Fuel giant Ampol Ltd. has reported a surge in first-half earnings for the 2026 financial year, as global energy market disruptions pushed refining margins to near-record highs.
The company reported an operating profit of approximately AU$1.6 billion for the first half, more than double the AU$649 million delivered in the same period last year.
Replacement Cost Operating Profit EBIT similarly jumped to AU$1.35 billion, up from AU$404 million in the first half of fiscal 2025.
The earnings increase was largely underpinned by severe geopolitical turmoil in the Middle East and the ongoing closure of the Strait of Hormuz, which restricted global crude oil supplies and curtailed regional refining output.
This supply squeeze triggered a sharp spike in regional product cracks, particularly across diesel, jet fuel, and premium gasoline.
Matt Halliday, Managing Director and CEO, said: “The conflict in the Middle East has created unprecedented disruption across global energy markets, reinforcing just how critical the supply of liquid fuels and the preservation of a domestic refining capability are to our economy
Ampol’s Queensland-based Lytton refinery operated at maximum capacity to capitalise on the elevated import parity pricing.
The Lytton Refiner Margin averaged US$28.26 per barrel over the half, climbing to US$30.93 per barrel in the second quarter—a stark contrast to the US$8.71 per barrel realised in 2Q 2025. Total refinery output rose 8.7 per cent to 2,945 million litres.
“During this period, our refinery performed very reliably, operating at maximum production and benefiting from rising prices for equivalent imported products. That performance reflects years of investment to improve the safety, reliability and resilience of the facility,” Halliday said.
Beyond refining, Australian wholesale fuel sales grew 2.8 per cent as domestic customers sought reliable supply. Ampol also assisted the federal government by procuring an additional 250 million litres of refined fuel via Export Finance Australia to bolster national strategic inventories.
Additionally, Ampol fully cash-settled its AU$1.17 billion acquisition of EG Australia on 30 June 2026, positioning the business for expected annual synergies of AU$65 million to AU$80 million within two years.
