Deutsche Bank U.S. Independent Refiners Conference January 9, 2014
Partnership Overview 3
Partnership Overview About us Master Limited Partnership; founded in 1990; IPO in 2006; Fortune 600 company; experienced management team Our competency 160,000 bpd of petroleum-based specialty products and fuels production capacity in…
Diversified Production Slate Production mix across fuels and specialty products 9 mo. ended 9/30/11 9 mo. ended 9/30/12 9 mo. ended 9/30/13 Fuels Fuels 56% Fuels 43% 62% Specialty Specialty Specialty 44% 38% 57%…
Wide Array of Specialty Products Applications Note: While Calumet does not produce or sell the consumer products pictured above, its finished products are components of such products. The logos, trademarks and other intellectual…
Growth Opportunities 13
Unlocking Value For Our Investors 14
Organic Growth Projects Costs & Contributions Estimated Distribution of CAPEX on Organic Growth Projects By Year (MM) 2015 30% 2014 50% 2013 20% Estimated Total Cost and Adjusted EBITDA Uplift Resulting From Organic Growth…
Organic Growth Projects Update Final engineering assessment completed; applying for permits Montana Refinery Expansion Anticipated completion in 1Q16 Est. cost = 400 million; Est. annual Adj. EBITDA = 130-140 million Focused on…
Recent Developments 17
Bel-Ray Acquisition Summary Transaction Overview Calumet acquired Bel-Ray Company, Inc. on December 10, 2013 financial terms were not disclosed Bel-Ray is a privately-held, 70 year-old manufacturer of high performance synthetic…
Declining Financial Impact From RFS Renewable Fuels Standard (RFS) Update We regularly purchase RINs in the open market to cover our anticipated blending obligation under RFS Since July 2013, RINs prices have declined dramatically…
Financial Overview 21
Consistent Cash Distribution, Compelling Yield Annual Growth In Cash Distribution Per Unit Compelling Dividend Yield vs. Alerian MLP Index(1) 2.70 9.4% 2.42 2.00 1.80 1.81 1.84 5.9% 2008 2009 2010 2011 2012 LTM 9/30/13…
Key Credit Statistics Debt to Capital Ratio Debt/LTM Adj. EBITDA (Leverage) Ratio 50% 50% 3.7 x 49% 3.1 x 2.7 x 2.7 x 2.8 x 45% 45% 2.2 x 42% YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 9/30/13 YE 2008 YE 2009 YE 2010 YE 2011 YE…
Balanced Capital Structure Actual Actual Actual Pro Forma (A ) Millions 12/31/11 12/31/12 9/30/13 9/30/13 Cash 0.1 32.2 133.9 356.7 ABL Revolver Borrowings - - - - 9.375% Senior Notes due 2019 600.0 600.0 600.0 500.0 9.625% Senior…
Ample Liquidity To Support Growth Cash Revolver Availability 611 million 387 million 477 355 32 134 12/31/2012 9/30/2013 26
Active Hedging Program Helps Mitigates Commodity Price Volatility Our Partnerships Hedging Strategy Hedge up to 75% of anticipated fuels production Opportunistically hedge crude oil differentials Opportunistically hedge natural gas…
Capital Spending (Historical/Forecast) Capital Spending Overview Completed significant turnarounds at Shreveport (1Q), Superior (2Q) and Montana (3Q) in 2013 Expect turnaround spending to decline in 2014 (vs. 2013 levels) Estimate…
Q&A 29
Appendix 30
Non-GAAP Financial Measures Adj. EBITDA and DCF Reconciliation Year Ended December 31, LTM LTM LTM in millions 2008 2009 2010 2011 2012 3/31/13 6/30/13 9/30/13 Sales 2,489 1,847 2,191 3,135 4,657 4,806 5,074 5,399 Cost of sales 2,235…
Partnership Overview (1) Including the Heritage Group and the Fehsenfeld and Grube families or trusts established on their behalf. (2) Owned by The Heritage Group (51%), Fred M. Fehsenfeld Jr. or trusts for the benefit of his family…
For information, please contact: Noel Ryan Director, Investor/Media Relations 317-328-5660 noel.ryanclmt.com 33
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