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Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp

Calumet Specialty Products Partners Lp · Aug 11, 2015 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 1
    Goldman Sachs Power, Utilities, MLP and Pipeline Conference AUGUST 11, 2015
  2. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 2
    PARTNERSHIP OVERVIEW CLMT 2 LISTED
  3. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 3
    Calumet at a Glance STEADY QUARTERLY GROWING ADJUSTED GEOGRAPHICALLY MARKET LEADER COMMITTED CASH DISTRIBUTION EBITDA DIVERSE SPONSORS Fixed-distribution Approximately 14 production Produce nearly 5,000 Founding families Master…
  4. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 4
    Our Geographic Footprint SPECIALTY PRODUCTS FUEL PRODUCTS OILFIELD SERVICES STORAGE SEGMENT SEGMENT SEGMENT In total, we have Ten specialty products Four fuel products More than 30 facilities serving approximately 13.2 million…
  5. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 5
    How We Deliver Value to Our Investors STABLE, GROWING ADJUSTED EBITDA & DISTRIBUTABLE CASH FLOW ORGANIC VOLUME MARGIN EXPANSION CAPITAL ALLOCATION DIVERSIFIED GROWTH Strong growth in Growth capital ASSET BASE Completion of…
  6. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 6
    Nearly 5,000 Specialty Products Wide Variety of Applications PACKAGED & SYNTHETIC LUBRICATING OILS SOLVENTS SPECIALTY PRODUCTS WAXES FUELS & ASPHALT OILFIELD SERVICES OTHER 13% 8% 5% 3% 64% 6% 1% of total sales1 of total sales1…
  7. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 7
    Diverse Specialty Products Customer Base Long-term relationships; No single customer is High barriers to entry Offer a diverse range of low customer concentration more than 10% of sales specialty products Historical international…
  8. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 8
    2Q15 PERFORMANCE SUMMARY CLMT 8 LISTED
  9. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 9
    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…
  10. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 10
    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…
  11. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 11
    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…
  12. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 12
    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…
  13. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 13
    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…
  14. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 14
    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…
  15. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 15
    FINANCIAL UPDATE CLMT 15 LISTED
  16. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 16
    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…
  17. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 17
    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…
  18. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 18
    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 +…
  19. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 19
    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…
  20. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 20
    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…
  21. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 21
    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…
  22. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 22
    APPENDIX Supplemental Financial Data CLMT 22 LISTED
  23. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 23
    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…
  24. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 24
    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…
  25. Goldman Sachs Power Utilites MLP and Pipeline Conference – Calumet Specialty Products Partners Lp – slide 25
    CONTACT INFORMATION Noel Ryan Vice President, Investor & Media Relations Direct 720.583.0099 Email noel.ryanclmt.com CLMT 25 LISTED

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