Refinery rescue will cost $2.35bn

Original article by Ben Packham
The Australian – Page: 4 : 17-May-21

The federal government’s rescue package for the nation’s oil refineries was designed in consultation with Ampol and Viva Energy. The two companies will receive up to $2bn in direct taxpayer funding over the next decade. The variable payments system means that Ampol and Viva will receive greater taxpayer support during periods when their refineries’ margins are low. The government will also provide $302m for the refineries to shift to higher standards three years ahead of schedule. Australia’s two remaining oil refineries employ more than 1,200 people.

CORPORATES
AMPOL LIMITED – ALD, VIVA ENERGY GROUP LIMITED – ASX VEA

Refinery rescue deal to safeguard fuel stocks

Original article by Ben Packham
The Australian – Page: 5 : 14-Dec-20

The federal government is set to announce a rescue package for the Lytton, Geelong and Altona oil refineries to ensure that they remain operational until mid-2021. The refineries will receive a payment of at least $0.01 per litre for their petrol, diesel and jet fuel production over the six months from 1 January. Energy Minister Angus Taylor says the government is finalising a long-term market mechanism for the production payment, which is slated to take effect from 1 July. The future of Australia’s three remaining refineries has come under scrutiny following BP’s recent decision to close its Kwinana plant.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES, AMPOL LIMITED – ALD, EXXONMOBIL AUSTRALIA PTY LTD, VIVA ENERGY GROUP LIMITED – ASX VEA, BP AUSTRALIA LIMITED

More pain for BP after decision to shut Kwinana refinery

Original article by Perry Williams, Nick Evans
The Australian – Page: Online : 2-Nov-20

Energy Minister Angus Taylor will hold meetings with the operators of the three remaining oil refinery operators in the week beginning 2 November. This follows the announcement by BP on 30 October that it plans to close its Kwinana refinery in Western Australia, with Taylor’s meetings coming amid fears that Australia’s entire oil refining industry could be gone within 12 months. The three remaining refineries are located at Lytton in Brisbane, and at Geelong and Altona in Victoria, and are operated by Ampol, Viva Energy and ExxonMobil respectively. The closure of Kwinana will see 600 people lose their jobs, while BP is in the process of shedding around 200 additional jobs, most of which are office roles.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES, BP PLC, AMPOL LIMITED – ALD, VIVA ENERGY GROUP LIMITED – ASX VEA, EXXONMOBIL AUSTRALIA PTY LTD

Caltex investors back Ampol rebirth

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 15-May-20

Some 99.8 per cent of Caltex Australia’s shareholders have supported a resolution to change its name to Ampol. The company aims to complete the rebranding of its petrol stations by the end of 2022. Caltex’s interim CEO Matt Halliday has noted the impact of coronavirus-induced travel restrictions; he says that convenience retail fuel volumes fell 16 per cent year-on-year in the 12 months to April, while demand for jet fuel has fallen by up to 90 per cent. Caltex is still looking to sell a 49 per cent stake in a portfolio of petrol stations, via an IPO or a trade sale.

CORPORATES
CALTEX AUSTRALIA LIMITED – ASX CTX

Caltex tips profit rise despite downturn

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 13-Jun-18

Caltex Australia has advised that its 2018 interim net profit is expected to be within the range of $A295m to $A315m, compared with $A294m previously. Caltex has also forecast that its fuels and infrastructure division will post half-year EBIT growth of nine per cent. However, its convenience retail division’s EBIT is expected to be 17 per cent lower than previously. This has been attributed to factors such as lower fuel margins and costs associated with dismantling its franchise model.

CORPORATES
CALTEX AUSTRALIA LIMITED – ASX CTX, SEAOIL, WOOLWORTHS GROUP LIMITED – ASX WOW, GULL PETROLEUM (NZ) LIMITED

Caltex retains M&A firepower with modest buyback

Original article by Brian Robins
The Australian Financial Review – Page: 15 : 24-Feb-16

Caltex Australia has posted a net profit of $A522m for calendar 2015, compared with $A20m in 2014. Underlying earnings on a replacement cost operating profit basis increased from $A795m to $A977m. However, the downturn in the crude oil price impacted on revenue, which fell from $A23.9bn previously to $A20bn. Shareholders will receive a final dividend of $A0.70 per share and a full-year payout of $A1.17, while Caltex will repurchase $A270m worth of its shares.

CORPORATES
CALTEX AUSTRALIA LIMITED – ASX CTX, CAR NEXT DOOR PTY LTD