en.Wedoany.com Reported - On August 7, Calumet, a US producer of specialty products and renewable fuels, released its operating results for the second quarter of 2026 and confirmed that its Montana Renewables unit has completed the first phase of the MaxSAF 150 expansion project. The company initiated planned maintenance and expansion construction in March, with work continuing through April, and the renewable fuels unit resumed operations in early May.
MaxSAF 150 primarily expands sustainable aviation fuel production capacity by upgrading existing equipment. The project previously set a target to increase annual capacity from approximately 30 million gallons to between 120 million and 150 million gallons. Following the completion of the first phase of expansion, Calumet plans to continue advancing subsequent capacity increases, but the completion milestone disclosed this time pertains solely to the initial phase of the project.
Due to the unit shutdown from March to April, Montana's renewable fuels business posted an average production of 7,011 barrels per day in the second quarter, down from 12,044 barrels per day in the same period last year. The segment reported adjusted EBITDA including tax attributes of $26.6 million for the quarter, compared with $16.3 million in the year-ago period; adjusted gross profit swung from a loss of $2 million in the prior-year period to a profit of $19.5 million.
Calumet generated sales revenue of $1.4451 billion in the second quarter, up from $1.0266 billion in the same period last year; its net loss narrowed from $147.9 million to $95.9 million. Adjusted EBITDA including tax attributes reached $175.2 million, compared with $76.5 million in the prior-year period. Total facility production rose from 79,912 barrels per day to 83,191 barrels per day, with specialty products and solutions segment production increasing to 62,903 barrels per day.
In the specialty products business, average lubricants production rose to 13,318 barrels per day from 11,939 barrels per day in the same period last year, while wax products increased to 1,559 barrels per day from 1,325 barrels per day. The segment's adjusted EBITDA climbed from $66.8 million to $161.7 million, becoming the company's primary source of profit in the second quarter.
In July, Calumet also redeemed $100 million in principal amount of its 9.75% senior notes due 2028 and repaid $15.5 million to settle Montana terminal asset financing, reducing total debt by approximately $115.5 million.
