Zsombor Marton on LinkedIn: MOL Group announced its financial and business results for the second… (2024)

The big questions of our exciting times in the oil&gas industry: further opportunities for MOL Group’s diverse international upstream portfolio, getting the most out of mature hydrocarbon fields, supply security, energy transition projects. I had the honor to conduct a meaningful conversation with Nick Coleman from S&P Global Commodity Insights at Baku Energy Week.

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I was honoured to participate in the Executive Talks: Energy Security 2.0 panel discussion at the prestigious Baku Energy Forum for the second year in a row. Along with fellow executives from SOCAR, bp, ADNOC, Saudi Aramco, and Total Energies, we discussed the critical importance of partnerships, energy security, and energy transition.The significance of forming the right partnerships in our industry cannot be overstated, as the increasing complexity of challenges related to energy security and transition demands extensive collaboration. Four years after MOL Group entered the ACG field, our stable and strategic relationship with SOCAR exemplifies a partnership that extends beyond simple business logic.In addition to having the right and trusted partners, we believe that the energy transition must be smart, with the most effective approach being a comprehensive, technology-neutral energy policy that ensures energy security while advancing the energy transition at an appropriate pace. COP29 in Baku in November 2024 will be an excellent opportunity to continue our discussions and drive the industry's transition.I would like to thank SOCAR and President Rovshan Najaf for being an excellent host of the event.

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I am glad to share another success of MOL exploration team: trial production started from the second well in Vecsés, Central Hungary, with an initial volume of 1300 boe/day that is planned to be further increased in the near future. The two Vecsés wells together now account for over a quarter of MOL's Hungarian oil production, and we will start drilling a third well in the Vecsés oil field in June.Our aim is to maximize exploration efforts in order to support local energy supply security and this milestone is a real proof that there is still potential in Hungarian hydrocarbon production, in a country that was already heavily explored.Building on our century-long knowledge base,we use 2 main tools to keep our production as high as possible: we apply state-of-the-art technology to production optimization in order to manage natural decline in the mature fields, and we keep on exploring to discover new sources. Vecsés is a good example on that and we already look for the next hydrocarbon field!Heartfelt congratulations to all the colleagues who contributed to this success!

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Today, MOL Group announceditsfinancial results for the1st quarter of 2024.Our production surpassed the strategic guidance and stood at 92.3 mboepd in Q1 2024. We also managed to increase our total production quarter-on-quarter with 0.8 mboepd, mainly driven by the production start in Kazakhstan adding 1.3 mboepd, and also by Shaikan field in Kurdistan adding 0.9 mboepd after pick-up in sales to domestic partners. The first well of the new ACE platform in Azerbaijan is already in production. We managed to maintain production at the same level as in the previous quarter in Hungary and the Tura discovery already started producing. I consider it as a great internal performance that shows the resilience of our teams. We also managed to keep our unit direct production cost below our strategic guidance at 5.8 USD/boe in the first quarter. Despite the plummeting gas prices, Upstream division delivered 47% of MOL Group’s total Simplified Free Cash Flow in Q1, bringing in USD 190 mn.I would like to thank our Upstream community for their dedicated and hard work, let’s keep up the speed!

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I’m pleased to share that MOL Exploration & Production reported new oil discovery near Tura, Hungary, as a result of a joint exploration effort between MOL E&P and O&GD. The cooperation commenced after MOL acquired a 49% stake in O&GD's three exploration concessions in the summer of 2023. Through this collaboration, a previously unknown oil reserve was discovered and trial production started with approximately 1,000 barrels/day, which means 500 barrels/day to MOL, according to the share.The oil is being processed in the Danube Refinery in Százhalombatta. Our strategic aim is to keep minimum of 90 mboepd production level throughout the next 5 years, discoveries like this represent a meaningful contribution to this target. Congratulations to all the colleagues who participated in this joint success with O&GD!

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I am pleased to share that MOL Group updated its “Shape Tomorrow” strategy and Upstream has a key role in it. Exploration and Production will continue to be a key player to fund group-level transformation and the engine of energy supply security. But our aim is to be far more than that: we launch several low-carbon initiatives to increase sustainable revenue streams and to decrease our carbon footprint. We have created a new organization within the division, Low Carbon and New Energies, to drive our sustainable efforts in geothermal exploration, lithium R&D production, CCS and methane emissions reduction. We will build on our century-long knowledge and subsurface expertise in the traditional and non-traditional business lines. We continue to optimize our Central and Eastern European operations in order to exploit synergies and cooperation potentials. We aim to ensure energy supply security, actively manage and further diversify our international portfolio, and we establish strategic partnerships in order to get even stronger. I look forward to navigating this exciting journey of transformation with all of my colleagues throughout the entire operations in 9 countries!

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Today, MOL Group announceditsfinancial results for the4th quarterand for the full year of 2023.In Q4, Upstream production came in at 91.5mboepd, up 4.7mboepdagainst the previous quarter, as the completion of planned turnarounds in treatment facilities and an increased entitlement in the ACG field helpedtoboost production. Full-year production reached 90.4 mboepd, above the annual guidance. 2023 Q4 EBITDA jumped by 92% to USD 375 million from the level of the previous quarter, as a result of slightly higher hydrocarbon prices and the phaseout of the special mining royalty regimein Hungary. Q4 performance brought full-year Upstream results to USD 953 mn.Our Upstream team managed to solve countless challenges throughout the operations in 2023, I am proud of MOL Group’s E&P performance!Let’s keep up the good work with full of energy!

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It was a pleasure to meet our esteemed partner, State Oil Company of the Republic of Azerbaijan (SOCAR)'s President Rovshan Najaf, this time in #Davos. Together with Gyorgy Bacsa, EVP of Group Strategic Operations and Corporate Development of MOL Group, our discussions were not only insightful but also reaffirmed the strength of our current exemplary partnership in ACG and BTC. In the last 4 years, MOL invested USD 2bn to these flagship assets.Looking forward to the continued success of our cooperation and the exciting opportunities that lie ahead! Together, we are driving positive change and making a significant impact on our industry.

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