MOL Plans to Produce 170,000+ Barrels a Day
BUDAPEST - MOL Nyrt., Hungary's largest oil and gas firm by assets and market share aims to gradually increase output and wants to become more profitable by 2014.
The company, active in central Europe as well as Africa and Asia, is to raise output to 110,000-120,000 barrels of oil equivalent a day from an expected 110,000 boe a day in 2013, it said late Thursday. In the third quarter of 2012, MOL reported an average output of 112,000 boe a day.
MOL said it intends to further increase this to 170,000-180,000 boe a day in 2017-2020.
The company estimates its full resource potential – not pricing in the risk of any events that could affect output – at 1.6 billion barrels of oil equivalent.
Within the company's downstream segment – which includes refining and sales – MOL said it is set to improve its earnings before interest, taxes, depreciation and amortization, or Ebitda, by $500 million-$550 million by 2014; at the of 2011 it was $3 billion.
MOL kept its capital expenditure target intact for the coming three years at $2 billion annually, and said it would keep its net-debt position around 30%. The company saw its net-debt position at a five-year low of 24.4% at the end of the third quarter; Jozsef Simola, MOL's chief financial officer said this showed the company's preparedness for more difficult conditions ahead, due to its lower indebtedness.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension