Ampol (ASX:ALD) Shares Up About 33% in a Year: What Does the Fuel Company Do?

Sonal Goyal

20 October 2026 08:16 PM AEDT

Ampol (ASX:ALD) Shares Up About 33% in a Year: What Does the Fuel Company Do?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key highlights

Ampol Ltd (ASX:ALD) closed at $39.32 on 20 October 2026, down 6.23%, against a 1.31% fall for the S&P/ASX 200 Energy index.
The shares are up approximately 32.84% over the past year.
Ampol’s 3Q 2026 trading update on 19 October 2026 reported a Lytton Refiner Margin of US$23.92 per barrel.

Shares in Ampol Ltd (ASX:ALD) closed at $39.32 on 20 October 2026, fell 6.23% on the day, a larger fall than the sector index. The S&P/ASX 200 Energy index (XEJ) closed 1.31% lower at 11,165.60, a fall of 148.40 points, while the broader S&P/ASX 200 (XJO) slipped 0.33% to 8,816.90.

Over the past 12 months the stock gained approximately 32.84%.

Working back from the closing price, a 12-month change of approximately +32.84% implies a share price of about $29.60 a year earlier. On the day, the closing price compares with a previous close of about $41.9324, a move of -6.23%, set against a 1.31% fall for the sector index and a 0.33% fall for the broader market.

About Ampol

Ampol Limited is a fuel supplier and convenience retailer that owns the Lytton refinery in Queensland and operates fuel and retail networks in Australia, New Zealand and internationally. Its business combines refining, wholesale and trading, and a convenience retail arm that now includes the EG Australia network acquired during the year.

The group reports sales volumes by segment, including convenience retail, Australian wholesale, international and New Zealand.

Latest development

The share price movements above are described separately from the company news below. On 19 October 2026 Ampol released a trading update for the nine months to 30 September.

The company said group replacement cost operating profit (RCOP) EBIT for the third quarter grew compared with the 2H 2025 quarterly average. The Lytton Refiner Margin was US$23.92 per barrel, more than double the US$10.64 a year earlier, and was achieved during a planned turnaround and inspection. Ampol decided to carry out additional reliability work during the turnaround and bring forward future maintenance. The fluid catalytic cracking unit is expected to restart in mid-November, and production of petrol, diesel and jet fuel is expected to be about 150 million litres lower in the fourth quarter than previously anticipated. Commissioning of the Ultra Low Sulfur Fuels project is now expected in the first quarter of 2027, with no material earnings impact expected.

In convenience retail, headline shop sales at the core Ampol network rose by a double-digit percentage on the third quarter of 2025, EG Australia integration is progressing to plan, and the first U-GO conversion was completed in early October. Group sales volumes in the third quarter were 6,245 million litres, up 3.6%. On 1 October Ampol also announced a proposed acquisition of Evie Networks, an electric vehicle charging operator.

Sector context

Fuel suppliers have operated in a market shaped by disruption to crude and product flows from the Middle East, which Ampol cited as lifting regional refining margins. Margins move quickly with crude premiums, freight and product prices, so a refiner’s results can swing from one quarter to the next.

Refinery maintenance is a recurring feature of the business. Planned turnarounds reduce output of higher-value fuels while they run, and extensions can push restart dates back, as Ampol’s update shows with the mid-November restart of its cracking unit. Fuel retailers are also widening into convenience and electric vehicle charging, which, as the EG Australia and Evie Networks transactions show, changes the mix of earnings within the sector.

Risks

Refining margins can fall as fast as they rise, and Ampol noted that higher landed crude premiums and the turnaround reduced the benefit of elevated margins in the quarter. Extended maintenance reduces output of higher-value fuels, and the 150 million litre reduction in fourth-quarter production is a quantified example.

Acquisitions such as EG Australia and the proposed Evie Networks purchase carry integration and approval risk, and Australian wholesale volumes in the third quarter were 19% lower than a year earlier. Fuel retail margins are exposed to input cost swings.

Share price movements add a separate layer of uncertainty. The stock’s one-day move of -6.23% on 20 October 2026 compares with a 1.31% fall for the sector index, and its 12-month change of approximately +32.84% shows how far the share price can move over a year.

Catalysts to watch

Items to watch include the mid-November restart of the cracking unit, commissioning of the Ultra Low Sulfur Fuels project in the first quarter of 2027, integration of EG Australia and U-GO conversions, and progress on the Evie Networks acquisition.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.