Description of the Business	6 Months Ended
Jun. 30, 2024
Description of the Business	(1) Organization and Background of Business Calumet, Inc. was incorporated on January 8, 2024 as a Delaware corporation. Calumet, Inc. was formed for the purpose of effecting the corporate conversion (the “Conversion”) of Calumet Specialty Products Partners, L.P. (the “Partnership”). On July 10, 2024, Calumet, Inc. became the parent holding company of the Partnership and its subsidiaries. The balance sheet has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate Statements of Operations, Changes in Stockholder’s Equity and Cash Flows have not been presented because Calumet, Inc. had no business transactions or activities as of June 30, 2024, except for the initial capitalization of Calumet, Inc. which was funded by an affiliate. In this regard, general and administrative costs associated with the formation and daily management of Calumet, Inc. have been determined by Calumet, Inc. to be insignificant.
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
Description of the Business	1. Description of the Business As of June 30, 2024, Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) was a publicly traded Delaware limited partnership. Its common units were listed on the Nasdaq Global Select Market under the ticker symbol “CLMT.” The general partner of the Company is Calumet GP, LLC, a Delaware limited liability company (the “General Partner”). As of June 30, 2024, the Company had 80,388,555 limited partner common units and 1,640,583 general partner equivalent units outstanding. The General Partner owned 2% of the Company and all of the incentive distribution rights (as defined in the Company’s partnership agreement as of June 30, 2024), while the remaining 98% were owned by limited partners. The General Partner employed the Company’s employees and the Company reimbursed the General Partner for certain of its expenses. The Company manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. The unaudited condensed consolidated financial statements of the Company as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023, included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal nature, unless otherwise disclosed. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Annual Report”).

Description of the Business

6 Months Ended

Jun. 30, 2024

(1) Organization and Background of Business

Calumet, Inc. was incorporated on January 8, 2024 as a Delaware corporation.

Calumet, Inc. was formed for the purpose of effecting the corporate conversion (the “Conversion”) of Calumet Specialty Products Partners, L.P. (the “Partnership”). On July 10, 2024, Calumet, Inc. became the parent holding company of the Partnership and its subsidiaries.

The balance sheet has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate Statements of Operations, Changes in Stockholder’s Equity and Cash Flows have not been presented because Calumet, Inc. had no business transactions or activities as of June 30, 2024, except for the initial capitalization of Calumet, Inc. which was funded by an affiliate. In this regard, general and administrative costs associated with the formation and daily management of Calumet, Inc. have been determined by Calumet, Inc. to be insignificant.

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

Description of the Business

1. Description of the Business

As of June 30, 2024, Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) was a publicly traded Delaware limited partnership. Its common units were listed on the Nasdaq Global Select Market under the ticker symbol “CLMT.” The general partner of the Company is Calumet GP, LLC, a Delaware limited liability company (the “General Partner”). As of June 30, 2024, the Company had 80,388,555 limited partner common units and 1,640,583 general partner equivalent units outstanding. The General Partner owned 2% of the Company and all of the incentive distribution rights (as defined in the Company’s partnership agreement as of June 30, 2024), while the remaining 98% were owned by limited partners. The General Partner employed the Company’s employees and the Company reimbursed the General Partner for certain of its expenses.

The Company manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

The unaudited condensed consolidated financial statements of the Company as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023, included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal nature, unless otherwise disclosed. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Annual Report”).