, Aug. 12, 2013 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("
" or the "Partnership") a leading independent producer of specialty hydrocarbon and fuel products, today announced that it has acquired seven crude oil loading facilities and related assets in
from Murphy Oil
, Inc. ("Murphy"). The transaction closed on
, 2013. Financial terms of the transaction were not disclosed.
With the acquisition of these loading facilities, all of which are connected at junction points along Enbridge's
will be positioned to source increased volumes of crude oil directly from local producers in
while continuing to supplement its feedstock procurement through third-party marketing relationships. By purchasing increased volumes of feedstock directly from producers,
expects to enjoy more favorable economics on select portions of the crude oil it purchases, over the longer term.
As part of this acquisition,
also assumes line space on the Enbridge system previously held by Murphy.
will have the ability to transport crude oil directly from the point of lease, into
newly acquired crude loading facilities and then into the Enbridge system where it can be routed to
refineries and/or third party customers. As part of this transaction,
and Murphy jointly consented to terminate an existing crude oil supply agreement wherein Murphy supplies
refinery with up to 10,000 barrels per day of crude oil.
"This acquisition expands our growing portfolio of crude oil logistics assets, while positioning us to purchase increased volumes of price-advantaged feedstock directly from producers that operate in some of the major shale plays encompassing our refineries," stated
, President and COO of Calumet Specialty Products Partners, L.P. "We believe the execution of a vertical integration strategy – one that puts us closer to our crude oil suppliers and customers – represents a long-term competitive advantage for the Partnership."
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and is a leading independent producer of high-quality, specialty hydrocarbon products in
processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products.
also produces fuel products including gasoline, diesel and jet fuel.
is based in
and has eleven facilities located in northwest
and eastern Missouri. For more information, please visit
Safe Harbor Statement
Certain statements and information in this press release may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: the overall demand for specialty hydrocarbon products, fuels and other refined products; our ability to produce specialty products and fuels that meet our customers' unique and precise specifications; the impact of fluctuations and rapid increases or decreases in crude oil and crack spread prices, including the resulting impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with financial covenants contained in our debt instruments; the availability of, and our ability to consummate, acquisition or combination opportunities and the impact of any completed acquisitions; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets, businesses or third-party product supply and processing relationships; our ability to timely and effectively integrate the operations of recently acquired businesses or assets, particularly those in new geographic areas or in new lines of business; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit lines from our suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; our ability to access sufficient crude oil supply through long-term or month-to-month evergreen contracts and on the spot market; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations, including guidance related to the Dodd-Frank Wall Street Reform and Consumer Protection Act; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; our ability to access the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market or business conditions. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with Securities and Exchange Commission ("SEC"), including our 2012 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.