Calumet Specialty Products Partners provides liquidity update

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the “Partnership,” “Calumet,” the “we,” “our” or “us”), a leading independent producer of specialty hydrocarbon and fuels products, today provides updated information related to the Partnership’s current liquidity position and select unaudited second quarter operating results, in an effort to provide increased transparency through the ongoing COVID-19 pandemic.

Liquidity & Cash Flow Update

• The Partnership anticipates that cash flow from operating activities for the second quarter will exceed USD60 million
• As of the close of the second quarter, the Partnership had approximately USD245 million of liquidity, consisting of:
  • approximately USD105 million of cash and cash equivalents, and
  • approximately USD140 million of undrawn capacity on the Partnership’s revolving credit facility (ABL)

“Despite the economic disruption of the second quarter, our focus on aggressively managing what we can control allowed us to generate positive free cash flow and maintain sufficient liquidity to fund our business,” said Steve Mawer, Chief Executive Officer of Calumet. “This is a tribute to our team and their determination to execute well and remain focused despite the personal challenges and uncertainties of the pandemic. We intend to continue to manage our business to generate positive cash flow from operations for the rest of the year through a continued focus on execution, managing both costs and working capital. Additionally, we are encouraged by the gradual improvement in demand that we observed later in the most recent quarter, and as we look forward, we maintain our cautious expectations that we will continue to see demand recovering in the third quarter.”

About Calumet Specialty Products Partners, L.P.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products; produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana, and operates ten manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.