MOL Group On Track to Meet 2019 Guidance

Shailaja A. Lakshmi
Thursday, August 1, 2019

Hungarian international oil and gas company MOL Group delivered an EBITDA of USD 1.15bn in H1 2019, exactly half of the full-year 2019 guidance.

Upstream EBITDA was 10% lower in H1 2019 at USD 553mn, as higher volumes were more than offset by lower oil and gas prices. The segment remained the largest free cash flow generator of the Group. Average daily hydrocarbon production was 111.8 barrels of oil equivalent per day (boepd) higher by 2% year-on-year.

Downstream Clean net income EBITDA amounted to USD 403mln in H1 2019, 18% lower year-on-year. Materially weaker refining macro put pressure on EBITDA.

Consumer Services EBITDA growth remained double-digit in local currencies, driven by the continued dynamic expansion of both non-fuel and fuel margins, but slowed to 6% year-on-year in USD-terms to USD 207mln in the first six months. The segment is still supported by the strong economic growth of the CEE region, including the continued around 3% growth of the fuel markets.

The Gas Midstream segment reached USD 89mln EBITDA in the first half-year, down by 24% year on year. Following the recent acquisition of the Slovak-Hungarian natural gas interconnector, FGSZ (MOL Gas Midstream) becomes the single gas Transmission System Operator (TSO) in Hungary.

Chairman-CEO Zsolt Hernádi said: “Our resilient, integrated business model allowed us to deliver USD 1.15bn EBITDA in the first half of 2019, only slightly behind last year’s outstanding level, despite lower oil prices and much weaker refinery margins. We thus remain well on track to meet or beat our full-year guidance of USD 2.3bn Clean EBITDA."

"We continued to generate positive simplified free cash flow even at a time when we spent nearly USD 300mn on strategic transformational projects, including the new polyol plant, which is progressing in line with plans and schedule,” he added.

Categories: People & Company News Finance Energy

Related Stories

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Brownfield Output Decline Accelerates, says IEA

Floating Offshore Wind Test Center Planned for Japan

Current News

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com