MOL Magyar Olaj es Gázipari Nyilvánosan Muködo Reszvenytársaság : Prezentáció a 2023. I. negyedéves eredményekről (Angol nyelven)
May 11, 2023 at 06:12 pm EDT
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FIRST QUARTER 2023 RESULTS
12 MAY2023
DISCLAIMER
"THIS PRESENTATION AND THE ASSOCIATED SLIDES AND DISCUSSION CONTAIN FORWARD-LOOKING STATEMENTS. THESE STATEMENTS ARE NATURALLY SUBJECT TO UNCERTAINTY AND CHANGES IN CIRCUMSTANCES. THOSE FORWARD-LOOKING STATEMENTS MAY INCLUDE, BUT ARE NOT LIMITED TO, THOSE REGARDING CAPITAL EMPLOYED, CAPITAL EXPENDITURE, CASH FLOWS, COSTS, SAVINGS, DEBT, DEMAND, DEPRECIATION, DISPOSALS, DIVIDENDS, EARNINGS, EFFICIENCY, GEARING, GROWTH, IMPROVEMENTS, INVESTMENTS, MARGINS, PERFORMANCE, PRICES, PRODUCTION, PRODUCTIVITY, PROFITS, RESERVES, RETURNS, SALES, SHARE BUY BACKS, SPECIAL AND EXCEPTIONAL ITEMS, STRATEGY, SYNERGIES, TAX RATES, TRENDS, VALUE, VOLUMES, AND THE EFFECTS OF MOL MERGER AND ACQUISITION ACTIVITIES. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE RISKS, UNCERTAINTIES AND OTHER FACTORS INCLUDE, BUT ARE NOT LIMITED TO DEVELOPMENTS IN GOVERNMENT REGULATIONS, FOREIGN EXCHANGE RATES, CRUDE OIL AND GAS PRICES, CRACK SPREADS, POLITICAL STABILITY, ECONOMIC GROWTH AND THE COMPLETION OF ON-GOING TRANSACTIONS. MANY OF THESE FACTORS ARE BEYOND THE COMPANY'S ABILITY TO CONTROL OR PREDICT. GIVEN THESE AND OTHER UNCERTAINTIES, YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON ANY OF THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN OR OTHERWISE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO RELEASE PUBLICLY ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS (WHICH SPEAK ONLY AS OF THE DATE HEREOF) TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS, EXCEPT AS MAYBE REQUIRED UNDER APPLICABLE SECURITIES LAWS.
STATEMENTS AND DATA CONTAINED IN THIS PRESENTATION AND THE ASSOCIATED SLIDES AND DISCUSSIONS, WHICH RELATE TO THE PERFORMANCE OF MOL IN THIS AND FUTURE YEARS, REPRESENT PLANS, TARGETS OR PROJECTIONS."
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HIGHLIGHTS
OF THE QUARTER
STRONG YEAR START IN 2023 SUPPORTED BY INTERNAL DELIVERY
Q1 2022
RESULTS4
OIL & GAS
94 MBOEPD
PRODUCTION1
Q1 2023
2023
RESULTS
GUIDANCE
96 MBOEPD
~90 MBOEPD
CRUDE PROCESSING2
3.1 MT
2.9 MT
~12 MT
GROUP CAPEX
USD 323 MN
(ORGANIC)
USD 196 MN
<1.7 BN
NET DEBT/EBITDA
0.70X
0.16X
<1.0X
HSE - TRIR3
1.2
1.2
<1.1
4
1 Clean CCS EBITDA less Organic capex
4 Continuing operations. i.e. excluding UK
2 MOL Danube Refinery + Slovnaft refinery
3 Total Recordable Injury Rate.
USD 714MN EBITDA AMID CONTINUED REGULATORY HEADWINDS IN Q1
SUPPORTED MAINLY BY REFINING AND UPSTREAM CONTRIBUTION
FINANCIALS
Clean CCS EBITDA amounted to USD 714mn in Q1 2023 representing a 14% decrease YoY, while operating CF generation after working capital stood at USD 744mn in Q1 2023
Although the price cap in Hungary was phased out, windfall taxation still played a major role and affected EBITDA by ca. USD 350mn in Q1 2023
Downstream CCS EBITDA came in at USD 299mn in Q1 2023 as diminishing Petchem contribution was offset by higher R&M EBITDA generation
Consumer Services EBITDA rebounded and reached USD 127mn in Q1 2023 as the regulatory environment eased, additionally non-fuel contribution improved further
Upstream EBITDA decreased to USD 283mn QoQ in Q1 2023 as diminishing oil and gas prices and the extra royalty levied upon production in Hungary played a significant negative role
Net debt to EBITDA improved and stood at 0.16x by the end of the period in line with positive CF generation covering seasonally lower CAPEX in Q1 2023
OPERATIONAL AND OTHER DEVELOPMENTS
The implementation of the shallow gas drilling program continued in Hungary, 3 wells were successfully tested in the Q1 2023 period bringing the total shallow gas well count to 19 since the start of the campaign
The extension of the crude basket of the Slovnaft refinery continued, an Azeri Light cargo from the ACG field was transported to the refinery
Following the expansion of the Consumer Services portfolio in Poland in late 2022 the MOL brand was launched in the country
The AGM approved the dividend proposal of HUF ~350 dividend per share, which is composed of a regular dividend of HUF ~150 and a special dividend of HUF ~200 to be paid after 2022 results
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MOL plc published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 22:10:50 UTC.
MOL Magyar Olajes Gazipari Nyrt, formerly known as MOL Plc, is a Hungary-based company active in the oil and gas industry. Its core activities include exploration and production of crude oil, natural gas and gas products; refining, transportation, storage and distribution of crude oil products at both retail and wholesale; transmission of natural gas; and production and sales of petrochemical product, such as gasoline, bitumen, olefin and polymer products, among others. Its business is divided into three divisions: Downstream, operating refineries, petrochemical plants, and filling station network supplied by logistics system; Upstream, comprising exploration and production assets; and Gas Midstream, engaged in gas transmission, storage and trading business. The Company forms a capital group with its subsidiaries, associated companies and joint ventures. It operates in around 40 countries in Europe, the Middle East, Africa and Asia. It operates ENI Romania as a wholly owned subsidiary.