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Viva Energy (ASX:VEA), operator of the Geelong refinery and Shell-branded service stations, has been a major beneficiary of higher refining margins. In August 2026, Pendal Group highlighted first-half guidance that came in well above expectations for its retail and wholesale divisions, while refining was slightly below market forecasts. Cadence Capital noted Viva captured substantially improved refining margins due to Middle East conflict, with only two refineries left in Australia. Lennox Capital Partners, which does not hold the stock, said Viva was the best-performing ASX 200 stock in July. Viva Energy operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 34 comments from 18 fund managers, including Pendal Group, Cadence and Lennox. Headquartered in Docklands, Melbourne, Viva Energy refines, distributes and retails fuel through its Geelong refinery, Shell and Coles Express sites and commercial fuel network.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Cerutty Macro Fund, L1 Capital, Endeavor Asset Management, Milford Asset Management, Monash Investors, Pendal Group, Cyan Investment Management, Paradice Investment Management, Seneca Financial Solutions, Equity Trustees Asset Management, Ellerston Capital, Perennial Partners, Sage Capital, Datt Capital, Firetrail Investments, Cadence Capital, Lennox Capital Partners, First Samuel and Ausbil Investment Management have invested in Viva Energy Group Ltd (ASX:VEA).
Fund managers point to a sharp improvement in refining margins driven by Middle East conflict, strategic value as one of only two remaining Australian refineries, and stronger-than-expected retail and wholesale earnings, with Pendal noting overall EBITDA guidance around 10% ahead of market forecasts.
Pendal notes refining earnings came in below market forecasts and depreciation was slightly higher, causing a small profit miss, and earnings remain heavily exposed to volatile refining margins and oil prices that could normalise if geopolitical tensions ease.
Viva Energy Group Ltd., headquartered in Docklands, Australia, is a leading petroleum company focused on manufacturing, distributing, and selling fuel products. Operating through three key segments—Retail, Fuels and Marketing, Refining, and Supply, Corporate, and Overheads—the company processes crude oil into gasoline, diesel, and aviation fuels. Viva Energy provides critical infrastructure, including import terminals and pipelines, serving the aviation, marine, mining, and transport industries. Founded in 2018, the firm maintains a robust supply network to meet diverse commercial energy needs.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.