2Q 2022 Lytton Refinery Performance and Trading Update

Source Press Release
Company Ampol Limited 
Tags Strategy - Downstream, Refining & Marketing Activities
Date July 19, 2022

Ampol Limited (ASX/NZX:ALD) today provides an update on the trading conditions and financial performance for the Lytton refinery during the second quarter of the 2022 financial year.

The Lytton Refiner Margin (LRM)1 for the second quarter reached the unprecedented level of US$32.96 per barrel, materially higher than the US$10.59 per barrel realised in the first quarter. The significant increase in Singapore Weighted Average Margin (SWAM) was the key driver of the increase, reaching US$33.62 per barrel for the quarter as the COVID demand recovery and low product inventory levels coincided with the global supply shock caused by Russian sanctions and by Chinese export quotas trending below historical levels.

The volatile market conditions also saw an increase in the landed cost of crude, which partially offset the uplift in SWAM. Ampol was able to take advantage of the strong refiner margin environment through increased refinery production of 1,564 ML, up from 1,413 ML in the first quarter of the year which was impacted by the Brisbane River closure and unscheduled maintenance.

More details will be provided at the 2022 First Half Results Release scheduled for 22 August 2022.

  1Q 2022  2Q 2022  1H 2022  4Q 2021 
LRM  US$10.59/bbl  US$32.96/bbl  US$22.35/bbl  US$11.24/bbl 
Refinery production  1,413 ML  1,564 ML  2,977 ML  1,585 ML 
Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd