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Caltex will launch a $260 million buyback after beating guidance with a $558 million full-year profit.

The fuel giant’s profit for the 12 months to December 31 came in above its $530 million to $550 million guidance range on a replacement cost operating basis.

Profit slipped 12 per cent from a year earlier – and 9.5 per cent on a statutory basis – due to the previously announced impact of unplanned third-quarter outages at Queensland’s Lytton refinery and a lower regional refining margin.

But revenue jumped 33 per cent to $21.7 billion and the board held its fully franked final dividend at 61 cents.