Backed by lower crude premiums, Ampol’s Lytton refinery saw its December quarter operating loss go down to -$4m, a far cry from the -$82m loss seen in the third quarter. Outperform retained with a target price of $34.65.
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The chances have lessened that Alimentation Couche-Tard will renew its interest in Ampol and its fleet of convenience stores with news that the Canadian group is sniffing around French retailer, Carrefour SA.
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Enthusiasm for Ampol has softened despite a positive update, as the market awaits a decision on the Lytton refinery amid a cloudy outlook for fuel margins
Read MoreAmpol shares jumped to an eight-month high yesterday after the oil group announced a $300 million off-market buyback on the completion of its retail convenience property sale.
Read MoreWeak margins from its under review Lytton refinery in Brisbane saw Ampol’s third-quarter earnings slide by around 75%. The weak result from Lytton more than offset an improvement in returns from convenience retailing chain.
Read MoreAmpol has put its only oil refinery under review and will consider options including its closure, even after the Morrison government last month unveiled a $2.5 billion rescue package intended to keep refineries open.
Read MoreChevron has commenced legal proceedings in respect of signage at 177 retail sites across Australia. Ampol’s licence agreement with Chevron was terminated at the end of 2019 with the work-out period up to 2022 and Ampol has started removing the Caltex brand.
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