Management reiterated its commitment to a stable balance sheet in the 2015 full year results. Reduced capital expenditure, cost cutting measures should help cash flow but this is offset by the increased dividend payout ratio. Caltex repaid its US Private placement early in order to realise interest savings as well as reduce available debt facilities to match its reshaped financial profile. Subscribers can access the updated Full Research Report by clicking here Want a broker to contact you? Click here.