Shares of Calumet Specialty Products Partners LP tumbled nearly 5 percent in trading early Wednesday afternoon after the Indianapolis-based processor of crude oil reported a $15.5 million loss in the fourth quarter.
Calumet posted a loss of 27 cents per share compared with a 73-cent gain in the same quarter of 2012, on profit of $45.7 million. Revenue hit $1.24 billion, a 2-percent increase from $1.22 billion in the fourth quarter of 2012.
Calumet shares were down $1.28 early Wednesday afternoon, to $27.82.
Management attributed the loss to higher operating costs.
For all of 2013, Calumet eked out a profit of $3.5 million after posting a gain of $205.7 million in 2012. Revenue for 2013 hit $5.42 billion, a 16-percent increase from $4.66 billion in 2012.
The full-year results were impacted by expensive maintenance turnarounds at a couple of major refineries as well as several acquisitions and construction of a new refinery, CEO Bill Grube said in prepared comments.
For example, Calumet announced in late 2013 that it had purchased New Jersey-based lubricant manufacturer Bel-Ray Co. Inc. The price was not disclosed.
Calumet has been on an acquisition spree since 2011. Previous deals included TruSouth Oil, Royal Purple, Montana Refining and NuStar Energy. It also bought a Murphy Oil refinery in Wisconsin and a synthetic lubricant division from Hercules Inc.
Calumet has disclosed dollar amounts for about half the acquisitions for a total of more than $1 billion.
The company also announced investments in a pipeline in November and a facility expansion in Pennsylvania in July 2012.