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2023-11-10 MOL GROUP Q3 RESULTS: RESILIENT PERFORMANCE DESPITE HEAVY-HANDED GOVERNMENT TAKES

  • MOL reached a USD 976mn clean CCS EBITDA in Q3 2023, with strong Consumer Services performance counterbalancing the effects of the market environment returning to normal conditions and challenges posed by regulation to Upstream and Downstream
  • Windfall taxes across the CEE region continue to take a heavy toll on results, amounting to half of clean CCS EBITDA in the first three quarters of 2023, or USD 1,061mn since the beginning of the year 2023 until the end of Q3 2023
  • Downstream Clean CCS EBITDA came in at USD 469mn in Q3 2023, a 37% decrease compared to the same period in 2022, as a result of higher refining margins, narrowing gap between the market price of Brent and Ural crude and the negative contribution from the petrochemicals segment
  • Upstream EBITDA stood at USD 195mn in Q3 2023, almost doubling compared to Q2 2023, courtesy of lower windfall tax duties in the third quarter, despite a slight decrease in production
  • Consumer Services EBITDA delivered strong results during the driving season, with EBITDA reaching USD 250mn in the third quarter of 2023, on the back of organic and inorganic effects
  • MOL raises its full year 2023 EBITDA guidance to approximately USD 2.8bn from the previous USD 2.5bn

Budapest, 10 November 2023 – MOL Group today announced its financial results for Q3 2023, down by 33% compared to the same period last year to USD 976mn in Q3 2023. Government takes remain an important driver of the results, amounting to half of clean CCS EBITDA during the first three quarters of 2023, including a new CO2 tax introduced in Hungary retrospectively from 1 January, 2023. Downstream and Upstream remained under pressure by market conditions, mitigated by strong results delivered by Consumer Services. As a result, clean CCS EBITDA in the period between Q1 and Q3 2023 arrived at USD 2.1bn allowing MOL to raise its full year 2023 clean CCS EBITDA guidance to approximately USD 2.8bn from the previous USD 2.5bn.

Chairman-CEO Zsolt Hernádi commented the results:

“I am proud that we have been able to maintain good performance despite the heavy regulatory environment and market pressures. This quarter we were able to mitigate the effects of negative external conditions with our improving refinery margins and strong consumer demand for our fuel products. We are able to raise our EBITDA guidance as we remain optimistic that our crisis-resilient, integrated business model and efficient operation will counterbalance the volatile market and regulatory conditions. We are also committed to continue our transformation journey as well live up to the elevated expectations with regards to our role in the supply security of Central and Eastern European region.”

Upstream EBITDA in Q3 2023 increased by 97% compared to the previous quarter, reaching USD 195mn, courtesy of a lower windfall tax duty as USD 122mn worth of tax contribution was recognised in Q2. Furthermore, royalty rates in Hungary are set to decrease from 1 September 2023, with a positive impact expected on Q4 2023 results and beyond. Hydrocarbon production in Q3 2023 decreased slightly due to temporary events, arriving at 90.1 mboepd on average during the first three quarters, with the 2023 production guidance remaining at approximately 90 mboepd for 2023.

Downstream Clean CCS EBITDA recovered against the previous quarter due to supporting refinery margins and the impact of lower windfall taxes, amounting to USD 469mn in Q3 2023. Nevertheless, the result represents a 37% decrease compared to the same period last year as a result of higher refinery margins, the narrowing of the Brent-Ural spread and the negative contribution from petchem. Windfall taxation in Central and Eastern European countries continued to hit the segment’s profitability in during the third quarter of 2023 with the freshly introduced CO2 tax in Hungary, while petrochemical market environment remained unfavourable and contributed negatively to CCS EBITDA.

Consumer Services delivered encouraging results, with EBITDA amounting to USD 250mn in Q3 2023, a 107% increase compared to the same period last year. Besides easing price cap regulations and supporting fuel margins, the result came predominantly on the back of inorganic effects driven by the expansion of MOL’s networks in Poland and Slovenia, adding almost 400 million litres to sold volumes during the third quarter of 2023. The result was also supported by strong consumer demand, the further expansion of non-fuel contribution, as well as the success of our MOL Move loyalty program, reaching over 1 million registrations in Hungary and over 700 thousand in Poland.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemical plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of more than 2400 service stations across 10 countries in Central & South-Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 7 countries and assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact:

@: internationalpress@mol.hu

2023-08-04 MOL GROUP Q2 AND H1 RESULTS: STABLE OPERATIONS DESPITE ADVERSE EXTERNAL ENVIRONMENT

  • Clean CCS EBITDA amounted to USD 411mn in Q2 2023 and USD 1,125mn in H1 2023, a result affected by the external macro environment and government takes in Central and Eastern Europe
  • Upstream EBITDA came in at USD 99mn in Q2 2023, hit by windfall taxes, weakening hydrocarbon prices and production outage in Kurdistan
  • Downstream CCS EBITDA resulted in USD 102mn in Q2 2023 due to the regulatory impact, margin pressure in petchem and less favourable macro in refining
  • Consumer Services EBITDA increased significantly year-on-year to USD 175mn in Q2 2023, due to easing price cap regulations and better non-fuel performance
  • The estimated impact of total extra government takes in CEE amounted to roughly USD 600mn in Q2 2023
  • EBITDA guidance for full-year 2023 is set to approximately USD 2.5bn

Budapest, 4August 2023 – Today MOL Group announced its financial results for Q2 and H1 2023. In the first six months MOL Group delivered USD 1,125mn EBITDA while in Q2 the EBITDA reached USD 411mn. Both Downstream and Upstream results were hit by worsening macro conditions and upheld massive government levies, including extra taxes and extra mining royalty fees. Moreover, 2nd quarter results were also distorted by a new revenue-based extra tax in Hungary amounting to USD 315mn for full-year 2023, recognised fully as a one-time expense in Q2. Consumer Services segment rebounded from last year’s lows and produced almost 43% of MOL Group’s total EBITDA, partly mitigating the effect of the adverse external environment. MOL Group sets its EBITDA guidance for full-year 2023 to approximately USD 2.5bn.

Chairman-CEO Zsolt Hernádi commented the results:

“The macro environment was not good enough to counterbalance the negative effects of governments’ interventions in the CEE region that have no doubt left their marks on our results in the first half of the year and especially in the 2nd quarter of 2023. The current level of governments’ takes – unless these extraordinary measures are phased out in the near future – will deteriorate MOL Group’s competitiveness and burden our cash flow generation needed for our investment plans. Disregarding the negative external effects, MOL Group’s operational performance was robust, the businesses continued with their strategic investments and MOL Group also managed to launch its new waste management business line.”

Upstream EBITDA declined to USD 99mn in Q2 2023 and came in at USD 382mn in H1 2023, representing 83% and 65% decrease in comparison with the same periods last year. Simplified free cash flow generation of the division practically disappeared in Q2 2023, due to the extra revenue tax and extra mining royalty levied by the Hungarian government, and decreasing hydrocarbon prices had a negative effect on the results as well. Oil and gas production volume dropped by 5 percent in Q2 year-on-year, as production in the Shaikan field in Iraqi Kurdistan has been halted due to the export pipeline shut throughout the quarter. As a result of the extraordinary efforts in line with MOL’s commitment to regional supply security, production in Hungary rose by 6.5% year-on-year in the quarter, bringing group-level H1 production volumes to 91.6 mboepd, well above the production guidance.

Downstream Q2 2023 Clean CCS EBITDA diminished to USD 102mn, while the half-year result amounted to USD 487mn. The significant decrease in the 2nd quarter was driven by extra taxes such as the revenue-based extra tax one-off expense, and the weak petchem margin combined with demand and price pressure. Motor fuel demand declined by 12% in Hungary compared to Q2 2022 since the price cap boosted consumption in the base period, while demand increased in other CEE countries, especially in Croatia (+8%); overall, total product sales remained flat for the Group.

Consumer Services Q2 2023 EBITDA almost quadrupled year-on-year, reaching USD 175mn, bringing the division’s H1 results to USD 301mn. Easing of the retail price cap regulations in the Central and Eastern European region, further expanding non-fuel contribution and excellent internal performance were the main drivers of the increased results. At the same time, Q2 2023 sales volumes increased by 16% year-on-year, supported by more than 200mn litres of positive inorganic impact of the Lotos acquisition in Poland, while fuel volumes sold increased in most countries except Hungary, where demand normalised after the cancellation of price caps. The number of Fresh Corner sites rose to 1,180 in Q2 2023 from 1,103 in the same period last year.

Gas Midstream EBITDA rose significantly year-on-year in Q2 2023 to USD 60mn as cross-border capacity demand have strengthened, bringing H1 results above USD 139mn. Due to the lower gas purchase prices than in the same period last year, decreased operational costs also contributed to the good results.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 24,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemical plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South-Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact:

@: internationalpress@mol.hu

2023-07-03 THE MOL GROUP IS NOW OFFICIAL PARTNER OF THE EHF MEN'S CHAMPIONS LEAGUE

The MOL Group has entered into a partnership agreement with the EHF Marketing, so with the start of the 2023/24 club handball season, the company will be the official partner and supporter of the EHF Men's Champions League. In one of the most prestigious club events in handball sport, the best 16 teams in Europe compete in 132 matches over 18 weeks.

The contract is for three years, until the end of the 2025/2026 season. Teams from MOL Group countries such as Hungary, Croatia, Romania, Slovenia and Poland also participate in the cup series. Sports fans can expect extraordinary matches in all european countries, as this league is the premium championship series of the EHF, in which only the best European teams participate.

“We are delighted to welcome MOL Group to the flagship European men’s club handball competition. With their strong and consistent impact, the MOL Group will perfectly mirror the go-to-market strategy, which EHF Marketing introduced last summer. With this new partnership we aim to set sponsorship trends of the present decade such as storytelling, authenticity and strong narratives, based on joint objectives to engage with the handball community.” – said David Szlezak, EHF Marketing Managing Director.

“As a regional company, we believe that sponsoring sports is an effective tool for reaching communities, as the love of sports is shared by all of us, and with that we can reach masses at such a cross-border, prestigious, international event. Few things carry as many good, supportive messages as sports: incredible effort, fair play, teamwork, and what is at least as important: sport can create unity - these are values that the MOL Group also proudly represents.” – stated Peter Pantl, Group Corporate Communications & Marketing Vice President.

In addition, the MOL group will make its debut at the TruckScout24 EHF FINAL4 2023 event held on June 17-18, before the start of next year's season, so handball fans can see the MOL logo in the Cologne stadium and in front of the TVs.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2500 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

About EHF Marketing GmbH

EHF Marketing GmbH is the marketing arm and subsidiary of the European Handball Federation. The company works closely with marketing and media partners, as well as with Europe’s leading clubs to release the full potential of the sport on the international sports market. The EHF Marketing GmbH is responsible for the exploitation, organisation and promotion of the European club handball competitions including the Machineseeker EHF Champions League, the EHF Champions League Women and the EHF European League.

2023-05-12 MOL GROUP Q1 RESULTS: STRONG EBITDA DRIVEN BY EXCELLENT INTERNAL PERFORMANCE

  • MOL Group delivered Clean CCS EBITDA of USD 714mn in Q1 2023, a strong performance despite normalizing macro conditions and regulatory headwinds
  • Downstream CCS EBITDA increased to USD 299mn in Q1 2023 year-on-year, diminishing petchem contribution was offset by higher refining EBITDA generation
  • Consumer Services EBITDA doubled year-on-year and reached USD 127mn in Q1 2023 due to the improvement of regulatory framework and increasing non-fuel contribution
  • Upstream EBITDA decreased to USD 283mn in Q1 2023 due to decreasing oil and gas prices, the extra royalty in Hungary and the regulated gas price scheme in Croatia, production volumes increased

Budapest, 12May 2023 – Today, MOL Group announced its financial results for Q1 2023. MOL Group delivered USD 714mn Clean CCS EBITDA in Q1 2023, despite regulatory headwinds and decreasing oil and gas prices. The strong performance was due to solid internal performance throughout the divisions: Consumer Services rebounded from last year’s lows, Upstream production volumes rose and refining remained profitable in Downstream. MOL generated over USD 500mnsimplified free cash flow in Q1 2023, almost exactly as in the previous quarter and in the same quarter last year, with all the divisions contributing their fair share.

Chairman-CEO Zsolt Hernádi commented on the results“MOL Group delivered stable 1st quarter results in 2023, as normalizing macro conditions were mostly mitigated by good internal performance of the divisions. Our company reached important milestones in supporting energy sovereignty of the region, Upstream managed to increase domestic production volumes, we shipped our own crude from Azerbaijan to Europe and we continued with investments allowing our landlocked refineries to access crude oil from diverse sources. In addition, Consumer Services emerged from last year’s crisis stronger, and started the operations in Poland.

One year after the beginning of the war in Ukraine, it is clear that the economic consequences are here to stay changing the landscape of the European energy scene. Despite the negative impact of regulatory headwinds, our integrated, resilient business model proved to be successful in this highly challenging environment, allowing us not only to continue with our diversification efforts but to stay on track with our transformational projects, as well.”

  • Downstream Clean CCS EBITDA increased by 18% compared to the same quarter last year and reached USD 299mn. Petchem margin remained under pressure, but refining and marketing performance was able to offset the negative drivers, despite the windfall taxation in Hungary. Motor fuel demand decreased by 14% in Hungary year-on-year during the Q1 period since the price cap boosted consumption in Q1 last year, while demand slightly increased in Slovakia by +3% and Croatia by 1%. A milestone was reached in the crude diversification efforts in March when MOL Group transported Azeri light crude from its co-owned ACG field in Azerbaijan to Slovnaft refinery in Bratislava, further supporting crude sourcing flexibility.
  • Consumer Services EBITDA increased by 97% in Q1 2022 year-on-year, driven by an improvement of the regulatory frameworkand non-fuel margin increased further. Sales volume developed by 16% compared to last year’s same period, supported by around 200mn litres of positive inorganic impact as a result of the Lotos acquisition in Poland. Following the expansion of the Consumer Services portfolio in Poland in late 2022, the MOL brand was launched in the country and service station rebranding is in progress. The number of Fresh Corner sites rose throughout the network to 1,172 in Q1 2023, from 1081 in Q1 2022.
  • Upstream EBITDA decreased to USD 283mn in Q1 2023 as lowering oil and gas prices, the extra royalty levied upon production in Hungary and the regulated gas price scheme in Croatia dented the results. However, the division generated USD 205 mn simplified free cash flow. As a result of our relentless field development efforts production volumes increased in Hungary and in Iraqi Kurdistan. ACG entitlement was also higher due to the higher share in low oil-price environment, bringing total production above 95 mboepd, above the production guidance. The implementation of the shallow gas drilling program continued in Hungary, 3 wells were successfully tested in the Q1 2023, bringing the total shallow gas well count to 19 since the start of the program, 2019. Despite the cost pressure across the value chain, group-level unit OPEX remained below 6 USD/bbl in Q1 2023.
  • Gas Midstream Q1 2023 EBITDA reached USD 79mn, rose by 64% year-on-year, due to the increased cross-border capacity demands in line with higher export volumes. Decreasing gas price and changing transmission flows had positive impact on gas consumption cost.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 24,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South-Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact

@: internationalpress@mol.hu

2023-04-28 MOL’S ANNUAL GENERAL MEETING (AGM) APPROVES A DIVIDEND OF HUF 280 BILLION

  • The Annual General Meeting approved MOL Group’s consolidated financial statement for 2022.
  • The General Meeting decided to pay a dividend of HUF 279,751,665,550 and approved the report of the Board of Directors on the 2022 financial statements
  • The General Meeting elected Zsolt Hernádi for another 5-year term to the Board of Directors, Dr. András Lánczi and Zoltán Áldott to the Supervisory Board. The Supervisory Board elected a new member, Péter Bíró.

BUDAPEST, 27 April 2023 - At MOL Group’s Annual General Meeting, shareholders approved the Board of Directors' report on the 2022 financial results and adopted the consolidated financial statements . The General Meeting decided to pay a dividend of approximately HUF 280 billion, reelected Zsolt Hernádi to the Board of Directors, and Dr. András Lánczi and Zoltán Áldott to the Supervisory Board.

2022 has been a successful year for MOL Group achieving a clean CCS EBITDA of $4.7 billion, up 43 per cent year-on-year. The Downstream segment delivered $2.2 billion, up 50 per cent year-on-year, driven by good refining performance.

Upstream's EBITDA was $2.2 billion, up 69 per cent year-on-year, reflecting MOL's solid international and domestic portfolio in a year of high oil and gas prices.

Consumer Services delivered EBITDA of $320 million, down 47 per cent year-on-year, in spite of the impact of price controls in Central and Eastern Europe. Gas Midstream's EBITDA of $163 million was 20 per cent higher than the previous year, driven by increased demand for domestic and cross-border transportation and continued storage replenishment.

The Annual General Meeting approved the Board of Directors' dividend proposal of approximately HUF 280 billion, an even higher increase compared to last year. The good result and the strong balance sheet enabled the base dividend per share to be increased from HUF 100 last year to around HUF 150, continuing the gradually increasing dividend payment practice of previous years, and the shareholders also approved an extraordinary dividend of around HUF 200.

Speaking at the event, Zsolt Hernádi, Chairman-CEO said: "In the past year we had to adapt to the consequences of the war, the sanction packages, and the extraordinary taxes and price cap regimes introduced in several countries of the region. We had to ensure the energy supply of the region in a way that complied with international regulations. Despite these unprecedented challenges we have fulfilled our most important mission: we managed to secure the region's fuel supply, and, at the same time, preserved our energy sovereignty and competitiveness. In our refinery in Százhalombatta we have successfully continued, and in Slovnaft started the diversification of crude oil processing. Precisely today arrived in Bratislava the first shipment of Azeri Light crude oil from the co-owned ACG field in Azerbaijan. In the meantime, we haven’t stopped implementing our strategic goals. In the meantime, we have advanced with the implementation of our startegic goals. We’ve won the domestic waste concession which will make us responsible for managing 5 million tons of municipal waste in a more sustainable manner. Despite all difficulties we’ve become stronger during the crisis than we’d been before. We have exceeded our targets and closed the year with our best-ever financial results.”

The Annual General Meeting re-elected Zsolt Hernádi to the Board of Directors for a five-year term, and Prof. Dr András Lánczi and Zoltán Áldott were re-elected to the Supervisory Board, also for a 5-year term. The shareholders (following the resignation of Márton Nagy) elected Péter Bíró to the Supervisory Board and the Audit Committee for a 5-year term.

2023-04-24 MOL GROUP IS HIRING 74 TALENTED FRESH GRADUATES TO DELIVER SUSTAINABLE SOLUTIONS FOR THE REGION

  • MOL Growww program has attracted over 2500 fresh graduate candidates from all over Central-Eastern Europe since its launch 18 years ago
  • In 2023, 74 talented fresh graduates will be hired in 7 countries giving them the chance to work on solutions towards advancing the mobility, energy and sustainability of the region

Budapest, 20th April 2023. - 74 Growwwers will be hired in 7 countries giving them the chance to work on solutions towards advancing the mobility, energy and sustainability of the region.

We are again launching one of the most exciting regional graduate programs – MOL Group Growww . The prestigious, one-year long program enables a diverse pool of talent to kickstart their career at one of Central Eastern Europe’s leading, most stable energy companies, while working on solutions that take the region further with advancing mobility, energy and sustainability.

In the Growww program they will be part of a vibrant, dynamic, international team, mentored by seasoned professionals in their respective fields. After the recruitment phase, 74 Growwwers will join the development journey; 44 will work at the MOL headquarters in Budapest, 9 at INA in Zagreb, and 12 at the Slovnaft headquarters in Bratislava.

We, at MOL Group are on a quest to become a key player in the region’s circular economy. We aim to cut carbon emissions and provide safe, green energy for the region. Apart from energy, there are other exciting areas we work in such as sustainable chemicals, mobility, retail and waste management. We are looking for talent who can shape this future together successfully with us and drive the everyday progress in the region . And we believe in investing in the development of people who share our vision.

Lana Faust Krizan, VP of MOL Group HR said : “ This is the 18th year in which we are launching our Growww program. In the past 17 years, 2500 young talents joined MOL Group through Growww, brought with themselves fresh perspectives and made a real difference to the organization. These bright young talents are result-driven and are constantly looking for solutions in their respective fields. They ask themselves every day: how can we make this better?”

Ex-Growwer, now MOL leader – Szabolcs Kozma, Head of MOL Hungary Logistics: “ I remember being part of this program was more like being part of a great journey with an amazing team. Over the 12 months we worked on common projects, had mentors guiding us, learned from the company’s leadership and just had a lot of fun. But, of course, it was also hard work. And it helped me become the leader I am today.”

Potential Growwwers can apply to the open positions in MOL Group at the following site : https://molgroupcareers.info/en/growww-graduate-programme

Contact: pressoffice@mol.hu

2023-04-03 MOL GROUP REACHES HISTORIC WELL-TO-WHEEL AND DIVERSIFICATION MILESTONE BY BRINGING HOME AZERI LIGHT CRUDE OIL FROM OILFIELD CO-OWNED IN AZERBAIJAN

  • MOL Group receives shipment of Azeri Light crude oil from ACG field in Azerbaijan, in which MOL is the third largest shareholder
  • Seavelvet tanker carrying 90,000 tons of crude shipped from the Port of Ceyhan in Turkey to Omisalj in Croatia, from where the crude is transported to Slovnaft Refinery in Slovakia via the Adria Pipeline
  • Shipment of Azeri Light crude from co-owned production field to be processed at own refinery allows MOL Group to realize well-to-wheel integration
  • New crude source allows MOL greater flexibility and resilience amid ban on Russian-origin petroleum product exports

Bratislava, 20 March, 2023 – MOL Group is transporting crude oil produced at its co-owned oilfield, the Azeri–Chirag–Gunashli in Azerbaijan all the way to Slovnaft Refinery in Bratislava. This is a major step for the company’s efforts to increase its crude sourcing flexibility. Also, the arrival of the Seavelvet tanker from the Port of Ceyhan in Turkey to Omisalj in Croatia and then transporting the 90,000 tons of crude oil to Bratislava through the Adria pipeline is a success story for MOL Group: it constitutes well-to-wheel integration of its value chain as it will process and sell petroleum products refined at one of its own refineries using crude oil produced at a field it co-owns. The shipment is transported from the Sangachal oil terminal near Baku to Ceyhan via the BTC pipeline, also co-owned by MOL Group.

acg-olajmezo-azerbajdzsan-tm3l7d40uh.jpg
photo: BP

Test production of petroleum products using the Azeri Light produced at the Azeri–Chirag–Gunashli oil field – of which MOL Group owns 9.57% - will begin in April. This comes after successful testing at Slovnaft Refinery of several types of oils from Middle East and Caspian region. This is another important milestone in MOL Group’s journey toward greater crude sourcing flexibility amid European sanctions prohibiting the export of petroleum products from EU member states.

slovnaft-finomito-pozsony-sbk08zl4cf.jpg

" The arrival of this shipment of Azeri Light crude oil is an extraordinary event for us, as it further demonstrates our flexibility in crude oil sourcing. It also marks a new opportunity for us to cover the entirety of the value chain in our production, from well to wheel, which is always a major accomplishment. MOL Group has a regional security supply mindset, therefore we are especially delighted to contribute to supplying the CEE region with our own crude ", pointed out Gabriel SZABÓ, Executive Vice President of Downstream at MOL Group.

MOL Group is keen to become an ever more important economic link between Azerbaijan and Central and Eastern Europe. In 2020, the company acquired 9.57% stake in the ACG oilfield, one of the flagship fields of the Azerbaijani economy, and 8.9 % in the BTC (Baku-Tbilisi-Ceyhan) pipeline.

azeri-oil-map-eng-a7etxf8jbl.jpg

This shipment marks a milestone as it justifies once again our decision to become a major shareholder in the ACG oilfield in Azerbaijan. The capability to supply our refineries with crude sources from outside Europe gives us additional resilience during a period of rapid change. We have the flexibility to decide whether to sell our share of the oil produced at ACG or to bring it to our core region to contribute to the European energy supply security. Furthermore, it’s a great opportunity to strengthen the cooperation between MOL Group’s key divisions, Upstream and Downstream - said Zsombor MARTON, Executive Vice President of Exploration and Production at MOL Group.

MOL Group is the third largest investor in the ACG project, after BP and SOCAR. This field represents 15% of MOL Group's total production and 25% of total reserves. The BTC pipeline has the potential to play an important role in MOL's supply of oil to MOL Group's refineries in Bratislava, Slovakia as well as Százhalombatta, Hungary.

a-seavelvet-tankerhajo-omisaljban-zrkdwxptf3.jpg
photo: TASR

MOL continues to import Russian Export Blend via the Druzhba pipeline, as it is convinced that the best way to guarantee the security of the fuel supply in the Central and Eastern European region is to keep traditional supply channels intact while exploring and securing alternative ones.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2500 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact: internationalpress@mol.hu, azagonibogsch@mol.hu

2023-02-17 MOL GROUP 2022 RESULTS: STRONG EBITDA DESPITE A TURBULENT YEAR

  • Full-year 2022 clean CCS EBITDA amounted to USD 4,702mn, due to the Upstream and Downstream contribution driven by overall favorable oil macro environment
  • Group-level Q4 2022 Clean CCS EBITDA reached USD 1,074mn, 26% lower than in the previous quarter
  • Upstream Q4 2022 Clean EBITDA rose by 8% to USD 492mn year-on-year and decreased quarter-on-quarter, dented by extra royalty payments in Hungary and regulated gas price scheme in Croatia
  • Downstream Q4 2022 clean CCS EBITDA reached USD 384mn, increased by 9% year-on-year, as diminishing Petchem contribution was offset by higher refining EBITDA generation
  • Consumer Services Q4 2022 EBITDA decreased by 23% year-on year and reached USD 89mn due to the negative effect of fuel price regulations in Central and Eastern Europe

Budapest, 17 February 2023 – Today, MOL Group announced its financial results for Q4 and full year 2022. Despite the unprecedentedly turbulent external environment, MOL Group generated USD 1,074mn in Q4 2022, bringing full-year EBITDA to USD 4,702mn. Upstream and Downstream together provided 95% of this result in half-half proportion, supported by the overall positive oil macro environment. The EBITDA-relevant estimated impact of fuel price regulations and windfall taxes across MOL’s core CEE region amounted to more than USD 1.6bn in 2022.

Chairman-CEO Zsolt Hernádi commented the results:

“Last year was a real test from every possible aspect in our industry, I am proud to say that MOL managed to navigate successfully through the countless challenges and delivered both operationally and financially. The war in Ukraine and its consequences on supply security, the unpredictable macro conditions and regulatory measures have brought unprecedented challenges to MOL’s skilled employees who did great during the constant crisis situation. The robust EBITDA in 2022 – even with the extreme high taxes, price caps and regulatory measures in place – gives the possibility to continue our transformational and development journey laid down in the Shape Tomorrow 2030+ strategy. Accordingly we made inaugural investments in green hydrogen production, and set foot in waste management that is a big step towards our circular economy-related strategic goals.

It is clear to us that 2023 will be no easier, but I believe that MOL’s proven resilience will help us navigate through these uncertain times with confidence.”

Upstream 2022 Q4 Clean EBITDA grew by 8% to USD 492mn year-on-year, bringing full-year Upstream EBITDA to USD 2,212mn, 47% of MOL Group’s full-year result. The excellent delivery was driven by the continuously high oil and the gas prices throughout the year, and by the reliable performance of MOL’s international and domestic portfolio. However, regulated gas price scheme in Croatia and extra royalty in Hungary had significant negative impact on the results, that is visible in the Q4 EBITDA figures. Production volumes surpassed the annual guidance and stood at 92mboepd in 2022. Upstream provided almost 60% of MOL Group’s free cash flow in 2022, bringing in USD 1,837mn. Group-level unit OPEX remained around 5,5 USD/bbl in 2022 despite the significant cost pressure across the value chain, UK divestment impacted the unit lifting costs favourably.

Downstream Q4 2022 clean CCS EBITDA slightly improved year-on year and reached USD 384mn, as refining contribution was able to mitigate that Petchem’s EBITDA turned negative in the quarter and despite the delayed start-up of the Danube refinery following a planned shut-down in November 2022. Motor fuel demand contraction continued in Hungary and Slovakia, both down by 4% in the quarter, while the Hungarian market was also affected by tight supply conditions as a result of the price cap. Annual Clean CCS EBITDA reached USD 2,240mn in 2022 due to the overall good performance of refining. A test run on Arab Light crude was successfully completed in the Slovnaft refinery, where all preparations have been completed to increase the crude intake of non-Russian oil grades in line with the regulations banning Russian-origin oil product exports as of 5th Feb 2023.

Consumer Services EBITDA almost halved in 2022 compared to the 2021 full-year result and reached USD 320mn, due to the fuel price regulations in MOL’s core CEE region. In Q4 2022, EBITDA remained under pressure and reached USD 89mn, 23% lower than in the previous year’s same period, despite the early December phase out of the Hungarian fuel price cap. The increase of sales volume, the expansion of non-fuel margin and the inclusion of Lotos assets in Poland partly mitigated the negative drivers. In Q4 2022, MOL completed the deal covering Consumer Services portfolio expansion by purchasing 417 service stations in Poland. The number of reconstructed sites with Fresh Corners rose to 1,179 in Q4 2022 from 1,130 in Q3 2022.

The Gas Midstream segment reached USD 163mn EBITDA in 2022, 20% higher than in 2021, due to increased cross-border capacity demand, continuous storage filling and higher domestic transmission volumes. EBITDA climbed by 79% on year-on-year basis in Q4 2022 to USD 61mn, despite the challenging external environment throughout the whole year. Domestic transmission volumes declined by 30% in the Q4 2022, in line with decreasing household and industrial gas consumption.

Regulatory measures affected the Group-level results negatively: the EBITDA-relevant estimated impact of fuel price regulations and windfall taxes across MOL’s core CEE region amounted to more than USD 1.6bn in 2022.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact

@: internationalpress@mol.hu

2022-11-04 MOL GROUP Q3 RESULTS: SUPPORTED BY UPSTREAM AND DOWNSTREAM, AFFECTED BY FUEL PRICE REGULATIONS AND WINDFALL TAXES

  • Clean CCS EBITDA resulted in USD 1,449mn in Q3 2022, driven by strong Upstream and Downstream performance and affected by fuel price regulations and windfall taxes
  • Clean CCS EBITDA for the first 3 quarters reached USD 3,627mn, MOL raises annual EBITDA guidance range to USD 4.1bn-4.4bn
  • The estimated impact of fuel price regulation and windfall taxes across the CEE region amounted to approximately USD 1,180mn in the first 3 quarters of 2022
  • Upstream EBITDA almost doubled year-on-year to USD 640mn, driven by external macro conditions
  • Downstream Clean CCS EBITDA came in at USD 741mn in Q3 2022 as diminishing petchem contribution was offset by higher R&M EBITDA generation
  • Consumer Services EBITDA almost halved since last year’s Q3 and reached USD 121mn EBITDA, mainly due to fuel price regulations in several CEE countries

Budapest, 04November 2022 – Today, MOL Group announced its financial results for the third quarter of 2022. Supported by the strong Upstream and Downstream performance, driven by the macroeconomic factors, Clean CCS EBITDA resulted in USD 1,449mn in Q3 2022. This result brought Q1-Q3 2022 EBITDA to USD 3,627mn that allows MOL to further upgrade full year EBITDA guidance range to USD 4.1bn-4.4bn. At the same time, windfall taxes and fuel price regulations across the CEE region hit our operations by approximately USD 1.18bn in Q1-Q3 2022.

Chairman-CEO Zsolt Hernádi commented the results:

„While macro conditions evolved favourably for the oil and gas industry in the first nine month of the year, the uncertain external environment, the looming recession, the state interventions and windfall taxes cast uncertainty over the industry. European sanctions seems to determine the economic future of Europe, the third quarter of 2022 proved to be very tight in terms of energy supply in the Central Eastern European region. So far we managed to maintain stable fuel supplies in several CEE countries, I consider it as our biggest achievement in this quarter thanks to the extraordinary efforts of MOL’s employees. We will need our colleagues’ commitment in the future as well as we need a disciplined financial approach to deliver the upcoming transitional investments to guarantee energy security, to switch from Russian energy sources and not to lose sight of the green transition. We took a major step on our 2030+ roadmap: MOL was awarded with a concession for municipal and communal waste management services covering a period of 35 years in Hungary, allowing us to expand in a new, low-carbon, circular economy business.”

 Upstream EBITDA almost doubled year-on-year to USD 640mn in Q3 2022, year-to-date delivery stood at USD 1.72bn that represents almost half of the Group’s total EBITDA. The main driver of the strong result in Q3 were the macro indicators that were able to offset the negative impact of extra royalties in the last quarter. Oil and gas production volume exceeded 90 mboepd in Q3 2022 while in the first 3 quarters it reached an average of 92.3 mboepd, surpassing the annual 90 mboepd production guidance. Group unit OPEX remained under 5 USD/boe, despite significant cost pressure across the value chain.

Downstream Clean CCS EBITDA increased year-on-year and reached USD 741mn in Q3, but decreased by 14% compared to the previous quarter.  Price regulations and windfall taxation in CEE hit the segment’s profitability  in Q3 2022 and petchem EBITDA decreased by 90% year-on-year, but strong R&M contribution offset the negative drivers. The planned major maintenance of the Százhalombatta refinery was successfully completed in the Q3 period.

Consumer Services Q3 2022 EBITDA decreased by 43% year-on-year, and more than halved if we compare the first 3 quarters with last year’s Q1-Q3 period. Fuel price regulatory measures in several CEE countries affected the results,the segment’s EBITDA decreased by USD 85mn due to fuel price caps in the CEE region. Non-fuel margin improvement and sales volume increase partly mitigated the negative drivers. The number of Fresh Corner sites rose to 1,130 in Q3 2022 from 1,103 in Q2 2022.

Additional information:

The Federal Supreme Court of Switzerland dismissed Croatia’s revision request of the UNCITRAL award, that was originally issued in the arbitration proceeding initiated by Croatia against MOL in 2016. This award rejected Croatia’s corruption allegations and also found that corporate governance of INA d.d. was lawful and MOL complied with all of its contractual obligations.

MSCI Global Sustainability Index recognized MOL’s ESG efforts  with “AA” rating for the fifth year in a row. MOL Group have been staying at the top ~20% among integrated oil & gas company peers, this year the score increased both in case of Environmental (‚E’) and Governance (‚G’) dimensions due to strong carbon mitigation strategies and improved corporate reporting practices. In case of Social (‚S’) dimension rating remained unchanged.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact

@: internationalpress@mol.hu

2022-08-05 STRONG MOL-PERFORMANCE DESPITE UNCERTAIN, UNPREDICTIBLE MARKET- AND REGULATORY ENVIRONMENT

  • Clean CCS EBITDA amounted to USD 1.347bn in Q2 2022 and USD 2.179bn in H1 2022, driven by favourable macro conditions but affected by state interventions
  • Upstream Clean EBITDA doubled to USD 576mn, due to rising oil prices coupling with the impact of the elevated gas price environment in Q2 2022
  • Consumer Services EBITDA collapsed and fell to almost one fourth in Q2 year-on-year, came in at USD 46mn due to the fuel price regulation in some Central and Eastern European countries and the retail tax in Hungary
  • Downstream CCS EBITDA resulted in USD 863mn in Q2 2022 as diminishing Petchem contribution was offset by higher R&M EBITDA generation
  • The estimated impact of fuel price regulation and windfall taxes amounted to approximately USD 640mn, with 90% relating to operations in Hungary in H1 2022
  • Full-year EBITDA guidance upgraded to „aroundUSD 3.3 bn” from „around USD 2.8 bn”.
  • Budapest, 5August 2022 – Today MOL Group announced its financial results for Q2 and H1 2022. In the first six months MOL Group delivered USD 2.179bn EBITDA while in Q2 the EBITDA reached USD 1.347bn, an overall strong result considering the volatile, unpredictable and uncertain external environment. Upstream and Downstream segments were able to mitigate the impact of fuel price regulation in some CEE countries and the windfall taxes in Hungary. The estimated impact these measures amounted to approximately USD 640mn, with 90% relating to operations in Hungary in H1 2022.Strong Q2 EBITDA allows MOL Group to raise its 2022 full year guidance to „around USD 3.3 bn” from „around USD 2.8 bn”.  

Chairman-CEO Zsolt Hernádi commented the results: „The second quarter of 2022 was again a period that brought unprecedented uncertainty for the whole energy industry. Our duty of maintaining security of supply in several Central and Eastern European countries became the number one priority and we were able to deliver it in the last months as well. However, MOL’s businesses suffer from the state interventions across Central and Eastern Europe, putting pressure on our financials and operations. On the other hand, it is reassuring that even in these crisis-hit months we were able to deliver in line with our plans, we are on the right track to achieve our goals and that regulatory measures do not hinder our investment plans. We have several transformational projects on the way pursuing targets laid down in our 2030+ strategy, topped with a round of new investments aiming for supply diversification. In these difficult times, MOL is more focused than ever not to lose sight of these ambitious goals.”

Upstream EBITDA jumped to USD 576mn in Q2 2022 and simplified free cash flow generation rose to USD 504mn, due to the more than 40 USD/barrel uplift of Brent oil price year-on-year and the more than fourfold increase in spot gas prices. Upstream was the biggest free cash-flow contributor to MOL Group’s results in the first half of 2022, delivering 60% of the total number. The oil and gas production volume averaged at 92.4 mboepd, above the annual guidance but declined by almost 6% compared to the same period last year, mainly due to the natural production decline and the lower ACG net entitlement production affected by the higher oil prices.

Consumer Services EBITDA collapsed in Q2 2022, decreased by 72% year-on-year to USD 46mn, due to the price cap regulations in Hungary, Croatia, Serbia, Slovenia and Bosnia and Herzegovina. In Hungary, one-off and recurring retail taxes also contributed to the negative performance. Regulated pricing boosted consumption artificially, sales volumes in most of MOL’s Central and Eastern European markets continued to rise, it represented a 16% year-on-year increase in Q2 2022. Transaction numbers increased by 9% year-on-year, strong customer presence helped non-fuel margin-generation that partly mitigated the negative drivers. The number of Fresh Corner sites rose to 1,103 in Q2 from 1,081 in the previous quarter.

Downstream Q2 2022 Clean CCS EBITDA reached USD 863mn, driven by positive and negative effects: in this period, diminishing petrochemicals contribution was offset by high refining EBITDA generation. Petrochemicals sales decreased significantly as a result of planned maintenance in Q2 2022, and this segment’s margins were also significantly lower than last year’s numbers. Newly introduced, refining-related windfall tax in Hungary affected Downstream’s performance and it will affect it even more in the next quarters.

Gas Midstream Q2EBITDA fell by 33% compared to the same period last year to USD 15mn, due to four times higher gas consumption cost and the weakening HUF against the USD. While transmission volumes to gas storages increased by almost 25%, both domestic transmission volumes and total export transmission volumes declined significantly in Q2 year-on-year, in consequence of the regional and EU gas market uncertainty.

Innovative Businesses and Services segment reached a milestone as MOL won the Hungarian state concession tender covering total municipal waste management services for a period of 35 years, with a commencement date of 1 July, 2023. This opportunity allows MOL to further widen its value chain, provides access to new waste-to-energy generation capacities and is in line with MOL’s 2030+ strategy, „Shape Tomorrow” regarding its commitment to invest into circular economy.

Additional information: The Washington-based ICSID court of arbitration delivered its verdict in the case between Croatia and MOL, the court unanimously rejected Croatia’s objection that the agreements concluded in 2009 are a results of criminal conduct and delivered a ruling that Croatia caused substantial losses to INA, therefore MOL was awarded a total of USD 236mn in damages.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals, and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 24,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemical plants under integrated supply chain-management in Hungary, Slovakia, and Croatia, and owns a network of almost 2,000 service stations across 9 countries in Central and Southeast Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are producing assets in 8 countries and exploration activities in 6 countries. MOL is committed to transforming its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050, while shaping the low-carbon circular economy in Central and Eastern Europe.

Press contact

@: internationalpress@mol.hu

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