Calumet (CLMT) provided an update regarding the recent U.S. EPA decision on small refinery exemptions and the expected impact on its Renewable Identification Number balance sheet accrual. On August 22, the EPA notified Calumet that it was successful in receiving full or partial exemptions on every petition that was filed by the company from 2019 through 2024. With Friday’s decision, the company’s prior 2019-2024 RIN balance sheet accrued liability of 396 million RINs is expected to be reduced to 89 million RINs, of which 57 million are of 2022 and 2023 vintage, and 32 million are 2024. The company is are studying the decision details and will seek additional information from the EPA regarding this residual.
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