INDIANAPOLIS, April 26, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the first quarter 2024 on May 10, 2024. A conference call to discuss the financial and operational results is scheduled for May 10 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 with accompanyi ...

INDIANAPOLIS, April 16, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today provided an operational update for the first quarter of 2024. As previously reported, Montana Renewables (MRL) resumed production at its Great Falls, MT, site in December 2023.  The site operated well throughout the first quarter of 2024 as volumes sequentially improved each month.  First quarter results for the MRL business are expected to reflect ...

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 ...

The Shreveport facility receives crude oil via tank truck, railcar and a common carrier pipeline system that is operated by a subsidiary of Plains All American Pipeline, L.P. ("Plains") and is connected to Shreveport's facilities. The Plains pipeline system delivers local supplies of crude oil and condensates from north Louisiana and east Texas. The Plains pipeline also connects to a Plains terminal in Longview, TX, which gives the refinery access to crude oil in west Texas and access to the Cushing, Oklaho ...

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 ...