INDIANAPOLIS, March 31, 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, today announced that
George C. Morris III has retired
from the Board of Directors of Calumet's general partner, effective
immediately. Morris has served on the Board of Calumet's general
partner since 2009, and he has acted as a valued advisor to the
Company on a number of strategic matters both during and prior to
his service on the Board of Directors.
"I would like to personally thank George for the meaningful
contributions he has made to Calumet during his tenure on the
Board," said Tim Go, CEO of Calumet. "While we don't have any
immediate plans to fill George's position on the Board of Directors
of Calumet's general partner, we do expect to add talent to the
Board in the future that will bring strong industry experience and
knowledge over the long-term."
Morris said, "I'm thankful for the opportunity I've had to serve
on the Board of Directors for the last eight years, but my other
responsibilities have become too great for me to be able to
continue to fulfill the requirements of my position on the Board.
Having helped design and build its unique specialty products
business, I strongly believe in Calumet's future and believe that
Tim is assembling a strong management team. I'm optimistic
that Calumet will soon be able to grow again as the new management
team executes against Calumet's vision to become the premier
specialty petroleum products company in the world."
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, 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.