Calumet, Inc. announced preliminary selected financial results for the third quarter ended September 30, 2024, expecting a net loss between $110 million and $90 million. Adjusted EBITDA is projected to be between $45 million and $55 million for the quarter.
As of September 30, 2024, the company estimated total liquidity at approximately $290 million, comprising $35 million in unrestricted cash and $255 million in availability under its credit facilities. This provides insight into the company's financial health at the quarter's end.
Montana Renewables demonstrated strong operations throughout the third quarter, processing approximately 12,000 barrels per day of renewable feedstock and producing over 2,500 barrels per day of Sustainable Aviation Fuel (SAF). A new SAF production record was achieved each month, culminating with approximately 3,200 barrels per day in September. The Specialties business saw increased production volume despite unplanned downtime in July from Hurricane Beryl, which resulted in a loss of approximately 500,000 barrels of production and roughly $8 million in lost opportunity.
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