About Calumet Specialty Products Partners, L.P.

Calumet Specialty Products Partners, L.P. manufactures, formulates, and markets a diversified slate of specialty products to customers across a broad range of consumer-facing and industrial markets. The company also owns one of North America’s leading renewable diesel manufacturing facilities. The company operates thirteen facilities throughout North America. The company’s general partner is Calumet GP, LLC. Segments The company’s business is organized into the following reportable segments: Specialty Products and Solutions; Montana/Renewables; and Performance Brands. In the company’s Specialty Products and Solutions segment, the company manufactures and markets a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The company’s specialty products are sold to domestic and international customers who purchase them primarily as raw material components for consumer-facing and industrial products. The company’s Montana/Renewables segment comprised two facilities - renewable fuels and specialty asphalt. At the company’s Montana Renewables facility, the company processes a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel (‘SAF’), renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha that are sold to customers under term contracts for onward distribution into renewable markets in the western half of North America. At the company’s Montana specialty asphalt facility, the company processes Canadian crude oil into conventional gasoline, diesel, jet fuel and specialty grades of asphalt, with production sized to serve local markets. In the company’s Performance Brands segment, the company blends, packages and markets high performance products through the company’s Royal Purple, Bel-Ray, and TruFuel brands. Assets Storage, Distribution and Logistics Assets The company owns and operates a product terminal in Burnham, Illinois with aggregate storage capacities of approximately 150,000 barrels. The Burnham terminal, as well as additional owned and leased facilities throughout the U.S., facilitate the distribution of products in the Upper Midwest, West Coast and Mid-Continent regions of the U.S. and Canada. The company also uses approximately 2,300 leased railcars primarily to receive and ship crude oil and distribute the company’s specialty and fuel products throughout the U.S. and Canada. The company uses some of these railcars to source renewable feedstocks and distribute renewable diesel. In total, the company has approximately 7.0 million barrels of aggregate storage capacity at the company’s facilities and leased storage locations. Montana Renewables At the company’s Montana Renewables facility, the company processes, or expects to have the future capability to process, a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha. These renewable fuels are, or are expected to be, distributed into renewable markets in the western half of North America. In the fourth quarter of 2022, Montana Renewables commenced production of renewable diesel and renewable naphtha and delivered to customers. In the first quarter of 2023, the company expects to commission the Montana Renewables project’s renewable hydrogen plant, and the company expects to complete construction of the feedstock pre-treatment unit and sustainable aviation fuel shipping facilities. Business Strategies The company’s strategies include enhancing profitability of the company’s existing assets; developing and expanding the company’s customer relationships; and disciplined approach to strategic and complementary acquisitions. Operating Assets and Contractual Arrangements Northwest Louisiana Integrated Specialty Complex The assets in the company’s Northwest Louisiana integrated specialty complex anchor the company’s Specialty Products and Solutions business segment. The assets in the Northwest Louisiana integrated specialty complex, primarily consist of the company’s Shreveport Refinery, Cotton Valley Refinery and Princeton Refinery, which in total, includes 27 processing units and 195 million gallons of storage capacity across 400 tanks and have a wide variety of specialized hydroprocessing, dewaxing, emulsifying and distillation capabilities that allow the company to meet complex, bespoke customer needs. Shreveport Facility The Shreveport facility (‘Shreveport’), located on a 240 acre site in Shreveport, Louisiana, has aggregate crude oil throughput capacity of 60,000 bpd and processes paraffinic crude oil and associated feedstocks into fuel products, paraffinic lubricating oils, waxes, asphalt and by-products. The Shreveport facility consists of 17 major processing units, including hydrotreating, catalytic reforming and dewaxing units and approximately 3.3 million barrels of storage capacity in 130 storage tanks and related loading and unloading facilities and utilities. Since the company’s acquisition of the Shreveport facility in 2001, the company has expanded the facility’s capabilities by adding additional processing and blending facilities, adding a second reactor to the high pressure hydrotreater, resuming production of gasoline, diesel and other fuel products and adding both 18,000 bpd of crude oil throughput capacity and the capability to run up to 25,000 bpd of sour crude oil. The Shreveport facility has a flexible operational configuration and operating personnel that facilitates the development of opportunities to enhance profitability. Feedstock and product mix may fluctuate from one period to the next to capture market opportunities. The Shreveport facility receives crude oil via tank truck, railcar and a common carrier pipeline system that is operated by a subsidiary of Plains All American Pipeline, L.P. (‘Plains’) and is connected to Shreveport’s facilities. The Plains pipeline system delivers local supplies of crude oil and condensates from north Louisiana and east Texas. The Plains pipeline also connects to a Plains terminal in Longview, TX, which gives the refinery access to crude oil in west Texas and access to the Cushing, Oklahoma storage hub. Crude oil is also purchased from various suppliers, including local producers, who deliver crude oil to the Shreveport facility via tank truck. The Shreveport facility also has direct pipeline access to the Enterprise Products Partners L.P. pipeline (‘TEPPCO pipeline’), on which it can ship certain grades of gasoline, diesel and jet fuel. Further, the refinery has direct access to the Red River Terminal facility, which provides the facility with barge access, via the Red River, to major feedstock and petroleum products logistics networks on the Mississippi River and Gulf Coast inland waterway system. The Shreveport facility also ships its finished specialty products throughout the U.S. through both truck and railcar service. Cotton Valley Facility The Cotton Valley facility (‘Cotton Valley’), located on a 77 acre site in Cotton Valley, Louisiana, has aggregate crude oil throughput capacity of 13,600 bpd, hydrotreating capacity of 6,500 bpd and processes crude oil into specialty solvents and residual fuel oil. The residual fuel oil is an important feedstock for the production of specialty products at the company’s Shreveport facility. The Cotton Valley facility produces the most complete, single-facility line of paraffinic solvents in the U.S. The Cotton Valley facility consists of three major processing units that include a crude unit, a hydrotreater and a fractionation train, approximately 625,000 barrels of storage capacity in 74 storage tanks and related loading and unloading facilities and utilities. Since the company’s acquisition of the Cotton Valley facility in 1995, the company has expanded the facility’s capabilities by installing a hydrotreater that removes aromatics, increased the crude unit processing capability to 13,600 bpd and reconfigured the facility’s fractionation train to improve product quality and enhance flexibility. The Cotton Valley facility has a flexible operational configuration and operating personnel that facilitates the development of opportunities to enhance profitability. Feedstock and product mix may fluctuate from one period to the next to capture market opportunities, which allows the company to respond to market changes and customer demands by modifying the refinery’s product mix. The reconfigured fractionation train also allows the facility to satisfy demand fluctuations efficiently without large finished product inventory requirements. The Cotton Valley facility receives crude oil via tank truck. The Cotton Valley facility’s feedstock is primarily low sulfur and paraffinic crude oil originating from north Louisiana and is purchased from various marketers and gatherers. In addition, the Cotton Valley facility receives interplant feedstocks for solvent production from the Shreveport facility. The Cotton Valley facility ships finished products by both truck and railcar service. Princeton Facility The Princeton facility (‘Princeton’), located on a 208 acre site in Princeton, Louisiana, has aggregate crude oil throughput capacity of 10,000 bpd and processes naphthenic crude oil into lubricating oils and asphalt. In addition, feedstock is made for the Shreveport facility for further processing into ultra-low sulfur diesel. The asphalt produced at Princeton may be further processed or blended for coating and roofing product applications at the Princeton facility or transported to the Shreveport facility for further processing into bright stock. The Princeton facility consists of seven major processing units, approximately 650,000 barrels of storage capacity in 200 storage tanks and related loading and unloading facilities and utilities. Since the company’s acquisition of the Princeton facility in 1990, the company has debottlenecked the crude unit to increase production capacity to 10,000 bpd, increased the hydrotreater’s capacity to 7,000 bpd and upgraded the facility’s fractionation unit, which has enabled the company to produce higher value specialty products. The Princeton facility has a hydrotreater and significant fractionation capability enabling the refining of high quality naphthenic lubricating oils at numerous distillation ranges. The Princeton facility’s processing capabilities consist of atmospheric and vacuum distillation, hydrotreating, asphalt oxidation processing and clay/acid treating. In addition, the company has the necessary tankage and technology to process the company’s asphalt into higher value product applications, such as coatings, road paving and specialty applications. The Princeton facility receives crude oil via tank truck, railcar and the Plains pipeline system. Its crude oil supply primarily originates from east Texas, south Texas and north Louisiana, purchased directly from third-party suppliers under month-to-month evergreen supply contracts and on the spot market. The Princeton facility ships its finished products throughout the U.S. via truck and railcar service. Great Falls Specialty Asphalt Facility The Great Falls specialty asphalt facility (‘Great Falls’), located on a 65 acre site in Great Falls, Montana, has aggregate crude oil throughput capacity of 14,000 bpd and processes light and heavy crude oil from Canada into fuel and asphalt products. In the fourth quarter of 2022, the company converted a significant portion of the Great Falls specialty asphalt facility into a renewable fuels production facility (see below). Upon completion of the conversion project, the company continues to own and operate the conventional Great Falls specialty asphalt facility with a reconfigured processing capacity of 14,000 bpd of Canadian crude. The facility is focused on the production of high-quality specialty asphalt, as well as satisfying local demand for conventional fuels. The Great Falls specialty asphalt facility consists of 15 major processing units, including hydrotreating, catalytic reforming, hydrocracking, fluid catalytic cracking and alkylation units, approximately 1.1 million barrels of storage capacity in 75 tanks and related loading and unloading facilities and utilities. The Great Falls specialty asphalt facility produces liquified petroleum gas, naphtha, gasoline, diesel, jet fuel and asphalt, which are shipped by railcar and truck service. Finished fuel and asphalt sales are primarily made through spot agreements and short-term contracts. The Great Falls specialty asphalt facility purchases crude oil from various suppliers and receives crude oil through the Interprovincial Bow River South and Rangeland pipeline systems, providing reliable access to high quality conventional crude oil from western Canada. In February 2016, the company completed an expansion project that increased production capacity at the company’s Great Falls specialty asphalt facility to 30,000 bpd. This project allows the company to further capitalize on local access to cost-advantaged Canadian crude oil, while producing additional fuels and refined products for delivery into the regional market while meeting EPA requirements for gasoline and diesel product sulfur limits and reducing air emissions. The scope of this project included the installation of a new crude unit that can process up to 30,000 bpd of crude oil and other feedstocks, a third hydrogen plant and an 18,000 bpd mild hydrocracker. Great Falls Renewable Fuels Facility (‘Montana Renewables’) In the fourth quarter of 2022, Montana Renewables LLC, an unrestricted subsidiary of Calumet, completed the conversion of a significant portion of the company’s Great Falls specialty asphalt facility into a renewable fuels production facility (the ‘Montana Renewables Facility’). The Montana Renewables Facility has a permitted throughput capacity of 15,000 bpd to pretreat and convert a wide variety of organic waste and vegetable oils into lower emissions, sustainable alternatives to fossil fuels, including renewable hydrogen, renewable natural gas, renewable propane, renewable naphtha, renewable kerosene/sustainable aviation fuel, and renewable diesel. As part of the conversion project, the company also constructed and is commissioning a renewable hydrogen unit, which will further lower carbon intensity and increase the throughput of the Montana Renewables facility. Further, a new feedstock pre-treater, which combined with proximity to advantaged feedstocks and low-carbon product markets is expected to provide lasting competitive advantage to Montana Renewables. Missouri Facility The Missouri facility (‘Missouri’), located on a 22 acre site in Louisiana, Missouri, develops and produces polyol ester synthetic lubricants for use in refrigeration compressors, commercial aviation and polyol ester base stocks. In December 2015, the company completed a project to more than double the production capacity of the facility from 35 million pounds to 75 million pounds per year. The facility has approximately 35,000 barrels of storage capacity in 64 tanks and related loading and unloading facilities and utilities. The facility receives its fatty acids and alcohol feedstocks and additives by truck and railcar under supply agreements or spot agreements with various suppliers. The Missouri facility utilizes the latest batch esterification processes designed to ensure blending accuracy while maintaining production flexibility to meet customer needs. Calumet Packaging The Calumet Packaging facility (‘Calumet Packaging’), located on a 10 acre site in Shreveport, Louisiana, develops, blends and packages high performance synthetic lubricants, fuels and solvent products for use in industrial, commercial and automotive applications. The Calumet Packaging facility’s processing capability includes blending and packaging equipment. The facility has approximately 75,000 barrels of storage capacity and related loading and unloading facilities. The facility receives its base oil feedstocks and additives by truck and rail under supply agreements or spot agreements with various suppliers. Royal Purple The Royal Purple facility (‘Royal Purple’), located on a 20 acre site in Porter, Texas, develops, blends and packages high performance synthetic lubricants and fluid additive products for use in industrial, commercial and automotive applications. The Royal Purple facility’s processing capability includes 10 in-house packaging and production lines. Outsourced packaging services for specific products are also fulfilled. The facility has approximately 30,500 barrels of storage capacity in 91 tanks and related loading and unloading facilities. The facility receives its base oil feedstocks and additives by truck under supply agreements or spot agreements with various suppliers. Karns City and Dickinson Facilities and Other Processing Agreements The Karns City facility (‘Karns City’), located on a 225 acre site in Karns City, Pennsylvania, has aggregate base oil throughput capacity of 3,000 bpd and produces white mineral oils, solvents, petrolatums, gelled hydrocarbons, cable fillers and natural petroleum sulfonates. The Karns City facility’s processing capability includes hydrotreating, fractionation, acid treating, filtering, blending and packaging. In addition, the facility has approximately 817,000 barrels of storage capacity in 250 tanks and related loading and unloading facilities and utilities. The Dickinson facility (‘Dickinson’), located on a 28 acre site in Dickinson, Texas, has aggregate base oil throughput capacity of 1,300 bpd and produces white mineral oils, compressor lubricants and natural petroleum sulfonates. The Dickinson facility’s processing capability includes acid treating, filtering and blending. The facility has approximately 183,000 barrels of storage capacity in 186 tanks and related loading and unloading facilities and utilities. These facilities each receive their base oil feedstocks by railcar and truck under supply agreements or spot purchases with various suppliers, the most significant of which is a supply agreement with Phillips 66. Other Logistics Assets Terminals are complementary to the company’s refineries and play a key role in moving the company’s products to end-user markets by providing services, including distribution and blending to achieve specified products and storage and inventory management. In addition to the Burnham terminal, the company owns and leases additional facilities, primarily related to the distribution of finished products, throughout the U.S. Burnham Terminal: The company owns and operates a terminal located on an 11 acre site, in Burnham, Illinois. The Burnham terminal receives specialty products from certain of the company’s refineries primarily by railcar and distributes them by truck and railcar to the company’s customers in the Upper Midwest and East Coast regions of the U.S. and in Canada. The terminal includes a tank farm with 90 tanks having aggregate storage capacity of approximately 150,000 barrels, supplying lube base oils, food grade white oils and aliphatic solvents, as well as viscosity index additives and tackifiers. The company uses approximately 2,300 railcars leased from various lessors. This fleet of railcars enables the company to receive and ship crude oil and distribute various specialty products and fuel products throughout the U.S. and Canada to and from each of the company’s facilities. Crude Oil and Feedstock Supply The company purchases crude oil and other feedstocks from major oil companies, as well as from various crude oil gatherers and marketers in Texas, north Louisiana and Canada. In 2022, BP Products North America Inc. (‘BP’) supplied the company with approximately 62.2% of the company’s total crude oil supply under term contracts and month-to-month evergreen crude oil supply contracts. In 2022, Macquarie Energy Canada LTD. (‘Macquarie’) supplied the company with approximately 24.0% of the company’s total crude oil supply under a crude oil supply agreement. The company has short-term and long-term contracts with the company’s crude oil suppliers. For example, a majority of the company’s crude oil supply contracts with Plains are month-to-month and terminable upon 90 days’ notice. Additionally, the company’s crude oil supply agreement with BP was amended and restated in December 2016. MRL, an unrestricted subsidiary of the company, has entered into various term supply agreements for renewable feedstocks that are key to the operations of the Montana Renewables facility. The company has various long-term feedstock supply agreements with Phillips 66, with some agreements operating under the option to continue on a month-to-month basis thereafter, for feedstocks that are key to the operations of the company’s Karns City and Dickinson facilities. In addition, certain products of the company’s refineries can be used as feedstocks by these facilities. Products, Markets and Customers Products The company produces a full line of specialty products, including lubricating oils, solvents, waxes, food grade white oils, pharmaceutical grade petrolatums, and other products, as well as a variety of fuel and fuel related products, including asphalt and heavy fuel oils. The company also blends, packages and markets high performance specialty products through the company’s Royal Purple, Bel-Ray, and TruFuel brands. In the fourth quarter of 2022, the company commenced production of renewable fuels, including renewable diesel and renewable naphtha. Upon the completion of all planned phases of the Montana Renewables project, the company expects to have the capability to produce a full slate of renewable fuels, including renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha, which the company expects to distribute into renewable markets in the western half of North America. The company’s customers purchase specialty products primarily as raw material components for consumer-facing and industrial products. The company’s customers also purchase renewable fuels, which are consumed to reduce lifecycle carbon emissions. Marketing The company’s salespeople regularly visit customers and work in conjunction with the company’s marketing department, the laboratories at the company’s production facilities and its technical services department, to focus on providing additional value to the company’s customers, such as formulation assistance, regulatory insight, and creating specialized blends and packaging that work optimally for the company’s customers. Markets Specialty Products The specialty products market represents a small portion of the overall petroleum refining industry in the U.S. Of the approximately 130 refineries in operation in the U.S., only a small number of the refineries are considered specialty products producers. The company’s specialty products are utilized in applications across a broad range of industries, including industrial goods, such as metalworking fluids, belts, hoses, sealing systems, batteries, hot melt adhesives, pressure sensitive tapes, electrical transformers, refrigeration compressors and drilling fluids; and consumer goods, such as candles, petroleum jelly, creams, tonics, lotions, coating on paper cups, chewing gum base, automotive aftermarket car-care products (e.g., fuel injection cleaners, tire shines and polishes), paints and coatings, charcoal lighter fluids and various aerosol products. The company has the capability to ship its specialty products worldwide. In the U.S., the company ships its specialty products via railcars, trucks and barges. The company uses its fleet of leased railcars to ship its specialty products and a majority of the company’s specialty products sales are shipped in trucks owned and operated by several different third-party carriers. Fuel Products The fuel products market represents a large portion of the overall petroleum refining industry in the U.S. Of the approximately 130 refineries in operation in the U.S., a large number of the refineries are fuel products producers. Gulf Coast Market (PADD 3) Fuel products produced at the company’s Shreveport facility can be sold locally or to the Midwest region of the U.S. through the TEPPCO pipeline. Local sales are made from the TEPPCO terminal in Bossier City, Louisiana, located approximately 15 miles from the Shreveport facility, as well as from the company’s own Shreveport facility terminal. Gasoline, diesel and jet fuel from the Shreveport facility are sold primarily into the Louisiana, Texas and Arkansas markets, and any excess volumes are sold to marketers further up the TEPPCO pipeline. Should the appropriate market conditions arise, the company has the capability to redirect and sell additional volumes into the Louisiana, Texas and Arkansas markets rather than transport them to the Midwest region via the TEPPCO pipeline. The Shreveport facility has the capacity to produce approximately 9,000 bpd of commercial jet fuel that can be marketed to the U.S. Department of Defense, sold as Jet-A locally or sold via the TEPPCO pipeline, or transferred to the Cotton Valley facility to be processed further as a feedstock to produce solvents. Additionally, the company produces a number of fuel-related products, including fluid catalytic cracking (‘FCC’) feedstock, vacuum residuals and mixed butanes. FCC feedstock is sold to other refiners as a feedstock for their FCC units to make fuel products. Vacuum residuals are blended or processed further to make asphalt products. Volumes of vacuum residuals which the company cannot process are sold locally into the fuel oil market or sold via railcar to other refiners. Mixed butanes are primarily available in the summer months and are primarily sold to local marketers. If the mixed butanes are not sold, they are blended into the company’s gasoline production. Northwest Market (PADD 4) Fuel and asphalt products produced at the company’s Great Falls specialty asphalt facility can be sold locally and in Missouri, Oklahoma, Texas, Arizona, North Dakota, South Dakota, Idaho, Oregon, Utah, Wyoming, Washington, Nevada, California and Canada. Seasonally, fuel products from the Great Falls specialty asphalt facility are transported to terminals in Washington and Utah. Renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha produced at the company’s Montana Renewables facility are distributed into renewable markets in the western half of North America. Customers Specialty Products The company has a diverse customer base for its specialty products. In 2022, the company sold its specialty products to approximately 2,200 customers. Many of the company’s customers are long-term customers who use its products in specialty applications, after an approval process ranging from six months to two years. Fuel Products The company has a diverse customer base for its fuel products. In 2022, the company sold its fuel products to approximately 200 customers. The company’s diverse customer base includes wholesale distributors and retail chains. The company is able to sell the majority of the fuel products the company produces at the Shreveport refinery to the local markets of Louisiana, Texas and Arkansas. The company also has the ability to ship additional fuel products from the Shreveport refinery to the Midwest region through the TEPPCO pipeline. The majority of the company’s fuel products produced at the company’s Great Falls specialty asphalt facility are sold to local markets in Montana and Idaho, as well as in Canada. The renewable fuel products produced at the company’s Montana Renewables facility are distributed into renewable markets in the western half of North America. Competition Naphthenic Lubricating Oils: The company’s primary competitors in producing naphthenic lubricating oils include Ergon Refining, Inc., Cross Oil Refining and Marketing, Inc. and San Joaquin Refining Co., Inc. Paraffinic Lubricating Oils: The company’s primary competitors in producing paraffinic lubricating oils include Exxon Mobil Corporation, Motiva Enterprises, LLC, Phillips 66, HF Sinclair Corporation and Chevron Corporation. Paraffin Waxes: The company’s primary competitors in producing paraffin waxes include Exxon Mobil Corporation, HF Sinclair Corporation, The International Group Inc. and Ergon, Inc. Solvents: The company’s primary competitors in producing solvents include CITGO Petroleum Corporation, ExxonMobil Chemical Company and Total S.A. Polyol Ester Based Specialty Products: The company’s primary competitors in producing polyol ester-based specialty products include LANXESS, ExxonMobil Corporation, BASF Corporation, Croda International plc, Nyco Products Corporation and Zschimmer & Schwartz, Inc. Packaged and Synthetic Specialty Products: The company’s primary competitors in retail and commercial packaged and synthetic specialty products include Exxon Mobil Corporation (Mobil 1) and Valvoline, Inc. The company’s primary competitors in industrial packaged and synthetic specialty products include Exxon Mobil Corporation, Royal Dutch Shell plc, and Fuchs. Fuel Products and By-Products: The company’s primary competitors in producing fuel products in the local markets in which the company operates include Delek US Holdings, Exxon Mobil Corporation, Phillips 66 and Cenex. Renewable Fuel Products: The company’s primary competitor in producing renewable fuel products in the local markets in which the company operates is Chevron Corporation. Governmental Regulation The company is a party to certain claims and litigation incidental to its business, including claims made by various taxation and regulatory authorities, such as the IRS, the EPA and the U.S. Occupational Safety and Health Administration (‘OSHA’), as well as various state environmental regulatory bodies and state and local departments of revenue, as the result of audits or reviews of the company’s business. Environmental and Occupational Health and Safety Matters The company’s operations are subject to the federal Clean Air Act, as amended (‘CAA’), and comparable state and local laws. Some of the company’s facilities have been included within the categories of sources regulated by maximum achievable control technology rules. From time to time the CAA (federal Clean Air Act, as amended) authorizes the EPA to require modifications in the formulation of the refined transportation fuel products the company manufactures in order to limit the emissions associated with the fuel product’s final use. In addition, the company is required to meet the Mobile Source Air Toxics (‘MSAT’) II Standards adopted by the EPA to reduce the benzene content of motor gasoline produced at the company’s facilities and have completed capital projects at the company’s Shreveport and Great Falls facilities to comply with those fuel quality requirements. The EPA has issued RFS mandates, requiring refiners, such as the company to blend renewable fuels into the petroleum fuels they produce and sell in the United States. In addition, the company’s operations generate non-hazardous solid wastes, which are regulated under the Resource Conservation and Recovery Act, as amended and state laws. The company is subject to various laws and regulations relating to occupational health and safety, including the federal Occupational Safety and Health Act, as amended, and comparable state laws. These laws and regulations strictly govern the protection of the health and safety of employees. In addition, OSHA’s hazard communication standard, the EPA’s community right-to-know regulations under Title III of CERCLA and similar state statutes require that the company maintains information about hazardous materials used or produced in the company’s operations and provide this information to employees, contractors, state and local government authorities and customers. The company maintain safety and training programs as part of the company’s ongoing efforts to ensure compliance with applicable laws and regulations. The company conducts periodic audits of Process Safety Management (‘PSM’) systems at each of the company’s locations subject to the PSM standard. Seasonality The fuel and fuel related products that the company manufactures, including asphalt products, are subject to seasonal demand and trends. Asphalt demand is generally lower in the first and fourth quarters of the year (year ended December 2022), as compared to the second and third quarters, due to the seasonality of the road construction and roofing industries the company supplies. Intellectual Property The trademarks, tradenames and design marks under which the company conducts its branded business (including Penreco, Orchex, Royal Purple, Bel-Ray and TruFuel) and other trademarks employed in the marketing of the company’s products are integral to the company’s marketing operations. History Calumet Specialty Products Partners, L.P. was founded in 1916. The company, a Delaware limited partnership, was incorporated in 2005.