Earnings Call Excerpt
Calumet Specialty Products Partners, LP. (CLMT)
Q1 2009 Earnings Call
May 6, 2009 1:00 pm ET
Executives
Jennifer G. Straumins - Senior Vice President
F. William Grube - President and Chief Executive Officer
R. Patrick Murray - Chief Financial Officer
Analysts
Darren Horowitz - Raymond James
Adrayll Askew - Hartford Investment Management
Presentation
Operator
Good afternoon ladies and gentlemen welcome to the first quarter 2009 Calumet Specialty Products’ earnings conference call. My name is Camie, and I’ll be your coordinator for today. (Operator Instructions). I would now like to turn the presentation over to your host for today’s call, Ms. Jennifer Straumins, Senior Vice President.
Jennifer G. Straumins
Good afternoon, and welcome to the Calumet Specialty Products Partners investors call to discuss our first quarter 2009 financial results. During this call, Calumet Specialty Products Partners will be referred to as the partnership or Calumet. Also participating in this call will be Bill Grube, our President and CEO; and Pat Murray, our CFO. Following the presentation, we will hold the line open for a question-and-answer session.
During the course of this call, we will make various forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such statements are based on the beliefs of our management as well as assumptions made by them, and in each case, based on information currently available to them. Although our management believes that the expectations reflected in such forward-looking statements are reasonable, neither the partnership, its general partner, nor our management can provide any assurances that such expectations will prove to be correct. Please refer to our partnership’s press release that was issued this morning as well as our latest filings with the Securities and Exchange Commission for a list of factors that may affect our actual results and could cause them to differ from our forward-looking statements made on this call.
Despite reporting our highest quarterly net income in our history, we’ve been facing many challenges due to the current worldwide economic environment. As we’ve always explained to our investors, we experienced pricing lags on our specialty products, both as feedstock costs rise and fall. During the first half of 2008, we experienced a rapid increase in feedstock costs and experienced lower earnings as our specialty products prices lagged. During the last part of 2008 and into the first part of 2009, crude oil prices fell rapidly, which allowed us to experience higher margins on our specialty products as the pricing for these products did not fall as quickly as our feedstock costs drops.
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