Calumet Stock Price, News & Analysis

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the appointment of Paul C. Raymond III to its Board of Directors, effective November 3, 2020. With over three decades of experience in specialty chemicals, Raymond has held leadership roles at Monument Chemical, Sonneborn, and Ashland Water Technologies. His expertise aims to enhance Calumet's specialty-focused strategy. The Board now consists of nine members, and Raymond's background is expected to support the company's growth in high-quality hydrocarbon production and fuel products.

Calumet Specialty Products Partners (NASDAQ: CLMT) reported a net loss of $56.1 million for Q3 2020, compared to a net loss of $4.6 million in the same period last year.

Adjusted EBITDA fell 66.7% to $25.4 million, driven by non-cash charges, including a $9.2 million unrealized hedging loss. Despite challenges, the Specialty products segment showed resilience with a 7.2% gross profit increase year-over-year, reaching $86.5 million.

Liquidity as of September 30, 2020, was $269.3 million.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) will announce its fiscal third quarter 2020 results on November 6, 2020. A conference call to discuss these results is scheduled for the same day at 9:00 AM ET. Investors and analysts can access the live presentation via a webcast on the company's website, with slides available for viewing. A replay will also be provided shortly after the call. Calumet produces specialty hydrocarbon and fuel products across several manufacturing facilities in the U.S. and is headquartered in Indianapolis, Indiana.

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.