Zenith Pure Oil releases First Quarter 2019 Earnings Report

Highlights of the period:

• Clean CCS EBITDA reached USD 514mn in Q1 2019 representing an 18% decline YoY; simplified cash flow was positive at USD 284mn despite the rising capex
• Upstream production rose to a 7-year high of 115.5 mboepd supporting an EBITDA delivery of USD 283mn
• Downstream Clean CCS EBITDA was weaker YoY at USD 138mn in Q1 due to the much deteriorating refining environment
• Consumer Services EBITDA continued its double-digit growth to new Q1 highs and increased by 10% YoY to USD 89mn

Chairman-CEO Zsolt Hernádi commented: „We delivered over USD 500mn EBITDA and positive simplified free cash flows in first quarter, putting us on the right track to meet our 2019 guidance and to fund our transformational investments. Earnings declined from a high base as refinery margins were substantially weaker and this was only partly mitigated by our strong internal performance across all businesses. Consumer Services continued to deliver double-digit EBITDA growth as we celebrated the 700th Fresh Corner opening, while Upstream increased its production to the highest level since 2012.”

For further information, please contact Investor Relations:
Tel: +36 1 464 1395
Email: investorrelations@zenithpureoil.com