Calumet Specialty Products Partners fourth quarter 2011 net income was up compared to the year earlier quarter, and its full year 2011 net income also increased from 2010.
Indianapolis-based Calumet posted net income of $26.9 million for the quarter ending Dec. 31, up 183 percent from $9.5 million in the 2010s fourth quarter. For the full year 2011, Calumet posted $43 million in net income, up 157 percent from $16.7 million in 2010.
Fourth quarter sales revenue reached more than $1 billion, up 67.7 percent from $596.2 million in 2010s fourth quarter. For all of 2011, Calumets specialty products sales revenue amounted to $3.1 billion, 41 percent higher than $2.2 billion in 2010.
We continue to focus on our operations to meet demand for our specialty products and to better benefit from current fuel products crack spreads that to date have widened again in the first quarter of 2012, said Bill Grube, Calumets CEO and vice chairman.
Specialty product sales volume in the fourth quarter reached 41,014 barrels per day, up 17.7 percent from the year earlier period.
Calumets specialty products segment sales volumes in the further quarter included 14,751 b/d of lubricating oils, 9,887 b/d of solvents and 1,373 b/d of waxes.