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.
Timothy Go was most recently vice president of operations at Wichita, Kansas-based Flint Hills Resources LP, a subsidiary of Koch Industries Inc.
Calumet Specialty Products Partners LP turned in a moneymaking second quarter, rebounding from a loss in the same period of 2014, the company reported Wednesday morning.
Calumet Specialty Products Partners LP rebounded from a money-losing first quarter in 2014 with a profitable one this year, the company reported Wednesday.
Indianapolis-based Calumet Specialty Products Partners built the Dakota Prairie Refinery near Dickinson as part of a joint venture with Bismarck-based MDU Resources Group. It is the first greenfield fuels refinery to open in the United States in nearly 40 years.
Calumet Specialty Products Partners lost $63.5 million in the fourth quarter, leading to an unprofitable year.
Whether Calumet Specialty's depressed stock price combined with its rich quarterly dividend create a buying opportunity is the subject of intense debate among investors these days.
Indianapolis-based Calumet Specialty Products Partners and Bismarck-based MDU Resources Group Inc. are building the $350 million Dakota Prairie Refinery, the first greenfield refinery built in the U.S. since 1976.
Calumet Specialty Products Partners LP suffered a bigger-than-expected second-quarter loss, partly due to a 30-day slowdown for maintenance at its refinery in Shreveport, Louisiana.
Profit shot up for some, while others fought setbacks.
Indianapolis-based Calumet Specialty Products Partners LP plans to lower its leverage by increasing earnings rather than cutting debt that is rising by 35.6 percent this month.
Calumet Specialty Products said it plans to complete its acquisition of ADF Holdings by March 31. ADF is the parent of Tulsa-based Anchor Drilling Fluids USA Inc., a leading provider of drilling-fluid solutions to the oil and gas industry.