Calumet Specialty Products Reports Quarterly Loss
Calumet Specialty Products Partners is headquartered in Indianapolis. (photo courtesy of Calumet)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting a second quarter net loss of $78.4 million, compared to net income of $3.6 million during the same period last year. Chief Executive Officer Steve Mawer says, despite the loss, the company saw strong demand during the quarter.
“Supply chains are disrupted across the world and these disruptions also affected Calumet, particularly in our Performance Brands segment,” said Mawer. “Across the board, our teams continue to focus on executing to reduce the order backlog and satisfy the strong demand for our brands and products.”
According to Mawer, the company still plans to be producing renewable diesel after the plant wide turnaround next April.
“We have passed another Front End Loading gate as well as an external readiness review of our project,” said Mawer. “The relative simplicity of our project and the top tier metallurgy in the existing oversized hydrocracker continue to reinforce why this is a leading conversion project. Our near-term product marketing focus on the Pacific Northwest continues to advance, and we eagerly await all of Canada’s transition to low carbon fuels beginning in 2023.”
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