The round of financing was led by Indianapolis-based HG Ventures, which is the corporate venture arm of a major shareholder in Biosynthetic Technologies.
Calumet shares now trade around $6.65, nearly double their October 2016 low but way down from October 2015, when they fetched around $27.
The Indianapolis-based fuel products refiner again lost money, but the loss was smaller than a year ago and indicated that cost-cutting efforts at the company are having an impact on the bottom line.
Indianapolis-based Calumet Specialty Products Partners LP suffered a bigger loss in the fourth quarter than the company originally reported almost four weeks ago.
The Indianapolis-based refinery company said Hurricane Harvey supply-chain disruptions and trouble with a new software system hurt its performance.
Three years after acquiring Anchor Drilling Fluids USA LLC for $235 million, Indianapolis-based Calumet Specialty Products Partners is shedding the subsidiary to reduce debt and concentrate on its core business.
Indianapolis-based Calumet Specialty Products Partners announced Nov. 10 that it was “in the later stages of an enterprise resource planning (ERP) system implementation,” which delayed the third-quarter report.
Shares in Indianapolis-based Calumet Specialty Products Partners jumped Monday after it announced the sale of the crude oil refinery.
The Indianapolis-based refinery company’s financial results, released Thursday morning, showed marked improvement over the same period a year ago.
The Indianapolis-based fuel-products company posted a loss of $33.4 million in the third quarter, marking an improvement over its previous four quarters.
Calumet Specialty Products Partners LP took a huge loss in the second quarter, mostly due to the company’s divestiture of a money-losing refinery in North Dakota.
Struggling Indianapolis-based oil company Calumet Specialty Products Partners announced Tuesday that it has sold its interest in a $430 million refinery that it co-developed in North Dakota.
Indianapolis-based Calumet Specialty Products Partners reported a quarterly loss of $67.7 million Thursday morning as revenue took a nosedive. The company said it might divest some of its assets, including an underperforming $430 million refinery that opened a year ago.
Shares in Indianapolis-based Calumet Specialty Products Partners fell 30 percent in after-hours trading Friday and dropped another 53 percent Monday morning.
Calumet's stock price has fallen so far that the annual dividend yield is a whopping 28 percent—one of the highest in the country.
Shares in Calumet Specialty Products Partners closed at $12.30 each Wednesday, down 12.6 percent on the day and 38 percent since the beginning of the year.
The shale boom is threatening to ruin a renaissance in small refineries, known as teapots, before it even begins.
Developers of a recently completed $430 million diesel refinery near Dickinson, North Dakota, are delaying plans for a second factory in the Minot area of the state.