goldman sachs global energy conference...

J A N U A R Y 6 , 2 0 1 6

Goldman Sachs Global Energy Conference 2016

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Forward-Looking Statements

This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of January 5, 2016. The information in this Presentation includes certain “forward-looking statements”. These statements can be identified by the use of forward-looking terminology including “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “continue” or other similar words. The statements discussed in this Presentation that are not purely historical data are forward-looking statements. These forward-looking statements discuss future expectations or state other “forward-looking” information and involved risks and uncertainties. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q could cause our actual results to differ materially from those contained in any forward-looking statement. Our forward-looking statements are not guarantees of future performance, and actual results and future performance may differ materially from those suggested in any forward-looking statement. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. Existing and prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Presentation. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this Presentation or to reflect the occurrence of unanticipated events. The information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company, its assets, financial condition and prospects and of the data set forth in this Presentation. This Presentation shall not be deemed an indication of the state of affairs of the Company, or its businesses described herein, at any time after the date of this Presentation nor an indication that there has been no change in such matters since the date of this Presentation. This Presentation and any other information which you may be given at the time of presentation, in whatever form, do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of the Company, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Neither this Presentation nor any information included herein should be construed as or constitute a part of a recommendation regarding the securities of the Company. Furthermore, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Neither the Company nor any of its officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation.

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PARTNERSHIP OVERVIEW

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Calumet at a Glance

Fixed-distribution Master Limited Partnership founded in 1990; IPO in 2006

Approximately $482.0 million in LTM Adjusted EBITDA*† and $4.7 billion in annual sales*

14 production facilities with approximately 182,000 bpd of capacity

Produce nearly 5,000 specialty products sold to ~6,400 global customers

Founding families own 100% of General Partner; 22% of Limited Partner Units

STEADY QUARTERLY CASH DISTRIBUTION

GROWING ADJUSTED EBITDA

GEOGRAPHICALLY DIVERSE

MARKET LEADER COMMITTED SPONSORS

* LTM as of 9/30/15† Excluding special items

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Our Geographic Footprint

STORAGE

In total, we have approximately 13.2 million barrels of aggregate storage capacity at our facilities and leased storage locations

SPECIALTY PRODUCTS SEGMENT

Ten specialty products facilities that manufacture more than 6,000 products for global customers

FUEL PRODUCTS SEGMENT

Four fuel products refineries with access to cost-advantaged Canadian and domestic shale-based feedstocks

OILFIELD SERVICES SEGMENT

More than 30 facilities serving ~300 E&P customers that operate in key shale plays in North America

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Nearly 5,000 Specialty Products – Wide Variety of Applications

LUBRICATING OILS

Hydraulic oils

Passenger car motor oils

Railroad engine oils

Cutting oils

Compressor oils

Metalworking fluids

Transformer oils

Rubber process oils

Industrial lubricants

Gear oils and grease

Automatic transmission fluids

Animal feed dedusting

Baby oils

Bakery pan oils

Catalyst carriers

Gelatin capsule lubricants

Sunscreen

WAXES

Paraffin waxes

FDA-compliant products

Candles

Adhesives

Crayons

Floor care

PVC

Paint strippers

Skin & hair care

Timber treatment

Waterproofing

Pharmaceuticals

Cosmetics

SOLVENTS

Waterless hand cleaners

Alkyd resin diluents

Automotive products

Calibration fluids

Camping fuel

Charcoal lighter fluids

Chemical processing

Drilling fluids

Printing inks

Water treatment

Paint and coatings

Stains

OILFIELD SERVICES OTHER

Drilling fluids

Completion fluids

Production chemicals

Solids control

Low-temperature aviation oil

Synthetic lubricants

of total production1

PACKAGED & SYNTHETIC SPECIALTY PRODUCTS

Refrigeration compressor oils

Positive displacement and roto-dynamic compressor oils

Commercial and military jet engine oil

Lubricating greases and gear oils

Aviation hydraulic oils

High-performance small engine fuels

Two-cycle and four-stroke engine oils

High-performance auto engine oils

High-performance industrial lubricants

High-temp chain lubricants

Food contact grade lubricants

Charcoal lighter fluids

Engine treatment additives

FUELS & ASPHALT

Gasoline

Diesel

Jet fuel

Marine diesel fuel

Biodiesel

Ethanol

Ethanol-free fuels

Fluid catalytic cracking feedstock

Asphalt vacuum residuals

Mixed butanes

Roofing

Paving

Heavy fuel oils

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Diverse Specialty Products Customer Base

Long-term relationships; low customer concentration

No single customer is more than 10% of sales

High barriers to entry

Historical international sales CAGR in excess of 50%

Offer a diverse range of specialty products

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3Q15 PERFORMANCE SUMMARY

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Fifth Consecutive Quarter of Approximately $100+ Million of Adjusted EBITDA

0

50,000

100,000

150,000

$0

$50

$100

$150

$110.7

$136.1$124.9

$95.0

$131.7

INCREASED OPERATIONAL RELIABILITY HAS SUPPORTED FIVE CONSECUTIVE QUARTERS OF APPROXIMATELY $100 MM+ ADJUSTED EBITDA(1)

FUEL PRODUCTS PRODUCTION (BPD)

Adju

sted

EB

ITD

A

($ in

mill

ions

)

Bar

rels

per

Day

SPECIALTY PRODUCTS PRODUCTION (BPD) ADJUSTED EBITDA ($MM), EXCLUDING SPECIAL ITEMS

3Q14(1) 4Q14(1) 1Q15 2Q15 3Q15(1)

INCREASED CONTRIBUTIONS FROM FUEL PRODUCTS SEGMENT DROVE Y/Y IMPROVEMENT IN TOTAL ADJUSTED EBITDA ($MM)(1)

3Q14 3Q15

$64.1 $61.1

$29.3

$72.9

0

16

32

48

64

80

$17.3

($2.3)0

55

110

165

220

$110.7$131.7

Specialty Products Fuel Products Oilfield Services Total Adjusted EBITDA

(1) Excludes special items

Record Third Quarter Adjusted EBITDA, excluding special items

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Specialty Products Margins Benefit From Lower Crude Oil Prices

SIGNIFICANT Y/Y INCREASE IN FUEL PRODUCTS MARGINS DRIVEN BY ELEVATED REFINED PRODUCT PRICES IN THE MID-CONTINENT ($ PER BARREL)

NICHE MARKET ADVANTAGE – AVERAGE SALES PRICE PER SPECIALTY PRODUCTS BARREL SOLD LAGS PRICE DECLINE IN WTI ($ PER BARREL)

$42.53$44.30

$3.81

$10.30

$3.29

$10.22

Specialty Products Segment Gross Profit

Per Barrel (excludes LCM Inventory

Adjustment)

Fuel Products Segment Gross Profit Per Barrel

(includes Hedging, excludes LCM Inventory

Adjustment)

Fuel Products Segment Gross Profit Per Barrel

(excludes Hedging & LCM Inventory

Adjustment)

3Q14

3Q15

0

50

100

150

200

3Q14 4Q14 1Q15 2Q15 3Q15

Avg. Sales Price Per Specialty Products Barrel

Avg. Sales Price Per Fuel Products Barrel (Excluding Hedging)

Avg. WTI per Barrel ($)

Specialty Products Demand Premium Pricing

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Organic Growth Projects Near Completion

■ Calumet has three organic growth projects that are slated to reach completion by year-end 2015. The total estimated annualized Adjusted EBITDA contribution from these three projects is in excess of $100 million upon startup, subject to market conditions.

■ The expansion of the Great Falls, Montana refinery from a nameplate capacity of 10,000 bpd to 25,000 bpd. The Great Falls, Montana refinery expansion is scheduled to reach completion by December 2015. We currently anticipate that the refinery will begin producing at increased rates throughout the first quarter 2016, with the intent to increase production to full rates by late in the first quarter 2016.

■ The more than doubling of production capacity at the Missouri esters plant to 75 million pounds per year. The Partnership anticipates that the Missouri esters plant will be completed during the fourth quarter 2015, at which time Calumet intends to ramp up sales volumes to customers.

■ The conversion of a portion of ultra-low sulfur diesel production at the San Antonio refinery to 3,000 bpd of higher-value solvents. The San Antonio refinery is slated to begin the sale of low aromatic solvents to both domestic and international markets during the fourth quarter 2015.

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3Q15 FINANCIAL ANALYSIS

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Adjusted EBITDA Bridge – 3Q14 vs. 3Q15 ($MM)

3Q14 Adj EBITDA

Specialty Margin

RINs Volume OtherFuelsMargin

OFS Margin LCM Inventory

Adjustment

Transportation Hedging 3Q15 Adj EBITDA*

JV Loss

$107.5$7.2

$7.6

$64.6

($4.4)($5.7)

($7.7)($9.2)

($11.2)

($17.8)

($55.5)

$75.4

* Includes special items

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Reconciliation of Distributable Cash Flow

0.1x 0.1x

0.7x

1.0x

1.8x1.6x

0.8x

1.1x

($32.1)

($9.4)

$3.6$10.0$9.4

($27.4)

$25.7

0

20

40

60

($8.9)

$21.0Y/Y CHANGE IN DRIVERS OF DISTRIBUTABLE CASH FLOW – 3Q14 VS. 3Q15 ($MM) (1)

(1) Distributable Cash Flow (“DCF”) is calculated by taking Adjusted EBITDA less replacement/environmental CAPEX, cash interest expense, loss from unconsolidated affiliates, turnaround costs and income tax expense (benefit). 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 & operating regulations. Cash interest expense represents consolidated interest expense less non-cash interest expense and excludes capitalized interest.

(2) The Distribution Coverage Ratio is a non-GAAP measure that divides the total distributable cash flow available for payment to unitholders by actual cash distributions. A ratio of above 1.0x implies that the Partnership had sufficient DCF to “cover” its distribution.

(3) Excluding special items

DISTRIBUTION COVERAGE RATIO REMAINING ABOVE 1.0X ON A TRAILING FOUR-QUARTER BASIS (2)

Adjusted EBITDA

Adjusted EBITDA,

excluding special items(3)

Rep./Env. CAPEX Cash Interest Expense Turnaround Costs Income Tax Benefit

DCF DCF,excluding

special items(3)

2013 (Avg.), excluding

special items(3)

2014 (Avg.), excluding

special items(3)

2013 (Avg.)

2014 (Avg.)

3Q15 3Q15,excluding

special items(3)

LTM Avg. (4Q14-3Q15)

LTM Avg. (4Q14-3Q15),

excluding special items(3)

Loss from Unconsolidated

Affiliates

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Historical Fuel Products Refining Data

STRONG GASOLINE MARGINS SUPPORTED THE 2/1/1 CRACK SPREAD IN 3Q15 ($ PER BARREL)

WCS AND BAKKEN CRUDE OIL PRICE DIFFERENTIALS WIDENED BETWEEN 2Q15 AND 3Q15 ($ PER BARREL)

3Q14 2Q15 3Q15

Avg. Gulf Coast 2/1/1 Crack Spread ($/bbl)

3Q14

Avg. ULSD Crack ($/bbl)

2Q15

Avg. Gulf Coast Gasoline Crack ($/bbl)

3Q15

$19$22

$20$17

$24

$19

$25

$20$18

$3

($8)

($1)($3)

($20)

$4 $5 $4

($9)

($14)

$5$3

Source: Bloomberg, Platts Data

Eagle Ford Less WTI ($/bbl) Bakken Less WTI ($/bbl) WCS Less WTI ($/bbl) LLS Less WTI ($/bbl)

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Access to Liquidity Supports Current Operations

$320 $317

TOTAL AVAILABLE LIQUIDITY (CASH + REVOLVER)($MM)

As of 12/31/14 As of 9/30/15

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Key Credit Metrics

DEBT TO CAPITAL RATIO

52%60%

63% 64%68% 67% 66%

69%

REVOLVER AVAILABILITY ($MM)

$472$534

$694

$557

$311

$452$423

$311

(1) Fixed Charge Coverage Ratio is defined as Adjusted EBITDA divided by consolidated interest expense (plus capitalized interest), both of which have not been pro-forma adjusted for acquisitions or refinancing activity(2) Excluding special items

YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15

YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15

DEBT TO LTM ADJUSTED EBITDA (LEVERAGE) RATIO

4.7 x

6.3 x

7.4 x

6.0 x

4.8 x4.3 x

4.7 x

3.6 x

5.6 x

FIXED CHARGE COVERAGE RATIO (1)

2.4 x 2.3 x 1.9 x 2.4 x 2.5 x 2.7 x3.1 x

2.8 x

3.6 x

YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 9/30/15(2)

YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 9/30/15(2)

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VOLUME AVG. IMPLIED CRACK

Gasoline 0.8 $8.06


Diesel 2.9 $17.48


Diesel 1.6 $18.05

VOLUME % OF WTI

Diesel 0.1 32.5%

VOLUME % OF WTI

Diesel 2.2 31.8%

Multi-Year Hedging Program Helps Mitigate Market Risk

WE ENGAGE IN A STRATEGY THAT USES VARIOUS DERIVATIVE INSTRUMENTS TO HELP MITIGATE VOLATILITY IN OUR FUEL PRODUCTS SEGMENT

Lock in a fixed gross profit per barrel on a fixed volume of anticipated fuels production

Lock in a fixed percentage of gross profit on gasoline, diesel and jet fuel in excess of the floating value of a barrel of WTI crude oil on a fixed volume of anticipated fuels production

APPROACH

SELECTPOSITIONSAS OFSEPTEMBER 30, 2015

“CRACK SPREAD” HEDGE “PERCENTAGE” HEDGE

4Q15 4Q15

20162016

2017

VOLUME IN MILLIONS OF BARRELS VOLUME IN MILLIONS OF BARRELS

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Spending on Growth Projects Represents More Than 65% of Estimated 2015 CAPEX

Capital Improvement Expenditures Replacement/Environmental Expenditures

Turnaround Expenditures Joint Venture Contributions (including Dakota Prairie Refinery and Juniper GTL projects)*

$110

$64 $69

$32

$284

$32 $28

$105

$270

$50-$55

$20-$25 $30

2013 2014 2015 (Est.)

2013 Capital Spending:$275 Million

2014 Capital Spending:$450 Million

2015 Capital Spending (Est.):$370-380 Million

* Includes construction costs only

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APPENDIXSupplemental Financial Data

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EXHIBIT A: Capital Structure Overview

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EXHIBIT B: Reconciliation of Adjusted EBITDA and Distributable Cash Flow

(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 that meet or exceed environmental and operating regulations. Investors may refer to our Quarterly Reports on Form 10-Q or quarterly earnings releases for a reconciliation of distributable cash flow to net cash provided by (used in) operating activities.

Note: Sum of individual line items may not equal subtotal or total amounts due to rounding.

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EXHIBIT C: Reconciliation of Special Items – Consolidated


$ in millions 2015 2014 2015 2014Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDA, Excluding Special Items:Net income (loss) (49)$ 9$ (23)$ (49)$ Add:Interest expense 26 28 80 83Debt extinguishment costs — — 47 90Depreciation and amortization 36 35 107 101Income tax expense (benefit) (8) 2 (22) —EBITDA 5$ 76$ 190$ 226$

Add:Unrealized (gain) loss on derivative instruments 5 26 28 (23)Realized gain (loss) on derivatives, not included in net income (loss) or settled in a prior period (2) (3) (8) —Amortization of turnaround costs 7 6 19 18Asset impairment 58 — 58 —Non-cash equity based compensation and other non-cash items 3 3 9 8

Adjusted EBITDA 75$ 108$ 295$ 230$ Special item:

LCM inventory adjustment 56 3 51 —Adjusted EBITDA, Excluding Special Items 132$ 111$ 346$ 230$

Less:Replacement and environmental capital expenditures 16$ 7$ 34$ 24$ Cash interest expense 23 27 75 78Turnaround costs 9 — 15 23Loss from unconsolidated affiliates (10) (1) (23) (2)Income tax expense (benefit) (8) 2 (22) —

Distributable cash flow, excluding special items 101$ 76$ 267$ 107$

Three Months Ended September 30, Nine Months Ended September 30,

(Unaudited) (Unaudited)

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EXHIBIT D: Reconciliation of Special Items – Segment

Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 $ in millions (Unaudited) (Unaudited)

Specialty Products Fuel Products

Oilfield Services Consolidated



Adjusted EBITDA $48.9 $27.0 $(0.5) $75.4 $62.8 $27.4 $17.3 $107.5 Special items: LCM inventory adjustment 12.2 45.9 (1.8) 56.3 1.3 1.9 -‐ 3.2 Adjusted EBITDA, excluding special items $61.1 $72.9 $(2.3) $131.7 $64.1 $29.3 $17.3 $110.7

Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 (Unaudited) (Unaudited)





Gross profit $90.3 $56.9 $17.6 $164.8 $99.4 $36.9 $46.3 $182.6 Special items: LCM inventory adjustment 12.2 46.5 (1.8) 56.9 1.3 1.9 -‐ 3.2 Gross profit, excluding special items $102.5 $103.4 $15.8 $221.4 $100.7 $38.8 $46.3 $185.8

Gross profit, excluding hedging and excluding special items $102.5 $102.6 $15.8 $220.9 $100.7 $33.5 $46.3 $180.5

Total specialty and fuel products sales volume 2,314,000 10,040,000 -‐ 12,354,000 2,368,000 10,173,000 -‐ 12,541,000

Gross profit per barrel, excluding special items $44.30 $10.30 -‐ -‐ $42.53 $3.81 -‐ -‐

Gross profit per barrel, excluding hedging and excluding special items $44.30 $10.22 -‐ -‐ $42.53 $3.29 -‐ -‐

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EXHIBIT E: Reconciliation of Special Items – Prior Years


Three Months EndedDecember 31,

$ in millions 2014 2014 2013Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA, Adjusted EBITDA, Excluding Special Items and Distributable Cash Flow, Excluding Special Items:

(Unaudited)

Net income (loss) (64)$ (112)$ 4$ Add:

Interest expense 28 111 97Debt extinguishment costs — 90 15Depreciation and amortization 38 139 118Income tax benefit (1) (1) —

EBITDA $ — 226$ 233$ Add:

Unrealized (gain) loss on derivatives 23 1 (26)Realized gain (loss) on derivatives, not included in net income (loss) 7 7 (2)Amortization of turnaround costs 6 25 16Asset impairment 36 36 11Non-cash equity based compensation and other non-cash items 4 12 10

Adjusted EBITDA 76$ 306$ 242$ Special items:

Early settlement of certain derivative instruments (45)$ (45)$ $ —Cash gain related to the sale of RINs (18) (18) —LCM inventory adjustment 91 92 (2)LIFO liquidation (gain) loss 32 32 (4)

Adjusted EBITDA, excluding special items 136$ 367$ 235$ Less:

Replacement and environmental capital expenditures 8$ 32$ 64$ Cash interest expense 26 104 90Turnaround costs 5 28 69Loss from unconsolidated affiliates (1) (3) —Income tax benefit (1) (1) —

Distributable Cash Flow, excluding special items 99$ 207$ 12$

Year EndedDecember 31,

(Unaudited)

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Broad Product Offering Provides Competitive Advantage

Fuel Products Naphthenic Paraffinic Paraffin Solvents Packaged and Oilfield Products Lubricating Lubricating Waxes Synthetic Specialty Services and By-Products Oils Oils Products

CALUMET SPECIALTY PRODUCTS PARTNERS • • • • • • •ExxonMobil • • • • •

Phillips 66 • • •

Royal Dutch Shell • • •

Sonneborn Refined Products • •

HollyFrontier • •

Chevron • •

Marathon •

Alon USA •

Cenex •

Valero Energy •

Northern Tier Energy •

Flint Hills Resources •

Delek •

Martin Midstream Partners •

San Joaquin Refining •

Cross Oil Refining and Marketing •

Ergon Refining •

Suncor/Petro-Canada •

Motiva Enterprises •

The International Group •

CITGO •

BP •

Ashland •

Schlumberger •

Buckeye •

Canadian Energy Services •

Newpark Resources •

Baker Hughes •

Halliburton •

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Incoming CEO – Tim Go

Tim Go was appointed Chief Executive Officer of Calumet Specialty Products Partners, L.P., effective January 1, 2016.

■ As the CEO of Calumet, Mr. Go will lead the strategic growth and development of the Partnership and will be responsible for the Company’s financial and operating performance.

■ Mr. Go has more than 25 years of experience serving in executive-level roles at leading global energy companies operating in the petroleum refining and specialty products markets.

■ Previously, Mr. Go served as vice president, operations and as vice president, operations excellence at Flint Hills Resources, L.P., a wholly owned subsidiary of Koch Industries, Inc. Mr. Go also served on the Board of Directors of Koch Pipeline Company for 7 years.

■ Earlier in his career, Mr. Go was employed at ExxonMobil Corporation for nearly 20 years, where he served in various operational leadership capacities and strategic planning roles.

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CONTACT INFORMATIONNoel RyanVice President, Investor & Media RelationsDirect | 720.583.0099Email | [email protected]

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