April 6 (Reuters) - Caltex Australia Ltd CTX.AX :
* GLOBAL FUEL DEMAND EROSION CAUSED BY COVID-19 EXPECTED TO IMPACT REFINING CONDITIONS FOR A NUMBER OF MONTHS
* TARGET 2020 GROUP CAPEX WILL BE REDUCED TO BELOW $250M FROM PREVIOUSLY STATED TARGET OF APPROXIMATELY $300M
* WILL BRING FORWARD, EXTEND DURATION OF PLANNED SHUTDOWN FOR UPCOMING LYTTON REFINERY T&I WHICH WILL NOW COMMENCE IN MAY 2020
* REVIEW OF FIXED COSTS IS UNDERWAY ACROSS ALL AREAS INCLUDING CORPORATE OVERHEADS
* DECLINE IN CRUDE OIL PRICE ALSO EXPECTED TO MEANINGFULLY FURTHER REDUCE GROUP'S WORKING CAPITAL REQUIREMENTS
* HAS ABOUT $2.7BN OF COMMITTED AVAILABLE DEBT FACILITIES & ABOUT $1.5BN OF UNDRAWN COMMITTED FACILITIES AND CASH
* GIVEN RANGE OF UNCERTAINTIES RELATED TO COVID-19, UNABLE TO PROVIDE UPDATED LYTTON PRODUCTION GUIDANCE FOR 2020
* SUBJECT TO MARKET CONDITIONS, WELL-PLACED TO SELL 49% MINORITY INTEREST IN CALTEX'S CORE FREEHOLD RETAIL SITES IN H2 2020
* SUBJECT TO MARKET CONDITIONS , WELL PLACED TO DIVEST SECOND TRANCHE OF HIGHER AND BETTER USE SITES IN H2 2020
* REVIEWED AVIATION BUSINESS AND TAKEN ACTION ON STRANDED COSTS, INCLUDING CHANGES TO ON-AIRPORT OPERATIONS, DEFERRAL OF CAPITAL INVESTMENTS