Oil and Gas News

Ampol delivers record earnings since 2018

energy market

Ampol has reported its greatest income in three years, as record sales and strong international demand push annual revenues to $631 for last year. 

This follows a loss of nearly $500 million for the year prior against a COVID-19 backdrop. Ampol said net profit totalled $560 million, buoyed by soaring revenues. 

Managing director and chief executive officer Matt Halliday said the company’s strong results reflected the company’s ability to “thrive under challenging conditions”. 

“Ampol’s strong financial results and record fuel sales reflect the ability of our people to thrive under challenging conditions and demonstrates how our business and earnings can respond to the market recovery,” said Halliday. 

After reporting an annual loss of $485 million back in 2020, Ampol had considered closing the refinery before it was paid a government subsidy when refining margins were weak. 

Because the average margins are now so high, the company said it does not expect to receive any subsidies moving forward. 

“As we look ahead, we have a clear strategy to maximise the value of our existing businesses during the energy transition and to diversify and grow our international earnings through the Z Energy acquisition while we prepare for a low carbon future.” 

Halliday has floated the prospect of converting many of his petrol service stations into EV charging stations to diversify supply. 

“During 2022, we will focus on three key projects: commencing the rollout of EV charging stations to over 100 sites, a targeted pilot of an Ampol branded electric offer and deepening our understanding of the hydrogen supply chain.” 

Subscribe to Oil & Gas Today for the latest industry news.