Second Quarter 2013 Results Earnings Conference Call August 7, 2013
2Q13 Performance Summary Jennifer Straumins President & COO 3
2Q13 Results Summary Second quarter profitability impacted by weaker performance in the fuels product segment. Fuel products gross profit was down 18% in 2Q13 vs. 2Q12; total Adjusted EBITDA of 70 mm in 2Q13 vs. 122.3 mm in 2Q12. Key…
2Q13 Key Highlights Continued growth in cash distribution. Increased cash distribution for the 12th consecutive quarter to an annualized 2.74/unit (implied annual yield of 9%) Hedged substantial volumes of fuels production thru 2016.…
Attractive Yield, Steady Distribution Growth We aim to provide strong returns of capital to unit holders Quarterly Unit Distribution Implied Annualized Yield 0.800 16.0% Annualized cash distribution of 2.74/unit 0.700 14.0% 0.600…
Hedging Program Helps Mitigate Market Volatility 15 million barrels of fuels production hedged at an avg. implied crack spread of 27.13 through year end 2016(1) 19,500 bpd 29.67 16,000 bpd 16,004 bpd 31.39 26.90 14,600 bpd…
420 MM of Planned Growth CAPEX Forecasted Capital Spending on Key Growth Projects During the Next 12-24 Months (MM) 420 MM (1) Montana Refinery Expansion (2) Dakota Prairie Refinery (3) Esters Plant Expansion (4) Lake…
Organic Growth Projects Update - Remains on schedule for completion of the crude unit expansion by Montana Refinery Expansion the third quarter 2015 - Completed purchase of hydrocracker from Alon during 2Q13 - Remains on budget and on…
Market Outlook How do we view the recent narrowing in crude differentials - Forward curve would imply this is a near-term phenomenon driven by temporary factors - We have feedstock advantaged refineries in most major shale plays that…
2Q13 Financial Analysis Patrick Murray Chief Financial Officer 11
Rapidly Evolving Market Dynamics (1) Gulf Coast 2/1/1 Crack Spread ( Per Barrel) 31.57 32.94 32.94 28.78 25.82 2Q12 3Q12 4Q12 1Q13 2Q13 Average Differential to NYMEX West Texas Intermediate Crude Oil ( Per Barrel) 1Q13…
Escalating RIN Prices Impact Fuels Refiners RFS compliance costs have risen D6 Ethanol RIN costs have risen dramatically in recent months RIN costs had a material impact to 2Q13 results Total RIN expense of 15.0 million in 2Q13 EPAs…
Key Credit Statistics Debt to Capital Ratio Debt/LTM Adj. EBITDA (Leverage) Ratio 3.7 x 50% 49% 50% 2.7 x 2.7 x 2.8 x 45% 45% 41% 2.4 x 2.2 x YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 6/30/2013 YE 2008 YE 2009 YE 2010 YE 2011 YE…
Ample Liquidity To Fund Growth Revolver Availability Cash and Equivalents 659 million 163 496 387 million 32 355 Quarter-ended 12/31/2012 Quarter-ended 6/30/2012 SECOND QUARTER 2013 RESULTS SUMMARY 17
Capital Spending (Historical/Forecast) High turnaround-related CAPEX planned for 2013 Planned turnarounds at Superior (completed) and Montana (3Q13) Estimated normalized CAPEX = 40-50 mm/year This includes maintenance/environmental…
Appendix 19
EXHIBIT A: Supplemental Financial Data (for the three months ended June 20, 2013) Selling Expenses Selling expense increased due primarily to increased amortization expense related to the recording of intangible assets associated with…
For information, please contact: Noel Ryan Director, Investor/Media Relations 317-328-5660 noel.ryanclmt.com NASDAQ: CLMT INVESTOR PRESENTATION 21
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