MOL Company News - Operational and financial update
MOL has provided an update on some of its operational and financial targets for 2020e and outlined measures to be taken in order to prepare for the current market environment. Below we summarize the main take-aways from todays press release and conference call.Upstream segment: The management has revised downwards its 2020e production guidance to 115-120 kboepd from 120 kboepd (production stood at ca. 110 kboepd in 1Q 20), as covid-related demand destruction could lead to lower output at some international fields (i.e. production in Pakistan is already lower). The new production guidance assumes a six-month contribution from the acquired assets in Azerbaijan (same as before). MOL has put in place numerous measures to adjust its operating and capital expenditures in order to lower its portfolios break-even towards USD 25/boe.
Jinduicheng Molybdenum and its subsidiaries are engaged in the manufacture and sale of molybdenum ore, molybdenum smelting series and its environmental protection products, molybdenum chemical series products, mineral products and other metal products; overseas investments; power operation; manufacture of industrial sulfuric acid; sale of chemical products and non-metal mineral products; and provision of general cargo transportation services.
Magyar Olaj-Es Gazipari is an integrated oil and gas enterprise based in Hungary and active in central and eastern Europe. Co.'s core activities include: exploration and production of crude oil, natural gas and gas products; refining, transportation, storage and distribution of crude oil products in both retail and wholesale markets; importation, transportation, storage and wholesale trading of natural gas and other gas products; and the production and sale of olefins and polyolefins. TVK, the petrochemical affiliate of Co., is an olefin and polyolefin producer in Hungary.
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