The costs of servicing Caltex's debt needed to be addressed before shareholders received any further dividends, the company's chairman told the AGM last week.
Dick Warburton said the aim was to reduce the debt below $900 million or 45% of equity. Caltex currently has $954 million of debt.
He also flagged the massive investment required to bring its refineries into the clean fuels era, estimated at $250 million.
He said it was premature in light of the above issues to pay a dividend in respect of 2002. Caltex returned a $215.2 million profit for the year.
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