Oil price drives Caltex profit down
Oil refiner Caltex has posted a $714 million loss in its annual operating revenue, recording a drop by 325 per cent on the last year.
Blaming soaring oil costs, the company's CEO, Julian Segal, says the company is caught in events beyond its control. Mr Segal said the company's immediate outlook remained grim, as the Australian dollar and price of crude oil continue to remain high.
"The poor externalities included the civil war in Libya and the tsunami in Japan, which raised absolute Brent crude prices and widened the light heavy spread to levels around historical averages," Mr Segal said.
"In addition, extreme weather events caused shutdowns in January and closed the crude berth in Kurnell later in the first half."
The company has announced it will conduct a review of its two Australian refineries in Sydney and Brisbane, while refusing to rule out the possible closure of the plants.