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Caltex Australia To Improve Earnings By Reducing Refining, Increasing Fuel Distribution
- The leading Australian oil refiner is changing its business model to more of a distributor and retail marketer.
- It's converting one of its refineries into a fuel import storage facility.
- Earnings are expected to be less volatile and actually improve from concentrating on an extensive fuel distribution network.
There are no Transcripts on CTXAF.
Feb. 16, 2012, 3:39 PMAnother leg is kicked out of the Australian refining industry as Caltex writes down the value of its 2 refineries by $1.4B ahead of an operational review that could lead to closures. New facilities in China and India combined with the powerful aussie have made domestic refining uncompetitive. | Comment!
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