Ampol (ALD) Q3 2024 TU earnings summary

Executive summary

• Group total fuel sales volumes for 3Q24 were 6.5 billion litres, showing resilience in Convenience Retail, New Zealand, and F&I Australia segments.

• 3Q24 performance was impacted by planned maintenance and operational issues at the Lytton refinery, as well as significantly weaker refining margins.

• Convenience Retail and New Zealand segments maintained strong performance, with sales volumes and margins in line with or above 1H24 trends.

Financial highlights

• Lytton Refiner Margin (LRM) for 3Q24 was US$1.48/bbl, down 92% year-over-year due to maintenance and weak product cracks.

• Group RCOP EBIT was negatively impacted by approximately $100 million due to weaker refining margins and operational disruptions.

• Total group sales volume declined 5.7% year-over-year to 6,521 ML.

Outlook and guidance

• Announced a $50 million cost reduction program to be delivered in 2025, with further productivity initiatives under review.

• Lytton refinery will undergo further maintenance in November, reducing production to 350 million litres for the month.

• Management expects stronger operational performance at Lytton in 2025, coinciding with global refiner run-cuts and potential margin recovery.