Caltex on track

There was nervousness before Caltex released updated profit guidance for 2013 and, at first glance, nervousness was warranted. The company announced that underlying profits would fall about 30% this year to between $320-340m. The fall is driven entirely by conditions in the shrinking refining business, which is expected to lose $175m for the year as refining margins fall. The Lytton refinery is expected to post a small operating profit but heavy losses are expected at the older Kurnell refinery. Importantly, the conversion of Kurnell to an import terminal is on budget. Fears of a cost blowout went unrealised, driving...

There was nervousness before Caltex released updated profit guidance for 2013 and, at first glance, nervousness was warranted. The company announced that underlying profits would fall about 30% this year to between $320-340m. The fall is driven entirely by conditions in the shrinking refining business, which is expected to lose $175m for the year as refining margins fall.

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