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Calumet Specialty Products Partners, L.P. Reports Second Quarter 2017 Results

Strong contribution from core specialty products segment, combined with solid execution and a more favorable market environment, drove improved results for the third consecutive quarter

INDIANAPOLIS, Aug. 4, 2017 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), a leading independent producer of specialty hydrocarbon and fuels products, today reported results for the second quarter ended June 30, 2017, as follows:


Three Months Ended June 30,


Six Months Ended June 30,


2017


2016


2017


2016


(Dollars in millions, except per unit data)

Net income (loss)

$

9.6



$

(147.9)



$

3.4



$

(215.6)


Limited partners' interest basic and diluted net income
(loss) per unit

$

0.12



$

(1.89)



$

0.04



$

(2.76)


Adjusted EBITDA

$

101.6



$

70.0



$

180.3



$

76.6


The Partnership's $9.6 million net income and Adjusted EBITDA of $101.6 million for the second quarter 2017 included, but is not limited to, the impact of a favorable lower of cost or market ("LCM") inventory adjustment of $4.0 million.

For detailed information on Adjusted EBITDA and a reconciliation of Adjusted EBITDA to the nearest comparable GAAP measure for the periods presented above, please see the sections of this release entitled "Non-GAAP Financial Measures" and "Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA and Distributable Cash Flow."

Management Commentary

"Our strong second quarter performance reflects hard work and successful execution against our strategic goals as we continue to improve upon our operating efficiencies and self-help initiatives," said Tim Go, Chief Executive Officer of Calumet. "Through the first half of 2017, we have seen significant year-over-year improvements in margin and Adjusted...


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