{
  "docId": "019dd923-5e88-73ef-bd5b-b92c970b8711",
  "docSlug": "16f7093b6ee5bbb5",
  "documentTitle": "Barclays+Investor+Presentation+vFINAL",
  "authorId": "Barclays",
  "authorName": "Calumet Specialty Products Partners, L.P.",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 8,
  "pageCount": 20,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "market_landscape",
  "function": "size_opportunity",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Includes a photo of a corporate event and a table of production yields.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "data_table",
    "photo",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5b-b92c970b8711/8",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5b-b92c970b8711",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5b-b92c970b8711.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5b-b92c970b8711#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We estimate SAF could contribute around 65% of the reduction in aviation emissions needed to reach net zero in 2050.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-0a6d-758e-9b87-9306c9879d63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.03,
        "y": 0.87
      },
      "kind": "disclaimer",
      "text": "1) https://www.iata.org/en/programs/environment/sustainable-aviation-fuels 2) 100% Renewable, ASTM D-7566 (Into-wing volumes are roughly double after blending to jet A spec D 1655)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ff23850-094e-45aa-9612-9cb18325dc1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.4,
        "x": 0.57,
        "y": 0.17
      },
      "kind": "image",
      "text": "Montana Governor Greg Gianforte and MRL CEO Bruce Fleming celebrate first SAF shipments",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e9a292f-276b-4b15-a512-0fffda73c414",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.5,
        "x": 0.03,
        "y": 0.12
      },
      "kind": "list",
      "text": "Aviation is “last frontier” for decarbonization; No legitimate alternatives to liquid fuel. First mover in potentially fastest growing addressable market in energy. IATA estimates SAF could contribute 65% of net zero reduction by 2050. MRL assets produce SAF and RD.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd822aea-996b-4694-b6aa-2095c3859c28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Renewable Jet Yield: 15",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-0a6d-758e-9b87-99738cbe287d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We estimate SAF could contribute around 65% of the reduction in aviation emissions needed to reach net zero in 2050. This will require a massive increase in production in order to meet demand—IATA",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-0a6d-758e-9b87-975c7f9932ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.5,
        "x": 0.03,
        "y": 0.6
      },
      "kind": "table",
      "text": "MRL Yields, 000's bpd: Renewable Diesel (9, 12, 2), Renewable Jet (2, 4, 15), Renewable Naphtha (1, 1.5, 2), Renewable Hydrogen (21, 37, 40)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "665b6e9c-16ef-443c-97a1-ffd2a44c4c5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "SAF – Energy’s Fastest Growing Market?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd8840c0-2659-4cd6-806f-d5342f8c4e61",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019dd95a-18fa-708b-805a-82c295787d01",
      "evidence": "Title 'SAF — Energy's Fastest Growing Market?' poses the bull case",
      "confidence": 75
    },
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "745f77ac-7f45-4059-b344-512b5e093604",
      "evidence": "The slide mentions 'aviation emissions' and 'net zero in 2050', indicating a focus on a specific audience, likely in the aviation or energy sector.",
      "confidence": 0.7
    },
    {
      "name": "Authority Bias",
      "slug": "authority-bias",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019dd95a-18fa-708b-805a-84b2438c5bae",
      "evidence": "Quote attributed to IATA: '65% of reduction in aviation emissions'",
      "confidence": 85
    },
    {
      "name": "Concrete Language",
      "slug": "concrete-language",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019dd95a-18fa-708b-805a-887c957d1da6",
      "evidence": "Yields table with bpd numbers; 'less than 0.1% of all aviation fuel demand'",
      "confidence": 80
    },
    {
      "name": "Data Story Arc",
      "slug": "data-story-arc",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "6d5b5f3e-e26e-48cd-a105-cc957def30e1",
      "evidence": "The slide presents data on SAF's potential to contribute to emission reductions, using a narrative arc to convey the story.",
      "confidence": 0.7
    },
    {
      "name": "Emotional Appeal",
      "slug": "emotional-appeal",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019dd95a-18fa-708b-805a-92085505fb8c",
      "evidence": "Decarbonization framing + governor handshake imagery",
      "confidence": 60
    },
    {
      "name": "Picture Superiority Effect",
      "slug": "picture-superiority-effect",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-18fa-708b-805a-8cf336077b31",
      "evidence": "Photo of Governor + CEO at first SAF shipment ceremony",
      "confidence": 70
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 8,
      "from": 6,
      "beatId": "019dd95a-07a6-74c7-9029-bef1d6637223",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Specialties execution (p6), MRL operational update (p7), SAF market sizing (p8)",
      "position": 4,
      "confidence": 78,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 8,
      "from": 6,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "019dd95a-08f7-737a-a004-3ed5d78473ca",
      "evidence": "Three contiguous evidence slides each citing concrete numbers ($337MM TTM, $14.2MM July, 65% SAF)",
      "position": 3,
      "objective": "Stack three pieces of evidence (specialties execution, MRL ops, SAF market) into a 'why this is real' pattern",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 72,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}