Hungary's MOL Group became the latest large European oil and gas firm to reveal its half-year performance when it issued results late Tuesday. In contrast to the other companies' recent 2Q results statements, MOL's revealed its best-ever quarterly result thanks to a strong contribution from its downstream operations.
MOL's half-year EBITDA profit came in at $1.2 billion – which was 67 percent greater than that for 1H 2014. The firm has upgraded its EBITDA target for 2015 by 10 percent to $2.2 billion.
EBITDA in MOL's upstream segment – excluding special items – came to $414 million during the first half, which was $98 million lower than in 1H 2014. The firm's daily hydrocarbon production increased by eight percent, averaging 103,500 barrels per day during the first half.
MOL CEO Zsolt Hernádi commented in a company statement:
"MOL Group delivered its best ever quarterly results. We expect to significantly exceed our previous expectations and surpass our 2015 clean EBITDA target by 10 percent, reaching a level around $2.2 billion and matching our 2014 performance. This is a great achievement in light of ongoing weakened oil prices and demonstrates the strength of our integrated business model.
"We are proud of our downstream team, which delivered its best ever results. This shows that we are well-placed to benefit from the present opportunities in the downstream sector and also reflects the successful implementation of our efficiency enhancement measures.
"Meanwhile, in order to ensure efficient capital allocation we have further scrutinized potential spending. Currently we expect around $1.3 billion organic investment. We will maintain our excellent free cash flow generation and strong financial position, which is a key advantage in the current volatile environment."
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