Calumet posted second-quarter revenue of $1.44 billion, up 41% from $1.03 billion a year earlier and ahead of the $1.11 billion consensus estimate, while adjusted EBITDA with tax attributes reached $175 million and the shares rose 2.4% on signs of underlying operating strength. The company reported a net loss of $1.09 per share versus expectations for a $0.17 profit, but the result was heavily influenced by non-cash items including $163.6 million tied to Renewable Identification Numbers, or RINs (U.S. biofuel compliance credits), and a $9.0 million unrealized gain on derivatives. Specialty Products and Solutions drove the quarter with $161.7 million of adjusted EBITDA, supported by more than 20 specialty-product price increases, record production and sales above 20,000 barrels per day for a seventh straight quarter, as management cited global shortages in paraffinic base oils. Calumet also used quarterly cash generation to retire debt, pushing its restricted-group leverage ratio below four times, calling $100 million of 9.75% Senior Notes due 2028, repaying a $15.5 million Montana terminal financing arrangement and repurchasing a $115 million sale-leaseback as it advances the MaxSAF 150 expansion at Montana Renewables.