Calumet Plummets Nearly 30% After Ending Cash Distribution

Calumet Specialty Products Partners LP fell nearly 30% in late trading Friday after the energy company announced that it would end quarterly cash distributions amid a struggle with profitability. Chief Executive Tim Go said in the announcement that the distribution halt and a debt placement of $400 million will "position us to manage our capital structure with prudence and conservatism during a challenging period for our business." The company said it expects to report a net loss in the first quarter of $59 million to $83 million, while analysts were expecting on average a net loss of $19 million, according to FactSet. Calumet, which expects to report full earnings information May 5, fell 28.9% in after-hours trading following the announcement after closing with a 7.4% loss at $10.27.