Hungarian oil and gas company MOL announced that it has recorded a net profit in the amount of 512 million dollars in the first half of 2018 and earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.3 million dollars, which is on the level of last year’s results in the same period.
Based on first semester’s results, MOL its target for the full year to 2.4 billion dollars from 2.2 billion dollars. Upstream EBITDA increased to 612 million dollars for the first six months of the year, an increase of 37 %, driven by rising oil and gas prices. Average daily hydrocarbon production was nearly stable in the first half at 110,000 barrels of oil equivalent. Lower production volumes in Hungary, Croatia and Russia were offset by increased production in the UK. The Catcher Area reached plateau production rates of over 60,000 barrels of oil equivalent per day in May following the start-up of gas export (MOL holds 20 % non-operated stake in Catcher).
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Tags: financial, gas, Hungary, Mol, oil