Channel Infrastructure stock: Q3 throughput holds as bp deal advances

Channel Infrastructure reported 829 million litres of fuel throughput for the quarter ended September 30, 2026. The figure was broadly in line with the same quarter a year earlier despite higher domestic fuel prices, according to the company's Q3 2026 Operational Update published on October 14.

Throughput Holds Steady

Jet fuel throughput matched the prior-year quarter after Middle Eastern carriers reinstated flight schedules late in the second quarter. Petrol volumes were lower year on year, while diesel throughput remained stable. Year-to-date volumes stayed in line with the Envisory fuel-demand outlook and Channel Infrastructure's expectations.

bp Contract Extends Revenue Visibility

Channel Infrastructure entered a 15-year agreement with bp in late August to provide additional jet fuel and diesel storage capacity at the Marsden Point Energy Precinct. The contract is expected to generate approximately NZD 130 million over its term, and work to repurpose the relevant tanks began in September.

The company also said its bitumen import terminal remained on track for delivery in the fourth quarter of 2026. Conversion spending stood at approximately NZD 194 million at September 30 and remained within budget, while net borrowings rose to NZD 365 million after the interim dividend payment.

Business and Market Position

Channel Infrastructure operates energy infrastructure at Marsden Point in New Zealand, with fuel storage and import-handling activities forming the core of its business. Its contracted revenue combines fixed or capacity-based fees with fees linked to fuel throughput. The company is listed on the New Zealand Stock Exchange and the Australian Securities Exchange, positioning it as a focused New Zealand energy-infrastructure operator rather than a diversified global energy group.

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