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2021-03-24 MOL GROUP ACQUIRES RETAIL ASSETS IN SLOVAKIA AND HUNGARY, IN LINE WITH ITS UPDATED LONG-TERM STRATEGY

  • MOL started to deliver on its recently updated 2030+ Strategy in Consumer Services
  • Slovnaft, member of MOL Group acquires 16 service stations in Slovakia, currently operated under Lukoil brand
  • MOL to buy the company operating Marché restaurants in Hungary

Budapest, 24 March2021 – MOL Group announces the acquisition of 100% of Normbenz Slovakia s.r.o. by Slovnaft that includes 16 service stations in Slovakia operated under the Lukoil brand. MOL has also concluded a deal with Marché International AG to buy the company that operates 9 restaurants in Hungary under the Marché brand.

The agreements fit the Group’s “SHAPE TOMORROW” 2030+ updated long-term strategy, which lays special emphasis on the development of Consumer Services.

“Further develop the food and convenience offers and network expansion is both part of our updated strategy and serves our aim to become regional leader in fuel and convenience retailing. In order to reach that, we seek new opportunities with a new determination . Welcoming the 16 new service stations in Slovakia gives us the opportunity to expand our presence in the country and to introduce our existing Fresh Corner concept throughout the new Slovnaft stations. The acquisition of the company operating Marché restaurants in Hungary creates new perspectives for MOL as well, as it can take its gastro offer to a whole new level and reach a wider audience with its retail services.” - said Péter Ratatics, Executive Vice President for Consumer Services of MOL Group.

"We are expanding Slovnaft's retail network in Slovakia to get closer to our customers. The acquired filling stations will be rebranded and they will provide people on the roads with the high standard of products and services they expect from our network," said Timea Reicher, Retail Director of Slovnaft, a.s."

The acquisition of 100% of Normbenz Slovakia s.r.o. includes 16 Lukoil branded fuel retail stations in Slovakia with a countrywide coverage. The stations provide good complement for Slovnaft’s network in the country, which currently consists of 254 service stations. The network will continue to operate under the Slovnaft brand. Slovnaft’s intention is to introduce the Fresh Corner concept after the takeover, with premium gastro products and other services that are already offered in the Slovnaft network. The transaction is subject to competition clearance by the Antimonopoly Office of the Slovak Republic (“AMO”).

Seven of the acquired nine restaurants of Marché International have been integral parts of the MOL service stations for over 10 years. With their freshness and à la minute preparation concept, the restaurants and their employees provide premium quality on the European market. Over the years MOL has gained regional experience and expertise, and as a result the company can now operate the restaurants as part of its own business, with the intention to include them into the Fresh Corner concept. The acquisition is subject to the approval of the Hungarian Competition Authority (“GVH”).

The Fresh Corner concept was launched in 2015, and as a result, customers on the road can enjoy quality coffee, hot dogs, fresh sandwiches and pastries at the service stations in addition to filling up their car. The chain now has 955 outlets and the concept greatly contributed to the record result of the Consumer Services segment in 2020 – increasing the EBITDA of the Group by USD 510 million.

About SLOVNAFT Group

SLOVNAFT Group is an integrated refining and petrochemical company based in Bratislava, Slovakia. The group’s key company is SLOVNAFT, a.s., operating one of the most complex refineries in Europe and processing up to 6 million tons of crude oil annually. More than half of Slovnaft´s production is being exported to Central and Western Europe´s markets. Slovnaft operates the largest network of 254 service stations in Slovakia. Modern Fresh Corner stores, which serve all customer’s needs on roads are part of 232 service stations. The company is among the leaders in CSR and corporate philanthropy in Slovakia, significantly supporting sports, culture, education, youth and ecology projects. Forbes Magazine ranked the Slovnaft brand among the most valuable Slovak brands. SLOVNAFT Group is a member of international MOL Group.

About MOL Group

MOL Group is an integrated, international oil and gas 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 in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. 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 10 countries in Central & South Eastern Europe.

Press contact: @internationalpress@mol.hu

2021-03-17 STRATEGY IN ACTION: MOL GROUP STARTS INNOVATIVE BIOFUEL PRODUCTION AT DANUBE REFINERY

  • MOL started biofuel production at its Danube Refinery, delivering on its recently updated strategy “SHAPE TOMORROW” MOL Group 2030+ Strategy

  • Bio feedstock, like vegetable oils, used cooking oils and animal fats is co-processed with fossil components during fuel production to create more sustainable diesel

  • MOL aims to gradually increase the share of waste and residue raw materials in the process, in line with its updated strategy

  • MOL will spend USD 1bn in the next five years on new, low-carbon and sustainable businesses to become a key player in the Central and Eastern European circular economy

16 March, Budapest. – Following several years of research and development MOL has stepped up the value chain and has become a biofuel producer, through the realization of an investment in the Danube Refinery. Bio feedstock will be co-processed together with fossil materials increasing the renewable share of fuels and reducing up to 200,000 tons /year CO2 emission without negatively affecting fuel quality.

MOL Group has been a biofuel user by purchasing more than 500.000 tons of biofuels (bioethanol and biodiesel) for blending. With this investment, we have started to produce sustainable diesel for the first time within MOL Group and we became biofuel producers. The benefits are numerous, as we produce more sustainable fuel, we will also help the circular economy by recycling waste. In line with our recently updated strategy, “SHAPE TOMORROW” we are planning to produce 100.000+ tons of biofuel by 2030” – said Gabriel Szabó, Executive Vice President of MOL Group Downstream.

During co-processing at the Danube Refinery, bio-feedstock is processed together with the fossil material in the production of diesel fuel. Vegetable oils, used cooking oils and animal fats can also be used for this purpose. As a result, the produced gasoil is partly renewable, without any quality changes compared to diesel produced entirely from crude-oil. The main advantage of this innovative method is that the resultant biodiesel can be still blended with a maximum 7 percent of bio-feedstock based fuel, in line with diesel standards, allowing the bio-share of the gasoil to be higher.

One of the main goals of the European Union, and MOL Group, is to achieve net-zero CO2 emissions by 2050. The renewable share obligations of transportation fuel are continuously increasing, accordingly the biocomponent content expectations have also increased across MOL Group's fuel markets, which have so far been met mainly by blending bioethanol and biodiesel.

MOL started co-processing as an R&D project in 2012 based on the research results of Pannon University. Types and quality requirements of processable raw materials were determined and the investment was launched in 2018. This included the necessary infrastructure development for storing and processing the new bio-materials. The trial operation of the new process started in March 2020 and has been operating regularly since May.

The bio-component produced using this process has significantly higher CO2 saving potential than other type of biofuels produced from the same feedstock. This project means that up to 200,000 tons of annual CO2 emission will be cut, equivalent to a city of 200.000 inhabitants entirely switching to solar energy for heating. The target is to further expand the type of waste that can be used as feedstocks in the processing to achieve even better CO2 savings from the product.

One of the cornerstones of the MOL Group 2030+ Strategy is to play a key role in shaping the low-carbon circular economy with investments in new businesses such as waste integration and utilization, recycling, carbon capture, utilization and storage (CCUS), advanced biofuels and potentially hydrogen-related opportunities.

In the next five years, MOL will spend USD 1bn on new, low-carbon and sustainable projects to become a key player in CEE in the circular economy and to get closer to its net-zero CO2 emitter goal by 2050. MOL aims to transform its Downstream segment into a highly efficient, sustainable, chemicals-focused leading industry player. 

2021-02-24 MOL GROUP TO LAUNCH UPDATED, INTEGRATED LONG-TERM STRATEGY

  • MOL builds on the changes of the external environment and updates its 2030 strategy, integrates it with sustainability goals.
  • MOL keeps key initiative as they proved to be progressive and successful, but now accelerate business transformation 
  • MOL will transform its traditional businesses for the low-carbon future by making them even more efficient and focused. Downstream will become a highly efficient, sustainable, chemical focused leading downstream player, Consumer Services will become a best in class digitally driven consumer goods retailer, and Upstream will also be a more efficient and sustainable, value-generating strategy pillar. 
  • Updated strategy, “SHAPE TOMORROW” MOL Group 2030+ focuses on CO2 reduction, efficiency and the circular economy 
  • MOL speeding up its transformation to become a net-zero CO2 emitter by 2050  
  • By 2030, every second USD will be spent on sustainable projects, while 100% of spending will be green by 2050 
  • MOL will spend USD 1bn in the next five years on new, low-carbon and sustainable businesses to become a key player in Central and Eastern Europe circular economy: waste integration and utilization, carbon capture, utilization and storage, advanced biofuel production and hydrogen-related opportunities  

Budapest, 24 February 2021 - The Board of Directors reviewed and approved “MOL Group 2030+”, an update of the company’s long-term strategy – which was originally announced in October 2016 – fully integrated with a new sustainability strategy and complemented with a longer-term vision and ambitions beyond 2030. 

”The MOL 2030 long-term strategy has so far proved to be progressive, credible and directionally correct. Accordingly, MOL has taken important strategic steps in the right direction over the past five years.  However, we have observed an unprecedented pace of changes around us recently, including rapid progress in the green energy transition. Our updated strategy seeks to accelerate our transition process to enhance MOL’s resilience and our ability to shape a sustainable future. We will sharpen our focus, increase our efficiency further, while seeking new opportunities with a new determination. One thing has not changed since 2016: we remain deeply committed to the transformation of our traditional fossil-fuel-based operations into a low-carbon, sustainable business model.” (Zsolt Hernádi, Chairman-CEO)

Strategic transformation directions in existing businesses confirmed. With an unchanged vision of the structural, long-term decline in fossil motor fuel demand in Europe and in CEE, MOL will continue and accelerate its fuel-to-chemicals transformation in Downstream growing to become a leading sustainable chemicals company in CEE. MOL has unchanged ambitions in Consumer Services to become a market-leading, best in class digitally driven consumer goods retailer and complex mobility service provider in the region.

One of MOL’s core strengths lies in its resilient, uniquely balanced, integrated business model. In order to preserve this resilience and to be able to shape our future, we will have to continually adjust our business portfolio to meet the challenges of a future carbon-constrained economy.” (Zsolt Hernádi, Chairman-CEO)

Downstream: transforming into a highly efficient, sustainable, chemicals-focused leading industry player. MOL Downstream will retain its top-tier cash generation position in European refining and targets USD 1.2bn+ EBITDA by 2025, supported by an additional USD 150mn of efficiency improvement. The fuel-to-chemicals transformation will continue at full speed to reduce motor fuel yield in the refining system and to convert 1.8mn tons to petrochemical feedstock by 2030. This will be achieved through two investment cycles using highly efficient technologies and targeted start-up dates in 2027 and 2030, respectively. At the same time, MOL will increasingly integrate circular technologies into its core businesses, using bio- and waste-based streams in production, scaling up recycling and utilizing CCS opportunities with a clear focus on materially reducing the segment’s CO2 footprint. The total Downstream transformation capex may reach USD 4.5bn in the next ten years.

Consumer Services: becoming a best in class digitally driven consumer goods retailer and an integrated, complex mobility service provider by 2030 with significantly higher revenues and free cash flow. Consumer Services will materially increase its contribution to the group by reaching over USD 700mn annual EBITDA by 2025 and a cumulative simplified free cash flow of over USD 2bn in 2021-25. The segment will invest in the further development of food and convenience offerings and will continue the standardization and digitalization processes within the network. Our focus will then increasingly shift towards sales channel diversification, expanding the alternative fuels portfolio and complex mobility platforms and services.

Upstream (E&P): focus on cash generation, managed decline in CEE, approach international E&P opportunistically and invest in CCUS. Existing resources will continue to be managed to maximize cash generation and value creation with around USD 1.8bn simplified free cash flow in 2021-25 at USD 50/bbl oil prices (and assuming no inorganic reserve replacement). This requires the cost-conscious and efficient management of the CEE production decline and an active, but opportunistic approach to international E&P without setting any volumetric targets. MOL aims to utilize its expertise in the Pannonian basin geology to become a key player in carbon capture, utilization and storage (CCUS) in CEE by 2030, which will also support it becoming carbon-neutral (Scope 1 and 2).

Sustainability and profitability are not mutually exclusive concepts; they have to go together. You cannot be sustainable without generating revenues, nor can you be profitable without focusing on how those revenues are generated; they go hand in hand. This has been evident for some time and will increasingly be clear to everyone in the future. We all want to live in a better, safer and cleaner world; and for a better and more sustainable world we need to shift to a low-carbon, circular economic model.” (Zsolt Hernádi, Chairman-CEO)

Investing in new businesses to shape a low-carbon circular economy. MOL wants to significantly increase its EU Taxonomy-aligned climate-friendly investments to exceed 50% of total capex by 2030 and to approach 100% by 2050, or earlier. MOL also wants to play a key role in shaping the low-carbon circular economy with investments in new businesses such as waste integration and utilization, recycling, carbon capture, utilization and storage (CCUS), advanced biofuels and potentially hydrogen-related opportunities. In the next five years, MOL will spend USD 1bn on new, low-carbon and sustainable projects to become a key player in CEE in the circular economy.

Significant carbon reduction targets by 2030, fully aligned 2050 ambitions with the EU Green Deal. In line with the Paris Agreement and the need for globally coordinated efforts to limit global warming and climate change, it is also the role of MOL to contribute to the decline in carbon emissions from its value chain and operated assets. Accordingly, MOL will reduce group-level emissions by 30% by 2030, make both E&P and Consumer Services carbon-neutral (in terms of Scope 1 and 2 emissions) by 2030, while Downstream emissions (Scope 1 and 2) will be reduced by 20% by 2030 (from a 2019 base) for existing operations. MOL also shares the EU’s ambition to be climate-neutral by 2050 in terms of all (Scope 1, 2 and 3) carbon emissions and wishes to actively participate in the industrial revolution required to make Europe carbon-neutral, both on its own and in partnering with others.

”The key element for the success of a large company, like MOL, is to maintain its ability to attract, develop and retain talent. Our talented people are by far our most valuable assets, and they are also the core assets of any successful economy. Managing a complex transformation as the one MOL has embarked upon requires not only a diverse and inclusive workforce. It also needs strong collaboration with our local communities, partners, regulators, ensuring the involvement of practically every layer of the society so that we can accomplish the mission of the green energy transition.” (Zsolt Hernádi, Chairman-CEO)

A comprehensive sustainability framework sets targets along all four pillars: People and Communities; Health and Safety; Integrity and Transparency; Climate and Environment. MOL sees Diversity and Inclusion as one of its key values and strategy enablers with targets to increase female participation at all levels, reaching 30% in managerial positions and focusing on broader employee wellbeing and health. Our sustainable employee engagement score will stay above 75; community engagement will intensify so that we become a trusted partner; Total Recordable Incident Rate (TRIR) will fall below 1.0 by 2025. We will instigate a new responsible procurement strategy across the group by the end of 2022; awareness of ethics and human rights will be further promoted among employees and management; and negative environmental impact (beyond CO2) will be further reduced.

“Any transformation is an inherently complex, lengthy and often painful exercise. I am convinced, however, that our refreshed long-term strategy will keep us on the right track to develop into a key player of the low-carbon circular economy, offering exciting opportunities to our employees, continuously enhancing customer experience, working constructively with our partners whilst ensuring a stable, predictable income to our investors along the entire transformation journey.” (Zsolt Hernádi, Chairman-CEO)

Financial Framework 2021-25: fully funded transition and stable, predictable shareholders remuneration, strong balance sheet. Even with conservative mid-term base macro assumptions MOL will generate sufficient operating cash flows in 2021-25 – with EBITDA rising from USD 2.3bn in 2021 to USD 2.6bn in 2025 – to cover “sustain” capex, at least USD 3.5bn strategic capex, including USD 1bn new, low-carbon, circular economy investments, and stable base dividends. Keeping a strong financial profile through a robust balance sheet and ample financial headroom remains a priority. This flexibility may be used to fund new business opportunities, including cash-generative M&A in any business lines.

About MOL Group 

MOL Group is an integrated, international oil and gas 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 in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. 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 10 countries in Central & South Eastern Europe.

Press contact: @internationalpress@mol.hu 

2021-02-19 MOL GROUP 2020 RESULTS: SOLID PERFORMANCE IN A VERY CHALLENGING YEAR

  • Full-year 2020 EBITDA reached USD 2.05bn, above the latest, post-COVID guidance (of around USD 1.9bn), but decreased by 16% compared to last year, affected by the pandemic and economic crisis
  • Clean CCS EBITDA came in at USD 464mn in Q4 2020, 23% lower year-on-year reflecting the weaker oil macro
  • Upstream production volume increased by 8% in 2020 to 120 mboepd thanks to the contribution of ACG, yet EBITDA decreased by 34% year-on year due to the extremely weak external price environment
  • Downstream Clean CCS EBITDA decreased in Q4 to USD 133mn, hit by depressed refinery margins and the usual Q4 seasonality. Full-year result was 15% lower than a year ago.
  • Consumer Services EBITDA rose by 23% in Q4 2020 to USD 128mn, the segment generated an all-time high USD 510mn EBITDA in full year 2020, 8% higher than in 2019
  • 2021 EBITDA guidance at around USD 2.3bn as some macro recovery expected

Budapest, 19 February 2021 – Today, MOL Group announced its financial results for 2020. Despite the much challenging pandemic and economic crisis, MOL Group generated USD 464mn Clean CCS EBITDA in Q4, bringing full-year Clean CCS EBITDA to USD 2.05bn, above the updated guidance. In a year of disruption, volatility and uncertainty, all segments generated positive simplified free cash flow that resulted in USD 636mn in 2020, higher than a year ago. Organic capex was at USD 1.41bn in 2020, in line with the guidance (up to USD 1.5bn). MOL expects 2021 EBITDA at around USD 2.3bn as macro likely recovers.

Chairman-CEO Zsolt Hernádi commented the results:

We delivered over USD 2bn EBITDA in 2020, and while earnings were lower compared to 2019, our fast and timely reaction to the crisis allowed us to generate even stronger free cash flow than our pre-Covid guidance. This was only possible with each and every business line having cash positive operations even in a year of major disruption.

2020 was an unprecedented year with never seen challenges. I am very proud of all our colleagues, as our operations were running uninterrupted even amidst the biggest crisis, we continued to be a reliable partner of all our customers and partners and we were able to continue all our strategic investments, although unfortunately they slowed down a bit due to the mobility restrictions. Even under major stress we are not losing sight of our vision and we will be doubling our efforts in 2021 to progress with our business transformation.

We expect 2021 to be a year with some normalization and recovery, which is also behind our rising EBITDA guidance of USD 2.3bn. Our capital investments also need to catch up, so our organic capex shall be at around USD 1.7-1.9bn, once again implying a fully funded business with positive free cash flow.”

Upstream EBITDA declined in Q4 to USD 181mn, affected by technical adjustments related to ACG, MOL’s new asset in Azerbaijan. The quarter brought the segment’s full-year EBITDA to USD 689mn that is 34% lower than a year ago, as sharply lower oil and gas prices were only partly offset by the contribution of ACG that helped full-year production volumes to rise by 8% compared to last year. Proved and probable reserves increased to 364 mboepd by the end of 2020 (from 270 mboepd end-2019), reflecting the ACG contribution and net upward reserve revision in the portfolio, implying 312% reserve replacement.

Downstream full year 2020 Clean CCS EBITDA dropped by 15% to USD 740mn, reflecting the weak macro environment, while Q4 result came in at USD 133mn, hit by depressed refinery margins and the usual Q4 seasonality. Refined products sales volumes dropped by 14% compared to last year’s Q4 result, affected by the second wave of the pandemic. The polyol project exceeded 75% overall completion at the end of Q4. Due to the pandemic, MOL together with the engineering, procurement and construction contractor estimates that the project completion will be shifting to the second half of 2022 (originally in H2 2021) and as a result of the delay the total capital expenditure may increase to around EUR 1.3bn (originally EUR 1.2bn).

Consumer Services EBITDA growth accelerated in Q4 to +23% and EBITDA rose to USD 128mn compared to last year, mostly driven by higher fuel contribution and lower operating expenses. The segment generated an all-time high USD 510mn EBITDA in full-year 2020 that is 8% higher than the result in 2019.  Simplified free cash flow more than doubled in Q4 and jumped by 28% in 2020 year-on year to USD 381mn. The non-fuel concept rollout continued despite the pandemic: the number of reconstructed sites with Fresh Corners rose to 955 from 877 at the end of 2019.

The Gas Midstream segment reached USD 201mn EBITDA in 2020, 8% higher than a year ago. In Q4, EBITDA fell by 41% year-on year to USD 42mn, as a result of materially lower cross-border capacity bookings and hence lower regulated revenues, decreasing transit revenues and higher operating expenses.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. MOL Group operates four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of almost 2,000 service stations across 10 countries in Central & South Eastern Europe.

Press contact

@: internationalpress@mol.hu

2020-11-06 MOL Group 3rd quarter EBITDA bounced back despite the crisis, challenges ahead

  • Clean CCS EBITDA strongly rebounded from the Q2 lows and came in at USD 610mn in Q3 2020, only 12% lower than last year.
  • All segments continued to generate positive simplified free cash-flow in both Q3 and the year to date, despite the pandemic and economic crises.
  • Upstream EBITDA improved in Q3 compared to Q2, but decreased by 10% year-on-year at USD 212mn, due to depressed oil and gas prices, ACG contribution partly offset the negative effects.
  • Downstream Clean CCS EBITDA recovered from the Q2 lows to USD 202mn, but it was 26% under last year’s results, due to the very poor refinery margins.
  • Consumer Services returned to double-digit EBITDA growth in Q3, as EBITDA grew by 14% year-on-year to USD 183mn. This segment became the strongest free cash flow contributor of the Group in the first three quarters of 2020.
  • As the progression of the pandemic increases in severity within the core region, mobility restrictions and lockdowns are clouding the outlook.

Budapest, 06 November 2020 – Today, MOL Group announced its financial results for the third quarter of 2020. During the pandemic and economic crises, Clean CCS EBITDA strongly rebounded from the Q2 lows and came in at USD 610mn in Q3 2020, only 12% lower than in the same period last year. This result brought Q1-Q3 2020 EBITDA to USD 1.59bn, 14% lower year-on-year, implying full year 2020 EBITDA likely to be at the higher end of the guidance range,  around USD 1.9bn. Simplified free cash flow jumped in Q3 to USD 306mn on continued capex discipline, bringing year to date simplified free cash flow to USD 662mn, 42% higher than in the first three quarters of last year. Organic capital expenditure was down by 33% in the first three quarters, reflecting strong capex control as well as some COVID-19-related slowdown.

Chairman-CEO Zsolt Hernádi commented the results: “Earnings strongly rebounded in the third quarter from the Q2 lows, which will in all probability allow us to deliver full - year 2020 EBITDA at the higher end of our guidance range, around USD 1.9 bn. All business segments generated positive free cash flow so far this year despite the pandemic, clear evidence of the robustness and resilience of our operations. Consumer services stood out with new all-time high quarterly EBITDA in Q3, but other segments also did relatively well, despite depressed commodity prices and margins: Upstream benefited from the ACG acquisition, while Downstream improved on the back of outstanding asset availability and higher refinery throughput. Yet, we have to remain vigilant, as the pandemic is not yet over, and the coming months may well put all of us to the test again.”

Upstream production increased by 8% compared to the previous quarter to 126.9 thousand barrels/day and it was 18% higher than a year ago in the same quarter. The volumes were boosted by higher net entitlement allocation and a full quarter contribution of ACG. MOL’s net entitlement production in the Azeri asset was 29.8 thousand barrels/day in Q3 2020. Oil and gas prices recovered in Q3 but are still well below the year-ago level. Q1-Q3 Upstream EBITDA was clearly driven by the huge negative price impact on the back of the significantly lower oil (Brent fell 37% year-on-year to USD 41/bbl) and realized gas prices (-34% year-on-year).

Downstream segment Clean CCS EBITDA strongly rebounded and nearly doubled from the Q2 lows but remained 26% weaker than in 2019 due to depressed refinery margins and slightly weaker petchem margins. The polyol project exceeded 70% overall completion at the end of Q3, although progress is somewhat behind schedule as a result of the pandemic situation. Pandemic protocols have been introduced to mitigate the risk of infection within the construction community and to safeguard business continuity. In Q3, a new 20kt rubber bitumen plant, for recycling tire waste, has been completed in Hungary.

Consumer Services reached new all-time high quarterly result at USD 183mn, up by 14% year-on-year, supported by strong fuel performance. Lower OPEX also helped EBITDA due to the network-wide saving actions. Simplified free cash flow grew by 27% in Q3 year-on-year and by 14% in the first three quarter of 2020 to over USD 300 mn; this amount is already exceeding the full-year 2019 level. MOL’s flagship Fresh Corner branded non-fuel concept rollout continues across the network, the number of reconstructed sites with Fresh Corners rose to 910 in Q3 from 895 at the end of Q2 2020.

The Gas Midstream segment EBITDA grew by 59% year-on-year in Q3 2020 to USD 43mn, as increasing demand for cross-border capacity resulted in higher regulated revenues, while operating expenses were lower. Higher capacity bookings and lower OPEX boosted EBITDA in Q1-Q3, resulting in 37% higher performance than in the same period last year.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 1940 service stations across 10 countries in Central & South Eastern Europe.

Press contact

@: internationalpress@mol.hu

Dóra Simonson

2020-08-07 MOL Group Q2 result was hit hard by the crisis, but free cash flow remained positive

  • Clean CCS EBITDA declined by 44% in Q2 2020 to USD 353mn, bringing H1 Clean CCS EBITDA to USD 975mn, 15% lower than last year’s result
  • Upstream EBITDA declined to USD 112mn in Q2, affected by the collapsing oil and gas prices, despite increased production volumes
  • Downstream Clean CCS EBITDA also fell materially to USD 110mn in Q2, as refinery margins turned negative from mid-May
  • Consumer Services EBITDA managed to remain around flat in local currency terms, -6% in USD-terms at USD 111mn in Q2
  • New 2020 EBITDA guidance of USD 1.7-1.9bn was established
  • All segments generated positive simplified free cash-flow in H1 2020.

Budapest, 7 August 2020 – Today MOL Group announced its financial results for H1 and Q2 2020. In the first six months MOL Group delivered USD 975mn EBITDA while Q2 EBITDA significantly declined compared to last year, due to the pandemic and economic crisis. The 2020 capex guidance of up to USD 1.5bn was confirmed, implying sustained simplified free cash-flow generation in 2020. Despite the challenges, simplified FCF remained positive in Q2 and was almost unchanged in the first six months year-on-year at USD 356mn, as sustain capex was cut back as a reaction to the pandemic and the subsequent economic crisis. A new 2020 EBITDA guidance of USD 1.7-1.9bn was established, reflecting challenging trading conditions likely prevailing in H2

Chairman-CEO Zsolt Hernádi commented the results: “MOL faced unprecedented challenges in the second quarter of 2020, from significant health and safety risks stemming from the pandemic to major operational issues in running our plants during the lockdown, whilst making sure we preserved our financial strength. While the virus has not been defeated yet, I am proud to say that we have so far successfully tackled these challenges. The bulk majority of our employees are safe and in good health, we ensured a reliable supply to our customers in all of our markets, even at the very depth of the crisis, and we managed to generate a small positive simplified FCF in the quarter. This is a testament to the quality of the people and the agility of our business model in MOL. And this also gives me confidence that we will continue to successfully navigate through even the most difficult periods and emerge as a stronger entity.”

Upstream EBITDA declined to USD 112mn in Q2 and USD 297mn in H1, affected by the collapsing oil and gas prices. Production increased by 6% quarter-on-quarter to 117 thousand boepd, as the contribution of ACG more than offset lower volumes in the UK and Pakistan; average daily hydrocarbon production reached 130 thousand barrels of oil equivalent per day in July. In Q2 2020, MOL as an operator, made a gas and condensate discovery in the TAL Block, Pakistan, where the Mamikhel South-1 exploratory well flowed gas and condensate at a rate of 6,516 boepd upon testing.

Downstream Clean CCS EBITDA declined materially to USD 110mn in Q2, as refinery margins turned negative from mid-May. A very strong Q1 was followed by major operational challenges in Q2 with unprecedented price and margin movements. H1 result looks better, Clean CCS EBITDA amounted to USD 405mn, 0.5 % higher year-on-year. Petchem contribution remained resilient, as both margins and volumes held up reasonably well during the pandemic. The polyol project reached 65% overall completion at the end of Q2. All major prefabricated equipment reached the site and the transportation of all oversize equipment via river/sea have been completed.

Consumer Services were resilient to the crisis, EBITDA remained around flat in local currency terms (-6% in USD-terms at USD 111mn in Q2), despite the total sales volumes declined by nearly 22% year-on-year in Q2 as a result of the region-wide lockdown during the COVID-19 pandemic. Cost savings almost fully compensated the pandemic-related fallout of fuel and non-fuel margins. After the April bottom, fuel consumption was gradually recovering within the quarter and grocery sales even increased compared to the same period last year. The first six months EBITDA resulted in USD 199mn, just couple of percent less than a year ago.

The Gas Midstream segment’s EBITDA almost doubled year-on-year in Q2 to USD 45mn, and reached USD 116mn in the first half-year, due to higher capacity bookings and lower operational expenditure.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 9 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 1,933 service stations across 10 countries in Central & South Eastern Europe.

Press contact:

@: internationalpress@mol.hu

2020-05-07 MOL Group reported USD 152mn net loss in Q1

  • USD 152mn net loss reported for Q1 on the back of large foreign exchange losses and inventory losses caused by weaker HUF and the plunging oil prices
  • Underlying operations were running strong until mid-March, when the pandemic-related lockdown started to seriously affect all business lines
  • Upstream EBITDA declined by 35% to USD 185mn in Q1 reflecting much lower oil and gas prices
  • Downstream Clean CCS EBITDA rose to USD 295mn in Q1 from a low base, supported by doubling refinery margins
  • Consumer Services EBITDA remained flat at USD 88mn in Q1, as lockdowns in March wiped out earlier growth
  • April brought much increased challenges and difficulties in all segments, showing the real and full-blown effects of the pandemic and economic crisis

Budapest, 07 May 2020 – Today, MOL Group announced its financial results for Q1 2020. Large inventory and foregin exchange losses resulted in MOL reporting a USD 152mn net loss for Q1, the first sign of the pandemic-related crisis. Underlying operations were running strong until mid-March, as reflected by the USD 622mn Clean CCS EBITDA, however, the pandemic had already started to severely affect all business lines in the last 2-3 weeks of March and the situation further deteriorated in April. Due to the unpredictable external environment, 2020 EBITDA guidance was withdrawn and organic capital expenditure guidance was cut by more than 25%.

Chairman-CEO Zsolt Hernádi commented on the results: “Covid-19 shapes and rules the world and the energy industry. The pandemic situation and economic crisis that follows will cast a long shadow on our overall performance in 2020. Individuals as well as companies entered a period of uncertainty we have probably never even imagined before. While we are fighting the pandemic and doing our best to protect our people, our customers and partners, we are also working hard to make sure MOL can continue to operate even under extreme scenarios and can eventually emerge even stronger from this crisis. Our dedicated people, high quality assets, strong balance sheet and our resilient, integrated business model shall help us navigating through these unchartered waters. We have already made a series of difficult decisions that will help us to achieve cash neutrality, to maintain our liquidity and financial flexibility and to grab opportunities which may arise on the way towards normalization.”  

  • Upstream Q1: Due to the extremely low oil prices from the beginning of March, Upstream EBITDA decreased to USD 185mn in Q1. Oil & gas production volumes were 110.6 mboepd, 4% lower than a year ago, due to the natural decline in CEE. In Q1, MOL, as an operator, made an oil and gas discovery offshore Norway with a preliminary estimate of recoverable resources between 12-71 million barrels.

April update: MOL successfully closed the acquisition of Chevron’s non-operated interests in Azerbaijan, purchased 9.57% stake in the ACG oil field and an 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline. The newly implemented opex and capex measures swiftly brought down portfolio level cash break-even to around USD25/barrel oil price. In Pakistan, TAL block is currently producing at around 50% of capacity given the refinery shutdowns caused by the demand drop during the COVID-19 crisis. Brent Dated oil price averaged at around USD 18,5/bbl in April, less than half of the Q1 level, and natural gas prices fell further, implying materially weaker outlook for Q2.

  • Downstream Q1: Clean CCS EBITDA doubled and increased to USD 295mn in Q1 from a low base, supported by doubling refinery margins. The polyol project reached 60% completion at the end of Q1. The pandemic affects the project’s supply chain and makes workforce mobilization increasingly difficult. Its full impact on the project schedule is not yet possible to assess, but delays are expected.
  •  

April update: Refineries were running at 70-75%, steam crackers at 90% capacity in April. Refinery margin was USD 9/bbl in April, but declined materially recently; petchem margin has been at EUR 500-600/t since mid-March. All main logistics routes and systems are operational.

  • Consumer Services Q1: EBITDA grew by 4% in local currency terms (flat in USD-terms at USD 88mn), but the lockdown and the severe trading conditions in the last 2-3 weeks of March wiped out much of the strong growth experienced earlier in Q1 both in fuel and non-fuel margins.

April update: Fuel volumes were down in April by around 35-40% across the network, sales have started to slowly improve recently. Non-fuel sales and margin initially declined, but grocery sales improved in the last few weeks and sortiment was widened. Recent non-fuel performance is only 10-20% below last year’s level.

  • Gas Midstream Q1: EBITDA grew by 9% compared to last year’s first quarter results to USD 71mn, driven by higher volumes and lower operating expenses. Domestic transmission volumes were flat while export transmission volumes increased by 39% in Q1. OPEX decreased on lower gas consumption cost, in line with lower gas purchase prices.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 1,900 service stations across 10 countries in Central & South Eastern Europe.

Press contact

@: internationalpress@mol.hu

2020-04-08 MOL Group ensures continuous supply security with optimized operational and financial measures

  • MOL Group implements health, safety, operational and financial measures in response to the COVID-19 pandemic and economic situation
  • MOL withdraws its EBITDA guidance for 2020, lowers both CAPEX and OPEX levels
  • Operations and production continue uninterrupted, with optimized operations schedule and volumes wherever necessary

Budapest, 8 April 2020 – MOL Group implements measures not only to mitigate the impact of the current situation on the Group, but also to allow MOL to emerge from the crisis stronger. The company is focusing on protecting the health and safety of its employees, adjusting operations to minimize the spread of COVID-19 and adapting its production volumes to the altered market demand. Operational and capital expenditures will be reduced materially to preserve cash and to allow MOL to manage through challenging times even in the case of a longer lasting crisis.

Constantly adapting to the ever-changing situation, MOL has implemented different actions and created new solutions in the past few weeks to reduce the likelihood of infection among employees and customers. These preventive and precautionary measures affect retail, downstream and upstream sites as they support social distancing, increase hygienic awareness and include the provision of protective equipment to our colleagues, the changing of shift patterns throughout the Group’s plants and exploration sites, the implementation of testing in key operational areas and the switch to home office wherever possible.

COVID-19 emergency measures by governments in MOL’s countries of operations have resulted in partial or full lockdown, significantly slowing down economic activity in the company’s core CEE countries. In order to remain resilient, MOL Group has updated its financial and operational guidance.

Due to the uncertainty about the duration and impact of the coronavirus pandemic, the extreme volatility of the external environment, and the unpredictability of demand across the businesses, MOL is

  • withdrawing its EBITDA guidance for 2020;
  • lowering capital spending by at least 25%to below USD 1.5bn in 2020, following a project-by-project review to delay non-essential investment;
  • completing a comprehensive reviewof operational expenditureto preserve cash
  • maintaining ample liquidityeven after closing the ACG transaction, with around USD 2.0-2.5bn on hand, to weather a potentially longer-lasting crisis and grab opportunities once normalization begins; and
  • retaining after-tax profits from 2019 fully until the situation normalizes, when they might be paid out as dividends, should shareholders so decide.

MOL Group’s Chairman-CEO Zsolt Hernádi commented:

“The world is facing an unprecedented challenge. Our life has changed completely in the last few weeks. The energy industry, while better positioned to weather the economic hardships than some others, enters a period of uncertainty it has probably never faced before, with scenarios ranging to extremes, which were impossible to imagine even a few weeks ago.

MOL has proven its adaptability many times before; we have seen and overcome several shocks in the past. We have shown that we are able to operate successfully in a highly volatile external environment, thanks in no small part to our high-quality assets, our resilient, integrated business model and most importantly to our dedicated, highly-skilled workforce. MOL enters this difficult period in a good shape – and I am sure it will emerge from it even stronger, and certainly with important lessons learnt.

At the end of the day, it all comes down to our investments into human capital – to the dedicated work of almost 25,000 of my colleagues. We have many assets in many countries, but it is our people, who are the key to our resilience. We have done and will continue to do everything to protect their health, especially those who need to be physically present at our sites to ensure both business continuity and supply security.

I am extremely proud of my colleagues who came up with the idea of switching a lubricants production line to manufacture sanitizers. While in normal times this may also have been a good business proposition, today it is our responsibility and obligation to come up with innovative ideas and solutions to help to contain the virus, protect our employees and fight side by side with the governments, public authorities and communities in our countries of operations. I personally believe that the way a company behaves in a crisis will show its real character and strength. MOL is determined to be a source of stability in a world plagued by uncertainty and will prove once again that it has a place in the “champions league” of energy companies.”

Operational update on the key businesses:

  • InUpstream, production was around 110 mboepd in Q1, in line with earlier guidance. Lower demand for fuels, full storage capacities and reduced refinery runs may however lead to temporary production curtailment in some of our international assets, potentially offset by more entitlement barrels due to the low oil price. In light of the uncertain macroeconomic environment, we are changing production guidance to 115-120 mboepd from 120 mboepd (assuming a 6-month contribution from ACG). We have put in place a set of actions to adjust expenditures and reduce our portfolio breakeven towards USD 25/boe.
  • Downstream. Lockdowns in core countries of operations have resulted in a significant drop in demand of 20-40% for key product groups. While this has created operational challenges and a need for continuous optimization across our high-quality downstream assets, we are also making use of currently attractive margins by keeping all refineries running, even if at reduced rates. MOL will continue to provide a safe and steady supply of oil and chemical products in all core countries.
  • Consumer Services. After a strong operational and financial performance in Q1, MOL Group has experienced declining sales as borders have been closed and social activities restricted. As a result, MOL Group has refocused operations to provide reliable and safe supply across our network and remain cash flow positive. Targets and guidance set for 2020 are being withdrawn here as well, given the unknown duration of measures restricting non-essential travel.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of about 1900 service stations across 10 countries in Central & South Eastern Europe.

Press contact: internationalpress@mol.hu

2020-04-30 The Board of Directors of MOL Group approved the postponement of the payment of dividends in an extraordinary meeting

  • The Board of Directors of MOL Group approved consolidated financial statements of MOL Group for 2019
  • The members of the Board approved the postponement of the payment of dividends
  • Appointments made to the Board of Directors, Supervisory Board and Audit Committee
  • MOL Group Annual Report 2019 can be accessed at info/annualreport2019

Budapest, 30 April 2020 - Due to the epidemic situation caused by the worldwide corona virus, MOL Group held an extraordinary general meeting instead of the Annual General Meeting, where the Board of the Directors decided on all proposals and proposed resolutions in the agenda items of the AGM instead of the Shareholders. The members of the Board of Directors approved the crisis management proposal regarding dividends, according to which the company will retain after-tax profits from 2019 fully until the situation normalizes, when they might be paid out as dividends, should shareholders so decide. The Board of Directors also approved the financial report and consolidated financial statements for the year 2019.

COVID-19 emergency measures by governments in MOL’s countries of operations have resulted in partial or full lockdown, significantly slowing down economic activity in the company’s core CEE countries. Due to the uncertainty about the duration and impact of the coronavirus pandemic, the extreme volatility of the external environment, and the unpredictability of demand across the businesses, MOL Group is focusing on business continuity and cash preserve. The Board of Directors decided to retain after-tax profits from 2019 fully until the situation normalizes, when they might be paid out as dividends, should shareholders so decide.

At the extraordinary meeting, the Board of Directors approved the re-election of Dr. László Parragh, Zsigmond Járai and Dr. Martin Roman to the Board of Directors. In addition, Dr. Péter Gottfried was elected a member of the Supervisory Board.

Zsolt Hernádi, Chairman-CEO of MOL Group, said at the extraordinary meeting: “Today is a bittersweet day, as 2019 was a financially strong year for us, but recently, in the shadow of COVID-19, circumstances have changed rapidly and dramatically. The pandemic posed unprecedented challenges to the entire world, including Europe, Hungary and MOL. Until now, our company has operated safely, without any disruption. Nevertheless, we have introduced a number of measures to minimize the effects of the economic and coronavirus crises affecting the Group. The aim of our measures is to emerge from the crisis stronger than we were before and to continue to provide competitive return for our shareholders.”

MOL Group generated USD 2,44bn Clean CCS EBITDA in 2019, above the yearly guidance. Furthermore, the company also achieved important milestones along its 2030 transformation journey, acquired major upstream assets in Azerbaijan, reached 50% completion at its flagship polyol project, while Consumer Services business had another record-breaking year.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of about 1900 service stations across 10 countries in Central & South Eastern Europe.

Press contact:
@: internationalpress@mol.hu

2020-03-18 MOL Norge discovers oil and gas in the North Sea

BUDAPEST, 18 March 2020 - MOL Group’s wholly owned subsidiary MOL Norge AS and its joint venture partners have discovered oil and gas in an offshore field located about 200km west of Stavanger in the Norwegian part of the North Sea.

The exploration well in the 820S licence area was drilled to a maximum depth of 2,652 meters below sea level and oil and gas were found in a number of formations and were successfully tested for about 3,463 barrels of oil equivalent per day. The potential resources discovered in the main formation are between 12 and 71 million barrels of oil and gas equivalent.

The commerciality of the discovery will be determined later, following additional technical work.

MOL Norge AS with 40% working interest is the operator of the 820S license on behalf of partners Lundin Norway AS (40%), Wintershall Dea Norge AS (10%) and Pandion Energy AS (10%).

MOL Group entered Norway in 2015, through the acquisition of 100 percent ownership of Ithaca Petroleum Norge. The drilling program began in 2018, after the operator achieved readiness in record time without any setbacks in a highly regulated environment.

MOL Group’s exploration portfolio in Norway is aimed at supporting delivery of organic reserve replacement for the Group.

About MOL Group
MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of about 1900 service stations across 10 countries in Central & South Eastern Europe.

Press contact:
@: internationalpress@mol.hu

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