Ampol posts record first-half profit amid margin surge

Ampol reported a record first-half 2026 profit as refining margins surged, with Lytton’s margin at US$28.26 per barrel helping the group lift RCOP EBITDA to about US$1.64 billion and RCOP NPAT to US$857 million. The results reflect strong trading and supply-chain execution amid Middle East disruption, with the company benefiting from higher oil prices and tightened product spreads. On a statutory basis, NPAT rose to about US$1.36 billion, while the interim dividend was raised to 185 cents per share, underscoring the earnings power from its integrated refining, trading and retail operations. Ampol also progressed its expansion strategy, notably completing the EG Australia acquisition and expanding its EV charging footprint, though New Zealand margins faced headwinds from higher input costs. Management signaled continued oil-market volatility and emphasized secure supply, with expectations of ongoing volatility but improved resilience due to its scale and integrated model. Market commentary highlighted that investors are watching refining-margin trajectories and the EG Australia integration for clues on durable earnings.