Hungary’s MOL Group received $305 million in profit from Azeri-Chirag-Guneshli (ACG) block of fields, located in the Azerbaijani sector of the Caspian Sea, Report informs, citing the company.
In the first quarter of 2020, the company’s loss made up $152 million.
Income stood at $3.7 billion. Operating income quadrupled to $369 million.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) doubled to $774 million.
During the reporting period, MOL’s daily output made up 116.7 million barrels, which is 2.7% less than the previous quarter, 6% more than a year earlier.
MOL has a 9.57% stake in ACG, and the operator is BP with 30.37%.