INDIANAPOLIS, Jan. 5, 2017 /PRNewswire/ -- Calumet
Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Company",
"Partnership" or "Calumet") a leading independent producer of
specialty hydrocarbon and fuels products, has named longtime energy
industry professional D. West
Griffin as the Partnership's Executive Vice President &
Chief Financial Officer (CFO), effective today. Mr. Griffin brings
with him over 30 years of industry experience where he has served
in executive management roles for a number of high profile
energy-related corporations. As CFO, Mr. Griffin will be
responsible for executing Calumet's ongoing deleveraging strategy,
as well as all financing and capital markets activities. He
will also be charged with managing the Company's balance sheet and
improving upon its financial planning capabilities.
Mr. Griffin joins Calumet from Energy XXI, a publicly listed
energy E&P company where he was one of the three founders and
also served as Chief Financial Officer from 2005 to 2014.
Throughout his tenure with Energy XXI, Mr. Griffin employed his
extensive background in debt refinancing and capital markets
solutions to oversee the refinancing of the firm's capital
structure and numerous growth-oriented acquisitions. Prior to
joining Energy XXI, Mr. Griffin served as CFO at Alon USA, a refining and marketing company, and as
CFO of InterGen North America, a joint venture between RDS Shell
and Bechtel. Mr. Griffin began his career as an
investment banker, working for both BT Securities and UBS.
Timothy Go, Chief Executive Officer commented, "West's deep
energy experience and history of navigating numerous energy cycles,
makes him a perfect fit for Calumet at this time. West's
significant capital markets and corporate transformation background
will help drive Calumet's strategy to both delever the business in
the near-term, and to grow the Partnership over the long-term, as
we reposition Calumet as the premier producer of specialty
petroleum products. We are very excited to welcome West to our
growing leadership team and look forward to working with him."
Additionally, the Company also announced that Patrick Murray, the Company's former Chief
Financial Officer, will serve in the new position of VP & Chief
Accounting Officer (CAO) at Calumet. This new leadership
position will be responsible for further developing key
organizational functions including all accounting, IT, and external
reporting.
Go concluded, "I would like to thank Pat for his continued
commitment to the Partnership. He has served Calumet for over 18
years, and as CFO he has made significant contributions for the
betterment of this Company, from taking Calumet public in 2006, to
helping to fund Calumet's growth through capital raising
initiatives, and closing on some of the Company's most successful
M&A initiatives. Pat has been an integral part of my
management team and has been a steady hand through this corporate
transformation. He will continue to be a vital asset for us and we
are glad to have his experience and foresight in addressing our
evolving needs as a business."
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a
master limited partnership and a leading independent producer of
high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and
other feedstocks into customized lubricating oils, solvents and
waxes used in consumer, industrial and automotive products;
produces fuel products including gasoline, diesel and jet fuel; and
provides oilfield services and products to customers throughout the
United States. Calumet is based in Indianapolis, Indiana and has manufacturing
facilities located in northwest Louisiana, northwest Wisconsin, northern Montana, western Pennsylvania, Texas, New
Jersey, Oklahoma and
eastern Missouri.
Safe Harbor Statement
Certain statements and information in this press release may
constitute "forward-looking statements." The words "believe,"
"expect," "anticipate," "plan," "intend," "foresee," "should,"
"would," "could" or other similar expressions are intended to
identify forward-looking statements, which are generally not
historical in nature. These forward-looking statements are
based on our current expectations and beliefs concerning future
developments and their potential effect on us. While
management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate.
All comments concerning our expectations for future sales and
operating results are based on our forecasts for our existing
operations and do not include the potential impact of any future
acquisitions. Our forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from our historical experience and our present
expectations or projections. Important factors that could
cause actual results to differ materially from those in the
forward-looking statements include: the overall demand for
specialty hydrocarbon products, fuels and other refined products;
our ability to produce specialty products and fuels that meet our
customers' unique and precise specifications; the impact of
fluctuations and rapid increases or decreases in crude oil and
crack spread prices, including the resulting impact on our
liquidity; the results of our hedging and other risk management
activities; our ability to comply with financial covenants
contained in our debt instruments; the availability of, and our
ability to consummate, acquisition or combination opportunities and
the impact of any completed acquisitions; labor relations; our
access to capital to fund expansions, acquisitions and our working
capital needs and our ability to obtain debt or equity financing on
satisfactory terms; successful integration and future performance
of acquired assets, businesses or third-party product supply and
processing relationships; our ability to timely and effectively
integrate the operations of recently acquired businesses or assets,
particularly those in new geographic areas or in new lines of
business; environmental liabilities or events that are not covered
by an indemnity, insurance or existing reserves; maintenance of our
credit ratings and ability to receive open credit lines from our
suppliers; demand for various grades of crude oil and resulting
changes in pricing conditions; fluctuations in refinery capacity;
our ability to access sufficient crude oil supply through long-term
or month-to-month evergreen contracts and on the spot market; the
effects of competition; continued creditworthiness of, and
performance by, counterparties; the impact of current and future
laws, rulings and governmental regulations, including guidance
related to the Dodd-Frank Wall Street Reform and Consumer
Protection Act; shortages or cost increases of power supplies,
natural gas, materials or labor; hurricane or other weather
interference with business operations; our ability to access the
debt and equity markets; accidents or other unscheduled shutdowns;
and general economic, market or business conditions. For
additional information regarding known material factors that could
cause our actual results to differ from our projected results,
please see our filings with Securities and Exchange Commission
("SEC"), including our latest Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Readers
are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date they are made. We
undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
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SOURCE Calumet Specialty Products Partners, L.P.