Caltex Australia has reported a drop in refining margins, which will weigh on performance. Its margin was $US8.86 a barrel in January, down from $US12.39 in January 2010, and sales were 24 per cent higher at 847 million litres. In February, the refining margin fell from $US9.14 a barrel in 2010 to $US6.44 and sales slid from 830 to 755 million litres. Angela Macdonald-Smith

BHP Billiton has appointed Transurban chairman Lindsay Maxted as a non-executive director. He will replace Alan Boeckmann , who is stepping down. BHP chairman Jac Nasser said Mr Maxted, former chief executive of KPMG Australia, had been chosen for his “financial acumen and extensive experience". Jamie Freed