Viva Energy (ASX:VEA) is emerging as a beneficiary from the global fuel crunch because its Geelong refinery, one of only two left in Australia, has been earning far more on every barrel it processes at a time when imported fuel is scarce and expensive. That Earnings lift, combined with stronger results in its commercial and retail arms, delivered the company's highest underlying first-half earnings on record.

The record half in numbers

Viva released its results for the half-year ended 30 June on 25 August, after flagging the scale of the lift in a trading update on 28 July. Group EBITDA on a replacement cost basis rose 154 per cent to $774.4 million, from $304.9 million a year earlier. Net profit after tax on the same basis rose to $371.1 million from $62.6 million.

The Energy and Infrastructure segment, which houses Geelong, delivered EBITDA of $353.7 million, compared with just $18.4 million in the first half of 2025. The Geelong Refining Margin averaged US$21.1 a barrel, up from US$8.2 a barrel, and held at US$20.7 a barrel in July.

Winning despite a refinery fire

On 15 April, a fire broke out in Geelong's alkylation unit, which is part of the refinery's petrol-making complex. No injuries were and the fire was contained, but the incident reduced refinery intake and margins in the June quarter. Viva restarted the residue catalytic cracking unit in June, and the refinery has since recovered to operating above 90 per cent of its normal capacity.

The alkylation unit remains out of action. an Earnings Call transcript published by, Wyatt said decisions on the unit depend on clarity on government policy, which the company expects by the end of 2026. The refinery is expected to keep running at above 90 per cent of normal capacity in the meantime.

That Viva still posted a record half despite the outage shows just how higher regional margins have been. Middle East disruption, including a drone attack this month that temporarily shut Saudi Arabia's East-West Pipeline, has kept pressure on global fuel supplies. Brent Crude traded around US$107.82 a barrel on 14 September, reported.

Paying down debt

Viva declared a fully franked Interim Dividend of 7.73 cents per share, based on a 70 per cent payout of net profit from its Convenience and Mobility and Commercial and Industrial businesses. Refining profits are excluded from that payout calculation, which means much of the refining earnings lift has gone towards reducing debt. Capital Expenditure guidance for 2026 is $350 million to $400 million.

How Viva differs from Ampol

Viva and Ampol are both benefiting from the same margin backdrop, but their profiles are different. Viva's Geelong margin of US$21.1 a barrel trailed the US$28.26 a barrel that Ampol at Lytton, partly reflecting the fire. Viva's Commercial and Industrial business, which supplies fuel to customers in sectors such as aviation, Mining and transport, delivered more than $300 million of EBITDA in the half and gives it a broad direct channel to industry.