Ampol reports massive profit surge driven by global oil market volatility

Australian energy company Ampol reported a significant financial turnaround for the first half of 2026, recording a net profit of 1.36 billion Australian dollars compared to a loss in the previous year. This surge was driven by global oil market disruptions caused by conflicts in the Middle East and attacks on Russian refinery infrastructure, which created exceptional margins.

The Lytton refinery in Queensland was a primary driver of these results, with average margins reaching 28.26 US dollars per barrel, a 280 percent increase year-on-year. Consequently, the company announced an interim dividend of 1.85 Australian dollars per share, representing a four-fold increase.

While the traditional fuel and infrastructure segments saw massive growth, Ampol’s Energy Solutions division, which focuses on electric vehicle (EV) charging, continues to operate at a loss. Despite doubling its number of charging bays to 356 and increasing charging sessions, the company does not expect the EV business to reach a break-even point until late 2028.