MOL Group: 2016 was Year of Great Achievements, Important Milestones

MOL Group: 2016 was Year of Great Achievements, Important Milestones
Hungary-headquartered MOL Group had a year of great achievements and important milestones in 2016, according to the company's Chairman-CEO Zsolt Hernadi.

Hungary-headquartered MOL Group had a year of great achievements and important milestones in 2016, according to the company’s Chairman-CEO Zsolt Hernadi.

The group said it “significantly outperformed” its initial $2 billion target for 2016 and delivered a CCS EBITDA of $2.15 billion, which is slightly down compared to 2015.

 

 

MOL’s upstream division was said to have shown “great resilience to the deteriorating external environment,” with production growing by six percent to 112,000 barrels of oil equivalent per day. Cost savings resulted in a 13 percent decrease in OPEX per unit and EBITDA remained nearly flat at $675 million, with the business generating over $250 million in free cash flow.

Downstream posted robust results, delivering $1.5bn clean CCS EBITDA and the Gas Midstream segment posted a full-year EBITDA contribution of $194 million.

“2016…marked the successful start of a major transformational journey as we approved our new long term strategy, MOL Group 2030. We also delivered on our targets and generated very strong free cash flow on the back of our resilient, integrated business model,” Chairman-CEO Zsolt Hernádi said.

“In 2017 we will again generate at least $2 billion EBITDA, comfortably covering organic capex, dividends to our shareholders as well as funding for the transformational projects,” he added.

 

 

Earlier this month, MOL Group encouraged graduates to apply to its award winning recruitment and development program, GROWWW.

Within the 2017 program, MOL Group is offering 175 positions in 10 countries, in the areas of engineering, IT, economics, natural and social sciences. There are available positions in Austria, Hungary, Slovakia, Slovenia, Pakistan, Croatia, Bosnia and Herzegovina, Italy, Poland and the Czech Republic. Graduates can hand in their applications until April 7.

“The role of the GROWWW program is to find those young professionals with whom we can build the success of MOL Group further, Zdravka Demeter Ubalo, HR vice president of MOL Group, said in a company statement.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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