Financial Data and Key Metrics Changes - Calumet generated $66.8 million of adjusted EBITDA in Q2 2024, reflecting strong operational performance despite challenging market conditions [4][20] - The Specialty Products segment achieved $65.8 million of adjusted EBITDA, an increase of approximately 8% year-over-year [13] - Performance Brands segment adjusted EBITDA increased 16% to $14.1 million, driven by a 30% growth in volumes [16] Business Line Data and Key Metrics Changes - The Montana Renewables segment contributed over $7 million of adjusted EBITDA in Q2 2024, despite facing trough margin conditions [8][18] - The Specialties business saw record quarterly sales volumes, the highest in over five years, demonstrating resilience in a weak commodity environment [6][14] - Performance Brands experienced a 30% growth in volumes, reflecting strong execution and operational reliability [15] Market Data and Key Metrics Changes - The Gulf crack 2-1-1 crack spread declined by $7 per barrel year-over-year, impacting overall market conditions [14] - The renewable diesel market is expected to experience volatility due to changes in tax credits and market dynamics, with optimism for recovery driven by various catalysts [9][29] Company Strategy and Development Direction - The company aims to focus on safe and reliable operations, with a strategic emphasis on the uniqueness of its Specialties business and operational excellence in Montana Renewables [5][12] - The transition to a C-Corporation is expected to attract institutional investors and enhance shareholder value through index inclusion [12][64] - The MaxSAF expansion project is a key strategic initiative, with plans to leverage DOE support for funding [11][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the renewable diesel market recovery, citing multiple positive catalysts on both supply and demand sides [9][10] - The company is committed to reducing debt levels, having already reduced $50 million in 2025 notes during the quarter [20] - Management highlighted the importance of operational reliability and the potential for improved financial performance as market conditions stabilize [15][19] Other Important Information - The company successfully completed its corporate conversion to a C-Corp, which is expected to facilitate broader institutional investment [12][19] - The court ruling on small refinery exemptions was viewed positively, with expectations for favorable outcomes in ongoing legal matters [21][56] Q&A Session Summary Question: How will the SRE and EPA ruling impact the balance sheet? - Management indicated that the Clean Air Act provides clear guidelines for small refinery exemptions, and the recent court ruling supports their position [21][22] Question: What are the expectations for the asphalt market in Q3? - Management clarified that the asphalt market is not weak but seasonal, with expectations for improved results in Q3 as paving jobs ramp up [24][25] Question: How is the old high-priced inventory affecting RD earnings? - Management confirmed that the old high-priced inventory has been worked through the system, and it is not a major contributor to current earnings [27][28] Question: What is the outlook for renewable diesel margins? - Management expects short-term volatility but anticipates a more predictable market structure moving into 2025 [32][33] Question: What are the plans for the MaxSAF project funding? - Management stated that they will not spend significant funds on MaxSAF until the DOE loan is secured, focusing on deleveraging in the meantime [66][67]

Second Quarter 2024 Financial Results August 9, 2024 CAUTIONARY STATEMENTS 2 Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of August 9, 2024. 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," "believe," "expect," "anticipate," "estimate," "forecast," "outlook," "continue" or other s ...

Second quarter 2024 net loss of $39.1 million, or Limited partners' interest of $0.48 basic net loss per unit Second quarter 2024 Adjusted EBITDA of $66.8 million Successfully completed conversion of structure from a Master Limited Partnership ("MLP") to a C-Corp Montana Renewables ("MRL") achieved full production levels for the second quarter; produced approximately 7 million gallons of SAF Record volumes achieved in both Specialties and Renewables businesses INDIANAPOLIS, Aug. 9, 2024 /PRNewswire/ -- Calu ...

Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides; parties interested in listening to the webcast may follow the link which will be made available at http://calumetspecialty.investorroom.com/events. For those participants wishing to dial into the call, please pre-register by following the link: https://dpregister.com/sreg/10190874/fd10bed026. A participant dial-in is also available ...

INDIANAPOLIS, July 10, 2024 /PRNewswire/ -- July 10, 2024 — Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it has completed the previously announced conversion (the "Conversion") of its structure from a master limited partnership ("MLP") to a C-Corporation, pursuant to which the unitholders of the Partnership became shareholders of Calumet, Inc. ("New Calumet"). As previously announced, unitholders approved each proposal pre ...

INDIANAPOLIS, July 9, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that its unitholders voted to approve the previously announced conversion (the "Conversion") of its structure from a master limited partnership ("MLP") to a C-Corporation, pursuant to which the unitholders of the Partnership will become shareholders of Calumet, Inc. ("New Calumet") upon closing of the Conversion. About Calumet Certain statem ...

At the Special Meeting, the unitholders of Calumet will be asked to approve and adopt the previously announced Conversion proposal and such other proposals that are described in the proxy statement/prospectus. Calumet unitholders of record as of the close of business on May 24, 2024 are entitled to vote at the Special Meeting and will receive the definitive proxy statement in connection with Calumet's solicitation of proxies for the vote by Calumet unitholders. The Special Meeting will be held at 10:00 a.m. ...

Taiyou Nomachi/DigitalVision via Getty Images Calumet Specialty Products Partners (NASDAQ:CLMT) recently reported 1st Quarter results. They reflected extreme negative market effects from within the fossil energy markets. Extreme upward volatility with crude oil pricing plus recovery at MRL contributed to unsavory numbers. Admitted or not, America is also experiencing a rather deep recession. Two recent reports highlight a truer nature of the country's financial circumstances. On Friday, May 10, the Universi ...

Group 1 - Calumet Specialty Products Partners, L.P. will participate in TD Cowen's 2nd Annual Sustainability Week on May 22, 2024 [1] - The company will engage in a fireside chat and hold one-on-one investor meetings during the virtual conference [1] - Calumet manufactures and markets a diversified range of specialty branded products and renewable fuels [2] Group 2 - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America [2] - Calumet serves a broad range of consumer-facing and industrial markets [2]

Part I: Financial Statements [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased, liabilities increased, and partners' capital (deficit) further declined from Q4 2023 to Q1 2024 Condensed Consolidated Balance Sheets | Metric | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :------------------------------------ | :-------------------------- | :--------------------------- | | Cash and cash equivalents | $23.9 | $7.9 | | Accounts receivable, net | $339.0 | $286.2 | | Inventories | $403.1 | $439.4 | | Total current assets | $811.7 | $794.7 | | Property, plant and equipment, net | $1,486.0 | $1,506.3 | | Total assets | $2,731.6 | $2,751.3 | | Accounts payable | $321.1 | $322.0 | | Obligations under inventory financing | $55.6 | $190.4 | | Current portion of RINs obligation | $212.7 | $277.3 | | Total current liabilities | $824.4 | $1,112.7 | | Long-term debt, less current portion | $2,055.6 | $1,829.7 | | Total liabilities | $3,015.7 | $2,996.0 | | Partners' capital (deficit) | $(529.7) | $(490.3) | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 saw a net loss of $41.6 million, a reversal from Q1 2023 net income, driven by lower sales and derivative losses Unaudited Condensed Consolidated Statements of Operations | Metric | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Sales | $1,005.8 | $1,037.3 | | Cost of sales | $927.3 | $940.7 | | Gross profit | $78.5 | $96.6 | | Operating income | $36.3 | $43.0 | | Interest expense | $(60.8) | $(49.2) | | Gain (loss) on derivative instruments | $(16.9) | $25.5 | | Net income (loss) | $(41.6) | $18.6 | | Limited partners' interest basic per unit | $(0.51) | $0.23 | | Limited partners' interest diluted per unit | $(0.51) | $0.23 | [Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q1 2024 comprehensive loss of $41.5 million reversed Q1 2023 income, mirroring the net income (loss) trend Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) | Metric | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :---------------------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Net income (loss) | $(41.6) | $18.6 | | Defined benefit pension and retiree health benefit plans | $0.1 | $0.0 | | Total other comprehensive income | $0.1 | $0.0 | | Comprehensive income (loss) attributable to partners' capital (deficit) | $(41.5) | $18.6 | [Unaudited Condensed Consolidated Statements of Partners' Capital (Deficit)](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Partners'%20Capital%20(Deficit)) Partners' capital (deficit) declined to $(529.7) million by March 31, 2024, mainly due to the net loss attributable to partners Unaudited Condensed Consolidated Statements of Partners' Capital (Deficit) | Metric | December 31, 2023 (Millions) | March 31, 2024 (Millions) | | :---------------------------------------------------- | :--------------------------- | :------------------------ | | Balance at beginning of period | $(490.3) | $(484.4) | | Other comprehensive income | $0.0 | $0.1 | | Net loss attributable to partners | $18.6 | $(41.6) | | Settlement of tax withholdings on equity-based incentive compensation | $(7.9) | $(3.5) | | Settlement of phantom units | $(1.0) | $5.6 | | Balance at end of period | $(523.3) | $(529.7) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash outflow significantly increased in Q1 2024, while investing and financing activities saw minor changes, leading to a net cash increase Unaudited Condensed Consolidated Statements of Cash Flows | Metric | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :---------------------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Net cash used in operating activities | $(94.0) | $(26.7) | | Net cash used in investing activities | $(20.0) | $(130.4) |\n| Net cash provided by financing activities | $130.7 | $133.1 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $16.7 | $(24.0) | | Cash, cash equivalents and restricted cash at end of period | $31.4 | $11.2 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. Description of the Business](index=10&type=section&id=1.%20Description%20of%20the%20Business) Calumet Specialty Products Partners, L.P. manufactures and markets specialty products and renewable fuels across North America - Calumet Specialty Products Partners, L.P. is a publicly traded Delaware limited partnership (ticker: CLMT) with its general partner owning **2%** and all incentive distribution rights, and limited partners owning **98%**[217](index=217&type=chunk) - The company manufactures, formulates, and markets specialty branded products and renewable fuels across North America, serving various consumer-facing and industrial markets[244](index=244&type=chunk) [2. Summary of Significant Accounting Policies](index=10&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) Key accounting policies include GAAP conformity, cash definitions, and RINs obligations, which are subject to litigation and regulatory changes - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP, with certain information condensed or omitted per SEC rules[218](index=218&type=chunk) - Restricted cash, legally restricted under the MRL Term Loan Credit Agreement, is included in prepaid expenses and other current assets[219](index=219&type=chunk) - The company's RINs Obligation is an estimated provision for future purchases of RINs to satisfy EPA requirements, recorded as a current liability and revalued periodically, impacting cost of sales[220](index=220&type=chunk)[222](index=222&type=chunk) - The company has ongoing litigation regarding EPA's denial of Small Refinery Exemptions (SREs) for compliance years 2018-2022, with some appeals granted stays and one denial vacated by the Fifth Circuit[223](index=223&type=chunk)[226](index=226&type=chunk)[253](index=253&type=chunk) RINs Obligation | Metric | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :------------------- | :-------------------------- | :--------------------------- | | RINs Obligation | $212.7 | $277.3 | [3. Revenue Recognition](index=14&type=section&id=3.%20Revenue%20Recognition) Revenue is recognized upon transfer of control, with varying payment terms and expensed shipping/handling costs - Revenue is recognized upon transfer of control of promised goods to the customer, with performance obligations identified for distinct products[228](index=228&type=chunk)[257](index=257&type=chunk) - Payment terms vary: **2-30 days** for fuel products, **7-14 days** for renewable fuel products, and **30-90 days** for specialty products[230](index=230&type=chunk) - Shipping and handling costs are expensed, and excise/sales taxes are excluded from the transaction price[231](index=231&type=chunk)[258](index=258&type=chunk)[287](index=287&type=chunk) Accounts Receivable from Customers | Metric | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :------------------------------------ | :-------------------------- | :--------------------------- | | Receivables, net of allowance for expected credit losses | $289.4 | $252.4 | [4. Inventories](index=18&type=section&id=4.%20Inventories) Inventories are valued using LIFO, with adjustments impacting cost of sales, and influenced by Supply and Offtake Agreements - Inventories are valued using the LIFO method, with interim calculations based on management estimates[291](index=291&type=chunk) - The company recorded an increase in cost of sales due to LIFO inventory adjustments of **$9.0 million** in Q1 2024 and **$19.7 million** in Q1 2023[263](index=263&type=chunk) Inventory Composition | Category | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :------------------- | :-------------------------- | :--------------------------- | | Raw materials | $108.2 | $89.2 | | Work in process | $95.5 | $109.0 | | Finished goods | $199.4 | $241.2 | | Total | $403.1 | $439.4 | - The replacement cost of inventories was **$75.5 million** higher than carrying value at March 31, 2024, and **$67.8 million** higher at December 31, 2023[234](index=234&type=chunk) [5. Leases](index=18&type=section&id=5.%20Leases) The company utilizes various operating and finance leases, with stable lease costs and weighted-average terms of 2.6-3.0 years - The company has operating and finance leases for land, storage tanks, railcars, equipment, precious metals, and office facilities, with terms up to **16 years**[264](index=264&type=chunk) Total Lease Cost | Metric | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------- | :----------------------------------------- | :----------------------------------------- | | Total lease cost | $24.1 | $24.2 | Weighted-Average Lease Terms and Discount Rates | Metric | March 31, 2024 | December 31, 2023 | | :------------------------------------ | :------------- | :---------------- | | Weighted-average remaining lease term (years): | | | | Operating leases | 2.6 | 2.6 | | Finance leases | 3.0 | 3.1 | | Weighted-average discount rate: | | | | Operating leases | 8.6% | 8.6% | | Finance leases | 7.5% | 7.3% | [6. Commitments and Contingencies](index=20&type=section&id=6.%20Commitments%20and%20Contingencies) The company faces environmental and litigation risks, with ongoing remediation, standby letters of credit, and purchase commitments - The company's operations are subject to stringent federal, regional, state, and local laws and regulations governing worker health and safety, environmental discharges, and protection[300](index=300&type=chunk) - Remediation of subsurface contamination is in process at certain refinery sites, with current belief that costs will not have a material adverse effect[302](index=302&type=chunk) - The company maintains safety and training programs and conducts periodic audits to comply with occupational health and safety laws[303](index=303&type=chunk) Standby Letters of Credit | Metric | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :-------------------------- | :-------------------------- | :--------------------------- | | Outstanding standby letters of credit | $43.6 | $29.9 | Unconditional Purchase Commitments (Throughput Contract) | Year | Commitment (Millions) | | :--- | :-------------------- | | 2024 | $3.0 | | 2025 | $4.0 | | 2026 | $4.0 | | 2027 | $2.4 | | Total | $13.4 | [7. Inventory Financing Agreements](index=24&type=section&id=7.%20Inventory%20Financing%20Agreements) Inventory financing agreements, including a new Shreveport deal, led to increased financing costs in Q1 2024 - The Shreveport Supply and Offtake Agreement with J. Aron replaced the previous Macquarie agreement on **January 17, 2024**[92](index=92&type=chunk)[307](index=307&type=chunk) - The MRL Supply and Offtake Agreement with Wells Fargo replaced MRL's previous Macquarie agreement on **October 3, 2023**[309](index=309&type=chunk)[334](index=334&type=chunk) - Inventory financing arrangements are accounted for similar to product financing arrangements, with inventories remaining on the company's balance sheet[282](index=282&type=chunk) Financing Costs for Supply and Offtake Agreements | Metric | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------- | :----------------------------------------- | :----------------------------------------- | | Financing costs | $8.4 | $7.0 | [8. Long-Term Debt](index=27&type=section&id=8.%20Long-Term%20Debt) Long-term debt increased to $2,081.9 million due to new 2029 Secured Notes, with all debt covenants in compliance - On **March 7, 2024**, the company issued **$200.0 million** in **9.25%** Senior Secured First Lien Notes due 2029, using proceeds to redeem 2024 Secured Notes and **$50.0 million** of 2025 Notes[170](index=170&type=chunk)[315](index=315&type=chunk) - The company's revolving credit facility was amended on **January 17, 2024**, increasing maximum availability to **$650.0 million**[139](index=139&type=chunk)[346](index=346&type=chunk) - As of **March 31, 2024**, the company was in compliance with all covenants under its debt instruments[90](index=90&type=chunk)[344](index=344&type=chunk)[347](index=347&type=chunk) Long-Term Debt Overview | Debt Instrument | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :------------------------------------ | :-------------------------- | :--------------------------- | | Revolving credit facility | $309.8 | $136.7 | | MRL revolving credit agreement | $22.6 | $13.0 | | 2024 Secured Notes | $0.0 | $179.0 | | 2025 Notes | $413.5 | $413.5 | | 2027 Notes | $325.0 | $325.0 | | 2028 Notes | $325.0 | $325.0 | | 2029 Secured Notes | $200.0 | $0.0 | | MRL Term Loan Credit Agreement | $74.3 | $74.4 | | Shreveport terminal asset financing | $48.9 | $50.8 | | MRL asset financing arrangements | $380.6 | $384.6 | | Finance lease obligations | $2.7 | $3.0 | | Total debt | $2,081.9 | $1,885.4 | | Less current portion of long-term debt | $26.3 | $55.7 | | Total long-term debt | $2,055.6 | $1,829.7 | Maturities of Long-Term Debt and Finance Lease Obligations | Year | Maturity (Millions) | | :--- | :------------------ | | 2024 | $19.9 | | 2025 | $442.4 | | 2026 | $32.0 | | 2027 | $706.9 | | 2028 | $423.3 | | Thereafter | $477.9 | | Total | $2,102.4 | [9. Derivatives](index=33&type=section&id=9.%20Derivatives) Derivatives manage commodity price risks, not for speculation, resulting in a $16.9 million loss from non-hedges in Q1 2024 - The company uses derivative instruments (physical forward contracts, financially settled derivatives like swaps, collars, options, futures) to reduce exposure to commodity price risks, including crude oil, refined products, natural gas, and precious metals[3](index=3&type=chunk)[326](index=326&type=chunk)[352](index=352&type=chunk)[378](index=378&type=chunk) - The company does not speculate with derivative instruments; positions are monitored by a risk management committee[172](index=172&type=chunk)[352](index=352&type=chunk)[378](index=378&type=chunk) - Derivative instruments are recognized at fair value on the balance sheet, with changes in fair value for non-hedges recorded in the statements of operations[6](index=6&type=chunk)[329](index=329&type=chunk)[379](index=379&type=chunk) Gain (Loss) on Derivative Instruments Not Designated as Hedges | Segment | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Specialty Products and Solutions segment: | | | | Inventory financing obligation | $(54.2) | $0.0 | | Crack spread swaps | $(0.8) | $(15.5) | | Montana/Renewables segment: | | | | Inventory financing obligation | $2.4 | $0.0 | | Total realized in Gain (Loss) | $(52.6) | $(15.5) | | Total unrealized in Gain (Loss) | $35.7 | $41.0 | Notional Contract Volumes for Derivative Instruments (March 31, 2024) | Derivative Type | Total Outstanding Notional | Notional Year of 2024 | Unit of Measure | | :------------------------------------ | :------------------------- | :-------------------- | :-------------- | | Crack spread swaps - sales | 2,200,000 | 2,200,000 | Barrels | [10. Fair Value Measurements](index=36&type=section&id=10.%20Fair%20Value%20Measurements) Fair value measurements use a three-tier hierarchy, with most derivatives as Level 3 and pension assets as Level 1/2 - The company uses a three-tier fair value hierarchy (Level 1, 2, 3) for measuring fair value, prioritizing observable inputs[5](index=5&type=chunk)[357](index=357&type=chunk) - Commodity derivative instruments are measured at fair value using a market approach, with most classified as **Level 3** due to unobservable inputs like non-performance risk and creditworthiness[360](index=360&type=chunk)[388](index=388&type=chunk) - Pension plan investments are classified as **Level 1** (quoted prices) and **Level 2** (independent pricing service)[389](index=389&type=chunk) Recurring Assets and Liabilities at Fair Value (March 31, 2024) | Category | Level 1 (Millions) | Level 2 (Millions) | Level 3 (Millions) | Total (Millions) | | :------------------------------------ | :----------------- | :----------------- | :----------------- | :--------------- | | **Assets:** | | | | | | Derivative assets: Crack spread swaps | $0.0 | $0.0 | $5.5 | $5.5 | | Pension plan investments | $3.6 | $23.3 | $0.0 | $26.9 | | Total recurring assets | $3.6 | $23.3 | $5.5 | $32.4 | | **Liabilities:** | | | | | | Derivative liabilities: Inventory financing obligation | $0.0 | $0.0 | $(10.9) | $(10.9) | | Precious metals obligations | $(6.3) | $0.0 | $0.0 | $(6.3) | | Liability awards | $(50.4) | $0.0 | $0.0 | $(50.4) | | Total recurring liabilities | $(56.7) | $0.0 | $(10.9) | $(67.6) | Estimated Fair Value of Financial Instruments (March 31, 2024) | Financial Instrument | Level | Fair Value (Millions) | Carrying Value (Millions) | | :------------------------------------ | :---- | :-------------------- | :------------------------ | | 2024 Secured Notes, 2025 Notes, 2027 Notes, 2028 Notes, and 2029 Secured Notes | 2 | $1,259.2 | $1,253.4 | | Revolving credit facility | 3 | $309.8 | $306.1 | | MRL revolving credit agreement | 3 | $22.6 | $22.0 | | MRL term loan credit agreement | 3 | $74.3 | $71.6 | | Shreveport terminal asset financing | 3 | $48.9 | $48.4 | | MRL asset financing arrangements | 3 | $380.6 | $377.7 | | Finance leases and other obligations | 3 | $2.7 | $2.7 | [11. Earnings Per Unit](index=41&type=section&id=11.%20Earnings%20Per%20Unit) Q1 2024 saw a basic and diluted net loss per limited partner unit of $0.51, reflecting the overall net loss Earnings Per Limited Partner Unit | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 (Restated) | | :------------------------------------ | :-------------------------------- | :----------------------------------------- | | Net income (loss) | $(41.6) | $18.6 | | Net income (loss) attributable to partners | $(40.8) | $18.2 | | Basic weighted average limited partner units outstanding | 80,352,403 | 79,830,671 | | Diluted weighted average limited partner units outstanding | 80,352,403 | 79,939,985 | | Limited partners' interest basic per unit | $(0.51) | $0.23 | | Limited partners' interest diluted per unit | $(0.51) | $0.23 | - Total diluted weighted average limited partner units outstanding for Q1 2024 excluded a de-minimis amount of potentially dilutive phantom units that would have been anti-dilutive[13](index=13&type=chunk) [12. Segments and Related Information](index=43&type=section&id=12.%20Segments%20and%20Related%20Information) Four segments reported Q1 2024 Adjusted EBITDA of $21.6 million, a decline from prior year, with minimal international sales - The company's reportable segments are Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate[14](index=14&type=chunk)[25](index=25&type=chunk)[367](index=367&type=chunk) - International sales accounted for less than **ten percent** of consolidated sales in Q1 2024 and Q1 2023[49](index=49&type=chunk) - No single customer represented **10%** or greater of consolidated sales in Q1 2024 or Q1 2023[401](index=401&type=chunk) - Two suppliers provided approximately **88.1%** of crude oil supply in Q1 2024 and **94.4%** in Q1 2023[372](index=372&type=chunk) Segment Adjusted EBITDA | Segment | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Specialty Products and Solutions | $41.8 | $76.0 | | Performance Brands | $13.4 | $16.4 | | Montana/Renewables | $(14.5) | $4.8 | | Corporate | $(19.1) | $(19.9) | | Consolidated Total Adjusted EBITDA | $21.6 | $77.3 | Segment Sales by Product Category | Product Category | March 31, 2024 Sales (Millions) | March 31, 2023 Sales (Millions) | | :------------------------------------ | :------------------------------ | :------------------------------ | | **Specialty Products and Solutions:** | | | | Lubricating oils | $189.7 | $215.2 | | Solvents | $102.4 | $106.6 | | Waxes | $39.0 | $44.2 | | Fuels, asphalt and other by-products | $350.5 | $372.7 | | Total SPS | $681.6 | $738.7 | | **Montana/Renewables:** | | | | Gasoline | $31.6 | $42.9 | | Diesel | $27.9 | $32.9 | | Jet fuel | $4.6 | $4.9 | | Asphalt, heavy fuel oils and other | $30.1 | $20.5 | | Renewable fuels | $150.3 | $118.6 | | Total Montana/Renewables | $244.5 | $219.8 | | **Performance Brands:** | | | | Total Performance Brands | $79.7 | $78.8 | | **Consolidated Sales** | $1,005.8 | $1,037.3 | [13. Unrestricted Subsidiaries](index=49&type=section&id=13.%20Unrestricted%20Subsidiaries) MRHL and MRL are the sole unrestricted subsidiaries, adhering to specific non-recourse debt and affiliate agreement criteria - MRHL and MRL are the company's only unrestricted subsidiaries as of March 31, 2024, and December 31, 2023[20](index=20&type=chunk) - Unrestricted subsidiaries must meet criteria such as having no indebtedness other than non-recourse debt, not entering into unfavorable affiliate agreements, and not guaranteeing company debt[434](index=434&type=chunk) Financial Information of Unrestricted Subsidiaries (March 31, 2024) | Metric | Unrestricted Subsidiaries (Millions) | | :------------------------------------ | :--------------------------------- | | Cash and cash equivalents | $1.6 | | Accounts receivable - trade | $36.0 | | Inventory | $73.2 | | Property, plant and equipment, net | $763.0 | | Accounts payable | $410.8 | | Obligations under inventory financing | $55.6 | | Long-term debt | $554.0 | | Redeemable noncontrolling interest | $245.6 | [14. Redeemable Noncontrolling Interest](index=50&type=section&id=14.%20Redeemable%20Noncontrolling%20Interest) MRHL issued preferred units for $250.0 million, with a preferred return, recorded as temporary equity at $245.6 million - MRHL issued **12,500,000** preferred units to an affiliate of Warburg Pincus LLC for **$250.0 million**, carrying certain minimum return thresholds (Preferred Return)[375](index=375&type=chunk)[405](index=405&type=chunk) - The Preferred Units are entitled to a preferred return equal to the greater of an **8.0% IRR** or a MOIC initially at **1.35**, increasing to **1.40** after five years[405](index=405&type=chunk) - The redeemable noncontrolling interest is reflected as temporary equity at **$245.6 million** as of March 31, 2024, and December 31, 2023[437](index=437&type=chunk) [15. Subsequent Events](index=51&type=section&id=15.%20Subsequent%20Events) Post-Q1 2024, the fair value of derivative instruments increased by approximately $8.6 million - As of **May 7, 2024**, the fair value of the company's derivative instruments increased by approximately **$8.6 million** subsequent to March 31, 2024[406](index=406&type=chunk) Part II: Management's Discussion and Analysis of Financial Condition and Results of Operations [Overview](index=52&type=section&id=Overview) The company manufactures specialty products and renewable fuels, with a Conversion Agreement for transition to New Calumet - The company manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels[439](index=439&type=chunk) - A Conversion Agreement was entered into on **February 9, 2024**, to effectuate a corporate transition to New Calumet, with an amendment made on **April 17, 2024**[57](index=57&type=chunk)[440](index=440&type=chunk) [First Quarter 2024 Update](index=54&type=section&id=First%20Quarter%202024%20Update) Q1 2024 saw a net loss of $41.6 million and lower Adjusted EBITDA, with mixed segment performance - Net loss of **$41.6 million** in Q1 2024 versus net income of **$18.6 million** in Q1 2023[29](index=29&type=chunk) - Adjusted EBITDA of **$21.6 million** in Q1 2024 versus **$77.3 million** in Q1 2023[29](index=29&type=chunk) - Specialty Products and Solutions and Performance Brands segments continued to benefit from above mid-cycle margin environment and strong demand[59](index=59&type=chunk) - Montana/Renewables segment Adjusted EBITDA was a loss of **$14.5 million** in Q1 2024, unfavorably impacted by higher material costs, seasonally weak asphalt and gas markets, and higher operating expenses[62](index=62&type=chunk) - Specialty Products and Solutions segment Adjusted EBITDA was **$41.8 million** in Q1 2024 versus **$76.0 million** in Q1 2023, impacted by lower throughput volumes due to a planned turnaround[61](index=61&type=chunk)[413](index=413&type=chunk) - Performance Brands segment Adjusted EBITDA was **$13.4 million** in Q1 2024 versus **$16.4 million** in Q1 2023, with Q1 2023 including a **$5.0 million** insurance claim benefit[445](index=445&type=chunk) [Outlook and Trends](index=54&type=section&id=Outlook%20and%20Trends) Strong demand for renewable fuels, especially SAF, is expected, with specialty segments maintaining above mid-cycle margins - Strong demand for renewable fuel products, including SAF, is expected to continue due to corporate decarbonization targets, sustainability initiatives, and governmental mandates[442](index=442&type=chunk) - Montana Renewables facility is positioned as a key producer for SAF in North America[442](index=442&type=chunk) - Specialty Products and Solutions and Performance Brands segments are expected to maintain above mid-cycle margins for the remainder of the year, with healthy demand[59](index=59&type=chunk) [Contingencies](index=54&type=section&id=Contingencies) Contingencies are monitored, with no material adverse effects on liquidity or financial condition expected beyond accrued amounts - The company does not believe that any liabilities beyond the amounts already accrued, which may result from contingencies, will have a material adverse effect on liquidity, financial condition or results of operations[60](index=60&type=chunk) [Liquidity Update](index=56&type=section&id=Liquidity%20Update) Total liquidity decreased to $211.8 million, but the company expects sufficient liquidity for the next 12 months - Total liquidity decreased from **$244.9 million** at March 31, 2023, to **$211.8 million** at March 31, 2024[118](index=118&type=chunk) - Liquidity at March 31, 2024, comprised **$23.9 million** of unrestricted cash and **$187.9 million** of availability under credit facilities[63](index=63&type=chunk) - The company believes it has sufficient liquidity to meet financial commitments, debt service, contingencies, and anticipated capital expenditures for at least the next **12 months**[63](index=63&type=chunk) [Renewable Fuel Standard Update](index=56&type=section&id=Renewable%20Fuel%20Standard%20Update) Q1 2024 saw a $64.5 million RINs gain, but RFS compliance costs remain significant with potential regulatory risks - The company recorded a gain of **$64.5 million** for RINs in Q1 2024, compared to a gain of **$32.1 million** in Q1 2023[415](index=415&type=chunk) - Expenses related to RFS compliance have the potential to remain a significant expense for the Specialty Products and Solutions and Montana/Renewables segments[64](index=64&type=chunk)[254](index=254&type=chunk) - Legal or regulatory changes increasing RINs obligations or narrowing small refinery exemptions could materially increase RFS compliance costs and adversely affect results and liquidity[64](index=64&type=chunk)[254](index=254&type=chunk) [Unrestricted Subsidiaries](index=58&type=section&id=Unrestricted%20Subsidiaries) Refer to Note 13 for detailed financial information on the company's unrestricted subsidiaries - Further information regarding certain financial information of unrestricted subsidiaries is available in Note 13[448](index=448&type=chunk) [Key Performance Measures](index=58&type=section&id=Key%20Performance%20Measures) Management analyzes performance using segment Adjusted EBITDA, gross profit, and sales volumes for core operations and asset utilization - Key performance measures include segment Adjusted EBITDA, segment gross profit, and sales volumes[34](index=34&type=chunk)[35](index=35&type=chunk)[67](index=67&type=chunk)[449](index=449&type=chunk) - Sales volumes are important for measuring effective asset utilization and improving profitability through fixed cost spreading and additional gross profit[418](index=418&type=chunk) - Segment Adjusted EBITDA is used to analyze trends and performance of core cash operations and ability to pay interest to noteholders, excluding non-core cash operating activities[37](index=37&type=chunk) Production and Sales Volume Trends | Metric | Three Months Ended March 31, 2024 (bpd) | Three Months Ended March 31, 2023 (bpd) | % Change | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | :------- | | Total sales volume | 83,602 | 76,856 | 8.8% | | Total feedstock runs | 71,548 | 71,559 | 0.0% | | Total facility production | 72,266 | 73,222 | (1.3)% | | Specialty Products and Solutions production | 51,688 | 54,466 | (5.1)% | | Montana/Renewables production | 18,995 | 16,825 | 12.9% | | Performance Brands production | 1,583 | 1,931 | (18.0)% | | Renewable fuels production | 8,243 | 5,030 | 63.9% | [Results of Operations for the Three Months Ended March 31, 2024 and 2023](index=60&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031,%202024%20and%202023) Q1 2024 sales decreased by 3.0%, gross profit fell by 18.7%, and a $16.9 million derivative loss reversed prior year gains Consolidated Results of Operations | Metric | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Sales | $1,005.8 | $1,037.3 | | Cost of sales | $927.3 | $940.7 | | Gross profit | $78.5 | $96.6 | | Operating income | $36.3 | $43.0 | | Interest expense | $(60.8) | $(49.2) | | Gain (loss) on derivative instruments | $(16.9) | $25.5 | | Net income (loss) | $(41.6) | $18.6 | | Adjusted EBITDA | $21.6 | $77.3 | | Distributable Cash Flow | $(59.6) | $4.8 | - Total sales decreased by **$31.5 million (3.0%)** to **$1,005.8 million** in Q1 2024, primarily due to a lower commodity price environment in the Specialty Products and Solutions segment, partially offset by increased sales volumes[457](index=457&type=chunk)[45](index=45&type=chunk) - Gross profit decreased by **$18.1 million (18.7%)** to **$78.5 million** in Q1 2024, mainly due to the regression of record high specialties and fuels margins in the prior year[77](index=77&type=chunk)[78](index=78&type=chunk) - Montana/Renewables segment gross profit increased due to higher margins from renewable fuel products, despite higher operating costs[79](index=79&type=chunk) - General and administrative expenses decreased by **$13.8 million (37.2%)** to **$23.3 million**, primarily due to a **$16.4 million** decrease in equity-based compensation[107](index=107&type=chunk) - Interest expense increased by **$11.6 million (23.6%)** to **$60.8 million**, mainly due to interest on 2028 Notes and MRL Term Loan Credit Agreement[82](index=82&type=chunk) - A **$16.9 million** loss on derivative instruments was recorded in Q1 2024, compared to a **$25.5 million** gain in Q1 2023, primarily due to a realized loss on the embedded derivative from the termination of the Shreveport inventory financing arrangement[108](index=108&type=chunk) [Non-GAAP Financial Measures](index=62&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures like EBITDA, Adjusted EBITDA, and Distributable Cash Flow assess core cash operations, not as GAAP alternatives - EBITDA, Adjusted EBITDA, and Distributable Cash Flow are non-GAAP measures used to assess financial performance, excluding transactions not related to core cash operating activities[40](index=40&type=chunk)[70](index=70&type=chunk)[422](index=422&type=chunk) - EBITDA is defined as net income (loss) plus interest expense, income taxes, and depreciation and amortization[71](index=71&type=chunk) - Adjusted EBITDA is EBITDA adjusted for various non-cash and non-recurring items, similar to 'Consolidated Cash Flow' in senior note indentures and 'Consolidated EBITDA' in the credit agreement[424](index=424&type=chunk)[454](index=454&type=chunk) - Distributable Cash Flow is defined as Adjusted EBITDA less replacement and environmental capital expenditures, turnaround costs, cash interest expense, gain (loss) from unconsolidated affiliates, net of cash distributions and income tax expense (benefit)[41](index=41&type=chunk) - These non-GAAP measures have limitations and should not be considered alternatives to GAAP measures[72](index=72&type=chunk) Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA, and Distributable Cash Flow | Metric | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Net income (loss) | $(41.6) | $18.6 | | Interest expense | $60.8 | $49.2 | | Depreciation and amortization | $36.0 | $29.5 | | Income tax expense | $0.2 | $0.5 | | **EBITDA** | **$55.4** | **$97.8** | | LCM / LIFO loss | $9.0 | $19.7 | | Unrealized (gain) loss on derivative instruments | $(35.7) | $(41.0) | | RINs mark-to-market gain | $(71.1) | $(46.1) | | Other non-recurring expenses | $60.8 | $29.5 | | **Adjusted EBITDA** | **$21.6** | **$77.3** | | Replacement and environmental capital expenditures | $(16.7) | $(17.2) | | Turnaround costs | $(5.5) | $(7.1) | | Cash interest expense | $(58.8) | $(47.7) | | Income tax expense | $(0.2) | $(0.5) | | **Distributable Cash Flow** | **$(59.6)** | **$4.8** | [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) Sufficient liquidity is expected for 12 months despite increased operating cash use; capital expenditures significantly decreased - The company believes it has sufficient liquid assets, cash flow from operations, borrowing capacity, and access to capital markets to meet financial commitments for at least the next **12 months**[84](index=84&type=chunk) - Operating activities used **$94.0 million** cash in Q1 2024, compared to **$26.7 million** in Q1 2023, primarily due to decreased net unit margins[112](index=112&type=chunk) - Investing activities used **$20.0 million** cash in Q1 2024, a decrease from **$130.4 million** in Q1 2023, mainly due to lower capital expenditures for property, plant, and equipment[85](index=85&type=chunk) - Financing activities provided **$130.7 million** cash in Q1 2024, slightly down from **$133.1 million** in Q1 2023, driven by higher borrowings under revolving credit facilities offset by increased net payments for inventory financing[113](index=113&type=chunk) Capital Expenditures | Category | Three Months Ended March 31, 2024 (Millions) | Three Months Ended March 31, 2023 (Millions) | | :------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Capital improvement expenditures | $3.3 | $113.2 | | Replacement capital expenditures | $15.8 | $13.7 | | Environmental capital expenditures | $0.9 | $3.5 | | Turnaround capital expenditures | $5.5 | $7.1 | | Total | $25.5 | $137.5 | - Total capital expenditures are forecasted to be **$110 million to $140 million** in 2024, primarily for growth and sustainability projects[115](index=115&type=chunk) - Principal sources of short-term liquidity include **$187.9 million** availability under credit facilities, inventory financing agreements, and **$23.9 million** unrestricted cash[120](index=120&type=chunk) Part III: Quantitative and Qualitative Disclosures About Market Risk [Commodity Price Risk](index=79&type=section&id=Commodity%20Price%20Risk) The company mitigates commodity price risks (crude oil, refined products, natural gas, precious metals) using derivatives, not eliminating all risk - The company is exposed to price risks from fluctuations in crude oil, refined products, natural gas, and precious metals[124](index=124&type=chunk)[145](index=145&type=chunk) - Strategies to reduce commodity price risk include physical forward contracts and financially settled derivative instruments (swaps, collars, options, futures)[145](index=145&type=chunk) - Risk management activities are monitored by a risk management committee and reviewed quarterly by the general partner's Board of Directors[147](index=147&type=chunk)[172](index=172&type=chunk) [Compliance Price Risk](index=81&type=section&id=Compliance%20Price%20Risk) RINs price volatility poses market risk, with a $1.00 increase negatively impacting net income by $65.0 million annually - The company is exposed to market risks related to the volatility in the price of credits (RINs) needed to comply with governmental programs like the RFS[183](index=183&type=chunk) - A **$1.00** increase in the price of RINs is expected to have a negative impact on Net income (loss) of approximately **$65.0 million** per year[129](index=129&type=chunk) - The company has not entered into any derivative instruments to manage RINs price risk[183](index=183&type=chunk) [Interest Rate Risk](index=81&type=section&id=Interest%20Rate%20Risk) Interest rate risk on variable debt is limited; a 100 basis point change impacts net income by approximately $3.3 million annually - The company's exposure to interest rate changes on fixed and variable rate debt is limited to the fair value of the debt[130](index=130&type=chunk) - A **100 basis point** change in interest rates on variable rate debt as of March 31, 2024, would impact Net income (loss) by approximately **$3.3 million** per year[150](index=150&type=chunk) Outstanding Variable Rate Debt | Metric | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :------------------- | :-------------------------- | :--------------------------- | | Outstanding variable rate debt | $332.4 | $149.7 | [Foreign Currency Risk](index=82&type=section&id=Foreign%20Currency%20Risk) Minimal foreign currency risk exists, with hedging costs exceeding benefits of further exposure reduction - The company has minimal exposure to foreign currency risk[151](index=151&type=chunk) - The cost of hedging foreign currency risk is viewed as exceeding the benefit of further reductions in exposure[151](index=151&type=chunk) Part IV: Controls and Procedures [Evaluation of Disclosure Controls and Procedures](index=83&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2024, ensuring timely information accumulation - The company's disclosure controls and procedures were evaluated and deemed effective as of **March 31, 2024**[152](index=152&type=chunk) - Disclosure controls are designed to provide reasonable assurance that required information is accumulated and communicated timely to management[152](index=152&type=chunk) [Remediation of Previously Reported Material Weakness](index=83&type=section&id=Remediation%20of%20Previously%20Reported%20Material%20Weakness) Material weakness in internal controls for redeemable noncontrolling interests was remediated as of March 31, 2024 - A material weakness in internal controls related to the subsequent accounting for and measurement of redeemable noncontrolling interests was previously identified[153](index=153&type=chunk) - This material weakness led to errors in the attribution of net losses to redeemable noncontrolling interest and partners, resulting in a restatement of prior financial statements[153](index=153&type=chunk) - The material weakness has been remediated as of **March 31, 2024**, through implementing new controls, increased rigor in financial reporting, and engaging third-party technical accounting expertise[174](index=174&type=chunk) [Changes in Internal Control over Financial Reporting](index=83&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) No material changes in internal control over financial reporting occurred in Q1 2024, beyond remediation efforts - No material changes in internal control over financial reporting occurred during Q1 2024, other than the remediation actions for the previously reported material weakness[154](index=154&type=chunk) Part II: Other Information [Item 1. Legal Proceedings](index=84&type=section&id=Item%201.%20Legal%20Proceedings) No pending legal proceedings beyond routine litigation; commitments and contingencies are referenced in Note 6 - The company is not a party to any pending legal proceedings other than ordinary routine litigation incidental to its business[155](index=155&type=chunk) - Information provided under Note 6 — 'Commitments and Contingencies' is incorporated by reference[155](index=155&type=chunk) [Item 1A. Risk Factors](index=84&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the 2023 Annual Report - No material changes in the risk factors discussed in Part I, Item 1A 'Risk Factors' in the 2023 Annual Report[138](index=138&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported - None[156](index=156&type=chunk) [Item 3. Defaults Upon Senior Securities](index=84&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[175](index=175&type=chunk) [Item 4. Mine Safety Disclosures](index=84&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the company's operations - Not applicable[176](index=176&type=chunk) [Item 5. Other Information](index=84&type=section&id=Item%205.%20Other%20Information) A trading plan for up to 82,000 common units was adopted by the Daniel J. Sajkowski 2011 Trust for future sales - The Daniel J. Sajkowski 2011 Trust adopted a trading plan (Rule 10b5-1(c)) for the potential sale of up to **82,000** common units between **March 1, 2025**, and **July 31, 2025**[201](index=201&type=chunk) [Item 6. Exhibits](index=85&type=section&id=Item%206.%20Exhibits) Exhibits include Conversion agreements, partnership amendments, senior note indentures, financing agreements, and certifications - Exhibits include the Conversion Agreement and its First Amendment, amendments to the First Amended and Restated Agreement of Limited Partnership, and the Amended and Restated Limited Liability Company Agreement of Calumet GP, LLC[157](index=157&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[163](index=163&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[188](index=188&type=chunk)[203](index=203&type=chunk) - Key debt-related exhibits include the Indenture for 2029 Secured Notes and the Fourth Amendment to the Third Amended and Restated Credit Agreement[164](index=164&type=chunk)[166](index=166&type=chunk) - Inventory financing agreements, such as the Monetization Master Agreement, Financing Agreement, and Supply and Offtake Agreement with J. Aron & Company LLC, are also listed[166](index=166&type=chunk)[204](index=204&type=chunk) - Sarbanes-Oxley Section 302 and Section 1350 certifications of Todd Borgmann and David Lunin are included[166](index=166&type=chunk) [SIGNATURES](index=88&type=section&id=SIGNATURES) The report was signed by David Lunin, EVP and CFO of Calumet GP, LLC, on May 10, 2024 - The report was signed by David Lunin, Executive Vice President and Chief Financial Officer of Calumet GP, LLC, on **May 10, 2024**[162](index=162&type=chunk)[167](index=167&type=chunk)