Calumet, Inc. announced that the U.S. Environmental Protection Agency (EPA) notified the company of its success in receiving full or partial exemptions on every small refinery exemption petition filed by Calumet from 2019 through 2024. This decision significantly impacts the company's financial obligations.
The EPA's ruling is expected to reduce the company's prior 2019-2024 Renewable Identification Number (RIN) balance sheet accrued liability from 396 million RINs to 89 million RINs. Of the remaining 89 million RINs, 57 million are of 2022 and 2023 vintage, and 32 million are from 2024.
This action provides additional clarity for the renewable fuels industry and brings the market closer to proper functioning. Calumet's CEO, Todd Borgmann, applauded the EPA for this meaningful step, which removes the majority of the company's historic RIN obligation.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.