© Reuters.
Calumet Specialty Products (NASDAQ:) Partners, L.P. (NASDAQ: CLMT) discussed its fourth quarter and full-year 2023 financial results, revealing a plan to convert from an MLP to a C-Corp in November 2023, with the conversion agreement officially signed two weeks prior.
The company generated $40 million in adjusted EBITDA for the fourth quarter and $261 million for the full year. Despite facing operational challenges, including a steam drum crack in Montana and extreme weather conditions, Calumet saw margin growth in its Specialties business for the fifth consecutive year.
Calumet also made significant progress in its Montana/Renewables business, launching North America’s largest sustainable aviation fuel (SAF) operation. The company is awaiting Department of Energy (DOE) feedback on funding for its MaxSAF project and has announced measures to reduce debt,…
