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MOL Group announces 1H19 results

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Oilfield Technology,

MOL Group has announced its financial results for 1H19. In the first six months MOL Group delivered US$1.15 billion EBITDA, exactly half of the full-year 2019 guidance.

Upstream EBITDA was 10% lower in 1H19 at US$553 million, as higher volumes were more than offset by lower oil and gas prices. The segment remained the largest free cash flow generator of the Group. Average daily hydrocarbon production was 111.8 boe/d higher by 2% y/yr.

Downstream Clean CCS EBITDA amounted to US$403 million in 1H19, 18% lower y/y. Materially weaker refining macro put pressure on EBITDA.

Consumer Services EBITDA growth remained double-digit in local currencies, driven by the continued dynamic expansion of both non-fuel and fuel margins, but slowed to 6% y/y in USD-terms to US$207 million in the first six months. The segment is still supported by the strong economic growth of the CEE region, including the continued around 3% growth of the fuel markets.

The Gas Midstream segment reached US$89 million EBITDA in the first half-year, down by 24% y/y. Following the recent acquisition of the Slovak-Hungarian natural gas interconnector, FGSZ (MOL Gas Midstream) becomes the single gas Transmission System Operator (TSO) in Hungary.

Chairman-CEO Zsolt Hernádi commented: “Our resilient, integrated business model allowed us to deliver US$1.15 billion EBITDA in the first half of 2019, only slightly behind last year’s outstanding level, despite lower oil prices and much weaker refinery margins. We thus remain well on track to meet or beat our full-year guidance of US$2.3 billion Clean CCS EBITDA. We continued to generate positive simplified free cash flow even at a time when we spent nearly US$300 million on strategic transformational projects, including the new polyol plant, which is progressing in line with plans and schedule.”

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