Calumet expects to reach a sustainable aviation fuel run rate of over 120 million gallons by spring 2027 while projecting its restricted group leverage ratio will surpass 3x next quarter. The company reported $175 million of adjusted EBITDA with tax attributes in the second quarter, up from $50.1 million in the first quarter, and drove over $90 million of cash flow from operations. Management highlighted accelerated deleveraging actions including calling $100 million of notes and repurchasing a sale-leaseback for $115 million, and outlined a staged SAF ramp targeting 80 million to 100 million gallons by year-end before reaching the spring 2027 target. The renewables expansion is described as a novel, capital-efficient project that saves hundreds of millions of dollars compared to a mega project, while the company plans to capture over $50 million of EBITDA at its CMR segment before reconfiguration.
Calumet Specialty Products PartnersReports strong Q2 EBITDA, deleveraging actions, and clear SAF growth targets.
