Calumet
37 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Suppliers
BP Oil Supply Co.
depends on · approximately 39.3% of our total crude oil supplynamed as a riskIn 2025, BP Oil Supply Co. (“BP”) supplied us with approximately 39.3% of our total crude oil supply under term contracts and month-to-month evergreen crude oil supply contracts.Business (Item 1)
Macquarie Commodities Trading US, LLC
depends on · approximately 20.0% of our total crude oil supplynamed as a riskIn 2025, Macquarie Commodities Trading US, LLC. (“Macquarie”) supplied us with approximately 20.0% of our total crude oil supply under a crude oil supply agreement.Business (Item 1)
Plains All American Pipeline, L.P.
depends onnamed as a riskFor example, a majority of our crude oil supply contracts with Plains are currently month-to-month and terminable upon 90 days’ notice.Business (Item 1)
Also named by PAGP
Phillips 66
depends onWe have various long-term feedstock supply agreements with Phillips 66, with some agreements operating under the option to continue on a month-to-month basis thereafter, for feedstocks that are key to the operations of our Karns City and Dickinson facilities.Business (Item 1)
Partners and platforms
Rail transportation
depends on · approximately 2,300 leased railcarsnamed as a riskWe rely on railroad and trucking companies to transport renewable feedstock materials to the Montana Renewables facility, and to deliver renewable transportation fuels to our customers.Risk factors (Item 1A)
Enterprise Products Partners L.P. (TEPPCO pipeline)
depends onnamed as a riskOur Shreveport facility is interconnected to a pipeline that supplies a portion of its crude oil and a pipeline that ships a portion of its refined fuel products to customers, such as pipelines operated by subsidiaries of Enterprise Products Partners L.P. and Plains.Risk factors (Item 1A)
Bow River Pipeline / Front Range pipeline system
depends onnamed as a riskOur Great Falls facility receives crude oil through the Front Range pipeline system via the Bow River Pipeline in Canada.Risk factors (Item 1A)
J. Aron & Company
depends onnamed as a riskOur arrangement with J. Aron exposes us to J. Aron-related credit and performance risk as well as potential refinancing risks.Risk factors (Item 1A)
Other companies
The Heritage Group
approximately 19.4% of the outstanding sharesnamed as a riskAdditionally, as of February 26, 2026, The Heritage Group and certain of their affiliates beneficially owned approximately 19.4% of the outstanding shares of our common stock (prior to any potential dilution resulting from exercise of the warrants).Risk factors (Item 1A)
Lubrication Engineers, Inc.
$110.0 millionOn February 28, 2025, the Company announced that it entered into a definitive agreement with a wholly owned subsidiary of Lubrication Engineers, Inc., a portfolio company of Aurora Capital Partners, to sell assets related to the industrial portion of its Royal Purple® business, for $110.0 million, subject to certain customary adjustments.Business (Item 1)
United Steelworkers
depends onnamed as a riskSubstantially all of our operating personnel at our Shreveport, Great Falls, Princeton, Cotton Valley, Karns City, Dickinson and Missouri facilities are employed under collective bargaining agreements.Risk factors (Item 1A)
HF Sinclair Corporation
named as a riskDuring 2014, HF Sinclair Corporation (“Holly”) provided us a notice challenging our position that the Seller is obligated to indemnify our remediation expenses for environmental conditions to the extent arising under Seller’s ownership and operation of the refinery and existing as of the date of sale to Connacher.Business (Item 1)
Competitors
Exxon Mobil Corporation
competes withOur primary competitors in producing paraffinic lubricating oils include Exxon Mobil Corporation, Motiva Enterprises, LLC, Phillips 66, HF Sinclair Corporation and Chevron Corporation.Business (Item 1)
Marathon Petroleum Company
competes withOur primary competitors in producing renewable fuel products in the U.S. West Coast markets are Marathon Petroleum Company, Phillips 66 and Chevron Corporation.Business (Item 1)
Places
Canada
depends on · 15,000 bpd of Canadian crudeThe Montana specialty asphalt facility purchases crude oil from various suppliers and receives crude oil through the Interprovincial Bow River South and Rangeland pipeline systems, providing reliable access to high quality conventional crude oil from western Canada.Business (Item 1)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Montana
concentrated in · approximately 83.6% of our continuing operations gross profitIn our Montana/Renewables segment, which accounted for approximately 83.6% of our continuing operations gross profit in 2025, we expect growth in cash flows as a result of market recovery and higher throughput.Business (Item 1)
Northwest Louisiana
concentrated in · 27 processing units and 195 million gallons of storage capacityThe assets in our Northwest Louisiana integrated specialty complex anchor our Specialty Products and Solutions business segment.Business (Item 1)
Louisiana, Texas and Arkansas fuel markets
earns fromGasoline, diesel and jet fuel from the Shreveport facility are sold primarily into the Louisiana, Texas and Arkansas markets, and any excess volumes are sold to marketers further up the TEPPCO pipeline.Business (Item 1)
Western North America renewable fuel markets
earns fromWe sell our renewable fuels products to a relatively small number of investment grade counterparties under multiyear offtake agreements for onward distribution into renewable markets in the western half of North America.Business (Item 1)
Hazards
Hurricanes
operates innamed as a riskIn 2024 and 2025, we continued our efforts to upgrade infrastructure at our Shreveport facility, which included projects to harden the existing assets to withstand severe weather events such as hurricanes and winter freezes.Business (Item 1)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Commodities and inputs
Natural gas
exposed to its price · approximately 14.0% and 10.3% of our total operating expensesnamed as a riskNatural gas and utility costs constituted approximately 14.0% and 10.3% of our total operating expenses included in cost of sales for the years ended December 31, 2025 and 2024, respectively.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Renewable Identification Numbers (RINs)
exposed to its price · approximately $65.0 million per yearnamed as a riskHolding other variables related to RINs obligations constant, a $1.00 increase in the price of RINs would be expected to have a negative impact on Net income (loss) of approximately $65.0 million per year.Market risk (Item 7A)
Sustainable aviation fuel
earns from · 120 to 150 million gallons of annualized SAF productionnamed as a riskOur MaxSAF™ expansion project is expected to deliver 120 to 150 million gallons of annualized SAF production by the second quarter of 2026.Business (Item 1)
Gulf Coast 2/1/1 crack spread
exposed to its price · averaged $24.04 per barrel during 2025named as a riskOur actual fuels product margins may vary from the Gulf Coast crack spread due to the actual crude oil used and products produced, transportation costs, regional differences, and the timing of the purchase of the feedstock and sale of the refined products, but we use the Gulf Coast crack spread as an indicator of the volatility and general levels of fuels refining margins.Risk factors (Item 1A)
Crude oil
exposed to its pricenamed as a riskReductions in the value of our inventories as a result of lower crude oil prices could result in a reduction in our borrowing base, which would reduce the amount of financial resources available to meet our operating requirements.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, COP and 48 more
Renewable feedstocks
depends onnamed as a riskMRL, an unrestricted subsidiary of the Company, has entered into various term supply agreements for renewable feedstocks that are key to the operations of the Montana Renewables facility.Business (Item 1)
Also named by PSX
Regulators
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskThe EPA has issued RFS mandates, requiring refiners such as us to blend renewable fuels into the petroleum fuels they produce and sell in the U.S.Business (Item 1)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Louisiana Department of Environmental Quality
subject tonamed as a riskNumerous federal and state governmental authorities, such as the U.S. EPA, OSHA, the Louisiana Department of Environmental Quality (“LDEQ”), and the Montana Department of Environmental Quality (“MDEQ”), have the power to enforce compliance with these laws and regulations and the permits issued under them, often requiring challenging and costly actions.Risk factors (Item 1A)
Also named by LNG
Laws and programs
Renewable Fuel Standard (RFS)
subject to · approximately 65 million RINsnamed as a riskOur annual RINs Obligation, which includes RINs that are required to be secured through either our own blending or through the purchase of RINs in the open market, is approximately 65 million RINs across the four compliance categories.Risk factors (Item 1A)
Also named by ADM, AMRC, CF, CVX, DAL, DINO, DTE, ET and 13 more
U.S. Department of Energy Loan Guarantee
subject to · approximately $815.4 million of outstanding indebtednessnamed as a riskIn addition, as of February 27, 2026, MRL had approximately $815.4 million of outstanding indebtedness under a loan guarantee agreement (the “DOE Facility”) with the U.S. Department of Energy (“DOE”) and MRL has the ability to draw additional tranches of up to $624.6 million through the anticipated completion of this project in 2028.Risk factors (Item 1A)
Clean Fuel Production Credit (CFPC)
exposed to its price · $102.5 million of CFPCsnamed as a riskFor example, we generated $102.5 million of CFPCs during the year ended December 31, 2025 and we currently intend to sell all of such CFPCs in the secondary market.Risk factors (Item 1A)
One Big Beautiful Bill Act
subject tonamed as a riskFor example, the Inflation Reduction Act of 2022 contained tax inducements and other provisions that incentivize investment, development, and deployment of alternative energy sources and technologies, but many of these tax inducements have been rescinded by the current administration and/or The One Big Beautiful Bill Act (“OBBBA”).Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
RFS small refinery exemption
subject tonamed as a riskWe have submitted SRE petitions for our Shreveport and Great Falls refineries which are pending for 2025.Risk factors (Item 1A)
U.S. blender’s tax credit (Section 40A)
subject tonamed as a riskFor example, since the enactment of the U.S. blender’s tax credit (“BTC”) (Section 40A of the IRC) in 2004 with specified sunset dates, there have been several occasions where the renewal and extension of the credit has been in doubt, only for it to be renewed and extended close to (and in some cases, after) expiration.Risk factors (Item 1A)
Davis-Bacon Act
subject tonamed as a riskAdditionally, as a result of the DOE Loan, Montana Renewables is subject to various covenants and compliance requirements, such as paying prevailing wages and complying with the Davis-Bacon Act of 1931.Risk factors (Item 1A)
Great Falls Consent Decree
subject toIn connection with the acquisition of the Great Falls refinery from Connacher Oil and Gas Limited (“Connacher”), we became a party to an existing 2002 Refinery Initiative Consent Decree (the “Great Falls Consent Decree”) with the EPA and the Montana Department of Environmental Quality (the “MDEQ”).Business (Item 1)
Technology
Third-party licensed renewable fuels technology
depends onnamed as a riskMontana Renewable’s operations are dependent upon the use of intellectual property licensed to us by third parties, and in the future, MRL may enter into additional agreements for certain other intellectual property or technologies.Risk factors (Item 1A)