First quarter 2024 net loss of $41.6 million, or Limited partners' interest of $0.51 basic net loss per unit First quarter 2024 Adjusted EBITDA of $21.6 million Plan to convert structure from a Master Limited Partnership to a C-Corp is on track Montana Renewables ("MRL") improved sequentially through the quarter, posted positive EBITDA in March 2024, and operated at planned production levels in April MRL remains the largest SAF producer in the Western Hemisphere with 30 million gallons annual capacity Shreveport turnaround completed successfully during the first quarter of 2024 INDIANAPOLIS, May 10, 2024 /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, 2024, as follows: Three Months Ended March 31,  2024 2023 (Dollars in millions, except per unit data) Net income (loss) $ (41.6) $ 18.6 Limited partners' interest basic net income (loss) per unit $ (0.51) $ 0.23 Adjusted EBITDA $ 21.6 $ 77.3   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended March 31,  Three Months Ended March 31,  Three Months Ended March 31,  2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 85.3 $ 109.9 $ 22.3 $ 23.6 $ (29.1) $ (36.9) Adjusted EBITDA $ 41.8 $ 76.0 $ 13.4 $ 16.4 $ (14.5) $ 4.8 Gross profit (loss) per barrel $ 15.77 $ 21.22 $ 154.86 $ 185.83 $ (14.16) $ (22.91)   "We're anticipating an exciting and strategically important spring and summer at Calumet as we remain on pace to complete our C-Corp conversion and demonstrate the competitive advantages of Montana Renewables. Further, our DOE loan process and MaxSAF project preparation are progressing well," said Todd Borgmann, CEO. "We enter the second quarter with solid operating momentum after executing a successful turnaround at our Shreveport facility and sequential monthly financial and operational improvement at Montana Renewables. MRL ended the first quarter by generating positive EBITDA in March, which continued into April. First quarter financial results were also affected by the sharp run-up in crude price that compressed specialty and wholesale asphalt margins, and by the annual winter closure of our Montana retail asphalt rack, which is now open and gearing up for the paving season."   Specialty Products and Solutions (SPS): The SPS segment reported Adjusted EBITDA of $41.8 million during the first quarter of 2024 compared to Adjusted EBITDA of $76.0 million for the same quarter a year ago, largely due to a return to near mid-cycle levels in the fuel market. Performance Brands (PB):  The PB segment reported Adjusted EBITDA of $13.4 million during the first quarter of 2024. This compares to Adjusted EBITDA of $16.4 million in the first quarter of 2023, which included the receipt of a $5.0 million insurance claim. Montana/Renewables (MR): The MR segment reported $(14.5) million of Adjusted EBITDA during the first quarter of 2024 compared to Adjusted EBITDA of $4.8 million in the prior year period. First quarter results reflect the impact of old, high priced inventory in our Montana Renewables business, while our specialty asphalt refinery saw seasonal weakness in fuels and compressed realizations in wholesale asphalt which lagged the sharp run up in crude cost.  Corporate: Total corporate costs represent $(19.1) million of Adjusted EBITDA for the first quarter 2024. This compares to $(19.9) million of Adjusted EBITDA in the first quarter 2023. 2029 Secured Notes: On March 7, 2024, the Company issued and sold $200.0 million in aggregate principal amount of a new series of the Issuers' 9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes") in a private placement transaction in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The 2029 Secured Notes were issued at par for proceeds of $200.0 million, before estimated transaction expenses. The Company used the net proceeds from the private placement of the 2029 Secured Notes, together with cash on hand, to redeem all of its outstanding 9.25% Senior Secured First Lien Notes due 2024 and $50.0 million aggregate principal amount of its outstanding 11.00% Senior Notes due 2025 (the "2025 Notes"). 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,  2024 2023 (In bpd) Total sales volume (1) 83,602 76,856 Total feedstock runs (2) 71,548 71,559 Facility production: (3) Specialty Products and Solutions: Lubricating oils 11,187 10,297 Solvents 7,179 8,321 Waxes 1,407 1,375 Fuels, asphalt and other by-products 31,915 34,473 Total Specialty Products and Solutions 51,688 54,466 Montana/Renewables: Gasoline 3,547 4,406 Diesel 2,703 2,651 Jet fuel 355 509 Asphalt, heavy fuel oils and other 4,147 4,229 Renewable fuels 8,243 5,030 Total Montana/Renewables 18,995 16,825 Performance Brands 1,583 1,931 Total facility production (3) 72,266 73,222 _______________________ (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 10, 2024 to discuss the financial and operational results for the first quarter of 2024. 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.investorroom.com/events. Interested parties may also participate in the call by dialing (844) 695-5524. 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 branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. Additional Information and Where to Find It This communication relates to the proposed corporate reorganization between the Partnership and Calumet, Inc. ("New Calumet"). This communication may be deemed to be solicitation material in respect of the proposed corporate transition of the Partnership to New Calumet, a newly formed Delaware corporation (the "Conversion"). The proposed Conversion will be submitted to the Partnership's unitholders for their consideration. In connection with the proposed Conversion, the Partnership and New Calumet have prepared and filed with the SEC a registration statement on Form S-4 (the "Form S-4") containing a proxy statement/prospectus (the "Proxy Statement/Prospectus") to be distributed to the Partnership's unitholders in connection with the Partnership's solicitation of proxies for the vote of the Partnership's unitholders in connection with the proposed Conversion and other matters as described in such Proxy Statement/Prospectus. The Proxy Statement/Prospectus will also serve as the prospectus relating to the offer of the securities to be issued to the equityholders of the Partnership and Calumet GP, LLC (the "General Partner") in connection with the completion of the proposed Conversion. The Partnership and New Calumet may file other relevant documents with the SEC regarding the proposed Conversion. The definitive Proxy Statement/Prospectus will be mailed to the Partnership's unitholders when available. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED CONVERSION, INVESTORS AND UNITHOLDERS AND OTHER INTERESTED PERSONS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED CONVERSION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED CONVERSION. The Proxy Statement/Prospectus, any amendments or supplements thereto and other relevant materials, and any other documents filed by the Partnership or New Calumet with the SEC, may be obtained once such documents are filed with the SEC free of charge at the SEC's website at www.sec.gov or free of charge from the Partnership at www.calumet.com or by directing a written request to the Partnership at 2780 Waterfront Parkway East Drive, Indianapolis, Indiana 46214. No Offer or Solicitation This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Participants in the Solicitation The Partnership, the General Partner and certain of the General Partner's executive officers, directors, other members of management and employees may, under the rules of the SEC, be deemed to be "participants" in the solicitation of proxies in connection with the proposed Conversion. Information regarding the General Partner's directors and executive officers is available in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 29, 2024 (the "Annual Report"). To the extent that holdings of the Partnership's securities have changed from the amounts reported in the Annual Report, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. These documents may be obtained free of charge from the sources indicated above. Information regarding the participants in ...