Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Partnership") will report earnings for the quarter ended March 31, 2008 on Tuesday, May 6, 2008 after the market closes.
In addition, the Partnership announced today that the Board of Directors of the Partnership's general partner has approved a quarterly cash distribution of $0.45 per unit ($1.80 per unit on an annualized basis) for the quarter ended March 31, 2008 on all of its outstanding units. The distribution will be payable on May 15, 2008 to holders of record of such units at the close of business on May 5, 2008. This distribution represents a 27% decrease from the $0.63 per unit distribution to unitholders paid on February 14, 2008. The reduction reflects continuing adverse changes in specialty products gross profits resulting from historically high crude oil costs.
A conference call is scheduled for 1:30 p.m. ET (12:30 p.m. CT) Wednesday, May 7, 2008, to discuss the financial and operational results for the first quarter of 2008 and to detail the Partnership's strategy to address recent adverse financial conditions. Anyone interested in listening to the presentation may call 866-700-7441 and enter passcode 38035538. For international callers, the dial-in number is 617-213-8839 and the passcode is 38035538.
The telephonic replay is available in the United States by calling 888-286-8010 and entering passcode 26610910. International callers can access the replay by calling 617-801-6888 and entering passcode 26610910. The replay will be available beginning Wednesday, May 7, 2008, at approximately 3:30 p.m. until Wednesday, May 21, 2008.
A web cast of the earnings call will be available on the Partnership's website at http://www.calumetspecialty.com/.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet") is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive products. Calumet also produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Indiana and has five plants located in northwest Louisiana, western Pennsylvania, and southern Texas, and a blending facility located in Burnham, Illinois.
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 success of the Partnership's risk management activities; the availability of, and the Partnership's ability to consummate, acquisition or combination opportunities; 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 rating 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, counter parties; the impact of crude oil price fluctuations; the impact of current and future laws, rulings and governmental regulations; shortages or cost increases of power supplies, natural gas, materials or labor; weather interference with business operations or project construction; 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.
First Call Analyst:
FCMN Contact: eric.smith@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/