Of most importance, Calumet Specialty Products Partners, L.P. (CLMT), in the 2nd quarter, generated a large amount of cash plus lowered significantly the debt due in 2021. From an investor's point of view, the company's probability of bankruptcy is nil. We begin with our investor update for the 2nd quarter results, then add 3rd quarter estimates and finally add our thoughts concerning future possibilities or actions.
2nd Quarter Comparisons
We missed our estimate for the 2nd quarter of $100-$120 million EBITDA. The actual number was $80 million, $20 million or more lower