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.
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.