Fools who know me would say that I'm a pretty patient guy. Given these extraordinary times, however, I believe that three consecutive strikes are sufficient to call a company "out!"
For refiner Calumet Specialty Products
As with fellow refiners Valero
Cheaper oil was certainly a double-edged sword for Calumet in the fourth quarter, with leaner crack spreads on unhedged fuel sales dragging the fuel segment's gross profit down more than 75% from the prior year. Derivative contracts of the type that plagued third-quarter results reared their head once again for a $28.4 million loss.
With a third blow from cheaper oil, Calumet also indicated that sustained low prices could limit the company's borrowing capacity by reducing the value of existing crude oil inventories. While not as hefty as Western Refining
Citing these significant constraints upon Calumet's ability to benefit from lower oil prices, the stock pickers at Motley Fool Income Investor struck Calumet from their roster of recommended dividend plays in December. As long as major players like Conoco Phillips