Refining earnings soar: Ampol profit jumps on Middle East war

Fuels and infrastructure EBIT rose to $1.13 billion from $118.3 million. Convenience retail EBIT increased 12% to $204.5 million.

Ampol completed its acquisition of EG Australia during the half. Management expects the deal to contribute to second-half earnings and to generate $65 million to $80 million in annual cost synergies within two years.

July earnings were ahead of the same month last year, supported by Lytton. The refinery began a 70-day maintenance shutdown on July 30, constraining output to about 70% of normal. The maintenance was delayed earlier in the year because Ampol wanted to keep domestic fuel supply steady during tensions around the Strait of Hormuz that raised the risk of disruptions.

Ampol is in discussions with the federal government over longer-term support for Australia's remaining oil refineries. The company and Viva Energy are seeking support for the investment needed to keep their facilities operating beyond the coming years.