Pressemitteilungen

• 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.

• 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

• 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.

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.

" 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.

“ 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.

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

• 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

• 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