SAF offtakes ahead of schedule for Montana Renewables as MaxSAF™ 150 line progresses
- Ron Kotrba
- Nov 7, 2025
- 2 min read
Calumet CEO Todd Borgmann said Nov. 7 that the company posted strong financial results for the third quarter as it continued to achieve key strategic milestones.
“Our financial success again demonstrated the strength of Calumet’s integrated specialties business, and our continued cost discipline and operational progress has driven a $61 million year-to-date reduction in operating costs versus last year,” he said.
Calumet’s third-quarter net income was $313.4 million and adjusted EBITDA with tax attributes was $92.5 million.
In August, U.S. EPA notified Calumet that it was successful in receiving full or partial Renewable Fuel Standard waivers on every small-refinery exemption (SRE) petition the company filed from 2019 through 2024.
As a result, the company’s prior 2019-’24 renewable identification number (RIN)-balance sheet accrued liability of 396 million RINs was expected to be reduced to 89 million RINs, of which 57 million are of 2022 and 2023 vintage, and 32 million are 2024.
The company’s Montana Renewables segment reported $17.1 million of adjusted EBITDA with tax attributes during the third quarter compared to $14.6 million in third-quarter 2024.
Calumet stated that its Montana Renewables segment continued to benefit from significant operating-cost reductions in the third quarter compared to the prior year period and strong fuels and asphalt results.
These were partially offset, however, by low industry renewable diesel margins and its SAF expansion test run at Montana Renewables, resulting in reduced volumes, the company stated.
According to Calumet, Montana Renewables remains on track to achieve 120 million gallons to 150 million gallons of annualized SAF production before mid-next year.
“Strategically, the transformation of Montana Renewables is poised to accelerate in the coming year as we plan to bring our MaxSAF™ 150 expansion online in the second quarter of 2026, which will allow us to dramatically increase our SAF production versus today,” Borgmann said.
“With approximately 100 million gallons of SAF fully contracted or in final review, our SAF marketing program is progressing ahead of schedule, and we expect to complete the contracting at strong premiums well before the expansion,” he added.
