INDIANAPOLIS, March 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet", "our", "we"), announced today plans to attend the Barclays Emerging Growth, Climate Technology Company and Investor Meetings on Thursday March 21, 2024, in New York City, NY. Calumet will be holding one-on-one investor meetings throughout the day at the conference. About Calumet Specialty Products Partners, L.P. Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) manufactures, formulates an ...

INDIANAPOLIS, Feb. 29, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has been recognized by EcoVadis for its Corporate Social Responsibility (CSR) commitment. The company received the Committed to Sustainability Badge, while its facilities in Louisiana, Pennsylvania and Texas received EcoVadis silver medal awards. The award showcases Calumet's commitment to improved quality and sustainability, business ethics, respect for environment, human rights and purchasing practices. "C ...

[PART I](index=10&type=section&id=PART%20I) This section provides an overview of the company's business, operational strategies, risk factors, and legal proceedings [Business and Properties](index=10&type=section&id=Items%201%20and%202.%20Business%20and%20Properties) Calumet Specialty Products Partners manufactures and markets specialty products and renewable fuels from twelve North American facilities [Overview](index=10&type=section&id=Overview) The company manufactures specialty products and renewable fuels, operating twelve North American facilities across four reportable segments - The company's business is organized into four reportable segments: Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate[213](index=213&type=chunk) - In the Specialty Products and Solutions segment, the company manufactures and markets products like solvents, waxes, and customized lubricating oils[213](index=213&type=chunk) - The Performance Brands segment focuses on blending, packaging, and marketing high-performance products under the Royal Purple, Bel-Ray, and TruFuel brands[213](index=213&type=chunk) - The Montana/Renewables segment consists of two facilities: one for renewable fuels (renewable diesel, SAF) and another for specialty asphalt, serving local and regional markets[213](index=213&type=chunk) [Business Strategies and Competitive Strengths](index=13&type=section&id=Business%20Strategies%20and%20Competitive%20Strengths) Strategies prioritize asset profitability and liquidity, leveraging diverse products, flexible facilities, and renewable fuel leadership - Key business strategies include enhancing profitability, maintaining liquidity, expanding customer relationships, and considering disciplined acquisitions[243](index=243&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - Competitive strengths are identified as diverse specialty products, flexible and scalable facilities, strong customer relationships, leadership in energy transition via the MRL facility, and an experienced management team[221](index=221&type=chunk)[222](index=222&type=chunk)[247](index=247&type=chunk) [Our Operating Assets and Contractual Arrangements](index=11&type=section&id=Our%20Operating%20Assets%20and%20Contractual%20Arrangements) Operations involve twelve facilities with significant storage, showing shifts in sales volume and feedstock runs Key Operating Facilities and Products (2023 Sales Volume) | Facility | Location | Sales Volume (bpd) | Key Products | | :--- | :--- | :--- | :--- | | Shreveport | Louisiana | 42,400 | Specialty lubricating oils, waxes, gasoline, diesel, jet fuel, asphalt | | Montana Refining | Montana | 13,399 | Specialty asphalt, gasoline, diesel, jet fuel | | Montana Renewables | Montana | 6,188 | Renewable diesel, SAF, renewable hydrogen, etc. | | Princeton | Louisiana | 4,896 | Specialty lubricating oils, asphalt | | Cotton Valley | Louisiana | 4,743 | Specialty solvents | | Karns City | Pennsylvania | 1,486 | White mineral oils, solvents, petrolatums | | Calumet Packaging | Louisiana | 1,068 | Premium synthetic lubricants, fuels, solvents | | Dickinson | Texas | 562 | White mineral oils, compressor lubricants | | Royal Purple | Texas | 335 | Premium synthetic lubricants | | Missouri | Missouri | 212 | Polyol ester-based synthetic lubricants | Production and Feedstock Volumes (in bpd) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Total sales volume | 79,805 | 82,946 | (3.8)% | | Total feedstock runs | 77,200 | 80,447 | (4.0)% | | Total facility production | 77,296 | 79,402 | (2.7)% | Sales by Segment (in $ millions) | Segment | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Specialty Products and Solutions | $2,876.9 | $3,508.0 | (18.0)% | | Montana/Renewables | $993.8 | $874.9 | 13.6% | | Performance Brands | $310.3 | $303.4 | 2.3% | | **Consolidated Sales** | **$4,181.0** | **$4,686.3** | **(10.8)%** | [Facilities](index=19&type=section&id=Facilities) Key manufacturing facilities, including Louisiana and Montana sites, support specialty and renewable fuel production Shreveport Facility Production (in bpd) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Crude oil throughput capacity | 60,000 | 60,000 | 60,000 | | Total feedstock runs | 38,248 | 42,453 | 29,971 | | Total facility production | 40,677 | 45,525 | 31,835 | Cotton Valley Facility Production (in bpd) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Crude oil throughput capacity | 13,600 | 13,600 | 13,600 | | Total feedstock runs | 9,125 | 8,975 | 8,349 | | Total facility production | 5,520 | 5,317 | 4,698 | Great Falls Specialty Asphalt Facility Production (in bpd) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Crude oil throughput capacity | 15,000 | 15,000 | 30,000 | | Total feedstock runs | 11,982 | 17,599 | 25,614 | | Total facility production | 11,772 | 17,619 | 25,897 | - The Montana Renewables Facility, converted from a portion of the Great Falls site, has a permitted throughput capacity of **15,000 bpd** to produce renewable fuels, including SAF and renewable diesel[180](index=180&type=chunk) Karns City, Dickinson & Other Facilities Production (in bpd) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Feedstock throughput capacity | 11,300 | 11,300 | 11,300 | | Total feedstock runs | 3,396 | 3,482 | 4,368 | | Total production | 3,419 | 3,582 | 4,269 | [Our Crude Oil and Feedstock Supply](index=30&type=section&id=Our%20Crude%20Oil%20and%20Feedstock%20Supply) The company heavily relies on a few key crude oil and feedstock suppliers, secured via term and evergreen contracts - In 2023, the company had a high concentration of crude oil suppliers[31](index=31&type=chunk) - **BP Products North America Inc. (BP)** supplied approximately **71.7%** of total crude oil[31](index=31&type=chunk) - **Macquarie Energy Canada LTD. (Macquarie)** supplied approximately **18.5%** of total crude oil[31](index=31&type=chunk) - The company utilizes a mix of short-term and long-term contracts, including month-to-month evergreen agreements with Plains and a renewing one-year term agreement with BP[181](index=181&type=chunk) - The Montana Renewables (MRL) facility has entered into various term supply agreements for its renewable feedstocks[34](index=34&type=chunk) [Our Products, Markets, and Customers](index=32&type=section&id=Our%20Products%2C%20Markets%2C%20and%20Customers) The company offers a diverse product portfolio, primarily fuels and lubricating oils, serving a broad North American customer base Product Sales Breakdown (Year Ended Dec 31, 2023) | Product Category | % of Total Sales | | :--- | :--- | | Fuels & Fuel Related Products | 47% | | Lubricating Oils | 19% | | Renewable Products | 12% | | Solvents | 10% | | Packaged and Synthetic Specialty Products | 8% | | Waxes | 4% | - The company has a diverse customer base with no significant concentration[67](index=67&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Products from the Shreveport facility are sold into Louisiana, Texas, and Arkansas, with excess volumes shipped to the Midwest via the TEPPCO pipeline[63](index=63&type=chunk)[38](index=38&type=chunk) - Renewable fuels from the Montana Renewables facility are distributed into markets in the western half of North America[66](index=66&type=chunk)[43](index=43&type=chunk) [Competition](index=35&type=section&id=Competition) The company faces intense competition from larger integrated petroleum companies, differentiating through flexibility and customer responsiveness - The company competes with large, integrated petroleum companies and independent refiners who may have greater resources and flexibility[45](index=45&type=chunk) - Primary competitors by product category include Exxon Mobil, Motiva, Phillips 66, HF Sinclair, Chevron, Ergon Refining, Cross Oil, San Joaquin Refining, CITGO, Total S.A., The International Group, Valvoline, Royal Dutch Shell, Delek US, and Cenex[46](index=46&type=chunk)[70](index=70&type=chunk)[47](index=47&type=chunk) - The company believes its flexibility and customer responsiveness differentiate it from larger competitors[75](index=75&type=chunk) [Governmental Regulation](index=37&type=section&id=Governmental%20Regulation) Operations are subject to stringent environmental, health, and safety regulations, imposing significant compliance costs and liabilities - Operations are subject to stringent environmental, health, and safety laws which can result in significant sanctions, remedial obligations, and capital expenditures for non-compliance[50](index=50&type=chunk)[78](index=78&type=chunk) - **Air Emissions:** The company must comply with the Clean Air Act (CAA), including National Ambient Air Quality Standards (NAAQS) for ozone and stringent fuel formulation standards like Tier 3 for gasoline sulfur content[82](index=82&type=chunk)[56](index=56&type=chunk)[84](index=84&type=chunk) - **Climate Change:** The company faces regulatory, political, litigation, and financial risks associated with greenhouse gas (GHG) emissions, including potential legislation and shifts in investor sentiment[114](index=114&type=chunk)[60](index=60&type=chunk)[115](index=115&type=chunk) - **Hazardous Substances:** The company is subject to liability under CERCLA ("Superfund") and RCRA for the cleanup of hazardous substance releases, potentially including contamination from prior owners[116](index=116&type=chunk)[118](index=118&type=chunk)[90](index=90&type=chunk) - **Water Discharges:** Compliance with the Clean Water Act and the Oil Pollution Act of 1990 (OPA) is required, imposing strict controls on pollutant discharges and liability for oil spills[120](index=120&type=chunk)[92](index=92&type=chunk) - **Great Falls Refinery:** The company is involved in an ongoing legal process regarding indemnification from HF Sinclair Corporation for pre-closing environmental contamination at the Great Falls refinery[54](index=54&type=chunk)[172](index=172&type=chunk) [Human Capital Management](index=50&type=section&id=Human%20Capital%20Management) The company employs approximately 1,580 people, with many under collective bargaining, emphasizing safety and competitive benefits - As of February 28, 2024, the company employed approximately **1,580** people, with around **600** covered by collective bargaining agreements[131](index=131&type=chunk) Collective Bargaining Agreements | Facility | Union | Expiration Date | | :--- | :--- | :--- | | Cotton Valley | International Union of Operating Engineers | Nov 19, 2026 | | Princeton | International Union of Operating Engineers | Aug 20, 2024 | | Dickinson | International Union of Operating Engineers | Dec 12, 2024 | | Shreveport | United Steelworkers | Apr 30, 2026 | | Missouri | United Steelworkers | Apr 30, 2025 | | Karns City | United Steelworkers | Jan 31, 2027 | | Great Falls | United Steelworkers | Jul 31, 2026 | - The company offers competitive salaries, comprehensive benefits (health, disability, 401(k)), and short- and long-term incentive programs to foster ownership and align employee interests with unitholders[105](index=105&type=chunk) - A core tenet is employee safety, with a goal of zero incidents and a culture that empowers employees to stop unsafe work[133](index=133&type=chunk)[106](index=106&type=chunk) - The company is committed to a culture of diversity and inclusion in its hiring and advancement practices[157](index=157&type=chunk)[108](index=108&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from macroeconomic volatility, commodity prices, operational hazards, partnership structure, and tax implications [Risks Related to our Business](index=53&type=section&id=Risks%20Related%20to%20our%20Business) Business risks include macroeconomic volatility, commodity price fluctuations, operational dependencies, and regulatory compliance, especially RFS - Business performance is dependent on supply and demand fundamentals, which are affected by macroeconomic factors outside of the company's control[139](index=139&type=chunk)[160](index=160&type=chunk) - Exposure to volatile commodity prices can negatively impact margins, profitability, and cash flows; the Gulf Coast 2/1/1 crack spread ranged from a high of **$50.05** to a low of **$13.98 per barrel** in 2023[160](index=160&type=chunk)[161](index=161&type=chunk)[143](index=143&type=chunk) - Hedging activities may not be effective and could reduce earnings, as the company only hedges a portion of its expected requirements[163](index=163&type=chunk)[146](index=146&type=chunk)[164](index=164&type=chunk) - The company depends on third-party pipelines (e.g., Plains, Enterprise) for feedstock supply and product transportation, and their unavailability could significantly harm revenues[149](index=149&type=chunk)[168](index=168&type=chunk) - The availability and cost of Renewable Identification Numbers (RINs) for RFS compliance, along with litigation over Small Refinery Exemption (SRE) petitions, could materially affect financial results[210](index=210&type=chunk)[623](index=623&type=chunk)[351](index=351&type=chunk) - A material weakness was identified in internal control over financial reporting related to the accounting for redeemable noncontrolling interests, which could affect the accuracy and timeliness of financial reporting[582](index=582&type=chunk)[608](index=608&type=chunk)[318](index=318&type=chunk) [Risks Related to Our Partnership Structure](index=90&type=section&id=Risks%20Related%20to%20Our%20Partnership%20Structure) The partnership structure presents risks from general partner conflicts, limited unitholder rights, and potential unit dilution - The general partner and its affiliates have conflicts of interest and limited fiduciary duties, which may permit them to favor their own interests over those of unitholders[237](index=237&type=chunk)[336](index=336&type=chunk)[373](index=373&type=chunk) - The partnership agreement reduces the standards to which the general partner is held by state fiduciary duty law and restricts remedies available to unitholders[339](index=339&type=chunk)[424](index=424&type=chunk) - Unitholders have limited voting rights, are not entitled to elect the general partner or its directors, and require a **66 2/3%** vote of all outstanding units to remove the general partner[341](index=341&type=chunk)[342](index=342&type=chunk)[473](index=473&type=chunk) - The company may issue an unlimited number of additional limited partner interests without unitholder approval, which would dilute current unitholders' ownership interests[478](index=478&type=chunk)[398](index=398&type=chunk) [Risks Related to the Corporate Conversion](index=8&type=section&id=Risks%20Related%20to%20the%20Corporate%20Conversion) The proposed corporate conversion is subject to unitholder approval and conditions, with potential negative impacts if delayed - The Corporate Conversion is subject to conditions, including unitholder approval, and there is no guarantee it will be completed[236](index=236&type=chunk)[393](index=393&type=chunk)[88](index=88&type=chunk) - Failure to complete the conversion, or significant delays, could negatively affect the company's business, financial results, and the price of its common units[236](index=236&type=chunk)[417](index=417&type=chunk) [Tax Risks to Common Unitholders](index=8&type=section&id=Tax%20Risks%20to%20Common%20Unitholders) Unitholders face tax risks including potential entity-level taxation, tax obligations without cash distributions, and complex filing - The company's tax treatment depends on its status as a partnership for federal income tax purposes; if treated as a corporation, cash available for debt payments and distributions would be substantially reduced[330](index=330&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk) - Unitholders may be required to pay taxes on their share of the company's income even if they do not receive any cash distributions[212](index=212&type=chunk)[405](index=405&type=chunk)[681](index=681&type=chunk) - Tax gain or loss on the disposition of common units could be more or less than expected, and a substantial portion of the amount realized may be taxed as ordinary income[406](index=406&type=chunk)[682](index=682&type=chunk) - Tax-exempt entities and foreign persons face unique tax issues, including potential unrelated business taxable income and withholding taxes[212](index=212&type=chunk)[408](index=408&type=chunk)[432](index=432&type=chunk) - If the IRS makes audit adjustments, it may assess and collect taxes directly from the partnership, reducing cash available for distributions[409](index=409&type=chunk)[452](index=452&type=chunk) [Cybersecurity](index=58&type=section&id=Item%201C.%20Cybersecurity) The company maintains a cyber risk management program and Incident Response Plan to mitigate threats, which have not materially impacted operations - The company maintains a cyber risk management program aligned with its enterprise risk management process, overseen by the Director of Information Technology and the Board's Risk Committee[454](index=454&type=chunk)[412](index=412&type=chunk)[456](index=456&type=chunk) - An Incident Response Plan (IRP) is in place to manage cybersecurity incidents, aligning with the NIST framework and covering preparation, detection, containment, and recovery[436](index=436&type=chunk) - The company has policies to oversee and mitigate cybersecurity risks associated with third-party service providers, requiring a formal IT Security Governance review[687](index=687&type=chunk) - To date, cybersecurity threats have not materially affected the company's business strategy, results of operations, or financial condition[689](index=689&type=chunk) [Legal Proceedings](index=59&type=section&id=Item%203.%20Legal%20Proceedings) The company is not involved in any material pending legal proceedings beyond routine litigation incidental to its business - The company is not a party to, and its property is not the subject of, any pending legal proceedings other than ordinary routine litigation incidental to its business[414](index=414&type=chunk) - The company does not expect the outcomes of current litigation, individually or in the aggregate, to have a material adverse effect on its financial position, results of operations, or cash flows[790](index=790&type=chunk)

Brad McMurray - Investor Relations Todd Borgmann - Chief Executive Officer Company Participants Neil Mehta - Goldman Sachs Manav Gupta - UBS Sameer Joshi - H.C. Wainwright Gregg Brody - Bank of America Jason Gabelman - TD Cowen Operator Brad McMurray Good morning. Thank you for joining us today for our fourth quarter and full-year 2023 earnings call. With me on today's call are Todd Borgmann, CEO; David Lunin, CFO; Bruce Fleming, EVP, Montana/Renewables and Corporate Development; and Scott Obermeier, EVP, S ...

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Sales and Production Performance - Total sales volume for Q4 2023 was 80,234 bpd, an increase of 8.4% from 74,302 bpd in Q4 2022[2] - Total feedstock runs increased to 80,295 bpd in Q4 2023, up from 69,509 bpd in Q4 2022, representing a growth of 15.5%[2] - Specialty Products and Solutions segment production reached 62,333 bpd in Q4 2023, compared to 59,927 bpd in Q4 2022, marking a 4.7% increase[2] - Renewable fuels production was 5,442 bpd in Q4 2023, a significant increase from zero in Q4 2022[2] - Total facility production for the year ended 2023 was 77,296 bpd, slightly down from 79,402 bpd in 2022, reflecting a decrease of 2.6%[2] Financial Performance - Total sales for the year ended December 31, 2023, were $4,181.0 million, a decrease of 10.8% from $4,686.3 million in 2022[28] - Gross profit for the year ended December 31, 2023, was $451.7 million, compared to $351.7 million in 2022, indicating an increase of 28.4%[28] - Net income for Q4 2023 was a loss of $48.0 million, compared to a loss of $77.1 million in Q4 2022, showing an improvement of 37.5%[28] - The company reported a net income of $48.1 million for the year ended 2023, a significant improvement from a net loss of $(173.3) million in 2022[34] - Adjusted EBITDA for the year ended 2023 was $260.5 million, down from $390.0 million in 2022[34] - Distributable Cash Flow for the year ended 2023 was $(86.2) million, compared to $87.8 million in the previous year[34] Cash Flow and Assets - Current assets decreased to $794.7 million in 2023 from $819.6 million in 2022, a decline of 3.5%[30] - Total liabilities decreased to $2,996.0 million in 2023 from $3,028.7 million in 2022, a reduction of 1.1%[30] - Cash and cash equivalents significantly decreased to $7.9 million in 2023 from $35.2 million in 2022, a decline of 77.5%[30] - Net cash provided by operating activities for the year ended 2023 was $(16.1) million, a decrease from $100.6 million in 2022[32] - Net cash used in investing activities was $(271.8) million, compared to $(536.0) million in the previous year[32] - Net cash provided by financing activities decreased to $267.4 million from $348.7 million year-over-year[32] Segment Performance - Performance Brands segment Adjusted gross profit for Q4 2023 was $22.1 million, down from $35.8 million in Q4 2022, reflecting a decrease of 38.5%[28] - Montana/Renewables segment Adjusted gross profit for Q4 2023 was not explicitly stated but follows similar definitions as Performance Brands[22] - Specialty Products and Solutions segment adjusted gross profit was $69.6 million for the three months ended December 31, 2023, down from $93.6 million in the same period of 2022, representing a decrease of 25.6%[36] - Performance Brands segment adjusted gross profit increased to $16.5 million for the three months ended December 31, 2023, compared to $11.9 million in the same period of 2022, reflecting a growth of 38.7%[36] - The Montana/Renewables segment reported a gross loss of $82.1 million for the three months ended December 31, 2023, compared to a loss of $71.6 million in the same period of 2022, indicating a worsening of 13.9%[36] Corporate Strategy and Future Outlook - The company plans to focus on de-leveraging its balance sheet and anticipates capital expenditures related to strategic initiatives[9] - The proposed corporate reorganization to transition to New Calumet is expected to be submitted for unitholder consideration[5] - The company is exploring acquisition opportunities to enhance its market position and operational capabilities[9] - Forward-looking statements indicate expectations for demand growth in specialty products and renewable fuels markets[9] - The company announced a plan to convert its corporate structure from an MLP to a C-Corp by mid-2024[45] Expenses and Financial Obligations - General and administrative expenses for Q4 2023 were $30.0 million, down from $45.0 million in Q4 2022, a decrease of 33.3%[28] - Interest expense for the year ended 2023 was $221.7 million, an increase from $175.9 million in 2022[34] - The company incurred $27.6 million in replacement and environmental capital expenditures for the three months ended 2023[34] - The company recorded a loss on firm purchase commitments of $22.2 million for the three months ended December 31, 2023, compared to a loss of $13.0 million in the same period of 2022, reflecting a deterioration of 70.8%[36] - A note purchase agreement was entered into for $200 million aggregate principal amount of 9.25% Senior Secured First Lien Notes due 2029[50] - The company plans to redeem all outstanding 9.25% Senior Secured First Lien Notes due 2024 and $50 million of 11.00% Senior Notes due 2025 using proceeds from the new notes[50]

INDIANAPOLIS, Feb. 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today plans to report results for the fourth quarter and full year 2023 on February 23, 2024. A conference call to discuss the financial and operational results is scheduled for February 23 2024, at 9:00 AM ET.Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call ...

INDIANAPOLIS, Feb. 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet," "the Partnership," "we," or "us"), announced today that we have entered into an agreement that sets forth the terms of our previously announced conversion (the "Conversion") to a new Delaware corporation, Calumet Inc. ("New Calumet"). As previously announced, on November 9, 2023, Calumet entered into the Partnership Restructuring Agreement with Calumet GP LLC, the general partner of the Partnersh ...

slowmotiongli/iStock via Getty Images Even companies like Calumet Specialty Products (NASDAQ:CLMT) with its brilliant future can experience the dreaded chart pattern labeled falling knife. Investopedia defines one, "[f]alling knife refers to a sharp drop, but there is no specific magnitude or duration…." Investors generally consider an unhindered drop without relief, a falling knife. This pattern is more prevalent with illiquid entities. Someone with a large enough position decides to exit regardless. S ...

INDIANAPOLIS, Jan. 23, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "Company," "we," "our" or "us"), announced two financing transaction updates today. These financings replace the Company's previous Supply and Offtake Agreements ("SOA") that provided financing for our Shreveport and Montana Refining facilities.  The Shreveport SOA has been replaced with a new SOA that we entered into with J. Aron on January 17, 2024.  Additionally, we increase ...