A day after Ampol’s record half, Viva Energy posted one of its own: statutory net profit of $452 million for the six months to 30 June, up 331 per cent, with underlying profit (on a replacement cost basis, which strips out oil price movements on inventories) rising almost five-fold to $371.1 million. Like Ampol’s, the result was made at the refinery, not the driveway, and it came despite a major fire that took part of the Geelong plant offline in April.
The numbers
Group underlying earnings (EBITDA) rose to $774 million from $305 million, the company’s best interim result, with all three divisions growing and total fuel sales reaching 8,490 megalitres. The interim dividend more than doubles to 7.73 cents per share, ahead of market expectations of around 6 cents.
The refinery did the heavy lifting
The Energy and Infrastructure division, anchored by the Geelong refinery alongside import terminals, storage and pipelines, earned $353.7 million against $18.4 million a year earlier. The driver was the same one behind Ampol’s Lytton windfall: the closure of the Strait of Hormuz and wider Middle East disruption have tightened global fuel supply, more than doubling Viva’s refining margin to US$21.10 a barrel. The July margin came in at US$20.70, and the company expects margins to stay elevated through the rest of the financial year.
The result is more remarkable for what the refinery worked around. A major fire on 15 April damaged the alkylation unit at Corio, the processor that turns low-value gases into high-octane alkylate for premium petrol. Preliminary findings point to the failure of a section of piping, with the full investigation continuing. The affected units restarted in June and the refinery is back above 90 per cent capacity, but repairing or replacing the alkylation unit is expected to extend beyond 2027, with chief executive Scott Wyatt telling the earnings briefing the company is “assessing technology solutions” with its insurers and calling the timeline “a bit of a work in progress”.
The balance sheet strengthened alongside earnings: net debt fell $355 million to $1.7 billion, and full-year capital expenditure guidance was reaffirmed at $350 million to $400 million.
Wyatt also confirmed Viva is “heavily engaged” with the federal government on its new fuel security measures, which include a proposed one-billion-litre strategic reserve, minimum 50-day storage rules, and support for the country’s two remaining refineries, which he expects to provide “more certain returns” than the current fuel security services payment.
Retail and the tobacco signal
The Convenience and Mobility division, spanning roughly 1,300 petrol stations and more than 900 convenience stores under the Shell, OTR, Liberty and Reddy Express brands, lifted underlying earnings 86 per cent to $138.7 million on stronger fuel sales. The Commercial and Industrial business, selling bulk fuel and lubricants to mining, aviation and heavy industry, rose 28 per cent to $305.4 million.
The most interesting retail number for the industry is tobacco. Viva has been among the loudest voices on the damage done by the illicit trade, and its half-year data shows sales still down almost 17 per cent year on year, but flat against the second half of 2025. The company’s own read is that the bleeding has slowed as enforcement against illicit suppliers ramps up. That is the first hard sign from a major retailer that the crackdown may be starting to stabilise legal tobacco sales.
A note for independent operators
The pattern matches Ampol’s result a day earlier: the extraordinary profits are being made in refining and trading on the back of Middle East disruption, not at the pump, which is worth remembering when record headlines meet fuel price commentary. Two things land closer to home. Viva’s tobacco numbers are the first evidence that enforcement is slowing the slide in legal sales; if that holds, the operators who kept their tobacco offer compliant and in place may see the category steady. And Viva’s continued investment in its OTR-led convenience network means another major pushing harder into food and shop competition, the same direction Ampol is heading with EG Australia. The majors are betting on the shop; independents competing on service and local knowledge should take note of where the money is going.
Information current as at 27 August 2026.