Strong First Half Performance, Refinery Repair Successfully Completed

Source Company Press Release
Company Ampol Limited
Tags Corporate: Overview/Strategy, Country: Australia, Downstream: Refining, Other: Oil & Gas Trading
Date July 19, 2023

Key points

  • Unaudited Group RCOP EBIT for the first half of the 2023 financial year is approximately $575 million and RCOP EBITDA is approximately $800 million
  • Group total fuel sales volume up 24 per cent for the first half of the 2023 financial year with Australian fuel sales volume growing by 13 per cent, International sales growing by 8.1 per cent and a full six months contribution from Z Energy
  • Lytton Refiner Margin (LRM) of US$10.29 per barrel for the first half of the 2023 financial year
  1H 2023  1H 2022  Variance (%) 
Convenience Retail fuel sales volume  1,911 ML  1,891 ML  1.1%/2.7% LFL 
Australian wholesale sales volume  5,620 ML  4,792 ML  17% 
Subtotal Australian fuel sales volume  7,531 ML  6,683 ML  13% 
International sales volume  4,548 ML  4,209 ML  8.1% 
Z Energy sales volume  2,198 ML  603 ML  N/A 
Total sales volume (Ampol Group)  14,277 ML  11,495 ML  24% 
Z Energy sales volume proforma  2,198 ML  1,783 ML  23% 
 
LRM  US$10.29/bbl  US$22.35/bbl  (54%) 
Refinery production  2,974 ML  2,977 ML  (0.1%) 

Ampol Limited (ASX/NZX:ALD) today provides an update on the Group trading conditions and financial performance and Lytton refinery performance for the first half of the 2023 financial year.

Group trading update

The Group unaudited RCOP EBIT for the first half of the 2023 financial year is approximately $575 million and RCOP EBITDA is approximately $800 million. The Group result reflects strong earnings growth from the non-refining divisions compared to the first half of the 2022 financial year. Fuels and Infrastructure (ex-Lytton) delivered double-digit growth in RCOP EBIT compared to the first half last year (which included Gull) reflecting improved margins, increased volumes as well as incremental margin in managing the supply imbalances as a result of the refinery outage. Convenience Retail earnings grew through continued strong shop performance and improved fuel margins. Group earnings also benefited from a full six months contribution from Z Energy, with the underlying business performing strongly, despite the extreme weather events experienced in the first quarter.

Lytton refinery performance update

Lytton refining unaudited RCOP EBIT for the first half is approximately $100 million (RCOP EBITDA is approximately

$131 million) reflecting the lower Singapore product cracks in the second quarter, higher operating expenses (mainly electricity costs), the one-off impact of the Fluidised Catalytic Cracking Unit (FCCU) outage and an additional ~$25 million due to losses incurred on the storage and export of intermediate products. This was partly offset by gains in Trading and Shipping in its supply response.

The Lytton Refiner Margin (LRM) for the second quarter of 2023 financial year was US$5.66 per barrel reflecting the weaker Singapore product cracks experienced in April and May and the higher proportion of lower value finished products

and intermediates produced during the outage to repair the FCCU slide valve. Refinery total production for the second quarter was consistent with the first quarter at 1,484 million litres.

LRM for the month of June improved to US$12.69 per barrel, reflecting the improved high value production mix as the refinery returned to normal operations by the end of May as planned and Singapore product cracks recovered.

Details of the audited 2023 first half financial results will be provided at the 2023 First Half Results Release which is scheduled for 21 August 2023.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd