04 Nov 2022

MOL Group releases Third Quarter 2022 Earnings Report

Highlights of the period:

  • Clean CCS EBITDA reached USD 1,449mn in Q3 2022, driven by strong Upstream and Downstream performance and affected by fuel price regulation and windfall taxes
  • Clean CCS EBITDA amounted to USD 3,627mn in the Q1-Q3 2022 period allowing MOL to raise annual EBITDA guidance to USD 4.1bn-4.4bn
  • The estimated impact of fuel price regulation and windfall taxes across the CEE region amounted to approximately USD 1,180mn in the Q1-Q3 2022 period
  • Upstream EBITDA almost doubled year-on-year to USD 640mn
  • Downstream Clean CCS EBITDA came in at USD 741mn in Q3 2022 as diminishing petchem contribution was offset by higher R&M EBITDA generation year-on-year
  • Consumer Services EBITDA almost halved comparing to a Q3 2021 base and amounted to USD 121mn EBITDA as fuel price regulation across the CEE countries played a significant negative role

Chairman-CEO Zsolt Hernádi commented the result:

While macro conditions evolved favorably for the oil and gas industry in the first nine month of the year, the uncertain external environment, the looming recession, the state interventions and windfall taxes cast uncertainty over the industry. European sanctions seems to determine the economic future of Europe, the third quarter of 2022 proved to be very tight in terms of energy supply in the Central Eastern European region. So far we managed to maintain stable fuel supplies in several CEE countries, I consider it as our biggest achievement in this quarter thanks to the extraordinary efforts of MOL’s employees. We will need our colleagues’ commitment in the future as well as we need a disciplined financial approach to deliver the upcoming transitional investments to guarantee energy security, to switch from Russian energy sources and not to lose sight of the green transition. We took a major step on our 2030+ roadmap: MOL was awarded with a concession for municipal and communal waste management services covering a period of 35 years in Hungary, allowing us to expand in a new, low-carbon, circular economy business.

 

For further information, please contact Investor Relations:

Tel:                   +36 1 464 1395

Email:               investorrelations@mol.hu