Mol's Executive Compensation Revealed Amidst New Oil Discovery in Hungary
In a successful year for the Mol Group, executive compensation details for 2024 have been disclosed along with a new oil field discovery.
The Hungarian oil and gas company Mol has reported a successful year, navigating a somewhat stabilized yet still elevated oil and gas price environment.
Recent disclosures reveal the compensation packages for the company's leadership for 2024, which indicate a significant increase compared to the previous year.
In 2023, the total compensation for five executives was recorded at 2.44 billion forints, which marks a 60.4% increase to 3.91 billion forints in 2024.
Zsolt Hernádi, serving as the Chief Executive Officer, received a total compensation of 1.3 billion forints, with 18% attributed to fixed remuneration and 82% linked to performance-based incentives.
Additionally, Hernádi earned approximately 95.9 million forints for his role as chairman of the board.
József Molnár, the company's director, received a total income of 1.04 billion forints, consisting of 15% fixed pay and 85% performance-based pay.
This total also includes 45 million forints specified for his position on the board.
Deputy CEO Oszkár Világi received compensation totaling 776.6 million forints, with 28% being fixed and 72% performance-linked.
His package includes 78.8 million forints for his board membership and 99.6 million forints for his role as president and chief executive of Slovnaft.
Financial Deputy CEO József Simola earned 363.6 million forints, with 21% fixed and 79% variable.
György Basa, the managing director of Mol Hungary, collected a total of 430 million forints, of which 23% was fixed and 77% variable.
This sum also includes 95.9 million forints associated with his board membership.
In addition to executive compensation revelations, Mol has announced a new oil field discovery in Hungary.
The find is located in Somogysámson, in southwestern Hungary, where a research drill conducted in December 2023 uncovered an oil reservoir at a depth of 1,250 meters.
The newly discovered Som-8 well is expected to produce approximately 1,200 barrels of oil per day.
The drilling of the Som-8 well began on November 25 and was completed on Christmas Day, after 33 days of operation.
According to the findings, the oil from the new well will be transported by tanker trucks to the Danube Refinery in Százhalombatta.
Mol indicated that this discovery contributes to addressing the energy needs of the country.
The company has plans for investments in exploration and production, projecting to invest around 150 billion forints over the next five years in Hungary's oil and gas extraction sector.
Recent disclosures reveal the compensation packages for the company's leadership for 2024, which indicate a significant increase compared to the previous year.
In 2023, the total compensation for five executives was recorded at 2.44 billion forints, which marks a 60.4% increase to 3.91 billion forints in 2024.
Zsolt Hernádi, serving as the Chief Executive Officer, received a total compensation of 1.3 billion forints, with 18% attributed to fixed remuneration and 82% linked to performance-based incentives.
Additionally, Hernádi earned approximately 95.9 million forints for his role as chairman of the board.
József Molnár, the company's director, received a total income of 1.04 billion forints, consisting of 15% fixed pay and 85% performance-based pay.
This total also includes 45 million forints specified for his position on the board.
Deputy CEO Oszkár Világi received compensation totaling 776.6 million forints, with 28% being fixed and 72% performance-linked.
His package includes 78.8 million forints for his board membership and 99.6 million forints for his role as president and chief executive of Slovnaft.
Financial Deputy CEO József Simola earned 363.6 million forints, with 21% fixed and 79% variable.
György Basa, the managing director of Mol Hungary, collected a total of 430 million forints, of which 23% was fixed and 77% variable.
This sum also includes 95.9 million forints associated with his board membership.
In addition to executive compensation revelations, Mol has announced a new oil field discovery in Hungary.
The find is located in Somogysámson, in southwestern Hungary, where a research drill conducted in December 2023 uncovered an oil reservoir at a depth of 1,250 meters.
The newly discovered Som-8 well is expected to produce approximately 1,200 barrels of oil per day.
The drilling of the Som-8 well began on November 25 and was completed on Christmas Day, after 33 days of operation.
According to the findings, the oil from the new well will be transported by tanker trucks to the Danube Refinery in Százhalombatta.
Mol indicated that this discovery contributes to addressing the energy needs of the country.
The company has plans for investments in exploration and production, projecting to invest around 150 billion forints over the next five years in Hungary's oil and gas extraction sector.
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