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

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

Three Months Ended September 30,

Nine months ended September 30,

2022

2021

2022

2021

(Dollars in millions, except per unit data)

Net income (loss) attributable to partners

$ 15.7

$ 51.5

$ (95.1)

$ (173.0)

Net income (loss) per unit

$ 0.19

$ 0.64

$ (1.18)

$ (2.15)

Adjusted EBITDA

$ 127.0

$ 58.8

$ 326.1

$ 85.7

Specialty Products and Solutions

Performance Brands

Montana/Renewables

Three months ended September 30,

Three months ended September 30,

Three months ended September 30,

2022

2021

2022

2021

2022

2021

(Dollars in millions, except per barrel data)

Gross profit (loss)

$ 123.4

$ 74.0

$ 17.0

$ 16.6

$ (1.1)

$ 42.7

Adjusted gross profit

$ 149.4

$ 52.9

$ 17.4

$ 14.4

$ 11.7

$ 26.1

Adjusted EBITDA

$ 131.7

$ 46.3

$ 8.5

$ 6.8

$ 11.3

$ 24.4

Gross profit (loss) per barrel

$ 21.65

$ 15.30

$ 139.34

$ 137.19

$ (0.96)

$ 16.03

Adjusted gross profit per barrel

$ 26.22

$ 10.94

$ 142.62

$ 119.01

$ 10.17

$ 9.80

Specialty Products and Solutions

Performance Brands

Montana/Renewables

Nine months ended September 30,

Nine months ended September 30,

Nine months ended September 30,

2022

2021

2022

2021

2022

2021

(Dollars in millions, except per barrel data)

Gross profit

$ 229.2

$ 43.4

$ 44.5

$ 56.5

$ 42.2

$ 10.5

Adjusted gross profit

$ 328.8

$ 95.4

$ 45.9

$ 55.2

$ 97.6

$ 41.5

Adjusted EBITDA

$ 283.3

$ 75.9

$ 17.5

$ 30.1

$ 88.9

$ 35.2

Gross profit per barrel

$ 13.63

$ 3.20

$ 112.09

$ 143.04

$ 6.78

$ 1.35

Adjusted gross profit per barrel

$ 19.55

$ 7.04

$ 115.62

$ 139.75

$ 15.69

$ 5.35

"Calumet made tremendous strategic strides and executed exceptionally well during the third quarter," said Todd Borgmann, CEO.

"While Montana Renewables has received so much of the attention, our specialty team has been clicking on all cylinders. A strong market environment coupled with superb commercial and operational execution allowed us to generate another strong quarter as we rapidly approach our strategic goal of achieving a competitive leverage profile.

During the quarter, Montana Renewables announced our partnership with Warburg Pincus, a world-renowned investor with particular expertise in scaling advantaged businesses through their de-carbonization platform. Further, we added the capability to produce Sustainable Aviation Fuel. Montana Renewables will be the largest SAF...