Viva Energy's Refining Margins Lack Strength of Rival
Dow Jones
Yesterday
0037 GMT - Viva Energy's refinery operation is being supported by the Middle East conflict, but the company isn't doing as well as rival Ampol in capturing the tailwind to margins. Viva Energy said its refining margin was US$20.70 per barrel in July. That was below the US$27.11 per barrel reported by Ampol yesterday for the same month. Jefferies analyst Michael Simotas attributes the difference to the fire at Viva Energy's Geelong refinery in April, which curbed some production. Jefferies also says Viva Energy needs to articulate the earnings base of its Convenience Retail business. "We believe Ampol is a better way to play the sector," it says. Viva Energy is down 3.0% at A$2.765.
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