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.
The Indianapolis-based refiner of specialty hydrocarbon products plans to sell $450 million of senior notes. Proceeds will
be used to repay bank debt.
The financial underpinnings for the current quarterly dividend—45.5 cents per share—seem less than sturdy.
Indianapolis-based Calumet Specialty Products reported a profit of $8.2 million in the fourth quarter, a 56-percent decrease
from the same period a year ago.
Indianapolis-based Calumet Specialty Products Partners LP is investigating the cause of a Friday blast at its refinery in
Shreveport, La., that damaged some nearby properties.
Calumet Specialty Products Partners LP is selling 3 million shares of common stock to pay debt and to finance requirements
of an agreement with another company.
Calumet Specialty Products LP posted a profit of $3.9 million in the third quarter, recovering from a $12.5 million loss in
the same period last year.