Key highlights

  • Ampol Ltd (ASX:ALD) shares closed at $41.93, down 2.51%, on 19 October 2026.
  • A 3Q 2026 trading update dated 19 October 2026 reports a Lytton Refiner Margin of US$23.92 per barrel, up from US$10.64.
  • The refinery’s FCCU restart is now expected in mid-November, with about 150 ML less higher-value product in 4Q 2026 than previously anticipated.

Ampol Ltd (ASX:ALD) is an Australian fuel supplier and retailer that operates the Lytton refinery in Queensland and a convenience retail network in Australia and New Zealand. On 19 October 2026, the shares closed at $41.93, down 2.51%. In an ASX release dated the same day, the company gave a trading update for the nine months to 30 September and the third quarter of its 2026 financial year. This article does not attribute the day’s share price change to the update.

Group trading and refining

Ampol says third-quarter Group RCOP EBIT grew compared with the 2H 2025 quarterly average, reflecting its integrated Supply chain and favourable operating conditions. The third-quarter Lytton Refiner Margin was US$23.92 per barrel, compared with US$10.64 a year earlier, and was achieved during a planned turnaround and inspection. Year-to-date LRM was US$27.05 per barrel against US$8.45. Refinery production in the quarter was 1,137 ML, 9.2% lower than a year earlier, reflecting the turnaround.

During inspection of the fluidised catalytic cracking unit, management found additional reactor refractory relining work and decided to bring forward maintenance on a crude unit. The FCCU is now 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. The company says customer supply is not expected to be affected. The Ultra Low Sulfur Fuels project commissioning has moved to 1Q 2027, with no material Earnings impact expected and an unchanged capex outlook.

Retail, volumes and acquisitions

In Convenience Retail, headline shop sales in the core Ampol network, excluding EG and U-GO sites, rose by a double-digit percentage compared with 3Q 2025, with improvements in shop gross margin and average basket value. Retail fuel margins were broadly in line despite rising input costs. EG Australia earnings are now included, integration activities are progressing to plan, and the first U-GO conversion was completed in early October.

Group sales volumes were 18,546 ML for the nine months, up 0.4%, and 6,245 ML for the quarter, up 3.6%. Convenience retail volumes rose 16.7% year to date, Australian wholesale volumes fell 4.6% and international volumes rose 8.2%. On 1 October 2026, Ampol announced the proposed Acquisition of Evie Networks, an electric vehicle charging business, which needs ACCC clearance and is expected to complete in 1H 2027.

The release breaks down Volume trends in detail. Convenience retail volumes were 3,034 ML year to date and 1,256 ML in the quarter, up 45% on the same quarter a year earlier. Australian wholesale volumes were 7,137 ML year to date, down 4.6%, and 2,081 ML in the quarter, down 19%. International volumes rose 8.2% year to date to 5,118 ML, and New Zealand volumes were 2,670 ML, down 3.4%.

Ampol also gives context on electric vehicles, stating that battery electric vehicle sales in Australia were 76,898 in the third quarter and 207,578 over the 12 months to 30 September 2026, up 112% on the previous period. That figure is presented in support of its proposed acquisition of the Evie Networks charging business, which it describes as a step in developing an e-mobility charging network.

Sector backdrop

The benchmark index finished the session higher. The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Energy rose 2.16%, the largest gain among the labelled segments. More broadly, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

The Ampol release was issued on the same date as the session. The company says geopolitical tensions in the Middle East have escalated in recent weeks and that market conditions remain net favourable for its supply chain, though the unique trading environment of the first half has not recurred.

Risks shareholders should weigh

Refining margins have been elevated and the company notes they can change. Higher landed crude premiums and the turnaround offset part of the benefit in the quarter. The additional reliability works extend the refinery outage, with lower higher-value product output in the fourth quarter.

Australian wholesale volumes fell 19% in the quarter, and New Zealand volumes declined. The Evie Networks acquisition still needs regulatory clearance. The company’s assessment of conditions depends on supply constraints linked to Middle East tensions that can change quickly.

What’s next

Ampol expects the FCCU to restart in mid-November, the ULSF project to be commissioned in 1Q 2027 and the Evie Networks transaction to complete in 1H 2027 subject to ACCC clearance, while it continues to integrate EG Australia and convert sites to the U-GO format.