Caltex Annual Report 07 - Balance Sheet

	Millions of dollars	Dec 2007	Dec 2006	Change

1	Working capital	937	699	238

2	Property, plant and equipment (PP&E)	2,477	2,288	189

3	Net debt	(582)	(539)	(43)

	Other non-current assets and liabilities	(3)	(5)	2

	Total equity	2,829	2,443	386

DISCUSSION AND ANALYSIS

1

WORKING CAPITAL
$238m

The increase in working capital is primarily due to:
• higher value of crude and finished product inventory due to the higher
   Tapis price (US$100.85/bbl in December 2007, compared with
   US$59.54/bbl in December 2006);
• higher crude inventory volumes due to unplanned refinery shutdowns
   in December 2007; and
• higher receivables due to increase in commercial sales
   (volume and prices).
Partly offset by:
• higher crude payables due to increased Tapis price, and increased
   finished product purchases at the end of the year, driven by
   unplanned shutdowns.

PP&E
$189m

The increase in property, plant and equipment is due to:
• capital expenditure and major cyclical maintenance of $363 million.
Partly offset by:
• depreciation of $160 million; and
• net disposals of $14 million.

NET DEBT
$43m

Net debt was $582 million at 31 December 2007, an increase of $43 million from 31 December 2006. Debt increased towards the end of the year as the company built inventory in preparation for major refinery maintenance in the first quarter of 2008.

TOP | PRINT