Ampol Limited (ASX:ALD) enters the second half of 2026 following substantially higher first-half earnings, supported by elevated refining margins and performance across its integrated fuel Supply chain.

The broader fuel-market environment has also remained volatile. Brent Crude has recently traded above USD 100 per barrel, while Australian average retail petrol and diesel prices have increased across most monitored locations as international refined-fuel benchmark prices moved higher.

H1 2026 Results

Ampol reported Group replacement cost operating profit EBITDA of AUD 1.64 billion for the six months ended 30 June 2026, an increase of 152% from AUD 648.9 million in the prior corresponding period.

RCOP net profit after tax attributable to shareholders, excluding significant items, increased to AUD 857.2 million from AUD 180.2 million.

Statutory net profit after tax reached AUD 1.36 billion, compared with a statutory loss of AUD 25.3 million in H1 2025. The statutory result included an after-tax inventory gain of AUD 527.6 million.

Lytton Refinery

The Lytton refinery was a major contributor to Ampol's H1 2026 earnings.

Lytton generated RCOP EBITDA of AUD 567.1 million and RCOP EBIT of AUD 533.4 million during the period.

The average Lytton Refiner Margin reached USD 28.26 per barrel, compared with substantially lower levels in the prior corresponding period. Refinery production increased 8.7% to 2,945 million litres.

The Lytton Refiner Margin measures the Economics of producing fuel locally compared with importing an equivalent basket of refined products into eastern Australia.

Ampol attributed the stronger refinery result to tighter global refining supply and higher product cracks during the period.

July Refining Conditions

Refining margins remained elevated after the end of the half.

Ampol reported a Lytton Refiner Margin of USD 27.11 per barrel for July 2026, with refinery production of 524 million litres during the month.

The refinery's scheduled Turnaround and Inspection program commenced on 30 July 2026, with start-up expected during October.

The maintenance program affects refinery operations during the second half while Ampol undertakes scheduled inspection and maintenance work.

Fuel Sales

Total Group fuel sales volumes were 12.30 billion litres in H1 2026, compared with 12.45 billion litres in the prior corresponding period.

Performance differed across Ampol's operating channels.

Australian wholesale volumes excluding net-sell increased 2.9%, while Convenience Retail fuel volumes increased 2.4%. International sales volumes rose 1.2%, while Z Energy volumes declined 2.5%.

Middle-distillate sales, comprising diesel and jet fuel, increased 2.5% and represented more than 70% of Group transport-fuel volumes.

Convenience Retail

Convenience Retail generated RCOP EBITDA of AUD 299.0 million during H1 2026.

RCOP EBIT increased 12% to AUD 204.5 million.

Network shop sales increased 0.4% at the headline level and 3.5% excluding tobacco and conversions to the U-GO format.

Ampol also completed its Acquisition of EG Australia at the end of the half, adding to its Australian retail network.

The company expects the acquired Business to contribute to second-half earnings, with integration activities continuing across the expanded retail portfolio.

Interim Dividend

Ampol declared a fully franked Interim Dividend of AUD 1.85 per share for H1 2026.

The Record Date was 7 September 2026, with payment scheduled for 30 September 2026.

Higher Fuel Prices

Australian petrol and diesel prices have moved higher during September 2026.

The latest fuel-monitoring update showed that average retail petrol and diesel prices increased across most locations in the week to 9 September, influenced by higher international refined-fuel benchmark prices as Middle East tensions intensified.

Global crude markets have also remained elevated. Brent crude was around USD 105.46 per barrel on 14 September, while WTI was approximately USD 100.96 per barrel after both benchmarks experienced substantial intraday volatility.

Changes in international crude and refined-product prices typically flow through Australia's fuel supply chain over time.

Refining and Retail Dynamics

Higher oil prices do not automatically translate into higher Earnings for Ampol.

The Lytton refinery's profitability is influenced by refining margins—the difference between the economics of crude inputs and the value of refined products—rather than the absolute crude-oil price alone.

Retail fuel performance is affected by landed fuel costs, competitive conditions, sales volumes and the timing of price movements.

Ampol noted in August that rapidly increasing landed fuel costs had resulted in tighter retail fuel margins in Australia and New Zealand because of a lag in passing those costs through to retail prices.