Oil refiner and petrol seller Ampol has seen its interim earnings jump after it managed to secure fuel supplies to capitalise on the impact of the Middle East conflict on energy prices.
Net profit on a replacement cost basis – which excludes the impact of oil prices on inventories – jumped more than four times to $857.2 million in the six months ended June 30, from $180.2 million a year earlier.
Its statutory first-half result was even bigger at $1.4 billion, against a loss of $25.3 million in the first half of 2025.
“The first half of 2026 was marked by the Middle East conflict and the consequential impact on the flow of oil and refined products around the world,” chief executive Matt Halliday said on Monday.
“While the market dislocation provided a benefit to our financial results, our supply responsiveness, trading capabilities, refinery reliability, customer and supplier relationships, as well as the progress of our retail segmentation strategy all enabled Ampol to meet its customer needs.”
Ampol said crude oil and energy product markets have continued to be volatile into the second half due to the war, although that was also helping regional refining margins.
“Overall, July 2026 earnings are ahead of the prior corresponding period, underpinned by strong refinery earnings,” it said.
Ampol is Australia’s largest transport fuel provider, accounting for about 15-20 per cent of total refined fuel needs.
Ampol declared an interim dividend of 18.5 cents.
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