Benzinga | Jan 11, 2022 09:25AM EST

Calumet Says Ended 2021 With ~$333M Of Liquidity, Including $37M Cash, Cash Equivalents; Says Unplanned Events In Q4 Expected To Reduce Results By $20M-$30M

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT, &quot, , Calumet&quot, , , &quot, , we&quot, , or &quot, , our&quot, , )))) provided a preliminary fourth quarter update today. Calumet ended the year with approximately $333 million of liquidity, including approximately $37 million of cash and cash equivalents and an undrawn revolving credit facility.

Unplanned events in the fourth quarter are expected to reduce quarterly financial results by an estimated $20 to $30 million. Primary drivers were downtime at our Montana facility in November 2021 and continued impacts from the additive shortage in our Performance Brands segment.

"2021 was a year of exceptional value creation for Calumet despite some challenges," said CEO Steve Mawer. "We laid out our strategic path early in 2021 and quickly progressed what we believe is one of the most competitive renewable diesel conversion projects in North America from concept through permitting, partnering and have commenced construction. Our strategic progress allowed us to complete the repurchase of our 2022 bonds and finish the year with liquidity of approximately $333 million. Although an outage at Montana and ongoing supply chain challenges have reduced our fourth quarter outlook, we have started to see improvement in many elements of the global supply chain that hindered our Performance Brands segment throughout 2021. We continue to be optimistic with the strong demand for our highly-differentiated, high performance products and are working hard to fulfill our record order backlog of over $30 million which is roughly three times the normal level."