Great Falls, MT — Calumet Montana Refining (CMR) and the Montana Department of Revenue (DOR) have mutually resolved the fair market value of the crude oil refinery in Great Falls. A finalized property tax agreement covering the years 2022 through 2025 was completed on September 15.

By statute, DOR must assess businesses at 100% of market value. Adjusting assessments for tax years 2022-2024 to determine full fair market value resulted in the following changes:

• CMR’s assessed market value increased for 2022, and Calumet will pay more property taxes for that year.
• CMR’s assessed market value decreased in 2023 and 2024, and a refund will be issued for those years.
• The net result is an estimated $1.4 million refund, with an exact amount to be determined by Cascade County based on revised valuations.

CMR paid its taxes for each tax year in full and on time, and only the appealed portion of those taxes were held in escrow pending the result of the appeal.

“We take our financial obligation to the community seriously and are committed to supporting Cascade County through our fair share of taxes,” said Kollin Schade, Sr. Vice President of Montana Operations. “This reassessment reflects our dedication to transparency, collaboration, and long-term investment in Great Falls.”

To help maintain an accurate and transparent assessment going forward, CMR and the DOR are jointly developing a Master Asset List. This list will serve as the foundation for future property tax assessments.

“We appreciate the community’s patience and the cooperation of Calumet while we worked through the review process using very complex appraisal methods. Ultimately, we appraised this property at 100% of its market value in accordance with state law,” said DOR Deputy Director Scott Mendenhall.

CMR remains proud to be part of the Great Falls community and appreciates the cooperative efforts that led to this resolution.

*Note to Editor: This resolution pertains only to Calumet Montana Refining. Calumet has never appealed any part of the tax assessment for Montana Renewables, LLC, its co-located business.

About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America.

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Calumet Dickinson Production Facility was recognized by HPP for its commitment to sustainability and environmental responsibility. The facility received an environmental award for recycling 28 million pounds of sustainable materials from the beginning of the partnership with HPP in 2002 through 2024.

Dickinson uses attapulgite clay for filtration in its final stage for white mineral oil processing. Attapulgite clay is a naturally occurring magnesium aluminum silicate mineral that is known for its high surface area and ability to absorb liquids and odors. Filtering the oil over the clay removes residual color bodies remaining in the oil.
On average, Dickinson generates approximately 800 tons of spent filter clay annually. Recycling this material reduces the volume of waste generated at the site that is deposited in a landfill. This benefits the facility by reducing the generated waste, and lowering disposal cost. Using HPP for recycling the used clay saves Calumet around $50,000 on disposal fees annually.

Calumet has a long partnership with HPP which continues to improve sustainability at the Calumet Dickinson plant location.

Visit the HPP Website.

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INDIANAPOLIS (July 21, 2025) – Royal Purple^® and Bel-Ray^® have debuted a new one-gallon bottle design with increased durability and a higher amount of post-consumer recycled resin. The new bottle has a wider neck for enhanced pourability, improved ergonomics with an updated handle design and a larger and clearer label with expanded product information.

“Driven by our commitment to continuous improvement, we are thrilled to unveil our new one-gallon bottle,” said Craig Paterson, VP, Commercial for Calumet. “The bottle is built with our customers in mind and we’re proud to incorporate sustainable materials that align with our dedication to environmental responsibility.”

Royal Purple and Bel-Ray will roll out the new one-gallon bottle across select product lines over the coming months.

About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

About Bel-Ray^®
Headquartered in Indianapolis, Indiana, Bel-Ray^® is a global leader in high-performance lubrication technology. For over 75 years, Bel-Ray has engineered advanced lubricants designed to protect equipment, reduce downtime, and maximize operational efficiency. Bel-Ray Total Performance Lubricants^® are trusted across a wide range of industries including automotive, motorcycle and powersports, mining, oil and gas, pipeline operations, food processing, and heavy equipment. Bel-Ray’s legacy is built on innovation, technical expertise, and a commitment to performance. From application-specific formulations to exceptional customer support, Bel-Ray delivers tailored solutions that meet the demands of today’s most challenging environments. Bel-Ray products are distributed globally through a robust network of partners and retailers. Bel-Ray products are manufactured by Calumet Branded Products, LLC, a wholly-owned subsidiary of Calumet, Inc. (NASDAQ: CLMT). To learn more, visit www.belray.com.

About Royal Purple^®
Royal Purple^® is a leader in high-performance synthetic lubricants trusted by racers, technicians, and automotive enthusiasts who expect maximum performance from their engines. Manufactured by Calumet Branded Products, LLC in Porter, Texas, Royal Purple has delivered premium synthetic oil solutions since 1986. Its proprietary Synerlec^® additive technology enhances oil film strength, delivering superior protection, improved efficiency, and extended drain intervals. From racing and powersports to commercial trucking, fleets, and passenger vehicles, Royal Purple products are designed to maximize horsepower, protect critical engine components, and lower total cost of ownership. Royal Purple continues to set the standard in lubrication performance and innovation. Calumet Branded Products is a wholly-owned subsidiary of Calumet, Inc. (NASDAQ: CLMT). To learn more, visit www.royalpurple.com.

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SHREVEPORT, LA – In May, Calumet will award four area high school seniors a Science, Technology, Engineering, and Mathematics (STEM) Scholarship. The scholarships, which are $1000 each, are for students pursuing a STEM-focused degree who excelled in their high school curriculum with extra-curricular activities. Calumet believes that students majoring in STEM will play a vital role in its industry in the next generation.

On May 1, Calumet will present scholarships to Isabella Vincent from Benton High School and Hannah Frentress from Airline High School at the Bossier Parish School Board Meeting and on May 20, Arjun Desai from Caddo Parish Magnet High School and Shelby Owens from Captain Shreve High School will be presented their scholarships at the Caddo Parish School Board Meeting.

“Calumet is committed to supporting our schools and our students, especially when it comes to STEM education,” said Mike Achacoso, Sr. Vice President, Operations. “These four students are very impressive both academically and in character, and we’re excited to honor them and contribute to their future learning. We hope that our new scholarship program will not only encourage local students to excel in school, but also inspire them to pursue STEM careers in Louisiana.”

About Calumet, Inc.
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

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Social Enterprise of Wheeler Mission Offers Handmade Candles made from donated wax

INDIANAPOLIS (February 4,2025) – Flowers and chocolates may be the traditional Valentine’s gifts, but they lack the sentimentality and social impact you can get with a candle from Restored Creations, the social enterprise of Wheeler Mission’s Center for Women and Children.

Restored Creations offers candles and car oil diffusers. Each gift is hand-poured by women who have survived homelessness, addictions, domestic violence and brokenness. Each candle comes with personal quotes from the women in the program, who run the business from top to bottom.

“This business provides a therapeutic outlet for these women while empowering them to learn and develop skills needed to obtain and maintain gainful employment after leaving Wheeler Mission,” said Melissa Jones, Program Manager. “These candles come in a variety of scents and are perfect gifts for your sweetheart this Valentine’s Day.”

Indianapolis-based company Calumet has provided TitanWax candle blend to Restored Creations at no cost for several years, allowing the women to create the business’s soy-blend candles scented with premium fragrance oils.

“We are proud of our partnership with Restored Creations,” said Calumet Director of Corporate Marketing Lindsey LaBerge. “We believe in supporting our community and being able to help these women heal and get on their feet while seeing them turn our wax into these beautiful gifts is amazing.”

To learn more about Restored Creations or to make a purchase, go to restoredcreations.net.

Wheeler Mission helps the homeless in Indiana. Wheeler is a non-denominational, Christian, social
services organization that provides critically-needed goods and services to the homeless, poor and
needy of central Indiana without regard to race, color, sexual orientation, creed, national origin or
religion. Visit wheelermission.org.

To learn more about Calumet, visit calumet.com.

About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty
branded products and renewable fuels to customers across a broad range of consumer-facing and
industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities
throughout North America.

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Calumet produces a wide range of products for various industries. What products in the current portfolio cater specifically to aerospace? 

We’ve always produced traditional jet fuel and specialized lubricants, including biodegradable ester-based lubricants, which are critical because of the extreme conditions aircraft operate under—high altitudes and extreme temperatures. These lubricants must perform under strenuous conditions, making them an important part of our offerings. But perhaps the most consequential development for us in aerospace is our focus on sustainable aviation fuel (SAF).

We converted a refinery in Great Falls, Montana, to become North America’s largest SAF producer. This was a fast turnaround by industry standards, and today, we’re the largest supplier not just in North America but the entire Western Hemisphere. SAF is still in its early stages, but it’s rapidly becoming one of the fastest-growing energy niches.

What was the motivation behind Calumet widening its offering and capitalizing on the SAF niche in 2020? 

Our entry into the SAF space in 2020 was partly a result of good timing and recognizing an opportunity. Our Great Falls facility was initially built to handle highly acidic crude oils, which are similar to renewable feedstocks like vegetable oils and animal fats. This made our equipment ideal for producing SAF without the need for significant modifications. Being located in Montana also gave us access to abundant feedstocks within a 500-mile radius, more than we could even process.

We saw the renewable diesel and SAF market as a major growth area and realized we were perfectly positioned to take advantage. The equipment, location, and timing all aligned, so we decided to move forward with the project. In 2021, we raised financing; by 2022, we constructed the facility, and in 2023, we fully commissioned it. Just a few months ago we delivered our first full clean production quarter in Montana. Calumet is the leading SAF producer in North America, producing over 30 million gallons annually, and we’re looking to increase that to over 200 million gallons in the next 2-3 years.

From a production point of view, how exactly does sustainable aviation fuel (SAF) work compared to the more traditional fuels produced for the aerospace industry?

SAF is essentially the same as traditional jet fuel, but it’s made from a different feedstock. Instead of using fossil fuels, we use renewable feedstocks like animal fat or vegetable oil. The process is similar to traditional refining: we fractionate the feedstock, treat it at temperature and pressure, and isomerize it to produce the jet fuel cut needed for aircraft engines.

The big difference is in the feedstock, but the refining process remains largely the same. Once produced, the SAF is typically blended with traditional jet fuel to form the into-wing blend. This blended fuel can then be used in planes without requiring any changes to the engines or infrastructure. It’s a drop-in solution, meaning it works within the existing supply chain without any major and expensive infrastructure overhauls for the end customer.

While there are widespread commitments and considerable willpower from airlines and OEMs to adopt SAF, the sheer cost difference remains a barrier to adoption. How can the price point of SAF be brought down? 

Balancing economic factors like cost is crucial—we can’t create more problems by making energy unaffordable. The U.S. government’s Grand Challenge aims for 3 billion gallons by 2030 and the International Air Transport Association (IATA) has said that 60% of airline fuel needs to be sustainable by 2050, but right now, we’re at less than 0.1%. There’s a huge challenge ahead, but also a tremendous opportunity. Like any new technology, the cost of SAF will decrease over time. One of the reasons we’ve focused on renewable diesel and SAF (which are both in their infancy and early growth phases) is that we can produce them efficiently using proven technologies, and we have a location advantage.

Unlike other emerging energy forms, SAF doesn’t require ancillary costs such as significant infrastructure changes for the end customer. We can use the existing infrastructure that airlines already have in place, so we’re not talking about a massive overhaul of the entire fleet. SAF fits into the current system, making it more cost-effective in the long run. It’s a “drop-in” fuel, meaning it can be used in existing engines without modifications. That’s why we believe SAF has an advantage in terms of cost, speed, and risk compared to other options.

Outside of Calumet, which countries and companies do you view as driving the revolution in the industry’s transition to SAF?

Countries like the UK, Singapore, and Japan are also mandating SAF growth, but there’s a long way to go.  Our biggest partner in the SAF space, Shell, has been a real leader. They’re not just setting ambitious goals; they’re actively investing in the supply chain needed to make SAF a reality, having formed partnerships with us, they are committed to buying the product, and are helping to transport and sell SAF, and perform the quality assurance to end customers. In the airline industry, most companies are leaning into SAF adoption. Many have set targets for 10% of their fuel demand to come from SAF, which is a significant jump from where we are now. There are still challenges around cost and availability, but the willingness to invest early and push this transition forward is there. Companies like Phillips 66, Diamond Green, and Neste are also doing great work in this space.

Many people ask us about the threat of competition, but frankly, we don’t think of others as competitors. More companies producing SAF is essential since there is such a huge gap to fill. We have taken a meaningful first step, but actually the biggest risk is there being insufficient capacity to accommodate for the demand growth within the industry. Without the supply, it doesn’t really matter what the demand is. It’s a continuously growing area that we need to keep up with as an industry, as opposed to more mature areas where the market growth is not enough to consume new supply.

This article originally appeared on Investment Reports, Oct. 29, 2024.

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Great Falls, MT – Montana Renewables LLC (MRL), the largest producer of Sustainable Aviation Fuel (SAF) in North America (2024), has produced and shipped Minneapolis-St. Paul International Airport’s (MSP) first blend of SAF. This marks a significant milestone in the global transition to cleaner, sustainable aviation fuels and serves as a proof point in support of the Minnesota SAF Hub.

“We are pleased to remain at the forefront of the SAF revolution,” said Bruce Fleming, CEO of Montana Renewables. “MRL is an ISCC-approved SAF producer and the SAF being sold to MSP is produced from Minnesota camelina. This demonstrates shorter local supply chains, and pioneers camelina as a viable non-food oil that provides additional cash crop potential for farmers.”

MRL thanks Shell Aviation, the Minnesota SAF Hub, and many others who have come together to deliver this proof point. The SAF shipment from Great Falls will arrive at the MSP Airport on Friday, September 20 and will be used in Delta Air Lines commercial flights.

For further information: Lanni Klasner, Communications Manager, 406-384-6814, lannik@clmt.com

About Calumet

Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

About Montana Renewables

Montana Renewables LLC (MRL) is a leading renewable fuel company located in Great Falls, Montana. We produce Sustainable Aviation Fuel (SAF), Renewable Diesel, Renewable Hydrogen, and Renewable Naphtha. As the largest SAF producer in North America (2024), we are dedicated to meeting the increasing demand for sustainable fuels and to supporting a greener future. As a Great Falls business leader, MRL offers high-paying jobs and career opportunities while supporting the local economy and contributing to the community’s overall well-being. Pacific Northwest farm and ranch operations ultimately provide MRL with sustainable, renewable, low-carbon feedstocks and agricultural byproducts including tallow, distillers corn oil, canola oil, used cooking oil and camelina oil. These are converted to renewable transportation fuels which have lower emissions compared to conventional fossil fuels. MRL is an unrestricted subsidiary of Calumet, Inc.

About SAF

Sustainable Aviation Fuel (SAF) is a combination of synthetic paraffinic kerosene (SPK) and conventional jet fuel which meets ASTM D7566 and ASTM D1655 specifications. Designed to reduce the aviation industry’s carbon footprint, SAF is drop-in compatible with existing aviation fueling infrastructure and aircraft engine technology.

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