Caltex warns of lower profit

The headline is ominous but the effect is mild. Caltex announced it would report lower than expected half year results from its refining business, a result of fluctuating oil prices and costs associated with the reconfiguration of the Kurnell refinery. Crucially, the marketing business, which includes the network of petrol stations that Caltex owns and supplies, is expected to tick along nicely with earnings up 7-8% in the first half. As explained in Caltex: a fuel’s errand on 22 Oct 13 (Buy – $18.74), Caltex is closing its Kurnell refinery, a perpetual source of losses, and turning it into...

The headline is ominous but the effect is mild. Caltex announced it would report lower than expected half year results from its refining business, a result of fluctuating oil prices and costs associated with the reconfiguration of the Kurnell refinery. Crucially, the marketing business, which includes the network of petrol stations that Caltex owns and supplies, is expected to tick along nicely with earnings up 7-8% in the first half.

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