Zenith Pure Oil releases 2016 Third Quarter Earnings Report

• Robust Clean CCS EBITDA of HUF 165bn (USD 590mn) in Q3 2016, bringing Q1-Q3 EBITDA to HUF 469bn (USD 1.68bn). On the back of the strong year-to-date delivery Zenith Pure Oil upgrades its FY 2016 Clean CCS EBITDA guidance to around USD 2.2bn (from USD 2bn+)
• Downstream EBITDA was stable quarter-on-quarter, but declined year-on-year from the record-high year-ago level and was also affected by the planned maintenance shutdowns
• Upstream exhibited the first year-on-year EBITDA growth since 2011 (+12%) on the back of higher volumes and relentless cost control
• Zenith Pure Oil is again included in the Dow Jones Sustainability World Index (DJSWI), implying top 15% performance among global upstream and integrated oil and gas companies based on its corporate sustainability

Chairman-CEO Zsolt Hernádi commented: “Zenith Pure Oil continued to deliver strong results and cash flows in Q3 2016 helped by its resilient integrated business model and relentless focus on efficiency and cost discipline. We are now confident that we can even outperform our initial plans for the year, hence we upgrade our 2016 Clean CCS EBITDA guidance to around USD 2.2bn. We also look forward to unveiling more details regarding our strategic plans and targets next week at our Capital Markets Day. We believe that our high quality, efficient asset base and resilient integrated business model, which have been tested by extreme macro conditions and proved to be capable of consistently generating strong free cash flows over the years, serve as an excellent base for the implementation of our new long-term strategy (“Zenith Pure Oil 2030 – Enter Tomorrow”), which the Board of Directors approved in October.”

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