Calumet Specialty Products Partners, L.P Reports Second Quarter 2022 Results.

INDIANAPOLIS: Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today reported results for the second quarter ended June 30, 2022, as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

(Dollars in millions, except per unit data)

Net loss

$ (15.3)

$ (78.4)

$ (110.8)

$ (224.5)

Net loss per unit

$ (0.19)

$ (0.97)

$ (1.37)

$ (2.79)

Adjusted EBITDA

$ 175.8

$ 32.3

$ 199.1

$ 26.9

Specialty Products and Solutions

Performance Brands

Montana/Renewables

Three Months Ended June 30,

Three Months Ended June 30,

Three Months Ended June 30,

2022

2021

2022

2021

2022

2021

(Dollars in millions, except per barrel data)

Gross profit (loss)

$ 88.1

$ 7.7

$ 14.2

$ 16.4

$ 41.6

$ (5.0)

Adjusted gross profit

$ 144.0

$ 38.0

$ 14.6

$ 16.6

$ 74.0

$ 15.8

Adjusted EBITDA

$ 123.5

$ 31.8

$ 3.7

$ 7.3

$ 68.6

$ 12.8

Gross profit (loss) per barrel

$ 15.72

$ 1.55

$ 100.00

$ 123.31

$ 16.12

$ (1.93)

Adjusted gross profit per barrel

$ 25.69

$ 7.65

$ 102.82

$ 124.81

$ 28.67

$ 6.11

Specialty Products and Solutions

Performance Brands

Montana/Renewables

Six Months Ended June 30,

Six Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

2022

2021

(Dollars in millions, except per barrel data)

Gross profit (loss)

$ 105.8

$ (30.6)

$ 27.5

$ 39.9

$ 43.3

$ (32.2)

Adjusted gross profit

$ 179.4

$ 42.5

$ 28.5

$ 40.8

$ 85.9

$ 15.4

Adjusted EBITDA

$ 151.6

$ 29.6

$ 9.0

$ 23.3

$ 77.6

$ 10.8

Gross profit (loss) per barrel

$ 9.51

$ (3.51)

$ 100.00

$ 145.62

$ 8.54

$ (6.33)

Adjusted gross profit per barrel

$ 16.13

$ 4.87

$ 103.64

$ 148.91

$ 16.95

$ 3.03

"Today is a special day at Calumet as we announce a record financial quarter and a transformational equity investment that places a $2.25 billion enterprise value on Montana Renewables," said Todd Borgmann, CEO. "These achievements are the culmination of the extraordinary effort, commitment, and faith of our employees, customers, and investors, and I thank you for that commitment. From here, we will continue to focus on our strategic vision of creating and separating two leading businesses and further de-leveraging Calumet's balance sheet."

"Our second quarter performance highlights the power of Calumet's unique, highly integrated specialty business. Calumet has demonstrated the ability to perform across the range of business cycles. We relied on our consumer-facing product lines to weather the depths of Covid, and we now have configured to deliver...