Ampol (ASX:ALD) Posts US$23.92 Lytton Margin as Refinery Turnaround Reshapes Fourth-Quarter Output

Sonal Goyal

19 October 2026 11:16 AM AEDT

Ampol (ASX:ALD) Posts US$23.92 Lytton Margin as Refinery Turnaround Reshapes Fourth-Quarter Output

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Key Highlights

The Lytton Refiner Margin was US$23.92 per barrel in 3Q 2026, compared with US$10.64 in the prior corresponding period.
Group sales volume rose 3.6% to 6,245 ML, while refinery production fell 9.2% to 1,137 ML during the planned turnaround.
The Fluidised Catalytic Cracking Unit is expected to restart in mid-November, with about 150 ML less higher-value product in 4Q 2026.
Ultra Low Sulfur Fuels commissioning moved to 1Q 2027, and the Evie Networks acquisition is expected to complete in 1H 2027.

Ampol Limited (ASX:ALD) released its 3Q 2026 trading update on 19 October 2026, covering the nine months to 30 September and the third quarter of its 2026 financial year. The update reported Group RCOP EBIT growth against the 2H 2025 quarterly average and set out refining margins, sales volumes, a revised maintenance schedule at the Lytton refinery and an electric vehicle charging acquisition.

Group earnings and operating conditions

Group RCOP EBIT for the third quarter rose compared with the 2H 2025 quarterly average. RCOP is an unaudited non-IFRS measure that excludes Significant Items. Refining benefited from elevated regional refining margins, partly offset by higher landed crude premiums and the turnaround and inspection (T&I) program. Fuels & Infrastructure, excluding Lytton, benefited from supply optimisation and trading conditions, and New Zealand conditions stayed broadly in line with the first half.

Lytton Refiner Margin and refinery output

The Lytton Refiner Margin (LRM) was US$23.92 per barrel in 3Q 2026, up 125% from US$10.64 a year earlier. In Australian terms the margin was 21.40 Acpl against 10.22 Acpl, using an average AUD/USD rate of 0.7041 compared with 0.6543. For the nine months, the LRM was US$27.05 per barrel against US$8.45.

Refinery production fell 9.2% to 1,137 ML in the quarter because of the planned T&I program, although year-to-date production rose 3.0% to 4,081 ML.

Sales volumes by segment

Total Group sales volume rose 3.6% to 6,245 ML in the quarter and 0.4% to 18,546 ML for the nine months. Convenience Retail volumes increased 45% to 1,256 ML, while Australian wholesale volumes fell 19% to 2,081 ML. Ampol noted that 2026 figures reflect the shift of EG Australia volumes from wholesale to Convenience Retail and that 2025 figures were not restated.

International volumes rose 23% to 1,841 ML. New Zealand volumes declined 5.3% to 853 ML, and total Australian volume eased 2.3% to 3,551 ML.

Convenience Retail update

Headline shop sales across the core Ampol network, excluding EG and U-GO sites, grew by a double-digit percentage against 3Q 2025, including higher tobacco sales. Shop gross margin after waste and shrink and average basket value both improved, and retail fuel margins were broadly in line with 3Q 2025 despite rising fuel input costs. Earnings from the EG Australia acquisition were included, with integration progressing to plan and the first U-GO conversion completed in early October.

Lytton works, project timing and Evie Networks

During inspection of the Fluidised Catalytic Cracking Unit (FCCU), management identified additional reactor refractory relining work and an opportunity to bring forward maintenance on one of the crude units. The FCCU is now expected to restart in mid-November, and production of petrol, diesel and jet fuel is expected to be about 150 ML lower in 4Q 2026 than previously anticipated. Customer supply is not expected to be affected.

Commissioning of the Ultra Low Sulfur Fuels project has moved to 1Q 2027, with no material earnings impact expected and the Group capex outlook unchanged. On 1 October 2026 Ampol announced the proposed acquisition of Evie Networks, which remains subject to ACCC clearance and is expected to complete in 1H 2027. Australian battery electric vehicle sales were 76,898 in 3Q 2026 and 207,578 for the 12 months to 30 September, up 112%.

Market dynamics

Ampol referred to an escalation of geopolitical tensions in the Middle East in recent weeks and ongoing constraints in the supply of fuel products. It said these conditions continue to be net favourable for its integrated supply chain, while the first-half trading environment has not recurred.

FAQs

Q: What was Ampol’s Lytton Refiner Margin in 3Q 2026?

A:The margin was US$23.92 per barrel, compared with US$10.64 a year earlier. For the nine months it was US$27.05 per barrel against US$8.45.

Q: When is the Lytton FCCU expected to restart?

A:Ampol expects the FCCU to restart in mid-November. Higher-value product output is expected to be about 150 ML lower in 4Q 2026 than previously anticipated.

Q: What is the status of the Evie Networks acquisition?

A:Ampol announced the proposed acquisition on 1 October 2026. It remains subject to ACCC clearance and is expected to complete in 1H 2027.

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