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Hungary’s oil and gas company increases income from ACG

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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%.

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