INDIANAPOLIS, April 16, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today provided an operational update for the first quarter of 2024. As previously reported, Montana Renewables (MRL) resumed production at its Great Falls, MT, site in December 2023.  The site operated well throughout the first quarter of 2024 as volumes sequentially improved each month.  First quarter 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 the second quarter of 2024, the old, expensive feedstock has been processed. Further, first quarter 2024 results will reflect a planned turnaround at our Shreveport site in March, which was completed on time and on budget. We begin the second quarter of 2024 at Shreveport with solid operating momentum.  In the first quarter of 2024, we were negatively impacted by seasonal weakness in our fuels and asphalt products, particularly in PADD IV. "A year after commissioning began, our Montana Renewables business is now consistently processing approximately 12,000 barrels per day of renewable feedstock, including over 10,000 barrels per day of feed from our next generation feed pretreater," said Todd Borgmann, CEO of Calumet.  "With these key operational milestones now reached, stable operations have allowed us to process an overhang of old expensive feedstock inventory. Given this progress, we are optimistic that we will achieve representative financial performance at Montana Renewables going forward, clearly demonstrating the strong competitive position of the business. Our advantaged feed and technology positions are complemented by agile product marketing and our position as the largest producer of sustainable aviation fuel in the Western Hemisphere, with current production levels running at a 30 million gallon per year pace. Significant further expansion of SAF production remains a strategic priority, and we remain encouraged by the well-advanced DOE loan program discussions. "This operational progress supports our strategy of two competitively advantaged businesses, both of which are expected to generate cash toward our deleveraging strategy. We also continue to track towards a second quarter conversion of Calumet into a C-Corp, substantially widening our potential investor base. We believe that the culmination of all these actions should allow us to create substantial shareholder value." About Calumet Specialty Products Partners, L.P. Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) 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.  Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. Additional Information and Where to Find It This communication relates to the proposed corporate reorganization (the "Conversion") between Calumet and Calumet Inc., a newly formed Delaware corporation ("New Calumet"). This communication may be deemed to be solicitation material in respect of the proposed Conversion. The proposed Conversion will be submitted to Calumet's unitholders for their consideration. In connection with the proposed Conversion, Calumet and New Calumet have prepared and filed with the SEC a registration statement on Form S-4 (the "Form S-4") containing a proxy statement/prospectus (the "Proxy Statement/Prospectus") to be distributed to Calumet's unitholders in connection with Calumet's solicitation of proxies for the vote of Calumet's unitholders in connection with the proposed Conversion and other matters as described in such Proxy Statement/Prospectus. The Proxy Statement/Prospectus will also serve as the prospectus relating to the offer of the securities to be issued to equityholders of Calumet and Calumet GP, LLC, the general partner of Calumet (the "General Partner"), in connection with the completion of the proposed Conversion. Calumet and New Calumet may file other relevant ...