Caltex (CTX) is Australia’s leading petrol refiner and distributor, operating two major refineries at Kurnell in Sydney and Lytton in Brisbane. CTX also operates a convenience store network in association with service station sites. The company is 50% owned by American energy giant Chevron. CTX shares slumped nearly 7% after forecasting a 1H profit drop as a high oil price and strong Australian dollar hurt margins and refinery outages disrupted fuel production. The refiner is forecasting an up to 39% fall in 1H profit. The company forecast a replacement cost of sales operating profit (a closely watched measure that excludes the value of its stockpiles) of $100 million to $115 million for the six months of 2011, down from $163 million last year. Click for Free Daily Shares AdviceJune 21, 2011
ASX Energy Shares News Caltex (CTX)
Caltex (CTX) is Australia’s leading petrol refiner and distributor, operating two major refineries at Kurnell in Sydney and Lytton in Brisbane. CTX also operates a convenience store network in association with service station sites. The company is 50% owned by American energy giant Chevron. CTX shares slumped nearly 7% after forecasting a 1H profit drop as a high oil price and strong Australian dollar hurt margins and refinery outages disrupted fuel production. The refiner is forecasting an up to 39% fall in 1H profit. The company forecast a replacement cost of sales operating profit (a closely watched measure that excludes the value of its stockpiles) of $100 million to $115 million for the six months of 2011, down from $163 million last year. Click for Free Daily Shares Advice
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