Calumet Stock Price, News & Analysis

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has appointed L. Todd Borgmann as Interim CFO, effective September 1, 2020, following H. Keith Jennings' departure on August 31, 2020. Borgmann brings over 12 years of experience at Calumet, previously serving as Vice President of Supply & Trading. Alongside, Vincent Donargo has been named Chief Accounting Officer, effective August 10, 2020, after serving as interim CAO since June 2020. The management transitions aim to bolster financial strategy and enhance liquidity, focusing on driving positive cash flow and improving the Partnership's balance sheet.

Weatherford International has appointed H. Keith Jennings as the new Executive Vice President and Chief Financial Officer, effective September 1, 2020. Jennings brings over 25 years of financial leadership experience, having most recently served in a similar role at Calumet Specialty Products Partners (Nasdaq: CLMT). Interim CEO Karl Blanchard expressed confidence in Jennings' expertise and experience within the oil and gas industry, indicating a positive outlook for stakeholder value under his leadership.

Calumet Specialty Products Partners (NASDAQ: CLMT) announced the resignation of H. Keith Jennings as Executive Vice President & Chief Financial Officer, effective August 31, 2020. Jennings is leaving to pursue personal interests in Texas but will assist with the transition for a month. Calumet, a leading producer of specialty hydrocarbons based in Indianapolis, operates nine manufacturing facilities across the U.S., producing a range of lubricating oils, solvents, and fuel products for various markets.

Calumet Specialty Products Partners (NASDAQ: CLMT) reported a net income of $3.6 million for Q2 2020, contrasting with a loss of $16.8 million in Q2 2019. While net income per unit rose to $0.05, adjusted net loss was $19.6 million. Despite the pandemic's challenges, the specialty segment's gross profit increased to $84.2 million, driven by a 49% rise in gross profit per barrel. However, the fuels segment saw gross profit drop to $5.1 million, reflecting tightening crude differentials. Total liquidity stood at $249 million, ensuring financial stability amid market volatility.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the final settlement of its exchange offer for 7.625% Senior Notes due 2022, allowing holders to exchange for newly issued 9.25% Senior Secured First Lien Notes due 2024. On August 5, 2020, approximately $200 million of 2022 Notes were exchanged, leaving $149,996,000 outstanding. The company also executed a supplement for the 11.00% Senior Notes due 2025, compensating consenting holders with a cash payment of $2.50 per $1,000 principal. The New Notes are not registered under U.S. securities laws.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the expiration of its Exchange Offer and Consent Solicitation for holders of 2022 and 2025 Senior Notes. Approximately $308.6 million of 2022 Notes (88.2%) and $533.6 million of 2025 Notes (97.0%) participated. The settlement is expected on August 5, 2020, with $200 million in New Notes issued. The Exchange Offer was not registered under the SEC and was subject to specific compliance conditions. Barclays acted as the sole dealer manager for the offering.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) plans to report its fiscal second quarter 2020 results on August 6, 2020. A conference call is scheduled for the same day at 9:30 AM ET, where financial and operational outcomes will be discussed. Investors, analysts, and media can join via a webcast available on the Partnership's website, with a replay accessible shortly after the event. Calumet specializes in producing high-quality hydrocarbon products, including lubricants and fuels, across several manufacturing facilities in North America.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has announced the early results of its private exchange offer for holders of its 7.625% Senior Notes due 2022, allowing them to exchange for newly issued 9.25% Senior Secured First Lien Notes due 2024. As of July 20, 2020, approximately 55.9% of the 2022 Notes and 65.8% of the 2025 Notes' holders have participated. The Exchange Offer and Consent Solicitation will expire on July 31, 2020. Barclays is the sole dealer manager for the Exchange Offer.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has announced early results from its private exchange offer for 7.625% Senior Notes due 2022, allowing holders to exchange their notes for newly issued 9.25% Senior Secured First Lien Notes due 2024. As of July 17, 2020, $308.5 million of the $350 million outstanding 2022 Notes were tendered, making the offer oversubscribed. Eligible holders can receive $1,000 of new notes for every $1,000 of 2022 Notes tendered before the expiration time on July 31, 2020, with a settlement date expected on August 5, 2020.