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) 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.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the final settlement of its exchange offer for 7.625% Senior Notes due 2022, allowing holders to exchange for newly issued 9.25% Senior Secured First Lien Notes due 2024. On August 5, 2020, approximately $200 million of 2022 Notes were exchanged, leaving $149,996,000 outstanding. The company also executed a supplement for the 11.00% Senior Notes due 2025, compensating consenting holders with a cash payment of $2.50 per $1,000 principal. The New Notes are not registered under U.S. securities laws.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the expiration of its Exchange Offer and Consent Solicitation for holders of 2022 and 2025 Senior Notes. Approximately $308.6 million of 2022 Notes (88.2%) and $533.6 million of 2025 Notes (97.0%) participated. The settlement is expected on August 5, 2020, with $200 million in New Notes issued. The Exchange Offer was not registered under the SEC and was subject to specific compliance conditions. Barclays acted as the sole dealer manager for the offering.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) plans to report its fiscal second quarter 2020 results on August 6, 2020. A conference call is scheduled for the same day at 9:30 AM ET, where financial and operational outcomes will be discussed. Investors, analysts, and media can join via a webcast available on the Partnership's website, with a replay accessible shortly after the event. Calumet specializes in producing high-quality hydrocarbon products, including lubricants and fuels, across several manufacturing facilities in North America.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has announced the early results of its private exchange offer for holders of its 7.625% Senior Notes due 2022, allowing them to exchange for newly issued 9.25% Senior Secured First Lien Notes due 2024. As of July 20, 2020, approximately 55.9% of the 2022 Notes and 65.8% of the 2025 Notes' holders have participated. The Exchange Offer and Consent Solicitation will expire on July 31, 2020. Barclays is the sole dealer manager for the Exchange Offer.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has announced early results from its private exchange offer for 7.625% Senior Notes due 2022, allowing holders to exchange their notes for newly issued 9.25% Senior Secured First Lien Notes due 2024. As of July 17, 2020, $308.5 million of the $350 million outstanding 2022 Notes were tendered, making the offer oversubscribed. Eligible holders can receive $1,000 of new notes for every $1,000 of 2022 Notes tendered before the expiration time on July 31, 2020, with a settlement date expected on August 5, 2020.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced a private exchange offer targeting holders of its 7.625% Senior Notes due 2022. With backing from a significant portion of note holders (55.9% of 2022 Notes and 65.8% of 2025 Notes), Calumet aims to exchange up to $200 million of these notes for newly issued 9.25% Senior Secured First Lien Notes due 2024. Eligible holders can participate by tendering their notes by July 17, 2020, to receive $1,000 for each $1,000 principal amount of old notes. A consent solicitation for amendments regarding the 11.00% Senior Notes due 2025 is also underway.
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