Caltex Australia Releases First Quarter 2018 Trading Update

Caltex Australia (ASX:CTX) today announces its unaudited 2018 first quarter profit after tax was $155 million on a replacement cost of sales operating profit or RCOP basis, in line with the prior corresponding period result of $154 million. Excluding unfavourable externalities of $7 million (after tax), the underlying first quarter profit after tax is up just over 1%.

On a statutory, or historical cost basis, the unaudited first quarter profit after tax was $172 million, including an inventory gain after tax of $17 million. This compares with a profit of $161 million in the first quarter of 2017, which included an inventory gain of $7 million after tax.

For the first quarter of 2018, the average realised Caltex Refiner Margin was US$9.40 per barrel, down US$2.82 per barrel compared with the prior corresponding period average of US$12.22 per barrel.

The Lytton refinery continues to operate well, with first quarter mechanical availability of 97.5%. Sales of transport fuels from production totalled 1.578 billion litres, up 8% compared with the prior corresponding period. The lower refiner margin has resulted in a first quarter Lytton EBIT of $47 million, down 28% from $66 million in the same period last year.

Total domestic sales volumes of transport fuels for the first quarter was 4.1 billion litres, up approximately 3% compared with the prior corresponding period.


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