CALUMET

Calumet Specialty Products Partners, L.P. last Tuesday reported a $4.8 million net loss compared to a net loss of $6.2 million in the first quarter of 2017, and $75.0 million of Adjusted EBITDA for first quarter 2018 which included, but not limited to, the following: a $3.1 million favorable lower of cost or market ("LCM") inventory adjustment; $3.7 million of expense related to enterprise resource planning ("ERP") system costs; $2.1 million of realized hedging losses; and $4.0 million in acquisition costs. Excluding these impacts, Adjusted EBITDA for the first quarter 2018 would have been $81.7 million.

The specialty products segment gross profit of $69.6 million and Adjusted EBITDA of $37.7 million were down compared to $82.3 million and $45.6 million in the year-ago period, respectively. This includes the impact of turnaround and maintenance activity at the Shreveport facility and $4.0 million in acquisition-related costs. Inclusive of the $4.0 million acquisition related costs, negative impacts of higher crude prices and lower volumes due to downtime at Shreveport, the specialty segment trailing twelve-month Adjusted EBITDA Margin results of 13.9% improved compared to 13.7% one year ago.

Lubricating oils volume fell to 10,031 bpd in the first quarter compared to 15,160 bpd last year. Packaged and synthetic specialty products fell to 2,438 bpd in the first quarter from 2,566 bpd in last year's first quarter.

NYNAS

Nynas Naphthenics segment first quarter 2018 sales volumes were up 4% from the same quarter last year, but its earnings fell 37% to SEK 129 million mainly due to faster increase in cost of goods sold compared to price increases for finished products.

EMEIA (Europe, Middle East, India and Africa) sales volumes during the first quarter of 2018 were in line with expectations and similar to the same period in 2017, despite two fewer working days during the quarter. Sales volumes in India continue to rise and set a new record for a quarter. Volumes in the Americas in the first quarter of 2018 were below the same period in the previous year mainly due to continued supply constraints, whereas Asia Pacific sales volumes in the quarter were 7 per cent higher than in the same period in 2017. First quarter external sales increased to SEK 1,927 million (compared to SEK 1,846 in the first quarter of 2017) mainly driven by increasing crude oil prices feeding into higher sales prices. Operating result before depreciation (EBITDA) decreased to SEK 129 million (compared to SEK 205 in the first quarter of 2017), explained mainly by a faster increase in cost of goods sold compared to price increases for finished products.

Nynas overall net sales increased to SEK 2,644 million (compared to SEK 2,570 in the first quarter of 2017), as a consequence of a 24 per cent higher oil price level compared to the first quarter of 2017. Total product sales volumes decreased by 15 per cent compared to the first quarter 2017, the reason being a slow start of the bitumen season due to the harsh winter conditions in Northern Europe. EBITDA amounted to SEK 84 million compared to SEK 151 in the first quarter of 2017). A new laboratory in Nynäshamn was opened in January for Nynas’ specialty oils in the tyre and industrial rubber product segments.

Net sales for the first quarter reached SEK 2,644 million (compared to SEK 2,570 in the first quarter of 2017), as a consequence of the 24 per cent higher oil price level, offset by lower sales volumes in the bitumen segment. The normal seasonally low activity was worsened due to harsh winter conditions, particularly in the Nordic area. The majority of bitumen sales and operating results are generated in the second and third quarter each year. EBITDA amounted to SEK 84 million (compared to SEK 151 in the first quarter of 2017) for the first quarter. Net financial items for the first quarter amounted to SEK -93 million (compared to SEK -44 in the first quarter of 2017) of which SEK -76 million (compared to SEK -39 in the first quarter of 2017) is related to net interest expenses, explained by approximately 20 per cent higher utilisation of credit facilities mainly as a consequence of increased cash balances to manage under sanctions.