Hungary-based MOL continues the upward trend on Romanian market, diesel fuel sales registering an increase of 13.5 percent in 2016, to 477 kt, while gasoline sales increased 10 percent to 166 kt, according to company’s financial report.
At group level, MOL significantly outperformed its initial USD 2 bn target for 2016 and delivered a clean CCS EBITDA of USD 2.15 bn. In the fourth quarter of 2016 alone, MOL Group’s diesel sales stood at 122 kt in Q4, up 11 percent, and gasoline sales were 41 kt, an increase of 5.1 percent vs. the corresponding interval of 2015.
EBITDA remained nearly flat at USD 675 million and the business generated over USD 250 million free cash flow equalling USD 7 per barrel of oil equivalent. Production grew by 6 percent to 112 thousand barrels of oil equivalent per day with additions from CEE’s onshore fields.
“2016 was a year of great achievements and important milestones. It marked the successful start of a major transformational journey as we approved our new long term strategy, MOL Group 2030. We also delivered on our targets and generated very strong free cash flow on the back of our resilient, integrated business model.
Upstream generated over USD 250mn free cash flow at the bottom of the cycle and achieved the highest CEE onshore oil and gas production since 2012.
Downstream posted robust results, only slightly behind the record-high 2015 levels, despite lower refinery and petrochemicals margins. Consumer Services continued to post impressive growth on the back of well-timed acquisitions and the successful roll-out of our new non-fuel concept,” Chairman-CEO Zsolt Hernádi commented, adding: “In 2017 we will again generate at least USD 2 bn EBITDA, comfortably covering organic capex, dividends to our shareholders as well as funding for the transformational projects.”