Publication of MOL Group’s Q4 2015 results and 2016 outlook
MOL Plc. hereby informs capital market participants that today it has published the following documents:
Key takeaways are the followings:
Corporate & financials:
- Strong clean EBITDA generation of USD 2.5bn in 2015, almost 15% above 2014 results
- USD 850mn free cash-flow (after organic CAPEX) achieved resulting in even lower indebtedness
- MOL Group is to deliver above $2bn Group clean EBITDA in 2016 in a 35-50 $/bbl oil price environment
- Organic CAPEX spending further adjusted downward to up to USD $1.3bn;
Downstream:
- Historically strongest Downstream performance of USD 1.65bn with USD 210mn internal efficiency delivery already in 2015, ahead of the targets
- Petchem and Retail contributed ~50% of clean result in 2015, Downstream integration is to deepen further
- Next Downstream Program overall target reinforced with USD 500mn total internal EBITDA improvement by 2017
Upstream:
- Production reached 104 mboepd in 2015, a 7% increase compared to 2014 with increasing contribution from high margin CEE fields
- Asset impairment charges amounted to USD 1.7bn, mostly driven by the low oil price environment
- Material cost side adjustment (15-30% CAPEX reduction and USD 80-100mn planned OPEX saving) to result in the entire portfolio to be self-funding at 35 $/bbl
- 105 – 110 mboepd production targeted in 2016 and 2017, rising to 110 – 115 mboepd in 2018