Tag: CTX

Another one bites the dust – no it’s not a Queen revival but news that the long-running takeover attack from a Canadian firm Alimentation Couche Tard (ACD) for Caltex has gone south, a victim of COVID-19.

Despite continuing optimism from brokers, the chances of Caltex Australia being taken over, look more and more remote with the oil price dropping so fast that the company’s hedges are not able to cope.

Caltex Australia shares fell more than 2% on Monday on news that the company had rejected one of its suitors, while at the same time encouraging it to remain in discussions.

Caltex Australia has become another company to cut dividends after a weak result for 2019, a situation compounded by the takeover interest in the company that in turn has stopped the company from finding a replacement to departing CEO, Julian Segal.

Convenience store operator and oil refiner, Caltex Australia says the $8.6 billion, $34.50 a share surprise from Canadian group, Alimentation Couche-Tard (ACT) isn’t enough and like Oliver Twist, wants more.

Punters are starting to wonder if there will be a higher offer from the Canadian convenience store giant, ACT or a rival group with shares in Caltex edging higher again yesterday to go with Tuesday’s solid rise after the approach was revealed.

Shares in Caltex closed up 13.5% at a 15-month high of $33.79 after it confirmed a second unsolicited bid from Canadian convenience store giant, Alimentation Couche-Tard (ACT) at a higher price of $8.6 billion.

Caltex Australia got the thumbs up from the market yesterday for its long-awaited plan to spin off some of its convenience store retail sites into a separate company.

Ratings group, Standard and Poor’s Global has put the debt of Caltex Australia on credit watch negative in the wake of the company’s surprisingly poor half-year earnings downgrade last week.

Caltex shares copped a hiding yesterday after it shocked the market by revealing that its expected June half earnings had been battered by the surge in oil prices and the plunge in the value of the Aussie dollar and that earnings would more than halve overall.

Caltex Australia has joined the buyback club, announcing yesterday plans to buy back $260 million of its shares.

Good long-term news for shareholders in Caltex yesterday, while some short-term pain suggested (and possible negative impact in earnings for the December half year) in an update released at its 2018 19 investor day.

Caltex Australia has found that sale and lease back – one of the usual ways of releasing capital (and favoured by many corporate strategists and private equity) isn’t all its cracked up to be.

The staff under payments scandal at some of its franchisees exposed two years ago by the media has seen Caltex Australia reverse course and commit $120 million to taking out all its franchisees over the next three years.

The competition regulator, the ACCC has thrown a spanner into the $95 million planned purchase of a big independent petrol station chain in Victoria by Caltex Australia (CTX).

Petrol refiner and retailer, Caltex Australia (CTX) has gone all conservative as it faces a greater call on hits financial strength to boost expansion plans after reporting what was a solid profit for 2016.

A lift in sales of premium fuels (as consumers move away from cheap ethanol blends and basic unleaded petrol types) assisted Caltex Australia (CTX) in offsetting the squeeze on earnings from a falling profit margins from its refinery in Brisbane.

An expected squeeze on oil refining margins from rising global oil prices in recent months has hit earnings of Caltex, the country’s largest oil importer and refiner, despite it reporting a small rise in the volumes of petrol sold.

Oil refiner and distributor Caltex suffered a steep fall in March-quarter earnings after the pricing cycle moved against it.

Now who would be surprised that Caltex Australia (CTX) is poised for a record full-year profit for 2015 thanks to the move out of refining (except in Brisbane), with its strong refining margins, and an increase in marketing profits?

The plunge in global oil prices has boosted the half year profit of Caltex Australia (CTX), no matter if you use historic accounting or replacement cost (the company’s preferred method).

US oil giant, Chevron has slashed its involvement with Australia in a big way – selling off its 50% stake in Caltex Australia (CTX) and deciding not to proceed with the tight rock oil and gas drilling projects with Beach Energy (BPT) and Icon Energy (ICN).

Caltex Australia (CTX) yesterday joined Qantas (QAN) in confirming that it has been one of the big winners in the current slump in global oil prices which fell to new five year lows yesterday.

Shares in Caltex Australia (CTX) (50% owned by US oil giant Chevron) ended higher yesterday despite a downgrade to the company’s half year earnings.

Once again we saw a hard to understand profit forecast from Caltex Australia.

Oil refiner and marketer, Caltex Australia, loves to play games with its profits, reporting them in two ways.

Less than a week after the competition regulator refused to approve its application to buy 300 service stations from Mobil, including 53 key sites, Caltex Australia yesterday revealed plans to close a small part of its Sydney refinery and warned of a weak first half for next year and raised the possibility of another dividend omission.

The competition regulator, the ACCC, has rejected Caltex’s Australia’s attempts to grow by buying 300 service stations controlled by rival Mobil Oil Australia.

Caltex Australia Ltd (CTX) fell by as much as 6.11% to $20.10 on Friday after it downgraded full year earnings guidance due to unfavourable currency movements and lower than expected production.