Allstream Insiders Summary
Calumet completed the first stage of its MaxSAF® 150 expansion at Montana Renewables during the second quarter of 2026, pairing the project with a planned facility turnaround before restarting operations in early May.
The company’s quarterly filing says the combined expansion and turnaround was completed in approximately 48 days. Calumet estimated that the associated downtime reduced production by approximately 450,000 barrels, but said renewable-fuel production and sales volumes had returned to planned levels by June.
Calumet reported $38.8 million of capital expenditures in its Montana/Renewables segment during the second quarter and $52.5 million during the first six months of 2026. Those figures cover the entire segment and should not be represented as the standalone cost of the MaxSAF 150 project.
The company is also advancing what it described as a faster and highly capital-efficient next stage of the expansion. At this point, Calumet has described advancement work rather than announcing a final investment decision or a construction award for that next stage.
MaxSAF 150 Expansion and Turnaround Completed in 48 Days
Montana Renewables began its planned turnaround and MaxSAF 150 expansion in early March. The work continued through April, and the Great Falls, Montana, facility restarted operations in early May.
According to Calumet’s second-quarter filing, the expansion and turnaround were completed in approximately 48 days. The company identified the work as a planned outage and estimated that it resulted in approximately 450,000 barrels of lost production while the facility was offline.
The operating milestone confirms that the first expansion stage has moved through construction, turnaround execution and restart. Calumet said June renewable-fuel production and sales had returned to planned levels following the outage.
Calumet has previously described MaxSAF 150 as a program intended to increase Montana Renewables’ ability to produce sustainable aviation fuel. The current filing says the startup allows the facility to shift more of its renewable-product mix toward sustainable aviation fuel.
Montana/Renewables Records $52.5 Million of First-Half Capital Expenditures
Calumet’s segment disclosures show that Montana/Renewables recorded:
- $38.8 million of capital expenditures during the three months ended June 30, 2026
- $52.5 million of capital expenditures during the six months ended June 30, 2026
The filing says company additions to property, plant and equipment were higher than in the comparable period primarily because of the MaxSAF 150 expansion.
The segment totals may also include other Montana/Renewables capital activity. They are useful measures of investment directed to the business during the period, but they are not a disclosed project budget for MaxSAF 150.
| Calumet project or operating item | Status reported in Q2 2026 | Confirmed detail |
|---|---|---|
| MaxSAF 150 first-stage expansion | Completed | Finished during Q2 2026 |
| Montana Renewables turnaround | Completed | Expansion and turnaround completed in approximately 48 days |
| Montana Renewables restart | Operating | Facility restarted in early May; June volumes returned to planned levels |
| Montana/Renewables capital expenditures | Recorded | $38.8 million in Q2; $52.5 million in the first half |
| MaxSAF next-stage expansion | Advancing | Company described a faster, highly capital-efficient next stage |
Calumet Advances the Next Stage of MaxSAF Expansion
Calumet Chief Executive Officer Todd Borgmann said Montana Renewables is “advancing toward a faster, highly capital-efficient next stage expansion.”
That statement establishes the next stage as an active growth initiative, but it does not place the work at the same maturity level as the completed first stage. The current announcement does not identify the next stage as a sanctioned construction project.
For engineering firms, equipment suppliers and industrial contractors, the next-stage initiative could create future requirements involving process engineering, equipment modification, electrical and instrumentation work, construction planning, outage integration and commissioning support. Those are potential work categories based on the type of industrial expansion and are not announced bid packages or contract awards.
Shreveport Operations Normalize Following First-Quarter Outage
Calumet’s filing also says the temporary production issues at its Shreveport facility that affected the first quarter had been resolved by the second quarter.
The company previously reported that the Louisiana plant resumed normal operations in early April after inspections, repairs and product testing associated with an unplanned outage. The second-quarter update treats Shreveport as an operating recovery rather than a newly announced capital project.
The distinction matters for the industrial market: Montana Renewables presents a completed expansion and a developing next-stage opportunity, while Shreveport represents the closeout of previously reported maintenance and reliability work.
Allstream Perspective
Calumet’s most important project signal from the second-quarter update is the completion and restart of the MaxSAF 150 first-stage expansion. The approximately 48-day turnaround window, early-May restart and return to planned June volumes provide clear evidence that the project has moved into operations.
The $52.5 million of first-half capital expenditures in Montana/Renewables also shows where Calumet concentrated its 2026 industrial spending during the period. Because that amount is reported for the full segment, it should be used as portfolio context and not labeled as the cost of MaxSAF 150.
The next stage is the item to watch. Calumet has publicly identified it as an advancement priority, but the language remains earlier-stage than a final investment decision or construction notice. If the company moves that work forward, it could extend demand across renewable-fuels engineering, fabrication, construction, turnaround and commissioning disciplines at the Great Falls site.
