- Net loss of $95.5 million, or
$(1.18) per unit for the first
quarter 2022
- Positive outlook for Specialties business – healthy specialty
margins, exceptional fuels margins
- Standing up premier renewable diesel business; significant
feedstock volumes and product offtake secured
- Renewables monetization and excellent Specialties outlook
provide dual path to accelerate deleveraging
INDIANAPOLIS, May 6, 2022
/PRNewswire/ -- 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, 2022, as follows:
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
(Dollars in
millions, except per unit data)
|
Net loss
|
$
(95.5)
|
|
$
(146.1)
|
Net loss per
unit
|
$
(1.18)
|
|
$
(1.82)
|
Adjusted
EBITDA
|
$
23.3
|
|
$
(5.4)
|
|
Specialty Products
and Solutions
|
|
Performance
Brands
|
|
Montana/Renewables
|
|
Three Months Ended
March 31,
|
|
Three Months Ended
March 31,
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(Dollars in
millions, except per barrel data)
|
Gross profit
(loss)
|
$
17.7
|
|
$
(38.3)
|
|
$
13.3
|
|
$
23.5
|
|
$
1.7
|
|
$
(27.2)
|
Adjusted gross profit
(loss)
|
$
50.7
|
|
$
4.5
|
|
$
13.9
|
|
$
24.2
|
|
$
18.3
|
|
$
(0.4)
|
Adjusted
EBITDA
|
$
28.1
|
|
$
(2.2)
|
|
$
5.3
|
|
$
16.0
|
|
$
9.0
|
|
$
(2.0)
|
Gross profit (loss) per
barrel
|
$
3.21
|
|
$
(10.21)
|
|
$
100.00
|
|
$
166.67
|
|
$
0.68
|
|
$
(10.86)
|
Adjusted gross profit
(loss) per barrel
|
$
9.19
|
|
$
1.19
|
|
$
104.51
|
|
$
171.63
|
|
$
7.36
|
|
$
(0.17)
|
"I'd like to thank Steve for his leadership these last two
years, and I look forward to continuing to work with him in his new
role as our Executive Chairman," said Todd
Borgmann, CEO. "This is a very exciting and important
time for Calumet as our two businesses have excellent momentum and
are well positioned for success. MRL is progressing on all
fronts, and we're particularly pleased to see commercial execution
well ahead of schedule. We have secured approximately 5,000
barrels per day of feedstock volumes, matching our commissioning
requirement for the facility. Similarly, we've been
pleasantly surprised at the strength of renewable diesel demand in
the market, and we have reached terms on nearly all our product
volume. It's particularly exciting to accelerate our plans to
produce and market SAF, making us a material early mover in this
embryonic market with massive growth potential."
"Fundamentals in our specialty business rapidly improved
throughout the quarter and continue to accelerate. Further, our
plants operated well, delivering their highest quarterly production
volume in over three years. At times like this, the
competitive advantage of producing our specialty feeds from crude
truly shines. Should this exceptional margin environment hold
true then we are poised to generate significant free cash flow
which could accelerate our core objective of deleveraging."
Specialty Products & Solutions (SPS): The SPS
segment reported Adjusted EBITDA of $28.1
million, compared to Adjusted EBITDA of $(2.2) million for the same quarter a year
ago. Despite the crude price spike, our focus on commercial
excellence allowed us to maintain specialty margins of $50.31 per barrel. Fuels margins during the
first quarter were significantly higher than the first quarter of
2021. Additionally, first quarter 2021 results were impacted
by the plant-wide turnaround at the Shreveport facility and
Winter Storm Uri. Further,
production volumes in the first quarter 2022 were the strongest in
two years.
Performance Brands (PB): The PB segment reported
Adjusted EBITDA of $5.3 million,
compared to Adjusted EBITDA of $16.0
million for the same quarter a year ago. First quarter
results were impacted by the significant rise in commodity prices
and challenged supply chain relative to the same period last
year. The natural price lag between input costs and product
sales prices compressed margins throughout the quarter. Supply
chain issues appear to be easing, allowing us to reduce our order
backlog as well as show sequential earnings improvement.
Montana / Renewables
(MR): The MR segment reported $9.0
million of Adjusted EBITDA, compared to Adjusted EBITDA of
$(2.0) million for the first quarter
of 2021. The year-over-year improvement is largely
attributable to the higher crack spread environment experienced
during the first quarter, typically the weakest quarter of the
year.
Corporate: Total corporate costs are represented as
a loss of $19.1 million of Adjusted
EBITDA, compared to a loss of $17.2
million of Adjusted EBITDA in the fourth quarter of
2020.
Operations Summary
The following table sets forth information about the
Partnership's continuing operations. Facility production volume
differs from sales volume due to changes in inventories and the
sale of purchased blendstocks such as ethanol and specialty
blendstocks, as well as the resale of crude oil.
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
(In
bpd)
|
Total sales volume
(1)
|
90,422
|
|
71,097
|
Total feedstock runs
(2)
|
88,452
|
|
60,985
|
Facility production:
(3)
|
|
|
|
Specialty Products and
Solutions:
|
|
|
|
Lubricating oils
|
10,765
|
|
7,400
|
Solvents
|
6,977
|
|
6,388
|
Waxes
|
1,519
|
|
882
|
Fuels,
asphalt and other by-products
|
40,429
|
|
16,690
|
Total Specialty Products and Solutions
|
59,690
|
|
31,360
|
Montana/Renewables:
|
|
|
|
Gasoline
|
5,020
|
|
5,817
|
Diesel
|
9,671
|
|
10,060
|
Jet
fuel
|
1,108
|
|
869
|
Asphalt,
heavy fuel oils and other
|
9,865
|
|
10,628
|
Total Montana/Renewables
|
25,664
|
|
27,374
|
|
|
|
|
Performance
Brands
|
1,619
|
|
1,547
|
|
|
|
|
Total facility
production (3)
|
86,973
|
|
60,281
|
|
|
|
|
|
|
(1)
|
Total sales volume
includes sales from the production at our facilities and certain
third-party facilities pursuant to supply and/or processing
agreements, sales of inventories and the resale of crude oil to
third-party customers. Total sales volume includes the sale of
purchased blendstocks.
|
(2)
|
Total feedstock runs
represent the barrels per day of crude oil and other feedstocks
processed at our facilities and at certain third-party facilities
pursuant to supply and/or processing agreements.
|
(3)
|
The difference between
total facility production and total feedstock runs is primarily a
result of the time lag between the input of feedstocks and
production of finished products and volume loss.
|
Webcast Information
A conference call is scheduled for 9:00
a.m. ET on May 6, 2022 to discuss the financial and
operational results for the first quarter of 2022. Investors,
analysts and members of the media interested in listening to the
live presentation are encouraged to join a webcast of the call with
accompanying presentation slides, available on the Partnership's
website at www.calumetspecialty.com. Interested parties may also
participate in the call by dialing (866) 777-2509. Once dialed in,
please ask to be joined into the Calumet Specialty Products
Partners, L.P. call. A replay of the conference call will be
available a few hours after the event on the investor relations
section of the Partnership's website, under the events and
presentations section and will remain available for at least 90
days.
About the Partnership
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT)
manufactures, formulates, and markets a diversified slate of
specialty products to customers in a broad range of consumer-facing
and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve
facilities throughout North
America.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements and information in this press release may
constitute "forward-looking statements." The words "will," "may,"
"intend," "believe," "expect," "outlook," "forecast," "anticipate,"
"estimate," "continue," "plan," "should," "could," "would," or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. The
statements discussed in this press release that are not purely
historical data are forward-looking statements, including, but not
limited to, the statements regarding (i) the effect, impact,
potential duration or other implications of the ongoing novel
coronavirus ("COVID-19") pandemic, supply chain disruptions and
global crude oil production levels on our business and operations,
(ii) demand for finished products in markets we serve, (iii) our
expectation regarding our business outlook and cash flows, (iv) our
expectation regarding anticipated capital expenditures and
strategic initiatives, (v) our ability to meet our financial
commitments, debt service obligations, debt instrument covenants,
contingencies and anticipated capital expenditures and (vi) our
ability to convert a significant portion of our Great Falls refinery into a renewable diesel
manufacturing facility. 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 current 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 acquisition or
disposition transactions. Our forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause our actual results to
differ materially from our historical experience and our present
expectations or projections. Known material factors that could
cause actual results to differ materially from those in the
forward-looking statements include: the overall demand for
specialty products, fuels and other refined products; the level of
foreign and domestic production of crude oil and refined products;
our ability to produce specialty products and fuel products that
meet our customers' unique and precise specifications; the
marketing of alternative and competing products; 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 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; the costs of complying with the Renewable Fuel
Standard, including the prices paid for renewable identification
numbers ("RINs"); 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, business or political conditions
(including political tensions, conflicts and war).
For additional information regarding factors that could cause
our actual results to differ from our projected results, please see
our filings with the Securities and Exchange Commission ("SEC"),
including the risk factors and other cautionary statements in our
latest Annual Report on Form 10-K, subsequent Quarterly Reports on
Form 10-Q and other filings with the SEC.
We caution that these statements are not guarantees of future
performance and you should not rely unduly on them, as they involve
risks, uncertainties, and assumptions that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
While our management considers these assumptions to be reasonable,
they are inherently subject to significant business, economic,
competitive, regulatory and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. Accordingly, our actual results may
differ materially from the future performance that we have
expressed or forecast in our forward-looking statements. 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, except to
the extent required by applicable law.
Non-GAAP Financial Measures
Our management uses certain non-GAAP performance measures to
analyze operating segment performance and non-GAAP financial
measures to evaluate past performance and prospects for the future
to supplement our financial information presented in accordance
with generally accepted accounting principles ("GAAP"). These
financial and operational non-GAAP measures are important factors
in assessing our operating results and profitability and include
performance measures along with certain key operating metrics.
We use the following financial performance measures:
EBITDA: We define EBITDA for any period as net income (loss)
plus interest expense (including amortization of debt issuance
costs), income taxes and depreciation and amortization.
Adjusted EBITDA: We define Adjusted EBITDA for any period as:
EBITDA adjusted for (a) impairment; (b) unrealized gains and
losses from mark to market accounting for hedging activities;
(c) realized gains and losses under derivative instruments
excluded from the determination of net income (loss);
(d) non-cash equity-based compensation expense and other
non-cash items (excluding items such as accruals of cash expenses
in a future period or amortization of a prepaid cash expense) that
were deducted in computing net income (loss); (e) debt
refinancing fees, extinguishment costs, premiums and penalties; (f)
any net gain or loss realized in connection with an asset sale that
was deducted in computing net income (loss); (g) amortization of
turnaround costs; (h) LCM inventory adjustments; (i) the impact of
liquidation of inventory layers calculated using the LIFO method;
(j) RINs mark-to-market adjustments; and (k) all
extraordinary, unusual or non-recurring items of gain or loss, or
revenue or expense.
Distributable Cash Flow: We define Distributable Cash Flow for
any period as Adjusted EBITDA less replacement and environmental
capital expenditures, turnaround costs, cash interest expense
(consolidated interest expense less non-cash interest expense),
gain (loss) from unconsolidated affiliates, net of cash
distributions and income tax expense (benefit).
Specialty Products and Solutions segment Adjusted EBITDA Margin:
We define Specialty Products and Solutions segment Adjusted EBITDA
Margin for any period as Specialty Products and Solutions segment
Adjusted EBITDA divided by Specialty Products and Solutions segment
sales.
Specialty Products and Solutions segment Adjusted gross profit
(loss): We define Specialty Products and Solutions segment Adjusted
gross profit (loss) for any period as Specialty Products and
Solutions segment gross profit (loss) excluding the impact of (a)
LCM inventory adjustments; (b) the impact of liquidation of
inventory layers calculated using the LIFO method; (c) RINs
mark-to-market adjustments; and (d) depreciation and
amortization.
Performance Brands segment Adjusted gross profit (loss): We
define Performance Brands segment Adjusted gross profit (loss) for
any period as Performance Brands segment gross profit (loss)
excluding the impact of (a) LCM inventory adjustments; (b) the
impact of liquidation of inventory layers calculated using the LIFO
method; (c) RINs mark-to-market adjustments; and (d) depreciation
and amortization.
Montana/Renewables segment
Adjusted gross profit (loss): We define Montana/Renewables segment Adjusted gross
profit (loss) for any period as Montana/Renewables segment gross profit (loss)
excluding the impact of (a) LCM inventory adjustments; (b) the
impact of liquidation of inventory layers calculated using the LIFO
method; (c) RINs mark-to-market adjustments; and (d) depreciation
and amortization.
The definition of Adjusted EBITDA that is presented in this
press release is similar to the calculation of (i) "Consolidated
Cash Flow" contained in the indentures governing our 9.25% senior
secured first lien notes due July 15,
2024, that were issued in August
2020 (the "2024 Secured Notes"), our 11.00% senior notes due
April 15, 2025, that were issued in
October 2019 (the "2025 Notes"), and
our 8.125% senior notes due January 15,
2027, that were issued in January
2022 (the "2027 Notes") and (ii) "Consolidated EBITDA"
contained in the credit agreement governing our revolving credit
facility. We are required to report Consolidated Cash Flow to the
holders of our 2024 Secured Notes, 2025 Notes, and 2027 Notes and
Consolidated EBITDA to the lenders under our revolving credit
facility, and these measures are used by them to determine our
compliance with certain covenants governing those debt instruments.
Please see our filings with the SEC, including our most recent
Annual Report on Form 10-K, subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K, for additional details
regarding the covenants governing our debt instruments.
These non-GAAP measures are used as supplemental financial
measures by our management and by external users of our financial
statements such as investors, commercial banks, research analysts
and others, to assess:
- the financial performance of our assets without regard to
financing methods, capital structure or historical cost basis;
- the ability of our assets to generate cash sufficient to pay
interest costs and support our indebtedness;
- our operating performance and return on capital as compared to
those of other companies in our industry, without regard to
financing or capital structure;
- the viability of acquisitions and capital expenditure projects
and the overall rates of return on alternative investment
opportunities; and
- our operating performance excluding the non-cash impact of LCM
and LIFO inventory adjustments, RINs mark-to-market adjustments,
and depreciation and amortization.
We believe that these non-GAAP measures are useful to analysts
and investors, as they exclude transactions not related to our core
cash operating activities and provide metrics to analyze our
ability fund our capital requirements and to pay interest on our
debt obligations. We believe that excluding these transactions
allows investors to meaningfully analyze trends and performance of
our core cash operations.
EBITDA, Adjusted EBITDA, Distributable Cash Flow, and segment
Adjusted gross profit (loss) should not be considered alternatives
to Net income (loss), Operating income (loss), Net cash provided by
(used in) operating activities, gross profit (loss) or any other
measure of financial performance presented in accordance with GAAP.
In evaluating our performance as measured by EBITDA, Adjusted
EBITDA, Distributable Cash Flow, and segment Adjusted gross profit
(loss) management recognizes and considers the limitations of these
measurements. EBITDA and Adjusted EBITDA do not reflect our
liabilities for the payment of income taxes, interest expense or
other obligations such as capital expenditures. Accordingly,
EBITDA, Adjusted EBITDA, Distributable Cash Flow, and segment
Adjusted gross profit (loss) are only a few of several measurements
that management utilizes. Moreover, our EBITDA, Adjusted EBITDA,
Distributable Cash Flow, and segment Adjusted gross profit (loss)
may not be comparable to similarly titled measures of another
company because all companies may not calculate EBITDA, Adjusted
EBITDA, Distributable Cash Flow, and segment Adjusted gross profit
(loss) in the same manner. Please see the section of this release
entitled "Non-GAAP Reconciliations" for tables that present
reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash
Flow to Net income (loss), our most directly comparable GAAP
financial performance measure; and segment Adjusted gross profit
(loss) to segment gross profit (loss), our most directly comparable
GAAP financial performance measure.
CALUMET SPECIALTY
PRODUCTS PARTNERS, L.P. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In millions,
except unit and per unit data)
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
(In millions, except per unit and unit
data)
|
|
(Unaudited)
|
Sales
|
$
1,097.9
|
|
$
600.3
|
Cost of
sales
|
1,065.2
|
|
642.3
|
Gross profit
(loss)
|
32.7
|
|
(42.0)
|
Operating costs and
expenses:
|
|
|
|
Selling
|
12.6
|
|
13.1
|
General
and administrative
|
32.6
|
|
36.7
|
Other
operating expense
|
4.8
|
|
14.9
|
Operating
loss
|
(17.3)
|
|
(106.7)
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(51.6)
|
|
(34.2)
|
Loss on
derivative instruments
|
(22.1)
|
|
(5.2)
|
Other
income (expense)
|
(3.8)
|
|
0.2
|
Total other
expense
|
(77.5)
|
|
(39.2)
|
Net loss before income
taxes
|
(94.8)
|
|
(145.9)
|
Income tax
expense
|
0.7
|
|
0.2
|
Net loss
|
$
(95.5)
|
|
$
(146.1)
|
Allocation of net
loss
|
|
|
|
Net
loss
|
$
(95.5)
|
|
$
(146.1)
|
Less:
|
|
|
|
General partner's interest in net loss
|
(1.9)
|
|
(2.9)
|
Net loss
attributable to limited partners
|
$
(93.6)
|
|
$
(143.2)
|
Weighted average
limited partner units outstanding:
|
|
|
|
Basic and
diluted
|
79,074,630
|
|
78,593,724
|
Limited partners'
interest basic and diluted net loss per unit:
|
|
|
|
Limited
partners' interest
|
$
(1.18)
|
|
$
(1.82)
|
CALUMET SPECIALTY
PRODUCTS PARTNERS, L.P. CONDENSED CONSOLIDATED
BALANCE SHEETS (In millions)
|
|
|
March 31,
2022
|
|
December 31,
2021
|
|
(Unaudited)
|
|
|
ASSETS
|
(In
millions)
|
Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$
10.7
|
|
$
38.1
|
Accounts
receivable
|
|
|
|
Trade,
less allowance for credit losses of $2.8 million and $2.0 million,
respectively
|
306.1
|
|
216.8
|
Other
|
26.6
|
|
36.2
|
|
332.7
|
|
253.0
|
Inventories
|
337.6
|
|
326.6
|
Prepaid
expenses and other current assets
|
10.8
|
|
14.9
|
Total current
assets
|
691.8
|
|
632.6
|
Property, plant and
equipment, net
|
1,015.2
|
|
949.7
|
Restricted
cash
|
43.9
|
|
83.8
|
Other noncurrent
assets, net
|
444.7
|
|
461.8
|
Total assets
|
$
2,195.6
|
|
$
2,127.9
|
LIABILITIES AND
PARTNERS' CAPITAL (DEFICIT)
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
415.1
|
|
$
301.0
|
Accrued
interest payable
|
38.1
|
|
27.7
|
Accrued
salaries, wages and benefits
|
60.4
|
|
93.7
|
Obligations under inventory financing agreements
|
184.0
|
|
173.0
|
Current
portion of RINs obligation
|
310.0
|
|
200.1
|
Other
current liabilities
|
101.3
|
|
96.9
|
Current
portion of long-term debt
|
7.3
|
|
7.4
|
Total current
liabilities
|
1,116.2
|
|
899.8
|
Other long-term
liabilities
|
101.4
|
|
115.6
|
Long-term RINs
obligation, less current portion
|
—
|
|
78.8
|
Long-term debt, less
current portion
|
1,441.8
|
|
1,418.8
|
Total
liabilities
|
$
2,659.4
|
|
$
2,513.0
|
Commitments and
contingencies
|
|
|
|
Partners' capital
(deficit):
|
|
|
|
Limited
partners' interest 79,098,874 units and 78,676,262 units issued and
outstanding as of March 31, 2022 and December 31, 2021,
respectively
|
$
(455.7)
|
|
$
(378.8)
|
General
partner's interest
|
1.9
|
|
3.8
|
Accumulated other comprehensive loss
|
(10.0)
|
|
(10.1)
|
Total partners' capital
(deficit)
|
(463.8)
|
|
(385.1)
|
Total liabilities and
partners' capital (deficit)
|
$
2,195.6
|
|
$
2,127.9
|
CALUMET SPECIALTY
PRODUCTS PARTNERS, L.P. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (In
millions)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
(In
millions)
|
Operating
activities
|
|
|
|
Net loss
|
$
(95.5)
|
|
$
(146.1)
|
Non-cash
activities
|
53.3
|
|
30.5
|
Changes in assets and
liabilities
|
39.3
|
|
65.3
|
Net cash used in
operating activities
|
(2.9)
|
|
(50.3)
|
Investing
activities
|
|
|
|
Additions to property,
plant and equipment
|
(67.2)
|
|
(6.2)
|
Other investing
activities
|
0.2
|
|
—
|
Net cash used in
investing activities
|
(67.0)
|
|
(6.2)
|
Financing
activities
|
|
|
|
Proceeds from
borrowings — revolving credit facility
|
265.0
|
|
216.1
|
Repayments of
borrowings — revolving credit facility
|
(254.0)
|
|
(208.6)
|
Proceeds from
borrowings — senior notes
|
325.0
|
|
—
|
Repayments of
borrowings — senior notes
|
(325.0)
|
|
—
|
Proceeds from inventory
financing
|
434.4
|
|
134.4
|
Payments on inventory
financing
|
(445.8)
|
|
(145.3)
|
Proceeds from other
financing obligations
|
13.9
|
|
70.0
|
Other financing
activities
|
(10.9)
|
|
(5.3)
|
Net cash provided by
financing activities
|
2.6
|
|
61.3
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
(67.3)
|
|
4.8
|
Cash, cash equivalents
and restricted cash at beginning of period
|
121.9
|
|
109.4
|
Cash, cash equivalents
and restricted cash at end of period
|
$
54.6
|
|
$
114.2
|
Cash and cash
equivalents
|
10.7
|
|
114.2
|
Restricted
cash
|
43.9
|
|
—
|
Supplemental
disclosure of non-cash investing activities
|
|
|
|
Non-cash property,
plant and equipment additions
|
$
71.3
|
|
$
7.9
|
CALUMET SPECIALTY
PRODUCTS
PARTNERS, L.P. NON-GAAP RECONCILIATIONS RECONCILIATION
OF NET INCOME (LOSS) TO EBITDA,
ADJUSTED EBITDA AND DISTRIBUTABLE CASH
FLOW (In millions)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
(In
millions)
|
Reconciliation of
Net loss to EBITDA, Adjusted EBITDA and Distributable Cash
Flow:
|
(Unaudited)
|
Net loss
|
$
(95.5)
|
|
$
(146.1)
|
Add:
|
|
|
|
Interest expense
|
51.6
|
|
34.2
|
Depreciation and amortization
|
24.3
|
|
26.2
|
Income tax expense
|
0.7
|
|
0.2
|
EBITDA
|
$
(18.9)
|
|
$
(85.5)
|
Add:
|
|
|
|
LCM / LIFO gain
|
$
(6.0)
|
|
$
(22.7)
|
Unrealized loss on derivative instruments
|
22.1
|
|
6.3
|
Amortization of turnaround costs
|
5.9
|
|
4.7
|
Loss on impairment and disposal of assets
|
—
|
|
0.7
|
RINs mark-to-market loss
|
9.4
|
|
75.0
|
Equity-based compensation and other items
|
7.0
|
|
13.6
|
Other non-recurring expenses
|
3.8
|
|
2.5
|
Adjusted
EBITDA
|
$
23.3
|
|
$
(5.4)
|
Less:
|
|
|
|
Replacement and environmental capital expenditures
(1)
|
$
8.6
|
|
$
5.2
|
Cash interest expense (2)
|
47.5
|
|
32.7
|
Turnaround costs
|
9.8
|
|
7.3
|
Income tax expense
|
0.7
|
|
0.2
|
Distributable Cash
Flow
|
$
(43.3)
|
|
$
(50.8)
|
|
|
|
|
|
|
|
|
(1)
|
Replacement capital
expenditures are defined as those capital expenditures which do not
increase operating capacity or reduce operating costs and exclude
turnaround costs. Environmental capital expenditures include asset
additions to meet or exceed environmental and operating
regulations.
|
(2)
|
Represents consolidated
interest expense less non-cash interest expense.
|
CALUMET SPECIALTY
PRODUCTS PARTNERS, L.P. RECONCILIATION OF SEGMENT
GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT
(LOSS) (In millions, except per barrel
data)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
(Dollars in
millions, except per barrel data)
|
Reconciliation of
Segment Gross Profit (Loss) to Segment Adjusted Gross Profit
(Loss):
|
(Unaudited)
|
Specialty Products and
Solution segment gross profit (loss)
|
$
17.7
|
|
$
(38.3)
|
LCM/LIFO inventory
gain
|
(3.4)
|
|
(17.6)
|
RINs mark to market
loss
|
20.6
|
|
43.7
|
Depreciation and
amortization
|
15.8
|
|
16.7
|
Specialty Products and
Solutions segment Adjusted gross profit
|
$
50.7
|
|
$
4.5
|
|
|
|
|
Performance Brands
segment gross profit
|
$
13.3
|
|
$
23.5
|
Depreciation and
amortization
|
0.6
|
|
0.7
|
Performance Brands
segment Adjusted gross profit
|
$
13.9
|
|
$
24.2
|
|
|
|
|
Montana/Renewables
segment gross profit (loss)
|
$
1.7
|
|
$
(27.2)
|
LCM/LIFO inventory
gain
|
(2.6)
|
|
(5.1)
|
RINs mark to market
loss
|
9.7
|
|
23.3
|
Depreciation and
amortization
|
9.5
|
|
8.6
|
Montana/Renewables
segment Adjusted gross profit (loss)
|
$
18.3
|
|
$
(0.4)
|
|
|
|
|
Reported Specialty
Products and Solutions segment gross profit (loss) per
barrel
|
$
3.21
|
|
$
(10.21)
|
LCM/LIFO inventory gain
per barrel
|
(0.62)
|
|
(4.69)
|
RINs mark to market
loss per barrel
|
3.74
|
|
11.64
|
Depreciation and
amortization per barrel
|
2.86
|
|
4.45
|
Specialty Products and
Solutions segment Adjusted gross profit per barrel
|
$
9.19
|
|
$
1.19
|
|
|
|
|
Reported Performance
Brands segment gross profit per barrel
|
$
100.00
|
|
$
166.67
|
Depreciation and
amortization per barrel
|
4.51
|
|
4.96
|
Performance Brands
segment Adjusted gross profit per barrel
|
$
104.51
|
|
$
171.63
|
|
|
|
|
Reported
Montana/Renewables segment gross profit (loss) per
barrel
|
$
0.68
|
|
$
(10.86)
|
LCM/LIFO inventory gain
per barrel
|
(1.05)
|
|
(2.04)
|
RINs mark to market
loss per barrel
|
3.90
|
|
9.30
|
Depreciation and
amortization per barrel
|
3.83
|
|
3.43
|
Montana/Renewables
segment Adjusted gross profit (loss) per barrel
|
$
7.36
|
|
$
(0.17)
|
|
|
|
|
Specialty Products and
Solutions Adjusted EBITDA
|
$
28.1
|
|
$
(2.2)
|
Specialty Products and
Solutions sales
|
769.4
|
|
380.1
|
Specialty Products and
Solutions Adjusted EBITDA margin
|
3.7 %
|
|
(0.6) %
|
View original
content:https://www.prnewswire.com/news-releases/calumet-specialty-products-partners-lp-reports-first-quarter-2022-results-301541591.html
SOURCE Calumet Specialty Products Partners, L.P.