Welcome to the second quarter 2009 Calumet Specialty earnings conference call. (Operator Instructions). I would now like to turn the presentation over to your host for today's call, Ms. Jennifer Straumins, Senior Vice President.

Good afternoon and welcome to the Calumet Specialty Partners investors call to discuss our 2009 financial results. During this call Calumet Specialty Products Partners will be referred to at 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 21(e) 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 assurance that such expectations will prove to be correct. Please refer to the partnership's press release that was issued this morning as well as our latest filings with the Securities & 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. The significant increase in crude oil prices and continued weakness in product demand resulted in a second quarter that was very challenging for all refiners, including Calumet's. This has caused us to focus even more on placing specialty products in higher value applications in market and developing additional specialty products and controlling operating costs. We've continued to proactively manage our business during this volatile period. As the worldwide economy has weakened we've seen demand for some of our specialty products weaken, especially those used in the automotive and construction industries. Many of our products are feed stocks…

Net loss for the three months ended June 30, 2009, was $26 million, compared to net income of $50 million for the same period in 2008. Partnership's performance for the quarter ended June 30, 2009, as compared to the same period in the prior year decreased by $76 million, due primarily to a decrease of $42.5 million in gross profit and increased non-cash derivative losses of $31 million. The increase in non-cash derivative losses is primarily related to our fuel products segment and such losses either may not be realized, or may be realized in different amounts upon settlement. These non-cash derivative losses are not included in our adjusted EBITDA of $26.6 million for the second quarter of 2009. We believe the non-GAAP measures that EBITDA, adjusted EBITDA and distributable cash flow are important financial performance measures for the partnership. EBITDA and adjusted EBITDA as defined by our credit agreements were negative $1.9 million and $26.6 million, respectively, for the three months ended June 30, 2009, as compared to $65.5 million and $48.0 million, respectively for the same period in 2008. The partnership's distributable cash flow for the quarter ended June 30, 2009, was $14.3 million as compared to $36.9 million for the same period in 2008. Adjusted EBITDA quarter-over-quarter was negatively impacted by decreased gross profit as previously mentioned. We encourage our investors to review the section of the earnings press release found on our Website entitled Non-GAAP Financial Measures and the attached tables for discussion and definitions of EBITDA, adjusted EBITDA and distributable cash flow financial measures and reconciliation of these non-GAAP measures to the comparable GAAP measures. Gross profit by segment for the second quarter 2009 for specialty products and fuel products was $20.7 million and negative $2.3 million, respectively, compared to $21.5 million and $39.4 million,…

This concludes our remarks and I'll be happy to answer any questions you may have. Operator, could you please confirm if there are any questions?

(Operator Instructions). Our first question comes from Darren Horowitz – Raymond James. Darren Horowitz – Raymond James: Could you give us a little bit more color on how you plan to offset the weakness that you're seeing in the specialty products, specifically maybe some more detail into other market segments that you're looking to enter? And also what else can be done to rationalize costs out of the equation?

We're doing several things. We've expanded a lot of our products lines. We are looking at markets that we've participated in in the past and then had left based on our not having enough volume to service those markets so we're going back to some of those. We are looking at some higher valued added, small capital projects we can do at our plants to help us move further down the value chain, and we're continuing to look at any feed stock compatibility we have between our historical plants and the new Penreco plants that we acquired last year. And all of these things will help upgrade our overall margin. Darren Horowitz – Raymond James: When you look at all those things in total do you have a projected CapEx?

It's very minor, all-in it's probably less than $10 million. Darren Horowitz – Raymond James: Moving over to your hedges, when you look at hedging incremental barrels from this point further, where do you want to be more hedged? It seems like you're pretty well hedged into 2010 on your crude oil with swaps. But are there other areas on the diesel or the jet fuel side that you want to be a bit more hedged?

We are completely hedged to 2010 on any crack spreads that we plan on doing. And as we move into 2011 we're continuing to place those barrels more so on the diesel and jet side. Those values are stronger than gasoline at this point in time. But we're hedging in order to remain in compliance with all of our credit agreements which require us to hedge on the crack spread side. And on the crude oil side for the specialty products segment we're continuing to take a very short-term focus which we've done historically.

(Operator Instructions) Our last question comes from Adrayll Askew – HMCO Adrayll Askew – Hartford Investment Management: So far as your hedges, you say you're layering your hedges on diesel and jet fuel. What price points are you layering the hedges for 2011?

The diesel and jet fuel are between $15 – I'm sorry, 2012 is between – Adrayll Askew – Hartford Investment Management: No, I said 2011.

2011, $15 on the diesel. Adrayll Askew – Hartford Investment Management: And could you update on your working capital, I guess, expectations over the next six months?

We don't really view those as being all that different than what they've been historically.

Maybe a little lower.

I think we're looking at opportunities to continue to run barrels but also maybe lower some inventory levels to make sure those levels are in line with product demand. So I think we see some opportunity to reduce inventory levels a little further to help to lower our borrowings a bit under the revolver. Adrayll Askew – Hartford Investment Management: Can you provide some indication, kind of order of magnitude? Is that somewhere in the range of like 5% or more than that?

I would say maybe a 10% reduction. Adrayll Askew – Hartford Investment Management: Can you give a sense of your view on distillates, on the distillate demand and market there, kind of what you're seeing in your markets?

We're seeing some weakness in the distillate markets at this point in time because I think in the trucking industry situation that's out there today that what you do is you look at the current distillate crack spreads are pretty ugly. If you go out two years I mean they're $15 so everybody kind of thinks that this economy is going to be turning. It's just a matter of when.

With no further questions in queue, I would like to turn the call back to Ms. Straumins for closing remarks.

Thank you. This concludes our earnings conference call covering the second quarter 2009 results. Thank you for your participation in the teleconference and please note that this teleconference will be available for replay using the instructions contained in the press release. Have a great afternoon, everybody.