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Name | Symbol | Market | Type |
---|---|---|---|
Mol Magyar Olay Es Gazipari Rt (PK) | USOTC:MGYOY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.026 | -0.71% | 3.654 | 3.61 | 3.69 | 3.665 | 3.635 | 3.665 | 10,784 | 18:13:16 |
By Veronika Gulyas
BUDAPEST--Hungarian oil and gas company MOL Nyrt. (MOL.BU) expects oil prices to remain in a range about $110 a barrel in 2013-2014, oscillating around the 2012 level, the firm's chief executive said Tuesday at a press briefing.
MOL published its fourth-quarter and full 2012 results late Monday and its drilling update earlier Tuesday.
Foreseeing a difficult operating environment this year, the CEO Jozsef Molnar expects a slight deterioration in gasoline and diesel crack spreads in 2013 from the 2012 average levels when they were $190 a metric ton and $130 a ton respectively.
The company forecasts a "significant" rise in what is dubbed the Robin Hood tax, a state levy on energy firms in Hungary on top of the sector-wide "crisis" taxes and corporate taxes.
The company paid almost 10 billion forints ($45 million) in Robin Hood tax in 2012, while the 2013 level will depend on the consolidated, audited full-year 2012 profit, Janos Simola, MOL's deputy CEO responsible for finances, said.
To offset higher taxes, the utility is due to continue its downstream streamlining program, where it sees a combined savings and revenue-increasing plan bringing in $400 million in 2013, as part of the 2012-2014 program that aims to save MOL $500 million-$550 million.
Besides savings within the downstream segment--which also includes filling stations--the firm expects growth in Romania, Serbia, Slovenia and the Czech Republic; consolidation in Bosnia-Herzegovina and Croatia; and keeping its market leading position in Hungary and Slovakia.
Write to Veronika Gulyas at veronika.gulyas@dowjones.com
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