SCOTIA HOWARD WEIL ENERGY CONFERENCE Investor Presentation MARCH 24, 2015
CORPORATE OVERVIEW CLMT 2 LISTED
Calumet at a Glance INVESTOR INTEREST STEADY QUARTERLY GROWING ADJUSTED GEOGRAPHICALLY MARKET LEADER ALIGNED WITH CASH DISTRIBUTION EBITDA DIVERSE MANAGEMENT Fixed-distribution More than 14 production Produce nearly 5,000…
Our Geographic Footprint SPECIALTY PRODUCTS FUEL PRODUCTS OILFIELD SERVICES STORAGE SEGMENT SEGMENT SEGMENT In total, we have 54% of Adjusted EBITDA, 39% of Adjusted EBITDA, 7% of Adjusted EBITDA, approximately 13.2 million excluding…
THE CALUMET STRATEGY To become the most integrated, independent specialty hydrocarbon business in North America with the most diverse line of specialty product solutions. SPECIALTY REFINING FUELS REFINING SYNTHETICS…
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 production1 of total…
Diverse Specialty Products Customer Base Long-term relationships; No single customer is Offer a diverse range of low customer concentration more than 10% of sales specialty products Historical international sales CAGR in excess of…
How We Deliver Value to Our Unitholders STABLE, GROWING ADJUSTED EBITDA & DISTRIBUTABLE CASH FLOW ORGANIC VOLUME MARGIN EXPANSION CAPITAL ALLOCATION DIVERSIFIED GROWTH Strong growth in Growth capital ASSET BASE Completion of…
Organic Growth Projects Remain on Track Est. Timing Est. Annualized EBITDA Mid-Point Rate ORGANIC GROWTH PROJECTS Total Capital Cost (MM) of Completion Contribution (MM) of Return DAKOTA PRAIRIE 135-145 2Q15 30-35 23% REFINERY…
DAKOTA PRAIRIE REFINERY construction scheduled for 2Q15 completion CLMT 10 LISTED
MISSOURI ESTERS expansion project on schedule for 2Q15 completion CLMT 11 LISTED
SAN ANTONIO REFINERY solvents project scheduled for 4Q15 completion CLMT 12 LISTED
Expansion of MONTANA REFINERY on schedule for 1Q16 completion CLMT 13 LISTED
4Q14 PERFORMANCE SUMMARY CLMT 14 LISTED
4Q14 Performance Summary Significant y/y increase in Adjusted EBITDA. Calumet generated Adjusted EBITDA of 76.4 million in 4Q14 c o m p a r e d to 53.2 million in 4Q13. Excluding special items, Adjusted EBITDA was 136.1 million in 4Q14,…
4Q14 Performance Highlights Achieved 1.9x distribution coverage in 4Q14 and nearly 1.0x LTM coverage (as of 12/31/14) both figures excluding special items. During 3Q14 and 4Q14 two quarters when we did not have planned maintenance we…
Reconciliation of Distributable Cash Flow 4Q14 vs. 4Q13 Y/Y CHANGE IN DISTRIBUTABLE CASH FLOW (DCF) DRIVERS 4Q14 VS. 4Q13 (MM)(1) 89.1 84.7 4.9 (7.5) (0.7) (1.1) Adjusted EBITDA, Rep./Env. CAPEX Cash Interest Expense…
Gross Profit Per Barrel and Adjusted EBITDA by Operating Segment EXCLUDING SPECIAL ITEMS, GROSS PROFIT PER BARREL INCREASED SIGNIFICANTLY IN THE SPECIALTY PRODUCTS SEGMENT IN 4Q14 (MM) 49.78 34.28 6.04 4.13 3.63 4.39 Specialty…
4Q14 FINANCIAL UPDATE CLMT 19 LISTED
Adjusted EBITDA Bridge, Excluding Special Items 4Q13 vs. 4Q14 (MM) 10.3 (4.0) (7.4) 13.7 136.1 31.8 40.3 51.4 Prior-Period Fuels Margin Specialty Volume Acquisitions RIN Other Current-Period Adjusted EBITDA, &…
Cash Bridge 3Q14 vs. 4Q14 (MM) 26.6 44.5 128.8 140.2 8.5 7.7 52.6 5.0 1.3 9-30-14 Working Operating Revolver CapEx Distributions Turnaround Other 12-31-14 Balance Capital Cash Flow Borrowings & JV Balance…
Access to Liquidity Supports Business Growth 593 472 320 311 121 9 Cash Revolver Availability Total Available Liquidity (Cash + Revolver) As of 12/31/13 As of 12/31/14 CLMT 22 LISTED
Key Credit Metrics DEBT TO CAPITAL RATIO DEBT TO LTM ADJUSTED EBITDA (LEVERAGE) RATIO 68% 7.4 x 64% 63% 60% 6.3 x 6.0 x 52% 5.6 x 50% 4.7 x 2.2 x YE2012 YE 2013 3/31/14 6/30/14 9/30/14 12/31/14 YE2012 YE 2013 3/31/14…
Multi-Year Hedging Program Mitigates Market Risk WE ENGAGE IN A STRATEGY THAT USES VARIOUS DERIVATIVES INSTRUMENTS TO MITIGATE VOLATILITY IN OUR FUEL PRODUCTS SEGMENT Crack Spread Hedge Percentage Hedge Lock in a fixed gross…
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.): 285-335 Million 2013…
APPENDIX Supplemental Information CLMT 26 LISTED
EXHIBIT A: Capital Structure Overview Millions 12/31/13 3/31/14 6/30/14 9/30/14 12/31/14 Cash 121.1 179.6 14.6 7.7 8.5 ABL Rev olv er Borrowings - - 59.2 124.2 150.8 9.375% Senior Notes due 2019 500.0 - - - 9.625% Senior Notes due 2020…
EXHIBIT B: Reconciliation of Adjusted EBITDA and Distributable Cash Flow in millions 9/30/13 12/31/13 3/31/14 6/30/14 9/30/14 12/31/14 Sales 1,506 1,243 1,341 1,435 1,676 1,339 Cost of sales 1,443 1,131 1,216 1,336 1,493 1,216 Gross…
EXHIBIT C: Reconciliation of Special Items Three Months Ended 12/31 Year Ended 12/31 in millions 2014 2013 2014 2013 Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA, Adjusted EBITDA, Excluding (Unaudited) (Unaudited)…
EXHIBIT D: Reconciliation of Special Items (continued) in millions Three Months Ended December 31, 2014 Three Months Ended December 31, 2013 (Unaudited) (Unaudited) Specialty Oilfield Specialty Oilfield Products Fuel Products Services…
EXHIBIT E: Calumet Family of Brands CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. HAS ONE OF THE MOST DIVERSE SPECIALTY HYDROCARBON PRODUCT PORTFOLIOS IN THE WORLD Anchor Drilling Fluids USA, Inc. Global manufacturer Global…
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