Calumet Specialty Products Partners, L.P.

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  • Wed, Jan. 20, 7:55 AM
    • Calumet Specialty Products Partners (NASDAQ:CLMT+7.5% premarket after declaring a $0.685 Q4 dividend, unchanged from the prior dividend, as it reaffirms its objective of "providing all unitholders a stable-to-growing quarterly cash distribution."
    • CLMT also says it expects 2016 capex of $125M-$150M, a 60%-plus Y/Y decline, due in part to the conclusion of a multi-year organic growth project campaign in late 2015.
    • CLMT says it has sufficient liquidity from cash on hand and from operations, as well as availability under its $1B asset based revolving credit facility, to fund general business requirements.
    | Wed, Jan. 20, 7:55 AM | 11 Comments
  • Dec. 16, 2015, 12:13 PM
    • Congress has agreed to lift the 40-year-old ban on crude oil exports, but refiners are holding up well as the group wins a tax break on the cost of transporting oil as part of the deal.
    • The tax provision meant to blunt potential damage to domestic refiners of allowing unfettered crude exports would allow non-integrated refiners to count 75% of their oil transportation costs toward an existing manufacturing tax deduction.
    • Refiners are "positioned to succeed regardless,” says Carl Larry, head of oil and gas for Frost & Sullivan. “They can still make products cheaper than anywhere in the world... Regardless of whether the U.S. exports crude, they’ll be ahead of the game.”
    • Wells Fargo contends that lifting the ban will have only a minimal impact in the short term, and notes that Phillips 66 (PSX +1.6%) has indicated lifting the move would have no material impact at least for one year; Valero Energy (VLO +1.2%) is better positioned than most because it already relies on a larger percentage of foreign oil for its feedstock to make gasoline and other petroleum products, says Simmons analyst Jeff Dietert.
    • Also: TSO +2.5%, MPC +0.9%, HFC +2.4%, PBF +1.6%, WNR +4.9%, NTI +1.6%, ALJ +1%, CLMT -2.2%.
    • Earlier: Solar stocks soar as Congress proposes extending solar/wind tax credits
    | Dec. 16, 2015, 12:13 PM | 24 Comments
  • Dec. 16, 2015, 2:13 AM
    | Dec. 16, 2015, 2:13 AM | 131 Comments
  • Dec. 14, 2015, 7:25 PM
    • The deep discount for benchmark U.S. crude oil prices vs. global rates looks poised to disappear for the first time since the rise of the shale oil boom, Reuters reports.
    • U.S. WTI crude for delivery in March traded at one point today just $0.20/bbl below global Brent crude for the same month, the narrowest gap since 2010.
    • The sudden shift in the closely-watched spread seems to be sending a signal that the domestic oil market is likely to grow tighter while the global glut gets worse, which likely will spur a renewed rise in U.S. imports and erase the cost advantage of U.S. refiners who have made billions of dollars on cut-price domestic crude.
    • Some oil traders say the spread is responding to signs that the U.S. Congress may throw out the 40-year old ban on exporting U.S. crude, while others cite expectations of higher OPEC production following an easing of western sanctions against Iran that is weighing on Brent.
    • Refiners: PSX, VLO, TSO, MPC, HFC, PBF, WNR, NTI, ALJ, CLMT
    | Dec. 14, 2015, 7:25 PM | 62 Comments
  • Dec. 12, 2015, 8:25 AM
    • The 40-year-old ban on most U.S. crude oil exports "very likely" will be lifted in the government spending bill, according to reports citing congressional aides from both parties, as part of a deal D.C. lawmakers are negotiating as part of spending and tax measures Congress is aiming to pass by Dec. 16.
    • In the deal said to be coming together, Congress would lift the export ban while also adopting environmental and renewable energy measures, including long-term extensions of wind and solar tax credits; also under discussion is a tax credit for independent domestic refineries, especially a few in the Northeast whose profits could be hurt if oil exports are allowed.
    • "There’s a view that this is the last chance" ahead of a presidential election year, says ClearView Energy Partners managing director Kevin Book.
    • Refiners: PSX, VLO, TSO, MPC, HFC, PBF, WNR, NTI, ALJ, CLMT
    | Dec. 12, 2015, 8:25 AM | 163 Comments
  • Dec. 4, 2015, 12:41 PM
    • Credit Suisse analyst Edward Westlake says favorable market conditions that drove the oil refining business this year will carry over into next year, making many refiner stocks strong buys.
    • Global gasoline demand grew at 3x its historical rate in 2015, and while consensus expectations for gasoline demand predict a regression closer to the long-term trend in 2016, Westlake sees at least another year of strong demand growth remaining.
    • The analyst says he has been surprised at Q4 performance so far , and predicts a 2016 environment conducive to earnings strength, especially among coastal names.
    • Credit Suisse has Outperform ratings on these refiners: VLO +1.6%, NTI +0.5%, CLMT +1.5%, MPC +3%, TSO +1.2%, ALDW -2.3%, WNR +1.6%, PBF +0.2%, DK +1.7%.
    | Dec. 4, 2015, 12:41 PM | 22 Comments
  • Nov. 30, 2015, 3:28 PM
    • Biofuel names react favorably and refiners negatively to just-released EPA biofuel targets that come in above those proposed by the agency in May.
    • Fuel suppliers will be required to mix 16.93B gallons of corn-based ethanol and other renewable fuels into gasoline this year and 18.11B gallons next year, according to the newest EPA targets.
    • The final 2016 standard for advanced biofuel is nearly 1B gallons, or 35% higher than actual 2014 volumes.
    • Biofuel names include: PEIX +17.7%, REGI +8.1%, AMRS +7%, GEVO +4.9%, SZYM +2.5%, GPRE +6.2%, REX +3.2%, ADM flat.
    • Refiners are pulling back: VLO -0.9%, TSO -1.5%, HFC -2.6%, MPC -0.3%, PSX -0.9%, WNR -0.7%, CLMT -2.6%.
    | Nov. 30, 2015, 3:28 PM | 121 Comments
  • Nov. 16, 2015, 12:48 PM
    • Calumet Specialty Products (CLMT +1.6%) is initiated with a Buy rating and $34 price target at DA Davidson, which says CLMT's prospects for cash distribution growth have improved and should be able to restart cash distribution growth after a three-year hiatus.
    • The firm cites CLMT's transformation into a more diversified entity and strong position in the high margin specialty product business, as well as improving operating cash flow, enhanced credit metrics and moderate cash distribution growth which should allow the company to continue to differentiate itself from the broader MLP industry.
    • CLMT also is resumed with an Outperform rating and $32 price target at RBC Capital, which sees the company at a turning point, with major project spending rolling off and increasing cash flow allowing a return to distribution growth that is not implied by the current 11% yield.
    | Nov. 16, 2015, 12:48 PM | 6 Comments
  • Nov. 4, 2015, 8:08 AM
    • Calumet Specialty (NASDAQ:CLMT): Q3 EPS of $0.86 may not be comparable to consensus of $0.45.
    • Revenue of $1.14B (-32.1% Y/Y) beats by $30M.
    | Nov. 4, 2015, 8:08 AM | 5 Comments
  • Oct. 23, 2015, 8:37 AM
    • Calumet Specialty (NASDAQ:CLMT) declares $0.685/share quarterly dividend, in line with previous.
    • Forward yield 10.48%
    • Payable Nov. 13; for shareholders of record Nov. 3; ex-div Oct. 30.
    | Oct. 23, 2015, 8:37 AM | 3 Comments
  • Sep. 14, 2015, 8:52 AM
    • Calumet Specialty Products Partners (NASDAQ:CLMT) names Timothy Go as its new CEO, to take effect January 1.
    • Go joins CLMT from Koch Industries subsidiary Flint Hills Resources, where he served most recently as VP of operations, and had spent nearly 20 years in management roles at Exxon Mobil.
    • Bill Hatch will remain interim CEO until Dec. 31, when he will begin in the newly created position as Executive Advisor to the Partnership.
    | Sep. 14, 2015, 8:52 AM | 3 Comments
  • Aug. 5, 2015, 7:38 AM
    • Calumet Specialty (NASDAQ:CLMT): Q2 EPS of $0.35 misses by $0.02.
    • Revenue of $1.16B (-18.9% Y/Y) beats by $80M.
    | Aug. 5, 2015, 7:38 AM | 5 Comments
  • Jul. 21, 2015, 4:50 PM
    • Calumet Specialty (NASDAQ:CLMT) declares $0.69/share quarterly dividend, in line with previous.
    • Forward yield 10.09%
    • Payable Aug. 14; for shareholders of record Aug. 4; ex-div July 31.
    | Jul. 21, 2015, 4:50 PM | 12 Comments
  • Jun. 18, 2015, 7:17 PM
    • U.S. oil refiners will maintain positive free cash flows until the seasonally stronger Q4 revives earnings, as they can beat a short-term supply crunch by boosting the use of OPEC oil and diverting exports headed for Canada, Cowen analyst Sam Margolin writes.
    • Refiners are getting squeezed by a drop-off in domestic supplies as drillers pull back, but Margolis sees the crunch as temporary and expects supplies of West Texas crude to rebound in response to demand during H2.
    • The analyst maintains an Outperform rating on Valero (NYSE:VLO), Tesoro (NYSE:TSO), Marathon Petroleum (NYSE:MPC), Western Refining (NYSE:WNR) and PBF Energy (NYSE:PBF) he predicts Q2 earnings will come in above consensus for VLO, TSO and WNR.
    • Margolin rates HollyFrontier (NYSE:HFC), Alon USA Energy (NYSE:ALJ), Calumet Specialty Products (NASDAQ:CLMT) and Northern Tier Energy (NYSE:NTI) at Market Perform.
    | Jun. 18, 2015, 7:17 PM | 17 Comments
  • May 6, 2015, 9:13 AM
    • Calumet Specialty Products Partners (NASDAQ:CLMT+2% premarket after reporting Q1 earnings and revenues that missed estimates, but EBITDA climbed to a record $124.9M vs. $82.7M for the prior-year quarter.
    • CLMT says distributable cash flow increased by more than 90% Y/Y to $94.1M, resulting in a distribution coverage ratio of 1.6x vs. 0.9x in the year-ago period.
    • Says it will be well positioned to consider an increase in the quarterly cash distribution as growth projects begin to generate cash flow during the next nine months.
    | May 6, 2015, 9:13 AM
  • May 6, 2015, 8:07 AM
    • Calumet Specialty (NASDAQ:CLMT): Q1 EPS of $0.27 misses by $0.04.
    • Revenue of $1.02B (-23.9% Y/Y) misses by $450M.
    | May 6, 2015, 8:07 AM | 3 Comments
Company Description
Calumet Specialty Products Partners LP is a producer of hydrocarbon products in North America. It owns specialty and fuel products facilities located in northwest Louisiana, northwest Wisconsin, northern Montana, Texas, New Jersey, and other areas.