Calumet Specialty Products Partners LP expanded its profit almost five-fold in 2012 amid a massive acquisition spree.
The Indianapolis-based petroleum refiner on Wednesday reported it had net income of $205.7 million last year, up from $43 million the previous year.
Calumet finished its fourth quarter with a $45.7 million profit, up 70 percent from $26.9 million a year earlier.
Sales of gasoline, jet fuel, lubricants, asphalt and other petroleum products picked up 48.6 percent, to almost $4.7 billion, over the year.
Calumet says it grew its existing business while it benefited from being able to tap Canadian crude oil supplies at refiners it recently bought in Superior, Wis., and Great Falls, Mont.
The two acquisitions have been part of more than $1 billion in deals Calumet has made since starting with the Superior refinery in October 2011.
More recently, the company bought a San Antonio, Texas, refinery for $115 million, and it plans to invest $75 million in a joint venture refinery in Dickinson, N.D.
The company is also studying whether it wants to build an oil loading dock on Lake Superior.