MOL Group records operational result of USD 590 mln in Q3

MOL Group announced the financial results for the third quarter of 2016. The operational result EBITDA was HUF 165 billion (USD 590 million). Taking into account these results, MOL has improved the estimation regarding the profitability at the level of 2016, increasing the level forecasted for the operational result at around USD 2.2 billion, according to Business-Review.eu.

MOL has developed a wide program of periodical maintenance work according to the planning, at Dunarea refinery at the oil-chemical combine Tiszaujvaros, which has an influence on the Downstream segment results. On this segment, the EBITDA was stable compared with the previous quarter, but under the level of the same period of the last year.

The oil and gas production was 107,000 oil barrels equivalent in oil (bep) in the third quarter, a growth of 6 percent compared with the same period of the last year, as a result of the increase in the oil production. Overall on the nine months, the average production was 110,000 bep/day so that MOL is to reach te superior level of the target interval regarding the hydrocarbons this year.

Due to the production growth and the the MOL efforts in the costs control, EBITDA and the Upstream segment has grown by 12 percent, this being the first growth after 2011.

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