---
title: "Calumet says MaxSAF expansion targets 200 million gallons annual SAF run rate by end-2028"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/298589970.md"
description: "Calumet outlined its strategy at the Barclays CEO Energy-Power Conference, highlighting growth in specialty products and renewable fuels. The company reported Q2 2026 adjusted EBITDA of $175.2 million and reduced net recourse leverage to 3.9x. Montana Renewables aims for a 200 million-gallon annual SAF run rate by end-2028, with expansion capital cut to $137 million. Additionally, Calumet identified a $50 million organic projects pipeline in specialties targeting 2027."
datetime: "2026-09-10T12:00:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/298589970.md)
  - [en](https://longbridge.com/en/news/298589970.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/298589970.md)
generator: "portal-rs"
---

# Calumet says MaxSAF expansion targets 200 million gallons annual SAF run rate by end-2028

-   Calumet outlined strategy at the Barclays CEO Energy-Power Conference, highlighting growth in specialty products and renewable fuels. \* Adjusted EBITDA with tax attributes totaled $175.2 million in Q2 2026, up from $76.5 million a year earlier. \* Net recourse leverage measured 3.9x at June 30, 2026, down from 7.0x a year earlier; $115 million of debt retired in July. \* Montana Renewables targets about 200 million gallons of SAF annual run-rate by year-end 2028; remaining expansion capital cut to $137 million. \* Specialties growth pipeline estimated at about $50 million of organic projects with 30%+ IRR, with much of the slate targeted for 2027. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Calumet Inc. published the original content used to generate this news brief on September 10, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT) Original Document: here

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**