Significant Items to Report:     --  Net income of $75.6 million for the first quarter of 2009, compared to       a net loss of $3.4 million in the first quarter of 2008     --  Adjusted EBITDA of $50.1 million for the first quarter of 2009, an       increase of $35.2 million over the first quarter of 2008     --  Distributable cash flow of $38.9 million for the first quarter of       2009, an increase of $25.7 million over first quarter of 2008     --  Declared a quarterly cash distribution of $0.45 per unit on all       outstanding units.     --  Increased Shreveport refinery average throughput by approximately       11,500 bpd to approximately 45,500 bpd, a 34% increase over the fourth       quarter of 2008    

Calumet Specialty Products Partners, L.P. (the "Partnership" or "Calumet") reported net income for the quarter ended March 31, 2009 of $75.6 million, an increase of $79.0 million over the first quarter of 2008, due primarily to an increase of $44.1 million in gross profit and increased derivative gains of $30.6 million. The increase in gross profit was primarily due to the significant decline in crude oil prices leading up to and sustained during the first quarter of 2009 as compared to the rapidly rising crude oil price environment in the first quarter of 2008. The increased derivative gains of $30.6 million, are comprised of changes in both non-cash gains of $36.2 million and cash losses of $5.6 million. The increase in non-cash derivative gains is primarily related to our fuel products segment and such gains either may not be realized or may be realized in different amounts upon settlement. These non-cash derivative gains are not included in our Adjusted EBITDA of $50.1 million for the first quarter of 2009.

Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA (as defined by the Partnership's credit agreements) were $99.7 million and $50.1 million, respectively, for the quarter ended March 31, 2009 as compared to $12.2 million and $14.9 million, respectively, for the first quarter of 2008. Distributable Cash Flow for the quarter ended March 31, 2009 was $38.9 million as compared to $13.2 million for first quarter of 2008. (See the section of this release titled "Non-GAAP Financial Measures" and the attached tables for discussion of EBITDA, Adjusted EBITDA, Distributable Cash Flow and other non-generally accepted accounting principles ("non-GAAP") financial measures, definitions of such measures and reconciliations of such measures to the comparable GAAP measures.)

Gross profit by segment for the first quarter of 2009 for specialty products and fuel products was $59.9 million and $19.1 million, respectively, compared to $22.3 million and $12.5 million, respectively, for the first quarter of 2008. As mentioned above, the increase in specialty products segment gross profit quarter over quarter was primarily due to the significant decline in crude oil prices, our primary raw material, during the first quarter of 2009. Partially offsetting the impact of lower crude oil prices was lower sales volumes in lubricating oils, solvents and waxes due to economic conditions impacting customer demand. The increase in our fuel products segment gross profit was due primarily to increased sales volume resulting from higher throughput rates at the Shreveport refinery and increased gains on derivatives offset by lower overall crack spreads in the first quarter of 2009 compared to the first quarter of 2008.

"Our proactive approach to managing our business in the current economic environment helped us to achieve good performance in the first quarter despite weaker demand for specialty products. We are attempting to offset the impacts of this weaker demand by broadening our marketing efforts and focusing on specialty product development. We continue to focus on efficient plant operations to meet current demand levels and controlling operating costs. We also plan to continue to increase throughput rates at our Shreveport refinery to more fully utilize its expanded capacity as market conditions dictate. We believe these efforts will help us to enhance our liquidity during this continued period of economic uncertainty," said Bill Grube, Calumet's CEO and President.

Quarterly Distribution

As announced on April 16, 2009, the Partnership declared a quarterly cash distribution of $0.45 per unit for the quarter ended March 31, 2009 on all outstanding units. The distribution will be paid on May 15, 2009 to unitholders of record as of the close of business on May 5, 2009.

Operations Summary

The following table sets forth unaudited information about our combined operations. Production volume differs from sales volume due to changes in inventory.

                                       Three Months Ended                                            March 31,                                            ---------                                        2009          2008                                        ----          ----     Sales volume (bpd):    Specialty products sales volume   24,589        32,088    Fuel products sales volume        29,833        27,319                                      ------        ------    Total (1)                         54,422        59,407     Total feedstock runs (bpd) (2)    63,219        55,998     Production (bpd):   Specialty products:       Lubricating oils               11,650        13,120        Solvents                       8,267         8,882        Waxes                          1,101         2,054        Fuels                            666         1,487        Asphalt and other by-products  7,735         6,758                                       -----         -----         Total                        29,419        32,301                                      ------        ------    Fuel products:        Gasoline                      11,078         9,212        Diesel                        12,750         8,367        Jet fuel                       7,346         5,898        By-products                      275           203                                         ---           ---         Total                        31,449        23,680                                      ------        ------    Total production (3)              60,868        55,981                                      ======        ======    

(1) Total sales volume includes sales from the production of our facilities and sales of inventories.

(2) Total feedstock runs represents the barrels per day of crude oil and other feedstocks processed at our facilities. The increase in feedstock runs for the three months ended March 31, 2009 is primarily due to the completion of the Shreveport expansion project in May 2008. This increase was offset by decreases in specialty products feedstock run rates in the first quarter of 2009 at our other facilities due to lower overall demand for certain specialty products.

(3) Total facility production represents the barrels per day of specialty products and fuel products yielded from processing crude oil and other feedstocks at our facilities and certain third-party facilities pursuant to supply and/or processing agreements. The difference between total production and total feedstock runs is primarily a result of the time lag between the input of feedstock and production of finished products and volume loss.

Credit Agreement Covenant Compliance

Compliance with the financial covenants pursuant to our credit agreements is measured quarterly based upon performance over the most recent four fiscal quarters, and as of March 31, 2009, we continued to be in compliance with all financial covenants under our credit agreements and achieved improvement in our financial covenant performance metrics compared to the fourth quarter of 2008.

While assurances cannot be made regarding our future compliance with these covenants and being cognizant of the general uncertain economic environment, we believe that we will continue to maintain compliance with such financial covenants and improve our liquidity.

Revolving Credit Facility Capacity

On March 31, 2009, we had availability on our revolving credit facility of $69.2 million, based on a $182.3 million borrowing base, $20.1 million in outstanding standby letters of credit, and outstanding borrowings of $93.0 million. We believe that we have sufficient cash flow from operations and borrowing capacity to meet our financial commitments, debt service obligations, contingencies and anticipated capital expenditures. However, we are subject to business and operational risks that could materially adversely affect our cash flows. A material decrease in our cash flow from operations or a significant, sustained decline in crude oil prices would likely produce a corollary material adverse effect on our borrowing capacity under our revolving credit facility and potentially our ability to comply with the covenants under our credit facilities. Further substantial declines in crude oil prices, if sustained, may materially diminish our borrowing base, which is based in part on the value of our crude oil inventory, which could result in a material reduction in our borrowing capacity under our revolving credit facility.

About the Partnership

The Partnership is a leading independent producer of high-quality, specialty hydrocarbon products in North America. The Partnership processes crude oil and other feedstocks into customized lubricating oils, white oils, solvents, petrolatums, waxes and other specialty products used in consumer, industrial and automotive products.

The Partnership also produces fuel products including gasoline, diesel and jet fuel. The Partnership is based in Indianapolis, Indiana and has five facilities located in northwest Louisiana, western Pennsylvania and southeastern Texas.

A conference call is scheduled for 1:00 p.m. ET (12:00 p.m. CT) on Wednesday, May 6, 2009, to discuss the financial and operational results for the first quarter of 2009. Anyone interested in listening to the presentation may call 800-901-5226 and enter passcode 12962556. For international callers, the dial-in number is 617-786-4513 and the passcode is 12962556.

The telephonic replay of the conference call is available in the United States by calling 888-286-8010 and entering passcode 13891244. International callers can access the replay by calling 617-801-6888 and entering passcode 13891244. The replay will be available beginning Wednesday, May 6, 2009, at approximately 4:00 p.m. until Wednesday, May 20, 2009.

The information contained in this press release is available on the Partnership's website at http://www.calumetspecialty.com/.

Cautionary Statement Regarding Forward-Looking Statements

Some of the information in this release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "anticipate," "estimate," "continue," or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other "forward-looking" information. These forward-looking statements involve risks and uncertainties that are difficult to predict and may be beyond our control. These risks and uncertainties include, but are not limited to the overall demand for specialty hydrocarbon products, fuels and other refined products; our ability to produce specialty products and fuels that meet our customers' unique and precise specifications; the impact of crude oil and crack spread price fluctuations and rapid increases or decreases including the impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with the financial covenants contained in our credit agreements; the availability of, and our ability to consummate, acquisition or combination opportunities; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets or businesses; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit from our suppliers and hedging counterparties; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane and other weather interference with business operations; fluctuations in the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market or business conditions. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in this release as well as the Partnership's most recent Form 10-K filed with the Securities and Exchange Commission, which could cause the Partnership's actual results to differ materially from those contained in any forward-looking statement. The statements regarding (i) increased Shreveport throughput rates, (ii) future compliance with our debt covenants, and (iii) improvements in liquidity as well as other matters discussed in this news release that are not purely historical data, are forward-looking statements.

Non-GAAP Financial Measures

We include in this release the non-GAAP financial measures of EBITDA, Adjusted EBITDA and Distributable Cash Flow, and provide reconciliations of net income to EBITDA, Adjusted EBITDA and Distributable Cash Flow and (in the case of EBITDA and Adjusted EBITDA) to net cash provided by operating activities, our most directly comparable financial performance and liquidity measures calculated and presented in accordance with GAAP.