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Ampol’s Lytton Refinery profits reach four-year high

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Ampol expects to deliver the highest quarterly results for more than four years thanks to strong demand and a drive in fuel prices. 

Ampol, in its Q4 2021 Lytton Refinery performance update, said the average margin at its Lytton refinery in Brisbane in the final quarter totalled $US11.24 per barrel — significantly higher than the third quarter margin of $US6.76 per barrel.

The refinery produced 1585 millilitres (ML) of oil, up from 1565 ML in the third quarter of the year.

The company said that given the strong refiner margin environment, Ampol does not expect to receive a fuel security service payment – a government subsidy – for production during the final quarter. 

Ampol will post its 2021 financial results later next month, with the Full Year Result Release scheduled for 21 February. 

“The Lytton Refinery is expected to deliver the highest RCOP EBIT quarterly results for more than four years, reflecting the substantial operating leverage to improved refiner margins,” the report read.

The company reported third quarter refinery earnings before tax of $22 million when average margins were $US6.76 a barrel.

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