Calumet, Inc. (formerly Calumet Specialty Products Partners, L.P.) Overview
Pro stress-test →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 manufactures lubricants, solvents, waxes, and asphalt, as well as fuel products such as gasoline and diesel, serving automotive, industrial, construction, and personal care industries.
Strategic Profile
Pro stress-test →In July 2024, Calumet completed conversion from a master limited partnership (MLP) to a C-Corporation, expanding its shareholder base to include institutional investors previously unable to invest in MLPs. The company's MaxSAF expansion is on track for Q2 2026, with 100 million gallons of sustainable aviation fuel contracts secured. Specialty Products & Solutions achieved record production with margins above $60/barrel, and adjusted EBITDA reached $92.5 million in Q3 2025.
Competitive Landscape
Pro stress-test →Primary competitors include Ergon, United Refining Company, Flint Hills Resources, and Citgo Petroleum Corporation. Calumet differentiates through specialty product formulations, Montana renewable fuels capacity, and integrated brand portfolio including DRAKEOL, HYPERTECH, and Penreco specialty oils and waxes.
Industry Context
Calumet, Inc. (formerly Calumet Specialty Products Partners, L.P.) operates in Specialty Chemicals Manufacturing & Renewable Fuels.
Key facts
Founded: 1916 · Headquarters: Indianapolis, Indiana, US · Employees: 1,000-5,000 · Revenue: $4.0B