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As I mentioned Calumet is a Specialty products company, we produce over 1,500 specialty products at our eight production facilities. We’ve got 2,700 customers who purchase our products as a primary raw material for industrial consumer and automotive applications.We employ 900 people across the U.S., and have eight operating facilities with crude throughput capacity of $135,000 barrels a day, and owned and operated several terminals with an aggregate storage capacity of 10 million barrels. We have a highly skilled management team with on average more than 25 years of refining experience and much of that experience has been at Calumet. As I mentioned Calumet was founded in 1990, we purchased our first refinery out of the bankruptcy situation. And until 2006, when we went public we grew the company through cash, cash flow is generated by the assets. In those cases the business strategy at that point in time was defined underutilized and underperforming assets and reconfigure expand and saying the products that were produced at those facilities. Our business strategy has always been to have close relationships with major oil companies and take advantage of when they choose, so we have the space (inaudible). With a plant we bought our solvent facility that was purchased in 1995 was owned by Kerr-McGee. We bought two plants from Pennzoil, a facilities, I’m sorry, two facilities in ConocoPhillips and our most recent acquisition, our large one that we did in October of last year. We’ve acquired the Superior Refinery from Murphy Oil. We did a small acquisition in January where we bought a specialty ester business from Ashland, and also bought a packaging plant in the Shreveport, Louisiana area. The several key investment highlights primarily number one right now is our yield. We’re trading over 10% yield, which should be attractive in the space. In addition to our diversified products range is the approval time necessary to get our products approved to our customer end-use applications. We priced our products also crude and other feedstocks and have proven over the years the ability to pass on feedstock increases to our customers. And on the flip side when crude oil falls, our prices are sticky and slower to fall than they are to rise and so again as crude as fallen into lower 90s our specialty product margin should be very, very strong.
We have very strong relationships with the broad customer base. We’ve got over 2,700 active accounts and our sales team works very, very closely with these accounts to help develop new products and maintain these relationships over many, many years.Our customer base is also very diversified with no one customer accounting for more than 50% of our sales. We’ve got a very conservative financial management policy that Pat will talk a lot more about, we’ve got a various conservative leverage profile and recognizing that we are a refinery operating as a Master Limited Partnership, we had a very conservative distribution coverage ratio policy of 1.2 to 1.5 times. And I mentioned our experience management team has been together a long time and it’s proven over the years the ability to recognize underutilized assets acquire those and create a lot of profitability for the company. Now, I’d like to turn the presentation over to Pat. R. Patrick Murray Thanks Jennifer. We appreciate everyone’s attendance today. Kind of building up what Jennifer was talking about and our commitment to our conservative financial strategy a few tenants of that are routed in sort of the foundation of Calumet and Specialty products, we think that inherently give us more stable free cash flow, we’re certainly lot more than a fuels refiner. We like the assets that we had and we’ve grown the business that way and really focused on the niche, niche acquisitions of specialty products or fuels plants that are well positioned and located. Read the rest of this transcript for free on seekingalpha.com