The Ampol Ltd (ASX: ALD) share price is in focus today after delivering a strong first quarter for FY26, with total refinery production rising 10% and the Lytton Refiner Margin jumping to US$25.45 per barrel.
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What did Ampol report?
- Lytton Refiner Margin increased to US$25.45 per barrel, up from US$6.07 in 1Q 2025
- Total refinery production rose by 10% to 1,434 million litres
- Australian fuel sales (Ex Net-sell) up 4.7% year on year to 3,464 million litres
- Group total sales volume stayed steady at 6,125 million litres
- Convenience retail volumes in Australia rose 3.5% to 898 million litres
- Australian wholesale volumes (Ex Net-sell) climbed 5.2% to 2,566 million litres
What else do investors need to know?
Ampol says it was well prepared for recent Middle East conflict disruptions, having secured crude and product supplies before tensions escalated. The company continues to work closely with Australian and New Zealand governments on measures to protect domestic fuel supply, including adjusting maintenance at its Lytton refinery and supporting changes to fuel standards.
The company has locked in supplies of diesel and jet fuel through to the end of May, and gasoline supplies to the end of June, despite rising landed crude costs. Demand from both consumers and commercial customers in Australia and New Zealand has remained stable despite recent price increases, and Ampol's integrated supply chain has helped navigate ongoing global supply challenges.
What's next for Ampol?
Looking ahead, Ampol is focused on maintaining reliable domestic fuel supplies amid continuing global uncertainty, especially following disruptions through the Strait of Hormuz. The company is proceeding with a major maintenance program at the Lytton refinery in August, after rescheduling it in response to current market conditions.
Management highlighted that elevated refiner margins may continue for the time being, but also flagged ongoing volatility in crude costs. Ampol plans to leverage its trading and shipping operations, aiming to keep supporting customers and ensure resilience throughout the supply chain.
Ampol share price snapshot
Over the past 12 months, Ampol shares have risen 45%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 15% over the same period.
