MOL To Keep 2012 Oil Output Goal Despite Syria Fallout- CFO
May 15 2012 - 4:16AM
Dow Jones News
Hungarian energy group MOL Nyrt. (MOL.BU) expects hydrocarbon
output to stay at 120,000 barrels of oil equivalent a day despite a
fallout in Syrian production capacities, Chief Financial Officer
Jozsef Simola told Dow Jones Newswires Tuesday after the company
published first-quarter earnings.
MOL's first quarter net profits dropped 20% on the year to 73.7
billion forints ($321.1 million), although they were above analyst
expectations of HUF42.5 billion.
External factors, such as higher oil prices had boosted first
quarter results, although a fallout in Syrian production capacities
had an impact on earnings, the CFO said.
Simola said the company would stick to its target of maintaining
120,000 Boe/day output in its upstream segment, despite the force
majeure in Syria. MOL expects average oil prices to reach $100-$120
a barrel by the year-end with refining margins showing a mixed
picture.
An overhaul of the company's downstream segment announced
together with results would effect all operations, including energy
consumption, sales and maintenance, the CFO said.
MOL is expecting its downstream-boosting program to achieve an
increase of $500 million to $550 million in earnings before
interest, taxes, depreciation and amortization, or Ebitda, over the
course of the next three years.
-By Marton Eder, Dow Jones Newswires; +3630-905-4679;
marton.eder@dowjones.com
Mol Magyar Olay Es Gazip... (PK) (USOTC:MGYOY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mol Magyar Olay Es Gazip... (PK) (USOTC:MGYOY)
Historical Stock Chart
From Jul 2023 to Jul 2024