ASX Energy Shares News Caltex (CTX)

ASX Energy Shares News Caltex (CTX) | ASX CTX | Caltex StocksCaltex (CTX) is Australia’s leading petrol refiner and distributor, operating two major refineries at Kurnell in Sydney and Lytton in Brisbane.

CTX also operates a convenience store network in association with service station sites.

The company is 50% owned by American energy giant Chevron.

CTX shares slumped nearly 7% after forecasting a 1H profit drop as a high oil price and strong Australian dollar hurt margins and refinery outages disrupted fuel production.

The refiner is forecasting an up to 39% fall in 1H profit.

The company forecast a replacement cost of sales operating profit (a closely watched measure that excludes the value of its stockpiles) of $100 million to $115 million for the six months of 2011, down from $163 million last year.

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