Calumet Specialty Products Partners LP (NASDAQ:CLMT) Q3 2023 Earnings Conference Call November 9, 2023 9:00 AM ET

Company Participants

Brad McMurray - Director, IR

Louis Todd Borgmann - CEO

Vincent Donargo - EVP & CFO

Bruce Fleming - EVP, Montana Renewables & Corporate Development

Scott Obermeier - EVP, Specialties

Conference Call Participants

Roger Read - Wells Fargo Securities

Neil Mehta - Goldman Sachs

Manav Gupta - UBS

Amit Dayal - H.C. Wainwright & Co.

Jason Gabelman - TD Cowen

Operator

Good day, and welcome to the Calumet Specialty Products Third Quarter 2023 Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Brad McMurray, Head of Investor Relations. Please go ahead.

Brad McMurray

Thank you, Betsy. Good morning. Thank you all for joining us today for our third quarter 2023 earnings call. With me on today's call are Todd Borgmann, CEO; Vincent Donargo, CFO; Bruce Fleming, EVP, Montana Renewables and Corporate Development; and Scott Obermeier, EVP, Specialties. I would also like to introduce David Lunin, who recently joined the company as our Incoming CFO, which will be effective January 1, upon Vince's retirement from Calumet.

You may now download the slides that accompany the remarks made on today's conference call, which can be accessed in the Investor Relations section of our website at www.calumet.com. Also, a webcast replay of this call will be available on our site within a few hours.

Turning to the presentation on Slide 2, you'll find our cautionary statements. I'd like to remind everyone that during this call, we may provide various forward-looking statements. Please refer to the partnership's press release that was issued this morning as well as our latest filings with the SEC for a list of factors that may affect our actual results and cause them to differ from our expectations.

I'll now pass the call to Todd. Todd?

Louis Todd Borgmann

Thanks, Brad, and welcome to Calumet's third quarter 2023 earnings call. I’m sure many of you saw that Calumet issued two press releases this morning. One was our traditional earnings release and the other was an announcement that after a thorough and productive negotiation, our general partner and conflicts committee reached agreement that Calumet will be transitioning to a C-Corp.

I'm going to start with the quarterly report, and we'll transition to the conversion shortly thereafter. To do that, let's turn to Slide 3. During the quarter, Calumet generated $75.5 million of adjusted EBITDA, and what was in many ways a tale of two halves. The period started strong with the July, the directionally represented what we expect out of Montana Renewables now that all units within the operation had been proven.