MOL Group increased its net CCS EBITDA by 2%, reaching 625 million dollars and is on track to achieve its annual EBITDA plan of 2.2 billion dollars, according to the financial report for the first quarter of 2018 published on Friday. Upstream EBITDA rose by 31% compared to the same period last year, amounting to 287 million dollars in the first quarter, thanks to rising oil prices, increased production, and lower costs.
Daily production averaged 110 thousand barrels of oil equivalent, thanks to production from the Catcher area and the normalization of production in other UK fields.
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Net CCS EBITDA Downstream fell by 33% compared to record results from the same period last year, amounting to 218 million dollars in the first quarter of this year. This was due to a decline in refining and petrochemical margins while oil prices were rising, and maintenance activities also impacted processing.
Net profit for the first quarter amounts to 238 million dollars.
Customer services achieved their best result in the first quarter to date this year with an EBITDA of 81 million dollars. This represents a 48% increase compared to the first quarter of 2017, thanks to strong contributions from fuel and consumer goods sales. Motor fuel consumption increased by about 3% in the Central Eastern Europe region compared to the same period last year, creating a supportive environment.
