According to a Portfolio.hu poll, analysts estimate a considerable rise in profits in Q2 for MOL. Based on the consensus, the nice performance was attributable primarily to upstream that was driven by rising crude prices.
The biggest impact on MOL’s numbers were oil prices and production. The quarterly average price of crude rose 50% yr/yr. MOL’s hydrocarbon production rose to 151,000 barrel per day in Q1, which – in view of the annual plans – was probably maintained in April-June, as well.
The forint exchange rate was practically flat versus both the euro and the US dollar in Q2 therefore it had no major impact on the group’s FX-based debt and gearing indicators. But as a result of the expected rise in EBITDA (earnings before interest, taxes, depreciation and amortisation) the net debt/EBITDA ratio likely dropped further, which has been in a clearly positive trend.
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