Calumet Losses Widen, Winter Storm Hampers Production

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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting a first quarter net loss of $146 million, further widening the $14 million loss during the same period a year ago.
Chief Executive Officer Steve Mawer says the results reflect lower plant production due in part to severe winter storms in February that hit the Gulf Coast region.
Calumet is an independent producer of petroleum-based specialty products.
The storm crippled much of Louisiana and Texas, just as the company was performing scheduled maintenance on a plant in Shreveport.
“Our full plant turnaround was on track for successful completion as (the winter storm named) Uri visited North West Louisiana, presenting the challenge of a hard freeze on an entirely idled plant. Our team worked tirelessly to repair the damage and bring the plant back up safely,” said Mawer.
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