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CLMTBullishCorporate Developmentsnews

High materiality8/10

Calumet lowers capex for MaxSAF expansion, targets 200M gal SAF by 2028

Sep 1, 2026, 7:04 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Debt-light structure and faster capex payback reduce dilution risk and support higher SAF throughput, potentially lifting EBITDA margins and CLMT's multiple; main near-term catalyst is the final DOE draw timing and 2028 SAF capacity milestone.

AI summary

What happened, with direct paths to the underlying reporting

Calumet’s Montana Renewables plan repurposes CMR assets to lift MaxSAF expansion, targeting 200M gallons/year by 2028 and 17,000 barrels/day of total products. Remaining capital drops to $137M with no third-party equity, funded by MRL earnings and a final $34M DOE draw, while CMR continues asphalt operations and preserves Great Falls jobs.

MRL targets 200M gal/year SAF by 2028.
Total renewable product sales aim at 17,000 barrels/day.
Remaining capex reduced to $137M; funded by MRL earnings.
No third-party equity; final $34M DOE draw.
CMR assets redeployed; Great Falls jobs preserved.

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