Wisconsin refinery acquisition boosts US Calumet's earnings – CEO

02 May 2012 19:50  [Source: ICIS news]

HOUSTON (ICIS)--US specialty-petroleum-products company Calumet Specialty Products is seeing bottom-line benefits from the acquisition of a refinery last year from Murphy Oil, a company executive said on Wednesday.

"The acquisition of Murphy Oil's Superior, Wisconsin, refinery was a great deal for Calumet," said chief operating officer Jennifer Straumins in an earnings conference call.

The contributions of the Superior refinery helped Calumet increase its distribution to shareholders in the first quarter of 2012, and is expected to provide additional quarterly bumps to distribution going forward, Straumins said.

Calumet said it completed the acquisition in October.

The Superior refinery's crude oil throughput capacity is approximately 45,000 bbl/day and uses crude oil feedstocks sourced from the northern US and Canada.

The Superior refinery produces gasoline, distillate, asphalt and specialty petroleum products that are marketed in the midwest region of the US, as well as into Canada and surrounding border states.

Looking forward, Straumins said demand across all product lines is good and that the company will increase its crude oil hedging activities to mitigate risk while it continues to look for growth and acquisitions.

($1 = €0.76)

By: Frank Zaworski
+1 713 525 2653

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