ASX-listed transport energy provider Ampol (ASX:ALD) released its trading update for the third quarter ended Sept. 30.
Total fuel sales volumes reached 6.5 billion litres, maintaining steady distributions in convenience retail, New Zealand, and F&I Australia.
Australian shop sales, excluding tobacco, witnessed year-on-year growth, aligning with trends seen in the first half of the year.
Ampol announced a $50 million cost reduction program, set for implementation in 2025.
Further details are expected with the full-year results next February.
The company experienced a challenging quarter due to planned maintenance and mechanical issues at the Lytton refinery.
The Lytton Refiner Margin fell to US$1.48 ($2.20) per barrel due to these operational disruptions and global market conditions.
CEO Matt Halliday stated, “Notwithstanding the challenging global refining market and operational performance of Lytton, which has been impacted by a series of one-off events this year, the rest of the business continues to perform well and demonstrate its resilience.”
A further refurbishment effort will take place in November for the Fluidised Catalytic Cracking Unit at Lytton, with production expected to decrease to 350 million litres.
Global refining adjustments have led to a modest recovery in margins, with initiatives to improve operational efficiency anticipated to bolster future performance.
Ampol supplies petrol and a convenience network, as well as refining, importing and marketing fuels and lubricants. It also launched its electric vehicle charging and home electricity solutions.