Highlights

  • Ampol shares increased 0.74% during morning trade on 30 July 2026 after the company provided a first half 2026 trading update.
  • Group RCOP EBITDA reached approximately $1.6 billion, compared with $649 million in the prior corresponding period.
  • Lytton Refiner Margin averaged US$28.26 per barrel during the first half, supported by elevated product pricing.
  • Ampol’s Lytton refinery production increased 8.7% to 2,945 ML.

Ampol Limited (ASX:ALD) shares gained 0.74% to AUD 39.69 during morning session trading on 30 July 2026 after the company released an update on first half 2026 financial year trading conditions and the second quarter Lytton Refiner Margin.

The latest update highlighted improved earnings conditions, resilient supply chain performance and favourable refining market dynamics during a period of disruption across global energy markets.

Ampol shares have gained 46.13% over the past year, with investors continuing to track the company’s operational performance, refinery capability and ability to manage changing fuel market conditions.

The company reported that its integrated supply chain remained capable of maintaining fuel availability across Australia and New Zealand despite pressure created by disruptions in global energy markets.

Ampol Reports Significant Earnings Improvement in First Half 2026

Ampol provided an unaudited update indicating a substantial improvement in earnings for the first half of the 2026 financial year.

The company reported Group Replacement Cost Operating Profit (RCOP) EBITDA of approximately $1,600 million, compared with $649 million in the first half of 2025.

RCOP EBIT was approximately $1,350 million, compared with $404 million in the prior corresponding period.

Ampol attributed the improvement to several factors, including reliable refinery operations, elevated refining margins, supply chain flexibility and disciplined trading decisions during a period of market disruption.

The company stated that its supply chain readiness and operational capability allowed it to continue supplying Australian and New Zealand customers while global fuel markets experienced increased volatility.

Managing Director and CEO Matt Halliday said the disruption across global energy markets highlighted the importance of maintaining liquid fuel supply and domestic refining capability.

According to Ampol, the company’s focus remained on ensuring fuel availability for communities across Australia and New Zealand throughout the period.

Lytton Refinery Performance Supports Higher Margins

A key contributor to Ampol’s first half performance was the continued operation of its Lytton refinery, which benefited from elevated regional refining margins.

The Lytton Refiner Margin (LRM) averaged US$28.26 per barrel during the first half of the 2026 financial year, compared with US$7.44 per barrel in the same period last year.

The company reported total refinery production of 2,945 ML during the first half, representing an 8.7% increase compared with the previous corresponding period.

In the second quarter of 2026, Lytton’s Refiner Margin reached US$30.93 per barrel, significantly higher than the US$8.71 per barrel recorded in the second quarter of 2025.

Ampol stated that ongoing constraints on crude oil supply, particularly in the Asia region, contributed to tighter refined product availability and higher product cracks.

As Lytton’s margins are linked to import parity pricing, higher global product prices flowed through to the refinery margin.

The company highlighted that reliable refinery performance during this period reflected previous investments aimed at improving safety, reliability and operational resilience.

Supply Chain Flexibility Helps Ampol Navigate Market Disruption

Ampol highlighted the role of its integrated supply chain and internal trading capabilities in managing changing market conditions.

The company operates its own independent trading and shipping team, which focuses on securing imported fuel supply for its key operating markets.

According to Ampol, this structure provides flexibility in sourcing fuel, access to market information and the ability to make supply and trading decisions during periods of disruption.

During the period, Ampol increased supply readiness through inventory builds and additional supply arrangements ahead of escalating geopolitical tensions.

The company also purchased approximately 250 ML of additional refined fuels as part of an Australian Federal Government initiative aimed at strengthening domestic fuel inventories, supported by Export Finance Australia.

In New Zealand, Z Energy supported government inventory levels by securing approximately 90 ML of diesel.

Ampol stated that as supply disruption continued, it adjusted sourcing through international markets, while existing hedging positions contributed value during the period.

Fuel Sales Growth Supported by Reliability and Retail Strategy

Ampol reported growth in Australian fuel sales excluding net-sell volumes during the first half of 2026.

Australian fuel sales excluding net-sell volumes increased 2.8% compared with the first half of 2025, supported by reliable supply availability and the company’s Convenience Retail segmentation strategy.

Convenience Retail volumes increased 2.4% year-on-year to 1,778 ML during the first half.

Australian wholesale volumes increased 2.9% to 5,056 ML.

Total Australian volume excluding net-sell reached 6,834 ML, compared with 6,650 ML in the first half of 2025.

Ampol highlighted the contribution of its U-GO unstaffed discount offer, which expanded from 34 sites to 47 sites during the period.

The company stated that product availability and retail initiatives supported increased demand across Australian Convenience Retail operations.

However, the company noted that the New Zealand market was slower to pass through higher input fuel costs, which is expected to improve during the second half.

EG Australia Acquisition Completed as Ampol Targets Future Synergies

Ampol also completed the acquisition of EG Australia on 30 June 2026.

The company noted that no earnings contribution from EG Australia was included in Group first half 2026 earnings due to the timing of completion.

Following the acquisition, Ampol elected to convert the scrip component of the transaction consideration into a fully cash-settled arrangement.

The company stated that this decision allows shareholders to fully participate in future benefits from the acquisition.

Ampol paid cash consideration of $1,165 million before working capital adjustments on 30 June 2026, which was included in period-end net borrowings.

The company expects the acquisition to generate synergies of $65 million to $80 million annually within two years of completion.

Current Energy Market Conditions Remain a Key Focus Area

Ampol noted that geopolitical developments in the Middle East continue to influence global energy markets.

The company stated that reduced flows through key shipping routes, including the Strait of Hormuz and risks around the Bab-el-Mandeb Strait, have contributed to higher product cracks and crude premiums.

Ampol said it remains positioned to manage ongoing market conditions, with physical supply arrangements in place for the majority of the third quarter of 2026.

The company also highlighted that some of the first half benefits came from favourable supply and hedge positions established before the initial escalation in conflict.

Ampol’s focus remains on maintaining fuel supply availability across Australia and New Zealand.

Lytton Maintenance Program Planned for Second Half

Ampol’s Lytton refinery is scheduled to undergo a major maintenance program commencing in August 2026, with completion expected during October 2026.

The company anticipates the maintenance program will reduce production volumes by approximately 300 ML.

Ampol stated that the impact will be managed through its diversified supply sources, import infrastructure and trading capabilities.

The company expects these resources to provide sufficient capacity to maintain product availability throughout the maintenance period.

Further details on Ampol’s audited first half 2026 financial results are scheduled to be released on 24 August 2026.

About Ampol

Ampol is an integrated energy company operating across fuel supply, refining, retail and trading activities in Australia and New Zealand.

The company owns and operates the Lytton refinery in Queensland and maintains supply capabilities through its infrastructure, trading operations and retail network.

Ampol serves customers through fuel distribution channels, convenience retail operations and wholesale supply activities.

The company’s business model combines domestic refining capability with international supply arrangements to support fuel availability across its operating markets.

What This Means for Investors?

Ampol’s latest trading update highlights the impact of elevated refining margins, supply chain capability and operational performance on first half 2026 earnings.

The company reported significant improvements across RCOP EBITDA, RCOP EBIT and refinery margins, supported by favourable market conditions and reliable Lytton refinery operations.

Investors are likely to continue monitoring the company’s upcoming first half financial results, the integration of EG Australia and the impact of the planned Lytton maintenance program.

Ampol’s ability to maintain fuel availability while managing changing energy market conditions remains a key factor shaping investor attention.