US refiner Calumet Specialty Products saw profit from its specialty products unit fall in the second quarter of the year partly because of lost production caused by adverse weather.The unit’s earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $61mn in the three months to end-June, down 51pc from year-earlier levels of $123.5mn.The fall in profit outpaced the 30pc drop in sales to $684.1mn.Sales faced pressure from lower refinery posted prices in the second quarter of the year.Lower supply compounded the drop in revenue in the face of weather-related power disruptions and maintenance work.“We have no meaningful planned downtime for the remainder of 2023 and we enter the third quarter running our assets at full rates,” Calumet CEO Todd Borgmann said in a conference call.With profit falling faster than sales, the unit’s EBITDA profit margin fell to 8.9pc in the second quarter.The margin fell from 10.3pc in the first three months of the year to the lowest since the first quarter of 2022..HF Sinclair base oil unit’s Q2 profit falls
US refiner Calumet Specialty Products saw profit from its specialty products unit fall in the second quarter of the year partly because of lost production caused by adverse weather.The unit’s earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $61mn in the three months to end-June, down 51pc from year-earlier levels of $123.5mn.The fall in profit outpaced the 30pc drop in sales to $684.1mn.Sales faced pressure from lower refinery posted prices in the second quarter of the year.Lower supply compounded the drop in revenue in the face of weather-related power disruptions and maintenance work.“We have no meaningful planned downtime for the remainder of 2023 and we enter the third quarter running our assets at full rates,” Calumet CEO Todd Borgmann said in a conference call.With profit falling faster than sales, the unit’s EBITDA profit margin fell to 8.9pc in the second quarter.The margin fell from 10.3pc in the first three months of the year to the lowest since the first quarter of 2022..HF Sinclair base oil unit’s Q2 profit falls
