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    Gregg Brody • Bank of America Merrill Lynch

    Gregg Brody's questions to Calumet Inc (CLMT) leadership

    Gregg Brody's questions to Calumet Inc (CLMT) leadership • Q2 2025

    Question

    Gregg Brody of Bank of America Merrill Lynch sought clarification on the restricted group's cash flow, asking if the guided $50-60 million includes the working capital unwind. He also inquired about the plan to handle the remaining 2026 notes and the specifics of the PTC monetization, including the expected discount and timing for the remaining credits.

    Answer

    EVP & CFO David Lunin confirmed the $50-60 million cash flow guidance is inclusive of the working capital unwind. CEO Todd Borgmann added that the remaining 2026 notes will be managed with expected cash flow, potential strategic actions, and existing liquidity. Regarding PTCs, Borgmann stated they expect to sell them in the 95-98% value range and anticipate monetizing the remaining balance in the near future, establishing a quarterly transaction cadence thereafter.

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    Gregg Brody's questions to Calumet Inc (CLMT) leadership • Q1 2025

    Question

    Gregg Brody from Bank of America inquired about the nature of the strategic alternatives being considered, the potential size of the Q2 working capital benefit, the process for accessing the DOE loan's Tranche 2, and the current intercompany payable balance from MRL to Calumet.

    Answer

    CEO Louis Borgmann stated that any strategic alternatives, such as selling non-core assets, are aimed at further debt reduction. He also noted Q1 working capital was volatile due to commodity price swings. EVP Bruce Fleming assured that the cheaper, faster SAF plan is a positive development for the DOE loan and they foresee no issues accessing Tranche 2 funds later in the year. CEO Louis Borgmann and EVP Bruce Fleming clarified the intercompany payable from MRL to Calumet was $375 million, down significantly from $540 million at year-end 2024.

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    Gregg Brody's questions to Calumet Inc (CLMT) leadership • Q4 2024

    Question

    Gregg Brody of Bank of America asked for clarity on the accessibility of the second DOE loan tranche, the timing of MaxSAF CapEx and production ramp-up, the relationship between MRL's intercompany loan and preferred distributions, and the strategy for raising pari passu debt at MRL.

    Answer

    EVP Bruce Fleming confirmed the DOE loan is fully active and can be drawn upon immediately, with MaxSAF CapEx being back-end loaded in 2025. He anticipates the 150 million gallon/year SAF capability will come online in 2026 with a gradual ramp. He also clarified that MRL's cash flow is earmarked for the project's equity component, not preferred distributions. CEO Todd Borgmann added that they will explore raising pari passu debt at MRL to accelerate deleveraging once there is more clarity on the BTC/PTC situation.

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    Gregg Brody's questions to Calumet Inc (CLMT) leadership • Q3 2024

    Question

    Gregg Brody asked for details on the company's near-term deleveraging strategy, the expected impact of the MRL catalyst replacement on Q4 volumes, the volume ramp-up timeline for MaxSAF Phase 1, and the outlook for Montana Refining's mid-cycle margins.

    Answer

    CFO David Lunin indicated it was premature to detail deleveraging plans but cited strong bondholder support as a positive sign. EVP Bruce Fleming estimated the catalyst change would cause a 30-day production outage, impacting Q4 volumes by roughly one-third. He also affirmed that Montana Refining's mid-cycle margin has not changed and is more influenced by diesel cracks and asphalt than general fuel cracks.

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    Gregg Brody's questions to NGL Energy Partners LP (NGL) leadership

    Gregg Brody's questions to NGL Energy Partners LP (NGL) leadership • Q4 2025

    Question

    Gregg Brody of Bank of America Merrill Lynch questioned the drivers of variability in the water volume guidance, the outlook for volumes in the current market, and the company's capital allocation priorities, specifically regarding the potential reinstatement of the common unit distribution.

    Answer

    EVP of Water Solutions Doug White explained that volume variability is driven by the timing of customer completions and recycling activity, but noted the base business is very stable and Q1 FY26 volumes were tracking ahead of forecast. CEO H. Michael Krimbill and EVP & CFO Brad Cooper clarified capital allocation priorities, stating that reinstating the common distribution is not a near-term focus. The primary goals are reducing leverage to below 4.0x and repurchasing the high-cost Class D preferred units.

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    Gregg Brody's questions to Comstock Resources Inc (CRK) leadership

    Gregg Brody's questions to Comstock Resources Inc (CRK) leadership • Q4 2024

    Question

    Gregg Brody from Bank of America asked about the expected midstream capital for the next year, when the Quantum midstream JV funding would be exhausted, and how future funding would be handled.

    Answer

    President & CFO Roland Burns explained that after the current build-out of a new treating plant, the JV, Pinnacle Gas Services, will have significant available capacity. He anticipates the JV will be able to establish its own credit structure and become self-funding later in the year or into 2026 as it generates strong EBITDA. CEO Miles Allison reiterated the strategic importance of controlling their own midstream.

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