Calumet Specialty Products provides 2022 year end operational update

Calumet Specialty Products Partners provided a year-end operational update, including a project and business update at Montana Renewables and company-wide impact from the December arctic blast. Montana Renewables and Montana Refining: Separation of Montana Renewables and the Great Falls Specialty Asphalt refinery was completed during the fourth quarter with both businesses operating in their new services. The 12,000 bpd specialty asphalt refinery is presently running at nameplate capacity on Canadian heavy crude. Montana Renewables commissioned its modified hydrocracker in renewable diesel service on November 5, then retrofitted additional winterization capability during the month of November. Catalyst performance has been consistent and met the expected performance envelope provided by Haldor Topsoe. The current 6,000 bpd capacity will increase to 12,000 bpd with the sequential commissioning of renewable hydrogen, SAF, and feedstock pre-treater which are expected online in that order in 1Q2023. Specialties Business: Calumet’s specialty business has performed exceptionally well in 2022, including throughput and profitability records across the system and at most individual plants. This performance was supported by exceptional execution of key turnarounds in Shreveport and Princeton and capital investments targeting reliability and deeper integration between assets, widening a key competitive advantage of this business. Last week, Calumet’s production was impacted with nearly all units being either circulated or shutdown during the extreme weather event. Since then, city water has been restored, and the company is currently in startup. All other plants are back up in production. Demand in the specialty business continues to be healthy considering routine seasonal volume patterns. The company sees typical soft winter asphalt margins and continue to experience strong specialty product margins as the company enters 2023.