Loss Grows for Calumet Specialty Products
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Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting a 2021 full-year net loss of $260 million, compared to a loss of $149 million in 2020. The report comes a day after the company announced a host of leadership changes.
The company is also reporting a fourth quarter net loss of $87.1 million, compared to a loss of $82.1 million during the same period in 2020.
Since the beginning of the fourth quarter, Calumet says it has raised $675 million of outside capital, allowing it to “carve out, capitalize, and stand up MRL while redeeming all 2022 and 2023 maturities.”
“The elimination of our near-term maturities enables us to focus our efforts this year on finishing the capitalization of MRL and further progressing the deleveraging of Calumet,” said Chief Executive Officer Steve Mawer. “We believe the most valuable path forward for Calumet unitholders is to eventually take MRL to the public markets and these strategic moves help position us to do so.”
As reported yesterday, Calumet’s chairman of the board, Fred Fehsenfeld, is set to retire on May 1, and Mawer will assume the role of executive chairman of the board. The company says Todd Borgmann, who currently serves as executive vice president and chief financial officer, will become CEO.
In addition, Vince Donargo, who currently serves as Calumet’s chief accounting officer, will become EVP and CFO.
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