Fourth Quarter 2013 Results Quarterly Conference Call February 19, 2014
4Q13 Performance Summary Jennifer Straumins President & COO 3
4Q13 Results Summary Fourth quarter results reflect sequential (q/q) improvement in Adjusted EBITDA, but still lower than the prior-year period. Total Adjusted EBITDA of 53.2 million in 4Q13 vs. 38.3 million in 3Q13 and 91.3 million in…
Recent Performance Highlights Increased hedges on anticipated fuels production helps to mitigate commodity price volatility. As of 12/31/13, we have hedged approximately half of our anticipated fuels production for 2014; significantly…
Hedging Program Helps Mitigate Market Volatility We Have Hedged Nearly Half of Our Anticipated 2014 Fuels Production(1) Gasoline Distillate Jet Gasoline = 5.0 mm barrels 12.90/bbl Diesel = 5.6 mm barrels 27.53/bbl Jet = 1.2 mm…
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…
Remaining Organic Growth Projects (1Q14-1Q16) - Final engineering assessment completed; applying for permits Montana Refinery Expansion - Anticipated completion date for the first quarter 2016 - Est. cost = 400 mm; Est. annual Adj.…
Refining System Production Overview Business Segment Production as a % of Total Production 2012 2013 Specialty Specialty 27% 31% Fuels 69% Fuels 73% Production Mix as a % of Total Production(1) 2012 2013 27% 25% 23% 24%…
Asphalt Margins Helped By Lower Crude Oil Prices Indexed WTI Price Per Barrel vs. Indexed National (Blended) Asphalt Price Per Barrel(1) Average Indexed Price WTI/Bbl Avg. Indexed Price of Asphalt/Bbl (National) 1.1 1 0.9 0.8…
New Asphalt Marketing & Supply Agreement Agreement Overview Calumet announced a multi-year asphalt marketing and supply with privately-held All-States Asphalt, Inc. on 1/27/14 The agreement became effective on January 1, 2014 Rationale…
Expanded Asphalt Sales Through Muskogee Terminal Agreement Overview Calumet announced a multi-year agreement to lease a 348,000 bpd liquid asphalt terminal in Muskogee, OK The agreement became effective on January 1, 2014 Rationale for…
Reclassified Asphalt as Part of the Fuels Segment Restated (New) Gross Profit Margin Per Barrel By Business Segment (/bbl) Specialty Products Gross Profit per Barrel (New) Fuel Products Gross Profit per Barrel (New) 39.48/bbl…
Consistent Quarterly Cash Distribution Annualized Cash Distribution Per Unit of 2.74/unit 3 year Compound Annual Growth Rate of 11% 0.680 0.685 0.685 0.685 0.650 0.620 0.590 0.560 0.530 0.495 0.500 0.475 1Q11 2Q11 3Q11…
Distributable Cash Flow Variance Reconciliation of Distributable Cash Flow (MM): Variance between Year ended 12/31/12 vs. Year ended 12/31/13(1,2) 53.7 35.9 10.3 (163.1) (262.6) Adjusted EBITDA Replacement/Environmental…
4Q13 Financial Analysis Pat Murray Chief Financial Officer 17
Key Credit Statistics Debt to Capital Ratio Debt to Year-end Adj. EBITDA (Leverage) Ratio 52% 4.7 x 50% 50% 3.7 x 49% 2.7 x 2.7 x 2.8 x 45% 45% 2.2 x YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 YE 2008 YE 2009 YE 2010 YE…
Ample Liquidity To Support Growth Cash Revolver Availability 593 million 387 million 472 355 121 32 As of 12/31/12 As of 12/31/13 23
Capital Spending (Historical/Forecast) Replacement, Environmental, Turnaround and Growth Capital Spending (MM) Replacement & Environmental Turnarounds Growth Projects 2014 Total Est. CAPEX = 340-385 million 270-300 2013 Total…
For information, please contact: Noel Ryan Director, Investor/Media Relations 317-328-5660 noel.ryanclmt.com 25
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