MOL To Keep 2012 Oil Output Goal Despite Syria Fallout- CFO

Hungarian energy group MOL Nyrt. (MOL.BU) expects hydrocarbon output to stay at 120,000 barrels of oil equivalent a day despite a fallout in Syrian production capacities, Chief Financial Officer Jozsef Simola told Dow Jones Newswires Tuesday after the company published first-quarter earnings.

MOL's first quarter net profits dropped 20% on the year to 73.7 billion forints ($321.1 million), although they were above analyst expectations of HUF42.5 billion.

External factors, such as higher oil prices had boosted first quarter results, although a fallout in Syrian production capacities had an impact on earnings, the CFO said.

Simola said the company would stick to its target of maintaining 120,000 Boe/day output in its upstream segment, despite the force majeure in Syria. MOL expects average oil prices to reach $100-$120 a barrel by the year-end with refining margins showing a mixed picture.

An overhaul of the company's downstream segment announced together with results would effect all operations, including energy consumption, sales and maintenance, the CFO said.

MOL is expecting its downstream-boosting program to achieve an increase of $500 million to $550 million in earnings before interest, taxes, depreciation and amortization, or Ebitda, over the course of the next three years.

-By Marton Eder, Dow Jones Newswires; [phone]; [e-mail]