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Q2 2015 Conference Call – Calumet Specialty Products Partners Lp

Calumet Specialty Products Partners Lp · Aug 5, 2015 · 21 slides

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Slides

  1. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 1
    Second Quarter 2015 Financial Results Conference Call AUGUST 5, 2015
  2. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 2
    2Q15 PERFORMANCE SUMMARY Bill Hatch Interim CEO CLMT 2 LISTED
  3. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 3
    2Q15 Performance Summary Adjusted EBITDA more than doubled y/y in 2Q15. Calumets Adjusted EBITDA increased to 95.0 million in second-quarter 2015, versus 39.3 million in the prior-year period, driven by a combination of (1) improved…
  4. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 4
    Capitalizing On Strong Refined Product Demand INCREASED OPERATIONAL RELIABILITY HAS TRANSLATED INTO FOUR CONSECUTIVE QUARTERS OF STRONG ADJUSTED EBITDA 150,000 150 100,000 100 50,000 50 0 0 2Q14 3Q14 4Q14* 1Q15 2Q15…
  5. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 5
    Gross Profit Per Barrel and Adjusted EBITDA by Operating Segment SIGNIFICANT Y/Y IMPROVEMENT IN GROSS PROFIT ACROSS SPECIALTY PRODUCTS & FUEL PRODUCTS SEGMENTS ( PER BARREL) 50 44.22 20.0 20.0 17.5 17.5 40 32.67 15.0 15.0 30 12.5…
  6. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 6
    Specialty Products Margins Benefit As Crude Oil Price Falls AVG. SALES PRICE PER SPECIALTY PRODUCTS BARREL LAGS PRICE DECLINE IN WTI PRICE PER BARREL, RESULTING IN SPECIALTY PRODUCTS MARGIN EXPANSION 110 250 100 200 90 80 150…
  7. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 7
    Right-Sizing Oilfield Services Segment Relative to Customer Demand SIGNIFICANT DECLINE IN U.S. RIG COUNT HAS IMPACTED OFS SEGMENT, ALTHOUGH MARKET HAS BEGUN TO STABILIZE 2,500 2500 10 10 Segment Adj. EBITDA in Millions…
  8. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 8
    Organic Growth Projects Reaching Completion Organic Growth Projects COMPLETED DAKOTA PRAIRIE Completed April 2015 REFINERY Est. Timing Est. Annualized EBITDA Est. Mid-Point Rate of Completion Contribution (MM) of Return…
  9. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 9
    Reconciliation of Distributable Cash Flow 2Q14 vs. 2Q15 Y/Y CHANGE IN DRIVERS OF DISTRIBUTABLE CASH FLOW 2Q14 VS. 2Q15 (MM) (1) 88.3 85 68 55.7 51 34 (16.0) 17 (7.2) (7.3) (0.9) (1.2) 0 Adjusted EBITDA Rep./Env. CAPEX Cash…
  10. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 10
    2Q15 FINANCIAL ANALYSIS Patrick Murray EVP and Chief Financial Officer CLMT 10 LISTED
  11. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 11
    Adjusted EBITDA Bridge 2Q14 vs. 2Q15 (MM) 10.3 13.9 (4.3) (9.7) 19.8 24.7 (22.3) 95.0 47.8 (24.5) 39.3 2Q14 Adj. Fuels Margin LCM Volume RIN Specialty Other SG&A OFS Adj. Hedging 2Q15 Adj. EBITDA Margin EBITDA…
  12. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 12
    Historical Fuel Products Refining Data IMPROVED FUELS REFINING ECONOMICS DRIVEN BY STRONG GASOLINE CRACK SPREAD IN 2Q15 ( PER BARREL) 25 25 25 22 22 19 20 19 19 20 20 19 15 15 15 10 10 5 5 0 0 2Q14 1Q15 2Q15 Gulf Coast…
  13. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 13
    Cash Bridge 3/31/15 to 6/30/15 (MM) 19.6 54.2 103.0 272.8 (275.0) (100.1) 11.7 (57.3) (3.2) (2.3) 3-31-15 Revolver Operating Working Repayment of Cap Ex & Distributions Turnaround Other 6-30-2015 Balance…
  14. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 14
    Access to Liquidity Supports Business Growth 500.0 500.0 435 437.5 428 437.5 375.0 375.0 311 320 312.5 312.5 250.0 250.0 187.5 187.5 125.0 125.0 62.5 62.5 0.0 0.0 Total Available Liquidity (Cash +…
  15. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 15
    Key Credit Metrics DEBT TO CAPITAL RATIO DEBT TO LTM ADJUSTED EBITDA (LEVERAGE) RATIO 68% 67% 7.4 x 64% 66% 63% 60% 6.3 x 6.0 x 52% 5.6 x 4.7 x 4.8 x(2) 4.3 x YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 YE2013…
  16. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 16
    Multi-Year Hedging Program Helps Mitigate Market Risk WE ENGAGE IN A STRATEGY THAT USES VARIOUS DERIVATIVE INSTRUMENTS TO MITIGATE VOLATILITY IN OUR FUEL PRODUCTS SEGMENT Crack Spread Hedge Percentage Hedge APPROACH Lock in a fixed…
  17. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 17
    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.): 320-335 Million 2013…
  18. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 18
    APPENDIX Supplemental Financial Data CLMT 18 LISTED
  19. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 19
    EXHIBIT A: Capital Structure Overview Actual Actual Actual Actual Actual Millions 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 Cash 14.6 7.7 8.5 272.8 11.7 ABL Revolver Borrowings 59.2 124.2 150.8 0.1 103.1 7.625% Senior Notes due 2022…
  20. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 20
    EXHIBIT B: Reconciliation of Adjusted EBITDA and Distributable Cash Flow Quarter Ended in millions 12/31/13 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 Sales 1,243 1,341 1,435 1,676 1,339 1,019 1,156 Cost of sales 1,131 1,216…
  21. Q2 2015 Conference Call – Calumet Specialty Products Partners Lp – slide 21
    CONTACT INFORMATION Noel Ryan Vice President, Investor & Media Relations Direct 720.583.0099 Email noel.ryanclmt.com CLMT 21 LISTED

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