Annual Report 2014


About Us

international oil
and gas company


countries across
three continents




years in the




USD 2bn

target in 2015


growth in 2015
Additional USD
0.5 bn growth
by 2017 to reach

USD 0.9bn

normalized free
cash flow

MOL Group is an integrated international oil and gas company, working in the upstream and downstream sectors, active in around 40 countries across three continents, with a dynamic international workforce of nearly 27,500 people and a track record of more than 100 years in the industry.

In the past the focus was on downstream primarily, however, we also see great growth potential in upstream, and we are leveraging the expertise of our people to realise these opportunities.

We have lead positions in our home markets in Central Eastern Europe, but to realize our ambitions and grow in new markets for the future, we are now on a journey to transform the business.

We're constantly working towards being the investment of choice in our sector, the partner of choice in our industry, and the employer of choice for the brightest and the best.

We have big ambitions and potential for growth, which we will achieve by combining scale, professionalism and know-how, with energy, innovation, and a willingness to look for different, better ways of working.

What drives us all in MOL Group

To be the energy of positive change.

What connects us across the whole MOL Group

A passionate ambition to be the best. The courage to challenge, in order to find a better way. The positive power of working together towards a shared success.


2014 was a challenging year, but the strength and resilience of MOL ’s integrated business model meant that we could deliver great results even as oil prices halved. Looking ahead, having achieved the right balance between Upstream and Downstream will allow MOL to maintain and grow its profitability even at reduced oil prices. Although a low oil price is a challenge, its is equally an opportunity, as our increasingly integrated business model is well-positioned to take advantage of changes in the market, as the strength of our balance sheet will allow us to seek new attractive inorganic opportunities should opportunities arise. For Upstream, we will continue to increase production in the coming years, keeping the reserves replacement ratio at current levels or above, while aiming to maintain a strict cost control. As for Downstream, a low oil price is positive, but given the long term structural trends likely to shape the sector, MOL cannot rely on a favourable cyclical environment as the driver of profitability. As such, the Next Downstream Program will target additional efficiency improvements, whilst the extension of the petrochemicals value chain and the expansion of the retail network will further contribute to a sustainable growth in profitability. Ultimately, behind all growth and profitability targets lies a robust financial foundation, which will continue to be the firm’s highest priority, as we seek to lay the foundations for future growth in 2015 and beyond.