Calumet, Inc. (‘Calumet’) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.
The company’s business is organized into the following reportable segments: Specialty Products and Solutions; Montana/Renewables; and Performance Brands.
In the company’s Specialty Products and Solutions segment, it manufactures and markets a wide variety of solvents, waxes, customized l...
Calumet, Inc. (‘Calumet’) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.
The company’s business is organized into the following reportable segments: Specialty Products and Solutions; Montana/Renewables; and Performance Brands.
In the company’s Specialty Products and Solutions segment, it manufactures and markets a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The company’s specialty products are sold to domestic and international customers, who purchase them primarily as raw material components for consumer-facing and industrial products.
In the company’s Performance Brands segment, it blends, packages, and markets high-performance products through its Royal Purple, Bel-Ray, and TruFuel brands.
The company’s Montana/Renewables segment consists of two facilities — renewable fuels and specialty asphalt. At the company’s Montana Renewables facility, it processes a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel (‘SAF’), renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha, which are distributed into renewables markets in the western half of North America. At the company’s Montana specialty asphalt facility, it processes Canadian crude oil into conventional gasoline, diesel, jet fuel, and specialty grades of asphalt, with production sized to serve local markets.
On July 10, 2024, Calumet, a Delaware corporation, completed the previously announced conversion transaction contemplated by the Conversion Agreement, dated as of February 9, 2024 (as amended, the ‘Conversion Agreement’), by and among the company, Calumet Specialty Products Partners, L.P. (the ‘Partnership’), the General Partner, Calumet Merger Sub I LLC (‘Merger Sub I’), Calumet Merger Sub II LLC (‘Merger Sub II’), and the other parties thereto, including The Heritage Group (the ‘Sponsor Parties’).
Assets
Storage, Distribution, and Logistics Assets: The company owns and operates a product terminal in Burnham, Illinois, with aggregate storage capacities of approximately 150,000 barrels. The Burnham terminal, as well as additional owned and leased facilities throughout the U.S., facilitate the distribution of products in the Upper Midwest, West Coast, and Mid-Continent regions of the U.S. and Canada.
Montana Renewables: At the company’s Montana Renewables facility, it processes a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha. These renewable fuels are distributed into renewable markets in the western half of North America.
Business Strategies
The company’s strategies are to enhance profitability of its existing assets; concentrate on positive and growing cash flows; develop and expand the company’s customer relationships; and maintain a disciplined approach to strategic and complementary acquisitions.
Operating Assets and Contractual Arrangements
Northwest Louisiana Integrated Specialty Complex
The assets in the company’s Northwest Louisiana integrated specialty complex anchor its Specialty Products and Solutions business segment. The assets in the Northwest Louisiana integrated specialty complex primarily consist of its Shreveport facility, Cotton Valley facility, and Princeton facility, which, in total, includes 27 processing units and 195 million gallons of storage capacity across 400 tanks, and have a wide variety of specialized hydroprocessing, dewaxing, emulsifying, and distillation capabilities that allow the company to meet complex, bespoke customer needs at scale, providing an advantaged cost.
Shreveport Facility
The Shreveport facility (‘Shreveport’), located on a 240-acre site in Shreveport, Louisiana, currently has aggregate crude oil throughput capacity of 60,000 bpd and processes paraffinic crude oil and associated feedstocks into fuel products, paraffinic lubricating oils, waxes, asphalt, and by-products.
The Shreveport facility consists of 17 major processing units, including hydrotreating, catalytic reforming, and dewaxing units, and approximately 3.3 million barrels of storage capacity in 130 storage tanks and related loading and unloading facilities and utilities. Since the company’s acquisition of the Shreveport facility in 2001, it has expanded the facility’s capabilities by adding additional processing and blending facilities, adding a second reactor to the high-pressure hydrotreater, resuming production of gasoline, diesel, and other fuel products, and adding both 18,000 bpd of crude oil throughput capacity and the capability to run up to 25,000 bpd of sour crude oil.
The Shreveport facility receives crude oil via tank truck, railcar, and a common carrier pipeline system that is operated by a subsidiary of Plains All American Pipeline, L.P. (‘Plains’) and is connected to Shreveport’s facilities. The Plains pipeline system delivers local supplies of crude oil and condensates from north Louisiana and east Texas. The Plains pipeline also connects to a Plains terminal in Longview, TX, which gives the refinery access to crude oil in west Texas and access to the Cushing, Oklahoma storage hub. Crude oil is also purchased from various suppliers, including local producers, who deliver crude oil to the Shreveport facility via tank truck.
The Shreveport facility also has direct pipeline access to the Enterprise Products Partners L.P. pipeline (‘TEPPCO pipeline’), on which it can ship certain grades of gasoline, diesel, and jet fuel. Further, the refinery has direct access to the Red River Terminal facility, which provides the facility with barge access, via the Red River, to major feedstock and petroleum products logistics networks on the Mississippi River and Gulf Coast inland waterway system. The Shreveport facility also ships its finished specialty products throughout the U.S. through both truck and railcar service.
Cotton Valley Facility
The Cotton Valley facility (‘Cotton Valley’), located on a 77-acre site in Cotton Valley, Louisiana, currently has aggregate crude oil throughput capacity of 13,600 bpd, hydrotreating capacity of 6,500 bpd, and processes crude oil into specialty solvents and residual fuel oil. The residual fuel oil is an important feedstock for the production of specialty products at its Shreveport facility.
The Cotton Valley facility consists of three major processing units, which include a crude unit, a hydrotreater, and a fractionation train, approximately 625,000 barrels of storage capacity in 74 storage tanks and related loading and unloading facilities and utilities.
The Cotton Valley facility receives crude oil via tank truck. The Cotton Valley facility’s feedstock is primarily low sulfur and paraffinic crude oil originating from north Louisiana and is purchased from various marketers and gatherers. In addition, the Cotton Valley facility receives interplant feedstocks for solvent production from the Shreveport facility. The Cotton Valley facility ships finished products by both truck and railcar service.
Princeton Facility
The Princeton facility (‘Princeton’), located on a 208-acre site in Princeton, Louisiana, currently has aggregate crude oil throughput capacity of 10,000 bpd and processes naphthenic crude oil into lubricating oils and asphalt. In addition, feedstock is made for the Shreveport facility for further processing into ultra-low sulfur diesel. The asphalt produced at Princeton may be further processed or blended for coating and roofing product applications at the Princeton facility or transported to the Shreveport facility for further processing into bright stock.
The Princeton facility consists of seven major processing units, approximately 650,000 barrels of storage capacity in 200 storage tanks and related loading and unloading facilities and utilities.
The Princeton facility receives crude oil via tank truck, railcar, and the Plains pipeline system. Its crude oil supply primarily originates from east Texas, south Texas, and north Louisiana, purchased directly from third-party suppliers under month-to-month evergreen supply contracts and on the spot market. The Princeton facility ships its finished products throughout the U.S. via truck and railcar service.
Great Falls Specialty Asphalt Facility (CMR)
The Great Falls specialty asphalt facility (‘Great Falls’), located on a 65-acre site in Great Falls, Montana, currently has aggregate crude oil throughput capacity of 15,000 bpd and processes light and heavy crude oil from Canada into fuel and asphalt products. In the fourth quarter of 2022, the company converted a significant portion of the Great Falls specialty asphalt facility into a renewable fuels production facility. Upon completion of the conversion project, it continues to own and operate the conventional Great Falls specialty asphalt facility with a reconfigured processing capacity of 15,000 bpd of Canadian crude. The facility is focused on the production of high-quality specialty asphalt, as well as satisfying local demand for conventional fuels.
The Great Falls specialty asphalt facility consists of 15 major processing units, including hydrotreating, catalytic reforming, hydrocracking, fluid catalytic cracking, and alkylation units, approximately 76 thousand barrels of tank shell storage capacity in 75 tanks, and related loading and unloading facilities and utilities.
In the fourth quarter of 2022, the company completed the reconfiguration of its 30,000 bpd Great Falls specialty asphalt facility into two unrelated facilities, including a 15,000 bpd specialty asphalt facility and a 15,000 bpd renewable fuels facility. The specialty asphalt facility capitalizes on local access to cost-advantaged Canadian conventional crude oil, while producing additional fuels and refined products for delivery into the regional market while meeting EPA requirements for gasoline and diesel product sulfur limits and reducing air emissions.
Great Falls Renewable Fuels Facility (‘Montana Renewables’)
In the fourth quarter of 2022, Montana Renewables LLC, an unrestricted subsidiary of Calumet, completed the conversion of a significant portion of its Great Falls specialty asphalt facility into a renewable fuels production facility (the ‘Montana Renewables Facility’). The Montana Renewables Facility has a permitted throughput capacity of 15,000 bpd to pretreat and convert a wide variety of organic waste and seed oils into lower emissions, sustainable alternatives to fossil fuels, including renewable hydrogen, renewable natural gas, renewable propane, renewable naphtha, renewable kerosene/sustainable aviation fuel, and renewable diesel.
Missouri Facility
The Missouri facility (‘Missouri’), located on a 22-acre site in Louisiana, Missouri, develops and produces polyol ester synthetic lubricants for use in refrigeration compressors, commercial aviation, and polyol ester base stocks. In December 2015, the company completed a project to more than double the production capacity of the facility from 35 million pounds to 75 million pounds per year. The facility has approximately 35,000 barrels of storage capacity in 64 tanks and related loading and unloading facilities and utilities. The facility receives its fatty acids and alcohol feedstocks and additives by truck and railcar under supply agreements or spot agreements with various suppliers.
Calumet Packaging
The Calumet Packaging facility (‘Calumet Packaging’), located on a 10-acre site in Shreveport, Louisiana, develops, blends, and packages high-performance synthetic lubricants, fuels, and solvent products for use in industrial, commercial, and automotive applications. The Calumet Packaging facility’s processing capability includes state-of-the-art blending and packaging equipment. The facility has approximately 75,000 barrels of storage capacity and related loading and unloading facilities. The facility receives its base oil feedstocks and additives by truck and rail under supply agreements or spot agreements with various suppliers.
Royal Purple
The Royal Purple facility (‘Royal Purple’), located on a 20-acre site in Porter, Texas, develops, blends, and packages high-performance synthetic lubricants and fluid additive products for use in industrial, commercial, and automotive applications. The Royal Purple facility’s processing capability includes 10 in-house packaging and production lines. Outsourced packaging services for specific products are also fulfilled. The facility has approximately 30,500 barrels of storage capacity in 91 tanks and related loading and unloading facilities. The facility receives its base oil feedstocks and additives by truck under supply agreements or spot agreements with various suppliers.
Karns City and Dickinson Facilities and Other Processing Agreements
The Karns City facility (‘Karns City’), located on a 225-acre site in Karns City, Pennsylvania, has aggregate base oil throughput capacity of 3,000 bpd and produces white mineral oils, solvents, petrolatums, gelled hydrocarbons, cable fillers, and natural petroleum sulfonates. The Karns City facility’s processing capability includes hydrotreating, fractionation, acid treating, filtering, blending, and packaging. In addition, the facility has approximately 817,000 barrels of storage capacity in 250 tanks and related loading and unloading facilities and utilities.
The Dickinson facility (‘Dickinson’), located on a 28-acre site in Dickinson, Texas, has aggregate base oil throughput capacity of 1,300 bpd and produces white mineral oils, compressor lubricants, and natural petroleum sulfonates. The Dickinson facility’s processing capability includes acid treating, filtering, and blending. The facility has approximately 183,000 barrels of storage capacity in 186 tanks and related loading and unloading facilities and utilities.
Other Logistics Assets
Terminals are complementary to the company’s refineries and play a key role in moving its products to end-user markets by providing services, including distribution and blending to achieve specified products, and storage and inventory management. In addition to the Burnham terminal, the company owns and leases additional facilities, primarily related to distribution of finished products, throughout the U.S.
Burnham Terminal: The company owns and operates a terminal located on an 11-acre site in Burnham, Illinois. The Burnham terminal receives specialty products from certain of the company’s refineries primarily by railcar and distributes them by truck and railcar to its customers in the Upper Midwest and East Coast regions of the U.S. and in Canada. The terminal includes a tank farm with 90 tanks having aggregate storage capacity of approximately 150,000 barrels, supplying lube base oils, food-grade white oils, and aliphatic solvents, as well as viscosity index additives and tackifiers.
The company uses approximately 2,100 railcars leased from various lessors. This fleet of railcars enables it to receive and ship crude oil and distribute various specialty products and fuel products throughout the U.S. and Canada to and from each of its facilities. In addition, the company uses approximately 450 leased railcars to source renewable feedstocks and distribute renewable fuels products into the western half of North America.
Crude Oil and Feedstock Supply
The company purchases crude oil and other feedstocks from major oil companies, as well as from various crude oil gatherers and marketers in Texas, north Louisiana, and Canada.
In 2024, BP Products North America Inc. (‘BP’) supplied the company with approximately 54.5% of its total crude oil supply under term contracts and month-to-month evergreen crude oil supply contracts. In 2024, Macquarie Energy Canada LTD. (‘Macquarie’) supplied the company with approximately 17.7% of its total crude oil supply under a crude oil supply agreement.
The company has short-term and long-term contracts with its crude oil suppliers. For example, a majority of the company’s crude oil supply contracts with Plains are currently month-to-month and terminable upon 90 days’ notice. Additionally, the company’s crude oil supply agreement with BP was amended and restated in December 2016 and automatically renews for successive one-year terms each March unless terminated by either party upon 90 days’ notice (‘BP Purchase Agreement’). This agreement has not been terminated by either party.
The company has various long-term feedstock supply agreements with Phillips 66, with some agreements operating under the option to continue on a month-to-month basis thereafter, for feedstocks that are key to the operations of its Karns City and Dickinson facilities. In addition, certain products of the company’s refineries can be used as feedstocks by these facilities.
The company’s cost to acquire crude oil and feedstocks, and the prices for which it ultimately can sell refined products depend on a number of factors beyond its control, including regional and global supply of and demand for crude oil, other feedstocks, and specialty and fuel products. These, in turn, are dependent upon, among other things, the availability of imports, overall economic conditions, production levels of domestic and foreign suppliers, U.S. relationships with foreign governments, political affairs, and the extent of governmental regulation. The company has historically been able to pass on the costs associated with increased crude oil and feedstock prices to its specialty products customers, although the increase in selling prices for specialty products typically lags the rising cost of crude oil. From time to time, the company uses a hedging program to manage a portion of its commodity price risk.
Products, Markets, and Customers
Products
The company produces a full line of specialty products, including lubricating oils, solvents, waxes, food-grade white oils, pharmaceutical-grade petrolatums, and other products, as well as a variety of fuel and fuel-related products, including asphalt and heavy fuel oils. The company also blends, packages, and markets high-performance specialty products through its Royal Purple, Bel-Ray, and TruFuel brands. At the company’s Montana Renewables facility, it produces a variety of renewable fuels products, including renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha, which are distributed into renewable markets in the western half of North America. The company’s customers purchase specialty products primarily as raw material components for consumer-facing and industrial products. The company’s customers also purchase renewable fuels, which are consumed to reduce lifecycle carbon emissions.
Marketing
The company’s salespeople regularly visit customers and work in conjunction with its marketing department, the laboratories at its production facilities, and its technical services department to focus on providing additional value to its customers, such as formulation assistance, regulatory insight, and creating specialized blends and packaging that work optimally for its customers.
Markets
Specialty Products: The specialty products market represents a small portion of the overall petroleum refining industry in the U.S. Of the approximately 130 refineries currently in operation in the U.S., only a small number of the refineries are considered specialty products producers, and only a few compete with the company in terms of the number of products produced.
The company’s specialty products are utilized in applications across a broad range of industries, including: industrial goods, such as finished lubricants, batteries, water treatment chemistry, mining lubricants, oilfield drilling, electrical and transformer oils, adhesives, refrigeration compressor oils, aviation fluids, and agriculture applications; and consumer goods, such as cosmetics, petroleum jelly, lotions, pharmaceuticals, food, candles, paint and coatings, charcoal lighter fluids, and car care products.
The company has the capability to ship its specialty products worldwide. In the U.S., it ships its specialty products via railcars, trucks, and barges. The company uses its fleet of leased railcars to ship its specialty products, and a majority of its specialty products sales are shipped in trucks owned and operated by several different third-party carriers. For international shipments, which accounted for less than 10% of the company’s consolidated sales in 2024, it ships via railcars and trucks to several ports where the product is loaded onto vessels for shipment to customers abroad.
Fuel Products: The fuel products market represents a large portion of the overall petroleum refining industry in the U.S. Of the approximately 130 refineries currently in operation in the U.S., a large number of the refineries are fuel products producers; however, only a few compete with the company in its local markets.
Renewable Fuel Products: The renewable fuel products market represents a small portion of the overall transportation fuels industry in the U.S. MRL is a leading independent producer of renewable transportation fuels in North America and one of the largest SAF producers in the western hemisphere. The renewable fuels market is in the rapid-growth phase of its life cycle, highlighted by renewable diesel demand growing at an average annualized rate of approximately 100.0% over the past three years, and SAF demand quadrupling in the past year.
Gulf Coast Market (PADD 3)
Fuel products produced at the company’s Shreveport facility can be sold locally or to the Midwest region of the U.S. through the TEPPCO pipeline. Local sales are made from the TEPPCO terminal in Bossier City, Louisiana, located approximately 15 miles from the Shreveport facility, as well as from its own Shreveport facility terminal.
Gasoline, diesel, and jet fuel from the Shreveport facility are sold primarily into the Louisiana, Texas, and Arkansas markets, and any excess volumes are sold to marketers further up the TEPPCO pipeline. Should the appropriate market conditions arise, the company has the capability to redirect and sell additional volumes into the Louisiana, Texas, and Arkansas markets rather than transport them to the Midwest region via the TEPPCO pipeline.
The Shreveport facility has the capacity to produce approximately 9,000 bpd of commercial jet fuel that can be marketed to the U.S. Department of Defense, sold as Jet-A locally, or sold via the TEPPCO pipeline, or transferred to the Cotton Valley facility to be processed further as a feedstock to produce solvents.
Additionally, the company produces a number of fuel-related products, including fluid catalytic cracking (‘FCC’) feedstock, vacuum residuals, and mixed butanes. FCC feedstock is sold to other refiners as a feedstock for their FCC units to make fuel products.
Northwest Market (PADD 4)
Fuel and asphalt products produced at the company’s Great Falls specialty asphalt facility can be sold locally and in Missouri, Oklahoma, Texas, Arizona, North Dakota, South Dakota, Idaho, Oregon, Utah, Wyoming, Washington, Nevada, California, and Canada. Seasonally, fuel products from the Great Falls specialty asphalt facility are transported to terminals in Washington and Utah.
Renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha produced at the company’s Montana Renewables facility are distributed into renewable markets in the western half of North America.
Customers
Specialty Products: The company has a diverse customer base for its specialty products. In fiscal year 2024, it sold its specialty products to approximately 2,200 customers. Many of the company’s customers are long-term customers who use its products in specialty applications after an approval process ranging from six months to two years.
Fuel Products: The company has a diverse customer base for its fuel products. In fiscal year 2024, it sold its fuel products to approximately 200 customers. The company’s diverse customer base includes wholesale distributors and retail chains. The company is able to sell the majority of the fuel products it produces at the Shreveport facility to the local markets of Louisiana, Texas, and Arkansas. It also has the ability to ship additional fuel products from the Shreveport facility to the Midwest region through the TEPPCO pipeline. The majority of the company’s fuel products produced at its Great Falls specialty asphalt facility are sold to local markets in Montana and Idaho, as well as in Canada. The renewable fuel products produced at the company’s Montana Renewables facility are distributed into renewable markets in the western half of North America.
Renewable Fuels Products: The company sells its renewable fuels products to a relatively small number of investment-grade counterparties under multiyear offtake agreements for onward distribution into renewable markets in the western half of North America. The robust demand during the placement process for the renewable fuels produced at its Montana Renewables facility allows the company to select an established, integrated customer base for its renewable products.
Competition
Naphthenic Lubricating Oils: The company’s primary competitors in producing naphthenic lubricating oils include Ergon Refining, Inc., Cross Oil Refining and Marketing, Inc., and San Joaquin Refining Co., Inc.
Paraffinic Lubricating Oils: The company’s primary competitors in producing paraffinic lubricating oils include Exxon Mobil Corporation, Motiva Enterprises, LLC, Phillips 66, HF Sinclair Corporation, and Chevron Corporation.
Paraffin Waxes: The company’s primary competitors in producing paraffin waxes include Exxon Mobil Corporation, HF Sinclair Corporation, The International Group Inc., and Ergon, Inc.
Solvents: The company’s primary competitors in producing solvents include CITGO Petroleum Corporation, ExxonMobil Chemical Company, and Total S.A.
Polyol Ester-Based Specialty Products: The company’s primary competitors in producing polyol ester-based specialty products include LANXESS, ExxonMobil Corporation, BASF Corporation, Croda International plc, Nyco Products Corporation, and Zschimmer & Schwartz, Inc.
Packaged and Synthetic Specialty Products: The company’s primary competitors in retail and commercial packaged and synthetic specialty products include Exxon Mobil Corporation (Mobil 1), Valvoline, Inc., and other independent lubricant manufacturers. The company’s primary competitors in industrial packaged and synthetic specialty products include Exxon Mobil Corporation, Royal Dutch Shell plc, Fuchs, and other independent lubricant manufacturers.
Fuel Products and By-Products: The company’s primary competitors in producing fuel products in the local markets in which it operates include Delek US Holdings, Exxon Mobil Corporation, Phillips 66, and Cenex.
Renewable Fuel Products: The company’s primary competitors in producing renewable fuel products in the U.S. West Coast markets are Marathon Petroleum Company, Phillips 66, and Chevron Corporation.
Governmental Regulation
The company is a party to certain claims and litigation incidental to its business, including claims made by various taxation and regulatory authorities, such as the IRS, the EPA, and the U.S. Occupational Safety and Health Administration (‘OSHA’), as well as various state environmental regulatory bodies and state and local departments of revenue, as a result of audits or reviews of its business.
In connection with the acquisition of the Great Falls refinery from Connacher Oil and Gas Limited (‘Connacher’), the company became a party to an existing 2002 Refinery Initiative Consent Decree (the ‘Great Falls Consent Decree’) with the EPA and the Montana Department of Environmental Quality (the ‘MDEQ’).
The company’s operations are subject to the federal Clean Air Act, as amended (‘CAA’), and comparable state and local laws.
The CAA authorizes the EPA to periodically require modifications in the formulation of the refined transportation fuel products the company manufactures in order to limit the emissions associated with the fuel product’s final use.
In addition, the company is required to meet the Mobile Source Air Toxics (‘MSAT’) II Standards adopted by the EPA to reduce the benzene content of motor gasoline produced at its facilities and has completed capital projects at its Shreveport and Great Falls facilities to comply with those fuel quality requirements.
The EPA has issued RFS mandates, requiring refiners, such as the company to blend renewable fuels into the petroleum fuels they produce and sell in the U.S. The company, and other refiners subject to RFS, must comply.
To the extent that the company exceeds the minimum volumetric requirements for blending of renewable transportation fuels, it generates its own RINs for which it has the option of retaining the RINs for current or future RFS compliance or selling those RINs on the open market. The company is currently unable to blend sufficient quantities of ethanol and biodiesel to meet its requirements and, therefore, may have to purchase an increasing number of RINs.
In addition, the company’s operations also generate non-hazardous solid wastes, which are regulated under RCRA and state laws. Historically, the company’s environmental compliance costs under the existing requirements of RCRA and similar state and local laws have not had a material adverse effect on its results of operations, and the cost involved in complying with these requirements is not material.
The company is subject to various laws and regulations relating to occupational health and safety, including the federal Occupational Safety and Health Act, as amended (‘OSH Act’), and comparable state laws.
In addition, OSHA’s hazard communication standard, the EPA’s community right-to-know regulations under Title III of CERCLA, and similar state statutes require that the company maintain information about hazardous materials used or produced in its operations and provide this information to employees, contractors, state and local government authorities, and customers. The company conducts periodic audits of Process Safety Management (‘PSM’) systems at each of its locations subject to the PSM standard.
Seasonality
The fuel and fuel-related products that the company manufactures, including asphalt products, are subject to seasonal demand and trends. Asphalt demand is generally lower in the first and fourth quarters of the year, as compared to the second and third quarters (year ended December 31, 2024), due to the seasonality of the road construction and roofing industries it supplies.
Intellectual Property
The company owns, has registered, or has applied for registration of a variety of tradenames, service marks, and trademarks for use in its business. The trademarks, tradenames, and design marks under which the company conducts its branded business (including Penreco, Orchex, Royal Purple, Bel-Ray, and TruFuel) and other trademarks employed in the marketing of its products are integral to its marketing operations. The company also licenses intellectual property rights from third parties.
Major Suppliers
During the year ended December 31, 2024, the company had three counterparties that supplied approximately 83.6% of its crude oil supply.
History
Calumet, Inc. was founded in 1919. The company, a Delaware limited partnership, was incorporated in 2024.
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