Attached files
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8-K - FORM 8-K - Calumet Specialty Products Partners, L.P. | h84968e8vk.htm |
EX-10.1 - EX-10.1 - Calumet Specialty Products Partners, L.P. | h84968exv10w1.htm |
Exhibit 99.1
News and Events
Calumet Specialty Products Partners, L.P. Completes Acquisition of Superior, Wisconsin
Refinery Assets from Murphy Oil Corporation
INDIANAPOLIS, October 3, 2011 /PRNewswire via COMTEX/
Calumet Specialty Products Partners, L.P. (Calumet) (NASDAQ: CLMT) announced today that it
completed the previously announced acquisition (the Superior Acquisition) of the Superior,
Wisconsin refinery and associated operating assets and inventories (the Superior Assets) of
Murphy Oil Corporation (NYSE: MUR) on September 30, 2011 for aggregate consideration of
approximately $442 million, subject to customary post-closing purchase price adjustments. The
Superior Assets provide greater scale, geographic diversity and development potential to Calumets
refining business, as Calumets current total refining throughput capacity will increase by 50% to
135,000 barrels per day.
The Superior refinery produces gasoline, diesel, asphalt, bunker fuel and specialty petroleum
products that are marketed in the Midwest region of the United States, including the surrounding
border states, and Canada. The Superior Assets include inventories valued at approximately $220
million as of August 31, 2011 and various owned and leased finished product terminals.
Highlights of the Superior Assets include the following:
| Refinery crude oil throughput capacity of approximately 45,000 barrels per day; | ||
| Refinery complexity rating of 8.9; | ||
| Distribution network for fuel and asphalt products operated through various owned and leased terminals located in Wisconsin, Minnesota and Utah; and | ||
| Crude oil feedstocks sourced from the northern U.S. and Canada. |
The Superior Acquisition was financed with the September 2011 issuances of approximately $193
million of Calumets common units and general partner units and approximately $180 million of
Calumets senior unsecured notes due 2019 and with borrowings of approximately $69 million under
Calumets revolving credit facility.
Calumet is a master limited partnership and is a leading independent producer of high-quality,
specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks
into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive
products. Calumet also produces fuel products including gasoline, diesel and jet fuel. Calumet is
based in Indianapolis, Indiana and has five plants located in northwest
Louisiana, western Pennsylvania, and southern Texas, and a terminal located in Burnham, Illinois.
This press release includes statements that may constitute forward-looking statements. Such
forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and
other factors that are difficult to predict and many of which are beyond managements control.
Factors that can affect future results are discussed in Calumets Annual Report on Form 10-K and
other reports filed by Calumet from time to time with the Securities and Exchange Commission.
Calumet undertakes no obligation to update or revise any forward-looking statement to reflect new
information or events.