Australia’s fuel Supply chain includes companies operating across different stages of the energy market. Ampol Limited (ASX:ALD) and Viva Energy Group Limited (ASX:VEA) operate integrated fuel businesses combining refining, supply, distribution and retail activities. Karoon Energy Ltd (ASX:KAR) operates further Upstream as an oil producer, with Earnings primarily linked to crude production and oil prices.

The three companies therefore respond differently to energy market movements. Refiners benefit from changes in refining margins and fuel demand, while producers are more directly exposed to crude prices, production levels and operational performance.

Ampol Limited (ASX:ALD): Refining and Fuel Supply Exposure

Ampol Limited (ASX:ALD) operates across fuel supply, refining, convenience retail and energy solutions. Its key refining asset is the Lytton refinery in Queensland, which supports domestic fuel supply alongside Ampol’s broader fuel distribution network.

For the six months ended 30 June 2026, Ampol reported strong earnings growth, supported by improved refining conditions and performance across its integrated fuel supply chain. The company reported Replacement Cost Operating Profit (RCOP) EBITDA of A$1.637 billion and RCOP EBIT of A$1.392 billion. RCOP NPAT, excluding significant items, was A$857 million, while statutory profit after tax attributable to shareholders was A$1.363 billion.

Ampol completed the Acquisition of EG Australia during the period, expanding its retail convenience footprint. The company expects the acquisition to contribute to future earnings through operational synergies.

The company declared an Interim Dividend of 185 cents per share, fully franked.

Ampol’s future performance remains linked to refining margins, fuel demand, supply chain conditions, retail competition and the company’s ability to manage the transition toward lower-carbon transport solutions.

Viva Energy Group Limited (ASX:VEA): Refining and Fuel Distribution Network

Viva Energy Group Limited (ASX:VEA) operates the Geelong refinery in Victoria and supplies fuel products through its commercial, industrial and retail businesses. The company also operates convenience and mobility Assets supporting fuel retail activity.

For the six months ended 30 June 2026, Viva Energy reported its strongest first-half earnings result, with Group EBITDA (RC) of A$774.4 million, compared with A$304.9 million in the prior corresponding period. The company reported earnings growth across its Business units, supported by improved refining margins, commercial sales activity and convenience operations.

The Energy & Infrastructure segment benefited from stronger regional refining margins, although refinery operations were affected by an incident at the Geelong refinery during the period. Viva Energy said operations were restored after the disruption.

The Convenience & Mobility division recorded improved performance, supported by higher retail fuel sales and increased customer activity. Fuel sales volumes increased during the period, supported by retail network performance.

The company remains exposed to refining Margin cycles, fuel Demand trends, operational reliability at the Geelong refinery and changes in consumer mobility patterns.

Karoon Energy Ltd (ASX:KAR): Upstream Oil Production Exposure

Karoon Energy Ltd (ASX:KAR) operates as an international oil and gas exploration and production company. Unlike Ampol and Viva Energy, Karoon does not refine Crude Oil or operate fuel retail networks. Its earnings are primarily generated from crude oil production and sales.

Karoon’s main producing asset is the Baúna field offshore Brazil, where production is supported through floating production, storage and offloading infrastructure. The company also has interests in exploration and development assets, including the Who Dat project in the Gulf of Mexico.

For the six months ended 30 June 2026, Karoon continued progressing production activities at Baúna while managing operational challenges affecting production levels.

The company’s earnings remain closely linked to crude oil prices, production volumes, operating performance and development activities across its asset portfolio.

Karoon has focused on improving production reliability and extending the value of its existing assets while maintaining Capital discipline. Future performance will depend on production growth, project execution and movements in global oil markets.

Key Takeaways

Ampol, Viva Energy and Karoon Energy represent different parts of the oil and fuel value chain. Ampol and Viva Energy are integrated fuel businesses where refining margins, fuel supply conditions and retail demand influence earnings. Ampol’s FY2026 first-half performance reflected stronger refining conditions and supply chain execution, while Viva Energy delivered improved earnings across refining, commercial and convenience operations. Karoon Energy provides direct exposure to upstream oil production, with performance driven by crude output and oil market conditions rather than fuel margins. Together, these companies highlight how different business models respond to changes across the broader energy market.