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Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp

Calumet Specialty Products Partners Lp · May 7, 2014 · 26 slides

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Slides

  1. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 1
    First Quarter 2014 Results Quarterly Conference Call May 7, 2014
  2. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 2
    1Q14 Performance Summary Jennifer Straumins President & COO 3
  3. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 3
    1Q14 Results Summary Record 1Q results reflect improvement in Adjusted EBITDA on both a q/q and y/y basis. Adjusted EBITDA has improved for three consecutive quarters to 82.7 million in 1Q14 vs. 80.0 million in 1Q13 and 53.2 million in…
  4. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 4
    Recent Performance Highlights Improved distribution coverage ratio - approaching 1.0x. The distribution coverage ratio was 0.94x for 1Q14 versus 0.51x for 1Q13. Completed 6.5% 900 million senior unsecured notes offering. Completed…
  5. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 5
    Significantly Improved Financial Performance Adjusted EBITDA (MM) steadily improving, with no major fuel refinery turnarounds expected until 2018 80.0 82.7 70.0 53.2 38.3 1Q13 2Q13 3Q13 4Q13 1Q14 Reported record first quarter…
  6. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 6
    Resurgence In Distributable Cash Flow(1,2) Distributable Cash Flow Nearly Doubled Year-Over-Year in 1Q14 49.4 26.4 10.6 (2.5) (16.0) 1Q13 2Q13 3Q13 4Q13 1Q14 Reconciliation of Distributable Cash Flow (MM): Y/Y Change…
  7. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 7
    Consistent Distribution, Improving Coverage 5-Year Compounded Annual Distribution Growth of Approximately 9% 2.74 per unit 2.74 per unit 2.42 per unit 2.00 per unit 1.81 per unit 1.84 per unit 2009 2010 2011 2012 2013 1Q14…
  8. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 8
    Distribution Yield Exceeds 9.5% CLMT Yield vs. Variable Distribution Refiner Sector Yield and Alerian MLP Index Yield(1) 12.0% 10.0% 8.0% CLMTs current yield is more than 300 bps higher than the Alerian MLP Index…
  9. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 9
    Gross Profit Per Barrel By Operating Segment Specialty Products Segment Gross Profit Increased by 16% y/y in 1Q14 Specialty Products Segment Gross Profit Per Barrel Fuel Products Segment Gross Profit Per Barrel (Ex-Hedging) 42.22…
  10. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 10
    Growing Our Packaged & Synthetic Business Packaged & Synthetic Brands Packaged & Synthetic Sales (MM)(1) 76.4 65.6 59.5 59.9 48.6 1Q13 2Q13 3Q13 4Q13 1Q14 (1) Includes the impact from the acquisition of the Bel-Ray…
  11. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 11
    Access to Capital Markets Funding Recent Debt Offering - 900 million 6.50% senior unsecured notes due April 2021 900 million Senior Notes Offering - Offering upsized from 850 to 900 million March 2014 - Uses: Redemption of 500 million…
  12. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 12
    Anchor Drilling Fluids Acquisition Agreement Overview Acquired Anchor Drilling Fluids USA, Inc. for 237 million on 3/31/14, subject to closing purchase price adjustments Anchor produces and sells drilling fluids and chemicals used in…
  13. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 13
    Anchor Bolsters Logistics Asset Portfolio 14
  14. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 14
    1Q14 Financial Analysis Pat Murray Senior Vice President & CFO 15
  15. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 15
    Adjusted EBITDA Bridge 1Q13 vs. 1Q14 Bridging Adjusted EBITDA - Key Performance Drivers (MM) 24.4 (4.6) 80.0 (17.3) (0.9) (2.8) 3.9 82.7 16
  16. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 16
    Historical Fuel Products Refining Data Gulf Coast 2/1/1 Crack Spread, Diesel Crack and Gasoline Crack ( Per Barrel) Gulf Coast 2/1/1 Crack Spread (per barrel) ULSD Crack (per barrel) Gulf Coast Gasoline Crack (per barrel) 35 30 25…
  17. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 17
    Measuring RFS Compliance Costs Average Quarterly Price of a D6 Corn Ethanol RIN () 0.83 0.86 0.45 0.40 0.30 1Q13 2Q13 3Q13 4Q13 1Q14 Total RINs Expense by Quarter (MM) 14.1 11.8 7.5 7.9 (3.9) 1Q13 2Q13 3Q13…
  18. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 18
    Key Credit Statistics Debt to Capital Ratio Debt to LTM Adjusted EBITDA (Leverage) Ratio(1) 60% 5.5x 52% 4.7 x 49% 50% 45% 45% 2.7 x 2.7 x 2.8 x 2.2 x YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 3/31/2014 YE 2009 YE 2010 YE 2011…
  19. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 19
    Ample Liquidity To Support Growth Combined cash and availability on our revolving credit facility were more than 700 million at 3/31/14 (MM) As of 12/31/13 As of 3/31/14 Q/Q Increase +120 million 714 Q/Q Increase +62 million…
  20. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 20
    Hedging Program Helps Mitigate Market Volatility Hedged Half of Forecasted 2014 Fuels Production Hedged Volumes and Avg. Strike Price Per Barrel ()(1) Gasoline Diesel Jet Gasoline = 3.7 mm barrels 14.53 Diesel = 4.0 mm barrels…
  21. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 21
    Capital Spending (Historical/Forecast) Replacement, Environmental, Turnaround and Growth Capital Spending (MM) Replacement & Environmental Turnarounds Growth projects Est. 2014 Total CAPEX 340-385 million 270-300 2013 Total…
  22. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 22
    APPENDIX 23
  23. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 23
    Balanced Capital Structure Achieved Significantly Lower Cost of Debt With Recent Issuance of 900 million of 6.50% Sr. Notes Due 2021 Actual Actual Actual Pro Forma ( 1) Millions 12/31/11 12/31/12 12/31/13 3/31/14 Cash 0.1 32.2…
  24. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 24
    Non-GAAP Financial Measures Adj. EBITDA and DCF Reconciliation Quarter Ended in millions 3/31/13 6/30/13 9/30/13 12/31/13 3/31/14 Sales 1,319 1,534 1,506 1,243 1,341 Cost of sales 1,184 1,253 1,443 1,131 1,217 Gross profit 134 101 62…
  25. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 25
    Non-GAAP Financial Measures Adj. Net Income Reconciliation Three Months Ended March 31, (In millions, except unit data) 2014 2013 (Unaudited) Net income (loss) (50) 46 Debt extinguishment costs 90 Adjusted net income 40 46…
  26. Q1 2014 EARNINGS CALL – Calumet Specialty Products Partners Lp – slide 26
    For information, please contact: Noel Ryan Director, Investor/Media Relations 317-328-5660 noel.ryanclmt.com 27

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