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.
Calumet Specialty Products Partners LP processes crude oil into a variety of customized lubricating oils, solvents and waxes, as well as into gasoline, diesel and jet fuel.
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.