Credit Suisse MLP and Energy Logistics Conference June 10-11, 2014
Our Competitive Advantages Vertically integrated producer and One-stop shop for approximately distributor of specialty products 6,000 name-brand specialty and fuel products products One of the top six producers of Strong…
We Are An Integrated Producer Of Specialty Hydrocarbons 3
We Own Niche, Location-Advantaged Fuel Products Refineries 4
We Own Integrated Specialty Products Facilities 5
Our 6,000+ Specialty Products Have A Wide Array Of 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…
We Have A History Of Consistent, Profitable Growth 7
Specialty Products Brands Contribute Significant Unitholder Value Manufacturer of high-performance Manufacturer of a wide array of Sells more than 160 products Leading provider of drilling fluid lubricants primarily for high-end…
Acquisitions Further Wellhead to Retail Strategy 9
Why Invest in Calumet Specialty Products Partners, L.P. 10
Attractive Distribution Yield Coupled With Improving Fundamentals CLMT Yield vs. Variable Distribution Refiner Sector Yield and Alerian MLP Index Yield(1) 12% 10% 8% 6% 4% 2% 0% Variable Distribution…
Recent Developments 12
A Successful Start To 2014 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…
Generated Record Adjusted EBITDA In 1Q14 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…
Consistently Elevated Specialty Gross Profit Per Barrel 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…
Announced Organic Growth Projects - Final engineering assessment completed; applying for permits Montana Refinery Expansion - Anticipated completion date of the first quarter 2016 - Est. cost = 400 mm; Est. annual Adj. EBITDA =…
Financial Overview 17
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…
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…
Balanced Capital Structure Actual Actual Actual Pro Forma ( 1) Millions 12/31/11 12/31/12 12/31/13 3/31/14 Cash 0.1 32.2 121.1 179.6 ABL Revolver Borrowings - - - - 9.375% Senior Notes due 2019 600.0 600.0 500.0 - 9.625% Senior…
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…
Hedging Program Helps To Mitigate Market Volatility Have 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…
Capital Spending Distribution (Historical & Forecast) Replacement, Environmental, Turnaround and Growth Capital Spending (MM) Replacement & Environmental Turnarounds Growth projects Est. 2014 Total CAPEX 340-385 million…
APPENDIX 24
EXHIBIT A: Adj. EBITDA and Distributable Cash Flow 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…
EXHIBIT B: Adjusted 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 Allocation of…
EXHIBIT D: Improving Distribution Coverage Improved Distribution Coverage Supported By Less Planned Maintenance, Recovery In Adjusted EBITDA 1.24 x 0.94x 0.51x 0.20 x -0.05 x -0.30 x Avg. Distribution 1Q13 2Q13 3Q13 4Q13…
Investor Relations Contact Noel Ryan Vice President, Investor & Media Relations Direct 720.583.0099 Email noel.ryanclmt.com 29
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