Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) Q4 2023 Earnings Conference Call February 23, 2024 9:00 AM ET

Company Participants

Brad McMurray - Investor Relations

Todd Borgmann - Chief Executive Officer

David Lunin - Chief Financial Officer

Bruce Fleming - Executive Vice President, Montana/Renewables and Corporate Development

Scott Obermeier - Executive Vice President, Specialties

Conference Call Participants

Roger Read - Wells Fargo

Neil Mehta - Goldman Sachs

Manav Gupta - UBS

Sameer Joshi - H.C. Wainwright

Gregg Brody - Bank of America

Jason Gabelman - TD Cowen

Operator

Good day, and welcome to the Calumet Specialty Products Partners, L.P. Fourth Quarter 2023 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

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

Brad McMurray

Good morning. Thank you for joining us today for our fourth quarter and full-year 2023 earnings call. With me on today's call are Todd Borgmann, CEO; David Lunin, CFO; Bruce Fleming, EVP, Montana/Renewables and Corporate Development; and Scott Obermeier, EVP, Specialties.

You may now download the slides that accompany the remarks made of 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 slides two and three, you can find our cautionary statements and tax disclosures. 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 will now pass the call to Todd. Todd?

Todd Borgmann

Thank you, Brad, and welcome to Calumet's year-end 2023 earnings call. To start, I'll provide an update on our conversion process, we'll then recap 2023, Dave will take us deeper into the quarter and I'll wrap with a '24 outlook.

Let's turn to slide four. In November, we announced that our general partner and conflicts committee had agreed to terms that would convert Calumet to a C-Corp from an MLP, and since then we've been at work putting that into effect. Over the past few years, Calumet has transformed itself into a new company, and it became clear that the typical institutional investors who would invest in a leading specialty products company in a top-tier renewable fuels business largely don't or even can't invest in MLPs.