Caltex Australia

Earlier this year Caltex wrote down the value of its major refining terminals by $1.5bn to just $340m due to the high Aussie dollar, high running costs and cheap imports primarily from Singapore. Refineries in Australia have reportedly dropped from eight 10 years ago to just five, and refining capacity has dropped by a third. That's an industry in decline if ever there were one. Caltex is now focusing on oil retailing and distribution, which is less capital intensive than running oil refineries. Over the past five years Caltex has struggled to produce a scrap of free cashflow, and...

Earlier this year Caltex wrote down the value of its major refining terminals by $1.5bn to just $340m due to the high Aussie dollar, high running costs and cheap imports primarily from Singapore. Refineries in Australia have reportedly dropped from eight 10 years ago to just five, and refining capacity has dropped by a third. That's an industry in decline if ever there were one.

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