MOL Continues Growing On Strong Downstream Results

Hungary-headquartered MOL Group continues to grow, reporting results for the third quarter of the year that the company says are the best results the company has ever achieved.

"In Q3 2015 MOL Group generated a clean CCS EBITDA of HUF 199bn (or USD 708mn), which is once again the best ever result with the Downstream business remaining the key contributor," the company said in a press release on Friday.   

According to the company, net profit reached HUF 163.1bn (USD 583mn), more than doubling the results from the same period last year.

"The all-time high results of the third quarter once again provided evidence of MOL Group’s robust and resilient integrated business model and its ability to leverage the outstanding Downstream operating environment," Chairman-CEO Zsolt Hernádi commented.

"Our Downstream business continues to surpass every expectation with its exceptional performance on the back of our superior asset base and the very supportive macro."  

The Hungarian group is currently working on increasing its assets in Norway. In October, it signed a farm-in agreement with the Det norske oljeselskap ASA for equity in three licences in the Norwegian Continental Shelf. 

"MOL Group has also submitted bids for five new licences in the Norwegian 2015 Awards in Predefined Areas (APA) licensing round," the company's statement revealed today. "The licenses are expected to be awarded in January 2016."