MOL group upgraded its 2016 operational profit (clean CCS EBITDA) guidance to around USD 2.2 bn, as the upstream third quarter EBITDA is up 12% year-on-year, showing the first increase since 2011, according to a company release.
MOL Group’s diesel fuel retail sales volumes in Romania rose almost 15% in the first nine months of this year, while gasoline sales grew almost 12%, according to the quarterly financial report sent by the company to the Budapest Stock Exchange. Diesel fuel sales stood at 355 kt in the January-September 2016 interval, vs. 310 kt in the year-earlier period. Gasoline sales rose from 112 kt to 125 kt.
In the third quarter of 2016 alone, diesel retail sales volumes rose 12%, from 118 kt to 132 ktwhile gasoline sales rose over 9%, from 43kt to 47 kt.
MOL Group’s Clean CCS EBITDA reached HUF 165bn (USD 590 mn) in Q3.
”On the back of a strong first nine months delivery (USD 1.68bn), MOL upgraded its Clean CCS EBITDA target to around USD 2.2 bn for 2016,” say MOL officials.
Oil and gas production was 107 thousand barrels of oil equivalent per day in Q3, up by 6% compared with the same period last year driven by an increase in oil production.
Over the first nine months production averaged 110 thousand boepd, which means that MOL is on track to reach the high-end of its production target range (105-110,000). Due to higher production and MOL’s relentless efforts to control costs, upstream has delivered its first EBITDA growth (+12%) since 2011.
MOL has been once again included in the Dow Jones Sustainability World Index, implying top 15% performance among global upstream and integrated oil and gas companies based on its corporate sustainability. Furthermore, MOL Group also won the prestigious Petroleum Economist Awards 2016 for Best Downstream Company of the year.
“We are now confident that we can even outperform our initial plans for the year, hence we upgrade our 2016 Clean CCS EBITDA guidance to around USD 2.2bn,”said the Chairman and CEO of the group, Zsolt Hernádi.
