Marketing & Distribution growth continues; Kurnell refinery to commence shut down in October

25 August 2014

Key points:

  • First half HCOP NPAT of $163 million (includes a $10 million after tax inventory loss)
  • First half RCOP1 NPAT of $173 million at upper end of half year profit guidance
  • Marketing & Distribution growth continues, first half RCOP EBIT up 8% to $393 million (normalised growth ~5%)
  • Refining & Supply result (RCOP EBIT loss $65 million) impacted by lower Caltex Refiner Margin (CRM2) and anticipated operating inefficiencies during the Kurnell refinery conversion. Strong Lytton refinery operational performance drives record first half production
  • Conversion of Kurnell refinery to a major import terminal on time and on budget. Closure sequence to commence in October 2014
  • Company-wide cost and efficiency review underway (includes headcount reduction of approximately 350 people)
  • Interim dividend (20 cents per share fully franked) declared
  • Balance sheet remains strong; BBB+/Stable credit rating

See attachment for full release.

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