MOL Group has posted its financial results for Q1 2018, increasing its clean CCS EBITDA by 2% reaching USD 625mn.
The company is well on track to achieve its annual USD 2.2bn EBITDA target. As a result of rising fuel prices, higher production and lower costs, Upstream EBITDA increased year-on-year by 31% and reached USD 287mn. As Catcher came on stream and production at other UK fields normalized, daily production averaged 110 thousand barrels of fuel equivalent.
As fuel prices advanced further and maintenance activities also affected refining, there was a fall in downstream clean CCS EBITDA fell by 33% to USD 218mn from an all-time high a year ago as refinery and petrochemicals margins fell.
Thanks to strong fuel and non-fuel contribution, consumer Services once again reported the best ever first quarter achievement with USD 81mn EBITDA, an increase of 48% year-on-year. Motor fuel consumption rose by around 3% year-on-year in the Central Eastern Europe region, providing a supportive environment.
In the first quarter, the Midstream segment reached USD 85mn EBITDA, up 21% year-on-year thanks to higher transit volumes and lower costs.
Chairman-CEO Zsolt Hernádi said, “We managed to grow our EBITDA from a high base in the first quarter, which was a further testament to our resilient, integrated business model and it provides a firm base for another successful year and for the continued work on our strategic transformation. As fuel prices kept on climbing and the regional demand remained robust and as refinery and petchem margins came under pressure, impressive earnings growth of the Upstream and Consumer Services segments more than offset the lower Downstream profits.” PWKD08052018
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