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Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp

Calumet Specialty Products Partners Lp · May 6, 2015 · 19 slides

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Slides

  1. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 1
    First Quarter 2015 Financial Results Conference Call M AY 6 , 2 0 1 5
  2. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 2
    1Q15 PERFORMANCE SUMMARY Bill Hatch Interim CEO CLMT 2 LISTED
  3. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 3
    1Q15 Performance Summary More than 50% y/y increase in Adjusted EBITDA in 1Q15. Calumet generated Adjusted EBITDA of 124.9 million in 1Q15 compared to 82.7 million in 1Q14. Improved year-over-year results were attributable to consistent…
  4. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 4
    1Q15 Performance Highlights Distribution Coverage Ratio of 1.6x in 1Q15 vs. 0.9x in 1Q14. Continued improvement in leverage ratio. The Partnerships debt-to-trailing-12-month Adjusted EBITDA (adjusted for the full redemption of our 2020…
  5. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 5
    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…
  6. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 6
    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…
  7. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 7
    Organic Growth Projects Reaching Completion Total Cost (MM) 640-665 Portion Remaining (2Q15-1Q16) (MM) 110-135 Total Annual EBITDA Contribution (MM) 128-157 Avg. Rate of Return (%) 23% Est. Timing Est. Annualized EBITDA Mid-Point…
  8. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 8
    1Q15 FINANCIAL ANALYSIS Patrick Murray EVP, Chief Financial Officer CLMT 8 LISTED
  9. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 9
    Adjusted EBITDA Bridge 1Q14 vs. 1Q15 (MM) 4.5 27.9 (4.1) (4.6) 124.9 33.0 (14.5) 82.7 1Q14 Adj. EBITDA Fuels Margin Specialty Volume Acquisitions Other LCM 1Q15 Adj. EBITDA & Hedging Margin CLMT 9 LISTED
  10. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 10
    Historical Fuel Products Refining Data FUEL PRODUCTS SEGMENT BENEFITED FROM A SIGNIFICANT Q/Q AND Y/Y IMPROVEMENT IN THE GASOLINE CRACK SPREAD ( PER BARREL) 24 25 25 22 19 19 19 20 20 16 13 15 12 15 10 10 5 4 5 0 0 1Q14…
  11. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 11
    Cash Bridge 4Q14 vs. 1Q15 (MM) 99.1 2.7 7.0 4.8 165.2 52.7 99.1 317.0 272.8 150.7 8.5 12-31-14 Notes Equity Operating Turnaround Working Other Distributions Cap Ex & Revolver 3-31-2015 Balance Offering…
  12. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 12
    Access to Liquidity Supports Business Growth MAINTAINING AMPLE LIQUIDITY TO SUPPORT ORGANIC GROWTH INVESTMENTS AND GENERAL BUSINESS PURPOSES (MM) 800 800 771 700 700 600 600 498 500 500 452 400 400 311 320 273 300…
  13. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 13
    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 YE2012 YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15…
  14. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 14
    Multi-Year Hedging Program Helps Mitigate Market Risk WE ENGAGE IN A STRATEGY THAT USES VARIOUS DERIVATIVES INSTRUMENTS TO MITIGATE VOLATILITY IN OUR FUEL PRODUCTS SEGMENT Crack Spread Hedge Percentage Hedge Lock in a fixed gross…
  15. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 15
    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…
  16. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 16
    APPENDIX Supplemental Financial Data CLMT 16 LISTED
  17. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 17
    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 9.375%…
  18. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 18
    EXHIBIT B: Reconciliation of Adjusted EBITDA and Distributable Cash Flow 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 1,216 823 Gross…
  19. Q1 2015 CONFERENCE CALL – Calumet Specialty Products Partners Lp – slide 19
    CONTACT INFORMATION Noel Ryan Vice President, Investor & Media Relations Direct 720.583.0099 Email noel.ryanclmt.com CLMT 19 LISTED

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