Calumet Specialty suffers loss on falling sales

August 5, 2009
Calumet Specialty Products Partners L.P. this morning reported a loss of $26 million in the second quarter due to high crude oil prices and flagging product demand.

The Indianapolis-based refiner and processor of specialty lubricants enjoyed a profit of $41.8 million in the second quarter a year ago.

Calumet's quarterly sales fell 33 percent from the year-ago period, from $671.2 million to $444 million.

"The significant increase in crude oil prices and continued weakness in product demand resulted in a second quarter that was very challenging for all refiners, including Calumet," said Calumet CEO Bill Grube in a prepared statement.

The company's shares closed unchanged yesterday, at $17.13 each.  

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