Viva Energy forecasts $780M half year earnings
- Viva Energy projected first-half EBITDA between $770 million and $780 million, more than doubling its prior year performance.
- The Geelong refining margin jumped to US$21.10 per barrel amid global energy market disruptions and regional supply shortages.
- The company stated domestic refining will continue to play a critical role in maintaining Australian fuel supply security.
Viva Energy (ASX:VEA) expects to report first-half earnings of $770–780 million following a sharp rise in global refining margins.
The projected earnings represent a substantial increase from the $305 million recorded in the same period last year.
“Our strong financial results reflect a substantially improved refining margin environment which has been driven by a regional shortage of oil supply and refining capacity, as well as improving retail sales growth and the continuing strength of our commercial businesses,” said Viva Energy Group CEO Scott Wyatt.
The Geelong refining margin rose to US$21.10 per barrel, though an operational fire at the refinery partially offset gains.
The company stated domestic refining will continue supporting fuel security, and following the announcement the Viva Energy share price was unchanged at $2.52.
Total group fuel sales volumes rose 1.5% to 8,490 million litres during the six-month period.
The business recently expanded its national retail footprint through the acquisitions of OTR Group and Liberty Convenience.
