Ampol’s third quarter refining margin more than doubled year-on-year, reaching US$23.92 per barrel against US$10.64 a year prior. This expansion reflects a combination of elevated regional refining margins and supportive market conditions, though the company’s refinery also operated at reduced capacity during its planned turnaround and inspection program. The strength in margins indicates that management successfully navigated a period of planned maintenance while capturing favourable trading conditions in the energy sector.
The convenience retail segment also performed solidly, with core Ampol network sales up by a double-digit percentage compared to the prior year quarter. Shop gross margins and average basket values improved, while retail fuel margins held steady despite rising crude input costs. These gains came after the EG Australia acquisition, which the company is integrating into its convenience retail operations. Combined with the completion of the first U-GO conversion in early October, the segment shows momentum in both network efficiency and operational execution.
Group replacement cost operating profit grew against the second-half 2025 quarterly average, supported by favourable supply chain conditions and the acquisition benefits. Refinery production during the quarter totalled 1,137 mega-litres, down 9.2 percent from 1,252 mega-litres in the prior year, reflecting the planned maintenance program. During inspections, management identified additional reliability work on the fluid catalytic cracking unit and seized the opportunity to bring forward maintenance on a crude processing unit. The company elected to complete this work immediately rather than schedule it separately, viewing this as economically efficient.
The timing of these works means the crude cracking unit is expected to restart in mid-November, with production of higher-value fuels around 150 mega-litres lower than previously guided in the fourth quarter. Management indicated that customer supply is not expected to be disrupted. The company also deferred its Ultra Low Sulfur Fuels project commissioning to the first quarter of 2027, signalling no material earnings impact from the delay and no change to the broader capital expenditure outlook.
Broader market conditions, including escalating geopolitical tensions in the Middle East and ongoing constraints in fuel product supply, continue to favour Ampol’s integrated supply chain. The company noted that the exceptional trading environment supporting the first half has not recurred, implying more moderate conditions ahead. BEV sales in Australia reached 207,578 units in the 12 months to September 2026, up 112 percent year-on-year, setting context for the company’s proposed Evie Networks acquisition, which awaits Australian Competition and Consumer Commission clearance and is expected to complete in the first half of 2027.
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Investors should track fourth-quarter production and margin outcomes as the refinery returns to full operations, alongside regulatory progress on the Evie Networks acquisition. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Ampol Limited (ASX: ALD)
Ampol Limited is Australia’s largest petroleum refiner and distributor, operating the Lytton refinery and around 2,000 branded fuel service stations across Australia and New Zealand. The company sources, imports, refines and distributes crude oil, fuels and lubricants, and also operates convenience retail stores and provides electric vehicle charging solutions. It serves customers in defence, mining, transport, marine, agriculture, aviation and other commercial and industrial sectors across Australia, New Zealand, Singapore and the United States.
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