Key highlights

  • Ampol’s 19 October 2026 update reported a third-quarter Lytton Refiner Margin of US$23.92 per barrel, compared with US$10.64 per barrel a year earlier.
  • Additional Lytton works extend the turnaround, with the FCCU expected to restart in mid-November and about 150 ML less higher-value product expected in 4Q 2026.
  • Ampol announced the proposed Evie Networks Acquisition on 1 October 2026, subject to ACCC clearance and expected to complete in 1H 2027.

During the Trading session on 21 October 2026, Ampol Ltd (ASX:ALD) was priced at $39.70, up 0.97%. The S&P/ASX 200 Energy [XEJ] index traded at 11,167.20 (+0.014%, +1.60 points) while the S&P/ASX 200 [XJO] was at 8,806.90 (−0.11%, −10.00 points) at 2:32 pm GMT+11. On the energy-market side, Brent Crude oil added 0.60% to US$109.48, with continued Middle East friction involving Iran, Saudi Arabia and Yemen’s Houthis in view, while a reported draw on US oil stockpiles added to signs of tightening supply. Ampol is an Australian fuels and convenience retail company that operates the Lytton Refinery in Queensland, a fuels Supply and infrastructure network, and retail sites in Australia and New Zealand.

What Ampol does

Ampol Limited supplies, refines and retails transport fuels. Its operations include the Lytton Refinery in Brisbane, a national fuels and infrastructure Business that handles wholesale and Import supply, a convenience retail network, and operations in New Zealand and internationally. The company has also expanded its convenience retail portfolio through the EG Australia acquisition and is pursuing an electric vehicle charging strategy.

The company reports a Lytton Refiner Margin, a non-IFRS measure that compares the value of importing a standard basket of refined products with the cost of importing the crude needed to make it, alongside volumes by channel and region.

Third-quarter 2026 trading update

In a release dated 19 October 2026, Ampol provided an update for the nine months to 30 September and the third quarter. The company said Group RCOP EBIT for the third quarter grew compared with the 2H 2025 quarterly average. Group sales Volume was 6,245 ML in the quarter, up 3.6% on the prior corresponding period, and 18,546 ML year to date, up 0.4%.

Within the volume mix, convenience retail volume was 1,256 ML in the quarter, up 45%, while Australian wholesale volume was 2,081 ML, down 19%. International volume rose 23% to 1,841 ML and New Zealand volume fell 5.3% to 853 ML.

Refining margin and Lytton maintenance

The third-quarter Lytton Refiner Margin was US$23.92 per barrel, more than double the US$10.64 recorded a year earlier, and the year-to-date margin was US$27.05 per barrel compared with US$8.45. The margin was achieved during a planned Turnaround and Inspection, and refinery production was 1,137 ML for the quarter, 9.2% lower than a year earlier.

During inspection of the Fluidised Catalytic Cracking Unit, management identified additional reactor refractory relining work and an opportunity to bring forward maintenance on one crude unit. As a result, the FCCU is 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. Ampol stated that customer supply is not expected to be affected, and that commissioning of the Ultra Low Sulfur Fuels project is now expected in 1Q 2027 with no material Earnings impact and an unchanged capex outlook.

Convenience retail and acquisitions

In convenience retail, headline shop sales across the core Ampol network, excluding EG and U-GO sites, increased by a double-digit percentage compared with 3Q 2025. Shop gross margin and average basket value improved, and retail fuel margins were broadly in line with 3Q 2025. The first U-GO conversion was completed in early October, and integration of the EG Australia acquisition is progressing to plan.

On 1 October 2026, Ampol announced the proposed acquisition of Evie Networks, a public EV charging business. The transaction requires ACCC clearance and is expected to complete in 1H 2027. The release cited Australian battery electric vehicle sales of 76,898 in 3Q 2026 and 207,578 over the 12 months to 30 September 2026, up 112%.

Sector context

Fuel supply conditions remain influenced by Middle East developments, with Brent crude at US$109.48 per barrel during the session. Ampol’s update noted an escalation of geopolitical tensions in recent weeks and ongoing constraints in fuel product supply, and stated that the unique trading environment of the first half had not recurred.

Risks and uncertainties

The update points to several variables: refining margins, which were partly offset by higher landed crude premiums and the turnaround impact; the extended Lytton maintenance and its effect on fourth-quarter product output; and the timing of the ULSF project. Australian wholesale volume and New Zealand volume were lower than in the prior corresponding quarter. The Evie Networks acquisition depends on ACCC clearance, and the benefits of EG Australia integration depend on delivery of announced synergy opportunities.

Catalysts to watch

Dates and events referenced in the release include the mid-November restart of the FCCU, ULSF commissioning in 1Q 2027, the ACCC review of the Evie Networks acquisition with completion expected in 1H 2027, and further U-GO conversions and EG integration activities.

Final word

Ampol’s 19 October 2026 update presented higher refining margins and mixed volume outcomes alongside an extended Lytton maintenance schedule and a pending acquisition. Updates to maintenance timing and regulatory outcomes are expected to be disclosed through subsequent ASX announcements.