News Releases

Calumet Specialty Products Partners, L.P. Reports First Quarter 2009 Earnings
PRNewswire-FirstCall
INDIANAPOLIS
  Significant Items to Report:


  --  Net income of $75.6 million for the first quarter of 2009, compared to
      a net loss of $3.4 million in the first quarter of 2008


  --  Adjusted EBITDA of $50.1 million for the first quarter of 2009, an
      increase of $35.2 million over the first quarter of 2008


  --  Distributable cash flow of $38.9 million for the first quarter of
      2009, an increase of $25.7 million over first quarter of 2008


  --  Declared a quarterly cash distribution of $0.45 per unit on all
      outstanding units.


  --  Increased Shreveport refinery average throughput by approximately
      11,500 bpd to approximately 45,500 bpd, a 34% increase over the fourth
      quarter of 2008


Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership" or "Calumet") reported net income for the quarter ended March 31, 2009 of $75.6 million, an increase of $79.0 million over the first quarter of 2008, due primarily to an increase of $44.1 million in gross profit and increased derivative gains of $30.6 million. The increase in gross profit was primarily due to the significant decline in crude oil prices leading up to and sustained during the first quarter of 2009 as compared to the rapidly rising crude oil price environment in the first quarter of 2008. The increased derivative gains of $30.6 million, are comprised of changes in both non-cash gains of $36.2 million and cash losses of $5.6 million. The increase in non-cash derivative gains is primarily related to our fuel products segment and such gains either may not be realized or may be realized in different amounts upon settlement. These non-cash derivative gains are not included in our Adjusted EBITDA of $50.1 million for the first quarter of 2009.

Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA (as defined by the Partnership's credit agreements) were $99.7 million and $50.1 million, respectively, for the quarter ended March 31, 2009 as compared to $12.2 million and $14.9 million, respectively, for the first quarter of 2008. Distributable Cash Flow for the quarter ended March 31, 2009 was $38.9 million as compared to $13.2 million for first quarter of 2008. (See the section of this release titled "Non-GAAP Financial Measures" and the attached tables for discussion of EBITDA, Adjusted EBITDA, Distributable Cash Flow and other non-generally accepted accounting principles ("non-GAAP") financial measures, definitions of such measures and reconciliations of such measures to the comparable GAAP measures.)

Gross profit by segment for the first quarter of 2009 for specialty products and fuel products was $59.9 million and $19.1 million, respectively, compared to $22.3 million and $12.5 million, respectively, for the first quarter of 2008. As mentioned above, the increase in specialty products segment gross profit quarter over quarter was primarily due to the significant decline in crude oil prices, our primary raw material, during the first quarter of 2009. Partially offsetting the impact of lower crude oil prices was lower sales volumes in lubricating oils, solvents and waxes due to economic conditions impacting customer demand. The increase in our fuel products segment gross profit was due primarily to increased sales volume resulting from higher throughput rates at the Shreveport refinery and increased gains on derivatives offset by lower overall crack spreads in the first quarter of 2009 compared to the first quarter of 2008.

"Our proactive approach to managing our business in the current economic environment helped us to achieve good performance in the first quarter despite weaker demand for specialty products. We are attempting to offset the impacts of this weaker demand by broadening our marketing efforts and focusing on specialty product development. We continue to focus on efficient plant operations to meet current demand levels and controlling operating costs. We also plan to continue to increase throughput rates at our Shreveport refinery to more fully utilize its expanded capacity as market conditions dictate. We believe these efforts will help us to enhance our liquidity during this continued period of economic uncertainty," said Bill Grube, Calumet's CEO and President.

Quarterly Distribution

As announced on April 16, 2009, the Partnership declared a quarterly cash distribution of $0.45 per unit for the quarter ended March 31, 2009 on all outstanding units. The distribution will be paid on May 15, 2009 to unitholders of record as of the close of business on May 5, 2009.

Operations Summary

The following table sets forth unaudited information about our combined operations. Production volume differs from sales volume due to changes in inventory.

                                      Three Months Ended
                                           March 31,
                                           ---------
                                       2009          2008
                                       ----          ----

   Sales volume (bpd):
   Specialty products sales volume   24,589        32,088
   Fuel products sales volume        29,833        27,319
                                     ------        ------
   Total (1)                         54,422        59,407

   Total feedstock runs (bpd) (2)    63,219        55,998

   Production (bpd):
  Specialty products:
      Lubricating oils               11,650        13,120
       Solvents                       8,267         8,882
       Waxes                          1,101         2,054
       Fuels                            666         1,487
       Asphalt and other by-products  7,735         6,758
                                      -----         -----
        Total                        29,419        32,301
                                     ------        ------
   Fuel products:
       Gasoline                      11,078         9,212
       Diesel                        12,750         8,367
       Jet fuel                       7,346         5,898
       By-products                      275           203
                                        ---           ---
        Total                        31,449        23,680
                                     ------        ------
   Total production (3)              60,868        55,981
                                     ======        ======


(1) Total sales volume includes sales from the production of our facilities and sales of inventories.

(2) Total feedstock runs represents the barrels per day of crude oil and other feedstocks processed at our facilities. The increase in feedstock runs for the three months ended March 31, 2009 is primarily due to the completion of the Shreveport expansion project in May 2008. This increase was offset by decreases in specialty products feedstock run rates in the first quarter of 2009 at our other facilities due to lower overall demand for certain specialty products.

(3) Total facility production represents the barrels per day of specialty products and fuel products yielded from processing crude oil and other feedstocks at our facilities and certain third-party facilities pursuant to supply and/or processing agreements. The difference between total production and total feedstock runs is primarily a result of the time lag between the input of feedstock and production of finished products and volume loss.

Credit Agreement Covenant Compliance

Compliance with the financial covenants pursuant to our credit agreements is measured quarterly based upon performance over the most recent four fiscal quarters, and as of March 31, 2009, we continued to be in compliance with all financial covenants under our credit agreements and achieved improvement in our financial covenant performance metrics compared to the fourth quarter of 2008.

While assurances cannot be made regarding our future compliance with these covenants and being cognizant of the general uncertain economic environment, we believe that we will continue to maintain compliance with such financial covenants and improve our liquidity.

Revolving Credit Facility Capacity

On March 31, 2009, we had availability on our revolving credit facility of $69.2 million, based on a $182.3 million borrowing base, $20.1 million in outstanding standby letters of credit, and outstanding borrowings of $93.0 million. We believe that we have sufficient cash flow from operations and borrowing capacity to meet our financial commitments, debt service obligations, contingencies and anticipated capital expenditures. However, we are subject to business and operational risks that could materially adversely affect our cash flows. A material decrease in our cash flow from operations or a significant, sustained decline in crude oil prices would likely produce a corollary material adverse effect on our borrowing capacity under our revolving credit facility and potentially our ability to comply with the covenants under our credit facilities. Further substantial declines in crude oil prices, if sustained, may materially diminish our borrowing base, which is based in part on the value of our crude oil inventory, which could result in a material reduction in our borrowing capacity under our revolving credit facility.

About the Partnership

The Partnership is a leading independent producer of high-quality, specialty hydrocarbon products in North America. The Partnership processes crude oil and other feedstocks into customized lubricating oils, white oils, solvents, petrolatums, waxes and other specialty products used in consumer, industrial and automotive products.

The Partnership also produces fuel products including gasoline, diesel and jet fuel. The Partnership is based in Indianapolis, Indiana and has five facilities located in northwest Louisiana, western Pennsylvania and southeastern Texas.

A conference call is scheduled for 1:00 p.m. ET (12:00 p.m. CT) on Wednesday, May 6, 2009, to discuss the financial and operational results for the first quarter of 2009. Anyone interested in listening to the presentation may call 800-901-5226 and enter passcode 12962556. For international callers, the dial-in number is 617-786-4513 and the passcode is 12962556.

The telephonic replay of the conference call is available in the United States by calling 888-286-8010 and entering passcode 13891244. International callers can access the replay by calling 617-801-6888 and entering passcode 13891244. The replay will be available beginning Wednesday, May 6, 2009, at approximately 4:00 p.m. until Wednesday, May 20, 2009.

The information contained in this press release is available on the Partnership's website at http://www.calumetspecialty.com/.

Cautionary Statement Regarding Forward-Looking Statements

Some of the information in this release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "anticipate," "estimate," "continue," or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other "forward-looking" information. These forward-looking statements involve risks and uncertainties that are difficult to predict and may be beyond our control. These risks and uncertainties include, but are not limited to the overall demand for specialty hydrocarbon products, fuels and other refined products; our ability to produce specialty products and fuels that meet our customers' unique and precise specifications; the impact of crude oil and crack spread price fluctuations and rapid increases or decreases including the impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with the financial covenants contained in our credit agreements; the availability of, and our ability to consummate, acquisition or combination opportunities; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets or businesses; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit from our suppliers and hedging counterparties; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane and other weather interference with business operations; fluctuations in the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market or business conditions. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in this release as well as the Partnership's most recent Form 10-K filed with the Securities and Exchange Commission, which could cause the Partnership's actual results to differ materially from those contained in any forward-looking statement. The statements regarding (i) increased Shreveport throughput rates, (ii) future compliance with our debt covenants, and (iii) improvements in liquidity as well as other matters discussed in this news release that are not purely historical data, are forward-looking statements.

Non-GAAP Financial Measures

We include in this release the non-GAAP financial measures of EBITDA, Adjusted EBITDA and Distributable Cash Flow, and provide reconciliations of net income to EBITDA, Adjusted EBITDA and Distributable Cash Flow and (in the case of EBITDA and Adjusted EBITDA) to net cash provided by operating activities, our most directly comparable financial performance and liquidity measures calculated and presented in accordance with GAAP.

EBITDA and Adjusted EBITDA are used as supplemental financial measures by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others to assess:

  --  the financial performance of our assets without regard to financing
      methods, capital structure or historical cost basis;
  --  the ability of our assets to generate cash sufficient to pay interest
      costs and support our indebtedness;
  --  our operating performance and return on capital as compared to those
      of other companies in our industry, without regard to financing or
      capital structure; and

  --  the viability of acquisitions and capital expenditure projects and the
      overall rates of return on alternative investment opportunities.

We define EBITDA as net income plus interest expense (including debt extinguishment costs), taxes and depreciation and amortization. We define Adjusted EBITDA to be Consolidated EBITDA as defined in our credit facility agreements. Consistent with that definition, Adjusted EBITDA, for any period, equals: (1) net income plus (2)(a) interest expense; (b) taxes; (c) depreciation and amortization; (d) unrealized losses from mark to market accounting for derivative activities; (e) unrealized items decreasing net income (including the non-cash impact of restructuring; decommissioning and asset impairments in the periods presented); (f) other non-recurring expenses reducing net income which do not represent a cash item for such period; and (g) all non-recurring restructuring charges associated with the Penreco acquisition minus (3)(a) tax credits; (b) unrealized items increasing net income (including the non-cash impact of restructuring, decommissioning and asset impairments in the periods presented); (c) unrealized gains from mark to market accounting for derivative activities; and (d) other non-cash recurring expenses and unrealized items that reduced net income for a prior period, but represent a cash item in the current period. We are required to report Adjusted EBITDA to our lenders under our credit facilities and it is used to determine our compliance with the consolidated leverage and interest coverage tests thereunder.

We believe that Distributable Cash Flow provides additional information for investors to evaluate the Partnership's ability to declare and pay distributions to unitholders.

We define Distributable Cash Flow as Adjusted EBITDA less replacement capital expenditures, cash interest paid (excluding capitalized interest) and income tax expense.

                 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
       UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per unit data)

                                                   For the Three Months
                                                          Ended
                                                         March 31,
                                                         ---------
                                                      2009          2008
                                                      ----          ----


  Sales                                           $414,264      $594,723
   Cost of sales                                   335,293       559,889
                                                   -------       -------
   Gross profit                                     78,971        34,834
   Operating costs and expenses:
     Selling, general and administrative             9,322         8,252
     Transportation                                 15,155        23,860
     Taxes other than income taxes                   1,125         1,054
     Other                                             418           224
                                                       ---           ---
   Operating income                                 52,951         1,444
                                                    ------         -----
   Other income (expense):
     Interest expense                               (8,644)       (5,166)
     Debt extinguishment costs                           -          (526)
     Realized loss on derivative instruments        (8,470)       (2,877)
     Unrealized gain on derivative instruments      39,739         3,570
     Other                                             144           171
                                                       ---           ---
   Total other income (expense)                     22,769        (4,828)
                                                    ------       -------
   Net income (loss) before income taxes            75,720        (3,384)
   Income tax expense                                   82             8
                                                        --           ---
   Net income (loss)                               $75,638       $(3,392)
                                                   =======      ========

   Calculation of common unitholders' interest
    in net income (loss) (Note A):
   Net income (loss)                               $75,638       $(3,392)
   Less:
       General partner's interest in net income
        (loss)                                       1,510           (68)
       Subordinated unitholders interest in net
        income (loss)                               30,002        (1,347)
                                                    ------       -------
   Net income (loss) available to common
    unitholders                                    $44,126       $(1,977)
                                                   =======       =======

   Weighted average number of common units
    outstanding - basic and diluted                 19,166        19,166
   Weighted average number of subordinated
    units outstanding - basic and diluted           13,066        13,066

   Common and subordinated unitholders' basic
    and diluted net income (loss) per unit           $2.30        $(0.10)
   Cash distributions declared per common and
    subordinated unit                                $0.45         $0.63


Note A: The Partnership has adopted Emerging Issues Task Force 07-4, "Application of the Two-Class Method under FASB Statement No. 128 to Master Limited Partnerships" and applied it retrospectively to the period ended March 31, 2008 for the calculation of common unit holders' interest in net income (loss) and its basic and diluted net income (loss) per unit, therefore the March 31, 2008 amounts differ from what was previously reported.

               CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
                CONDENSED CONSOLIDATED BALANCE SHEETS
                          (In thousands)

                                                  March 31, December 31,
                                                     2009       2008
                                                    ------     ------
                                                  Unaudited

                  ASSETS
  Current assets:
    Cash                                                $28        $48
    Accounts receivable, net                        102,318    109,556
    Inventories                                     148,976    118,524
    Derivative assets                                86,793     71,199
    Prepaid expenses and other current assets         1,140      5,824
                                                      -----      -----
  Total current assets                              339,255    305,151
  Property, plant and equipment, net                652,247    659,684
  Goodwill                                           48,335     48,335
  Other intangible assets, net                       46,649     49,502
  Other noncurrent assets, net                       16,496     18,390
                                                     ------     ------
  Total assets                                   $1,102,982 $1,081,062
                                                 ========== ==========

       LIABILITIES AND PARTNERS' CAPITAL
  Current liabilities:
    Accounts payable                                $68,674    $87,460
    Accounts payable - related party                 27,966      6,395
    Other current liabilities                        23,046     23,360
    Current portion of long-term debt                 4,778      4,811
    Derivative liabilities                            5,837     15,827
                                                      -----     ------
  Total current liabilities                         130,301    137,853
  Pension and postretirement benefit obligations      9,938      9,717
  Long-term debt, less current portion              450,050    460,280
                                                    -------    -------
  Total liabilities                                 590,289    607,850
  Partners' capital:
    Partners' capital                               478,416    417,646
    Accumulated other comprehensive income           34,277     55,566
                                                     ------     ------
  Total partners' capital                           512,693    473,212
                                                    -------    -------
  Total liabilities and partners' capital        $1,102,982 $1,081,062
                                                 ========== ==========




               CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (In thousands)

                                                         For the Three
                                                          Months Ended
                                                            March 31,
                                                            ---------
                                                         2009       2008
                                                         ----       ----
  Operating activities
  Net income (loss)                                     $75,638    $(3,392)
  Adjustments to reconcile net income (loss) to net
   cash provided by operating activities:
    Depreciation and amortization                        16,135     11,350
    Amortization of turnaround costs                      1,597        330
    Provision for doubtful accounts                         240        400
    Non-cash debt extinguishment costs                        -        526
    Unrealized gain on derivative instruments           (39,739)    (3,570)
    Other non-cash activities                               106        114
    Changes in assets and liabilities:
      Accounts receivable                                 6,998    (16,745)
      Inventories                                       (30,452)    24,494
      Prepaid expenses and other current assets             684      6,237
      Derivative activity                                (7,228)     5,961
      Deposits                                            4,000          -
      Other assets                                          (76)     1,372
      Accounts payable                                    2,785     32,910
      Other current liabilities                           1,630      2,059
      Pension and postretirement benefit obligations        315        383
                                                            ---        ---
  Net cash provided by operating activities              32,633     62,429
  Investing activities
  Additions to property, plant and equipment             (4,945)   (90,274)
  Acquisition of Penreco, net of cash acquired                -   (268,969)
                                                            ----  ---------
  Net cash used in investing activities                  (4,945)  (359,243)
  Financing activities
  Repayments of borrowings, net - revolving credit
   facility                                              (9,569)    (6,958)
  Repayment of borrowings - prior term loan credit
   facility                                                   -    (30,099)
  Proceeds from (Repayments of) borrowings, net -
   existing term loan credit facility                      (963)   366,637
  Debt issuance costs                                         -    (10,996)
  Payments on capital lease obligation                     (309)         -
  Change in bank overdraft                               (1,944)        98
  Common units repurchased for phantom unit grants         (105)      (115)
  Distributions to partners                             (14,818)   (21,738)
                                                       --------   --------
  Net cash provided by (used in) financing activities   (27,708)   296,829
                                                       --------    -------
  Net increase (decrease) in cash and cash equivalents      (20)        15
  Cash and cash equivalents at beginning of period           48         35
                                                             --         --
  Cash and cash equivalents at end of period                $28        $50
                                                            ===        ===
  Supplemental disclosure of cash flow information
  Interest paid                                          $7,917     $5,666
                                                         ======     ======
  Income taxes paid                                          $-         $7
                                                         ======         ==




                 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
       RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, ADJUSTED EBITDA,
                        AND DISTRIBUTABLE CASH FLOW
                              (In thousands)

                                                       Three Months Ended
                                                            March 31,
                                                            ---------
                                                        2009          2008
                                                        ----          ----
                                                    Unaudited     Unaudited
  Reconciliation of Net Income (Loss) to EBITDA,
   Adjusted EBITDA and Distributable Cash Flow:
  Net income (loss)                                  $75,638       $(3,392)
    Add:
      Interest expense and debt extinguishment
       costs                                           8,644         5,692
      Depreciation and amortization                   15,289         9,928
      Income tax expense                                  82             8
                                                          --             -
  EBITDA                                             $99,653       $12,236
                                                     -------       -------
    Add:
      Unrealized (gain) loss from mark to market
       accounting for hedging activities            $(46,404)         $475
      Prepaid non-recurring expenses and accrued
       non-recurring expenses, net of cash
       outlays                                        (3,146)        2,196
                                                     -------         -----
  Adjusted EBITDA                                    $50,103       $14,907
                                                     -------       -------
    Less:
      Replacement capital expenditures (1)            (3,016)       (1,487)
      Cash interest paid (2)                          (8,153)         (224)
      Income tax expense                                 (82)           (8)
                                                        ----           ---
  Distributable cash flow                            $38,852       $13,188
                                                     =======       =======


  (1) Replacement capital expenditures are defined as those capital
      expenditures which do not increase operating capacity or sales from
      existing levels.

  (2) Represents cash interest paid by the Partnership, excluding
      capitalized interest.




                CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
        RECONCILIATION OF ADJUSTED EBITDA AND EBITDA TO NET CASH
                    PROVIDED BY OPERATING ACTIVITIES
                             (In thousands)

                                                         Three Months Ended
                                                             March 31,
                                                             ---------
                                                          2009        2008
                                                          ----        ----
                                                     Unaudited   Unaudited
  Reconciliation of Adjusted EBITDA and
   EBITDA to net cash provided by operating
   activities:
  Adjusted EBITDA                                      $50,103     $14,907
      Add:
           Unrealized gain (loss) from mark to
            market accounting for hedging activities    46,404        (475)
           Prepaid non-recurring expenses and
            accrued non-recurring expenses, net of
            cash outlays                                 3,146      (2,196)
                                                         -----     -------
  EBITDA                                               $99,653     $12,236
                                                       =======     =======
  Add:
    Interest expense and debt extinguishment
     costs, net                                         (7,743)     (4,239)
    Unrealized (gain) loss on derivative
     instruments                                       (39,739)     (3,570)
    Income tax expense                                     (82)         (8)
    Provision for doubtful accounts                        240         400
    Non-cash debt extinguishment costs                       -         526
    Changes in assets and liabilities:
      Accounts receivable                                6,998     (16,745)
      Inventory                                        (30,452)     24,494
      Other current assets                               4,684       6,236
      Derivative activity                               (7,228)      5,961
      Accounts payable                                   2,785      32,910
      Other current liabilities                          1,630       2,058
      Other, including changes in noncurrent
       assets and liabilities                            1,887       2,170
                                                         -----       -----
  Net cash provided by operating activities            $32,633     $62,429
                                                       =======     =======



                 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
            UPDATE ON EXISTING COMMODITY DERIVATIVE INSTRUMENTS
                              March 31, 2009

  Fuel Products Segment

  The following tables provide information about our derivative
  instruments related to our fuel products segment as of March 31, 2009:


                                                 Barrels
  Crude Oil Swap Contracts by Expiration Dates  Purchased  BPD   ($/Bbl)
  --------------------------------------------  ---------  ---   -------
  Second Quarter 2009                           2,047,500 22,500  $66.26
  Third Quarter 2009                            2,070,000 22,500   66.26
  Fourth Quarter 2009                           2,070,000 22,500   66.26
  Calendar Year 2010                            7,300,000 20,000   67.29
  Calendar Year 2011                            3,009,000  8,244   76.98
                                                ---------          -----
  Totals                                       16,496,500
  Average price                                                   $68.67


  Diesel Swap Contracts by Expiration Dates    Barrels
                                                Sold      BPD    ($/Bbl)
  -----------------------------------------  -----------  ---    -------
  Second Quarter 2009                          1,183,000 13,000   $80.51
  Third Quarter 2009                           1,196,000 13,000    80.51
  Fourth Quarter 2009                          1,196,000 13,000    80.51
  Calendar Year 2010                           4,745,000 13,000    80.41
  Calendar Year 2011                           2,371,000  6,496    90.58
                                               ---------           -----
  Totals                                      10,691,000
  Average price                                                   $82.70



  Gasoline Swap Contracts by Expiration Dates     Barrels
                                                   Sold      BPD  ($/Bbl)
  -------------------------------------------  -----------  ----  -------
  Second Quarter 2009                              864,500 9,500   $73.83
  Third Quarter 2009                               874,000 9,500    73.83
  Fourth Quarter 2009                              874,000 9,500    73.83
  Calendar Year 2010                             2,555,000 7,000    75.28
  Calendar Year 2011                               638,000 1,748    83.42
                                                   -------          -----
  Totals                                         5,805,500
  Average price                                                    $75.52



  The following table provides a summary of these derivatives and implied
  crack spreads for the crude oil, diesel and gasoline swaps disclosed
  above, all of which are designated as hedges.


                                                             Implied
                                       Barrels                Crack
  Swap Contracts by Expiration Dates  Purchased   BPD        Spread
                                                             ($/Bbl)
  ---------------------------------- ---------   -----   --------------
  Second Quarter 2009                 2,047,500 22,500          $11.43
  Third Quarter 2009                  2,070,000 22,500           11.43
  Fourth Quarter 2009                 2,070,000 22,500           11.43
  Calendar Year 2010                  7,300,000 20,000           11.32
  Calendar Year 2011                  3,009,000  8,244           11.99
                                      ---------                  -----
  Totals                             16,496,500
  Average price                                                 $11.48



  At March 31, 2009, the Company had the following derivatives related to
  crude oil sales and gasoline purchases in its fuel products segment, none
  of which are designated as hedges. As a result of these derivatives not
  being designated as hedges, the Company recognized a gain of $7.5 million
  in unrealized gain on derivative instruments in the unaudited condensed
  consolidated statements of operations for the three months ended March
  31, 2009.


  Crude Oil Swap Contracts by Expiration Dates   Barrels
                                                  Sold       BPD   ($/Bbl)
  -------------------------------------------- ------------  ---   -------
  Second Quarter 2009                               455,000 5,000   $62.66
  Third Quarter 2009                                460,000 5,000    62.66
  Fourth Quarter 2009                               460,000 5,000    62.66
  Calendar Year 2010                                547,500 1,500    58.25
                                                    -------          -----
  Totals                                          1,922,500
  Average price                                                     $61.40



                                               Barrels
  Gasoline Swap Contracts by Expiration Dates Purchased  BPD  ($/Bbl)
  ------------------------------------------- ---------  ---  -------
  Second Quarter 2009                           455,000 5,000  $60.53
  Third Quarter 2009                            460,000 5,000   60.53
  Fourth Quarter 2009                           460,000 5,000   60.53
  Calendar Year 2010                            547,500 1,500   58.42
                                                -------         -----
  Totals                                      1,922,500
  Average price                                                $59.93



  To summarize at March 31, 2009, the Company had the following crude oil
  and gasoline derivative instruments not designated as hedges in its fuel
  products segment. These trades were used to economically lock in a
  portion of the mark-to-market valuation gain for the above crack spread
  trades.


                                                           Implied
                                                            Crack
                                      Barrels             Spread
  Swap Contracts by Expiration Dates Purchased  BPD        ($/Bbl)
  ---------------------------------- ---------  ---    --------------
  Second Quarter 2009                   455,000 5,000           (2.13)
  Third Quarter 2009                    460,000 5,000           (2.13)
  Fourth Quarter 2009                   460,000 5,000           (2.13)
  Calendar 2010                         547,500 1,500            0.17
                                        -------                  ----
  Totals                              1,922,500
  Average price                                                $(1.47)



  The above derivative instruments to purchase the crack spread have
  effectively locked in a gain of $9.70 per barrel on approximately
  1.4 million barrels, or $13.3 million, to be recognized in 2009 and a
  gain of $7.82 per barrel on approximately 0.5 million barrels, or $4.3
  million, to be recognized in 2010.

  At March 31, 2009, the Company had the following put options related to
  jet fuel crack spreads in its fuel products segment, none of which are
  designated as hedges. As a result of these derivatives not being
  designated as hedges, the Company recognized $0.2 million of loss in
  unrealized gain on derivative instruments in the unaudited condensed
  consolidated statements of operations for the three months ended March
  31, 2009.



                                                   Average  Average
                                                    Sold     Bought
  Jet Fuel Put/Option Crack Spread                   Put      Put
   Contracts by Expiration Dates   Barrels   BPD   ($/Bbl)   ($/Bbl)
  ------------------------------   -------   ---  -------   -------
  January 2011                     216,500 6,984    $4.00     $6.00
  February 2011                    197,000 7,036     4.00      6.00
  March 2011                       216,500 6,984     4.00      6.00
                                   -------           ----      ----
  Totals                           630,000
  Average price                                     $4.00     $6.00



  Specialty Products Segment

  As a result of our specialty products crude oil hedging activity, we
  recorded a loss of $14.3 million to realized loss on derivative
  instruments of which $12.3 million was recorded to unrealized in the
  prior period, for a net impact of $2.0 million loss in the unaudited
  condensed consolidated statements of operations for the three months
  ended March 31, 2009.  At March 31, 2009, the Company had the following
  crude oil derivative instruments related to crude oil purchases in its
  specialty products segment, none of which are designated as hedges. As a
  result of these derivatives not being designated as hedges, the Company
  recognized $0.2 million of losses in unrealized gain on derivative
  instruments in the unaudited condensed consolidated statements of
  operations for the three months ended March 31, 2009.



  Crude Oil Put/Call                  Average  Average   Average    Average
  Spread Contracts                     Bought    Sold      Bought     Sold
  by Expiration                         Put      Put       Call      Call
  Dates                  Barrels  BPD  ($/Bbl)  ($/Bbl)   ($/Bbl)   ($/Bbl)
  ------                 -------  ---  -------  -------   -------   -------
  April 2009             105,000 3,500   $33.49   $43.49    $53.49   $63.49
  May 2009                93,000 3,000    34.55    44.55     54.55    64.55
  June 2009               30,000 1,000    34.50    44.50     54.50    64.50
                          ------          -----    -----     -----    -----
  Totals                   228,000
  Average price                          $34.06   $44.06    $54.06   $64.06




                                               Average  Average  Average
                                               Bought   Bought   Sold
                                                Put      Swap     Call
  Crude Oil Put/Swap/Call        Barrels  BPD   ($/Bbl)  ($/Bbl)  ($/Bbl)
   Contracts by Expiration Dates
  ------------------------------ -------   ---  -------  -------  -------
  April 2009                      60,000 2,000   $41.33   $53.55   $63.55
  May 2009                        62,000 2,000    45.53    55.30    64.50
  June 2009                       90,000 3,000    43.47    53.42    62.83
                                  ------          -----    -----    -----
  Totals                         212,000
  Average price                                  $43.46   $54.01   $63.52

First Call Analyst:
FCMN Contact: jenny.zelik@calumetspecialty.com

SOURCE: Calumet Specialty Products Partners, L.P.

CONTACT: Jennifer Straumins, Investor Relations of Calumet Specialty
Products Partners, L.P., +1-317-328-5660

Web Site: http://www.calumetspecialty.com/