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Hungary's MOL raises profit guidance after oilfield acquisition

BUDAPEST, Nov 7 (Reuters) - Hungarian energy group MOL raised its 2020 profit guidance on Thursday to a range of $2.4-2.6 billion to reflect its acquisition of Chevron’s stake in a giant oilfield in Azerbaijan.

“Normalised clean CCS (current cost of supplies) EBITDA guidance is raised to $2.4-2.6 billion for 2020 to reflect the contribution of the recent acquisition from H2 2020,” MOL said in a stock exchange filing.

“EBITDA is then expected to gradually approach $3 billion by 2023 as all three business segments are to visibly increase their contribution.” (Reporting by Gergely Szakacs; editing by Jason Neely)

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