Publication of MOL Group Exploration & Production Update 2014 report and the update of the investor presentation
MOL Plc. hereby informs the capital market participants that today it has published its Exploration & Production Update report on its 2013-2014 upstream activities and the update of the Investor presentation. The materials are available on MOL’s website, ir.mol.hu/en.
Key takeaways are the followings:
- 91-96 mboped and 105-110 mboepd production is expected in 2014 and 2015, respectively (already calculating with the effects of the announced but not yet closed BaiTex and North Sea transactions);
- Current portfolio to deliver around 125-135 mboepd at peak with improving unit EBITDA;
- 2013 year-end hydrocarbon SPE 2P reserves amount to 576 MMboe, unrisked working interest based recoverable resource potential amounts to 950 MMboe;
- For 2014 USD ~1bn organic CAPEX spending is planned to develop and derisk the total reserve and resource potentials;
- Active M&A to step into a new league – North Sea, CIS & Pakistan could be in the focus;
- Deliverables for the key projects in 2014:
- gradual ramp up of production in Kurdistan Region of Iraq; achieve close to 10 mboepd block production by year-end at Akri-Bijell; increase export sales from Shaikan and book reserves during 2014;
- minimize natural decline in the CEE region to below 5%;
- reating new hub and increase off-shore exposure with North-Sea entry.
- Profitability increased in 2013, despite a much worse environment due to 300+ already implemented efficiency actions;
- USD 400mn efficiency improvement already delivered in 2012-2013, USD 100mn+ benefit still due in 2014.
- Conservative financial policy maintained as CAPEX is financed from operating cash-flow;
- USD 1.6-1.9bn organic CAPEX is planned in 2014;
- 16% net gearing and 0.8x net debt to EBITDA at 2013 year-end are at 5-year low.
For further information, please contact:
Investor Relations + 36 1 464 1395
Facsimile: + 36 1 464 1335