CEO: MOL could invest $1 billion in acquisitions

Telco

Oil-and-gas giant MOL has the opportunity to spend as much as $1 billion on acquisitions, thanks to its strong balance sheet, but the company nevertheless remains committed paying dividends to shareholders in the short-term future, CEO József Molnár said at MOL’s annual general meeting today.

At the meeting, shareholders approved the MOL board’s proposal to pay a HUF 60 billion (approximately $286.9 million) total dividend, or nearly HUF 590 per share, including HUF 13 billion representing 25% of the total accrued by MOL via sale of subsidiaries in 2013.

In 2013, a HUF 46 billion dividend was approved.

Reiterating and reaffirming estimates provided to investors in February, Molnár stated that production of 91,000 to 96,000 barrels of oil equivalent per day in 2014 and 105,000 to 110,000 barrels in 2015 from MOL holdings is expected.

Molnár put organic CAPEX for MOL in 2014 at between $1.6 billion and $1.9 billion, adding that most would be spent in the upstream division.

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