Hungarian oil and gas company MOL recorded 714 million dollars Clean CCS EBITDA in the first quarter of 2023. This result was achieved despite regulatory headwinds and decreasing oil and gas prices. At the same time, Upstream EBITDA was lower due to decreasing oil and gas prices, the extra royalty in Hungary and the regulated gas price scheme in Croatia.
MOL Group delivered stable Q1 results in 2023. Macro conditions were mostly mitigated by the good internal performance of the divisions. The company reached milestones in supporting the energy sovereignty of the region. Upstream managed to increase domestic production volumes, shipped its crude from Azerbaijan to Europe and continued with investments allowing landlocked refineries to access crude oil from diverse sources, MOL CEO Zsolt Hernadi said.
Downstream Clean CCS EBITDA increased by 18% compared to the same quarter in 2022. It reached 299 million dollars.
