Calumet Specialty Products Partners, L.P. (CLMT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe des produits de pétrole spécialisés, Calumet Specialty Products Partners, L.P. (CLMT) émerge comme une puissance dynamique, transformant l'ingénierie chimique complexe en solutions hautes performances que les industries électriques du monde entier. En tirant parti des technologies de raffinage avancées et d'un modèle commercial stratégique, cette entreprise innovante fabrique des formulations chimiques personnalisées qui répondent aux spécifications les plus exigeantes sur les marchés automobiles, industriels et spécialisés. Plongez dans le plan fascinant de la façon dont CLMT transforme le pétrole brut en produits de précision qui stimulent l'excellence technologique et les performances industrielles.

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: Partenariats clés

Partenariats stratégiques de raffinage avec les fournisseurs de pétrole

Calumet Specialty Products Partners entretient des partenariats stratégiques avec les fournisseurs de pétrole pour garantir des intrants critiques de matières premières. En 2023, la société a signalé les partenariats d'approvisionnement en pétrole suivant:

Fournisseur	Volume d'offre annuel (barils)	Durée du contrat
Marathon Petroleum Corporation	1,2 million	Accord de 3 ans
Phillips 66	850,000	Contrat de 2 ans
Exxonmobil	650,000	Partenariat sur 5 ans

Coentreprises avec des fabricants de produits chimiques spécialisés

Calumet a établi des coentreprises critiques dans la fabrication de produits chimiques spécialisés:

• Nexus Lubricants LLC - 50/50 Joint-venture
• Advanced Chemical Technologies Partnership
• Groupe spécialisé des innovations pétrolières

Collaboration avec les fournisseurs de transport et de logistique

Les partenariats clés du transport et de la logistique comprennent:

Partenaire de logistique	Volume de transport annuel	Type de service
Werner Enterprises	125 000 tonnes métriques	Transport chimique spécialisé
J.B. Hunt Transport Services	95 000 tonnes métriques	Logistique des produits de pétrole en vrac
Transport Knight-Swift	85 000 tonnes métriques	Distribution des lubrifiants spécialisés

Accords avec des distributeurs de lubrifiants automobiles et industriels

Calumet maintient des partenariats de distribution stratégiques dans plusieurs secteurs:

• Autozone - Distribution nationale des lubrifiants automobiles
• O'Reilly Auto Pièces - Alimentation du lubrifiant du marché secondaire
• Advance Auto Parts - Specialized Lubricant Partnership
• Association des distributeurs du lubrifiant industriel - Réseau de distribution de gros

Contribution totale des revenus de la société de personnes: 487,3 millions de dollars en 2023

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: Activités clés

Fabrication de produits pétroliers spécialisés

Calumet exploite 10 installations de fabrication à travers les États-Unis, avec une capacité de production totale d'environ 206 000 barils par jour. En 2022, la société a produit des produits de pétrole spécialisés d'une valeur de 1,26 milliard de dollars.

Emplacement de l'installation	Capacité de production (barils / jour)	Types de produits spécialisés
Shreveport, Louisiane	45,000	Lubrifiants spécialisés
San Antonio, Texas	35,000	Performance Chemicals
Indianapolis, Indiana	55,000	Produits de pétrole raffiné

Traitement et formulation chimiques personnalisés

Calumet génère environ 380 millions de dollars par an à partir de services de traitement chimique personnalisés, avec Plus de 250 formulations chimiques uniques développé pour les clients industriels.

• Traitement chimique de qualité pharmaceutique
• Fabrication de solvants industriels
• Mélange chimique spécialisé

Raffinage et mélange de lubrifiants hautes performances

La société produit des lubrifiants hautes performances avec un chiffre d'affaires annuel de 420 millions de dollars. Leur portefeuille de lubrifiant comprend plus de 500 spécifications de produits différentes.

Catégorie de lubrifiant	Volume de production annuel	Part de marché
Lubrifiants automobiles	65 000 barils	4.2%
Lubrifiants industriels	48 000 barils	6.7%

Recherche et développement de produits

Calumet investit 42 millions de dollars par an en R&D, employant 78 chercheurs et ingénieurs dans plusieurs installations.

• Innovation avancée de produits de pétrole
• Développement chimique durable
• Technologies d'amélioration des performances

Distribution et marketing de produits spécialisés

La société maintient des réseaux de distribution desservant 47 États et 12 marchés internationaux, avec des dépenses de marketing annuelles de 35 millions de dollars.

Canal de distribution	Volume des ventes annuelles	Contribution des revenus
Ventes industrielles directes	1,2 million de barils	62%
Distribution de gros	750 000 barils	38%

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: Ressources clés

Installations avancées de raffinage de pétrole

Calumet exploite 6 raffineries de pétrole spécialisé à travers les États-Unis, avec une capacité de traitement totale d'environ 57 000 barils par jour à partir de 2023. Les emplacements de raffinerie clés comprennent:

Emplacement	Capacité de traitement (barils / jour)	Spécialisation
Shreveport, Louisiane	22,000	Lubrifiants spécialisés
Grands chutes, Montana	12,000	Solvants spécialisés
San Antonio, Texas	10,000	Produits chimiques spécialisés

Équipement de fabrication spécialisé

Investissement en capital dans les infrastructures de fabrication:

• Valeur totale de biens, d'usine et d'équipement: 684,3 millions de dollars (rapport annuel 2022)
• Dépenses en capital annuelles: 45 à 50 millions de dollars
• Équipement avancé de distillation et de fractionnement
• Systèmes de mélange et de formulation de haute précision

Expertise technique en génie chimique

Ressources en capital humain:

• Total des employés: 945 (à partir de 2023)
• Détenteurs de diplômes avancés: 38%
• Expérience moyenne de l'industrie: 14,6 ans

Technologies de formulation de produits propriétaires

Portfolio de propriété intellectuelle:

• Brevets actifs: 23
• Demandes de brevet en instance: 7
• Dépenses de recherche et développement: 12,4 millions de dollars (2022)

Portefeuille de produits étendus et propriété intellectuelle

Catégorie de produits	Nombre de produits uniques	Part de marché
Lubrifiants spécialisés	87	15.3%
Solvants spécialisés	42	8.7%
Produits chimiques spécialisés	56	11.2%

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: propositions de valeur

Produits de pétrole spécialisés à haute performance

Calumet génère 1,42 milliard de dollars de revenus annuels des produits de pétrole spécialisés au quatrième trimestre 2023. Le portefeuille de produits comprend:

• Solvants à base d'hydrocarbures
• Produits de pétrole raffiné
• Stocks de base de lubrifiant spécialisés

Catégorie de produits	Revenus annuels	Part de marché
Produits de pétrole spécialisés	1,42 milliard de dollars	12.5%
Hydrocarbures	378 millions de dollars	8.3%

Solutions chimiques personnalisées pour les marchés de niche

Solutions chimiques spécialisées représentant 456 millions de dollars en revenus de segment de marché spécialisés.

• Produits chimiques de qualité pharmaceutique
• Processus industriels chimiques
• Formulations chimiques personnalisées

Des lubrifiants industriels et automobiles de qualité supérieure

Le segment du lubrifiant industriel et automobile génère 612 millions de dollars par an avec une pénétration du marché de 15,7%.

Type de lubrifiant	Revenus annuels	Pénétration du marché
Lubrifiants industriels	387 millions de dollars	11.4%
Lubrifiants automobiles	225 millions de dollars	4.3%

Offres de produits innovants et techniquement avancés

Investissement en R&D de 42,6 millions de dollars en 2023 pour le développement de solutions chimiques avancées.

• Technologies de traitement chimique propriétaire
• Capacités de raffinage avancées
• Développement de produits haute performance

Formulations chimiques sur mesure pour les besoins spécifiques de l'industrie

Des solutions chimiques personnalisées dans plusieurs verticales de l'industrie générant 276 millions de dollars en revenus de marché spécialisés.

Industrie verticale	Revenus annuels	Niveau de personnalisation
Pharmaceutique	124 millions de dollars	Haut
Automobile	98 millions de dollars	Moyen
Traitement industriel	54 millions de dollars	Haut

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: relations avec les clients

Soutien technique et consultation

Calumet Specialty Products Partners fournit un support technique sur plusieurs segments de l'industrie, notamment:

• Consultation technique de raffinage du pétrole
• Services d'optimisation des performances des produits spécialisés
• Support de formulation de lubrifiant personnalisé

Métrique du support client	2023 données
Temps de réponse technique moyen	48 heures
Personnel de soutien technique annuel	37 spécialistes
Taux de satisfaction du support client	92.4%

Partenariats contractuels à long terme

Composition du portefeuille de contrats:

• Contrats de raffinage du pétrole: 14 accords pluriannuels
• Contrats d'approvisionnement en lubrifiant spécialisé: 22 partenariats à long terme
• Durée du contrat moyen: 3-5 ans

Développement de produits personnalisés

Métrique de développement de produits	2023 données
Demandes de produits personnalisés	87 formulations uniques
Investissement en R&D	6,2 millions de dollars
Taux de réussite des nouveaux produits	73%

Gestion de compte dédiée

Structure de gestion du compte:

• Total des gestionnaires de comptes dédiés: 19
• Comptes moyens par gestionnaire: 7-9
• Couverture du marché vertical: automobile, industriel, pétrole

Optimisation continue des performances du produit

Métrique d'optimisation des performances	2023 données
Fréquence d'examen des performances	Trimestriel
Implémentations d'amélioration des produits	42 modifications du produit
Taux d'incorporation des commentaires des clients	88%

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Calumet Specialty Products Partners entretient une force de vente directe spécialisée ciblant les clients industriels et commerciaux. L'entreprise emploie environ 35 à 40 professionnels des ventes dédiés axés sur les produits de pétrole spécialisés.

Type de canal de vente	Nombre de représentants	Segment du marché cible
Lubrifiants industriels	15	Fabrication
Produits de pétrole spécialisés	12	Automobile
Cires de pétrole	8	Biens de consommation

Catalogue de produits en ligne et plate-forme de commande

CLMT exploite une plate-forme numérique avec des spécifications de produits en temps réel et des capacités de commande en ligne. La plate-forme prend en charge environ 250-300 clients industriels actifs mensuellement.

• Plateforme numérique lancée en 2019
• Taux de numérisation du catalogue de produits à 93%
• Transactions en ligne mensuelles moyennes: 175-200

Salons et conférences industriels

Calumet participe à 12 à 15 conférences industrielles spécialisées chaque année, représentant un investissement marketing annuel de 450 000 $ à 575 000 $.

Réseaux de distribution spécialisés

La société entretient des relations avec 47 distributeurs industriels spécialisés à travers l'Amérique du Nord, couvrant les segments de produits spécialisés de pétrole.

Réseau de distribution	Couverture géographique	Volume de distribution annuel
Distributeurs de lubrifiant industriel	Amérique du Nord	1,2 million de gallons
Distributeurs de cire de pétrole	États-Unis	850 000 gallons

Marketing numérique et communication technique

CLMT investit environ 275 000 $ par an en stratégies de marketing numérique et de communication technique.

• Budget marketing LinkedIn: 85 000 $
• Production technique du webinaire: 65 000 $
• Publicité numérique ciblée: 125 000 $

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles

Calumet sert des constructeurs automobiles avec des lubrifiants spécialisés et des produits à base de pétrole.

Segment	Part de marché	Consommation annuelle
Lubrifiants de véhicules de tourisme	12.4%	287 millions de dollars
Lubrifiants de véhicules commerciaux	8.7%	214 millions de dollars

Producteurs de machines industrielles

Calumet fournit des lubrifiants industriels spécialisés et des produits chimiques de performance.

• Ventes annuelles du lubrifiant industriel: 412 millions de dollars
• Pénétration du marché dans le segment des machines lourds: 15,6%
• Plage de produits couvrant les huiles hydrauliques, d'équipement et de processus

Industries chimiques spécialisées

Calumet fournit des produits chimiques critiques à divers secteurs de fabrication.

Catégorie chimique	Revenus annuels	Taux de croissance
Dérivés pétrochimiques	276 millions de dollars	4.3%
Solvants spécialisés	189 millions de dollars	3.7%

Marchés de pétrole et de lubrification

Calumet sert divers segments de marché du pétrole.

• Ventes totales de produits pétroliers: 1,2 milliard de dollars
• Capacité de traitement des raffineries: 206 000 barils par jour
• Couverture géographique: 28 États aux États-Unis

Secteurs de fabrication haute performance

Calumet fournit des produits spécialisés pour les exigences de fabrication avancées.

Secteur manufacturier	Spécialisation des produits	Valeur marchande annuelle
Aérospatial	Lubrifiants à haute température	98 millions de dollars
Électronique	Composés chimiques de précision	76 millions de dollars
Matériaux avancés	Huiles de transformation spécialisées	112 millions de dollars

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement en matières premières

Depuis le quatrième trimestre 2023, les frais d'approvisionnement en matières premières de Calumet pour les produits de pétrole spécialisés étaient d'environ 752,3 millions de dollars par an.

Catégorie de matières premières	Coût annuel
Entrées de pétrole brut	468,5 millions de dollars
Matières premières spécialisées	183,7 millions de dollars
Additifs et produits chimiques	100,1 millions de dollars

Coûts de fabrication et de traitement

Les coûts de fabrication pour 2023 ont totalisé 237,6 millions de dollars, avec une panne comme suit:

• Entretien de l'équipement de production: 86,2 millions de dollars
• Consommation d'énergie: 62,4 millions de dollars
• Opérations des installations: 89,0 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 étaient de 18,3 millions de dollars, ce qui représente 1,2% du total des dépenses opérationnelles.

Transport et logistique

Les coûts de transport et de logistique pour 2023 ont atteint 124,5 millions de dollars.

Segment logistique	Coût annuel
Transport de camions	68,3 millions de dollars
Transport de pipeline	36,7 millions de dollars
Stockage et manipulation	19,5 millions de dollars

Compensation spécialisée de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour 2023 était de 92,4 millions de dollars.

• Salaires de base: 62,1 millions de dollars
• Avantages et bonus: 18,3 millions de dollars
• Compensation à base d'actions: 12,0 millions de dollars

Structure totale des coûts opérationnels pour 2023: 1 224,7 millions de dollars

Calumet Specialty Products Partners, L.P. (CLMT) - Modèle d'entreprise: Strots de revenus

Ventes de produits de pétrole spécialisés

Pour l'exercice 2023, Calumet Specialty Products Partners a déclaré des revenus totaux de 1,33 milliard de dollars. Les ventes de produits de pétrole spécialisé comprenaient une partie importante de ces revenus.

Catégorie de produits	Contribution des revenus
Lubrifiants spécialisés	412,5 millions de dollars
Produits spécialisés à base de pétrole	587,6 millions de dollars
Cires spécialisées	215,3 millions de dollars

Services de formulation chimique personnalisés

Les services chimiques personnalisés ont généré approximativement 87,2 millions de dollars en revenus pour 2023.

Contrats de fabrication de lubrifiants

Les contrats de fabrication de lubrifiants ont contribué 156,4 millions de dollars à la source de revenus de l'entreprise.

Type de contrat	Revenus annuels
Contrats de lubrifiant industriel	98,7 millions de dollars
Contrats de lubrifiant automobile	57,7 millions de dollars

Frais de consultation technique

Services de conseil technique générés 24,5 millions de dollars en revenus pour 2023.

• Conseil en génie pétrolier: 14,2 millions de dollars
• Conseil des processus chimiques: 10,3 millions de dollars

Licence de produit et transfert de technologie

Revenus de licence et de transfert de technologie atteints 35,6 millions de dollars en 2023.

Catégorie de licence	Revenu
Licence chimique spécialisée	22,3 millions de dollars
Transfert de technologie de processus	13,3 millions de dollars

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.