2Q 2022 Lytton Refinery Performance and Trading Update

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.