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) will report its financial results for Q1 2022 on May 6, 2022. A conference call is scheduled for the same day at 9:00 AM ET to discuss the results. Interested parties can join the call via a webcast, accessible with presentation slides, or by phone. The company, based in Indianapolis, Indiana, produces specialty branded products across various markets, operating twelve facilities in North America.
Calumet Specialty Products Partners (CLMT) announced its Q4 2021 results, reporting a net loss of $87.1 million compared to $82.1 million in Q4 2020. The full-year net loss reached $260.1 million, up from $149.0 million in 2020. Adjusted EBITDA for Q4 was $24.6 million, a decline from $33.8 million in the previous year. The company raised $675 million in capital, enabling debt reduction and strategic initiatives for its Montana/Renewables (MRL) project. Despite challenges in the Performance Brands segment, a record sales backlog of $34 million was noted. Leadership changes are also set for May 2022.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced the retirement of its co-founder and Chairman, Fred Fehsenfeld, effective May 1, 2022. Steve Mawer will transition from CEO to Executive Chairman, while Todd Borgmann, currently EVP & CFO, will become the new CEO. Vince Donargo, Chief Accounting Officer, will take on the role of EVP & CFO. The leadership team emphasizes continuity in the company's strategic direction despite this transition, with a focus on transforming Calumet into two best-of-breed businesses.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced plans to report its fourth quarter and full year 2021 results on February 25, 2022. A conference call to discuss these results will be held on the same day at 9:00 AM ET. Investors and analysts can join the live webcast on Calumet's website, which will include presentation slides, or by dialing in at (866) 584-9671 with conference ID 2259825. A replay of the call will be accessible shortly thereafter on their investor relations page.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced the successful closing of a $325 million offering of 2027 senior unsecured notes. The proceeds will be used to redeem all outstanding 7.75% Senior Notes due 2023. Additionally, Calumet secured a $300 million convertible term loan from Oaktree Capital for Montana Renewables and a $50 million investment from Stonebriar to support renewable hydrogen production. A $500 million revolving credit facility was also resized and extended, enhancing liquidity for upcoming capital needs.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced a successful private placement of $325 million in 8.125% Senior Notes due 2027, up from an initial offering of $300 million. The offering is set to close on January 20, 2022. Proceeds will fund the redemption of outstanding 7.75% Senior Notes due 2023. The new notes are being offered under Securities Act exemptions. Calumet specializes in manufacturing a diverse range of specialty products across North America.
Calumet Specialty Products Partners plans to offer $300 million in senior unsecured notes due 2027, according to a Jan. 12, 2022, announcement. The proceeds will be used to redeem all outstanding 7.75% senior notes due 2023. A conditional redemption notice for these 2023 notes has been issued, with a redemption date set for February 11, 2022, contingent on completing the new offering. The offering is not registered under the Securities Act and is targeted at qualified institutional buyers.
Calumet Specialty Products Partners provided a preliminary fourth quarter update, reporting a liquidity of approximately $333 million as of year-end 2021. Unplanned events are expected to reduce fourth quarter financial results by $20 million to $30 million, primarily due to downtime at the Montana facility and supply chain challenges in the Performance Brands segment. Despite these challenges, Calumet noted strong demand for its products and a record backlog of over $30 million. CEO Steve Mawer emphasized 2021 as a year of exceptional value creation, highlighting progress on renewable diesel projects.
Calumet Specialty Products Partners (NASDAQ: CLMT) has successfully closed $50 million in project financing from Stonebriar Commercial Finance for the construction of a renewable hydrogen plant in Great Falls, Montana. This facility aims to enhance production capabilities for Calumet's renewable diesel operations and is projected to commence operations in the fourth quarter of 2022. The initiative is a significant step towards increasing product output while reducing carbon intensity.
Calumet Specialty Products Partners (NASDAQ: CLMT) will participate in key industry events on December 1 and 2, 2021. The company is set to engage in one-on-one and group meetings with investors during the Cowen 2021 Energy Summit and the Bank of America Securities Leveraged Finance Conference. Notably, the fireside chat at the Cowen summit starts at 1:15 PM ET on December 1, followed by the Bank of America chat at 3:45 PM ET. For additional details, visit the company's Investor Relations page.
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