Caltex (ASX:CTX) is bringing forward the planned shut down for the Lytton refinery from May 2020.
The loss of global fuel demand due to the coronavirus means they will also slash their capital investments.
Interim chief executive Matthew Halliday said the decision would "result in an improved economic outcome and protect cash flows, while demonstrating our ongoing commitment to the Lytton refinery".
They are preparing to spin off a 49 per cent interest in core retail freehold sites.
And due to flight restrictions, they are seeing reductions in retail petrol demand of 30-50 per cent, and in diesel of 10-30 per cent, compared to last year.
The company is still subject to a potential takeover offer from Alimentation Couche-Tard.
Shares in Caltex (ASX:CTX) are trading 4.17 per cent higher at $23.96.