Okay. Thanks on that. And then on the MRL, the -- kind of what happened in the third quarter, the drum issue and all, I was wondering if we could get a little more clarity on the period at which you did achieve $1.25 to $1.45 margin, sort of, like what did you see in there? How well did the unit run? And is there upside from there if you're running really well, find the right markets, as you mentioned, whether it's Canada or somewhere else, just try to help understand, like, the real performance of the busi ...

© 2023 Calumet Specialty Products Partners, L.P. 15 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------|---------------|-----------|---------------|-------|---------------|-------------|-------------|-------------|-----------| | ($ in millions, except per barrel data) | 4Q 2021 | 1Q 2022 | 2Q 2022 | | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | | Specialty Products and Solution segment gross profit | $19.2 | $17.7 | ...

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regu ...

| --- | --- | |---------------------|-------| | | | | | | | Second Quarter 2023 | | | Financial Results | | | August 4, 2023 | | This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the "Company," "Calumet," "we," "our," or like terms) and Montana Renewables LLC ("MRL") as of Aug 4, 2023. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "may," "intend," "beli ...

On the retail market, I think consistent with what's going on out there, there's a lot of, I'll call it, derisking by the big-box retailers. The consumer market has been strong on the service front. On the retail front, I think a lot of the retail market has been derisking inventory. It's led to some choppy demand on the retail side. The industrial side for our Performance Brands, on the question around how we've seen it strong, I think Todd or Vince alluded to in the earnings statements for the call, a lot ...

Financial Performance - Total sales decreased by 18.5% to $2,054.7 million in the six months ended June 30, 2023, from $2,521.9 million in the same period in 2022 [48]. - The Performance Brands segment saw a $11.0 million increase in sales for the six months ended June 30, 2023, compared to the same period in 2022 [50]. - The Montana/Renewables segment's gross profit decreased by $75.8 million for the six months ended June 30, 2023, compared to the same period in 2022 [51]. - The average sales price per barrel for Specialty Products and Solutions decreased by 13.6% to $135.83 in the six months ended June 30, 2023, from $157.21 in the same period in 2022 [48]. Cash Flow and Financing - Operating activities used cash of $52.6 million during the six months ended June 30, 2023, compared to providing cash of $86.8 million during the same period in 2022, primarily due to increased working capital needs for the Montana Renewables facility [35]. - Financing activities provided cash of $268.2 million in the six months ended June 30, 2023, compared to using cash of $2.6 million during the same period in 2022 [54]. - The company believes it has sufficient liquid assets and cash flow to meet financial commitments for at least the next 12 months [53]. Expenses - General and administrative expenses increased by $4.8 million, or 21.3%, to $27.3 million in Q2 2023 from $22.5 million in Q2 2022, mainly due to a $3.1 million rise in equity-based compensation expenses [47]. - Capital improvement expenditures rose to $176.5 million in the six months ended June 30, 2023, up from $152.0 million in the same period in 2022 [55]. Debt and Interest Rates - As of June 30, 2023, the company had $179.0 million in 2024 Secured Notes, $413.5 million in 2025 Notes, $325.0 million in 2027 Notes, and $325.0 million in 2028 Notes outstanding [41]. - As of June 30, 2023, the company had $74.8 million in borrowings outstanding under the MRL Term Loan Credit Agreement, with interest rates ranging from SOFR plus 6.0% to 7.3% per annum [69]. - The company reported $181.1 million of outstanding variable rate debt as of June 30, 2023, an increase from $104.0 million as of December 31, 2022 [69]. - A 100 basis point change in interest rates on the company's variable rate debt is expected to impact net income (loss) by approximately $1.8 million per year [69].

| --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------------|-------|---------------------------| | Borrowings under amended and restated senior secured re ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 000-51734 Calumet Specialty Products Partners, L.P. Delaware 35-1811116 (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identificatio ...

Table of Contents Large accelerated filer o Accelerated filer ☑ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 000-51734 Calumet Specialty Products Partners, L.P. (Exact Name of Registr ...

Table of Contents Title of each class Trading symbol(s) Name of each exchange on which registered Common units representing limited partner interests CLMT The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION ...