Shares in Calumet Specialty Products Partners LP closed at their lowest price since 2009 on Wednesday after the company reported a larger-than-expected quarterly loss.
The Indianapolis-based producer of hydrocarbon and fuel products said it lost $116.8 million, or $1.56 cents per share, in the quarter ended Dec. 31. That compared with a loss of $52.8 million, or 74 cents per share, in the same period of 2014.
Calumet shares closed at $12.30 each Wednesday, down 12.6 percent on the day and 38 percent since the beginning of the year.
On an adjusted basis, Calumet said it lost 74 cents per share, missing the consensus opinion of analysts by 2 cents.
Revenue fell to $898 million in the latest quarter, down from $1.34 billion in the same period of 2014.
Tim Go, who became Calumet's CEO on Jan. 1, said Wednesday in a conference call that his first seven weeks in charge have been a "trial by fire" amid tough conditions for companies in the energy industry brought on by sinking crude oil prices.
"Our fourth quarter results were disappointing, and for our team, we view this as the bottom from an operations perspective," Go said. "From a capital spending perspective, we are hitting the reset button as we commit ourselves to doing more with less. From here, we will work our way up and we will do it together, as one team with a well-defined vision. No excuses, only accountability."
Go said Calumet is still performing well in its core business of specialty fuels, in which it processes crude oil and feedstocks into a wide variety of customized lubricating oils, white mineral oils, solvents, waxes and asphalt.
But it has been hurt by big losses in the fuel products segment, in which it processes crude oil into fuel and fuel-related products, including gasoline, diesel, jet fuel and heavy fuel oils.
Falling diesel demand at a $430 million refinery co-owned by Calumet in Dakota Prairie, North Dakota, has been a big disappointment.