Calumet Specialty Products Partners L.P. reported a fourth quarter net loss of $82.6 million, worse than a $38.6 million loss for the same period of 2019. For the full year, the company posted a $149 million net loss, declining from a $43.6 million net loss in 2019 – results that it attributed to a variety of impacts from the COVID-19 pandemic.
Sales revenue for Indianapolis-based Calumet’s fourth quarter declined 29% to $553.9 million. For the full year, sales dropped 32% to $2.3 billion.
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In its annual report, Calumet said that its sales and net loss figures were principally affected by factors such as demand for specialty products and fuel products, prices of raw materials, prevailing crack spreads for fuel products and the price of natural gas used as fuel in its operations. “Segment results were impacted by softer demand due to the COVID-19 pandemic in 2020, but the impact was largely offset from stronger margins in both the specialty oils and waxes business and the finished lubricants and chemicals business,” the company stated