Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting a net loss of $139.4 million in 2015, compared to a net loss of $112.2 million the previous year. Chief Executive Officer Tim Go says despite the loss, the company’s core business performed well.
Calumet is also reporting a fourth quarter net loss of $116.8 million, compared with a net loss of $63.5 million during the same period in 2014.
"Refining system utilization and product sales volumes reached all-time records last year, the combination of which contributed to a significant year-over-year increase in Distributable Cash Flow, excluding special items," said Go. "Despite challenging market conditions evident during the fourth quarter of 2015, our full-year 2015 results reflect a combination of stable growth in our specialty products segment and continued contributions from our niche, inland fuels refineries, which stand poised to benefit from increased processing of cost advantaged heavy Canadian crude oil during 2016."
Go says the completion of expansion projects in Montana, Texas and Missouri, combined with a 60 percent decline in capital spending in 2016, will contribute to the company’s "financial flexibility."