Calumet profit rises as crude prices drop-WEB ONLY

Lower crude-oil prices helped Indianapolis-based Calumet Specialty Products Partners LP increase its fourth-quarter profit to $18.5 million – up from $7.8 million for the same period in 2007.

But volatile pricing throughout 2008 took a toll on full-year results, with profit reaching just $44.4 million, compared with $82.9 million the previous year.

Calumet, which processes crude oil into lubricating oils, solvents and other products, released financial results early today.

“We are pleased with our overall performance as we manage through this period of unprecedented crude-oil price volatility and economic uncertainty,” Calumet CEO Bill Grube said in a statement. “Although current economic and capital-market conditions remain very challenging and can impact all businesses in ways we cannot currently anticipate, we believe that our strategies have positioned us to continue to improve our operating results.”

Last month, the company announced a quarterly cash dividend of 45 cents per share, which was paid out Feb. 13.