News Releases

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

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership" or "Calumet") reported a net loss for the quarter ended June 30, 2009 of $26.0 million compared to net income of $41.8 million for the quarter ended June 30, 2008. For the six months ended June 30, 2009, net income was $49.7 million compared to net income of $38.4 million for the six months ended June 30, 2008.

Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA (as defined by the Partnership's credit agreements) were $(1.9) million and $26.6 million, respectively, for the quarter ended June 30, 2009 as compared to $65.5 million and $48.0 million, respectively, for the second quarter of 2008. Distributable Cash Flow for the quarter ended June 30, 2009 was $14.3 million as compared to $36.9 million for second quarter of 2008. The $21.3 million decrease in Adjusted EBITDA quarter over quarter is primarily due to a reduction in gross profit in our fuels segment, further discussed below. (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 decrease in net income of $67.8 million from the second quarter of 2008 was primarily due to a decrease in gross profit of $42.5 million and increased non-cash derivative losses of $31.0 million. Gross profit (loss) by segment is as follows:

                               For the Three            For the Six
                                Months Ended            Months Ended
                                  June 30,                June 30,
                               -------------            ------------
                              2009       2008          2009       2008
                              ----       ----          ----       ----
                                        (Dollars in millions)
  Gross profit (loss)
   by segment:
  Specialty products         $20.7      $21.5         $80.5      $43.8
  Fuel products               (2.3)      39.4          16.8       51.9
                             -----      -----         -----      -----
  Total gross profit         $18.4      $60.9         $97.3      $95.7
                             =====      =====         =====      =====


Specialty products segment gross profit quarter over quarter was primarily impacted by reduced LIFO inventory gains of $50.2 million resulting from the liquidation of lower cost inventory layers in 2008 as well as lower sales volumes in lubricating oils, solvents and waxes due to economic conditions impacting product demand. This reduction in specialty products segment gross profit was positively impacted by significant improvements in overall specialty product selling prices in relation to crude oil prices from the 2008 quarter. The decrease in our fuel products segment gross profit quarter over quarter was due primarily to lower overall fuel products crack spreads and reduced LIFO inventory gains of $10.0 million from the liquidation of lower cost inventory layers in 2008, partially offset by increased sales volume resulting from higher throughput rates at the Shreveport refinery and increased gains on derivatives of $9.7 million.

"The significant increase in crude oil prices and continued weakness in product demand resulted in a second quarter that was very challenging for all refiners, including Calumet. This has caused us to focus even more on placing specialty products in higher value applications and markets, developing additional specialty products, and controlling operating costs," said Bill Grube, Calumet's CEO and President.

Quarterly Distribution

On July 20, 2009, the Partnership declared a quarterly cash distribution of $0.45 per unit for the quarter ended June 30, 2009 on all outstanding units. The distribution will be paid on August 14, 2009 to unitholders of record as of the close of business on August 4, 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           Six Months
                                     Ended June 30,        Ended June 30,
                                     --------------        --------------
                                     2009      2008        2009      2008
                                     ----      ----        ----      ----

  Sales volume (bpd):
  Specialty products sales volume   26,033     30,110     25,315     31,099
  Fuel products sales volume        32,769     30,264     31,309     28,791
                                    ------     ------     ------     ------
  Total (1)                         58,802     60,374     56,624     59,890

  Total feedstock runs (bpd)(2)(3)  60,076     60,702     61,639     58,350
  Facility production (bpd):
  Specialty products:
    Lubricating oils                 9,659     12,943     10,649     13,032
    Solvents                         7,417      8,813      7,840      8,847
    Waxes                              870      1,983        985      2,019
    Fuels                              821        843        744      1,165
    Asphalt and other by-products    7,680      7,171      7,708      6,965
                                    ------     ------     ------     ------
      Total                         26,447     31,753     27,926     32,028
                                    ------     ------     ------     ------
  Fuel products:
    Gasoline                         9,322      8,304     10,195      8,758
    Diesel                          13,164     12,826     12,958     10,597
    Jet fuel                         6,878      5,752      7,111      5,825
    By-products                        748        559        512        381
                                    ------     ------     ------     ------
      Total                         30,112     27,441     30,776     25,561
                                    ------     ------     ------     ------
  Total facility production (3)     56,559     59,194     58,702     57,589
                                    ======     ======     ======     ======


  (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 decrease in feedstock runs for the three months ended June 30,
      2009 is primarily due to decreases in feedstock run rates in the
      second quarter of 2009 at all facilities except the Shreveport
      refinery due to lower overall demand for specialty products.
      The Shreveport refinery feedstock run rates increased due to the
      completion of the refinery expansion project in May 2008.

  (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 June 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 June 30, 2009, we had availability on our revolving credit facility of $73.0 million, based on a $203.9 million borrowing base, $35.1 million in outstanding standby letters of credit, and outstanding borrowings of $95.8 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, August 5, 2009, to discuss the financial and operational results for the second quarter of 2009. Anyone interested in listening to the presentation may call 866-700-6067 and enter passcode 12813905. For international callers, the dial-in number is 617-213-8834 and the passcode is 12813905.

The telephonic replay of the conference call is available in the United States by calling 888-286-8010 and entering passcode 36197648. International callers can access the replay by calling 617-801-6888 and entering passcode 36197648. The replay will be available beginning Wednesday, August 5, 2009, at approximately 4:00 p.m. until Wednesday, August 19, 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 Form 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
                       (In thousands, except per unit data)

                             For the Three Months      For the Six Months
                                Ended June 30,           Ended June 30,
                             --------------------      ------------------
                             2009           2008        2009        2008
                             ----           ----        ----        ----
                                (In thousands, except per unit data)

  Sales                    $444,039      $671,220     $858,303  $1,265,943
  Cost of sales             425,671       610,338      760,964   1,170,227
                            -------       -------      -------   ---------
  Gross profit               18,368        60,882       97,339      95,716
                            -------       -------      -------   ---------
  Operating costs and
   expenses:
    Selling, general
     and administrative       6,939         9,419       16,261      17,671
    Transportation           16,087        21,169       31,242      45,029
    Taxes other than
     income taxes               865         1,007        1,989       2,062
    Other                       278           341          697         564
                            -------       -------      -------   ---------
  Operating income (loss)    (5,801)       28,946       47,150      30,390
                            -------       -------      -------   ---------
  Other income
   (expense):
    Interest expense         (8,447)       (8,536)     (17,090)    (13,702)
    Debt extinguishment
     costs                        -          (373)           -        (898)
    Realized gain (loss) on
     derivative instruments   7,637         2,526         (833)       (351)
    Unrealized gain (loss)
     on derivative
     instruments            (17,582)       13,456       22,158      17,025
    Gain on sale of
     mineral rights               -         5,770            -       5,770
    Other                    (1,727)          170       (1,585)        341
                            -------       -------      -------   ---------
  Total other income
   (expense)                (20,119)       13,013        2,650       8,185
                            -------       -------      -------   ---------
  Net income (loss)
   before income taxes      (25,920)       41,959       49,800      38,575
  Income tax expense             67           151          149         159
                            -------       -------      -------   ---------
  Net income (loss)        $(25,987)      $41,808      $49,651     $38,416
                            -------       -------      -------   ---------
  Calculation of common
   unitholders' interest
   in net income (loss):
    Net income (loss)      $(25,987)      $41,808      $49,651     $38,416
    Less:
      General partner's
       interest in net
       income (loss)           (519)          836          991         768
      Subordinated
       unitholders'
       interest in net
       income (loss)        (10,307)       16,606       19,692      15,261
                            -------       -------      -------   ---------
    Net income (loss)
     available to common
     unitholders           $(15,161)      $24,366      $28,968     $22,387
                            =======       =======      =======   =========
    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   (0.79)         1.27         1.51        1.17
                            =======       =======      =======   =========
  Cash distributions
   declared per common and
   subordinated unit          $0.45         $0.45        $0.90       $1.08
                            =======       =======      =======   =========


  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 June 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 June 30, 2008 amounts differ from what was
          previously reported.



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

                                               June 30,      December 31,
                                                 2009            2008
                                                 ----            ----
                                              (Unaudited)
                                                    (In thousands)

                       ASSETS
  Current assets:
    Cash and cash equivalents                       $64            $48
    Accounts receivable                         113,725        109,556
    Inventories                                 146,114        118,524
    Derivative assets                            39,499         71,199
    Prepaid expenses and other current assets     3,304          5,824
                                                -------        -------
  Total current assets                          302,706        305,151
  Property, plant and equipment, net            645,546        659,684
  Goodwill                                       48,335         48,335
  Other intangible assets, net                   43,797         49,502
  Other noncurrent assets, net                   18,556         18,390
                                                -------        -------
  Total assets                               $1,058,940     $1,081,062
                                              =========      =========

           LIABILITIES AND PARTNERS' CAPITAL
  Current liabilities:
    Accounts payable                            $88,831        $87,460
    Accounts payable - related party             28,370          6,395
    Other current liabilities                    19,394         23,360
    Current portion of long-term debt             4,746          4,811
    Derivative liabilities                        5,641         15,827
                                                -------        -------
  Total current liabilities                     146,982        137,853
  Pension and postretirement benefit
   obligations                                   10,159          9,717
  Long-term debt, less current portion          452,235        460,280
                                                -------        -------
  Total liabilities                             609,376        607,850
                                                -------        -------
  Commitments and contingencies
  Partners' capital:
    Partners' capital                           437,682        417,646
    Accumulated other comprehensive income       11,882         55,566
                                                -------        -------
  Total partners' capital                       449,564        473,212
                                                -------        -------
  Total liabilities and partners' capital    $1,058,940     $1,081,062
                                              =========      =========



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

                                                  For the Six Months Ended
                                                           June 30,
                                                  ------------------------
                                                    2009             2008
                                                    ----             ----
                                                        (In thousands)

  Operating activities
  Net income                                          $49,651      $38,416
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depreciation and amortization                     32,446       26,193
     Amortization of turnaround costs                   3,370          737
     Provision for doubtful accounts                     (724)         565
     Non-cash debt extinguishment costs                     -          898
     Unrealized gain on derivative instruments        (22,158)     (17,025)
     Gain on sale of mineral rights                         -       (5,770)
     Other non-cash activity                            2,098          145
     Changes in assets and liabilities:
       Accounts receivable                             (3,445)     (55,896)
       Inventories                                    (27,590)      60,756
       Prepaid expenses and other current assets       (1,480)       4,350
       Derivative activity                               (201)       1,021
       Deposits                                         4,000            -
       Other assets                                    (4,286)        (447)
       Accounts payable                                23,346       56,903
       Accrued salaries, wages and benefits               121       (1,393)
       Taxes payable                                    1,355        1,973
       Other current liabilities                          304         (205)
       Pension and postretirement benefit obligations     631          484
                                                       ------      -------
  Net cash provided by operating activities            57,438      111,705
  Investing activities
  Additions to property, plant and equipment          (13,345)    (152,547)
  Acquisition of Penreco, net of cash acquired              -     (269,118)
  Proceeds from sale of mineral rights                      -        6,065
  Proceeds from disposal of property and equipment        737            -
                                                       ------      -------
  Net cash used in investing activities               (12,608)    (415,600)
  Financing activities
  Proceeds from (Repayments of) borrowings,
   net - revolving credit facility                     (6,725)      18,969
  Repayments of borrowings - prior term loan
   credit facility                                          -      (30,099)
  Proceeds from (Repayments of) borrowings,
   net - existing term loan credit facility            (1,925)     359,610
  Debt issuance costs                                       -       (9,633)
  Payments on capital lease obligations                  (618)           -
  Change in bank overdraft                             (5,746)       2,121
  Common units repurchased for vested phantom
   unit grants                                           (164)        (115)
  Distributions to partners                           (29,636)     (36,539)
                                                       ------      -------
  Net cash provided by (used in)financing activities  (44,814)     304,314
                                                       ------      -------
  Net increase in cash and cash equivalents                16          419
   Cash and cash equivalents at beginning of period        48           35
                                                       ------      -------
  Cash and cash equivalents at end of period              $64         $454
                                                       ======      =======
  Supplemental disclosure of cash flow information
  Interest paid                                       $15,701      $14,645
  Income taxes paid                                       $41          $13
                                                       ======      =======



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

                                  Three Months Ended   Six Months Ended
                                       June 30,            June 30,
                                  -------------------------------------
                                   2009       2008      2009      2008
                                   ----       ----      ----      ----
                                     Unaudited            Unaudited

  Reconciliation of Net Income
   (Loss) to EBITDA and Adjusted
   EBITDA:
  Net income (loss)              $(25,987)   $41,808   $49,651   $38,416
    Add:
       Interest expense and debt
        extinguishment costs        8,447      8,909    17,090    14,600
       Depreciation and
        amortization               15,529     14,651    30,818    24,579
       Income tax expense              67        151       149       159
                                   ------     ------    ------    ------
  EBITDA                          $(1,944)   $65,519   $97,708   $77,754
                                   ------     ------    ------    ------
     Add:
       Unrealized (gain) loss
        from mark to market
        accounting for hedging
        activities                $24,608   $(18,721) $(21,797) $(18,244)
       Prepaid non-recurring
        expenses and accrued
        non-recurring expenses,
        net of cash outlays         3,968      1,173       822     3,368
                                   ------     ------    ------    ------
       Adjusted EBITDA            $26,632    $47,971   $76,733   $62,878
                                   ------     ------    ------    ------
  Less:
       Replacement capital
        expenditures (1)           (4,728)    (2,943)   (7,744)   (4,430)
       Cash interest expense (2)   (7,548)    (7,999)  (15,701)   (8,223)
       Income tax expense             (67)      (151)     (149)     (159)
                                   ------     ------    ------    ------
  Distributable Cash Flow         $14,289    $36,878   $53,139   $50,066
                                   ------     ------    ------    ------


  (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)

                                                       Six Months Ended
                                                            June 30,
                                                       ----------------
                                                       2009         2008
                                                       ----         ----

  Reconciliation of Adjusted EBITDA and EBITDA
   to net cash provided by operating activities:
  Adjusted EBITDA                                    $76,733      $62,878
  Add:
    Unrealized gain from mark to market
     accounting for hedging activities                21,797       18,244
    Prepaid non-recurring expenses and accrued
     non-recurring expenses, net of cash outlays        (822)      (3,368)
                                                      ------      -------
    EBITDA                                           $97,708      $77,754
                                                      ======      =======
      Add:
        Interest expense and debt extinguishment
         costs, net                                  (15,277)     (12,925)
        Unrealized gain on derivative instruments    (22,158)     (17,025)
        Income taxes                                    (149)        (159)
        Provision for doubtful accounts                 (724)         565
        Debt extinguishment costs                          -          898
        Changes in assets and liabilities:
        Accounts receivable                           (3,445)     (55,896)
        Inventory                                    (27,590)      60,756
        Other current assets                           2,520        4,350
         Derivative activity                            (201)       1,021
        Accounts payable                              23,346       56,903
        Other current liabilities                      1,780          375
        Other, including changes in noncurrent
         assets and liabilities                        1,628       (4,912)
                                                      ------      -------
  Net cash provided by operating activities          $57,438     $111,705
                                                      ======      =======



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

  Fuel Products Segment

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


  Crude Oil Swap Contracts                  Barrels
    by Expiration Dates                    Purchased     BPD     ($/Bbl)
  ------------------------                 ---------     ---      -----

  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                       4,970,000    13,616     76.06
                                          ----------               -----
  Totals                                  16,410,000
  Average price                                                   $69.69


  Diesel Swap Contracts                     Barrels
   by Expiration Dates                       Sold        BPD     ($/Bbl)
  ---------------------                     -------      ---      -----

  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                                   9,508,000
  Average price                                                   $82.97


  Jet Fuel Swap Contracts                   Barrels
    by Expiration Dates                      Sold        BPD     ($/Bbl)
  -----------------------                   -------      ---      -----

  Calendar Year 2011                       1,870,000     5,123    $86.89
                                          ----------               -----
  Totals                                   1,870,000
  Average price                                                   $86.89


  Gasoline Swap Contracts                   Barrels
   by Expiration Dates                       Sold        BPD     ($/Bbl)
  -----------------------                   -------      ---      -----

  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                         729,000     1,997     83.53
                                          ----------               -----
  Totals                                   5,032,000
  Average price                                                   $75.97



  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 Contract                   Barrels               Implied Crack
  by Expiration Dates              Purchased      BPD     Spread ($/Bbl)
  --------------------             ---------      ---     -------------

  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                4,970,000     13,616      12.05
                                   ----------                 -----
  Totals                           16,410,000
  Average price                                              $11.58



  At June 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                  Barrels
   by Expiration Dates                       Sold         BPD     ($/Bbl)
  ------------------------                  -------       ---      -----

  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                                   1,467,500
  Average price                                                   $61.01


  Gasoline Swap Contracts                   Barrels
    by Expiration Dates                    Purchased      BPD     ($/Bbl)
  -----------------------                  ---------      ---      -----

  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                                   1,467,500
  Average price                                                   $59.74



  To summarize at June 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                  Barrels              Implied Crack
  Expiration Dates                  Purchased      BPD    Spread ($/Bbl)
  -----------------                 ---------      ---    -------------

  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                            1,467,500
  Average price                                              $(1.27)



  At June 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
  Jet Fuel Put/Option Crack Spread                    Sold Put   Bought Put
  by 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 June 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.

  Crude Oil Put/Swap/                  Average       Average    Average
  Call Contracts by                   Bought Put      Swap     Sold Call
  Expiration Dates    Barrels   BPD    ($/Bbl)       ($/Bbl)    ($/Bbl)
  ------------------- -------   ---   ----------     -------   ---------

  July 2009           31,000   1,000    $55.05       $69.50      $79.55
  August 2009        248,000   8,000     56.34        69.42       79.42
  September 2009      60,000   2,000     57.55        70.58       80.58
                     -------             -----        -----       -----
  Totals             339,000
  Average price                         $56.43       $69.63      $79.64

First Call Analyst:
FCMN Contact: eric.smith@calumetspecialty.com

SOURCE: Calumet Specialty Products Partners, L.P.

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

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