Ampol Q4 profit surge on record refining margins

Ampol (ASX:ALD) has delivered a strong fourth-quarter trading update for 2025, underpinned by a dramatic spike in refining profitability that offset broader volume declines.

The company reported a Lytton Refiner Margin of US$15.14 per barrel, a more than threefold increase from the US$4.60 recorded in the same period last year.

Management attributed this "stronger product cracks" performance to a perfect storm of global refinery outages and tightened supply chains resulting from ongoing Russian sanctions.

While the refining division flourished, the group's total sales volumes contracted by 11% to 6,699 ML for the quarter, reflecting a challenging economic landscape in both Australian and international markets.

Nevertheless, Ampol remains on track for a powerful full-year result, projecting a preliminary replacement cost operating profit EBITDA of approximately $1.44 billion.

The company was further bolstered by its Australian Convenience Retail arm, which maintained consistent momentum to deliver mid-single-digit EBIT growth.