AI assistant
AMPOL LIMITED — Capital/Financing Update 2022
Jul 18, 2022
64361_rns_2022-07-18_6d14d127-a202-4140-9fa7-f6ff046482a3.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [596 x 123] intentionally omitted <==
----- Start of picture text ----- ASX/NZX Release----- End of picture text -----
19 July 2022
2Q 2022 LYTTON REFINERY PERFORMANCE AND TRADING UPDATE
Ampol Limited (ASX/NZX:ALD) today provides an update on the trading conditions and financial performance for the Lytton refinery during the second quarter of the 2022 financial year.
The Lytton Refiner Margin (LRM)[1] for the second quarter reached the unprecedented level of US$32.96 per barrel, materially higher than the US$10.59 per barrel realised in the first quarter. The significant increase in Singapore Weighted Average Margin (SWAM) was the key driver of the increase, reaching US$33.62 per barrel for the quarter as the COVID demand recovery and low product inventory levels coincided with the global supply shock caused by Russian sanctions and by Chinese export quotas trending below historical levels.
The volatile market conditions also saw an increase in the landed cost of crude, which partially offset the uplift in SWAM. Ampol was able to take advantage of the strong refiner margin environment through increased refinery production of 1,564 ML, up from 1,413 ML in the first quarter of the year which was impacted by the Brisbane River closure and unscheduled maintenance.
More details will be provided at the 2022 First Half Results Release scheduled for 22 August 2022.
| 1Q 2022 | 2Q 2022 | 1H 2022 | 4Q 2021 | |
|---|---|---|---|---|
| LRM | US$10.59/bbl | US$32.96/bbl | US$22.35/bbl | US$11.24/bbl |
| Refinery production | 1,413 ML | 1,564 ML | 2,977 ML | 1,585 ML |
Authorised for release by : the Chairman of Ampol Limited.
- Lytton Refiner Margin (LRM) represents the difference between the market value of importing a standard Lytton Refinery basket of products and the cost of importing the crude oil required to make that product basket.
The LRM is calculated in the following manner:
Weighted Singapore product prices (for a standard Lytton Refinery basket of products)
Less: Reference crude price (the Ampol reference crude marker is Dated Brent) Equals: Singapore Weighted Average Margin (Dated Brent basis) Plus: Product quality premium Crude discount Product freight Less: Crude & Feedstock premium Crude freight Other related hydrocarbon costs Yield Loss
Equals: Lytton Refiner Margin
The Lytton Refiner Margin is converted to an Australian dollar basis using the prevailing average monthly exchange rate.
==> picture [5 x 20] intentionally omitted <==
AMPOL LIMITED ACN 004 201 307
INVESTOR CONTACT MEDIA CONTACT FRAN VAN REYK RICHARD BAKER HEAD OF INVESTOR RELATIONS HEAD OF CORPORATE AFFAIRS M +61 419 871 138 M +61 417 375 667 T +61 2 9250 5000 T +61 2 9250 5369 [email protected] [email protected]
==> picture [4 x 20] intentionally omitted <==
==> picture [4 x 20] intentionally omitted <==
1 29-33 BOURKE ROAD ALEXANDRIA NSW 2015