Caltex Australia says it will be “business as usual” after US energy giant Chevron sold its 50 per cent shareholding in the local fuel refiner and distributor.

Chevron announced on Friday it was selling its stake in Caltex Australia in a $4.6 billion block trade, the biggest in Australian history.

The move was widely expected after Chevron signalled its intentions to revise its portfolio.

Caltex managing director and CEO Julian Segal said on Sunday the move would make no operational difference to Caltex.

“This transaction has got no impact on the strategy and the way we are executing it. We will continue with business as usual,” he said.

Caltex chief financial officer Simon Hepworth said Chevron’s exit from the register would make any return to investors of the company’s more than $1 billion in franking credits less complex.

However Mr Hepworth said Caltex remained focused on investing for growth.

“I think it’s fair to acknowledge that with Chevron leaving the register it does remove a complexity in our ability to efficiently return franking credits but ultimately the overall strategy in substance isn’t significantly impacted,” he said.

Mr Segal rejected a suggestion Chevron’s exit could be interpreted as the US firm believing Caltex shares have reached their peak.

Caltex shares have soared 74 per cent in the past year to close at $37.88 on Friday as the company pursues a transformation that has included closing its Kurnell refinery in NSW and investing in its convenience store, fuel retail and fuel storage and transport businesses.

“The fact that the shares sold so quickly … I think it’s really an overwhelming endorsement of our strategy,” he said.

Fairfax Media reports more than half of the Chevron stake was placed by 5pm on Friday afternoon.

Chevron announced it was selling its stake after the market closed.

Extracted in full from Business Spectator.