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Private company

Calumet Specialty Products Partners, L.P.

Petroleum refining company1

In its 2024 annual report the company says: “We manufacture, formulate and market a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. We are headquartered in Indianapolis, Indiana and operate twelve facilities throughout North America. Our business is organized into the following reportable segments: Specialty Products and Solutions; Montana/Renewables; Performance Brands; and Corporate.”72

Last updated Oct 21, 2026.

Overview

  • IndustryPetroleum Refining1
  • HeadquartersIndianapolis, Indiana1
  • Business address2780 Waterfront, Parkway E. Drive, Suite 200, Indianapolis, In 462142
  • Filer categoryLarge accelerated filer2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

10.8%Gross margin4
6.4%Operating margin4
1.2%Net margin4
-10.8%Revenue growth, 20234
-$286.7MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue89¢$3.7B
  • Other costs4¢$180.3M
  • Interest5¢$221.7M
  • Income tax0¢$1.6M
  • Profit1¢$48.1M

Out of $4.2B in revenue.4

Financial statements

Revenue5674$4.2B in 2023+11% since 2017
0$2.0B$4.0B$6.0B2017: $3.8B$3.8B20172018: $3.5B$3.5B2018−7%2019: $3.5B$3.5B2019−1%2020: $2.3B$2.3B2020−34%2021: $3.1B$3.1B2021+39%2022: $4.7B$4.7B2022+49%2023: $4.2B$4.2B2023−11%
Gross profit5674$451.7M in 2023−9% since 2017
0$200.0M$400.0M$600.0M2017: $498.2M$498.2M20172018: $436.7M$436.7M2018−12%2019: $451.7M$451.7M2019+3%2020: $99.1M$99.1M2020−78%2021: $142.9M$142.9M2021+44%2022: $351.7M$351.7M2022+146%2023: $451.7M$451.7M2023+28%
Operating income5674$267.2M in 2023+69% since 2017
-$100.0M0$100.0M$200.0M$300.0M2017: $158.0M$158.0M20172018: $122.9M$122.9M2018−22%2019: $76.3M$76.3M2019−38%2020: -$71.9M-$71.9M20202021: -$85.6M-$85.6M2021+19%2022: $131.9M$131.9M20222023: $267.2M$267.2M2023+103%
Net income5674$48.1M in 2023
-$300.0M-$200.0M-$100.0M0$100.0M2017: -$103.8M-$103.8M20172018: -$55.1M-$55.1M2018−47%2019: -$43.6M-$43.6M2019−21%2020: -$149.0M-$149.0M2020+242%2021: -$260.1M-$260.1M2021+75%2022: -$173.3M-$173.3M2022−33%2023: $48.1M$48.1M2023
Fiscal year2017201820192020202120222023
Revenue$3.8B5$3.5B5$3.5B6$2.3B7$3.1B4$4.7B4$4.2B4
Cost of revenue$3.3B5$3.1B5$3.0B6$2.2B7$3.0B4$4.3B4$3.7B4
Gross profit$498.2M5$436.7M5$451.7M6$99.1M7$142.9M4$351.7M4$451.7M4
Selling, general and admin$900.0K6
Operating income$158.0M5$122.9M5$76.3M6-$71.9M7-$85.6M4$131.9M4$267.2M4
Interest$183.1M5$155.5M5$134.6M6$125.9M7$149.5M4$175.9M4$221.7M4
Income before tax-$258.6M4-$169.9M4$49.7M4
Income tax-$100.0K5$700.0K5$500.0K6$1.1M7$1.5M4$3.4M4$1.6M4
Net income-$103.8M5-$55.1M5-$43.6M6-$149.0M7-$260.1M4-$173.3M4$48.1M4
Shares (weighted, basic)79.0M shares479.3M shares480.1M shares4
Shares (weighted, diluted)79.0M shares479.3M shares480.1M shares4

Compare Calumet Specialty Products Partners, L.P. with another company

Corporate structure

Calumet Specialty Products Partners, L.P. is part of a group headed by Calumet Lubricants. 26 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Calumet Specialty Products Partners, L.P.

  • David M. Knott Jr. Filed SCHEDULE 13G/A on Calumet Specialty Products Partners, L.P., latest Feb 12, 2025 (2 filings since Nov 8, 2021)
  • KNOTT PARTNERS LP Filed SC 13G/A on Calumet Specialty Products Partners, L.P., latest Feb 13, 2024 (3 filings since Feb 11, 2022)
  • Wasserstein Management, L.P. Filed SC 13G/A on Calumet Specialty Products Partners, L.P., latest Feb 10, 2023 (3 filings since Oct 12, 2021)
  • Calumet Lubricants Indianapolis
    • Calumet Specialty Products Partners, L.P. Indianapolis, Indiana
    • Bel-Ray Company, LLC Subsidiary · Delaware, United States
    • Calumet Africa Proprietary Limited Subsidiary · South Africa
    • Calumet Branded Products, LLC Subsidiary · Delaware, United States
    • Calumet Cotton Valley Refining, LLC Subsidiary · Delaware, United States
    • Calumet Dickinson Refining, LLC Subsidiary · Delaware, United States
    • Calumet Finance Corp. Subsidiary · Delaware, United States
    • Calumet GP, LLC Subsidiary · Delaware, United States
    • Calumet International, Inc. Subsidiary · Delaware, United States
    • Calumet Karns City Refining, LLC Subsidiary · Delaware, United States
    • Calumet Mexico, LLC Subsidiary · Delaware, United States
    • Calumet Missouri, LLC Subsidiary · Delaware, United States
    • Calumet Montana Refining, LLC Subsidiary · Delaware, United States
    • Calumet Operating, LLC Subsidiary · Delaware, United States
    • Calumet Paralogics, Inc. Subsidiary · Delaware, United States
    • Calumet Princeton Refining, LLC Subsidiary · Delaware, United States
    • Calumet Refining, LLC Subsidiary · Delaware, United States
    • Calumet Shreveport Refining, LLC Subsidiary · Delaware, United States
    • Calumet Specialty Oils de Mexico, S. de R.L. de C.V. Subsidiary · Mexico
    • Calumet Specialty Products Canada, ULC Subsidiary · Canada
    • Founders Insurance Holding, LLC Subsidiary · North Carolina, United States
    • Kurlin Company, LLC Subsidiary · Delaware, United States
    • Montana Renewables Holdings LLC Subsidiary · Delaware, United States
    • Montana Renewables, Inc. Subsidiary · Delaware, United States
    • Solide Insurance Company, LLC Subsidiary · North Carolina, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Calumet Specialty Products Partners, L.P. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$41.9M4 Dec 31, 2023$43.5M4 Dec 31, 2022−3.7%
Property and equipment, before depreciation$2.6B4 Dec 31, 2023$2.5B4 Dec 31, 2022+5.1%
Accumulated depreciation$1.1B4 Dec 31, 2023$994.3M4 Dec 31, 2022+10.3%
Property and equipment, net$1.5B4 Dec 31, 2023$1.5B4 Dec 31, 2022+1.6%
Finance-lease assets$2.4M4 Dec 31, 2023$2.8M4 Dec 31, 2022−14.3%
Operating-lease assets (leased space)$114.4M4 Dec 31, 2023$107.5M4 Dec 31, 2022+6.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$7.9M4 Dec 31, 2023$35.2M4 Dec 31, 2022−77.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$173.0M4 Dec 31, 2023$173.0M4 Dec 31, 20220%
Intangible assets, net (excluding goodwill)$28.5M4 Dec 31, 2023$36.3M4 Dec 31, 2022−21.5%
Finite-lived intangibles, gross$269.2M4 Dec 31, 2023$269.2M4 Dec 31, 20220%
Accumulated amortization$240.7M4 Dec 31, 2023$232.9M4 Dec 31, 2022+3.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$439.4M4 Dec 31, 2023$497.7M4 Dec 31, 2022−11.7%
Raw materials$89.2M4 Dec 31, 2023$121.8M4 Dec 31, 2022−26.8%
Work in process$109.0M4 Dec 31, 2023$158.2M4 Dec 31, 2022−31.1%
Finished goods$241.2M4 Dec 31, 2023$217.7M4 Dec 31, 2022+10.8%

Leadership

Who has led Calumet Specialty Products Partners, L.P., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ferdinand William Grube2006–2015
  2. William H. Hatch2015
  3. Timothy Go2016–2020
  4. Stephen P. Mawer2021–2022
  5. Louis Todd Borgmann2022–2024

Chair

  1. Fred M. Fehsenfeld Jr.2006–2011
  2. Stephen P. Mawer2022

President

  1. Ferdinand William Grube2006–2010
  2. Jennifer Straumins2011–2014

Chief financial officer

  1. Richard Patrick Murray Ii.2006–2017
  2. David West Griffin2017–2019
  3. H. Keith Jennings2020
  4. Louis Todd Borgmann2020–2022
  5. Vincent Donargo2023
  6. David Lunin2024

Chief operating officer

  1. Jennifer Straumins2011–2014
2010201520202025
Board members and other officers (26)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Bel-Ray Company, LLC Delaware3
  • Calumet Africa Proprietary Limited South Africa3
  • Calumet Branded Products, LLC Delaware3
  • Calumet Cotton Valley Refining, LLC Delaware3
  • Calumet Dickinson Refining, LLC Delaware3
  • Calumet Finance Corp. Delaware3
  • Calumet International, Inc. Delaware3
  • Calumet Karns City Refining, LLC Delaware3
  • Calumet Mexico, LLC Delaware3
  • Calumet Missouri, LLC Delaware3
  • Calumet Montana Refining, LLC Delaware3
  • Calumet Operating, LLC Delaware3
  • Calumet Paralogics, Inc. Delaware3
  • Calumet Princeton Refining, LLC Delaware3
  • Calumet Refining, LLC Delaware3
  • Calumet Shreveport Refining, LLC Delaware3
  • Calumet Specialty Oils de Mexico, S. de R.L. de C.V. Mexico3
  • Calumet Specialty Products Canada, ULC Canada3
  • Founders Insurance Holding, LLC North Carolina3
  • Kurlin Company, LLC Delaware3
  • Montana Renewables Holdings LLC Delaware3
  • Montana Renewables Holdings, Inc. Delaware3
  • Montana Renewables, Inc. Delaware3
  • Montana Renewables, LLC Delaware3
All 25 listed subsidiaries
  • Solide Insurance Company, LLC North Carolina3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 10, 20248-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer53
  2. Jul 5, 20248-K Entered a material agreement54
  3. May 10, 20248-K Results of operations55
  4. Apr 19, 20248-K Entered a material agreement56
  5. Apr 5, 20248-K Executive or director change57
  6. Mar 12, 20248-K Entered a material agreement; New debt or obligation; Regulation FD disclosure58
  7. Mar 5, 20248-K Change of auditor59
  8. Feb 23, 20248-K Results of operations; Earlier financial statements no longer reliable60
  9. Feb 23, 20248-K Entered a material agreement; Results of operations; Other events61
  10. Feb 12, 20248-K Entered a material agreement; Regulation FD disclosure62
  11. Jan 24, 20248-K Entered a material agreement; New debt or obligation; Regulation FD disclosure63
  12. Nov 9, 20238-K Results of operations64
  13. Aug 30, 2022New chief executive Louis Todd Borgmann becomes CEO14
  14. Feb 25, 2021New chief executive Stephen P. Mawer becomes CEO15
  15. Jan 11, 2016New chief executive Timothy Go becomes CEO16
  16. Apr 3, 2015New chief executive William H. Hatch becomes CEO17
  17. Jan 25, 2006New chief executive Ferdinand William Grube becomes CEO18

Calendar

When it reported results

  1. May 10, 2024Reported quarterly or annual results55
  2. Feb 23, 2024Reported quarterly or annual results60
  3. Feb 23, 2024Reported quarterly or annual results61
  4. Nov 9, 2023Reported quarterly or annual results64
  5. Aug 4, 2023Reported quarterly or annual results65
  6. May 5, 2023Reported quarterly or annual results66
  7. Mar 15, 2023Reported quarterly or annual results67
  8. Nov 9, 2022Reported quarterly or annual results68

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

217 filings to the SEC since October 2021: 3 annual reports, 8 quarterly reports, 40 major events, 141 insider forms, 8 large holders, 17 other. The latest 20:

  1. Feb 12, 2025SCHEDULE 13G/A EDGAR
  2. Aug 1, 202415-12G EDGAR
  3. Aug 1, 2024S-8 POS EDGAR
  4. Aug 1, 2024S-8 POS EDGAR
  5. Aug 1, 2024S-8 POS EDGAR
  6. Aug 1, 2024S-8 POS EDGAR
  7. Aug 1, 2024S-8 POS EDGAR
  8. Jul 10, 20248-K EDGAR
  9. Jul 5, 20248-K EDGAR
  10. Jun 7, 2024DEFM14A EDGAR
  11. May 15, 20244 EDGAR
  12. May 10, 202410-Q EDGAR
  13. May 10, 20248-K EDGAR
  14. May 9, 20244 EDGAR
  15. May 9, 20244 EDGAR
  16. May 9, 20244 EDGAR
  17. May 9, 20244 EDGAR
  18. May 6, 20243 EDGAR
  19. Apr 19, 20248-K EDGAR
  20. Apr 8, 20244 EDGAR

The 217 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 15 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 15, 2024Morical Gregory JSVP, GENERAL COUNSELSale11,111$15.04$167.1KForm 4
Jan 18, 2024Mawer Stephen PDirectorSale15,037$17.87$268.7KForm 4
Nov 17, 2023Boss John G.DirectorBuy25,000$14.65$366.2KForm 4
Oct 19, 2023Willman RyanCHIEF ACCOUNTING OFFICERSale1,000$19.00$19.0KForm 4
May 11, 2023Obermeier ScottEVP - SPECIALTIESBuy4,800$16.99$81.6KForm 4
Mar 1, 2023Sajkowski Daniel JDirectorSale11,142$19.52$217.5KForm 4
Dec 2, 2022Willman RyanCHIEF ACCOUNTING OFFICERBuy1,000$15.59$15.6KForm 4
Nov 29, 2022Carter James SDirectorBuy2,000$15.70$31.4KForm 4
Nov 28, 2022Carter James SDirectorBuy2,000$16.18$32.4KForm 4
Nov 21, 2022Mawer Stephen PDirectorBuy3,500$16.27$56.9KForm 4
Nov 15, 2022Carter James SDirectorBuy2,000$17.80$35.6KForm 4
Nov 14, 2022Carter James SDirectorBuy2,000$17.73$35.5KForm 4
Nov 11, 2022Carter James SDirectorBuy2,000$18.00$36.0KForm 4
Aug 29, 2022Borgmann Louis ToddCHIEF EXECUTIVE OFFICERBuy7,095$17.62$125.0KForm 4
Aug 22, 2022Mawer Stephen PDirectorBuy5,000$16.38$81.9KForm 4
Aug 16, 2022Mawer Stephen PDirectorBuy4,321$16.17$69.9KForm 4
Aug 12, 2022Mawer Stephen PDirectorBuy9,251$16.11$149.0KForm 4
Aug 10, 2022Willman RyanCHIEF ACCOUNTING OFFICERBuy1,000$15.83$15.8KForm 4
Aug 9, 2022Obermeier ScottEVP - SPECIALTIESBuy6,350$15.95$101.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Calumet Specialty Products Partners, L.P. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCalumet Specialty Products Partners, L.P.1
  • CIK0001340122
  • Employer ID (EIN)35-18111161
  • Filer statusLarge accelerated filer1
  • Fiscal year endsDecember 311
  • Industry code (SIC)2911 Petroleum Refining1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address2780 Waterfront, Parkway E. Drive, Suite 200, Indianapolis, IN 462141
  • Phone317-328-56601
  • Shares outstanding80,388,555 as of May 10, 20249
  • Public float$1.0B as of Jun 30, 20234
  • On EDGAR sinceOct 7, 20051
  • Filings1,733 in all: 4 (1,172), 8-K (232), 10-Q (55), 3 (42), 4/A (30), 10-K (19), SC 13G/A (17), 424B3 (14)1
    All 42 form types

    CORRESP (13), UPLOAD (13), SC 13D/A (11), 425 (10), 8-K/A (10), EFFECT (10), 424B5 (9), 5 (9), S-4 (6), S-4/A (6), SC 13G (6), S-8 (5), S-8 POS (5), 3/A (4), S-1/A (4), SC 13D (4), CT ORDER (3), FWP (3), S-3 (3), DEF 14A (2), NT 10-Q (2), S-1 (2), 15-12G (1), 424B1 (1), 424B2 (1), 424B4 (1), 8-A12G (1), DEFA14A (1), DEFM14A (1), NT 10-K (1), REGDEX (1), S-3/A (1), S-3ASR (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 29, 2024
    Quarterly report (10-Q) May 10, 2024
    Proxy statement (DEF 14A) Dec 23, 2021
    Latest 8-K (8-K) Jul 10, 2024

Sources

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