Investing.com -- Shares of renewable fuel producer Calumet experienced a drop of up to 10% following the company's announcement of a preliminary fourth-quarter net loss that could reach $54 million.
This loss was partially offset by insurance proceeds. In addition, Calumet announced a $65 million at-the-market equity offering program.
The net loss and adjusted EBITDA were mitigated by approximately $20 million in insurance proceeds. These proceeds were a result of business interruption claims related to a steam drum crack in the Montana Renewables business.
Calumet has indicated its intention to pay down all of its 2026 notes as part of its ongoing efforts to de-lever the balance sheet and reduce financing costs.
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