News Releases

Calumet Specialty Products Partners, L.P. Reports Third Quarter 2009 Results
PRNewswire-FirstCall
INDIANAPOLIS

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership" or "Calumet") reported net income for the quarter ended September 30, 2009 of $4.0 million compared to net loss of $12.5 million for the quarter ended September 30, 2008. For the nine months ended September 30, 2009, net income was $53.6 million compared to net income of $25.9 million for the nine months ended September 30, 2008. Calumet reported net cash provided by operating activities of $110.6 million for the nine months ended September 30, 2009 as compared to $75.7 million for the same period in 2008.

Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA (as defined by the Partnership's credit agreements) were $27.7 million and $42.5 million, respectively, for the quarter ended September 30, 2009 as compared to $13.6 million and $51.6 million, respectively, for the third quarter of 2008. Distributable Cash Flow for the quarter ended September 30, 2009 was $30.2 million as compared to $41.3 million for third quarter of 2008. The $9.0 million decrease in Adjusted EBITDA quarter over quarter was primarily due to a reduction in gross profit in our specialty products segment offset by lower realized derivative losses of $16.7 million in 2009 as compared to 2008 due to significant declines in crude oil prices in 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 measures and reconciliations of such measures to the comparable GAAP measures.)

The increase in net income of $16.5 million from the third quarter of 2008 was primarily due to decreased derivative losses of $43.1 million ($26.4 million of which represents non-cash derivative losses), decreased selling, general and administrative expenses of $4.6 million, and decreased interest expense of $2.4 million. Partially offsetting these increases in net income was lower gross profit of $35.8 million. Gross profit by segment was as follows:

                       For the Three Months Ended  For the Nine Months Ended
                             September 30,               September 30,
                            -------------                -------------
                          2009          2008           2009         2008
                          ----          ----           ----         ----
                                           (In millions)
  Gross profit by
   segment:
  Specialty products      $33.5         $66.1         $114.1       $109.9
  Fuel products             7.7          10.9           24.4         62.8
                            ---          ----           ----         ----
  Total gross profit      $41.2         $77.0         $138.5       $172.7
                          =====         =====         ======       ======

Specialty products segment gross profit quarter over quarter was primarily impacted by lower overall specialty product selling prices in relation to crude oil prices compared to the 2008 quarter due to lower demand resulting from the economic downturn. In addition, specialty products segment gross profit was negatively impacted by lower sales volumes in lubricating oils, solvents and waxes due to economic conditions impacting product demand. The decrease in fuel products segment gross profit quarter over quarter was due primarily to decreasing selling prices as compared to the average cost of crude oil as fuel products crack spreads declined significantly quarter over quarter. These losses were partially offset by increased gains on derivatives recorded in gross profit of $17.5 million and lower cost of sales of $10.3 million resulting from the liquidation of lower cost inventory layers in 2009.

"The continued economic weakness during the third quarter and decline in fuel products crack spreads weighed negatively on our results. We continue to work on controlling costs, executing our hedging strategies and completing small, short-term payback projects to improve our results," said Bill Grube, Calumet's CEO and President.

Quarterly Distribution

On October 20, 2009, the Partnership declared a quarterly cash distribution of $0.45 per unit for the quarter ended September 30, 2009 on all outstanding units. The distribution will be paid on November 13, 2009 to unitholders of record as of the close of business on November 3, 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      Nine Months Ended
                                     September 30,            September 30,
                                     -------------            -------------
                                    2009          2008       2009     2008
                                    ----          ----       ----     ----
  Sales volume (bpd):
  Specialty products              26,108        28,467     25,579   30,215
  Fuel products                   32,522        28,587     31,718   28,723
                                  ------                   ------   ------
  Total (1)                       58,630        57,054     57,297   58,938
                                  ======        ======     ======   ======

  Total feedstock runs (bpd)
   (2)(3)                         59,949        57,263     61,069   57,985
  Facility production (bpd):
  Specialty products:
    Lubricating oils              13,118        13,257     11,481   13,108
    Solvents                       7,923         7,779      7,868    8,489
    Waxes                          1,274         1,518      1,082    1,851
    Fuels                            941         1,141        811    1,157
    Asphalt and other
     by-products                   7,667         6,691      7,694    6,872
                                   -----         -----      -----    -----
      Total                       30,923        30,386     28,936   31,477
                                  ------        ------     ------   ------
  Fuel products:
    Gasoline                       9,144         8,394      9,841    8,636
    Diesel                        12,079        10,548     12,662   10,580
    Jet fuel                       7,328         6,613      7,184    6,089
    By-products                      562           271        529      344
                                     ---           ---        ---      ---
      Total                       29,113        25,826     30,216   25,649
                                  ------        ------     ------   ------
  Total facility production (3)   60,036        56,212     59,152   57,126
                                  ======        ======     ======   ======

  1. Total sales volume includes sales from the production of our
  facilities and certain third-party facilities pursuant to supply and/or
  processing agreements, and sales of inventories.

  2. Total feedstock runs represents the barrels per day of crude oil and
  other feedstocks processed at our facilities and certain third-party
  facilities pursuant to supply and/or processing agreements. The increase
  in feedstock runs for the three months ended September 30, 2009 as
  compared to the same period in 2008 is primarily due to increased run
  rates at the Shreveport refinery due to increased operational
  efficiencies.

  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 September 30, 2009, we continued to be in compliance with all financial covenants under our credit agreements.

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.

Revolving Credit Facility Capacity

On September 30, 2009, we had availability on our revolving credit facility of $89.5 million, based on a $200.6 million borrowing base, $41.9 million in outstanding standby letters of credit, and borrowings of $69.1 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. 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. A significant increase in crude oil prices, if sustained, would likely result in increased working capital funded by borrowings 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, November 4, 2009, to discuss the financial and operational results for the third quarter of 2009. Anyone interested in listening to the presentation may call 866-272-9941 and enter passcode 65132315. For international callers, the dial-in number is 617-213-8895 and the passcode is 65132315.

The telephonic replay of the conference call is available in the United States by calling 888-286-8010 and entering passcode 58473570. International callers can access the replay by calling 617-801-6888 and entering passcode 58473570. The replay will be available beginning Wednesday, November 4, 2009, at approximately 4:00 p.m. until Wednesday, November 18, 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 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 fluctuations and rapid increases and decreases in crude oil and crack spread prices, including the impact on our liquidity; the results of the Partnership's hedging and risk management activities; the availability of, and the Partnership's ability to consummate, acquisition or combination opportunities; labor relations; the ability of the Partnership to comply with the financial covenants contained in its credit facilities; the Partnership's access to capital to fund acquisitions and its 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 the Partnership's credit ratings and ability to receive open credit from its suppliers; 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 or other weather interference with business operations; fluctuations in the debt and equity markets; 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 and 2009 Forms 10-Q 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.

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 (loss) 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

                        For the Three Months Ended For the Nine Months Ended
                                September 30,              September 30,
                                -------------             -------------
                             2009          2008         2009         2008
                             ----          ----         ----         ----
                                 (In thousands, except per unit data)
  Sales                  $492,431      $724,371   $1,350,735   $1,990,315
  Cost of sales           451,275       647,397    1,212,241    1,817,625
                          -------       -------    ---------    ---------
  Gross profit             41,156        76,974      138,494      172,690
                           ------        ------      -------      -------
  Operating costs and
   expenses:
    Selling, general
     and administrative     7,437        11,995       23,697       29,666
    Transportation         18,519        21,656       49,761       66,685
    Taxes other than
     income taxes           1,167         1,324        3,156        3,386
    Other                     191           393          888          957
                            ---           ---          ---          ---
  Operating income         13,842        41,606       60,992       71,996
                           ------        ------       ------       ------
  Other income
   (expense):
    Interest expense       (8,243)      (10,670)     (25,333)     (24,373)
    Debt extinguishment
     costs                      -             -            -         (898)
    Realized gain
     (loss) on derivative
     instruments            4,045       (12,621)       3,213      (12,971)
    Unrealized gain
     (loss) on derivative
     instruments           (4,485)      (30,892)      17,672      (13,866)
    Gain on sale of
     mineral rights             -             -            -        5,770
    Other                  (1,271)          210       (2,856)         551
                          -------           ---      -------          ---
  Total other income
   (expense)               (9,954)      (53,973)      (7,304)     (45,787)
                          -------      --------      -------     --------
  Net income (loss)
   before income
   taxes                    3,888       (12,367)      53,688       26,209
  Income tax expense          (79)          148           70          308
                             ----           ---           --          ---
  Net income (loss)        $3,967      $(12,515)     $53,618      $25,901
                           ======     =========      =======      =======
  Calculation of
   common unitholders'
   interest in net
   income (loss):
    Net income (loss)      $3,967      $(12,515)     $53,618      $25,901
    Less:
      General partner's
       interest in net
       income (loss)           79          (250)       1,070          518
      Subordinated
       unitholders'
       interest in net
       income (loss)        1,573        (4,969)      21,265       10,292
                            -----       -------       ------       ------
    Net income (loss)
     available to
     common unitholders    $2,315       $(7,296)     $31,283      $15,091
                           ======      ========      =======      =======
    Weighted average
     number of common
     units outstanding -
     basic and
     diluted               19,166        19,166       19,166       19,166
                           ======        ======       ======       ======
    Weighted average
     number of
     subordinated units
     outstanding -
     basic and diluted     13,066        13,066       13,066       13,066
                           ======        ======       ======       ======
    Common and
     subordinated
     unitholders' basic
     and diluted net
     income (loss) per
     unit                    0.12         (0.38)        1.63         0.79
                             ====        ======         ====         ====
  Cash distributions
   declared per
   common and
   subordinated unit        $0.45         $0.45        $1.35        $1.53
                            =====         =====        =====        =====


  Note: The Partnership has adopted the requirements under ASC 260-10,
  Earnings per Share (formerly EITF Issue No. 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 September 30, 2008 for
  the calculation of common unitholders' interest in net income (loss) and
  its basic and diluted net income (loss) per unit, therefore the September
  30, 2008 amounts differ from what was previously reported.



                    CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                              September 30, 2009     December 31, 2008
                              ------------------     -----------------
                                  (Unaudited)
                                            (In thousands)
            ASSETS
  Current assets:
    Cash and cash equivalents         $2,567                  $48
    Accounts receivable              128,259              109,556
    Inventories                      131,708              118,524
    Derivative assets                 38,505               71,199
    Prepaid expenses and other
     current assets                    2,777                5,824
                                       -----                -----
  Total current assets               303,816              305,151
  Property, plant and equipment,
   net                               638,829              659,684
  Goodwill                            48,335               48,335
  Other intangible assets, net        40,945               49,502
  Other noncurrent assets, net        16,107               18,390
                                      ------               ------
  Total assets                    $1,048,032           $1,081,062
                                  ==========           ==========

            LIABILITIES AND
             PARTNERS' CAPITAL

  Current liabilities:
    Accounts payable                 $94,471              $87,460
    Accounts payable - related
     party                            37,682                6,395
    Other current liabilities         19,864               23,360
    Current portion of long-term
     debt                              4,670                4,811
    Derivative liabilities             5,269               15,827
                                       -----               ------
  Total current liabilities          161,956              137,853
  Pension and postretirement
   benefit obligations                10,379                9,717
  Other long-term liabilities          1,116                    -
  Long-term debt, less current
   portion                           424,965              460,280
                                     -------              -------
  Total liabilities                  598,416              607,850
                                     -------              -------
  Commitments and contingencies
  Partners' capital:
    Partners' capital                426,895              417,646
    Accumulated other comprehensive
     income                           22,721               55,566
                                      ------               ------
  Total partners' capital            449,616              473,212
                                     -------              -------
  Total liabilities and partners'
   capital                        $1,048,032           $1,081,062
                                  ==========           ==========



                   CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                   For the Nine Months Ended
                                                           September 30,
                                                           -------------
                                                         2009         2008
                                                         ----         ----
                                                           (In thousands)
  Operating activities
  Net income                                          $53,618      $25,901
  Adjustments to reconcile net income to net cash
   provided by operating activities:
    Depreciation and amortization                      48,890       42,369
    Amortization of turnaround costs                    5,692        1,041
    Provision for doubtful accounts                      (766)       1,320
    Non-cash debt extinguishment costs                      -          898
    Unrealized gain on derivative instruments         (17,672)      13,866
    Gain on sale of mineral rights                          -       (5,770)
    Other non-cash activity                             3,561          305
    Changes in assets and liabilities:
      Accounts receivable                             (17,937)     (64,410)
      Inventories                                     (13,184)      84,606
      Prepaid expenses and other current assets          (953)       4,641
      Derivative activity                               6,680        7,510
      Deposits                                          4,000            -
      Other assets                                     (4,539)      (1,985)
      Accounts payable                                 38,298      (39,473)
      Accrued salaries, wages and benefits              1,002        1,621
      Taxes payable                                       741        1,996
      Other current liabilities                         1,086          518
      Pension and postretirement benefit obligations      945          725
      Other long-term liabilities                       1,116            -
                                                        -----          ---
  Net cash provided by operating activities           110,578       75,679
                                                      -------       ------
  Investing activities
  Additions to property, plant and equipment          (20,718)    (161,811)
  Acquisition of Penreco, net of cash acquired              -     (269,118)
  Settlement of derivative instruments                      -       (6,042)
  Proceeds from sale of mineral rights                      -        6,065
  Proceeds from disposal of property and equipment        793           24
                                                          ---           --
  Net cash used in investing activities               (19,925)    (430,882)
                                                     --------    ---------
  Financing activities
  Proceeds from (Repayments of) borrowings, net -
   revolving credit facility                          (33,435)      85,933
  Repayments of borrowings - prior term loan
   credit facility                                          -      (30,099)
  Proceeds from (Repayments of) borrowings, net -
   existing term loan credit facility                  (2,888)     358,647
  Debt issuance costs                                       -       (9,633)
  Payments on capital lease obligations                  (875)        (309)
  Change in bank overdraft                             (6,325)       2,190
  Common units repurchased for vested phantom unit
   grants                                                (164)        (115)
  Distributions to partners                           (44,447)     (51,339)
                                                     --------     --------
  Net cash provided by (used in) financing
   activities                                         (88,134)     355,275
                                                     --------      -------
  Net increase in cash and cash equivalents             2,519           72
  Cash and cash equivalents at beginning of period         48           35
                                                           --           --
  Cash and cash equivalents at end of period           $2,567         $107
                                                       ======         ====
  Supplemental disclosure of cash flow information
  Interest paid                                       $23,124      $24,180
  Income taxes paid                                       $91          $19
                                                          ===          ===



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

                                     Three Months Ended  Nine Months Ended
                                       September 30,       September 30,
                                       -------------       -------------
                                      2009       2008      2009      2008
                                      ----       ----      ----      ----
                                         Unaudited           Unaudited
                                                 (In thousands)
  Reconciliation of Net Income
   (Loss) to EBITDA and Adjusted
   EBITDA:
  Net income (loss)                 $3,967   $(12,515)  $53,618   $25,901
    Add:
      Interest expense and debt
       extinguishment costs          8,243     10,670    25,333    25,271
      Depreciation and
       amortization                 15,578     15,289    46,396    39,868
      Income tax expense               (79)       148        70       308
                                      ----        ---        --       ---
  EBITDA                           $27,709    $13,592  $125,417   $91,348
                                   -------    -------  --------   -------
    Add:
      Unrealized (gain) loss from
       mark to market accounting
       for hedging activities      $11,365    $33,429  $(10,430)  $15,184
      Prepaid non-recurring
       expenses and accrued
       non-recurring expenses,
       net of cash outlays           3,449      4,537     4,271     7,905
                                     -----      -----     -----     -----
  Adjusted EBITDA                  $42,523    $51,558  $119,258  $114,437
                                   -------    -------  --------  --------
    Less:
      Replacement capital
       expenditures (1)             (4,995)      (987)  (12,739)   (5,417)
      Cash interest expense (2)     (7,423)    (9,115)  (23,124)  (17,338)
      Income tax expense                79       (148)      (70)     (308)
                                        --      -----      ----     -----
  Distributable Cash Flow          $30,184    $41,308   $83,325   $91,374
                                   -------    -------   -------   -------

  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


                                              Nine Months Ended
                                                September 30,
                                                -------------
                                               2009       2008
                                               ----       ----
                                                 Unaudited
                                               (In thousands)
  Reconciliation of Adjusted EBITDA and
   EBITDA to net cash provided by operating
   activities:
  Adjusted EBITDA                           $119,258   $114,437
    Add:
      Unrealized gain (loss) from mark
       to market accounting for
       hedging activities                     10,430    (15,184)
      Prepaid non-recurring expenses
       and accrued non-recurring
       expenses, net of cash outlays          (4,271)    (7,905)
                                              -------    -------
  EBITDA                                    $125,417    $91,348
                                            ========    =======
    Add:
      Interest expense and debt
       extinguishment costs, net             (22,597)   (22,679)
      Unrealized (gain) loss on
       derivative instruments                (17,672)    13,866
      Income taxes                               (70)      (308)
      Provision for doubtful accounts           (766)     1,320
      Debt extinguishment costs                    -        898
    Changes in assets and liabilities:
      Accounts receivable                    (17,937)   (64,410)
      Inventory                              (13,184)    84,606
      Other current assets                     3,047      4,641
      Derivative activity                      6,680      7,510
      Accounts payable                        38,298    (39,473)
      Other current liabilities                2,829      4,135
      Other, including changes in
       noncurrent assets and liabilities       6,533     (5,775)
                                               -----    -------
  Net cash provided by operating
   activities                               $110,578    $75,679
                                            ========    =======




                    CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
              UPDATE ON EXISTING COMMODITY DERIVATIVE INSTRUMENTS
                               September 30, 2009

  Fuel Products Segment

  The following tables provide information about our derivative instruments related to our fuel products segment as of September 30, 2009:

  Crude Oil Swap Contracts by       Barrels
   Expiration Dates                Purchased    BPD     ($/Bbl)
  ---------------------------      ---------    ---     -------
  Fourth Quarter 2009               2,070,000  22,500    66.26
  Calendar Year 2010                7,300,000  20,000    67.29
  Calendar Year 2011                5,384,000  14,751    76.24
                                    ---------            -----
  Totals                           14,754,000
  Average price                                         $70.41



  Diesel Swap Contracts by
   Expiration Dates              Barrels Sold   BPD     ($/Bbl)
  -----------------              ------------   ---     ------
  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                            8,312,000
  Average price                                         $83.32



  Jet Fuel Swap Contracts by
   Expiration Dates              Barrels Sold   BPD     ($/Bbl)
  -----------------              ------------   ---     -------
  Calendar Year 2011                2,284,000   6,258   $87.88
                                    ---------           ------
  Totals                            2,284,000
  Average price                                         $87.88



  Gasoline Swap Contracts by
   Expiration Dates              Barrels Sold   BPD     ($/Bbl)
  -----------------              ------------   ---     -------
  Fourth Quarter 2009                 874,000   9,500    73.83
  Calendar Year 2010                2,555,000   7,000    75.28
  Calendar Year 2011                  729,000   1,997    83.53
                                      -------            -----
  Totals                            4,158,000
  Average price                                         $76.42



  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.

  Swap Contracts by                   Barrels            Implied Crack
   Expiration Dates                     Sold      BPD    Spread ($/Bbl)
  -----------------                     ----      ---    --------------
  Fourth Quarter 2009               2,070,000   22,500      11.43
  Calendar Year 2010                7,300,000   20,000      11.32
  Calendar Year 2011                5,384,000   14,751      12.19
                                    ---------               -----
  Totals                           14,754,000
  Average price                                            $11.65



  At September 30, 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.

  Crude Oil Swap Contracts by         Barrels
   Expiration Dates                     Sold      BPD    ($/Bbl)
  -----------------                     ----      ---    -------
  Fourth Quarter 2009                 460,000   5,000    62.66
  Calendar Year 2010                  547,500   1,500    58.25
                                      -------            -----
  Totals                            1,007,500
  Average price                                         $60.26



  Gasoline Swap Contracts by         Barrels
   Expiration Dates                 Purchased     BPD    ($/Bbl)
  -----------------                 ---------     ---    -------
  Fourth Quarter 2009                 460,000   5,000    60.53
  Calendar Year 2010                  547,500   1,500    58.42
                                      -------            -----
  Totals                            1,007,500
  Average price                                         $59.38



  To summarize, at September 30, 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.

  Swap Contracts by Expiration       Barrels            Implied Crack
   Dates                            Purchased     BPD   Spread ($/Bbl)
  ------                            ---------     ---   --------------
  Fourth Quarter 2009                 460,000   5,000    (2.13)
  Calendar 2010                       547,500   1,500     0.17
                                      -------             ----
  Totals                            1,007,500
  Average price                                         $(0.88)




  At September 30, 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.

                                                      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

  At September 30, 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.

                                                Average   Average  Average
  Crude Oil Put/Swap/Call                      Bought Put  Swap   Sold Call
   Contracts by Expiration Dates  Barrels  BPD  ($/Bbl)   ($/Bbl)  ($/Bbl)
  ------------------------------  -------  ---  -------   -------   ------
  October 2009                    248,000 8,000  $57.33   $71.09    $81.09
  November 2009                   150,000 5,000   56.17    69.64     79.64
  December 2009                    62,000 2,000   56.30    68.55     78.55
                                   ------         -----    -----     -----
  Totals                          460,000
  Average price                                  $56.81   $70.27    $80.27

First Call Analyst:
FCMN Contact: kathy.buck@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/