Ampol reports stronger margins and UBS raises target for Ampol stock

Published on 10/25/2026 at 00:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The margin update gives Ampol stock a USD 23.92 benchmark against USD 10.64 on October 19, 2026. Production fell to 1,137 megalitres from 1,252.

Operational markers and broker view

Ampol's Lytton margin reached USD 23.92 per barrel versus USD 10.64 on October 19, 2026.
UBS raised its target from AUD 41.50 to AUD 47.75 on October 16, 2026.
Refinery production totaled 1,137 megalitres in the third quarter, down 9.2 percent from the prior year.

Ampol, AU0000088338, Illustration mit AI erstellt.

Ampol (AU0000088338) reported a third-quarter Lytton Refiner Margin of USD 23.92 per barrel on October 19, 2026, versus USD 10.64 a year earlier, according to MarketWatch. On October 16, 2026, UBS raised its target for Ampol from AUD 41.50 to AUD 47.75, according to FNArena.

Margins rise as maintenance bites

The margin more than doubled year over year, but the refinery operated at reduced capacity during planned maintenance. Production totaled 1,137 megalitres in the third quarter, down 9.2 percent from 1,252 megalitres a year earlier, according to MF and Co. The operating trade-off is clear: stronger refining economics arrived alongside lower physical output.

What does maintenance mean for output?

Ampol said additional work would reduce higher-value fuel production by 150 million liters in the fourth quarter. The crude cracking unit is expected to restart in mid-November, while commissioning of the Ultra Low Sulfur Fuels project moved to the first quarter of 2027, with no material earnings impact expected, MarketWatch reported on October 18, 2026.

Three dates shape the picture

On September 30, 2026, Ampol agreed to acquire Evie Networks for AUD 225 million, according to MarketScreener. On October 16, 2026, UBS lifted its target from AUD 41.50 to AUD 47.75. On October 19, 2026, Ampol disclosed the USD 23.92 per-barrel third-quarter margin against USD 10.64 a year earlier.

Next reporting date

The next dated marker is February 22, 2027, when MarketScreener lists Ampol's annual 2026 earnings release in its company calendar.

ASX context remains important

Ampol's last cited ASX level was AUD 39.20 on October 23, 2026. That leaves the broker debate centered on whether refinery maintenance can be absorbed while elevated margins and retail integration support earnings.

The further course of trading is shown by the continuously updated real-time quote of Ampol stock.