Calumet reports better first quarter

After a disastrous fist quarter result last year, naphthenic base oil producer Calumet Specialty Products Partners L.P., based in Louisiana, U.S., reported a positive first quarter this year. 2009. Calumet posted a net income of US$75.6 million for the quarter ending March 31, 2009, compared to a net loss of US$3.4 million during the same period last year. First quarter gain was attributed to an increase of US$44.1 million in gross profit and derivative gains of US$30.6 million. Decline in the price of crude oil during the period also helped, although the company reported lower sales volumes in lubricating oils, solvents and waxes due to U.S. economic conditions. (May 6, 2009)