MOL Group, an integrated, international oil and gas company has reported a $152 million (€140.8 million) net loss for the first quarter of this year.
The Hungary-based company reported that underlying operations were running strong until mid-March when the economic impact of the global pandemic hit hard. April saw increased challenges and difficulties in all sectors.
Chairman and CEO Zsolt Hernádi said: “Covid-19 shapes and rules the world and the energy industry.
“The pandemic situation and economic crisis that follows will cast a long shadow on our overall performance in 2020.
“Individuals as well as companies entered a period of uncertainty we have probably never even imagined before.”
Hernádi said that the company’s strong balance sheet and dedicated staff will “help us navigate through these unchartered waters”.
“We have already made a series of difficult decisions that will help us to achieve cash neutrality, to maintain our liquidity and financial flexibility and to grab opportunities which may arise on the way towards normalization,” added Hernádi.
The company with its headquarters in Budapest is active in more than 40 countries and employs a workforce of 25,000 people.
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