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 ...

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 ...