MOL Q3 2023 Earnings Report Summary
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MOL's consolidated revenues increased by 44% in Q3 2023 compared to Q3 2022, reaching EUR 32.3 billion.
Key Highlights:
MOL’s consolidated revenues increased by 44% in Q3 2023 compared to Q3 2022, reaching EUR 32.3 billion.
The revenue growth was driven by higher oil prices, wider refining margins, and a weaker Hungarian forint.
MOL’s consolidated net income increased by 88% in Q3 2023 compared to Q3 2022, reaching EUR 2.4 billion.
The net income growth was supported by higher revenues and more efficient cost control.
Production and Sales:
MOL’s consolidated hydrocarbon production decreased by 2% in Q3 2023 compared to Q3 2022, to 10.2 million boe.
Refinery throughput increased by 4% in Q3 2023 compared to Q3 2022, to 4.6 million tons.
MOL’s fuel sales decreased by 2% in Q3 2023 compared to Q3 2022, to 4.2 million tons.
Financial Position:
MOL’s net debt was EUR 3.4 billion at the end of Q3 2023, EUR 0.4 billion lower than at the end of Q3 2022.
The Group’s liquidity position remains strong.
Outlook:
MOL maintains its guidance for 2023. The Group continues to plan investments in oil and gas production, refining, and petrochemicals. MOL’s goal is to become the leading energy company in Central and Eastern Europe.
Key Takeaways:
MOL’s revenues and earnings continued to grow in Q3 2023.
The revenue growth was driven by higher oil prices, wider refining margins, and a weaker Hungarian forint.
The net income growth was supported by higher revenues and more efficient cost control.
MOL remains optimistic about the future.
For more information:**
MOL’s Q3 2023 earnings report is available on the company’s website: [https://mol.hu/]