MOL's Upstream Segment Posts 99% Reduction in Operating Profit YOY

MOL Group announced Friday in its third quarter financial results that its upstream segment posted a 99 percent reduction in operating profit, year on year.

The group’s upstream business recorded a profit of $1.38 million in 3Q 2015, which marked a significant decrease from the operating profit of $133.92 million registered during the same period last year, and its upstream EBITDA decreased by 38.8 percent to $149.81 million. MOL’s upstream capex and investments increased by 31 percent year on year to $263.43 million in 3Q 2015, up from $198.61 million the year before.

Average hydrocarbon production for MOL during 3Q 2015 was 100,500 barrels of oil equivalent per day, which was 5.9 percent higher than 3Q 2014’s average production figure of 94,900 barrels of oil equivalent per day.

Commenting on the production increase, MOL’s Chairman and CEO Zsolt Hernádi stated in the company’s 3Q results:

“I am very satisfied that we have managed to considerably increase production contribution from the mature central eastern European fields compared to previous year’s levels, whilst our international projects have faced significant challenges amid low oil prices.”