Outstanding Third Quarter Results at the MOL

Supported by the strong Upstream and Downstream performance, driven by the macroeconomic factors, Clean CCS EBITDA resulted in USD 1,449 mn in Q3 2022, the Hungarian oild and gas company MOL said on the website of the Budapest Stock Exchange.

This result brought Q1-Q3 2022 EBITDA to USD 3,627mn that allows MOL to further upgrade full year EBITDA guidance range to USD 4.1bn-4.4bn. At the same time, windfall taxes and fuel price regulations across the CEE region hit its operations by approximately USD 1.18bn in Q1-Q3 2022.

The Group’s Chairman-CEO Zsolt Hernádi commented the results as saying that “while macro conditions evolved favourably 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 seem 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.”