Borgmann said the company expects to surpass three times leverage in the next quarter as cash flow supports faster debt reduction. Calumet has no turnarounds scheduled for the third quarter, while Shreveport is scheduled for a turnaround in the fourth quarter. Bruce Fleming, executive vice president of Montana Renewables and corporate development, said Calumet’s view of mid-cycle renewable diesel margins has not changed. Calumet expects to operate at an economically optimal SAF run rate of about 60 million gallons until a site reconfiguration planned for early winter. He said management will assess any potential Montana Renewables transaction through the lens of shareholder-value optimization while continuing to prioritize debt reduction.