Skip to main contentBAML Global Energy & Power Leveraged Finance Conference – Calumet Specialty Products Partners Lp Investor Presentation | Shale Experts
BANK OF AMERICA MERRILL LYNCH GLOBAL ENERGY AND POWER LEVERAGED FINANCE CONFERENCE The Westin Times Square Hotel New York, NY JUNE 2-3, 2015
PARTNERSHIP OVERVIEW CLMT 2 LISTED
Calumet at a Glance STEADY QUARTERLY GROWING ADJUSTED GEOGRAPHICALLY MARKET LEADER COMMITTED CASH DISTRIBUTION EBITDA DIVERSE SPONSORS Fixed-distribution Approximately 14 production Produce nearly 5,000 Founding families Master…
Our Geographic Footprint SPECIALTY PRODUCTS FUEL PRODUCTS OILFIELD SERVICES STORAGE SEGMENT SEGMENT SEGMENT In total, we have 65% of Adjusted EBITDA* 27% of Adjusted EBITDA* 8% of Adjusted EBITDA* approximately 13.2 million Ten…
THE CALUMET STRATEGY To become the most integrated, independent specialty hydrocarbon business in North America with the most diverse line of specialty product solutions. SPECIALTY REFINING FUELS REFINING SYNTHETICS…
How We Deliver Value to Our Investors STABLE, GROWING ADJUSTED EBITDA & DISTRIBUTABLE CASH FLOW ORGANIC VOLUME MARGIN EXPANSION CAPITAL ALLOCATION DIVERSIFIED GROWTH Strong growth in Growth capital ASSET BASE Completion of…
Nearly 5,000 Specialty Products Wide Variety of Applications PACKAGED & SYNTHETIC LUBRICATING OILS SOLVENTS SPECIALTY PRODUCTS WAXES FUELS & ASPHALT OILFIELD SERVICES OTHER 13% 8% 5% 3% 64% 6% 1% of total sales1 of total sales1…
Diverse Specialty Products Customer Base Long-term relationships; No single customer is High barriers to entry Offer a diverse range of low customer concentration more than 10% of sales specialty products Historical international…
Organic Growth Projects Nearing Completion Total Est. Cost (MM) 640-665 Portion Remaining (2Q15-1Q16) (MM) 110-135 Total Est. Annual EBITDA Contribution (MM) 128-157 Est. Avg. Rate of Return (%) 23% Est. Timing Est. Annualized…
1Q15 PERFORMANCE HIGHLIGHTS CLMT 10 LISTED
1Q15 Performance Highlights More than 50% y/y increase in Adjusted EBITDA in 1Q15. Calumet generated Adjusted EBITDA of 124.9 million in 1Q15 com- pared to 82.7 million in 1Q14. Improved year-over-year results were attributable to…
1Q15 Performance Highlights Increased refining system reliability has contributed to higher production volumes. Having completed the most recent fuels refinery maintenance cycle in 2Q14, operational reliability of our fuels plants has…
Reconciliation of Distributable Cash Flow 1Q15 vs. 1Q14 Y/Y CHANGE IN DISTRIBUTABLE CASH FLOW (DCF) DRIVERS 1Q15 VS. 1Q14 (MM)(1) 42.2 44.7 1.5 1.3 (0.3) (5.0) Adjusted EBITDA Rep./Env. CAPEX Cash Interest Expense Turnaround…
Gross Profit Per Barrel and Adjusted EBITDA by Operating Segment PRIMARY Y/Y VARIANCE EVIDENT IN A MUCH IMPROVED REALIZED GROSS PROFIT PER BARREL WITHIN THE FUEL PRODUCTS SEGMENT 42.22 42.67 7.95 8.10 3.23 3.66 Specialty…
FINANCIAL SUMMARY UPDATE CLMT 15 LISTED
Access to Liquidity Supports Business Growth MAINTAINING AMPLE LIQUIDITY TO SUPPORT ORGANIC GROWTH INVESTMENTS AND GENERAL PARTNERSHIP PURPOSES (MM) 800 800 771 700 700 600 600 498 500 500 452 400 400 311 320 273…
Key Credit Metrics DEBT TO CAPITAL RATIO DEBT TO LTM ADJUSTED EBITDA (LEVERAGE) RATIO 68% 67% 7.4 x 64% 63% 60% 6.3 x 6.0 x 52% 5.6 x 50% 4.7 x 4.8 x(2) 2.2 x 12/31/1212/31/133/31/14 6/30/14 9/30/14 12/31/14 3/31/15…
Multi-Year Hedging Program Helps Mitigate Market Risk IN 2Q15 WE HAVE HEDGED 20,000 BPD OF GASOLINE PRODUCTION, REPRESENTING APPROXIMATELY HALF OF OUR TOTAL ANTICIPATED GASOLINE PRODUCTION IN THE PERIOD, AT AN AVERAGE GASOLINE CRACK…
Spending on Growth Projects Represents More Than 60% of Estimated 2015 CAPEX 2013-2015 CAPITAL SPENDING ACTUALS AND FORECAST (MM) 2014 Capital Spending: 450 Million 285 2015 Capital Spending (Est.): 285-335 Million 2013…
APPENDIX Supplemental Information CLMT 20 LISTED
EXHIBIT A: Capital Structure Overview Actual Actual Actual Actual Actual Actual Millions 12/31/13 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 Cash 121.1 179.6 14.6 7.7 8.5 272.8 ABL Rev olv er Borrowings - - 59.2 124.2 150.8 0.1…
EXHIBIT B: Reconciliation of Adjusted EBITDA and Distributable Cash Flow Quarter Ended in millions 12/31/13 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 Sales 1,243 1,341 1,435 1,676 1,339 1,019 Cost of sales 1,131 1,216 1,336 1,493…
EXHIBIT C: Calumet Family of Brands CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. HAS ONE OF THE MOST DIVERSE SPECIALTY HYDROCARBON PRODUCT PORTFOLIOS IN THE WORLD Anchor Drilling Fluids USA, Inc. Global manufacturer Global…
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