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Hungary: MOL Declares Strong Q3 2017 Financials

Hungary: MOL Declares Strong Q3 2017 Financials

Clean CCS EBITDA for the first nine months of the year is 12% up from last year and stands at HUF 520.8bn (USD 1.87bn), with HUF 150bn (USD 576mn) delivered in the quarter.

In Q3, average daily production reached 105,000 barrels of fuel equivalent, with upstream delivering HUF 49.1bn (USD 188mn) EBITDA. Upstream EBITDA grew by more than 30%, over the first nine months, compared to Q1-Q3 2016. USD 15 on average was produced on each barrel and the segment continued to generate strong free cash flows in 2017. This was achieved at average Brent prices of USD 52 per barrel.

As both petrochemicals and refining contribution declined, downstream posted lower clean CCS EBITDA at HUF 70.5bn (USD 271mn), due to lower wholesale margins, lower own produced product sales and one offs. For the first nine months, downstream’s contribution remained flat at HUF 256.9bn (USD 923mn).

As both fuel and non-fuel earnings continue to grow, consumer services continued its impressive growth with its best ever quarterly results at HUF 34.5bn (USD 132mn) EBITDA, up from USD 112mn one year ago.

MOL Group’s new Downstream program, DS2022 was launched, a major milestone in the implementation of the MOL 2030 strategy, based on three pillars: strategic transformational projects; efficiency initiatives; and increasing customer satisfaction, safety and employee engagement in order to become the best choice of employees, customers and investors in line with the vision of MOL Group 2030 strategy.

“After the first nine months of the year we are well on track to deliver on our upgraded USD 2.3bn Clean CCS EBITDA guidance and on our MOL 2030 strategy. We continue to generate robust free cash flows this year despite not fully capturing the opportunities of the supportive external environment in Q3. To achieve our strategic objectives we are now also launching Downstream 2022 (DS2022), a program of efficiency, transformation and growth, which would deliver USD 500mn additional EBITDA with substantial, over USD 2bn investments by 2022,” said Chairman-CEO Zsolt Hernádi. PWKD07112017

Last modified onMonday, 06 November 2017 11:14
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