Facebook Youtube Linkedin Instagram

News filtering based on date:

News filtering based on keyword:

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 „around USD 3.3 bn” from „around USD 2.8 bn”.

Budapest, 5 August 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. 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 50 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 Q2 EBITDA 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.


One more step toward energy independence: MOL launches the production of green hydrogen

  • MOL builds one of the largest capacity green hydrogen plants in Europe in Százhalombatta, Hungary
  • This investment of EUR 22 million allows MOL to produce 1600 tons of green hydrogen annually with the help of renewable electricity and enables ~25 000 tons of CO2 saving
  • By introducing this new technology, MOL becomes a major player in the sustainable hydrogen economy in the region
  • The development is a major milestone on the way to deliver on MOL’s updated SHAPE TOMORROW 2030+ Strategy, which set the aim to achieve carbon neutrality by 2050


BUDAPEST AND LATHAM, N.Y., Apr. 27, 2022 – MOL Group, has teamed up with Plug Power Inc., a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, to build one of Europe’s largest-capacity green hydrogen production facilities at MOL’s Danube Refinery in Százhalombatta, Hungary. Green hydrogen will reduce the carbon footprint of the Danube Refinery operation and enable emission-free mobility in the longer term.

Utilizing a 10-megawatt (MW) electrolysis unit from Plug Power, MOL’s €22 million facility will be able to produce approximately 1,600 tons of clean, carbon-neutral, green hydrogen annually, removing up to 25,000 tons of carbon dioxide by displacing the currently used natural gas-based production process. As this process represents one-sixth of the carbon dioxide emissions of MOL Group, this investment supports MOL’s carbon neutrality goals and will contribute to energy independence for the region.

Once operational in 2023, MOL will use the green hydrogen in its Danube Refinery during fuel production of its own hydrogen system. It will be incorporated into the molecules of MOL fuels, lowering the carbon outputs from the production technology and the final product.

“We are convinced that hydrogen is not only one of the most important energy carriers of the already ongoing energy transition, but it will be an essential factor in the new, carbon-neutral energy system as well. This new technology allows the introduction of green hydrogen production in Hungary, Százhalombatta, which makes MOL Group one of the most important players in the sustainable energy economy in the region,” said Gabriel Szabó, Executive Vice President of Downstream at MOL Group.

“Green hydrogen addresses two critical issues facing humanity: climate change and energy independence,” said Andy Marsh, CEO of Plug. “And our opportunities seem limitless to support the trend to pull green hydrogen into more traditional industrial hydrogen markets throughout the world.  We are pleased to provide our state-of-the-art electrolyzer technology to MOL Group’s Danube Refinery and enable MOL Group to take a big step forward in addressing these issues for the region.”

The production of green hydrogen does not generate any greenhouse gas emissions. The Plug equipment uses electricity from a renewable source to split water into oxygen and hydrogen gas by a process called electrolysis. This process does not produce any by-products that harm the environment. By producing one ton of hydrogen, eight-to-nine tons of pure oxygen is also produced by the equipment, saving nearly 10,000 tons of natural gas consumption in the process. Plug’s electrolyzers, with nearly 50 years of operational experience in applications demanding high reliability, are modular, scalable hydrogen generators optimized for clean hydrogen production.

The company behind the world’s first and most comprehensive Green Hydrogen Ecosystem, Plug is making green hydrogen adoption simple for companies ready to improve both efficiency and sustainability of their operations. Plug’s independent green hydrogen production network is targeting 70 TPD by the end of 2022 and remains on track to have 500 TPD of green hydrogen generation network in North America by 2025 and 1,000 TPD on a global basis by 2028.

Green hydrogen production is an integral part of MOL’s updated SHAPE TOMORROW strategy, which

focuses on sustainability and is completely harmonized with The European Green Deal. Within the framework of its strategy, the company will make a total investment of 1 billion into the low carbon circular economy through 2025. MOL will reduce the carbon footprint of its operations by 30 percent by 2030 and will spend 50 percent of investment expenditures on sustainable projects. MOL aims to implement a carbon-neutral operation by 2050.

New plant under construction in Tiszaújváros: a HUF 65 billion chemical investment by MOL Group

  • The new propylene plant, built for HUF 65 billion, creates competitive jobs in the long run
  • The plant will produce 100.000 tons of propylene, providing a quarter of the chemical material needs of MOL
  • The investment integrates into MOL Group’s updated strategy and is a great leap forward in the company’s chemical transformation


23 March, 2022, Tiszaújváros – Official foundation stone laying ceremony of the new propylene plant of MOL Petrochemicals took place in Tiszaújváros, Hungary. The plant is built as a greenfield investment for 65 billion HUF and will produce 100.000 tons of propylene, covering a significant rate of MOL’s chemical material need, increasing the self-sufficiency of the company. This plant will provide propylene for the polyol complex already under construction, turning Tiszaújváros into the chemical capital of the region. Building of the propylene plant provides thousands of job opportunities and creates competitive workplace in the long run.

The construction of the new propylene plant fits well into MOL Group’s updated SHAPE TOMORROW 2030+ strategy, since with the help of this development the company can constantly increase the ratio of non-fuel products in its portfolio. MOL Group provides approximately USD 4.5 billion for investments that will turn Tiszaújváros into the main chemical capital of the region. The new plant has an important role in the course of developments, since it will provide stable supply of materials in three product lines of MOL  Petrochemicals. The 100.000 tons of propylene provides a quater of the company’s total need.

 „In the last 5-10 years MOL has turned Tiszaújváros into a unique chemical center so by now the city is undoubtedly considered among the most modern petrochemical metropolises. We have a butadiene plant already built here, as well as a synthetic rubber plant that was built in cooperation with Japanese experts, and the town also hosts Hungary’s largest industrial investment of the last 30 years, the polyol complex built for EUR 1.3 billion”– said Zsolt Hernádi, Chairman-CEO of MOL Group. He highlighted that with the construction of the propylene plant, MOL has reached an important milestone on the road of chemical transformation and energy transition. „This plant strengthens our self-supply capacity which is of great value for the whole country. From time-to-time history proves: we have to do everything to avoid depending on others” – he added.

Building the plant provides job opportunities for several thousand of people, the ratio of Hungarian contractors reaches approximately 50%. According to plans, the plant will start its operation in 2024 and it creates around 30-40 new competitive workplaces in the long run.

The investment represents the next milestone of a long-term process: MOL Group is running several developments in Tiszaújváros. The butadiene extraction unit and the synthetic rubber plant are already operating, and building the polyol complex is in its final stage as well, which is one of the greatest domestic industrial investments. Additionally, the process of modernization and extending the life of the Olefin-1 plant is also progressing well, which is currently the biggest efficiency improvement program on existing equipment in Hungary.

The Hungarian Government is supporting the investment with HUF 5 billion. At the ceremony, Péter Szijjártó Minister of Foreign Affairs, Zsolt Hernádi Chairman-CEO of MOL Group and Zsófia Koncz, Member of the Hungarian Parliament laid down the foundation stone of the plant.


Property sale

MOL Slovenija d.o.o.

Ulica arhitekta Novaka 6

SI-9000 Murska Sobota


Item 1

The sale of the property owned by MOL Slovenija d.o.o. is announced as follows:



 / m 2



Dunajska cesta

building land


355/2, 355/3, 355/5 – cadastral municipality Stožice 1735


Item 2

The property is sold in the existing condition and is sold as a whole.

The purchase price must be offered in EUR, and the buyer pays the purchase price in EUR.


  1. name, surname and VAT of the bidder and their permanent residence (for natural persons), i.e., the name of the company with the address of the registered seat and VAT (for legal persons), as well as an active e-mail address;
  2. data on the real estate for which the purchase offer is made, which are stated in the advertisement (real estate address, description of the real estate, surface in m2, ownership data);
  3. total amount of the offered price in EUR, as well as the terms and method of payment for the purchase of the property.


Item 3 

Bids in written form shall be submitted in a sealed envelope to the following address:

MOL Slovenija d.o.o.

Ponudba za nakup nepremičnine

Ulica arhitekta Novaka 6

9000 Murska Sobota


Or by e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Deadline for submission of bids: 24.04.2022.


Item 4

Participants will be informed on the results in writing, to the submitted e-mail address.

The selected bidder is obliged to conclude the contract within 30 (thirty) days from the date of the decision by MOL Slovenija d.o.o. on the sale of the property.

Additional information and agreement on the property viewing can be arranged by phone:

040 568 470

MOL Slovenija d.o.o. reserves the right to accept or decline any and all bids, as well as to initiate the second round of bidding on the basis of the evaluation of the viability of the bid.

All natural and legal persons from the territory of the Republic of Slovenia and abroad have the right to submit their bids.




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 2020MOL 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 review of operational expenditure to preserve cash
  • maintaining ample liquidity even 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:

  • In Upstream, 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.

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.

MOL Group looks for top graduates to apply for its GROWWW program

  • Applications are now open until 24 April 2020 at https://molgroupcareers.info/en/students-and-graduates/growww-graduate-programme
  • Growww is MOL Group’s flagship talent acquisition program for fresh graduates interested to kick-start their careers in one of the largest companies in CEE
  • Since 2007, more than 2,100 talented individuals from all around the world joined MOL as part of the program, with the best-in-class retention rate of almost 80% in 2018

Budapest, 4 March 2020 – MOL Group has announced a call for applications for the next edition of its award-winning talent acquisition program, Growww, that offers fresh graduates a unique opportunity to kick-start their career in one of the largest corporations in the CEE region. Through the program MOL aims to develop a new generation of industry experts, providing them with fieldwork experiences to prepare them for business challenges.

Growww opens over 130 positions in the areas of engineering, business, IT as well as social and natural sciences. Candidates with up to one year working experience can apply for positions both at the MOL Group Headquarters in Budapest as well as in MOL’s local subsidiaries in eight countries: Austria, Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia and Slovenia.

This intensive one-year program offers the opportunity to gain insight into the operations of the MOL Group across all business and functional areas. As well as on-the-job learning and visits to various MOL industrial sites, young professionals will gain industry-specific knowledge through structured business education programs, which also provide an excellent opportunity to network with the company’s top executives and build professional relationships. Each participant is supported by a mentor who provides professional guidance and feedback as well as helping them adapt to a dynamic, multicultural working environment.

“During the last thirteen years thousands of young talents were hired as a Growwwer, and we achieved an outstanding retention rate of more than 80%. For me personally, this continuous popularity of our talent acquisition program is more proof that MOL is one of the most attractive employers in the CEE region. As a global company, we have been providing the opportunity for young talent to shape our company’s future with their fresh and crisp ideas for many years. Now it is a very exciting time to come on board, since the Growwwers can participate in various innovative and sustainable projects.”– said Zdravka Demeter Bubalo, HR Vice President at MOL Group.

Over the last decade the Growww program has gained wide international recognition and became a real industry trademark, with the best-in-class retention rate of more than 80%. At the same time, the female representation among those hired reached 40% last year, well above the Oil & Gas industry average.

For more information about Growww, please visit: https://molgroupcareers.info/en/students-and-graduates/growww-graduate-programme

MOL Group 2019 results: robust EBITDA beat the upgraded guidance

  • Full-year 2019 EBITDA reached USD 2.44bn, above the upgraded guidance, despite most macro drivers turning negative in Q4, but decreasing 9% compared to last year
  • Upstream production increased in Q4 and full-year production reached 111mboepd, exceeding our 110mboepd guidance level for 2019; EBITDA was 17% lower than in 2018, primarily due to the weaker external price environment
  • Downstream CCS EBITDA decreased by 13% to USD 866mn, reflecting lower refining and petchem margins
  • Consumer Services EBITDA rose by 30% in local currency terms and by 24% in USD in Q4 2019, and increased 18% in 2019
  • Assuming 6 months contribution from the ACG assets in Azerbaijan, MOL Group expects to generate around USD 2.5bn Clean CCS EBITDA in 2020

Budapest, 21 February 2020 – Today, MOL Group announced its financial results for 2019. Despite the much challenging and volatile external environment at the end of the year, MOL Group generated USD 598mn Clean CCS EBITDA in Q4, bringing full-year Clean CCS EBITDA to USD 2.44bn, above the recently upgraded guidance. Simplified free cash flow declined compared to 2018 as the company is pushing forward with its strategic transformational projects, but remained positive in 2019 at USD 356mn.

Upstream production increased sequentially in Q4 and remained broadly unchanged in full-year 2019 at 111 mboepd, slightly above the guidance level. Due to the lower oil and gas prices, this volume generated 17% lower EBITDA compared to the 2018 results. Exploration and Production remained the key cash generator of MOL Group, providing a massive, nearly USD 700mn simplified free cash flow in 2019. In Upstream, MOL’s target for 2020 is twofold: to successfully complete the acquisition and to integrate the ACG assets that will add about 20,000 bpd to production; at the same time, the segment will continue to maximise value and cash flow generation of the existing assets through an efficient operation.

Downstream full year 2019 Clean CCS EBITDA dropped by 13% to USD 866mn, fully reflecting the weaker macro environment. In Q4 Clean CCS EBITDA declined to USD 191mn 21% lower compared to the last year’s fourth quarter as both refining and petchem margins were weaker at the end of last year, however refining margins were recovering in January-February 2020. Motor fuel demand growth remained very strong in the region in 2019, meaning a 3.4% increase that supported the Downstream segment.

The polyol project is on schedule and on budget; major construction site works boosted up in 2019 and the overall project completion is now at around 50%.

A final investment decision was made for the Rijeka Refinery Residue Upgrade project, aiming at turning INA’s Downstream into a sustainable and profitable business. The project includes the construction of a delayed coker with an expected commissioning in 2023.

Consumer Services was the “star performer” in 2019, EBITDA of the segment increased by 30% in Q4 2019 year-on-year in local currency terms (24% in USD), capped another strong year with double-digit earnings growth. The segment achieved several important milestones, including the non-fuel margin generation reaching 30% of the total margin by the end of the year. Accelerated non-fuel concept rollout continued: the number of reconstructed sites with Fresh Corners rose to 877 from 687 a year ago.

The Gas Midstream segment reached USD 71mn EBITDA in Q4, 48% higher than a year ago, as capacity demand rose significantly due to the uncertainty of Russia-Ukraine transit agreement. Operating expenses declined by more than 10% as fuel gas consumption and network loss decreased and so did the price of natural gas.  

Chairman-CEO Zsolt Hernádi commented the results:

“We delivered robust financial results in 2019, even slightly ahead of our upgraded EBITDA guidance despite a weaker external environment.

We also achieved important milestones along our 2030 transformation journey. We agreed to acquire major upstream assets in Azerbaijan, we have reached 50% completion at our flagship polyol project, while our Consumer Services business had another record-breaking year.

With our strong foundations and despite increasing global uncertainties, we look into 2020 with optimism. With the help of the new assets, we expect to grow our EBITDA to around USD 2.5bn, based on our mid-term base macro framework with a Brent crude price of around USD 60/bbl and assuming a more conservative petchem outlook. This shall again provide us enough cash flow to cover our investments into our strategic projects.” 


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 four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 2,000 service stations across 10 countries in Central & South Eastern Europe.

Press contact

@: This email address is being protected from spambots. You need JavaScript enabled to view it.

MOL Group upgrades 2019 guidance after robust Q3 results

  • Full-year 2019 EBITDA guidance raised while capex guidance is unchanged
  • Simplified free cash flow remained positive both in Q3 and year to date, despite organic capex nearly doubling year on year as the company pushes forward with strategic transformational projects
  • Consumer Services EBITDA rose by 15% in local currency terms and by 10% in USD

Budapest, 31 October 2019 – Today, MOL Group announced its financial results for the third quarter of 2019. Despite a weaker macro environment and much lower oil and gas prices, strong Q3 EBITDA allows MOL Group to raise 2019 full year guidance to „around USD 2.4 bn” from „around USD 2.3 bn.

Upstream EBITDA declined to USD 235mn in Q3, reflecting lower oil and significantly lower gas prices. The volume of hydrocarbon production slightly decreased by 1 % year-on-year in Q3 and stood at 107,500 barrels of oil equivalent per day (boepd), but year to date production of 112 thousand boepd remains above the full-year guidance.

Downstream segment’s Clean CCS EBITDA improved by 4 % to 272mn USD in the third quarter, as refinery margins rebounded from the H1 decrease. Motor fuel demand continued to expand by 3% in the relevant CEE region and supported the downstrem results. MOL’s biggest ever organic investment, polyol plant construction site works boosted up in Q3 and progresses as scheduled.

Consumer Services reached new all-time high quarterly result at USD 161mn, up by 10% year-on-year.  MOL’s flagship Fresh Corner branded non-fuel concept rollout dynamically continues across the network, the number of reconstructed sites with Fresh Corners rose to 794 from 615 a year ago.

The Gas Midstream segment reached USD 27mn EBITDA in Q3, 8% higher than a year ago.

Chairman-CEO Zsolt Hernádi commented the results: “The strong financial delivery of our resilient, integrated business model in the first 9 months allows us to upgrade our full-year 2019 Clean CCS EBITDA guidance to around USD 2.4bn (from around USD 2.3bn). We also continue to generate positive simplified free cash flow, thus fully funding even the nearly doubling organic investments, as we push forward with our strategic transformational projects. The flagship polyol plant remains on track and on schedule, with major construction site works boosted up in Q3 and overall completion now exceeding 35%.”

MOL Slovenija amongst the best business entities in Slovenia

MOL Slovenia has reached the highest credit assessment rate of excellency AAA for the third time in a row. Therefore, it now also qualifies as a company with the Golden Creditworthiness.

Bisnode analysis company is the biggest partnership company of the Dun & Bradstreet rating Company. In the context of an international project, it focuses on the financial analysis of companies and it has a long tradition of granting certificates of excellency in 19 European countries, amongst which Slovenia can also be found. Excellency rating represents the above average value of economic entities. It is based on company accounts of the entities which are being presented for the past year, but they also predict the operation in the next 12 months. The excellency rating is given only to the best companies with the key differential advantage in operating.

According to the 2018 analysis, MOL SLOVENIA is amongst 9,6% of the best Slovene companies and it therefore classifies as a AAA rated company. Only 12.214 companies (6,9%) of the 176.466 registered in 2018 in Slovenia have accomplished the Golden Creditworthiness. This year, for the fifth time ever, Bisnode has extracted the companies with the Golden Creditworthiness – this kind of the highest assessment is given only to the companies, which have reached the highest credit assessment rate (AAA) for the third time in a row.

The Golden Creditworthiness is an assessment of a company through a longer period, based on several criteria. The integral part of the assessment is the company’s solvency, creditworthiness, overall indebtedness, profitability and other risk criteria. The company awarded with the Golden Creditworthiness represents the most reliable and credible type of low risk company to cooperate with, for all types of partners: suppliers, buyers, insurances, banks and other business partners.

“To be a reliable partner to our suppliers, buyers and other business partners, is one of the fundamental guidelines of our financial management. I am proud our effort has been awarded for the third time in a row with the AAA class certificate and we have also received the Golden Creditworthiness.” - says mag. Jasmina Gregorn, financial director at MOL Slovenia.