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MOL sees repeat of strong Q1 results for full year

Hungarian oil and gas company MOL expects to replicate strong results in the first quarter for the rest of the year, unless external conditions change substantially and excluding extraordinary items, CEO József Molnár told MTI on Thursday.

MOL calculates with unchanged HUF/€and HUF/$rates, Molnár said. It puts crude at $100-110 per barrel and it expects the per ton margin for petrol to be $120-130 and for diesel to be $100-110.

Molnár attributed MOL's strong showing in Q1 to ten years of consistently implemented strategy. The stronger forint also helped, he added.

MOL's upstream segment is producing more than 150,000 barrels a day, a level the group would like to maintain for the rest of the year, he said. The situation in the downstream segment is not as favorable, he added.

MOL’s consolidated first-quarter net income reached HUF 92.7 billion nearly five times the HUF 19.0 billion in same period a year earlier, supported by high crude prices and record production levels, MOL’s IFRS report published Thursday shows.

Profits were just under the HUF 95.5 billion estimate by analysts polled by Portfolio.hu.