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Ampol Refinery Earnings Surge Despite Output Cut
19 Oct
Summary
- Ampol's third-quarter refining margins at Lytton nearly doubled year-over-year.
- Refinery margins were boosted by global supply disruptions in the Middle East.
- Maintenance work will reduce fourth-quarter output by 150 million litres.
Ampol, a leading fuel retailer in Australia, announced a substantial 125% rise in third-quarter refining margins at its Lytton facility. The margin climbed to $23.92 per barrel, a significant increase from the $10.64 reported in the same quarter last year.
These enhanced margins are attributed in part to ongoing supply disruptions stemming from conflicts in the Middle East, which have favorably impacted Ampol's integrated supply chain. The company noted that these global events continue to provide a net benefit to its operations.
However, Ampol also disclosed that advanced maintenance is now required at the Lytton refinery. An inspection revealed the need for additional work on the Fluidised Catalytic Cracking Unit. Consequently, the company has reduced its fourth-quarter production forecast for gasoline, diesel, and jet fuel by 150 million liters compared to its prior outlook.
Despite the anticipated dip in output due to maintenance, total group sales volume for the third quarter saw a modest increase, rising to 6,245 million liters from 6,028 million liters in the previous year.
