Calumet Specialty Products Partners LP's stock surged 5.09% during intraday trading on Wednesday, driven by the company's positive financial results and operational achievements.

The company released a transcript of its Fourth Quarter and Full Year 2025 results conference call, highlighting a "defining high-impact year." Management reported $293 million in full-year Adjusted EBITDA with Tax Attributes, reduced restricted debt by over $220 million, and improved net recourse leverage from 8.2x to 4.9x. Significant operational improvements included fixed costs down more than $40 million, water treatment costs at Montana Renewables down over $20 million, and production up approximately 1.3 million barrels year-over-year.

Further contributing to investor optimism, the company's subsidiary, Calumet Branded Products, reported record monthly sales volume for its TRUFUEL products, exceeding the prior monthly high by more than 10%. Additionally, executives detailed progress at Montana Renewables, including the closure of a DOE loan and the structuring of multi-year Sustainable Aviation Fuel (SAF) contracts with an indicated premium, alongside plans for the MaxSAF 150 expansion project.