Caltex Australia Starts Review of Refineries as Margins Drop

Caltex Australia Ltd., the nation’s biggest oil refiner, started a review of its refineries after reporting first-half profit dropped 24 percent as a record Australian dollar hurt margins for turning crude into fuel.

“We have initiated a review to understand the role the refineries will play in maintaining continuity of supply to our customers,” Julian Segal, chief executive officer of the Sydney-based company, said today in an earnings presentation, citing the “challenging environment in which we operate.”