Calumet Specialty Products provides Q1 operational update

Calumet Specialty Products provided an operational update for Q1 2024. Montana Renewables resumed production at its Great Falls, MT, site in December 2023. The site operated well throughout 1Q24 as volumes sequentially improved each month. Q1 results for the MRL business are expected to reflect the significant burden of higher priced feedstock purchased prior to the summer 2023 slowdown related to a steam system issue. Entering Q2, the old, expensive feedstock has been processed. Further, Q1 results will reflect a planned turnaround at the Shreveport site in March, which was completed on time and on budget. The company begins Q2 at Shreveport with solid operating momentum. In Q1, the company was negatively impacted by seasonal weakness in fuels and asphalt products, particularly in PADD IV.