MOL Group, Company Intelligence Report


#42208

124pages

GlobalData

$ 1000

In Stock


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 in the market.
  • Key Events for 2011: This section provides the company’s expected operational and financial activities in 2011. This section maps the company’s focus for 2011 in nut shell.
  • Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
  • Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
  • M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
  • Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
  • Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
  • Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Contents

1 Table of Contents

1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6

2 MOL Group, Company Overview 8

3 MOL Group, Key Events for 2011 12


4 MOL Group, Key Highlights 13
4.1 New and Existing Upstream Projects to Drive Growth 13
4.1.1 Syrian Gas Project: Major Upside from 2011 13
4.1.2 Iraqi Kurdistan Projects to Start Production from 2013 14
4.1.3 Unconventional Gas in Hungary can Provide Long Term Benefits 16
4.1.4 North Adriatic Offshore Project to Offset the Declining Production 17
4.1.5 Pakistan to Supplement Production Growth 18
4.2 INA Acquisition Helped MOL to Expand its Upstream Business 19
4.3 Integrated Operation to Supplement Growth 21

5 MOL Group, SWOT Analysis 23
5.1 Strength 23
5.1.1 Large Geographical Presence 23
5.1.2 Strong Exposure Across Oil and Gas Value Chain 23
5.2 Weakness 23
5.2.1 Declining Profitability Margin 23
5.2.2 Poor Return to its Shareholders 23
5.3 Opportunities 23
5.3.1 Upstream Asset Portfolio to provide Growth Opportunity 23
5.3.2 Downstream and other Integrated Operations to provide more Opportunities 24
5.4 Threats 24
5.4.1 Modernization and Expansion of INAs Refineries to Cost MOL heavily 24

6 MOL Group, Goals and Strategies 25
6.1 Upstream Projects Development to Map Growth Going Forward 25
6.2 Integrated Operations to be Used to Supplement Growth 26

7 MOL Group, Production Overview 28
7.1 Production Profile 28
7.1.1 Hungary 29
7.1.2 Croatia 30
7.1.3 Russia 31
7.1.4 Syria 32
7.1.5 Pakistan 33
7.1.6 Iraq 34
7.1.7 Other Countries 35
7.2 Costs Incurred 37

8 MOL Group, Exploration and Development Overview 38
8.2 Croatia 40
8.2.1 Onshore 40
8.2.2 North Adriatic offshore 40
8.3 Russia 41
8.4 Syria 41
8.5 Pakistan 41
8.6 Kazakhstan 42
8.7 Iraq (Kurdistan region) 42
8.8 Egypt 42
8.9 Angola 43
8.10 Other Countries 43

9 MOL Group, Refining and Marketing 44

10 Gas and Power Segment 45


11 Petrochemicals 46

12 MOL Group, M&A Highlights 47
12.1 Activity 47

13 MOL Group, Forecast Production and Financial Statements 49
13.1 Income Statement (20072014) 50
13.2 Balance Sheet (20072014) 51
13.3 Cash Flow Statement (20072014) 52
13.4 Financial Ratios 53

14 MOL Group, Valuation 56
14.1 Net Asset Value 56

15 MOL Group, Peer Comparision 59
15.1 Share Price Performance 59
15.2 Operational and Financial Performance 60
15.3 Key Financial and Operational Ratio 62

16 MOL Group, Detailed Financial and Operational Metrics 65
16.1 MOL Group, Quarterly Results of Oil & Gas Operations Per boe Produced 65
16.1.1 Results of Oil & Gas Operations Per boe Produced, Q4, 2009-Q4, 2010 65
16.1.2 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2009-Q4, 2010 66
16.2 MOL Group, Quarterly E&P Costs Trends 67
16.2.1 Upstream Capital Expenditure, Q4, 2009-Q4, 2010 67
16.3 MOL Group, Total Oil and Gas Production 68
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2009-Q4, 2010 68
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2009-Q4, 2010 69
16.4 MOL Group, Crude Oil Production 70
16.4.1 Total Crude Oil Production Trend, Q4, 2009-Q4, 2010 70
16.4.2 Crude Oil Production, By Country/Region, Q4, 2009-Q4, 2010 71
16.5 MOL Group, Natural Gas Production 72
16.5.1 Total Natural Gas Production Trend, Q4, 2009-Q4, 2010 72
16.5.2 Natural Gas Production, By Country/Region, Q4, 2009-Q4, 2010 73
16.5.3 Share Price Performance, 2004-2009 74
16.5.4 Key Valuation Metrics, 2004-2009 75
16.6 Total Oil and Gas, Reserves and Production 76
16.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009 76
16.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2004-2009 77
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009 79
16.7 Crude Oil/Liquids Production and Reserve 80
16.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009 80
16.7.2 Crude Oil Production and Reserves By Country/Region, 2004-2009 81
16.7.3 Crude Oil/Liquids Reserve Changes, 2004-2009 83
16.8 Natural Gas Production and Reserve 84
16.8.1 Natural Gas Production and Reserve Trend, 2004-2009 84
16.8.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009 85
16.8.3 Natural Gas Reserve Changes, 2004-2009 87
16.9 Total Crude Oil and Natural Gas Reserves Life Index 88
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009 88
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004-2009 89
16.10 Allocation of the Upstream Capital Expenditure 91
16.10.1 Upstream Capital Expenditure, 2004-2009 91
16.10.2 Acquisition Costs By Country/Region, 2004-2009 92
16.10.3 Exploration and Development Costs, By Country/Region, 2004-2009 94
16.11 Oil and Gas Cost Per boe, $/boe 96
16.11.1 Oil and Gas Cost Per boe, $/boe, 2004-2009 96
16.11.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2004-2009 98
16.12 Oil and Gas Production Replacement Ratio 101
16.12.1 Oil and Gas Production Replacement Ratio, 2004-2009 101
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004-2009 103
16.13 Oil and Gas Revenue and Expenses 107
16.13.1 Oil and Gas Revenue and Expenses, 2004-2009 107
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009 108
16.14 Oil and Gas Revenue and Expenses, Per boe 114
16.14.1 Oil and Gas Revenue and Expenses, By boe, 2004-2009 114
16.14.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2004-2009 115
16.15 Oil and Gas Performance Metrics 120

17 Appendix 121
17.1 Methodology 121
17.1.1 Coverage 121
17.1.2 Secondary Research 121
17.1.3 Primary Research 121
17.2 Data Sources 122
17.2.1 Company Source 122
17.2.2 SEC/Other Regulatory Filings 122
17.2.3 Agency Reports 122
17.2.4 Other Sources 122
17.3 Methodology for Company Valuation 122
17.4 Expert Panel Validation 123
17.5 Acronyms 123
17.6 About GlobalData 123
17.7 Disclosure 123
17.8 Disclaimer 124
Table 1: MOL Group, Key Events, February 2010 February 2011 11
Table 2: MOL Group, Production Forecast by Country, MMboe, 20102014 36
Table 3: MOL Group, Recent Transactions as a Buyer, 20072010 47
Table 4: MOL Group, Recent Transactions as a Seller, 20072010 48
Table 5: MOL Group, Forecast Production, 20072014 49
Table 6: GlobalData, Price Forecasts, 20112015 49
Table 7: MOL Group, Income Statement ($m), 20072014 50
Table 8: MOL Group, Balance Sheet ($m), 20072014 51
Table 9:MOL Group, Cash Flow Statement ($m), 20072014 52
Table 10: MOL Group, Profitability Ratios, 20072014 53
Table 11: MOL Group, Other Financial Ratios, 20072014 53
Table 12: MOL Group, Capital Market Ratios, 20092011 55
Table 13: GlobalData, Price Forecast, 20112015 56
Table 14: MOL Group, Net Asset Value, 2011 57
Table 15: MOL Group, NPV of Crude Oil & NGL, $/bbl, 2011 57
Table 16: MOL Group, NPV of Natural Gas Reserves, $/Mcf, 2011 58
Table 17: MOL Group, NPV of Total Oil & Natural Gas, $/boe, 2011 58
Table 18: MOL Group plc Versus Peer Group, Operational and Financial Performance, 2009 60
Table 19: MOL Group and its Peer Group Comparison, Financial Ratios, 2009 63
Table 20: MOL Group, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2009-Q4, 2010 65
Table 21: MOL Group, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2009-Q4, 2010 66
Table 22: MOL Group, Upstream Capital Expenditure, Q4, 2009-Q4, 2010 67
Table 23: MOL Group, Total Crude Oil and Natural Gas, Production, Q4, 2009-Q4, 2010 68
Table 24: MOL Group, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2009-Q4, 2010 69
Table 25: MOL Group, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010 70
Table 26: MOL Group, Crude Oil Production, By Country/Region, MMbbl, Q4, 2009-Q4, 2010 71
Table 27: MOL Group, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010 72
Table 28: MOL Group, Natural Gas Production, By Country/Region, Bcf, Q4, 2009-Q4, 2010 73
Table 29: MOL Group, Share Price Performance, 2004-2009 74
Table 30: MOL Group, Key Valuation Metrics, 2004-2009 75
Table 31: MOL Group, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 76
Table 32: MOL Group, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004-2009 78
Table 33: MOL Group, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004-2009 79
Table 34: MOL Group, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 80
Table 35: MOL Group, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004-2009 82
Table 36: MOL Group, Crude Oil Reserve Changes, MMbbl, 2004-2009 83
Table 37: MOL Group, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 84
Table 38: MOL Group, Natural Gas Production and Reserves, By Country/Region, Bcf, 2004-2009 86
Table 39: MOL Group, Natural Gas Reserve Changes, Bcf, 2004-2009 87
Table 40: MOL Group, Oil and Gas Reserves Life Index, Years, 2004-2009 88
Table 41: MOL Group, Oil and Gas Reserves Life Index, By Country/Region, Years, 2004-2009 90
Table 42: MOL Group, Upstream Capital Expenditure, $m, 2004-2009 91
Table 43: MOL Group, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 93
Table 44: MOL Group, Exploration and Development Costs, By Country/Region, $m, 2004-2009 95
Table 45: MOL Group, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 96
Table 46: MOL Group, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2004-2009 100
Table 47: MOL Group, Oil and Gas Production Replacement Ratio, %, 2004-2009 101
Table 48: MOL Group, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004-2009 105
Table 49: MOL Group, Revenue and Expenses, $m, 2004-2009 107
Table 50: MOL Group, Revenue and Expenses, By Country/Region, $m, 2004-2009 111
Table 51: MOL Group, Oil and Gas Revenue and Expenses, $/boe, 2004-2009 114
Table 52: MOL Group, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2004-2009 118
Table 53: MOL Group, Oil and Gas Performance Metrics, 2004-2009 120
Figure 1: MOL Group, Core Upstream Operating Countries, 2011 8
Figure 2: MOL Group, EBITDA by Segment, 2009 9
Figure 3: MOL Group, Performance Charts, 20052009 10
Figure 4: MOL Group, Share Price Performance, February 2010 February 2011 11
Figure 5: MOL Groups Syrian Hayan Operational Map, 2011 13
Figure 6: MOL Group, Syria Forecast Production (MMboe), 2010-2014 14
Figure 7: MOL Group, Operational Map Iraq, 2011 15
Figure 8: MOL Group, Production Forecast Iraq (MMboe), 2012-2014 15
Figure 9: MOL Group, Hungarian Unconventional Basin Map, 2011 16
Figure 10: MOL Group, North Adriatic Offshore Production Forecast (bcf), 2010-2014 17
Figure 11: MOL Group, Reserves and Production Change (MMboe), 2009 19
Figure 12: INA, E&P Operational Map, 2009 20
Figure 13: MOL Group, Downstream operations Map, 2011 21
Figure 14: MOL Group, Growth in the Estimated Revenue of Integrated Operations, 2010-2014 22
Figure 15: MOL Group, Resources to be drilled MMboe, 2010-2012 25
Figure 16: MOL Group, Downstream and integrated operational synergies, 2011 27
Figure 17: MOL Group, Production Forecast MMboe, 20102014 28
Figure 18: MOL Group, Production Mix MMboe, 20102014 29
Figure 19: MOL Group, Hungary Production Forecast MMboe, 2010-2014 30
Figure 20: MOL Group, Croatia Production Forecast MMboe, 2010-2014 31
Figure 21: MOL Group, Russia Production Forecast MMboe, 2010-2014 32
Figure 22: MOL Group, Syria Production Forecast MMboe, 2010-2014 33
Figure 23: MOL Group, Pakistan Production Forecast MMboe, 2010-2014 34
Figure 24: MOL Group, Iraq Production Forecast,2012-2014 35
Figure 25: MOL Group plc, Cost Incurred, $m, 20052009 37
Figure 26: MOL Group, Exploration and development Portfolio,2011 38
Figure 27: MOL Groups Exploration Program in Hungary,2011 39
Figure 28: MOL Group, Gas transmission, 2010 45
Figure 29: MOL Group and its Peers, Relative Share Price Performance Index, January 20102011 59
Figure 30: MOL Group, F&D Costs and Reserve Replacement Ratio, 2009 61
Figure 31: MOL Group, Operational and Financial Parameters ($/boe), 2009 61
Figure 32: MOL Group, Total Reserves and Production (MMboe), 2009 62
Figure 33: MOL Group and Peer Group Comparison, Valuation Ratio, 2009 64
Figure 34: MOL Group, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2009-Q4, 2010 65
Figure 35: MOL Group, Upstream Capital Expenditure, $m, Q4, 2009-Q4, 2010 67
Figure 36: MOL Group, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2009-Q4, 2010 68
Figure 37: MOL Group, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2009-Q4, 2010 69
Figure 38: MOL Group, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010 70
Figure 39: MOL Group, Crude Oil Production, By Country/Region, MMbbl, Q4, 2009-Q4, 2010 71
Figure 40: MOL Group, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010 72
Figure 41: MOL Group, Natural Gas Production, By Country/Region, Bcf, Q4, 2009-Q4, 2010 73
Figure 42: MOL Group, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2004-2009 75
Figure 43: MOL Group, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 76
Figure 44: MOL Group, Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 2004-2009 77
Figure 45: MOL Group, Total Oil & Gas Production, By Country/Region, MMboe, 2004-2009 77
Figure 46: MOL Group, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 79
Figure 47: MOL Group, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 80
Figure 48: MOL Group, Total Proved Oil Reserves, By Country/Region, MMbbl, 2004-2009 81
Figure 49: MOL Group, Oil Production, By Country/Region, MMbbl, 2004-2009 81
Figure 50: MOL Group, Crude Oil Reserve Changes, MMbbl, 2009 83
Figure 51: MOL Group, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 84
Figure 52: MOL Group, Total Proved Gas Reserves, By Country/Region, Bcf, 2004-2009 85
Figure 53: MOL Group, Gas Production, By Country/Region, Bcf, 2004-2009 85
Figure 54: MOL Group, Natural Gas Reserve Changes, Bcf, 2009 87
Figure 55: MOL Group, Oil and Gas Reserves Life Index, Years, 2004-2009 88
Figure 56: MOL Group, Gas Reserve Life Index, By Country/Region, Years, 2004-2009 89
Figure 57: MOL Group, Oil & Gas Reserve Life Index, By Country/Region, Years, 2004-2009 89
Figure 58: MOL Group, Oil Reserve Life Index, By Country/Region, Years, 2004-2009 90
Figure 59: MOL Group, Upstream Capital Expenditure, $m, 2004-2009 91
Figure 60: MOL Group, Proved Acquisition Costs, By Country/Region, $m, 2004-2009 92
Figure 61: MOL Group, Development Costs, By Country/Region, $m, 2004-2009 94
Figure 62: MOL Group, Exploration Costs, By Country/Region, $m, 2004-2009 94
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 96
Figure 64: MOL Group, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 2004-2009 98
Figure 65: MOL Group, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/boe, 2004-2009 98
Figure 66: MOL Group, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 2004-2009 99
Figure 67: MOL Group, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/boe, 2004-2009 99
Figure 68: MOL Group, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004-2009 101
Figure 69: MOL Group, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2004-2009 103
Figure 70: MOL Group, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2004-2009 103
Figure 71: MOL Group, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2004-2009 104
Figure 72: MOL Group, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2004-2009 104
Figure 73: MOL Group, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2004-2009 105
Figure 74: MOL Group, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2004-2009 105
Figure 75: MOL Group, Revenue and Expenses, $m, 2004-2009 107
Figure 76: MOL Group, Depreciation, Depletion & Amortization , By Country/Region, $m, 2004-2009 108
Figure 77: MOL Group, Exploration Expenses, By Country/Region, $m, 2004-2009 108
Figure 78: MOL Group, Income Tax/(Benefit), By Country/Region, $m, 2004-2009 109
Figure 79: MOL Group, Net Income/ Loss, By Country/Region, $m, 2004-2009 109
Figure 80: MOL Group, Oil & Gas Revenue, By Country/Region, $m, 2004-2009 110
Figure 81: MOL Group, Pre-tax Profit, By Country/Region, $m, 2004-2009 110
Figure 82: MOL Group, Production Expenses, By Country/Region, $m, 2004-2009 111
Figure 83: MOL Group, Total Expenses, By Country/Region, $m, 2004-2009 111
Figure 84: MOL Group, Oil and Gas Revenue and Expenses, $/boe, 2004-2009 114
Figure 85: MOL Group, Exploration Expenses per boe, By Country/Region, $/boe, 2004-2009 115
Figure 86: MOL Group, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2004-2009 115
Figure 87: MOL Group, Lifting Cost per boe, By Country/Region, $/boe, 2004-2009 116
Figure 88: MOL Group, Annual Net Income per boe, By Country/Region, $/boe, 2004-2009 116
Figure 89: MOL Group, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2004-2009 117
Figure 90: MOL Group, Total DD&A per boe, By Country/Region, $/boe, 2004-2009 117
Figure 91: MOL Group, Total Revenue per boe, By Country/Region, $/boe, 2004-2009 118
Figure 92: MOL Group, Oil and Gas Performance Metrics, 2004-2009 120