By Angela Macdonald-Smith
Jan. 14 (Bloomberg) -- Caltex Australia Ltd., the nation’s biggest oil refiner, said full-year operating profit fell less than earlier forecast after margins on processing crude into fuels gained last month. Its shares rose the most in a week.
Operating profit was A$185 million ($123 million) in the year ended Dec. 31, more than last month’s forecast of as low as A$135 million, Sydney-based Caltex Australia said today in a statement to the Australian stock exchange. The profit figure, which is subject to audit, was still down 58 percent from 2007.
Caltex, half-owned by Chevron Corp., said Dec. 18 it was basing its forecast on a crude-oil price of $42 a barrel, an Australian dollar exchange rate of 65 cents and an average margin of about $9 a barrel. It didn’t specify in today’s statement the actual margin last month. The Australian dollar averaged 67.24 cents in December, according to Bloomberg data.
“It’s good news I guess, the numbers are up,” said Gordon Ramsay, an oil and gas analyst at UBS AG in Melbourne. “I don’t think the market was expecting it, so that’s basically why the stock has gone up today.”
Caltex Australia gained 49 cents, or 6.6 percent, to A$7.97 in Sydney trading, the most since Jan. 6.
The net income figure for last year hasn’t yet been finalized as it depends on calculating the value of stockpiles on hand on Dec. 31, Caltex said in the statement. The company reported net income of A$646 million in 2007 and last month forecast a 2008 figure of between a loss of A$40 million and a profit of A$10 million.
Net debt at Dec. 31 was A$832 million, less than the A$900 million forecast last month, Caltex said.
Caltex said separately today that fuel supplies from its refinery in southeastern Queensland are nearing normal as production of unleaded gasoline and diesel resumed full output after an unplanned shutdown last month. Output of premium unleaded gasoline should resume full capacity this evening, said Georgie Wells, a spokeswoman.
To contact the reporter on this story: Angela Macdonald-Smith in Sydney at amacdonaldsm@bloomberg.net
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