Calumet Announces Deals to Support Montana Renewables, Advance MaxSAF Expansion

11:15 AM EST, 11/05/2026 (MT Newswires) -- Calumet (CLMT) on Thursday announced two transactions to support the development of its Montana Renewables unit and advance its MaxSAF expansion plans. The company said its Calumet Montana Refining unit signed a long-term lease agreement with its other unit, Montana Renewables, for certain assets. The company said the lease agreement is expected to provide Calumet Montana Refining with a lease income of $30 million per year. Calumet said it also amended its existing agreement with Warburg Pincus, under which Warburg will exchange its 13.17% ownership in Montana Renewables Holdings for warrants to acquire up to 8% of Montana Renewables Holdings' common equity. The company said the deal is exercisable above a $750 million common equity value, and its preferred return rate will increase to 11.5%. Price: 43.49, Change: -0.11, Percent Change: -0.25