MOL Magyar Olaj (MOL) Q2 2024 earnings summary

Executive summary

• Q2 2024 Clean CCS EBITDA reached $825 million, up 101% YoY and 15% QoQ, driven by strong Downstream and Upstream sales and retail expansion.

• 2024 guidance reaffirmed after a strong first half, with performance on track or slightly above expectations despite macro and internal challenges.

• Profit before tax for H1 2024 was $916 million, progressing toward the annual guidance of ~$1.6 billion.

• Polyol complex inaugurated and design phase started for a chemical recycling unit in Hungary.

• No crude supply interruptions from Ukraine sanctions, but downside risks remain; diversification efforts ongoing.

Financial highlights

• Q2 2024 CCS EBITDA reached $825 million, up 60% sequentially and 101% YoY.

• Profit before tax for Q2 was $534 million; H1 profit before tax was $916 million.

• Year-to-date operating cash flow after working capital was $790 million.

• Downstream Q2 EBITDA exceeded $400 million despite planned maintenance.

• Upstream maintained production above 90,000 boe/d, with resilient performance.

Outlook and guidance

• 2024 guidance reiterated: Group Clean CCS EBITDA expected at ~$3.0 billion, profit before tax at ~$1.6 billion, and organic CapEx at ~$1.7 billion.

• Oil & gas production guidance maintained at ~90 mboepd for 2024.

• Net debt/EBITDA expected to remain below 1.0x for the year.