Calumet Specialty Reports Improvements in Q3
INDIANAPOLIS - INDIANAPOLIS -- Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) has announced a third quarter net loss of $4.6 million, compared to an even deeper loss of $16.5 million during the same period a year ago.
Chief Executive Officer Tim Go says the fuel products producer delivered a strong quarter of both financial and operational performance.
“This improved operational performance drove record utilization and multiple throughput records across our plants. The Company has generated $154 million of cash flow from operations for the first nine months of 2019, much of which reflects the structural changes that our Self-Help program has delivered, which more than offset the headwinds of the significantly less favorable crude differentials,” said Go.
On Monday, the company announced it had closed on the sale of its San Antonio, Texas refinery, crude oil terminal and pipeline to Starlight Relativity Acquisition Co. LLC. Go says he expects divestiture will improve the company’s credit metrics and cash flow.
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