Company Reports

Refined fuel retailer Viva Energy reported a fivefold increase in first-half 2026 underlying NPAT to AUD 371 million. Underlying EBITDA more than doubled to AUD 773 million. The refining result, boosted by the Middle East conflict, is the strongest since Russia's invasion of Ukraine in 2022.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel suppliers. The Australian downstream petroleum industry runs from sourcing, transporting, and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

Refined fuel retailer Viva Energy's unaudited first-half 2026 underlying EBITDA more than doubled on the previous corresponding period to AUD 770 million-AUD 780 million. An AUD 353 million refining result, lifted by Middle East conflict, is the highest since Russia's invasion of Ukraine in 2022.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

A fire at refined fuel retailer Viva Energy's Geelong refinery means diesel and jet fuel production will run at around 80% of capacity, and petrol at approximately 60% for the next few weeks. But Viva has sufficient fuel stocks to cover the reduced production and expects to maintain normal supply.

The war in the Middle East, which started on Feb. 28, 2026, is a highly dynamic situation. While the US and Israel have achieved clear air superiority, Iran has effectively choked the Strait of Hormuz, threatening shipping deemed allied to the coalition forces.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

Viva Energy reported a 28% decline in 2025 underlying NPAT, to AUD 184 million. Maintenance countered improved refiner margins, while retail store conversions created a short-term drag on sales and earnings. The final dividend was halved to AUD 3.9 cents per share, though shares rose 8%.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

Refined fuel retailer Viva Energy reported a slight increase in fourth-quarter 2025 sales volumes, bringing 2025 volumes to a steady 17.0 billion liters, in line with 2024. The Geelong Refinery margin jumped 80% in the final quarter to USD 12.10 per barrel, bringing 2025 up 14% overall to USD 9.90.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

Viva Energy's third-quarter 2025 total sales volumes rose 1% year over year to 4.2 billion liters. A 2% increase in wholesale fuel volumes offset a 2% decline in retail. But convenience sales declined 13% to AUD 392 million, as tobacco sales dragged. Shares are down 5% on the day, Oct. 27.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

Refined fuel retailer Viva Energy reported a 67% fall in first-half 2025 underlying net profit after tax to AUD 63 million. Refining earnings were soft on weak regional refiner margins, while retail fuel margins were affected by wage inflation and OTR integration costs.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

Refined fuel retailer Viva Energy expects first-half 2025 group EBITDA of approximately AUD 300 million. EBITDA across retail and wholesale is expected to be around AUD 310 million, above the midpoint of previous guidance. But refining was weaker than expected, sending the share price down 10%.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.

The AUD 1.2 billion acquisition of convenience store operator OTR in 2024 coincided with the end of Viva’s post-covid share price tear. Faltering retail margins and a leveraged balance sheet have investors questioning the purchase, and fears around the threat from electric vehicles are rekindled.

Viva Energy Group, along with Ampol, BP, and Mobil, is in a rare breed of vertically integrated Australian refined fuel supplier. The Australian downstream petroleum industry runs from sourcing, transporting and storing crude oil, refining that crude into marketable products or directly sourcing imported refined product, and then transporting refined products for sale to retail and commercial customers. Refined products are mostly used in the transport sector, including commercial and private motoring, aviation, marine, and other transport demand. The Australian market equates to about 60 billion liters of product, with road use the largest segment at over 50%, followed by aviation at 14% and industry at 12%.