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Balance Sheet
as at 30 June 2007

Millions of dollars
 Jun 2007
Dec 2006
Change $m
1   Working capital 856 699 157
2   Property, plant and equipment (PP&E) 2,321 2,288 33
3   Net debt (490) (539) 49
4   Other non-current assets and liabilities (1) (5) 4
Total equity 2,686 2,443 243


Discussion and Analysis

1

Working capital

$157m

The increase in working capital is primarily due to:

  • Higher crude and product prices (Tapis average June 07 US$76.89/bbl vs. Dec 06 US$59.54/bbl), partially offset by the higher Australian dollar.

  • Higher inventory volumes (77ML) due to increase in imports in June 07 in preparation for major maintenance work at the Lytton refinery.

  • Higher receivables due to increased sales volumes.

Partly offset by:

  • Increase in provision for income tax payable due to higher taxable income.

2

PP&E

$33m

The increase in property, plant and equipment is due to:

  • Capital expenditure and major cyclical maintenance of $114 million.

Partly offset by:

  • Depreciation of $77 million.

  • Net disposals of $4 million.

3

Net debt

$49m

Net debt decreased to $490 million at 30 June 2007, a decrease of $49 million from 31 December 2006. As a result, Caltex’s gearing (net debt to net debt plus equity) was 15.4%, decreasing from 18.1% at 31 December 2006. On a lease-adjusted basis, gearing at 30 June 2007 was 23%.

However, debt is expected to increase towards the end of 2007 as the company builds inventory in preparation for major refinery maintenance in the first quarter of 2008.

4

Other non–current assets and liabilities

$4m

Other non–current assets and liabilities have increased primarily due to the net movement of intangibles.