Calumet, Inc. (NASDAQ:CLMT) Q3 2024 Earnings Conference Call November 8, 2024 9:00 AM ET

Corporate Participants

John Kompa - Director, IR
Todd Borgmann - Chief Executive Officer
David Lunin - EVP and Chief Financial Officer
Bruce Fleming - EVP, Montana Renewables and Corporate Development
Scott Obermeier - EVP, Specialties

Conference Call Participants

Roger Read - Wells Fargo
Jason Gabelman - TD Cowen
Saumya Jain - UBS
Gregg Brody - Bank of America
Adam Wijaya - Goldman Sachs
Amit Dayal - H.C. Wainwright

Operator

Good morning, and welcome to the Calumet, Inc., Conference Call.

All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to John Kompa, Investor Relations. Please go ahead.

John Kompa

Thank you, Anthony. Good morning, everyone. Thank you for joining our third quarter 2024 earnings call.

With me on today's call are Todd Borgmann, CEO, David Lunin, EVP and Chief Financial Officer, Bruce Fleming, EVP, Montana Renewables and Corporate Development, and Scott Obermeier, EVP Specialists. You may download the slides that accompany the remarks made on today's conference call, which can be accessed in the Investor Relations section of our website. Also, replay of this call will be available on our site within a few hours.

Turning to the presentation, on Slide two, please see our cautionary statements. I'd like to remind everyone that during the call, we may provide various forward-looking statements. Please refer to our press release that was issued this morning, as well as our latest filings with the SEC, for a list of factors that may affect our actual results and cause them to differ from our expectations.

As we turn to Slide three, I'll now pass the call to Todd.

Todd Borgmann

Thanks, John, and welcome to Calumet's third quarter 2024 earnings call.

We've had a lot of big news recently at Calumet, as we continue to take major steps and execute on the value creation catalysts that we started to socialize earlier this year. In July of this quarter, we successfully completed the conversion of Calumet into a C-Corp, and most recently, we announced the conditional commitment of a $1.44 billion DOE loan to move forward with Montana Renewables' max-out expansion, which I'll talk more about shortly.

Calumet has been, and continues to be, laser-focused on maximizing shareholder value. Let me start with reinforcing the commercial transformation journey we've been on the past few years, which has built a competitive advantage in our leading specialty products business. Even in a softer commodity environment, it's remarkable to see the new mid-cycle margins we've realized compared to historic levels, and we saw that again in the third quarter.