CLMT - Earnings call transcript Q2 2018 | Calumet Specialty Products Partners, L.P.

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Operator

Good day, ladies and gentlemen, and welcome to the Second Quarter 2018 Calumet Specialty Products Partners, L.P. earnings conference call. Currently at this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. like Caminiti, the Investor I host over time Joe to Relations. this to call turn to At Please go ahead.

Joe Caminiti

quarter With Thank you, Tim Fleming, us second EVP joining thank Go, you results Dillon. Good CFO; and morning, today everyone. CEO; West of for and call Strategy on today's us And Griffin, for earnings are call. Bruce our Growth.

them. XXE remind provide of by case, based course each of meaning we may on various Before of statements statements the of to Securities XXXX. we our assumption in this are the the during as Section proceed, Exchange currently Act based made information everyone that well as and let beliefs the forward-looking me management within Such them, call, of on available

morning, expectations can release partnership's provide to assurance will Although such the be affect refer and that in correct. may Exchange neither from reasonable, statements this expectations was issued the management a forward-looking any management to Securities with and cause that for it's press factors them are believes general made as filings latest this nor forward-looking Please that prove partnership, could of call. the differ list reflected actual Commission the that these results our our partner statements our to our as on well

release accompany press reminder, you the made remarks the on will issued the of indicated today's that in a As call, slides may now PDF earlier download presentation conference as today. a we

contact XXX-XXX-XXXX. within Investor available Alpha Investor of site please call for a pass X Relations call at Also, replay Go. as www.calumetspecialty.com. to in Slide our that, may this you I hours Group the support You and IR website access be also a slides Relations at turn can few Tim to section the With the Tim? the of these will webcast on

Tim Go

you results. everyone. Thanks, And Joe. Calumet performance of thank another strong for quarter us. morning, joining Good deliver

remain markets healthy. Our core

priorities the wide our strategic the long-term perhaps track. and operational to discussing from some against remains on and to going continue our I'm company transformation our performance most quarter, time We well execute second and company highlights importantly some to speak and spend financing for Calumet to turn specifically generated capital sheet developments then quarter. to EBITDA performance spending. our the regarding call of $XX.X balance total and our recent adjusted most million West over

Looking at year. assets we equivalent the to performance the on an saw exclude last basis

program. fuels second business our driven quarter were roughly for Our X% represent markets by margin year-over-year. improvement discussed capture an second results we quarter costs would improving per and net investments. payback this business and $X.X quick reducing $X.XX $X.X we've have and and underlying These to specialty self-help secured respectively. unit earnings aim The to special captured onetime the a continues creating million million of elimination business is in operating Absent caused charge continuously debt in to per healthy adjusted earnings our and of Calumet for directly our improved charge performance environment per our unit results costs notes as and benefits net before us a of self-help EBITDA margin our impacted and capital incremental extinguishment unit. boost self-help that income our incur performance the million as $XX.X program program additional income our been to

three increase of side, our the in to fuels place refineries. enhancement in advantage initiatives On opportunities crude margin put we all

first, our second, but time to quality capital at smaller results. already that started elaborate, that the at and completed facility are naphtha Falls two projects sell our these completed the to we new projects briefly price to the recently which for both last products. initiated quarter which refinery, And up the ever. refinery, during Great upgraded our unit Antonio quarter, for help premium spoke project also we San us we a from first about has a We allowed We and gasoline market beginning isomerate

significant progress last some a The system many quarterly of issues planning continue ERP financial enterprise are challenges to system We with implementation, the reporting new also brought our year. well make resource and implementation information. our we aware, late as timely of cost with began implementing you

the the We ERP have improved now point, system any are that we without extensions. to filing

to before result see you a process the few third call weeks call will of announcing normal for As return a us a earnings our the more quarter.

related second that the year-to-date last total. come to will is meaningfully ERP the the time expect total implementation associated Another We $X.X with in year's lower good in quarter $X.X expenses expenses bringing than we incurred during our million million.

call the Before to operations now call adjusting the which I’d continuous have our With working. a and of clear that for I indicator delivered focus that quarters our are improve seven West? divestments, over I out to over to turn after we strategic self-help improvement, West, the point grow like the efforts year-over-year West. turn that will to profitability is

West Griffin

We that – especially shows where adjusted X, $XX.X record EBITDA volumes. division contribution Slide $XX million. record Tim. million year's $XX strong a – we had another our our from last sales Lubricants versus had Finished down $XX.X was Thanks, of products quarter quarterly of higher-margin

by facility lower-margins, offset businesses an as as crude and white in from which we increase continued the long our our as maintenance one unplanned Additionally, were well increase contributions had week oils in at Solvents two our tends outage suppliers. of white Shreveport oils third-party contribution from our the outages have power activity some businesses. maintenance activity prices, The as secular maintenance business, a well oils oil to at these base included

barrel of Solvents normal versus gross performance first seasonality sales year. year-over-year improved as barrel ramped a per quarter reflects shown of the second changes slide. meaningfully modest up we mix Our sequential The $XX.XX but the in the XXXX, in while for $XX.XX quarter in of special the recorded improvement reflects in as $XX.XX declined the versus profit next

the of EBITDA stability shows adjusted fullness the predictability trailing X, of our XX-month year. the across As see margin and can you segment specialty in Slide the

trailing from of quarter quarter. While slightly down this XXXX. the adjusted a largely take function second XX-month removing the of the This is EBITDA record setting margin performance

XX% adjusted was to margin the to period, these of adjustments versus to effect XX.X% the of but material elevated We of third quarter take expect quarter the year ago up in in Our the took sequentially and quarter. pricing of compared impact year. the a the EBITDA first offset down number costs we adjustments in

adjusted results adjusted by underlying in improved the the to year-ago superior in the of however X, divestiture fuel our compared can results excluding second see we performance last EBITDA to compared million, performance that which year, $XX.X the produced was Moving of XXX% to down Slide of segment quarter EBITDA the asset, our you period.

of our record a favorable In refinery great we fault WCS quarterly as discounts. throughput volume addition, took captured advantage for

Coast per Our basis, $X.XX Antonio LLS attractive average the increase The profit increase was quarter, benchmark the the in pricing in Falls. which barrel crack $X operations by WTI in Great gross XX% differential, driven period. both for gross per WCS and the basis in first a LLS of barrel by the remains WTI were approximately $X affecting refinery barrel WTI, of increase refinery. profit versus our nearly Great or per discount The barrel an WTI widened somewhat at On WCS, narrowed sequential very barrel spread compared adversely the and XX% the Gulf of the $X offset quarter, year-ago a the Falls the WCS up WTI. was XXX $X spread per barrel and our by versus to year-over-year in per increase benefits San spread to affecting per adversely $X $X.XX

processed Antonio XX, would we off facility As Great last XXX crude. of during mentioned the roughly Shreveport, In crude sourcing we PADD mentioned San at quarter day our our refineries of that barrels X and price midland we the of additional discounted per Falls barrels earlier, begin quarter. WCS priced

crude of these lot are during On changes day per drivers processed in of of we've to the day September able the the we QX, June barrels roughly year-over-year this priced during to per to up increase we summarizes realize WTI. run expecting performance. Slide Further, we EBITDA In quarter, month During barrels adjusted achieved an to were full-quarter we to midland XXX and XX,XXX the of midland per of mix X,XXX provided WTI that benefit XX, our X, quarter. that day. barrels

can of the quarter of you impact despite that impact to divestiture. the positive RIN Superior last the Operating reflecting to received primarily in see fuel year’s First, XXXX. our margins quarter second volumes the last the quarter segment in drags. hardship year and cost for business Lower had compared second increases compared relief with specialties the

RINs a partially of other related liability, sale and you consideration in of the capital of as positive million we sold $XX where transaction. anchor second additional self-help modest of JV $XXX cash the notes. of Slide that a quarter related restricted also our million quarter, the bridge cash three to prices prior the rose We lower quarter, higher operations our X cash redeem sales we cash of the proceeds to with decreasing China, had partially the is roughly to driven improved to Working levels. additional on see as leading and in from profit levels back normal positive declined in program getting the to other, secured closed divestiture which to cash used we due the balance previously we Finally $XX.X of XX% for million due the use size had receivables. Payables backlog office in cash also of $XX.X to versus from the SG&A, the the first as somewhat finished but ongoing provides impact in million flow on sheet. $XX for $XX by higher and million crude our carried million contributors which operations,

we full-year maintenance X during that CapEx Slide our that later. the tracking million $XX turnaround of focused Lastly, to the activity million. and second spending is million quarter, guidance primarily we on working talked had $X shows lower capital about $XX.X in

Slide had turnaround of of and second how that of $X will that will activity We we Great we million million to flat provides place The of have second full-year diesel capital range. the WCS to in the our only our end our million the hedge the these Calumet quarter ensure half help we bottom to hedges Considering June, from and turnaround at have be that partial crude heavier WTI also we added quarter. crude the a totals completed and facility our the our $XX the midland our The to flows hedges the judicious We expect business. as spent $XX runs. started that year in of quarter. just the maintenance spend remain of a later snapshot we in during capital. XX hedges across come in our deliver reduce market Princeton towards capture we starting purpose is volatility partial cash will differentials our attractive through assets. spending to of will price of Falls the of fuels we the include the

you place were put the with of the to not hedges percent upper the hand shown left Some box the differential. WTI the may this format, ULSD/WCS familiar but be of hedge in in during quarter

prices, $XX Assuming crack today’s per roughly barrel WTI to spread. the $XX a provide hedges

the XX,XXX our In in of chart, differential barrels Shreveport price the is depicted which addition, spread, we’d which put an in to running incremental in helped midland place approximately day WTI. benefits crack which a lock midland hedges per WTI lower refinery,

continue our activity hedging the as year progresses. We evaluate will to

will to the Tim, our call back Slide specifically you speak turn will – a allow find moment which to I Before credit on metrics, me XX. to

we as noted the restricted notes. regained cash effort upgraded As covenants interest early stemming to our be notes May, minus. have to in the our secured senior from quarter, secured an unsecured required the well in flow S&P by heavy notes on fully to burden remove payments as our the senior we previously, In reduce

of of as at to equity quarter. end million see relative the quarter, us end of we the will the available our had of available the to You that $XXX $XXX prior million the

for excludes notes. million [ph] the of in the a $XXX held the As the NASGRO $XXX reminder, secured redemption million

in to improved an liquidity [ph] last secured apples-to-apples giving Given in indicating retire million million during business extinguishment beyond of that the effect that amount quarter. our quarter, second the quarter liquidity versus notes basis, million $XX core million we secured of $XXX approximately notes. the $XX NASGRO after we to had the $XXX used our actually this On of

levels. call to to adjusted our notes committed impact on EBITDA. self-help as modest remarks. redemption had of improving leverage trailing by our our the a some program leverage the We liquidity net final Lastly, back our for debt turn I’ll EBITDA our measured incrementally our adjusted With that, through also while to by XX-month our growing increasing remain Tim

Tim Go

Slide Thanks West, turning to XX.

self-help of You will our program. results the see

this of Lubricants produce as within the capturing those production As efforts well at in our as I mentioned coming EBITDA adjusted more gains $X.X call, the to million expense supply helped quarter, the of Finished for program capacity. Calumet from much contributions our the [ph] from value chain, our of top

inherently strategic we for costs, a we to higher had of business, is this contributions as $XX detail facility, even as wrap last continuous results our self-help the end. the and the well. maintenance week. specialty through which We expect without crude this In assets has we we have EBITDA have simply prices third clear EBITDA quarter. and million million the our we we’ve planned of but self-help to quarter our seen to adjusted continue for quarter captured year upcoming margins initiative, roughly outlook On divestments. core been a represent this not over commitment Slide year. XX, result significant our enhancing our the will three seven last It our our the offset year somewhat Princeton efforts by that of contributor seasonal lowering adjusting fact, quarters years highest the $XX to operational products success million divested last an by But Self-help between $XX adjusted in outlook, at improvement up and is in in typical through expect reported

our of fuel Great refinery. turnaround expect planned we offset increased activity. activity Falls strengthening benefits demand attractive continued our by from business, from crude We oilfield differentials our expect In business Solvents continued somewhat at and

day expectations We up XX,XXX roughly crude refineries Falls With the like Great a crudes Midland we the with to during year. a Dillon? of operator Coast the the will for XX,XXX and continue our analysts our the through WTI as efficiently discounted I processing as of process much that, heavy our refineries barrels Gulf barrels to turn at open second to that source we Q&A. day would at can to line of Canadian half over call

Operator

[Operator you from ahead. Fargo. go question comes sir. Roger with Instructions] Thank Wells Please Our Read first

Roger Read

your things maybe things hurricane, track the year diving we the here, like look the maybe Yes, overall some I things thank morning. good I good guess well implementation. fairly biggest you, look question, guess my in last pretty and certainly ERP execution, over margins like not fault back some self-inflicted

be it this Some temporary effect doesn’t broader it understand a that recaptured. to something can go trying an idea here impact from but you unplanned know us as I’m to mix downtime get QX, planned we industry, And where at or is if I recapture in it’s recaptured, lose and forward, mix, is is going you volumes it and volume then the just the give the turnaround you something can Princeton quarter. get to maybe

Tim Go

earlier you and to Tim. pointed we’ve as chasing catching is margins confident we’re this are mentioned the the – couple you Roger, really morning actually strong of margin, know barrel rising overall and which margin and Yes, that’s that are rising prices. environment, crude the if keeping environment, in be we in probably especially over with that pretty specialty crude this up Yes, will higher, you. what our you’ve in Good we us type maybe gives fact lagging in last one crude, crude certainly margins we’re pleased to seen up of but that – per years, rising the out rising

focus and up ended in that. continue going that our primarily associated lost the In production outage on unplanned second X of as most a back our planned minimizing to quarter. first quarter we Shreveport, plant quarter, and Roger first that’s In it in and production, in external power in at so that lost a taking the about mentioned currently terms an track call we’re Tier [ph] Unfortunately week. that efforts which opportunity we downtime the was it at down with to we not impacted you of terms was for get our the of barrels volume execution, had that

outages, working characterize to future, their would in had to is the party, all in also reliability, Roger probably that lost back come in unfortunate resulted the we’ve those with our supplier lost all third some also We going not been continue improve to that about it’s production for supplier quarter. but at we million opportunities but $X

Roger Read

Okay.

Tim Go

it was Your question partial. finishing now, XX-day right Princeton. it Princeton just the turnaround about turnaround at In about Princeton, we are up was a

We continue but turnaround, hydro to crude, results. quarter will run impacts a be our on processing facility so impact for down third partial our was

Roger Read

longer Changing term ways company gears about some of seen the bit, we’ve been restructuring maybe superior. great. a various the which we’ve obviously and little Okay, talking sale

divestiture here, at from we the do in look one fuel add look the away you and/or more should side? favorable the there’s specialties we products how – less acquisitions business. for here, about As both We either or think how we market from take both

Tim Go

then shot on this if like. restructuring, Bruce can you I’ll jump you’d Roger take a and Yes, at in

We that continue or in so going of acquisitions, be to they specialty the remain guys to side, continue we play. opportunities we I continue is, you at look What at fuels fuel not year. side on probably signaled those whether grow to would all at the we’re last divestments, all to tell area we you the look that’s in something look our

grow as mean assets important going that Calumet. doesn’t in quarter. We are fuels area But to demonstrated to more because business, fuels add looking last that to still just acquisition we’re Biosynthetic our not by to isn’t specialties continue business of the in

specialty before both very been about continues exposure. so on which specialties want We’ve fuels on and profitability side. example, core take we’re Cushing that And for fuel Shreveport differentials have of to the focus the hard and and for be we’re just very both asset I to the improving Shreveport. the Calumet current Midland to encouraged advantage of by and working going in talked able And particular, to a Shreveport, WTI we overall emphasize

look strong the the how just overall take continue then margins in in going XXXX into about and going higher that third WCS So, And with here impacts the the facilities also great the the positioned with market. very shift. for you you that’s to think to when our facilities. well Again, in differentials Falls with we’re outlook those are seeing and at IMO higher we’re to quarter. think We not associated cracks the strengthen diesel IMO Calumet, crude well are demand of the differentials, the advantage positioned, but the the pleased XXXX

you overall, how in so up. which be stacked If jet, X% are a businesses impacted which to directly IMO XXXX just call we fuels of We the the think about be mix, XX% production, specialties X% make that make we oils, about make we in IMO that initiatives. our XXXX Calumet think XX% and Solvents, another or Roger by and XX% will also ULSD base by helped will another and distillate

product look our overall, suite we’re the roughly in to rising starting to XX% and diesel see that here is So cracks exposed future.

Roger Read

us for refinery Thanks. from specific to units but that That’s just seen that? come you’re know really down wonder exemption a the on that on just least small approach have on a refinery I to that of RINs, we small question – update you prices part good One by quite seem bit. kind seem A would well you. pretty of last I you that. anything the clarity your wouldn’t haven’t if exemptions, to paper, seeing at a me, qualify,

Bruce Fleming

from we’ve of so really couple some to is is metrics opaqueness this the – RINs Bruce. We right tend footnote to them Roger, it’s public that There market in we relative the as around now. much view, exemptions. headed our peers. hard announced of program the performance A there’s clear those past, are the what received have them interpret where really no as is whole

Roger Read

Okay, great. you. Thank

Operator

you. Thank

go Gabelman from comes Cowen. Jason question from ahead. next Please Our

Jason Gabelman

and Permian going? in just for you’re how on sourcing is crude How transporting on the to Can where try to transportation from it is quick sourcing. what cost crude a guys. guys? their about talk just hold just refineries, Hey it I you your had you question the you’re

Tim Go

Yes, This Jason. is Tim.

me got June we’ve rest to that support a in lot some the we’ve Let we’re primarily the our to at that efforts of rate and about over trying our the to about The looking on day we that tell to the run we’ve exposure, to But try of also talked bring actually to our believe advantage XX,XXX a earlier that Shreveport improve refinery. refinery. call you to to we’re I continue continue talked of year. Permian be and to barrels that able through to made can going and that we here explain,

You Cushing it’s about pipeline other incremental about would refinery. that is cost the it day it can – of for midland the it, to and full the that an have the think barrels we via I model XX,XXX differential way exposure $X.XX a WTI And XX, to get has of I Jason, way arrangements. only to would contractual

in is about earlier note we’ve XX,XXX that talked lot already. call will So that that a the of hedged in volume that shape, West good you pretty

X,XXX you’ll looking XX,XXX. barrels midland a So, if additional the for a expenses, out barrels. take that uplift $X.XX a a barrel X,XXX other net it’s of what The benefit tracked price it those they cost, incremental and after about for transportation our barrels, kind day, $X.XX of get hedges, on fixed for we’re feel you on but those

out. So of the how overall shake that’s XX kind

improvement our Permian continuing pleased quarter outlook. more of provides the crude very at to with We’re that in And look into fourth are Shreveport San to our ways third and Antonio that and quarter refinery. outlook we bring

Jason Gable

those refinery projects Naphtha are the Thanks. the San the you Great really beyond can metrics unit put that’s those follow-up ask period If that seeing could one-year type Antonio, of you I in from upgrading any Isomerate projects? just the a What contribution the or to Great, in clear. mentioned payback about you Falls.

Tim Go

initial million projects of completed environment, right at our Sure, look price guidance around, the both of can give on current I $XX and a we there. back we’re a We we’re little year EBITDA. commodity just bit think

Jason Gable

from Great. That’s guys. all Thanks me.

Operator

you. Thank

comes question go from Guggenheim Sean next Please Sneeden Our from ahead.

Sean Sneeden

Tim, Hi, you taking implementation, ERP you share see maybe you about that good you available a whether the can a the full kind lot side year with us? can question. of for the to it’s or for morning other that getting we’re little talk the maybe a that as on and on cost you ready opportunities thank synergies

West Griffin

this went of and envisioned Yes, is transportation question, that That’s live the we system great our transportation a of when one our costs. West. ERP on things we all was to our consolidate optimize

And had huge when was we’re a ERP we anticipating. that went because deal on we some we that we a had the bigger so functionality, of with. issues to that system, live benefit to had Unfortunately, lot disable

We have touched think the started to on that call. I briefly on may roll it and out have since last I

out think three and that on plants plants it of – helps our feature, all the currently almost transportation. year. of which by to switched optimize utilizing We us this rolling on are we a have other we’re and all our where of plans we’ll that program pricing it those to on our to of have coordinate basis, our end all

increase actually of kind in where secular a things have relatively the been phase a had declining is steady; board. One note costs transportation that’s the And transportation bit. costs of little of across our the you’ll in it’s market, you’ve

that’s overall of to be spite helpful our margins going in some and to our increase while think think market. to I actually is more we in profitability incredibly there this to So, costs maintaining that us hitting done be the area,

this where have our implementation other visibility to with think in overall making is market going money cetera, channels. system, that did cetera product which et help areas et well in historically amount as of we what tremendous not various our were The as ERP key – was there’s good to be that to the products respect profitability we we a prior the

We have for that. great hopes

you you’re going where where driver, obviously key your can you be making getting not, a We’re getting next money massing where business. just quarter. know then the in if now the that to we’re your that here and up start information point you’re is And

not have what here able And in identified monitors the as with deserve great look associated things so we but couple that, future hopes next of realize going something the here be progress of to have we’re that’s to at quarters. and kind we over exactly

Sean Sneeden

That’s helpful.

– So be about anticipating, a kind I about kind kind least out, kind of head that of next you that fully keeping sense plan of you your when is should relatively in the rolled at is impact? optimization consistent think of guys think kind of we year that cost impact into guess how [ph] transportation when

Tim Go

better. fuel, market to will I way us cost system that dissipate are control generally of increases because the has whatever think rollout transportation of wouldn’t in the the the realize is going I our it, about help is

Sean Sneeden

cash in some quarter, think Got on if it. the two half of I of one in the of cash second And about unlock [indiscernible]? I guess, working That’s and I what source magnitude should as of capital in we – helpful. inventory then just guess use a kind first thinking quick order housekeeping questions half, a you don’t be mind. of and

Tim Go

non-anticipating much seasonality. half other source too the the really year So typical the than of the second second

decline you obviously inventory and this up you’ll obviously the we’re a is an the those capital year that. see every have So associated build asphalt working liquidating inventories and associated peaks season, rolling will with the so with be asphalt there into and season,

Sean Sneeden

you free with Got of it. expectation going compare when to with be positive fair that flow And you of kind some the cap – talked of CapEx from did – I benefit about roughly sort assumption? is currency you’ve working the should cash then guess that –

Tim Go

sure very to so we be cash down positive. to flow is company we’re and want very, our debt since improve driver key cash be the and our positive Yes, on flow annual XXXX metrics, credit we to basis, driving our that on get an and focused making

Sean Sneeden

plans kind Great. where positive, And new for pretty of kind picking was you but are then sheet, about of beyond notes any today? are current how me. just maturity material guys thoughts current the your Any balance we wall West thinking that a you’re that out on secured lastly and a push obviously up

West Griffin

Yes.

great obviously out notes a over with to yet we’ve interest would wrong versus with a there notes. them. of that’s the got next go XXXX those to the years those taking coupon lot there’s And time, million where sit we same So love justify an there’s nothing today, amount of have this associated waiting. two up – – to the $XXX unsecured at question, notes is tremendous the rates just we today

we’re kind extent, of to So to certain paid wait.

this doing we’ve balance know and metrics S&P, talk to the that’s One minus, as talking improve we’ve better work B our our working agencies concerned. you continuing of the sheet, trying that been to from Moody’s and as we’re improve far the as to got to is things to shape, Single to in upgrade been rating things get

runway in credit So, as improvement more as metrics seeing potentially that our well of ratings. we there’s think a of in some little here terms terms improving our

what so in consider before debt. to going we’re And refinancing on that’s be our we focused the short-term

Sean Sneeden

it. Got Thanks it. I appreciate guys.

West Griffin

Yes.

Operator

from comes last ahead. Thank And from Mike our Janney. go Please question Gyure you.

Mike Gyure

anything morning. acquisitions any funds bit joint Good Can capital like your on or you Yes. little ventures expending for or a guys that? touch – forecast

Tim Go

for in regular anything Yes. We don’t of don’t forecast plans or or JVs anything nature. include CapEx that any acquisitions. our We acquisitions

simply in that organic And CapEx that the been really has so is activities. provide our spend to there guide we related

Mike Gyure

was adjustment, a or that segment? like Products it cost Okay. specialty mostly in of maybe looks benefit, market quarter in the slight this on segment secondly the fuel And the then was lower

Tim Go

the fuel mostly Yes. side, It was Mike. on

West Griffin

in the that sections read in the out of We different press the segments. Great. release

Mike Gyure

Great. Thanks.

Operator

back for ahead. to remarks. our At you. like call to Q&A session. This this CEO, time, Please turn Go go Thank concludes Tim I’d closing the

Tim Go

and for your us joining a continued for support. great day. again you, today Have Thank

Operator

ladies you, today’s This gentlemen program. the Thank concludes attending and conference. for

day. You Good disconnect. may all

Calumet Specialty Products Partners (CLMT) 9 Aug 182018 Q2 Earnings call transcript