$CLMT

Calumet Increases Senior Secured Revolving Credit Facility to $600 Million

Calumet (CLMT) said late Tuesday it has amended its existing asset-based loan facility to raise its total commitments to $600 million, an increase of $100 million, subject to borrowing base limitations.The ABL maturity date remains January 2031 and is led by Bank of America (BAC) as the agent for a group of lenders, the company said.Moreover, Montana Renewables, an unrestricted subsidiary of Calumet, said it received its final draw of $34 million under its recently amended loan guarantee agreement with the US Department of Energy, the company added.

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks rose late Wednesday afternoon, with the NYSE Energy Sector Index climbing up 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.9%.The Philadelphia Oil Service Sector Index jumped 2.7%, and the Dow Jones US Utilities Index advanced 0.1%.West Texas Intermediate crude oil rose 0.7% to $90.81 a barrel, and global benchmark Brent gained 0.9% to $95.45 a barrel. Henry Hub natural gas futures added 2.8% to $2.99 per 1 million BTU.In geopolitical news, additional US strikes on Iran Tuesday led to Tehran attacking Jordan, Bahrain and Kuwait. "They will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the Islamic Republic of Iran!" Trump posted on Truth Social Tuesday.The Iran Revolutionary Guards Corps said two oil tankers exploded after hitting a mine and are now on fire, Al Jazeera, a Middle Eastern broadcaster, reported Wednesday.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 7.6 million barrels in the week ended Aug. 28 following a decrease of 3.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 4.5 million barrels after a 100,000-barrel gain in the previous week, compared to the 60,000-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Chevron (CVX) outlined a plan to invest more than $7 billion in Venezuela and double its oil production capacity in the South American country over the next five years. Shares rose 0.6%.GE Vernova (GEV) has agreed to restore large sections of Venezuela's electrical network under a US government initiative to boost the nation's energy generation, Bloomberg reported. GE Vernova shares gained 3%.Venture Global (VG) told customers of its Plaquemines Phase 2 LNG export plant in Louisiana that deliveries remain on schedule at previously agreed prices, Reuters reported. Venture Global shares fell 2.2%.Calumet (CLMT) said Wednesday that the US Environmental Protection Agency granted full small refinery exemptions for two of its petitions covering the 2025 compliance year. The company said the exemptions will reduce its balance-sheet liability by 71 million renewable identification numbers, valued at about $170 million as of last June. Calumet shares rose 3%.

Calumet to Cut RIN Liability by $170 Million After EPA Exemptions

Calumet (CLMT) said Wednesday that the US Environmental Protection Agency granted full small refinery exemptions for two of its petitions covering the 2025 compliance year.The company said the exemptions will reduce its balance-sheet liability by 71 million renewable identification numbers, valued at about $170 million as of last June.Calumet said about $129 million in renewable identification numbers, valued at roughly $309 million, remain on its balance sheet from partial exemptions for 2022 through 2024.Those partial exemptions are still being deliberated on by the EPA and are also subject to judicial review, the company said.

Montana Renewables to Increase SAF Production Capacity by 233% before Year-End 2028

Calumet (CLMT) said on Tuesday that the sustainable aviation fuel production capacity at its Montana Renewables plant is expected to reach about 200 million gallons at an annual run rate by year-end 2028, with total renewable product sales expanding by 40% to 17,000 barrels per day.Montana Renewables is currently producing SAF at a 60-million-gallon annual run rate, which it expects to exceed 80 million gallons by year-end 2026 and surpass 120 million gallons by spring 2027.The total project capital spend for this expansion is $137 million, compared to the $1.2 billion megaproject contemplated in an original loan issued by the US Department of Energy through its Office of Energy Dominance Financing, the company stated in a press release.In response to the dramatically lower capital requirement, Montana Renewables and the Office of Energy Dominance Financing have amended the Loan Guarantee Agreement originally executed in January 2025.Phase 2 DOE funding is reduced from up to $658 million to a single, final draw of $34 million, with the balance of the expansion self-funded from Montana Renewables earnings.Price: $50.98, Change: $+1.25, Percent Change: +2.51%

Calumet's Montana Renewables to Expand Sustainable Aviation Fuel Capacity

Calumet's (CLMT) Montana Renewables unit plans to expand sustainable aviation fuel, or SAF, production to approximately 200 million gallons per year by the end of 2028 under a revised expansion plan requiring $137 million in remaining capital spending, the company said Tuesday.The revised plan reduces remaining project capital spending from the $1.2 billion contemplated under Montana Renewables' original Phase 2 plan.The plan repurposes equipment from Calumet Montana Refining's adjacent asphalt facility and divides the expansion into six small, controllable, quick-payback projects, it said.Montana Renewables expects SAF production to exceed an 80 million-gallon annual run rate by year-end 2026 and surpass 120 million gallons by spring 2027, while total renewable product sales are expected to reach 17,000 barrels per day by year-end 2028, Calumet said.Calumet and the US Department of Energy amended their Loan Guarantee Agreement, reducing the remaining funding to a single $34 million draw from up to $658 million previously available, according to a company statement.Montana Renewables expects to fund the balance of the expansion from its earnings, with no third-party equity requirement, Calumet said.

UBS Adjusts Calumet Price Target to $47 From $26, Maintains Neutral Rating

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index falling 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.3%.The Philadelphia Oil Service Sector Index was shedding 1.4%, and the Dow Jones US Utilities Index rose 0.8%.In geopolitical news, Iranian lawmakers are debating the wording of a proposed deal with Oman on the Strait of Hormuz, with President Donald Trump insisting an agreement is getting closer, Bloomberg reported. Iran's Deputy Foreign Minister Kazem Gharibabadi said earlier this week that an understanding with Oman had been reached "in principle," and state TV cited one lawmaker on Friday as saying the final text and details of an agreement with Muscat will be announced "soon," according to the news report.Front-month West Texas Intermediate crude oil slid 0.5% to $76.92 a barrel, and the global benchmark Brent crude contract fell 0.7% to $81.95 a barrel. Henry Hub natural gas futures gained 1% to $2.67 per 1 million BTU.In corporate news, Vistra's (VST) shares were down 0.3% after it reported Q2 results that fell short of consensus expectations.Calumet (CLMT) shares fell 6% after the company reported Friday it narrowed its Q2 loss to $1.09 per basic share, from a loss of $1.70 a year earlier. Analysts expected earnings of $0.07.Oklo (OKLO) shares jumped past 14% after it posted better-than-expected revenue for Q2.Energy Vault (NRGV) shares surged 17% after it said Friday it signed an agreement to deploy 1.25 gigawatts of integrated power infrastructure for hyperscaler AI data centers, with the initial deployment backed by a customer contract in Texas.

Sector Update: Energy Stocks Decline Friday Afternoon

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.4%.The Philadelphia Oil Service Sector Index was shedding 0.4%, and the Dow Jones US Utilities Index rose 1%.In geopolitical news, an Iranian official said a framework on the Strait of Hormuz has been agreed with Oman, with "a final decision to be made at higher levels," Al Jazeera, a Middle Eastern broadcaster, cited Iranian state media reports. The deal would not automatically reopen the waterway, Tehran's deputy foreign minister said, according to CNN.Front-month West Texas Intermediate crude oil rose 1% to $78.08 a barrel, and the global benchmark Brent crude contract added 1% to $83.32 a barrel. Henry Hub natural gas futures increased 1.1% to $2.67 per 1 million BTU.In corporate news, Vistra's (VST) shares were slightly lower after it reported Q2 results that fell short of consensus expectations.Calumet (CLMT) shares were down 3.8% after the company reported Friday it narrowed its Q2 loss to $1.09 per basic share, from a loss of $1.70 a year earlier. Analysts expected earnings of $0.07.Baker Hughes' (BKR) industrial and energy technology segment is expected to be its main growth engine, supported by strong project flow, record orders and rising power demand, Morgan Stanley said in a report. Morgan Stanley resumed coverage of Baker Hughes with an overweight rating and top pick and a $70 price target. Baker Hughes shares were down 0.3%.

Sector Update: Energy

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.4%.The Philadelphia Oil Service Sector Index was shedding 0.4%, and the Dow Jones US Utilities Index rose 1%.Front-month West Texas Intermediate crude oil rose 1% to $78.08 a barrel, and the global benchmark Brent crude contract added 1% to $83.32 a barrel. Henry Hub natural gas futures increased 1.1% to $2.67 per 1 million BTU.In corporate news, Calumet (CLMT) shares were down nearly 4% after it reported Friday it narrowed its Q2 loss to $1.09 per basic share, from a loss of $1.70 a year earlier. Analysts expected earnings of $0.07.

Calumet Q2 Loss Narrows, Revenue Rises

Calumet (CLMT) reported Friday it narrowed its Q2 loss to $1.09 per basic share, from a loss of $1.70 a year earlier.Analysts polled had expected earnings of $0.07.Revenue for the quarter ended June 30 was $1.45 billion, up from $1.03 billion a year earlier.Analysts expected revenue of $1.12 billion.

Earnings Flash (CLMT) Calumet Posts Q2 Loss $1.09 a Share, vs. FactSet Est of $0.07 EPS

Calumet to Redeem $100 Million of 9.75% Senior Notes due 2028

Calumet (CLMT) subsidiaries will redeem all outstanding $100 million of 9.75% senior notes due 2028 on July 15, the company said Wednesday.The notes, issued in January 2025, will be redeemed at 102.438% of principal, plus accrued and unpaid interest, the company said.The move supports the company's efforts to strengthen its balance sheet and reduce interest expense, said Chief Financial Officer David Lunin, adding that Calumet also reduced borrowings under its revolving credit facility during Q2.

Sector Update: Energy Stocks Lower in Late Afternoon Trading

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each decreasing about 0.4%.The Philadelphia Oil Service Sector Index rose 1%, and the Dow Jones US Utilities Index shed 0.7%.In sector news, crude oil prices rose Friday as tensions flared up again in the Middle East conflict ahead of Iran's expected response to a US proposal to end the war. US forces disabled three empty Iranian oil tankers that violated the American blockade in the Strait of Hormuz in the past three days, US Central Command said Friday. The US and Iran traded fire Thursday in the narrow waterway. US Secretary of State Marco Rubio expects Iran to respond to Washington's peace proposal on Friday, CNBC reported.Front-month West Texas Intermediate crude oil rose 0.6% to $95.41 a barrel, and the global benchmark Brent crude contract was advancing 1% to $101.07 a barrel. Henry Hub natural gas futures fell 0.7% to $2.75 per 1 million BTU.In corporate news, Calumet (CLMT) shares fell 7% after it reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier. Analysts surveyed by FactSet expected a loss of $0.33.Devon Energy (DVN) stock rose 0.5% after it launched a new share repurchase authorization of $8 billion and raised its fixed dividend to $0.32 per share, payable June 30 to shareholders of record June 15.Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day." Shell shares were down 0.4%.Presidio Production (FTW) signed definitive purchase and sale agreements to acquire the Canyon Creek assets for about $83 million in its first acquisition as a public company, the company said Friday. Presidio shares rose 4.2%.

Sector Update: Energy Stocks Lower in Afternoon Trading

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was climbing 1.6%, and the Dow Jones US Utilities Index shed 0.5%.In sector news, US forces disabled two Iranian-flagged unladen oil tankers on Friday attempting to dock at an Iranian port on the Gulf of Oman in violation of the US blockade, US Central Command said on X.Front-month West Texas Intermediate crude oil was rising 0.8% to $95.58 a barrel, and the global benchmark Brent crude contract was advancing 1.1% to $101.12 a barrel. Henry Hub natural gas futures shed 0.5% to $2.75 per 1 million BTU.In corporate news, Calumet (CLMT) shares fell 3.4% after it reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier. Analysts surveyed by FactSet expected a loss of $0.33.Devon Energy (DVN) stock rose 0.9% after it launched a new share repurchase authorization of $8 billion and raised its fixed dividend to $0.320 per share, payable June 30 to shareholders of record as of June 15.Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day." Speaking during Shell's Q1 earnings call on Thursday, Sawan said the market has lost significant volumes either through "locked-in barrels or unproduced barrels," adding that the recovery process would take time. Shell shares were down 0.3%.

Calumet's Q1 Loss Widens, Revenue Rises

Calumet (CLMT) reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier.Analysts surveyed by FactSet expected a loss of $0.33.Revenue for the quarter ended March 31 was $1.03 billion, compared with $993.9 million a year earlier.Analysts surveyed by FactSet expected $1 billion.Calumet shares were down nearly 3% pre-bell Friday.

Earnings Flash (CLMT) Calumet Posts Q1 Loss $3.64 a Share, vs. FactSet Est of $0.33 Loss

Goldman Sachs Downgrades Calumet to Neutral From Buy, Adjusts Price Target to $36 From $34

Calumet (CLMT) has an average rating of overweight and mean price target of $37, according to analysts polled by FactSet.