MOL Looks for New M&A Opportunities

Hungary-based MOL reiterated its intention to buy new assets, in the attempt to foster a radical change of direction after disclosing a CCS EBITDA of HUF 105b, which is 15% lower than the result reported in the previous quarter.

“Going forward down this road, we are still looking for attractive M & A opportunities to achieve a step change in Upstream in 2014,” MOL Chairman-CEO Zsolt Hernádi commented in a note released on Thursday. 

The company reported a 2% increase in hydrocarbon production, but it has been affected by a difficult regulatory and macro environment.

‘The drop back in Upstream was almost fully attributable to the fact that Q4 2013 results were boosted by considerable provision revision for field abandonment costs and provision release related to Hungarian fields, items not present in the quarter just ended.’