Welcome to our dedicated page for Calumet news (Ticker: CLMT), a resource for investors and traders seeking the latest updates and insights on Calumet stock.
Calumet, Inc. (NASDAQ: CLMT) is a petroleum refineries industry company that manufactures, formulates and markets specialty branded products and renewable fuels. Headquartered in Indianapolis, Indiana, Calumet operates twelve facilities across North America and serves a broad mix of consumer-facing and industrial markets. Its news flow reflects both its specialty products focus and its role in renewable fuels through the Montana/Renewables segment.
News about Calumet often highlights capital markets and financing activities. Recent releases describe private placements of senior notes through its subsidiaries Calumet Specialty Products Partners, L.P. and Calumet Finance Corp., including an upsized offering of 9.75% Senior Notes due 2031. The company has explained that it intends to use net proceeds from these offerings, along with cash on hand and borrowings under its revolving credit facility, to redeem outstanding senior notes due 2026 and 2027. These announcements provide insight into how Calumet manages its debt maturities and capital structure.
Operational and financial updates are another key component of Calumet’s news. The company has issued preliminary selected financial results, including ranges for net loss and Adjusted EBITDA with Tax Attributes, and has discussed factors such as cost improvements, crude supply chain efficiencies, divestitures and production changes. Calumet also explains its use of non-GAAP measures like Adjusted EBITDA and Adjusted EBITDA with Tax Attributes, which are tied to definitions used in its debt instruments and revolving credit facility.
Regulatory and governance-related items appear in Calumet’s news through references to Form 8-K filings. For example, the company has reported quarterly results of operations and disclosed that certain interim financial statements required restatement due to a cash flow classification error, along with a related material weakness in internal controls. These updates help investors track changes in financial reporting and control environments.
Calumet’s participation in conferences is a recurring news theme. The company has announced attendance at events such as the UBS Global Energy & Utilities Winter Conference, Goldman Sachs Energy, Clean Tech and Utilities Conference, Wells Fargo Annual Energy & Power Symposium, Bank of America Leveraged Finance Conference, Bank of America Global Energy Conference and T.D. Cowen Energy Conference. These releases typically note that Calumet will hold one-on-one investor meetings, signaling ongoing engagement with institutional investors and analysts.
Investors following CLMT news can use this page to monitor developments related to senior note offerings and redemptions, preliminary financial results, non-GAAP performance metrics, internal control disclosures, and investor conference participation. Returning to this feed allows readers to see how Calumet communicates its specialty products and renewable fuels strategy, capital structure decisions and financial reporting updates over time.
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.
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.