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MOL Group, Company Intelligence Report - Product Image

MOL Group, Company Intelligence Report

  • Published: February 2011
  • 124 Pages
  • GlobalData

MOL Group, Company Intelligence Report

Summary

MOL Group is one of the leading integrated Oil and Gas Company in Central & Eastern Europe (CEE) region along with extended international operations. The group's shares are listed on Budapest, Luxembourg and Warsaw Stock Exchanges with a market capitalization of around $9.4 billion at the end of 2009. MOL core activities include Exploration and Production, Refining and Marketing, Petrochemical and Gas and Power divisions. MOL Group had total net sales of around HUF226 billion or $15,947m as of 2009.

Scope

- Key Highlights: This section provides detailed analysis on the company's overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report's SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions READ MORE >

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1.1 List of Tables
1.2 List of Figures
2 MOL Group, Company Overview
3 MOL Group, Key Events for 2011
4 MOL Group, Key Highlights
4.1 New and Existing Upstream Projects to Drive Growth
4.1.1 Syrian Gas Project: Major Upside from 2011
4.1.2 Iraqi Kurdistan Projects to Start Production from 2013
4.1.3 Unconventional Gas in Hungary can Provide Long Term Benefits
4.1.4 North Adriatic Offshore Project to Offset the Declining Production
4.1.5 Pakistan to Supplement Production Growth
4.2 INA Acquisition Helped MOL to Expand its Upstream Business
4.3 Integrated Operation to Supplement Growth
5 MOL Group, SWOT Analysis
5.1 Strength
5.1.1 Large Geographical Presence
5.1.2 Strong Exposure Across Oil and Gas Value Chain
5.2 Weakness
5.2.1 Declining Profitability Margin
5.2.2 Poor Return to its Shareholders
5.3 Opportunities
5.3.1 Upstream Asset Portfolio to provide Growth Opportunity
5.3.2 Downstream and other Integrated Operations to provide more Opportunities
5.4 Threats
5.4.1 Modernization and Expansion of INA's Refineries to Cost MOL heavily
6 MOL Group, Goals and Strategies
6.1 Upstream Projects Development to Map Growth Going Forward
6.2 Integrated Operations to be Used to Supplement Growth
7 MOL Group, Production Overview
7.1 Production Profile
7.1.1 Hungary
7.1.2 Croatia
7.1.3 Russia
7.1.4 Syria
7.1.5 Pakistan
7.1.6 Iraq
7.1.7 Other Countries
7.2 Costs Incurred
8 MOL Group, Exploration and Development Overview
8.2 Croatia
8.2.1 Onshore
8.2.2 North Adriatic offshore
8.3 Russia
8.4 Syria
8.5 Pakistan
8.6 Kazakhstan
8.7 Iraq (Kurdistan region)
8.8 Egypt
8.9 Angola
8.10 Other Countries
9 MOL Group, Refining and Marketing
10 Gas and Power Segment
11 Petrochemicals
12 MOL Group, M&A Highlights
12.1 Activity
13 MOL Group, Forecast Production and Financial Statements
13.1 Income Statement (2007–2014)
13.2 Balance Sheet (2007–2014)
13.3 Cash Flow Statement (2007–2014)
13.4 Financial Ratios
14 MOL Group, Valuation
14.1 Net Asset Value
15 MOL Group, Peer Comparision
15.1 Share Price Performance
15.2 Operational and Financial Performance
15.3 Key Financial and Operational Ratio
16 MOL Group, Detailed Financial and Operational Metrics
16.1 MOL Group, Quarterly Results of Oil & Gas Operations Per boe Produced
16.1.1 Results of Oil & Gas Operations Per boe Produced, Q4, 2009-Q4, 2010
16.1.2 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2009-Q4, 2010
16.2 MOL Group, Quarterly E&P Costs Trends
16.2.1 Upstream Capital Expenditure, Q4, 2009-Q4, 2010
16.3 MOL Group, Total Oil and Gas Production
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2009-Q4, 2010
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2009-Q4, 2010
16.4 MOL Group, Crude Oil Production
16.4.1 Total Crude Oil Production Trend, Q4, 2009-Q4, 2010
16.4.2 Crude Oil Production, By Country/Region, Q4, 2009-Q4, 2010
16.5 MOL Group, Natural Gas Production
16.5.1 Total Natural Gas Production Trend, Q4, 2009-Q4, 2010
16.5.2 Natural Gas Production, By Country/Region, Q4, 2009-Q4, 2010
16.5.3 Share Price Performance, 2004-2009
16.5.4 Key Valuation Metrics, 2004-2009
16.6 Total Oil and Gas, Reserves and Production
16.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009
16.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2004-2009
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009
16.7 Crude Oil/Liquids Production and Reserve
16.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009
16.7.2 Crude Oil Production and Reserves By Country/Region, 2004-2009
16.7.3 Crude Oil/Liquids Reserve Changes, 2004-2009
16.8 Natural Gas Production and Reserve
16.8.1 Natural Gas Production and Reserve Trend, 2004-2009
16.8.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009
16.8.3 Natural Gas Reserve Changes, 2004-2009
16.9 Total Crude Oil and Natural Gas Reserves Life Index
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004-2009
16.10 Allocation of the Upstream Capital Expenditure
16.10.1 Upstream Capital Expenditure, 2004-2009
16.10.2 Acquisition Costs By Country/Region, 2004-2009
16.10.3 Exploration and Development Costs, By Country/Region, 2004-2009
16.11 Oil and Gas Cost Per boe, $/boe
16.11.1 Oil and Gas Cost Per boe, $/boe, 2004-2009
16.11.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2004-2009
16.12 Oil and Gas Production Replacement Ratio
16.12.1 Oil and Gas Production Replacement Ratio, 2004-2009
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004-2009
16.13 Oil and Gas Revenue and Expenses
16.13.1 Oil and Gas Revenue and Expenses, 2004-2009
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009
16.14 Oil and Gas Revenue and Expenses, Per boe
16.14.1 Oil and Gas Revenue and Expenses, By boe, 2004-2009
16.14.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2004-2009
16.15 Oil and Gas Performance Metrics
17 Appendix
17.1 Methodology
17.1.1 Coverage
17.1.2 Secondary Research
17.1.3 Primary Research
17.2 Data Sources
17.2.1 Company Source
17.2.2 SEC/Other Regulatory Filings
17.2.3 Agency Reports
17.2.4 Other Sources
17.3 Methodology for Company Valuation
17.4 Expert Panel Validation
17.5 Acronyms
17.6 About Us
17.7 Disclosure
17.8 Disclaimer

1.1 List of Tables
Table 1: MOL Group, Key Events, February 2010 – February 2011
Table 2: MOL Group, Production Forecast by Country, MMboe, 2010–2014
Table 3: MOL Group, Recent Transactions as a Buyer, 2007–2010
Table 4: MOL Group, Recent Transactions as a Seller, 2007–2010
Table 5: MOL Group, Forecast Production, 2007–2014
Table 6: , Price Forecasts, 2011–2015
Table 7: MOL Group, Income Statement ($m), 2007–2014
Table 8: MOL Group, Balance Sheet ($m), 2007–2014
Table 9:MOL Group, Cash Flow Statement ($m), 2007–2014
Table 10: MOL Group, Profitability Ratios, 2007–2014
Table 11: MOL Group, Other Financial Ratios, 2007–2014
Table 12: MOL Group, Capital Market Ratios, 2009–2011
Table 13: , Price Forecast, 2011–2015
Table 14: MOL Group, Net Asset Value, 2011
Table 15: MOL Group, NPV of Crude Oil & NGL, $/bbl, 2011
Table 16: MOL Group, NPV of Natural Gas Reserves, $/Mcf, 2011
Table 17: MOL Group, NPV of Total Oil & Natural Gas, $/boe, 2011
Table 18: MOL Group plc Versus Peer Group, Operational and Financial Performance, 2009
Table 19: MOL Group and its Peer Group Comparison, Financial Ratios, 2009
Table 20: MOL Group, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2009-Q4, 2010
Table 21: MOL Group, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2009-Q4, 2010
Table 22: MOL Group, Upstream Capital Expenditure, Q4, 2009-Q4, 2010
Table 23: MOL Group, Total Crude Oil and Natural Gas, Production, Q4, 2009-Q4, 2010
Table 24: MOL Group, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2009-Q4, 2010
Table 25: MOL Group, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010
Table 26: MOL Group, Crude Oil Production, By Country/Region, MMbbl, Q4, 2009-Q4, 2010
Table 27: MOL Group, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010
Table 28: MOL Group, Natural Gas Production, By Country/Region, Bcf, Q4, 2009-Q4, 2010
Table 29: MOL Group, Share Price Performance, 2004-2009
Table 30: MOL Group, Key Valuation Metrics, 2004-2009
Table 31: MOL Group, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009
Table 32: MOL Group, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004-2009
Table 33: MOL Group, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004-2009
Table 34: MOL Group, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009
Table 35: MOL Group, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004-2009
Table 36: MOL Group, Crude Oil Reserve Changes, MMbbl, 2004-2009
Table 37: MOL Group, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009
Table 38: MOL Group, Natural Gas Production and Reserves, By Country/Region, Bcf, 2004-2009
Table 39: MOL Group, Natural Gas Reserve Changes, Bcf, 2004-2009
Table 40: MOL Group, Oil and Gas Reserves Life Index, Years, 2004-2009
Table 41: MOL Group, Oil and Gas Reserves Life Index, By Country/Region, Years, 2004-2009
Table 42: MOL Group, Upstream Capital Expenditure, $m, 2004-2009
Table 43: MOL Group, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004-2009
Table 44: MOL Group, Exploration and Development Costs, By Country/Region, $m, 2004-2009
Table 45: MOL Group, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009
Table 46: MOL Group, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2004-2009
Table 47: MOL Group, Oil and Gas Production Replacement Ratio, %, 2004-2009
Table 48: MOL Group, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004-2009
Table 49: MOL Group, Revenue and Expenses, $m, 2004-2009
Table 50: MOL Group, Revenue and Expenses, By Country/Region, $m, 2004-2009
Table 51: MOL Group, Oil and Gas Revenue and Expenses, $/boe, 2004-2009
Table 52: MOL Group, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2004-2009
Table 53: MOL Group, Oil and Gas Performance Metrics, 2004-2009

1.2 List of Figures
Figure 1: MOL Group, Core Upstream Operating Countries, 2011
Figure 2: MOL Group, EBITDA by Segment, 2009
Figure 3: MOL Group, Performance Charts, 2005–2009
Figure 4: MOL Group, Share Price Performance, February 2010 – February 2011
Figure 5: MOL Group's Syrian Hayan Operational Map, 2011
Figure 6: MOL Group, Syria Forecast Production (MMboe), 2010-2014
Figure 7: MOL Group, Operational Map Iraq, 2011
Figure 8: MOL Group, Production Forecast Iraq (MMboe), 2012-2014
Figure 9: MOL Group, Hungarian Unconventional Basin Map, 2011
Figure 10: MOL Group, North Adriatic Offshore Production Forecast (bcf), 2010-2014
Figure 11: MOL Group, Reserves and Production Change (MMboe), 2009
Figure 12: INA, E&P Operational Map, 2009
Figure 13: MOL Group, Downstream operations Map, 2011
Figure 14: MOL Group, Growth in the Estimated Revenue of Integrated Operations, 2010-2014
Figure 15: MOL Group, Resources to be drilled MMboe, 2010-2012
Figure 16: MOL Group, Downstream and integrated operational synergies, 2011
Figure 17: MOL Group, Production Forecast MMboe, 2010–2014
Figure 18: MOL Group, Production Mix MMboe, 2010–2014
Figure 19: MOL Group, Hungary Production Forecast MMboe, 2010-2014
Figure 20: MOL Group, Croatia Production Forecast MMboe, 2010-2014
Figure 21: MOL Group, Russia Production Forecast MMboe, 2010-2014
Figure 22: MOL Group, Syria Production Forecast MMboe, 2010-2014
Figure 23: MOL Group, Pakistan Production Forecast MMboe, 2010-2014
Figure 24: MOL Group, Iraq Production Forecast,2012-2014
Figure 25: MOL Group plc, Cost Incurred, $m, 2005–2009
Figure 26: MOL Group, Exploration and development Portfolio,2011
Figure 27: MOL Group's Exploration Program in Hungary,2011
Figure 28: MOL Group, Gas transmission, 2010
Figure 29: MOL Group and its Peers, Relative Share Price Performance Index, January 2010–2011
Figure 30: MOL Group, F&D Costs and Reserve Replacement Ratio, 2009
Figure 31: MOL Group, Operational and Financial Parameters ($/boe), 2009
Figure 32: MOL Group, Total Reserves and Production (MMboe), 2009
Figure 33: MOL Group and Peer Group Comparison, Valuation Ratio, 2009
Figure 34: MOL Group, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2009-Q4, 2010
Figure 35: MOL Group, Upstream Capital Expenditure, $m, Q4, 2009-Q4, 2010
Figure 36: MOL Group, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2009-Q4, 2010
Figure 37: MOL Group, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2009-Q4, 2010
Figure 38: MOL Group, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010
Figure 39: MOL Group, Crude Oil Production, By Country/Region, MMbbl, Q4, 2009-Q4, 2010
Figure 40: MOL Group, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010
Figure 41: MOL Group, Natural Gas Production, By Country/Region, Bcf, Q4, 2009-Q4, 2010
Figure 42: MOL Group, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2004-2009
Figure 43: MOL Group, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009
Figure 44: MOL Group, Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 2004-2009
Figure 45: MOL Group, Total Oil & Gas Production, By Country/Region, MMboe, 2004-2009
Figure 46: MOL Group, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009
Figure 47: MOL Group, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009
Figure 48: MOL Group, Total Proved Oil Reserves, By Country/Region, MMbbl, 2004-2009
Figure 49: MOL Group, Oil Production, By Country/Region, MMbbl, 2004-2009
Figure 50: MOL Group, Crude Oil Reserve Changes, MMbbl, 2009
Figure 51: MOL Group, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009
Figure 52: MOL Group, Total Proved Gas Reserves, By Country/Region, Bcf, 2004-2009
Figure 53: MOL Group, Gas Production, By Country/Region, Bcf, 2004-2009
Figure 54: MOL Group, Natural Gas Reserve Changes, Bcf, 2009
Figure 55: MOL Group, Oil and Gas Reserves Life Index, Years, 2004-2009
Figure 56: MOL Group, Gas Reserve Life Index, By Country/Region, Years, 2004-2009
Figure 57: MOL Group, Oil & Gas Reserve Life Index, By Country/Region, Years, 2004-2009
Figure 58: MOL Group, Oil Reserve Life Index, By Country/Region, Years, 2004-2009
Figure 59: MOL Group, Upstream Capital Expenditure, $m, 2004-2009
Figure 60: MOL Group, Proved Acquisition Costs, By Country/Region, $m, 2004-2009
Figure 61: MOL Group, Development Costs, By Country/Region, $m, 2004-2009
Figure 62: MOL Group, Exploration Costs, By Country/Region, $m, 2004-2009
Figure 63: MOL Group, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009
Figure 64: MOL Group, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 2004-2009
Figure 65: MOL Group, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/boe, 2004-2009
Figure 66: MOL Group, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 2004-2009
Figure 67: MOL Group, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/boe, 2004-2009
Figure 68: MOL Group, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004-2009
Figure 69: MOL Group, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2004-2009
Figure 70: MOL Group, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2004-2009
Figure 71: MOL Group, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2004-2009
Figure 72: MOL Group, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2004-2009
Figure 73: MOL Group, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2004-2009
Figure 74: MOL Group, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2004-2009
Figure 75: MOL Group, Revenue and Expenses, $m, 2004-2009
Figure 76: MOL Group, Depreciation, Depletion & Amortization , By Country/Region, $m, 2004-2009
Figure 77: MOL Group, Exploration Expenses, By Country/Region, $m, 2004-2009
Figure 78: MOL Group, Income Tax/(Benefit), By Country/Region, $m, 2004-2009
Figure 79: MOL Group, Net Income/ Loss, By Country/Region, $m, 2004-2009
Figure 80: MOL Group, Oil & Gas Revenue, By Country/Region, $m, 2004-2009
Figure 81: MOL Group, Pre-tax Profit, By Country/Region, $m, 2004-2009
Figure 82: MOL Group, Production Expenses, By Country/Region, $m, 2004-2009
Figure 83: MOL Group, Total Expenses, By Country/Region, $m, 2004-2009
Figure 84: MOL Group, Oil and Gas Revenue and Expenses, $/boe, 2004-2009
Figure 85: MOL Group, Exploration Expenses per boe, By Country/Region, $/boe, 2004-2009
Figure 86: MOL Group, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2004-2009
Figure 87: MOL Group, Lifting Cost per boe, By Country/Region, $/boe, 2004-2009
Figure 88: MOL Group, Annual Net Income per boe, By Country/Region, $/boe, 2004-2009
Figure 89: MOL Group, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2004-2009
Figure 90: MOL Group, Total DD&A per boe, By Country/Region, $/boe, 2004-2009
Figure 91: MOL Group, Total Revenue per boe, By Country/Region, $/boe, 2004-2009
Figure 92: MOL Group, Oil and Gas Performance Metrics, 2004-2009

INA Acquisition Helped MOL to Expand its Upstream Business

MOL Group has expanded its upstream business in by the acquisition of INA in 2009. MOL has taken complete operative control and fully consolidated INA in its financial statement from June 2009 through the purchase of additional shares. INA's full consolidation has helped MOL to extend and diversify its upstream business globally. INA is predominantly an upstream company with its reserves base in Croatia and other international countries. After this acquisition MOL Group now nearly has 2P reserves base of 665.1 MMboe as on 2009 and its production also increased by two thirds to 142.5 Mboepd in Q4 2009. Currently the company's production is coming from seven countries and has exploration potential across 15 countries.

This deal also allowed MOL to reposition its business model. Earlier MOL Group's operations were mainly focused towards downstream business but with addition of INA's operations in its portfolio, MOL was able to strengthen its upstream operations.

MOL had a total oil and gas production of around 108.0 Mboepd in 2009, including INA's 29.1 Mboepd contribution in H2 2009 (the full year production of INA amounted to 56.6 Mboepd in 2009). However, if INA's contribution is removed, its production averaged around 78,900 boepd in 2009, representing a 9% decrease year-on-year. This is also evident in the graph below which shows the increment of around 27% (or 29.1 Mboepd) on MOL Group's production in 2009. Its total crude oil production (excluding INA's contribution of 12.4 Mboepd) declined by 10% and its gas production (excluding INA's contribution of 16.7 Mboepd) was 7% lower than in 2008.

As a result of INA consolidation into MOL Group, the company was also able to increase its reserves base in 2009. The above figure shows the impact of INA inclusion on MOL Group's reserves and production in 2009. MOL Group's 2009 year end SPE gross proved reserves were 447.0 MMboe, including 245.3 MMboe of INA's reserves. And its SPE P1+P2 reserves were close to 665.1 MMboe (including 325.1 MMboe of INA), which presents an increase of 132.5 MMboe compared to the previous year mainly due to full consolidation of INA in June 2009.

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