Calumet Specialty Products Partners, L.P. (CLMT): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo intrincado de produtos de petróleo especializado, a Calumet Specialty Products Partners, L.P. (CLMT) surge como uma potência dinâmica, transformando a engenharia química complexa em soluções de alto desempenho que alimentam as indústrias em todo o mundo. Ao alavancar tecnologias avançadas de refino e um modelo de negócios estratégico, esta empresa inovadora cria formulações químicas personalizadas que atendem às especificações mais exigentes nos mercados automotivo, industrial e especializado. Mergulhe na fascinante plano de como o CLMT transforma petróleo bruto em produtos de engenharia de precisão que impulsionam a excelência tecnológica e o desempenho industrial.

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negócios: Principais parcerias

Parcerias de refino estratégico com fornecedores de petróleo

A Calumet Specialty Products Partners mantém parcerias estratégicas com fornecedores de petróleo para garantir insumos críticos de matéria -prima. A partir de 2023, a empresa relatou as seguintes parcerias de suprimentos de petróleo:

Fornecedor	Volume anual de oferta (barris)	Duração do contrato
Marathon Petroleum Corporation	1,2 milhão	Contrato de 3 anos
Phillips 66	850,000	Contrato de 2 anos
ExxonMobil	650,000	Parceria de 5 anos

Joint ventures com fabricantes de produtos químicos especializados

A Calumet estabeleceu joint ventures críticos em fabricação de produtos químicos especiais:

• Nexus Lubricants LLC - joint venture 50/50
• Parceria avançada de tecnologias químicas
• Grupo de inovações de petróleo especializado

Colaboração com provedores de transporte e logística

As principais parcerias de transporte e logística incluem:

Parceiro de logística	Volume anual de transporte	Tipo de serviço
Werner Enterprises	125.000 toneladas métricas	Transporte químico especializado
J.B. Hunt Transport Services	95.000 toneladas métricas	Logística do produto de petróleo a granel
Transporte Knight-Swift	85.000 toneladas métricas	Distribuição de lubrificante especializada

Acordos com distribuidores de lubrificantes automotivos e industriais

A Calumet mantém parcerias estratégicas de distribuição em vários setores:

• AutoZona - Distribuição de lubrificante automotiva nacional
• O'Reilly Auto Parts - suprimento de lubrificante de pós -venda
• Avance Auto Parts - Parceria de lubrificante especializada
• Associação de distribuidores de lubrificantes industriais - Rede de distribuição por atacado

Contribuição total da receita da parceria: US $ 487,3 milhões em 2023

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negócios: Atividades -chave

Fabricação especial de produto de petróleo

A Calumet opera 10 instalações de fabricação nos Estados Unidos, com uma capacidade total de produção de aproximadamente 206.000 barris por dia. Em 2022, a empresa produziu produtos especiais de petróleo avaliados em US $ 1,26 bilhão.

Localização da instalação	Capacidade de produção (barris/dia)	Tipos de produtos especiais
Shreveport, Louisiana	45,000	Lubrificantes especializados
San Antonio, Texas	35,000	Produtos químicos de desempenho
Indianapolis, Indiana	55,000	Produtos petrolíferos refinados

Processamento químico personalizado e formulação

Calumet gera aproximadamente US $ 380 milhões anualmente de serviços de processamento químico personalizado, com Mais de 250 formulações químicas únicas desenvolvido para clientes industriais.

• Processamento químico de grau farmacêutico
• Fabricação de solventes industriais
• Mistura química especializada

Refinando e mistura de lubrificantes de alto desempenho

A empresa produz lubrificantes de alto desempenho com receita anual de US $ 420 milhões. Seu portfólio de lubrificantes inclui mais de 500 especificações diferentes do produto.

Categoria de lubrificante	Volume anual de produção	Quota de mercado
Lubrificantes automotivos	65.000 barris	4.2%
Lubrificantes industriais	48.000 barris	6.7%

Pesquisa e desenvolvimento de produtos

A Calumet investe US $ 42 milhões anualmente em P&D, empregando 78 cientistas e engenheiros de pesquisa em várias instalações.

• Inovação avançada de produtos petrolíferos
• Desenvolvimento químico sustentável
• Tecnologias de aprimoramento de desempenho

Distribuição e marketing de produtos especiais

A empresa mantém redes de distribuição que atendem a 47 estados e 12 mercados internacionais, com despesas anuais de marketing de US $ 35 milhões.

Canal de distribuição	Volume anual de vendas	Contribuição da receita
Vendas industriais diretas	1,2 milhão de barris	62%
Distribuição por atacado	750.000 barris	38%

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negócios: Recursos -chave

Instalações avançadas de refino de petróleo

A Calumet opera 6 refinarias de petróleo especializadas nos Estados Unidos, com uma capacidade total de processamento de aproximadamente 57.000 barris por dia a partir de 2023. Os principais locais de refinaria incluem:

Localização	Capacidade de processamento (barris/dia)	Especialização
Shreveport, Louisiana	22,000	Lubrificantes especializados
Great Falls, Montana	12,000	Solventes especiais
San Antonio, Texas	10,000	Produtos químicos especiais

Equipamento de fabricação especializado

Investimento de capital em infraestrutura de fabricação:

• Valor total de propriedade, planta e equipamento: US $ 684,3 milhões (relatório anual de 2022)
• Despesas de capital anual: US $ 45-50 milhões
• Equipamento avançado de destilação e fracionamento
• Sistemas de mistura e formulação de alta precisão

Experiência técnica em engenharia química

Recursos de capital humano:

• Total de funcionários: 945 (a partir de 2023)
• Titulares de graduação avançada: 38%
• Experiência média da indústria: 14,6 anos

Tecnologias de formulação de produtos proprietários

Portfólio de propriedade intelectual:

• Patentes ativas: 23
• Aplicações de patentes pendentes: 7
• Despesas de pesquisa e desenvolvimento: US $ 12,4 milhões (2022)

Portfólio de produtos extensos e propriedade intelectual

Categoria de produto	Número de produtos exclusivos	Quota de mercado
Lubrificantes especializados	87	15.3%
Solventes especiais	42	8.7%
Produtos químicos especiais	56	11.2%

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

Produtos de petróleo especializados de alto desempenho

A Calumet gera US $ 1,42 bilhão em receita anual da Specialty Petroleum Products a partir do quarto trimestre 2023. O portfólio de produtos inclui:

• Solventes à base de hidrocarbonetos
• Produtos petrolíferos refinados
• Estoques básicas de lubrificantes especiais

Categoria de produto	Receita anual	Quota de mercado
Produtos de petróleo especializados	US $ 1,42 bilhão	12.5%
Solventes de hidrocarbonetos	US $ 378 milhões	8.3%

Soluções químicas personalizadas para nicho de mercados

Soluções químicas especializadas, responsáveis ​​por US $ 456 milhões em receitas especializadas do segmento de mercado.

• Produtos químicos de grau farmacêutico
• Processos Industriais Processos
• Formulações químicas personalizadas

Lubrificantes industriais e automotivos de qualidade superior

O segmento de lubrificante industrial e automotivo gera US $ 612 milhões anualmente, com 15,7% de penetração no mercado.

Tipo de lubrificante	Receita anual	Penetração de mercado
Lubrificantes industriais	US $ 387 milhões	11.4%
Lubrificantes automotivos	US $ 225 milhões	4.3%

Ofertas inovadoras e tecnicamente avançadas de produtos

Investimento de P&D de US $ 42,6 milhões em 2023 para o desenvolvimento de soluções químicas avançadas.

• Tecnologias de processamento químico proprietárias
• Recursos de refino avançados
• Desenvolvimento de produtos de alto desempenho

Formulações químicas personalizadas para necessidades específicas da indústria

Soluções químicas personalizadas em várias verticais da indústria, gerando US $ 276 milhões em receitas especializadas no mercado.

Indústria vertical	Receita anual	Nível de personalização
Farmacêutico	US $ 124 milhões	Alto
Automotivo	US $ 98 milhões	Médio
Processamento industrial	US $ 54 milhões	Alto

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negócios: Relacionamentos do cliente

Suporte técnico e consulta

A Calumet Specialty Products Partners fornece suporte técnico em vários segmentos do setor, incluindo:

• Consulta técnica de refino de petróleo
• Serviços de Otimização de Desempenho de Produtos Especiais
• Suporte de formulação de lubrificante personalizado

Métrica de suporte ao cliente	2023 dados
Tempo médio de resposta técnica	48 horas
Equipe anual de suporte técnico	37 especialistas
Taxa de satisfação de suporte ao cliente	92.4%

Parcerias contratuais de longo prazo

Composição do portfólio de contratos:

• Contratos de refino de petróleo: 14 acordos de vários anos
• Contratos de fornecimento de lubrificantes especiais: 22 parcerias de longo prazo
• Duração média do contrato: 3-5 anos

Desenvolvimento personalizado de produtos

Métrica de Desenvolvimento de Produtos	2023 dados
Solicitações de produto personalizado	87 formulações únicas
Investimento em P&D	US $ 6,2 milhões
Taxa de sucesso do novo produto	73%

Gerenciamento de conta dedicado

Estrutura de gerenciamento de contas:

• Total de gerentes de contas dedicadas: 19
• Contas médias por gerente: 7-9
• Cobertura de mercado vertical: automotivo, industrial, petróleo

Otimização contínua de desempenho do produto

Métrica de otimização de desempenho	2023 dados
Frequência de revisão de desempenho	Trimestral
Implementações de melhoria do produto	42 Modificações do produto
Taxa de incorporação de feedback do cliente	88%

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negócios: canais

Equipe de vendas diretas

A partir de 2024, a Calumet Specialty Products Partners mantém uma força de vendas direta especializada, direcionada aos clientes industriais e comerciais. A empresa emprega aproximadamente 35-40 profissionais de vendas dedicados focados em produtos de petróleo especializados.

Tipo de canal de vendas	Número de representantes	Segmento de mercado -alvo
Lubrificantes industriais	15	Fabricação
Produtos de petróleo especializados	12	Automotivo
Ceras de petróleo	8	Bens de consumo

Catálogo de produtos online e plataforma de pedidos

O CLMT opera uma plataforma digital com especificações de produtos em tempo real e recursos de pedidos on-line. A plataforma suporta aproximadamente 250-300 clientes industriais ativos mensalmente.

• Plataforma digital lançada em 2019
• 93% Taxa de digitalização de catálogo de produtos
• Transações online mensais médias: 175-200

Feiras e conferências industriais

A Calumet participa de 12 a 15 conferências industriais especializadas anualmente, representando um investimento anual de marketing de US $ 450.000 a US $ 575.000.

Redes de distribuição especializadas

A empresa mantém relacionamentos com 47 distribuidores industriais especializados em toda a América do Norte, cobrindo segmentos de produtos especiais de petróleo.

Rede de distribuição	Cobertura geográfica	Volume anual de distribuição
Distribuidores de lubrificantes industriais	América do Norte	1,2 milhão de galões
Distribuidores de cera de petróleo	Estados Unidos	850.000 galões

Marketing digital e comunicação técnica

A CLMT investe aproximadamente US $ 275.000 anualmente em estratégias de marketing digital e comunicação técnica.

• Orçamento de marketing do LinkedIn: US $ 85.000
• Produção técnica de on -line: US $ 65.000
• Publicidade digital direcionada: US $ 125.000

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

Fabricantes automotivos

A Calumet serve fabricantes automotivos com lubrificantes especializados e produtos à base de petróleo.

Segmento	Quota de mercado	Consumo anual
Lubrificantes de veículos de passageiros	12.4%	US $ 287 milhões
Lubrificantes de veículos comerciais	8.7%	US $ 214 milhões

Produtores de máquinas industriais

A Calumet fornece lubrificantes industriais especializados e produtos químicos de desempenho.

• Vendas anuais de lubrificante industrial: US $ 412 milhões
• Penetração de mercado em segmento de máquinas pesadas: 15,6%
• Gama de produtos que abrangem óleos hidráulicos, equipamentos e processos

Specialty Chemical Industries

A Calumet fornece produtos químicos críticos a vários setores de fabricação.

Categoria química	Receita anual	Taxa de crescimento
Derivados petroquímicos	US $ 276 milhões	4.3%
Solventes especiais	US $ 189 milhões	3.7%

Mercados de petróleo e lubrificação

A Calumet serve diversos segmentos de mercado de petróleo.

• Vendas totais de produtos de petróleo: US $ 1,2 bilhão
• Capacidade de processamento de refinaria: 206.000 barris por dia
• Cobertura geográfica: 28 estados nos Estados Unidos

Setores de fabricação de alto desempenho

A Calumet oferece produtos especializados para requisitos avançados de fabricação.

Setor de manufatura	Especialização do produto	Valor de mercado anual
Aeroespacial	Lubrificantes de alta temperatura	US $ 98 milhões
Eletrônica	Compostos químicos de precisão	US $ 76 milhões
Materiais avançados	Óleos de processamento especializados	US $ 112 milhões

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negócios: estrutura de custos

Despesas de aquisição de matéria -prima

A partir do quarto trimestre de 2023, as despesas de aquisição de matéria -prima da Calumet para produtos de petróleo especializados eram de aproximadamente US $ 752,3 milhões anualmente.

Categoria de matéria -prima	Custo anual
Entradas de petróleo bruto	US $ 468,5 milhões
Matérias -primas especializadas	US $ 183,7 milhões
Aditivos e produtos químicos	US $ 100,1 milhões

Custos de fabricação e processamento

Os custos de fabricação de 2023 totalizaram US $ 237,6 milhões, com a quebra da seguinte maneira:

• Manutenção de equipamentos de produção: US $ 86,2 milhões
• Consumo de energia: US $ 62,4 milhões
• Operações da instalação: US $ 89,0 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para 2023 foram de US $ 18,3 milhões, representando 1,2% do total de despesas operacionais.

Transporte e logística

Os custos de transporte e logística para 2023 atingiram US $ 124,5 milhões.

Segmento de logística	Custo anual
Transporte de caminhão	US $ 68,3 milhões
Transporte de pipeline	US $ 36,7 milhões
Armazenamento e manuseio	US $ 19,5 milhões

Compensação especializada da força de trabalho

A compensação total da força de trabalho para 2023 foi de US $ 92,4 milhões.

• Salários base: US $ 62,1 milhões
• Benefícios e bônus: US $ 18,3 milhões
• Compensação baseada em ações: US $ 12,0 milhões

Estrutura total de custos operacionais para 2023: US $ 1.224,7 milhões

Calumet Specialty Products Partners, L.P. (CLMT) - Modelo de negócios: fluxos de receita

Vendas especiais de produtos de petróleo

Para o ano fiscal de 2023, a Calumet Specialty Products Partners registrou receitas totais de US $ 1,33 bilhão. As vendas especiais de produtos de petróleo compreendem uma parcela significativa dessa receita.

Categoria de produto	Contribuição da receita
Lubrificantes especializados	US $ 412,5 milhões
Produtos especializados baseados em petróleo	US $ 587,6 milhões
Cadeiras especializadas	US $ 215,3 milhões

Serviços de formulação química personalizados

Serviços químicos personalizados gerados aproximadamente US $ 87,2 milhões em receita para 2023.

Contratos de fabricação de lubrificantes

Contratos de fabricação de lubrificantes contribuíram US $ 156,4 milhões para o fluxo de receita da empresa.

Tipo de contrato	Receita anual
Contratos de lubrificantes industriais	US $ 98,7 milhões
Contratos de lubrificantes automotivos	US $ 57,7 milhões

Taxas de consultoria técnica

Serviços de consultoria técnica gerados US $ 24,5 milhões em receita para 2023.

• Consultoria de Engenharia de Petróleo: US $ 14,2 milhões
• Consultoria de processo químico: US $ 10,3 milhões

Licenciamento de produtos e transferência de tecnologia

As receitas de licenciamento e transferência de tecnologia alcançaram US $ 35,6 milhões em 2023.

Categoria de licenciamento	Receita
Licenciamento químico especializado	US $ 22,3 milhões
Transferência de tecnologia de processo	US $ 13,3 milhões

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.