Highlights

  • Ampol reported a Lytton refiner Margin of US$28.26 per barrel in the first half of 2026.
  • The comparative first-half 2025 refiner margin was US$7.44 per barrel.
  • Group fuel sales Volume was 12.30 billion litres, spanning several Business segments.
  • Convenience retail, New Zealand operations and international fuel Supply contributed to the broader business.
  • The group declared a fully franked Interim Dividend of 185 cents per share.

Ampol Limited (ASX:ALD) is an Australian transport energy company engaged in fuel refining, imports, distribution, Marketing and convenience retail. Its operations also encompass fuel supply in New Zealand and energy solutions including electric-vehicle charging. For the six months ended 30 June 2026, the company reported a substantial change in refinery economics, alongside activity across its integrated fuel supply network.

Lytton Refinery Margin Changes the Earnings Mix

The Lytton refinery in Queensland was central to the half-year result. Ampol Limited (ASX:ALD) reported a Lytton refiner margin of US$28.26 per barrel, compared with US$7.44 per barrel in the corresponding 2025 period. The comparison illustrates the sensitivity of refinery earnings to the difference between refined product values and feedstock costs, rather than Crude Oil prices alone.

Lytton production reached 2.94 billion litres in the first half of 2026, up from 2.71 billion litres in the comparable period. The refinery recorded EBITDA of $567.1 million, compared with $36.4 million. Refinery margins can fluctuate with regional product supply, Demand and feedstock pricing.

Fuel Volumes and Supply Chain Activity

Ampol Limited (ASX:ALD) recorded total fuel sales volume of 12.30 billion litres in the first half, against 12.45 billion litres in the prior corresponding period. Australian sales volumes, including net-sell, were 7.21 billion litres, compared with 7.35 billion litres. International sales volumes increased to 3.28 billion litres from 3.24 billion litres.

The group’s integrated model combines sourcing and trading, refining, storage, wholesale distribution and retail sales. The company reported Fuels and Infrastructure EBITDA of $1,222.2 million in the period, compared with $203.2 million a year earlier.

Retail Operations and Capital Allocation

Beyond Manufacturing and wholesale activity, Ampol Limited (ASX:ALD) operates convenience retail outlets in Australia and has a New Zealand business through Z Energy. The company reported a 2.4% increase in Convenience Retail fuel volumes compared with the first half of 2025, while Z Energy volumes decreased by 2.5%.

For the half year, Ampol declared a fully franked interim dividend of 185 cents per share. It reported replacement cost operating profit EBITDA of $1.64 billion and statutory net profit after tax attributable to the parent of $1.36 billion. Replacement cost operating profit is a non-IFRS measure used by the company to assess performance after adjusting for inventory price effects and other specified items.

Operational Factors and Business Risks

Ampol Limited (ASX:ALD) remains exposed to changes in refining margins, fuel demand, supply logistics, regulatory requirements and plant availability. The Lytton refinery requires continuing maintenance and capital expenditure, while the distribution network depends on reliable sourcing and transportation. In convenience retail, customer demand and operating expenses influence earnings separately from refinery conditions.

The company also operates in markets affected by changes in transport technology and energy consumption. Operating results across segments therefore need to be considered alongside cash flow, capital spending and Balance Sheet commitments.

Key Insights

Ampol Limited (ASX:ALD) reported materially higher Lytton refining margins and refinery earnings for the first half of 2026, while consolidated fuel volumes were slightly lower than a year earlier.