Petol station and convenience store owner Caltex (ASX:CTX) has reported a 54 per cent fall in first-half profit, on a "replacement cost" basis at $135 million for the six months to June 30.
A rise in crude prices hurt the half year results.
Managing Director and CEO, Julian Segal, said that while the result is disappointing overall, Caltex is responding by focusing on capital discipline and reducing costs.
A review has identified 500 sites that will deliver strong returns and growth from an enhanced convenience offer and 50 sites that have a higher and better alternative use and will be divested.
Shares in Caltex Australia (ASX:CTX) are trading 3.91 per cent lower at $24.84.