DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
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MOL Plc. Annual General Meeting 2013 Documents<br />
<br />
<br />
More emphasis will be given to active portfolio management.<br />
2013 accomplishments will provide a solid basis for reaching our<br />
strategic target of 170 – 180 mboepd production.<br />
Overview of 2012<br />
Upstream remained the<br />
main driver of EBITDA in<br />
2012<br />
EBITDA, excluding special items, decreased compared to the base<br />
period. The main reason behind the drop was the lack of Syrian<br />
revenues since October 2011. INA ceased operations, declaring ‘force<br />
majeure’ on February 26 th , 2012. Beyond that, Group performance<br />
was negatively affected by lower production, mainly in the CEE<br />
region, which was partially offset by the positive effects of:<br />
higher crude oil sales to the Sisak refinery in current period<br />
since:<br />
o there were no sales during Q3 2011 due to a fire at<br />
the refinery<br />
o at the beginning of 2012, stocks accumulated during<br />
the previous year’s refinery shutdown were sold<br />
increased average realized hydrocarbon price<br />
favourable changes in FX rates<br />
Excluding the Syrian contribution (HUF 75bn) in 2011, EBITDA,<br />
excluding special items, slightly increased in 2012.<br />
EBITDA deteriorated by HUF 15bn in special items, the majority of<br />
which related to an additional payment for the Angolan concessions<br />
and a provision for project abandonment in Iran. (See Appendix I.)<br />
Daily production levels<br />
decreased mostly due to the<br />
Syrian ‘force majeure‘<br />
pullout...<br />
... depletion of mature CEE<br />
and Russian fields & water<br />
cut on Croatian offshore<br />
fields<br />
Average daily hydrocarbon production decreased compared with<br />
2011, mostly due to the Syrian ‘force majeure’ since volumes were<br />
recognised only up to the date of the ‘force majeure’ announcement<br />
on 26 th February 2012. Average daily hydrocarbon production,<br />
excluding the Syrian contribution, was 115 mboepd, a 9% decrease<br />
compared to the same period in 2011. One of the main reasons<br />
behind this drop was a natural decline, water cuts at the Adriatic<br />
offshore gas and further decreases in Croatian condensate<br />
production due to abandoned C2+ production. In addition, CAPEX<br />
delays in the Russian ZMB field and a natural decline in Hungarian oil<br />
production both had negative impacts on production.<br />
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