Thu, Mar. 26, 12:50 PM
- Calumet Specialty Products Partners (CLMT -1.3%) appoints Bill Hatch as its interim CEO, as CEO Bill Grube takes the newly formed position of Executive Vice Chairman.
- Hatch retired as Vice President Operations and Chief Operating Executive of Citgo in 2008 after a 33-year career at the company.
- Grube co-founded CLMT in 1990 and has been CEO of Calumet GP since that time.
Wed, Mar. 18, 3:24 PM
- Crude oil prices, in the doldrums yet again after U.S. inventories hit record highs for a 10th week and supplies at the futures' Cushing delivery hub hit a peak, turned around to finish higher following the Fed policy statement.
- Nymex crude rose 2.5% to settle at $44.66/bbl, pushing off earlier lows of $42.25 and the lowest intraday level since March 2009; Brent is up 4.5% at nearly $56.
- The gain could prove only a momentary recovery, however, as "speculation is going to grow about operational capacity being hit in Cushing and what that portends for prices,” according to Again Capital John Kilduff, adding that he sees U.S.crude testing $40 soon.
- U.S. refiners are enjoying big gains as the Brent/WTI spread surpasses $11: TSO +5.1%, CLMT +4.7%, CVI +4.8%, HFC +4.6%, MUR +4.5%, WNR +4.4%, VLO +3.9%, RDS.A +3.9%, CVRR +3.7%, MPC +3.3%, PSX +3.2%, ALJ +3.2%.
- ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
Tue, Mar. 10, 9:19 AM
Mon, Mar. 9, 4:56 PM
- Calumet Specialty Products Partners (NASDAQ:CLMT) -3% AH after announcing a public offering of 6M common units, with an underwriters option to purchase up to an additional 900K units.
- CLMT says it will use the proceeds from the offering, including a proportionate capital contribution from its general partner, to repay borrowings outstanding under its revolving credit facility and for general partnership purposes.
Fri, Feb. 27, 7:41 AM
Mon, Jan. 26, 7:15 PM
- It was a great day for energy stocks in at least one group of high-yield dividend dogs, as the five energy names making up the top six stocks in David Fish's Dec. 31 composite list of Champions, Contenders and Challengers list all enjoyed substantial gains: EVEP +10.7%, BBEP +21.5%, VNR +12%, CLMT +6.1% and WPZ +0.4%.
- So far in January, most results for the energy stocks in the group are still lower: EVEP -24%, BBEP -6.3%, VNR -0.7%, CLMT +16.2%, WPZ -2.5%.
Fri, Jan. 23, 5:11 PM
Thu, Jan. 8, 2:56 PM
- Williams Cos. (WMB +1.1%) is upgraded to Sector Outperform from Sector Perform at Howard Weil, which also raised its price target by $13 to $68, as it feels the stock has been unfairly punished in its ~8.5% drop YTD.
- The firm says WMB's yield is well above the peer group and its business is less exposed to the decline in commodity prices than the stock's performance would indicate; it echoes the same comments about Calumet Specialty Products (CLMT +1.5%) but maintains its Outperform rating.
Dec. 23, 2014, 3:11 PM
- Calumet Specialty Products Partners (CLMT +5.7%) is resumed with a Buy rating and $30.50 price target at MLV, which sees units poised for a 2015 rebound as maintenance capex declines and leverage should continue to moderate from a peak of 7x debt/EBITDA toward 4x.
- MLV also sees potential for a modest distribution increase in H2 2015 as LTM coverage should exceed 1x, and projects the specialty products segment - which accounts for ~75% of profit - will benefit from lower crude costs.
Nov. 5, 2014, 7:14 AM
Sep. 10, 2014, 3:28 PM
- Energy stocks, especially refiners, are taking a beating following the latest EIA inventory report that said gasoline stockpiles rose by 2.4M barrels last week, helping send U.S. crude oil futures to 16-month lows (-1.2% to $91.61/bbl) and Brent crude to 17-month lows (-1.1% to $98.02).
- The report is bearish given the large increases in refined product inventories; "even though the crude drawdown was close to expectations, it seemed to disappoint," Again Capital's John Kilduff says.
- The EIA report followed the agency’s updated demand growth report issued yesterday and this morning’s release of OPEC’s report on the oil market; both see lower demand growth this year and next.
- Oil majors are mostly lower: XOM -0.6%, CVX -1.4%, COP -0.3%, but BP (+2.9%) and RDS.A (+1%) are higher.
- Refiners are hit hard: VLO -3.6%, PSX -1.5%, MPC -1.9%, HFC -2.5%, TSO -2.9%, WNR -4.1%, CVI -1.6%, ALJ -1.8%, PBF -3.5%, DK -1.8%, CLMT -1.8%.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, UGA, DTO, DBO, DUG, IYE, IEO, CRUD, PXE, USL, PXI, PXJ, DBE, FENY, UWTI, DWTI, DNO, RJN, RYE, FXN, SZO, OLO, JJE, DDG, ONG, RGRE, OLEM, TWTI, UBN
Aug. 6, 2014, 3:59 PM
- Calumet Specialty Products Partners (CLMT -3.1%) is sharply lower after reporting a large Q2 earnings miss due to longer than expected Shreveport downtime and weak fuel segment margins.
- Q2 adjusted EBITDA was $39.3M vs. $70M in the year-earlier quarter.
- Reported negative distributable cash flow of -$20.4M vs. -$2.5M in the prior-year period, with the Y/Y decrease driven primarily by the EBITDA decline and higher cash interest expense, partially offset by lower turnaround costs.
- In its earnings conference call, CLMT said pricing and demand remain strong, no major maintenance is planned at any facilities for the remainder of the year, and expects FY 2014 capex of $365M-$410M.
Aug. 6, 2014, 7:35 AM
Jun. 27, 2014, 3:59 PM
- Refiners are lower again today after a slight bounce yesterday, as investors resume wariness over the U.S. government's move to allow exports of ultra-light crude oil.
- But Credit Suisse analysts say there’s more to the drop in refiners: U.S. refining is still linked to the world, there is overcapacity in global refining and the risk premium in the oil price is rising, and this week the market was reminded that the lightest barrels (condensate) in U.S. production can be exported (via distillation towers) at relatively low cost, creating more runway for black oil.
- The firm downgrades Holly Frontier (HFC -2.5%), and says Tesoro (TSO -0.7%) needs to beat convincingly in 2Q earnings... to drive further relative upside”; however, Marathon Petroleum (MPC -1.7%) "is becoming significantly more interesting after underperforming,” while it sees most potential in niche refiners such as Delek US (DK -3.4%) and Western Refining (WNR -0.9%).
- Also: VLO -1.1%, ALJ -2.5%, PSX -0.7%, PBF -3.5%, CVI +0.4%, CLMT +1.5%.
Jun. 26, 2014, 3:33 PM
- Most refiners recover part of yesterday's big drop, which some say was an overreaction to the U.S. government move to allow two oil companies to export ultra-light crude oil for the first time: TSO +2.8%, VLO +2%, PSX +1%, CVI +0.7%, CLMT +0.7%, WNR +0.6%, MPC +0.2%, ALJ -1%, PBF -0.6%, HFC -0.3%.
- The death of U.S. refiners is "greatly exaggerated," Cowen analysts say: "The spirit of the law - that hydrocarbon liquids produced in the U.S. must be processed in the U.S. - remains in place, and permits for condensate exports do not constitute precedent for crude oil... We continue to see potential for a meaningful feedstock advantage for U.S. refiners emerging later in 2014."
- Ned Davis Research, however, thinks the news is "potentially game changing for refiners," since it signals a change in the government’s position on oil exports more broadly and noting that it is the export ban, plus inadequate pipeline infrastructure, that has fed recent refiner outperformance.
Jun. 9, 2014, 6:48 PM
- Calumet Specialty Products Partners (CLMT) says it will invest as a joint venture partner in the construction of a Lake Charles, La., commercial gas-to-liquids plant that is expected to produce 1,100 bbl/day of refined products from natural gas.
- CLMT intends to invest $25M in exchange for an equity interest of ~22% in the joint venture; the total cost of the plant is estimated at $135M and should be operational by late 2015.
CLMT vs. ETF Alternatives
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.
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