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  "documentTitle": "Calumet+Inc.+Carbonomics+Investor+Presentation+Final+11+Nov.+'24",
  "authorId": "GoldmanSachs",
  "authorName": "Calumet",
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  "sourceTypeSlug": "equity_research",
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  "orientation": "landscape",
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  "pageNumber": 19,
  "pageCount": 31,
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  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The chart is a classic cost-curve or supply-stack analysis showing MRL's position relative to competitors.",
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      "kind": "callout",
      "text": "Current RVO implies demand of 4.5 billion gallons.",
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      "kind": "chart",
      "text": "Biomass Based Diesel Supply Stack",
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      "kind": "list",
      "text": "Competitive Advantage in Renewable Diesel Driven By: Feedstock flexibility and access, Proximity to end markets, SAF yield, Switch to PTC increases core advantages, Scale and operating efficiencies.",
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      "kind": "list",
      "text": "Current RVO implies demand of 4.5 billion gallons: Normal index margin ~$2/gal, Recent index margin ~$1/gal, Forces industry to 75% capacity, Biodiesel/RD closures, Margin expected to adjust.",
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      "text": "Breakeven Industry Soy Index: 4.5 billion gallons",
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      "kind": "source-note",
      "text": "(1) Sources utilized: OPIS, Darling Ingredients public filings, Methanex, EIA, McQuilling Services LLC, The Jacobsen, Bloomberg, Iowa State University, University of Illinois",
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      "kind": "title",
      "text": "MONTANA RENEWABLES COMPETITIVE ADVANTAGE",
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  "loops": [
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      "name": "Why Now",
      "slug": "15-why-now",
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      "evidence": "The document presents why now is the right time to invest on pages 18-20, highlighting the current market conditions and opportunities.",
      "position": 1,
      "objective": "Highlight why now is the right time to invest in Calumet+Inc.'s carbonomics strategy.",
      "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
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