montana/Renewables segment, focused on Sustainable Aviation Fuel (SAF), is on track to achieve 120-150 million gallons of annualized SAF production by Q2 2026, with approximately 100 million gallons already fully committed or deep in contracting as of Q3 2025. This commitment level directly informs the near-term channel capacity needed for that segment.

Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Calumet Specialty Products Partners, L.P. (CLMT) as of late 2025, and it's clearly split between high-margin niche products and the rapidly growing renewable fuels sector. The company's trailing twelve-month (TTM) revenue as of November 2025 sits at $4.04 Billion USD. The customer segments reflect this dual focus.

Industrial manufacturers requiring customized lubricating oils, waxes, and solvents

This group forms the core of the Specialty Products and Solutions (SPS) segment, which is the company's reliable profit engine. For the third quarter of 2025, the SPS segment delivered an Adjusted EBITDA of $80.2 million. Segment sales revenue for Q3 2025 was reported at $679.10 million. Customer demand here is sustained, with specialty product sales volume exceeding 20,000 barrels per day (bpd) for the third consecutive quarter in Q3 2025. The company continues to target a mid-cycle margin level of $60 per barrel for these specialty products. In the first quarter of 2025, the segment sold roughly 23,000 barrels per day of specialty products.

Global aviation industry seeking Sustainable Aviation Fuel (SAF) mandates

This segment is centered around the Montana Renewables (MR) facility, which is undergoing a massive expansion to meet global decarbonization targets. Calumet Specialty Products Partners, L.P. expects to produce 120 million to 150 million gallons of SAF annually by the end of 2026. As of November 2025, approximately 100 million gallons of SAF volumes are already fully contracted or in final review. The expansion project secured a Department of Energy (DOE) loan release of $782 million in February 2025 to help fund this growth. The expanded renewable diesel/SAF unit is slated to reach a capacity of 31,000 barrels per day (BBL/d), or 450 million gallons per year (gal/yr). The MR segment contributed $17.1 million of Adjusted EBITDA with Tax Attributes in Q3 2025.

Consumer-facing markets (e.g., personal care, food processing, water treatment)

Customers in these areas are served primarily through the Performance Brands (PB) segment, which focuses on high-performance consumer and light industrial products. The PB segment reported an Adjusted EBITDA of $13.2 million for the third quarter of 2025. This segment benefited from strong margin performance, especially in its key brands. The company completed the sale of the Royal Purple® industrial business in March 2025, streamlining the focus of this segment.

Wholesale distributors and retail consumers of Performance Brands (e.g., TruFuel)

The TruFuel brand is a key driver for the Performance Brands segment. In the first quarter of 2025, this segment saw seven percent growth in year-over-year sales volumes, which included continued volume and margin growth for the TruFuel brand. The segment's Q1 2025 Adjusted EBITDA was $15.8 million. The customer base here relies on the distribution network for these specialized consumer fuels and related products.

Government and military entities for specialized fuel and lubricant needs

While direct sales volume data to government or military entities is not itemized, the significant financial interaction with the U.S. government via the DOE loan highlights a critical relationship supporting the renewable fuels customer segment. The $782 million DOE loan is a direct financial commitment from a government entity supporting the expansion to serve future SAF customers. The overall company production across all facilities in Q3 2025 was 88,668 barrels per day.

Here's a quick look at the segment profitability for the third quarter of 2025:

Segment	Q3 2025 Adjusted EBITDA (with Tax Attributes)	Key Activity/Focus
Specialty Products and Solutions (SPS)	$80.2 million	Customized lubricating oils, waxes, solvents
Montana/Renewables (MR)	$17.1 million	Sustainable Aviation Fuel (SAF) production ramp-up
Performance Brands (PB)	$13.2 million	TruFuel brand sales volume growth

The company-wide cost reduction initiatives delivered $61 million of year-over-year operating cost savings through the first nine months of 2025, which benefits all customer segments through improved operational stability.

You can see the diversity in their customer base by looking at the segment contributions to the total Adjusted EBITDA with Tax Attributes of $92.5 million for Q3 2025.

• Industrial/Specialty Products: The largest contributor to segment-level profitability.
• Renewables: Growing contribution tied to SAF contract execution.
• Performance Brands: Stable consumer market presence.

Finance: Review the Q3 2025 segment-level Adjusted EBITDA to see which value is driving the most profit by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Calumet Specialty Products Partners, L.P. faces to keep its twelve facilities running and its growth engine, Montana Renewables (MRL), expanding. It's a mix of commodity swings and big project spending.

Raw material and feedstock costs (crude oil, seed oils, tallow)

The MRL expansion is set to double the annual purchase of seed oils and tallow from approximately 1.5 billion pounds per year to 3 billion pounds per year post-expansion. The cost of commonly used industry feedstock, like UCO (used cooking oil), may increase due to external factors.

Operating expenses, including utilities and labor for 12 facilities

Calumet Specialty Products Partners, L.P. operates twelve facilities throughout North America. The company-wide cost discipline is showing up in the numbers; cost reduction initiatives drove a \$61 million year-over-year operating cost savings through the first nine months of 2025. Specifically for the MRL segment, operating costs were reported at \$0.40 per gallon in the third quarter of 2025, continuing a trend of operational cost improvement over eight consecutive quarters (excluding a turnaround in Q4 2024). The Specialty Products and Solutions (SPS) segment also reflected fixed cost reduction in its Q3 2025 Adjusted EBITDA performance.

Cost Component	Metric/Period	Reported Value
Operating Cost Savings (Company-wide)	Year-over-year through first nine months of 2025	\$61 million
MRL Operating Costs	Q3 2025	\$0.40 per gallon
Corporate Adjusted EBITDA Costs	Q3 2025	$(18.0) million

Capital expenditures for MRL's MaxSAF expansion (e.g., $40-60 million projected for 2025)

The streamlined MaxSAF project, aimed at boosting SAF capacity to 120 to 150 million gallons per year (MMgy) by the second quarter of 2026, has a stated capital cost of \$20 to \$30 million for this initial phase. The overall expansion is funded in part by the \$1.44 billion DOE loan, with a Tranche 2 delay draw term loan of up to \$662 million planned for 2025-2028 to fund the MaxSAF construction going forward.

Debt service and financing costs, though the DOE loan has zero cash interest for ~4 years

The \$1.44 billion Department of Energy (DOE) guaranteed loan facility, closed in early 2025, is structured to eliminate cash interest or amortization for the first $\sim 4$ years, with a 4.8% interest rate thereafter. This new financing is expected to save Calumet Specialty Products Partners, L.P. roughly \$80 million annually in cash interest expense by eliminating third-party debt. The company is targeting \$800 million in restricted group debt.

Regulatory compliance costs for the Renewable Fuel Standard (RFS) and low-carbon fuels

Regulatory certainty is a major factor; relief from EPA Small Refinery Exemptions slashed RINs (Renewable Identification Numbers) liabilities from 396 million to 89 million. For the Montana/Renewables (MR) segment in Q3 2025, the calculation of Adjusted EBITDA with Tax Attributes included \$22.9 million in Tax Attributes (87% allocation). Furthermore, the value of the $45\text{Z}$ clean fuel production credit is estimated to be reduced by approximately 40 cents to 50 cents per gallon for the company's SAF due to a cap of \$1 per gallon instead of the previous $\$1.75$ per gallon.

• RINs Liabilities Reduction (due to regulatory relief): 396 million to 89 million.
• Production Tax Credit (PTC) generated in Q3 2025 (MRL): \$0.61 per gallon.
• Estimated reduction in $45\text{Z}$ credit value per gallon: 40 cents to 50 cents.

Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Revenue Streams

You're looking at the core ways Calumet Specialty Products Partners, L.P. brings in cash as of late 2025. It's a mix of traditional refined products, high-value specialties, and the newer, government-supported renewable fuels business. Honestly, the shift toward renewables is the big story here, but the legacy specialty business is still putting up strong numbers.

For the third quarter ended September 30, 2025, Calumet, Inc. reported total sales of USD 1,078 million compared to USD 1,100.4 million a year ago. The revenue streams are segmented operationally, and we can look at their profitability contribution via Adjusted EBITDA.

Here's a breakdown of the segment performance for the three months ended September 30, 2025:

Revenue Stream Component	Q3 2025 Adjusted EBITDA (Millions USD)	Notes
Sales of Specialty Products & Solutions (SPS)	$80.2 million	Reported record production and strong margins above $60 per barrel.
Sales of Renewable Fuels (SAF, renewable diesel) from Montana Renewables (MR)	$17.1 million	This is Adjusted EBITDA with Tax Attributes.
Performance Brands (PB)	$13.2 million	Achieved strong growth, set for another record EBITDA year for the TRUFUEL brand.
Corporate Costs (Negative Contribution)	$(18.0) million	Total corporate costs for the third quarter 2025.

The Montana Renewables segment's profitability is heavily influenced by government support mechanisms. For Q3 2025, the segment reported $17.1 million of Adjusted EBITDA with Tax Attributes. Looking deeper, the underlying operating Adjusted EBITDA for the MR segment was $(5.8) million (based on an 87% allocation), which was significantly boosted by Tax Attributes of $22.9 million (based on an 87% allocation). This shows you how critical those credits are to the segment's reported earnings.

Government incentives and tax credits are a direct, material revenue component, often recognized outside of direct product sales:

• Monetization of Production Tax Credits (PTC) in Q3 2025 was $25 million.
• An additional $15 million in PTCs was monetized in October 2025.
• The company expects to achieve roughly 95% of face value on future PTC monetization.

Sales of conventional fuels and asphalt from the Montana facility are bundled within the MR segment results, which noted strong fuels and asphalt results partially offset by low industry renewable diesel margins in Q3 2025. The overall renewable fuels strategy is focused on growth, with Montana Renewables on track to achieve 120-150 million gallons of annualized Sustainable Aviation Fuel (SAF) production by the second quarter of 2026. Plus, approximately 100 million gallons of SAF volumes are already fully committed or deep in contracting.

Performance Brands revenue, anchored by products like TruFuel, is a steady contributor to the bottom line, posting an Adjusted EBITDA of $13.2 million in Q3 2025. That brand is definitely set for another record EBITDA year.