Second Quarter 2018 Financial Results Conference Call August 9, 2018 - PowerPoint PPT Presentation

Second Quarter 2018 Financial Results Conference Call August 9, 2018

Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of August 9, 2018. 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 Report on Form 10-Q. The risk factors and other factors noted in our most recent Annual Report on Form 10-K and Quarterly Report 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. 2

2Q18 Financial Results Highlights ▪ 2Q18 total company Adjusted EBITDA of $78.9 million – Reflects over a 7% improvement to 2Q17 underlying performance, excluding Superior and Anchor divestitures – Net Income was $6.3 million or $0.08 per unit, excluding $58.2 million of debt extinguishment costs ▪ Self-Help capture of $7.8 million in 2Q18 – Initiatives put in place to increase advantaged crude opportunities at San Antonio, Shreveport and Great Falls – Capital Projects: New Isomerate unit at San Antonio and Naphtha project at Great Falls started up in the quarter ▪ ERP implementation continues to improve – Incurred $2.4 million in expense in 2Q18 and $6.1 million YTD ▪ Strategic focus and Self-Help commitment have driven year-over-year TTM Adjusted EBITDA improvement for seven consecutive quarters (1) 3 (1) Last two quarters ex-divestments, previous five quarters as reported.

2Q18 Specialty Products Segment Highlights ▪ Adjusted EBITDA of $53.7 million down versus $67.1 million in 2Q17 and up sequentially versus $37.7 million in 1Q18 – Rising crude prices continue to negatively impact margins; average 2Q18 WTI spot price up 41% year-over-year – Continued strong performance from Finished Lubricants (1) , somewhat offset by unplanned maintenance in base oils & white oils ▪ Gross Profit per barrel of $37.12, down versus $41.87 in 2Q17 and up sequentially vs. $33.11 in 1Q18 – Rebound in lower-margin solvents sales volumes influenced sales mix relative to 2Q17 ▪ Adjusted EBITDA margin of 14.0% compared to 19.6% in 2Q17 and 11.7% in 1Q18, driven by steadily rising crude prices – P ricing adjustments taken during quarter, full effect in 3Q18 4 (1) Finished Lubricants and Chemicals previously referred to as "Branded & Packaged" division in prior presentations and releases

Stable Specialty Product Margins 25% Quarterly Margin % 20% Adjusted EBITDA 15% 10% TTM Margin % 5% 0% 5 7 7 7 7 6 6 6 6 8 8 1 1 1 1 1 1 1 1 1 1 1 Q Q Q Q Q Q Q Q Q Q Q 4 1 2 3 4 1 2 3 4 1 2 5

2Q18 Fuel Products Segment Highlights ▪ Adjusted EBITDA of $25.6 million, down compared to as reported $34.0 million in 2Q17 – Resu lts improved by 320% to 2Q17 underlying performance, excluding Superior divestiture – Record quarterly throughput volume at Great Falls ▪ Gross Profit per barrel of $5.09, up 29.8% year-over-year versus $3.92 in 2Q17, but down sequentially compared to $7.49 in 1Q18 – Benchmark GC 2/1/1 crack spread up +28% year-over-year, offset by sequentially declining crude differentials: • WCS/WTI discount narrowed by ~$8/bbl, negatively impacting Great Falls • LLS/WTI premium increased by ~$2/bbl, negatively impacting San Antonio – Additional sourcing of Midland-priced crudes did not take effect until June ▪ Segment continues to benefit from processing discounted crudes: processed ~25,000 bpd of WCS, and ~10,500 of Midland-WTI crude 6

Adjusted EBITDA Bridge – 2Q17 vs. 2Q18 ($MM) $38.7 $101.6 $(18.6) $7.8 $78.9 $14.0 $(10.9) $(28.8) $5.9 $(30.8) 2Q17 Adj Divestitures Fuels Specialty Volume Operating SG&A Other (2) "Self Help" 2Q18 Adj EBITDA Margin Margin Costs (1) Program Benefit EBITDA (1) Includes RINs mark-to-market, LCM, acquisition costs, hedging activities, and 2017 Superior Renewable Identification Numbers (“RINs”) exemption received in 2018. 7 (2) Includes plant operating and maintenance costs including RINs costs.

Cash Bridge – 1Q18 vs. 2Q18 ($MM) $496.6 $350 million of Restricted Cash $14.2 $25.3 $38.8 $(28.0) $(446.6) $(16.5) $(6.2) 1Q18 Cash 2021 Secured Operating Proceeds From Sale Working Capital Other 2Q18 Cash Notes Redemption Cash Flow of Businesses and JV Capital Expenditures 8

Historical and Projected Capital Spending ($MM) ▪ 2018 CapEx forecast of $80-$90 million $425 ▪ Heavier turnaround and maintenance activity scheduled $122 $80 $80 $34 to $90 2015 Capital 2016 Capital 2017 Capital YTD 2018 2018 Forecasted Spending Spending Spending Capital Spending Capital Spending (1) (1) Includes $36 million of contributions to DPR and $29 million of proceeds related to the sale of unconsolidated affiliates 9

Hedged a Portion of WCS and Midland Purchases & Diesel Sales USLD - WCS Differential WCS USLD Crack (1) BPD BPD 3,000 6,000 72.1% 72.1% 72.1% 72.1% $49.28 $50.88 5,000 2,000 4,000 $49.00 $49.00 $49.00 $49.00 3,000 1,000 2,000 1,000 0 0 1Q19 2Q19 3Q19 4Q19 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 WTI Cushing - Midland Differential BPD $15.13 $11.39 $13.01 $11.88 10,000 8,000 6,000 4,000 2,000 0 3Q18 4Q18 1Q19 2Q19 (1) (USLC-WCS)/WTI 10 Note: Hedge positions as of June 30, 2018.

Stable Credit Metrics NET DEBT TO LTM ADJUSTED EBITDA (LEVERAGE) RATIO ▪ Credit metrics remain strong 12.9x ▪ Committed to long-term deleveraging 9.0x 7.6x 6.6x ▪ Liquidity increased $20 million, 5.4x 4.9x 4.8x excluding secured notes redemption 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 (1) LIQUIDITY AVAILABILITY ($MM) FIXED CHARGE COVERAGE RATIO (2) $458 (2) 1.7x 1.7x 1.7x $416 1.6x $413 1.5x $382 $369 $365 $363 1.3x 1.0x 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 (1) Fixed Charge Coverage Ratio is defined as Adjusted EBITDA divided by consolidated interest expense (plus capitalized interest), neither of which has been pro-forma adjusted for acquisitions or refinancing activity 11 (2) Excludes $350 million of restricted cash