Why Did Ampol (ASX:ALD) Report a Lytton Refiner Margin of US$23.92 a Barrel?

Sonal Goyal

27 October 2026 12:29 AM AEDT

Why Did Ampol (ASX:ALD) Report a Lytton Refiner Margin of US$23.92 a Barrel?

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Key Highlights

Ampol (ASX:ALD) closed at $39.63, up 1.10%, on 26 October 2026.
The 3Q 2026 Lytton Refiner Margin was US$23.92 per barrel, against US$10.64 a year earlier.
The FCCU is now expected to restart in mid-November, with about 150 ML less higher-value product in 4Q 2026.

Ampol Ltd (ASX:ALD) closed at $39.63, up 1.10%, in the Trading session on 26 October 2026, while the S&P/ASX 200 closed at 8,809.9, up 0.17%, and the S&P/ASX 200 Energy index gained 0.92%. Ampol is a Sydney-based fuels and convenience retail company that operates the Lytton refinery in Brisbane and a retail network in Australia and New Zealand.

Third Quarter Trading Update Dated 19 October 2026

Ampol told the market that Group replacement cost operating EBIT for the third quarter grew compared with the second-half 2025 quarterly average, reflecting its integrated Supply chain and favourable operating conditions. Refining benefited from elevated regional refining margins, partly offset by higher landed crude premiums and the planned turnaround and inspection. Fuels and Infrastructure excluding Lytton benefited from supply optimisation and trading conditions.

Total Group sales Volume was 6,245 ML for the quarter, up 3.6%, and 18,546 ML year to date, up 0.4%. Convenience Retail fuel volumes rose 45% in the quarter to 1,256 ML, Australian wholesale volumes fell 19% to 2,081 ML, and international volumes rose 23% to 1,841 ML.

The update also shows Australian wholesale volumes of 7,137 ML year to date, down 4.6%, net-sell volumes of 588 ML, and New Zealand volumes of 2,670 ML, down 3.4%. The AUD/USD average was 0.7041 in the quarter against 0.6543 a year earlier, and the Lytton Refiner Margin in Australian cents per litre was 21.40 against 10.22.

Lytton Refiner Margin and Reliability Works

The Lytton Refiner Margin was US$23.92 per barrel for the quarter, compared with US$10.64 a year earlier, and US$27.05 per barrel year to date. Refinery production was 1,137 ML, down 9.2%, reflecting the planned turnaround. During inspection of the Fluidised Catalytic Cracking Unit, management identified additional reactor refractory relining work and an opportunity to bring forward maintenance on a 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. Customer supply is not expected to be affected. Commissioning of the Ultra Low Sulfur Fuels project is now expected in 1Q 2027, with no material Earnings impact expected and the Capital Expenditure outlook unchanged.

Ampol says completing the extra work during the current turnaround captures efficiencies from labour already mobilised and supports reliable production and fuel availability through 2027. The release defines the Lytton Refiner Margin and replacement cost operating EBIT in its footnotes, and notes that the 3Q margin was achieved during the planned turnaround and inspection.

Convenience Retail and New Zealand

In the core Ampol network, headline shop sales grew by a double-digit percentage compared with 3Q 2025, and shop gross margin and average basket value improved. Retail fuel margins were broadly in line with 3Q 2025. Earnings from the EG Australia Acquisition were included, integration activities were progressing to plan, and the first U-GO conversion was completed in early October. New Zealand conditions remained consistent with the first half.

About Ampol

Ampol Limited (ASX:ALD) operates across refining, fuel supply and distribution, international trading and convenience retail. Its integrated supply chain links the Lytton refinery with wholesale, commercial and retail customers.

Risks and Catalysts on Watch

The update identifies the extended turnaround as the main near-term variable, with the FCCU restart in mid-November and lower higher-value product output in the fourth quarter. The ultra low sulfur fuels project commissioning has moved to the first quarter of 2027. Integration of EG Australia and further U-GO conversions are the named retail items.

Wrapping Up

Ampol reported a Lytton margin of US$23.92 per barrel for the quarter and extended its turnaround to complete additional works. The shares closed up 1.10% on 26 October.

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