Ampol - Comprehensive Analysis Report

Summary

Ampol Limited, headquartered in Sydney, New South Wales, is Australia's largest transport energy distributor and retailer. With over 1,800 Ampol-branded service stations across Australia as of June 2025, Ampol also operates in New Zealand through its subsidiary, Z Energy. Originally founded in 1936 as the Australian Motorists Petrol Company, Ampol merged with Caltex Oil (Australia) Pty Ltd in 1995. In May 2020, Caltex Australia was rebranded as Ampol Limited.

1. Strategic Focus & Objectives

Core Objectives

Ampol's strategic priorities for 2025 include enhancing its core business, maximizing the value of its Lytton refinery, and expanding its convenience retail offerings. The company is focused on completing the Ultra Low Sulfur Fuels project by the end of 2025 and achieving a $50 million cost reduction. Ampol is also expanding its energy offerings by extending EV charging networks and exploring the feasibility of a renewable fuels industry in Australia.

Specialization Areas

Ampol specializes in petroleum refining, supply, and marketing of fuels and related products. The company is developing a Future Energy Strategy to identify opportunities in electrification, hydrogen, and new products/solutions as energy needs change. This strategy sets a $100 million investment target by 2025 to develop decarbonization solutions for customers.

Target Markets

Ampol serves customers in various sectors, including retail, mining, agriculture, aviation, transport, marine, automotive, and government.

2. Financial Overview

In 2024, Ampol generated total revenue of $34,964,600,000. As of August 19, 2025, Ampol's stock price is $18.94, with a market capitalization of $4.51 billion and 238 million shares.

Revenue (TTM): $22.7B
EBITDA (TTM): $(101,364) thousands USD
Net Income (TTM): $(76,974) thousands USD
Total Assets (TTM): $7,976,319 thousands USD
Total Debt (TTM): $2,325,335 thousands USD

Ampol is making strategic investments aimed at diversifying revenue and ensuring long-term sustainability amid volatile fossil fuel markets.

3. Product Pipeline

Key Products/Services

Brisbane Renewable Fuels (BRF) Project: A proposed Low-Carbon Liquid Fuels (LCLF) plant at Ampol's Lytton refinery, aiming to produce sustainable aviation fuel (SAF) and renewable diesel using feedstocks like used cooking oil and tallow.
Ultra Low Sulfur Fuels Project: Aiming for completion by the end of 2025.

4. Technology & Innovation

Technology Stack

Ampol is leveraging Dataiku to streamline commercial analytics and automate financial insights, transforming decision-making processes and unlocking new business value. Ampol has built and launched a suite of core reusable integration services with Boomi, enabling critical business functions and linking core business applications, including ERP, customer relationship management (CRM), point-of-sale (POS), and supply chain systems. As of 2021, Ampol has implemented Salesforce Sales Cloud to streamline the employee recognition process, improve productivity, and enhance internal communication.

Proprietary developments

Ampol is investing in electric vehicle (EV) charging infrastructure, with plans to have 500 EV charging bays in Australia by 2027. The company is also exploring the development of hydrogen infrastructure and fleets.

Scientific methodologies

Ampol is utilizing Wood Mackenzie datasets and climate scenario analysis to understand potential energy trends within the Australian context. The company is leveraging Dataiku to create integrated margin views and user-facing web apps, enhancing data traceability, quality control, and decision-making across trading operations.

5. Leadership & Management

Executive Team

Matthew Halliday: Managing Director and Chief Executive Officer. Appointed in June 2020, Halliday previously served as Chief Financial Officer and held senior roles at Rio Tinto.
Michele Bardy: Executive General Manager, Infrastructure. Appointed to the leadership team in July 2024, Bardy was previously Vice President of Energy Solutions for Eastern Australia at Santos. Her responsibilities included strategy, asset development, and operations of hydrocarbon processing services, clean fuels, and carbon capture and storage.
Greg Barnes: Group Chief Financial Officer. Appointed on July 1, 2021, Barnes has over 25 years of experience in finance, including CFO roles at Coca-Cola Amatil, Nine Entertainment Co, and CSR Limited.
Meaghan Davis: Executive General Manager, People and Culture. Appointed in November 2021, Davis has over 25 years of experience in people and culture, with senior executive roles at Woolworths Limited and Lendlease.
Lindis Jones: Executive General Manager of Z Energy.
Brent Merrick: Executive General Manager, International and New Business.
Faith Taylor: Leads the Group's legal, regulatory compliance, and corporate governance teams. She joined Ampol in January 2022, following a 30-year tenure with Clayton Utz legal firm.
Elodie Guillaumond: CFO Retail.
Frances Bouzo: Chief Information Security Officer.
Kate Thomson: Executive General Manager of Retail Australia.

Recent Leadership Changes

Michele Bardy was appointed Executive General Manager, Infrastructure, in July 2024.

6. Competitive Analysis

Major Competitors

Valero
BP
Chevron
Viva Energy Group
Idemitsu Kosan
Wintime Energy
Horizon Oil
Beach Energy
Origin Energy Limited
Santos Limited
Woodside Energy Group

7. Market Analysis

Market Overview

Ampol operates primarily in the petroleum refining and petroleum fuel manufacturing industry. The company refines, supplies, and markets petroleum, fuels, and related products. Its operations are divided into fuels and infrastructure, convenience retail, and New Zealand.

Ampol's sales have seen a slight dip in 2025, with 433,000 b/d in the first half of the year, a 5% decrease from the previous year. The Lytton refinery margin (LRM) also decreased by 28% to $7.44/bl.

8. Strategic Partnerships

Hyundai Motor Company Australia (HMCA): Strategic partnership to support the transition to zero-emissions vehicles in Australia. The collaboration includes knowledge sharing and initiatives to support battery electric vehicles and explore hydrogen development.
OneH2: Partnership to strengthen OneH2's presence in the Australian hydrogen market. Ampol will introduce a comprehensive hydrogen refueling solution in Australia.
Hyundai Australia, Pacific Energy, and Toyota Australia: Joint development of hydrogen refueling infrastructure.
The Smith Family: Partnership to support the education of disadvantaged students through the Learning for Life program.
Boomi and Atturra: Implementation of the Boomi Enterprise Platform to streamline system integration services.
* Dataiku: Streamlining commercial analytics and automating financial insights.

9. Operational Insights

Ampol is focused on maintaining a culture of operational excellence, emphasizing safety, health, environment, security, resilience, reliability, and product quality performance. The Ampol Operational Excellence Management System (OEMS) provides a framework for managing risks and hazards associated with business operations.

Ampol is working to reduce its carbon footprint, targeting net zero emissions across its operations by 2040. The company is also focused on helping customers and supply chain partners reduce emissions. Ampol aims to reach net zero emissions by 2040, with interim targets for emissions intensity reductions in fuels and infrastructure and convenience retail of 5-10% by 2025-2030.

10. Future Outlook

Strategic Roadmap

Ampol is focused on future energy and decarbonization strategies. The company is exploring opportunities in electrification, hydrogen, and other new products and solutions. Ampol is committed to investing in decarbonization solutions for its customers and has set a target of net zero emissions by 2040. The company is aiming to expand its energy offerings by extending EV charging networks and exploring the feasibility of a renewable fuels industry in Australia.

Ampol is also focused on expanding its convenience retail offerings. The acquisition of EG Group Australia is expected to accelerate retail growth through a scaled-up Ampol Foodary brand and a value-oriented U-GO branded offer.