On this page of StockholderLetter.com we present the latest annual shareholder letter from Calumet, Inc. /DE — ticker symbol CLMT. Reading current and past CLMT letters to shareholders can bring important insights into the investment thesis.
3435  78897
4,215  
/40
1
5
56789:;  =:7>?:@A  B>CBDE867>;F  G@H=8I;A  6J=  A:@?>I:A  ;H  I8A;H9:@A  6@H8J=  ;B:  KH@7=L  
56789:;  96J8M6I;8@:AN  MH@9876;:AN  6J=  96@O:;A  6  =>?:@A>P:=  A76;:  HM  AG:I>67;F  Q@6J=:=  
G@H=8I;A  6J=  @:J:K6Q7:  M8:7A  ;H  I8A;H9:@A  6I@HAA  6  Q@H6=  @6JC:  HM  IHJA89:@DM6I>JC  
6J=  >J=8A;@>67  96@O:;AL
R:6=E86@;:@:=  >J  SJ=>6J6GH7>AN  SJ=>6J6N  H?:@  TNUVV  ;:69  9:9Q:@A  HG:@6;:  6;    
TW  AG:I>67;F  G@H=8I;  96J8M6I;8@>JC  6J=  G@H=8I;>HJ  M6I>7>;>:A  6I@HAA  XH@;B  Y9:@>I6L  
56789:;  G@H=8I;A  6@:  6?6>76Q7:  >J  9H@:  ;B6J  ZV  IH8J;@>:A  6I@HAA  ;B:  KH@7=N  A:@?>JC  
WN[VV\  I8A;H9:@A  C7HQ677FL


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0112345016  8  5941 29 016  8  015 6945016
 • shareholder letter icon 4/28/2025 Letter Continued (Full PDF)
 • stockholder letter icon More "Oil & Gas Refining & Marketing" Category Stockholder Letters
 • Benford's Law Stocks icon CLMT Benford's Law Stock Score = 69


CLMT Shareholder/Stockholder Letter Transcript:

3435  78897       

4,215  
/40
1
5
56789:;  =:7>?:@A  B>CBDE867>;F  G@H=8I;A  6J=  A:@?>I:A  ;H  I8A;H9:@A  6@H8J=  ;B:  KH@7=L  
56789:;  96J8M6I;8@:AN  MH@9876;:AN  6J=  96@O:;A  6  =>?:@A>P:=  A76;:  HM  AG:I>67;F  Q@6J=:=  
G@H=8I;A  6J=  @:J:K6Q7:  M8:7A  ;H  I8A;H9:@A  6I@HAA  6  Q@H6=  @6JC:  HM  IHJA89:@DM6I>JC  
6J=  >J=8A;@>67  96@O:;AL
R:6=E86@;:@:=  >J  SJ=>6J6GH7>AN  SJ=>6J6N  H?:@  TNUVV  ;:69  9:9Q:@A  HG:@6;:  6;    
TW  AG:I>67;F  G@H=8I;  96J8M6I;8@>JC  6J=  G@H=8I;>HJ  M6I>7>;>:A  6I@HAA  XH@;B  Y9:@>I6L  
56789:;  G@H=8I;A  6@:  6?6>76Q7:  >J  9H@:  ;B6J  ZV  IH8J;@>:A  6I@HAA  ;B:  KH@7=N  A:@?>JC  
WN[VV\  I8A;H9:@A  C7HQ677FL


`a_
bc
de
cdfg
ad  
c
dc
9^d^  c    ^g  
hijklim  ohpmqrst
uqvhkrwlstx  yhiwtit  z    
ilykliihim  jqiu
hili  wvui  ilihy    
ohpmqrst







/401 5
,2  54     
11 , 9





























0112345016  8  5941 29 016  8  015 6945016




shareholder letter icon 4/28/2025 Letter Continued (Full PDF)
 

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