Welcome to our dedicated page for Calumet news (Ticker: CLMT), a resource for investors and traders seeking the latest updates and insights on Calumet stock.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a premier independent producer of specialty hydrocarbon products. Based in Indianapolis, Indiana, Calumet operates through four primary segments: Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate. These segments enable Calumet to deliver a diverse suite of products, including lubricating oils, solvents, waxes, food-grade white oils, pharmaceutical-grade petrolatums, asphalt, and heavy fuel oils, as well as a variety of renewable fuel products.
The Specialty Products and Solutions segment is the cornerstone of Calumet's business, generating the majority of the company's revenue. This segment focuses on providing customer-tailored solutions and formulations, leveraging a highly integrated production complex located in Northwest Louisiana.
The Montana/Renewables segment, operated by Montana Renewables, LLC, is a leader in North America's energy transition. This segment is noted for its production of low-emission sustainable alternatives, including Sustainable Aviation Fuel (SAF). Located in Great Falls, Montana, the facility processes up to 15,000 barrels of renewable feedstock per day, making it the largest SAF producer in the western hemisphere.
The Performance Brands segment specializes in high-performance consumer products and brands, contributing significantly to Calumet's market presence and financial success.
Recent Achievements:
- In January 2024, Calumet announced two major financing updates, simplifying its inventory and working capital management through a new Supply and Offtake Agreement with J. Aron and an expanded Asset-Backed Loan facility.
- In February 2024, Calumet signed a Conversion Agreement to transition from a Master Limited Partnership (MLP) to a C-Corp, aiming to broaden investor participation and enhance shareholder value.
- In April 2024, the company resumed production at its Montana Renewables facility, achieving significant operational milestones and positioning itself for robust future performance.
Calumet's strong focus on renewable energy, strategic financial management, and robust operational capabilities position it as a key player in the specialty products market. As the company progresses through 2024, it anticipates several catalysts that could further enhance shareholder value and operational efficiency.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced plans to report its financial results for Q4 and full year 2020 on March 3, 2021. A conference call will be held on the same date at 9:00 AM ET to discuss these results. Interested investors and analysts can access the live webcast on Calumet's website, or join via phone by dialing (866) 584-9671 with conference ID 7786751. A replay will be available shortly after the call. Calumet is a leading producer of specialty hydrocarbons in North America, operating nine manufacturing facilities across multiple states.
Calumet Specialty Products Partners, L.P. (CLMT) announced significant strategic updates on February 16, 2021. The Partnership successfully closed a $70 million sale leaseback transaction for fuels terminal assets at its Shreveport refinery. Key focuses include investing in high-growth Finished Lubricants & Chemicals, with an expected Adjusted EBITDA of over $60 million in 2021. The Great Falls refinery presents a renewable diesel production opportunity, potentially generating $220-260 million in Adjusted EBITDA. To enhance transparency, Calumet plans to re-segment its financial reporting beginning Q1 2021.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced a sale-leaseback agreement for its fuels terminal assets at the Shreveport refinery, valued at $70 million. The seven-year lease with Stonebriar Commercial Finance carries an implied interest rate of 8.4%. Proceeds will be used to redeem $70 million of the Company's 2022 Senior Notes. The transaction is subject to closing conditions and obtaining consent for indenture amendments, with a Consent Solicitation launched that expires on February 5, 2021. As of December 31, 2020, Calumet maintains strong liquidity of $263 million.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the appointment of Paul C. Raymond III to its Board of Directors, effective November 3, 2020. With over three decades of experience in specialty chemicals, Raymond has held leadership roles at Monument Chemical, Sonneborn, and Ashland Water Technologies. His expertise aims to enhance Calumet's specialty-focused strategy. The Board now consists of nine members, and Raymond's background is expected to support the company's growth in high-quality hydrocarbon production and fuel products.
Calumet Specialty Products Partners (NASDAQ: CLMT) reported a net loss of $56.1 million for Q3 2020, compared to a net loss of $4.6 million in the same period last year.
Adjusted EBITDA fell 66.7% to $25.4 million, driven by non-cash charges, including a $9.2 million unrealized hedging loss. Despite challenges, the Specialty products segment showed resilience with a 7.2% gross profit increase year-over-year, reaching $86.5 million.
Liquidity as of September 30, 2020, was $269.3 million.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) will announce its fiscal third quarter 2020 results on November 6, 2020. A conference call to discuss these results is scheduled for the same day at 9:00 AM ET. Investors and analysts can access the live presentation via a webcast on the company's website, with slides available for viewing. A replay will also be provided shortly after the call. Calumet produces specialty hydrocarbon and fuel products across several manufacturing facilities in the U.S. and is headquartered in Indianapolis, Indiana.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has appointed L. Todd Borgmann as Interim CFO, effective September 1, 2020, following H. Keith Jennings' departure on August 31, 2020. Borgmann brings over 12 years of experience at Calumet, previously serving as Vice President of Supply & Trading. Alongside, Vincent Donargo has been named Chief Accounting Officer, effective August 10, 2020, after serving as interim CAO since June 2020. The management transitions aim to bolster financial strategy and enhance liquidity, focusing on driving positive cash flow and improving the Partnership's balance sheet.
Weatherford International has appointed H. Keith Jennings as the new Executive Vice President and Chief Financial Officer, effective September 1, 2020. Jennings brings over 25 years of financial leadership experience, having most recently served in a similar role at Calumet Specialty Products Partners (Nasdaq: CLMT). Interim CEO Karl Blanchard expressed confidence in Jennings' expertise and experience within the oil and gas industry, indicating a positive outlook for stakeholder value under his leadership.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced the resignation of H. Keith Jennings as Executive Vice President & Chief Financial Officer, effective August 31, 2020. Jennings is leaving to pursue personal interests in Texas but will assist with the transition for a month. Calumet, a leading producer of specialty hydrocarbons based in Indianapolis, operates nine manufacturing facilities across the U.S., producing a range of lubricating oils, solvents, and fuel products for various markets.
Calumet Specialty Products Partners (NASDAQ: CLMT) reported a net income of $3.6 million for Q2 2020, contrasting with a loss of $16.8 million in Q2 2019. While net income per unit rose to $0.05, adjusted net loss was $19.6 million. Despite the pandemic's challenges, the specialty segment's gross profit increased to $84.2 million, driven by a 49% rise in gross profit per barrel. However, the fuels segment saw gross profit drop to $5.1 million, reflecting tightening crude differentials. Total liquidity stood at $249 million, ensuring financial stability amid market volatility.
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