MEDIUMOutside partyCounterparty
J. Aron
“10-K Item 1A: 'Our arrangement with J. Aron exposes us to J. Aron-related credit and performance risk as well as potential refinancing risks.'”
CLMT · Concentration risk · 10-K extracted
Calumet (CLMT) concentration risks
Updated
The most significant concentration Calumet discloses is J. Aron, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Calumet’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH0
MEDIUM3
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partySupplier
Enterprise Products Partners L.P. and Plains pipelines
“10-K Item 1A: 'Our Shreveport facility is interconnected to a pipeline ... pipelines operated by subsidiaries of Enterprise Products Partners L.P. and Plains.'”
MEDIUMBuilt-inCommodity
natural gas
“10-K Item 1A: 'Natural gas and utility costs constituted approximately 14.0% and 10.3% of our total operating expenses included in cost of sales for the years ended December 31, 2025 and 2024, respectively.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile encompasses counterparty, supply chain, and commodity exposures, all carrying a medium-share disclosed size band — indicating moderate rather than dominant risk in each dimension. The most structurally distinctive is the arrangement with J. Aron, which exposes the company to J. Aron-related credit and performance risk as well as potential refinancing risks. This is a dependency-type exposure; the J. Aron relationship is a specific counterparty tie whose disruption or repricing could affect financing and feedstock economics in ways that go beyond ordinary supplier risk. On infrastructure, the Shreveport facility is interconnected to pipelines operated by subsidiaries of Enterprise Products Partners L.P. and Plains, a dependency concentration reflecting the limited alternative routing options for a fixed-location refinery. Pipeline dependencies of this kind are moderate-share by disclosed size but can become binding constraints during maintenance outages or if pipeline operators alter throughput terms. The commodity exposure centers on natural gas: natural gas and utility costs constituted approximately 14.0% of total operating expenses included in cost of sales for the year ended December 31, 2025, compared to approximately 10.3% in 2024. This is a structural cost concentration, as natural gas is a key process input; rising gas prices compress margins directly. The year-over-year increase in the disclosed share underscores that the exposure is not static. Together, these three moderate-share dependencies — financial counterparty, pipeline infrastructure, and energy commodity — describe a company whose operating model has meaningful single-point sensitivities at several layers of the value chain.
For the engine’s reasoning on CLMT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Specialty Chemicals
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APD | Air Products and Chemicals, Inc | 2 | 0 | 0 | 2 |
| ALB | Albemarle Corporation | 1 | 1 | 0 | 2 |
| AVNT | Avient Corporation | 1 | 0 | 0 | 1 |
| CLMT● | Calumet, Inc | 0 | 3 | 0 | 3 |
| AXTA | Axalta Coating Systems Ltd. | 0 | 1 | 0 | 1 |
| ASH | Ashland Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.