Ampol shares fall on lowered Lytton refinery production forecast

Ampol shares fell as much as 7% to A$40.00 following a downward revision of its fourth-quarter production forecast for the Lytton refinery. The company reported that unexpected maintenance required on the Fluidised Catalytic Cracking Unit (FCCU) has delayed its restart until mid-November. This disruption is expected to reduce the output of gasoline, diesel, and jet fuel by approximately 150 million litres compared to previous estimates.

Despite the production setback, Ampol reported strong third-quarter results, including a significant increase in the Lytton refinery margin, which reached US$23.92 per barrel compared to US$10.64 in the same period last year. Total group sales volumes rose 3.6% year-on-year to 6,245 million litres, supported by double-digit growth in international business and convenience retail sales.

Looking forward, Ampol is pursuing energy transition strategies, including a proposed acquisition of electric vehicle charging provider Evie Networks, pending regulatory approval. The company also noted that its Ultra Low Sulfur Fuels project remains on track for commissioning in early 2027.