Australian fuel supplier Ampol has reported a sharp increase in first-half 2026 earnings, benefiting from higher refining margins and trading opportunities created by disruption to global oil and refined-product flows. The company also more than quadrupled its interim dividend.
Profit surge
Replacement Cost Operating Profit (RCOP) EBITDA, excluding significant items, climbed 152% from a year earlier to A$1.64 billion for the six months ended June 30, while RCOP net profit attributable to shareholders rose to A$857.2 million from A$180.2 million, as reported by Crude Oil Prices Today | OilPrice.com. Statutory net profit reached A$1.36 billion, compared with a A$25.3 million loss in the first half of 2025, the same report said.
The Motley Fool Australia reported a 245% jump in group RCOP EBIT to $1,392 million and a 376% surge in RCOP net profit after tax (excluding Significant Items) to $857 million.
The biggest earnings improvement came from Ampol’s Fuels and Infrastructure division, where RCOP EBIT jumped to A$1.13 billion from A$118.3 million a year earlier, according to Crude Oil Prices Today | OilPrice.com.
The Lytton refinery accounted for much of that increase. RCOP EBIT at the Queensland facility rose to A$533.4 million from just A$1.1 million, as Middle East supply disruptions tightened global refining capacity and pushed product cracks higher. Ampol’s Lytton Refiner Margin averaged US$28.26 per barrel during the half, while refinery production increased 8.7%.
Ampol said its broader supply, shipping and trading operations also benefited from the volatile market. Australian Fuels and Infrastructure operations excluding Lytton generated RCOP EBIT of A$309.3 million, up 123%, while international Fuels and Infrastructure contributed A$307.5 million compared with A$2.8 million a year earlier.
Market conditions
The results underline the earnings sensitivity of refiners and fuel suppliers to disruptions in global petroleum trade. Ampol said continuing uncertainty around Middle East shipping routes, including the Strait of Hormuz and Bab-el-Mandeb, remained supportive of regional refining margins. Russian diesel export delays and historically low refined-product inventories were also adding pressure to global supply.
Those conditions continued after the reporting period. Ampol’s Lytton Refiner Margin reached US$27.11 per barrel in July, with refinery production of 524 million litres. The refinery began a scheduled turnaround on July 30 and is expected to restart during October, according to Crude Oil Prices Today | OilPrice.com.
Dividend and balance sheet
Ampol declared a fully franked interim dividend of A$1.85 per share, more than four times the prior-year interim payout, as reported by both outlets.
Net borrowings increased to A$3.52 billion at June 30 from A$2.90 billion at the end of 2025, partly reflecting A$1.17 billion used to settle the EG Australia acquisition, according to Crude Oil Prices Today | OilPrice.com. The Motley Fool Australia noted that Ampol reported committed liquidity facilities of $5.8 billion and leverage at 1.8 times.
Retail and energy transitions
Ampol completed its acquisition of EG Australia at the end of the half, supporting its retail growth strategy, as reported by both outlets. The company expects annual synergies of A$65 million to A$80 million from EG Australia within two years, with benefits beginning to flow in fiscal 2027.
Convenience Retail RCOP EBIT rose 12% to A$204.5 million, with fuel volumes up 2.4% and underlying shop sales (excluding tobacco and conversions to its U-GO discount format) up 3.5%, according to Crude Oil Prices Today | OilPrice.com.
In New Zealand, RCOP EBIT excluding exited businesses fell 16% to A$103.8 million, and fuel volumes declined 2.5%.
Ampol’s Energy Solutions division narrowed its RCOP EBIT loss to A$15.6 million from A$24.1 million, and is targeted to reach a breakeven exit run-rate in 2028. The AmpCharge network reached 356 charging bays in Australia during the half, while Z Energy operated 217 charging bays across 63 New Zealand sites, as reported by Crude Oil Prices Today | OilPrice.com.
Outlook
Ampol is expecting ongoing volatility in oil markets due to geopolitical uncertainty, according to The Motley Fool Australia. The company’s Lytton Ultra Low Sulfur Fuels Project is on track to start up later in 2026.
The Motley Fool Australia also noted that the Ampol share price has outperformed the S&P/ASX 200 index over the past 12 months with a gain of 34%.
Management comment
Ampol CEO Matt Halliday said: “The first half of 2026 was marked by the Middle East conflict and the consequential impact on the flow of oil and refined products around the world, including Australia and New Zealand which were not immune. Against that backdrop, Ampol's primary focus was to secure fuel and minimise the impact to our customers. I could not be more proud of the resilience of our business and the capabilities our people demonstrated during this period.”