Slide 1: Fourth Quarter and Full Year 2023 Financial Results
click to enter your slide title Fourth Quarter and Full Year 2023 Financial Results February 23, 2024 1
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements 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 February 23, 2024. The information in this Presentation includes certain “
Slide 3: Tax Disclosures
Tax Disclosures No Advice This Presentation has been prepared by Calumet as of February 23, 2024. This Presentation has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Calumet unitholders should consult t
Slide 4: Milestones to C-Corp Conversion
Milestones to C-Corp Conversion Q4 2023 Q1 2024 Q2 2024 November Announced intent Signed conversion Expect to file 30-day Comment Expect to file final Expect to schedule Expect to convert to to convert Calumet agreement with preliminary Form Period for SEC to S-4 pending sign unitholder vote on C-Co
Slide 5: 2023 Strategic Recap
2023 Strategic Recap ➢$260.5 million of Adjusted EBITDA(1) ➢Meaningful lost opportunity at MRL (steam drum replacement) and Shreveport (winter freeze and summer tornadoes) ➢Advanced Specialties commercial leadership position with 5th straight year of margin growth ➢De-risked core elements of MRL bus
Slide 6: Performance Summary
Performance Summary 4Q2023 FY2023 Business Overview Business Segment Adjusted Adjusted ➢ 4Q 2023 Adjusted EBITDA of $39.7MM(1) EBITDA ($MM) EBITDA ($MM) ➢ Full Year 2023 Adjusted EBITDA of $260.5MM (1) Specialty Products and $75.6 $251.2 Solutions (SPS) ➢ Continued strong results in Specialties busi
Slide 7: Specialty Products and Solutions
Specialty Products and Solutions © 2024 Calumet Specialty Products Partners, L.P. 7
Slide 8: Specialty Products and Solutions
Specialty Products and Solutions 4Q2022 4Q2023 FY2023 ➢ Strong specialty margins more than offset seasonally Adjusted EBITDA ($MM) $96.1 $75.6 $251.2 weaker Fuels & Asphalt margins Specialty Products Material Margin ($/bbl) $91.32 $70.08 $72.59 ➢ Solid operational performance during the quarter Fuel
Slide 9: Performance Brands
Performance Brands © 2024 Calumet Specialty Products Partners, L.P. 9
Slide 10: Performance Brands
Performance Brands 4Q2022 4Q2023 FY2023 ➢ Full year financial performance in-line with expectations Sales ($MM) $73.7 $70.8 $310.3 ➢ Double digit growth in core industrial business lines Adjusted EBITDA ($MM) $2.7 $6.1 $47.9 ➢ Mining, power and marine applications ➢ Retail seasonally slow as custome
Slide 11: 5 Years of Specialties Execution
5 Years of Specialties Execution Specialties Material Margin ($/BBL) ➢ 5 consecutive years of Specialties material margin growth $90 ➢ Combination of exceptional team, integrated assets, high customer focus, technology, and strong market $80 ➢ 18% of our production volumes are upgraded through our i
Slide 12: Montana/Renewables
Montana/Renewables Facility operating in two services, 12,000 bpcd crude refinery and 12,000 bpcd renewables © 2024 Calumet Specialty Products Partners, L.P. 12
Slide 13: Montana/Renewables
Montana/Renewables 4Q2022 4Q2023 FY2023 Adjusted EBITDA ($MM) $(13.1) $(25.8) $30.2 Conventional Production (bpd) 8,440 11,663 11,771 Renewable Production (bpd) - 5,441 6,314 Specialty Asphalt Plant ➢ Seasonal decline in clean product margin and conclusion of retail asphalt paving season Renewables
Slide 14: 2024 Outlook
2024 Outlook ➢Multiple near-term catalysts on the horizon for 2024 ➢Full operations at Montana Renewables ➢ Financial demonstration of Montana Renewables expected in Q2 ➢MRL DOE loan progressing ➢ Supports final investment decision on MaxSAF expansion project ➢Conversion of Calumet from a MLP to a C
Slide 15: Appendix
click to enter your slide title Appendix 15
Slide 16: Capital Structure Overview
Capital Structure Overview Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 03/31/22 06/30/22 09/30/22 12/31/22 03/31/23 06/30/23 09/30/23 12/31/23 Unrestricted Cash $ 10.7 $ 27.5 $ 50.5 $ 35.2 $ 11.2 $ 36.0 $ 13.7 $ 7.9 ABL Revolver Borrowings $ 11.0 $ — $ 87.0 $ 104.0 $ 226.
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA ($ in millions) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Net income (loss) $(95.5) $(15.3) $14.6 $(77.1) $18.6 $(22.3) $99.8 $(48.0) Add: Depreciation and amortization 30.2 30.3 30.2 30.7 37.2 42.9 43.6 59.3 LCM / LIFO (ga