Calumet Specialty Products Reports Quarterly Loss
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Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting a first quarter net loss of $95.5 million, compared to a loss of $146.1 million during the same period last year. Chief Executive Officer Todd Borgmann says despite the loss, the company’s plants operated well, delivering the highest quarterly production volume in more than three years.
“Fundamentals in our specialty business rapidly improved throughout the quarter and continue to accelerate,” said Borgmann. “At times like this, the competitive advantage of producing our specialty feeds from crude truly shines. Should this exceptional margin environment hold true then we are poised to generate significant free cash flow which could accelerate our core objective of deleveraging.”
Earlier this year, Calumet’s former chairman of the board, Fred Fehsenfeld, announced his plans to retire on May 1.
“This is a very exciting and important time for Calumet as our two businesses have excellent momentum and are well positioned for success,” said Todd Borgmann, chief executive officer. “MRL is progressing on all fronts, and we’re particularly pleased to see commercial execution well ahead of schedule. We have secured approximately 5,000 barrels per day of feedstock volumes, matching our commissioning requirement for the facility. Similarly, we’ve been pleasantly surprised at the strength of renewable diesel demand in the market, and we have reached terms on nearly all our product volume.”
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