Shares of Calumet Specialty Products Partners LP dropped as much as 8 percent early Wednesday after the Indianapolis-based company reported a dramatic decline in profit in the second quarter.
Calumet Specialty Products Partners LP plans to build a $300 million diesel refinery in North Dakota as part of a joint venture with energy company MDU Resources Group Inc., the firms announced after markets closed Thursday.
The Indianapolis-based company said Wednesday morning that profit soared to $65.7 million compared with a loss of $7.7 million in the second quarter of 2011.
Indianapolis-based Petroleum refiner Calumet Specialty Products Partners LP is buying high-performance lubricants maker Royal Purple Inc. of Porter, Texas, for about $335 million, the companies announced Wednesday morning.
The oil refiner, which currently has 75 full-time Indiana employees, has begun hiring management, accounting, sales, human resources and information technology workers.
With its shares trading up more than 60 percent from the doldrums of last fall, Calumet Specialty Products Partners rolled out plans to sell another 6 million shares of stock, raising more than $150 million.
The company’s improved performance over the same period last year was mostly due to a 150-percent increase in sales volume from its acquisition of a Wisconsin refinery in September.
Indianapolis-based Calumet Specialty Products Partners LP said Wednesday morning that a major refinery acquisition helped company revenue and profit soar in the fourth quarter as compared to the same period in 2010.
The purchase included 22 acres of land and a factory in Louisiana, Mo.
Indianapolis oil-refiner Calumet Specialty Products Partners LP intends to sell $375 million in senior notes to pay off existing debt.
The Metropolitan Development Commission is expected Wednesday afternoon to approve Heritage-Crystal Clean Inc.’s plan to build its first used oil re-refinery, on West 10th Street. The project is estimated to cost $40 million and should create 55 jobs by 2013.
Indianapolis-based Calumet Specialty Products Partners LP processes crude oil into customized lubricating oils, solvents and waxes, as well as into gasoline, diesel and jet fuel.