MOL announced its financial results for the third quarter of 2022.
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Supported by the strong Upstream and Downstream performance, driven by the macroeconomic factors, clean CCS EBITDA resulted in USD 1,449mn in Q3 2022.
This result brought Q1-Q3 2022 EBITDA to $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 operations by approximately USD 1.18bn in Q1-Q3 2022.
Upstream EBITDA almost doubled year-on-year to USD 640mn in Q3 2022, year-to-date delivery stood at USD 1.72bn that represents almost half of the Group’s total EBITDA.
The main driver of the strong result in Q3 were the macro indicators that were able to offset the negative impact of extra royalties in the last quarter.
Oil and gas production volume exceeded 90 mboepd in Q3 2022 while in the first 3 quarters it reached an average of 92.3 mboepd, surpassing the annual 90 mboepd production guidance. Group unit OPEX remained under 5 USD/boe, despite significant cost pressure across the value chain.
Downstream Clean CCS EBITDA increased year-on-year and reached USD 741mn in Q3, but decreased by 14% compared to the previous quarter.
Price regulations and windfall taxation in CEE hit the segment’s profitability in Q3 2022 and petchem EBITDA decreased by 90% year-on-year, but strong R&M contribution offset the negative drivers. The planned major maintenance of the Százhalombatta refinery was successfully completed in the Q3 period.
Consumer Services Q3 2022 EBITDA decreased by 43% year-on-year, and more than halved if we compare the first 3 quarters with last year’s Q1-Q3 period.
Fuel price regulatory measures in several CEE countries affected the results,the segment’s EBITDA decreased by USD 85mn due to fuel price caps in the CEE region.
Non-fuel margin improvement and sales volume increase partly mitigated the negative drivers. The number of Fresh Corner sites rose to 1,130 in Q3 2022 from 1,103 in Q2 2022. ■