MOL Group Q1 results: strong EBITDA driven by excellent internal performance
05/15/2023 • Customer news
MOL Group announced its financial results for Q1 2023. MOL Group delivered USD 714mn Clean CCS EBITDA in Q1 2023, despite regulatory headwinds and decreasing oil and gas prices. The strong performance was due to solid internal performance throughout the divisions: Consumer Services rebounded from last year’s lows, Upstream production volumes rose and refining remained profitable in Downstream. MOL generated over USD 500mn simplified free cash flow in Q1 2023, almost exactly as in the previous quarter and in the same quarter last year, with all the divisions contributing their fair share.
Chairman-CEO Zsolt Hernádi commented on the results: “MOL Group delivered stable 1st quarter results in 2023, as normalizing macro conditions were mostly mitigated by good internal performance of the divisions. Our company reached important milestones in supporting energy sovereignty of the region, Upstream managed to increase domestic production volumes, we shipped our own crude from Azerbaijan to Europe and we continued with investments allowing our landlocked refineries to access crude oil from diverse sources. In addition, Consumer Services emerged from last year’s crisis stronger, and started the operations in Poland.
One year after the beginning of the war in Ukraine, it is clear that the economic consequences are here to stay changing the landscape of the European energy scene. Despite the negative impact of regulatory headwinds, our integrated, resilient business model proved to be successful in this highly challenging environment, allowing us not only to continue with our diversification efforts but to stay on track with our transformational projects, as well.”
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