Calumet is expanding its sustainable aviation fuel (SAF) production from over 60 million gallons annually to about 200 million gallons by the end of 2028, aiming to improve product mix and pricing. The company benefits from premium SAF pricing, tight base-oil supply, and strong diesel crack spreads, supporting positive earnings outlooks for its specialty products and Montana Renewables segments. Montana Renewables expects an additional $50 million in adjusted EBITDA by mid-FY26 through extended conventional refining before full SAF conversion. Calumet's net recourse debt to adjusted EBITDA ratio improved from 7.0x to 3.9x over the past year, though leverage remains a risk to monitor. The stock's valuation premium over peers has narrowed amid improved forward EBITDA expectations and a sharp correction in its EV/EBITDA multiple.
Calumet's expansion plans and financial metrics provide context for energy sector investors. For readers following the energy sector, here is Pluang's market snapshot as of Sep 21, 2026 22:34 WIB: out of 35 priced US energy stocks, 6 rose and 29 fell. Notable prices include Phillips 66 at USD 266.53, Marathon Petroleum Corp at USD 415.04, and Cenovus Energy Inc at USD 31.89.
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