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."

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