02.27.15
Calumet Specialty Products Partners, L.P. reported a net loss for the quarter ended December 31, 2014 of $63.5 million vs. a loss of $15.5 million in 2013. For the full year 2014, the partnership reported a net loss of $112.2 million vs. net income of $3.5 million, in 2013. Sales rose more than 7% in the fourth quarter to $1.3 billion and improved nearly 7% to $5.7 billion on the year.
"Consistently reliable refining operations and elevated specialty products margins contributed to significant growth in adjusted EBITDA during the fourth quarter 2014, versus the prior year period," stated Bill Grube, vice chairman and chief executive officer. "During the first quarter 2015, specialty products margins remain strong, while fuels refining margins are trending higher in the niche, inland markets where we operate. Importantly, each of our key fuels refineries continues to operate on plan, with no major turnarounds scheduled at these refineries until 2018."
"During the next 12 months, Calumet is scheduled to complete all four of its previously announced organic growth projects, the combination of which are expected to provide significant incremental EBITDA upon which to further grow our Partnership," stated Grube. "The Dakota Prairie refinery and Missouri esters plant expansions are scheduled for completion during the second quarter 2015, while the San Antonio refinery solvents project is now scheduled for completion during the fourth quarter 2015. Our Montana refinery expansion project remains scheduled for a first quarter 2016 completion date."
"Consistently reliable refining operations and elevated specialty products margins contributed to significant growth in adjusted EBITDA during the fourth quarter 2014, versus the prior year period," stated Bill Grube, vice chairman and chief executive officer. "During the first quarter 2015, specialty products margins remain strong, while fuels refining margins are trending higher in the niche, inland markets where we operate. Importantly, each of our key fuels refineries continues to operate on plan, with no major turnarounds scheduled at these refineries until 2018."
"During the next 12 months, Calumet is scheduled to complete all four of its previously announced organic growth projects, the combination of which are expected to provide significant incremental EBITDA upon which to further grow our Partnership," stated Grube. "The Dakota Prairie refinery and Missouri esters plant expansions are scheduled for completion during the second quarter 2015, while the San Antonio refinery solvents project is now scheduled for completion during the fourth quarter 2015. Our Montana refinery expansion project remains scheduled for a first quarter 2016 completion date."