New York, Feb 17, 2026, 09:20 EST — Premarket
Calumet, Inc. slipped 2.1% to $28.01 in premarket action Tuesday, giving back some ground after closing Monday at $28.61—a session that saw shares jump 10.1% and hover just shy of their 52-week peak at $29.20. Oil was weaker, with U.S. WTI crude trading near $62.67 a barrel and Brent at $67.69. 1
After the long weekend, U.S. equities opened for the first session of the week. Washington’s Birthday kept markets closed Monday, so traders returned to reassess risk and adjust energy shares. 2
Shares of Calumet surged on Feb. 13 after the Indianapolis-based specialty products and renewable fuels maker said it would release its fourth-quarter and full-year 2025 earnings on Feb. 27. The company set its conference call for 9 a.m. ET. Calumet runs a dozen facilities throughout North America. 3
Feb. 27 looms as the marker everyone’s watching. Investors want details on cash flow, how specialty versus renewables shakes out, and whether management’s messaging shifts after the stock’s recent jump.
Balance-sheet maneuvers haven’t dropped off the radar. Back in January, Calumet wrapped up a $405 million private placement of 9.75% senior notes due 2031—new corporate debt—and said it would use the cash to pay off its 2026 and 2027 notes. CEO Todd Borgmann pointed to “the broad support for this over-subscribed offering,” crediting more than $220 million in restricted group debt reduction planned for 2025. 4
Calumet, in a separate filing, said it amended its asset-based revolving credit agreement, pushing the maturity out to Jan. 23, 2031. The ABL, which is backed by collateral, keeps the total commitments at $500 million, but that’s still subject to the borrowing base. There’s also room for possible new inventory financing under the terms, and a clause that could trim commitments to $425 million if that kind of deal gets done. 5
Traders now are looking past the debt action and that sharp run-up in the stock. Next up: the Feb. 27 call. That’s typically when guidance, margin chatter, and whatever’s new on renewables hit the tape.
With feedstock costs and product spreads moving quickly, earnings for refining and specialty products turn on a dime. The stock reacts to shifts in the outlook’s wording—not just the numbers up top.
The setup isn’t one-sided. Should the results fall short—or if the company signals lagging renewables progress or softer specialty demand—the stock might shed its recent gains fast after climbing near that 52-week high.
Calumet is on deck to report earnings Feb. 27, with execs fielding questions during the 9 a.m. ET call. Investors are zeroed in on any fresh details about the 2026 outlook and specifics around liquidity and debt reduction plans.
