Calumet Specialty Products Partners, L.P. Reports First Quarter 2023 Results.

INDIANAPOLIS: Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today reported results for the first quarter ended March 31, 2023, as follows:

Three Months Ended March 31,

2023

2022

(Dollars in millions, except per unit data)

Net income (loss) attributable to partners

$ 28.7

$ (95.5)

Limited partners' interest basic net income (loss) per unit

$ 0.35

$ (1.18)

Adjusted EBITDA

$ 77.7

$ 23.3

Specialty Products and Solutions

Performance Brands

Montana/Renewables

Three months ended March 31,

Three months ended March 31,

Three months ended March 31,

2023

2022

2023

2022

2023

2022

(Dollars in millions, except per barrel data)

Gross profit (loss)

$ 110.3

$ 17.7

$ 23.6

$ 13.3

$ (37.2)

$ 1.7

Adjusted gross profit

$ 99.2

$ 35.4

$ 20.8

$ 13.9

$ 11.3

$ 11.9

Adjusted EBITDA

$ 76.4

$ 28.1

$ 16.4

$ 5.3

$ 4.8

$ 9.0

Gross profit (loss) per barrel

$ 21.30

$ 3.21

$ 185.83

$ 100.00

$ (23.09)

$ 0.68

Adjusted gross profit per barrel

$ 19.15

$ 6.42

$ 163.78

$ 104.51

$ 7.01

$ 4.78

"Financially and strategically, this was an extremely successful quarter for Calumet," said Todd Borgmann, CEO. "The Company's financial performance further validates the quality of our unique specialties business as we have generated $444.0 million of Adjusted EBITDA over the past twelve months."

Montana Renewables reached full operations in April. With our renewable hydrogen plant, pretreatment unit, and SAF units fully operating, we shift our focus to delivering industry-leading cash flow and further developing our Max SAF growth project on the path to a potential IPO of this pure-play renewable business.

"Over the past two years, we have stood up Montana Renewables and dramatically improved our credit profile simultaneously, which is a testament to our entire organization," said Borgmann.

Specialty Products and Solutions (SPS): The SPS segment reported Adjusted EBITDA of $76.4 million, compared to Adjusted EBITDA of $28.1 million for the same quarter a year ago. Both Specialty and Fuels margins were significantly higher during the first quarter than the prior year quarter.

Performance Brands (PB): The PB segment reported Adjusted EBITDA of $16.4 million, compared to Adjusted EBITDA of $5.3 million for the 2022 first quarter. First quarter results improved as price increases that were announced in prior periods have taken hold and raw material costs have started to stabilize. Further, $5.0 million of insurance proceeds related...