First hydraulic fracture treatment completed

PKN ORLEN has successfully completed its first hydraulic fracturing treatment on the lateral of an exploration well in Syczyn in the Lublin region. Over the 14 days of the operation, 12 sections of the lateral were fracked. Thsi was the first hydraulic fracture treatment of such complexity ever undertaken in Europe. Currently preparations are under way for production testing, the results of which will help identify such parameters as flow rate.

Unipetrol strategy for 2013-2017

Despite the macroeconomic headwinds and considerable market challenges, Unipetrol wants to improve its financial performance and maintain it at a sustainably positive level that will allow it to make...

Successful issue of PKN ORLEN bonds

The first series of PKN ORLEN's retail bonds has received huge interest from investors, who subscribed to the entire first series, worth PLN 200m, within just two days. In response to the high demand, PKN ORLEN is considering issuing another series of bonds in the days to come. The Company plans to raise approximately PLN 1bn from the entire bond issue programme.

BBB+ rating for PKN ORLEN bond issue

Fitch Ratings assigned national rating BBB+ (pol) for the first series of PKN ORLEN's PLN 200m retail bonds issued as part of a twelve-month PLN 1bn bond issue programme. The rating agency also indicated that the company's long-term issuer default rating has a positive outlook and may change from BB+ to BBB- as soon as this year.

The first retail bond issue by PKN ORLEN

The yield on PKN ORLEN retail bonds can reach over 4% per year. Ultimately, the bonds' trading price and redemption price following a four-year period will be driven by rates calculated for six-month interest periods and a margin, as the bonds will bear interest at a floating rate. Today, the Company opened subscriptions for the first series of retail bonds offered to retail investors. The amount of the first series of bonds is PLN 200m. PKN ORLEN expects the proceeds from the entire bond issue programme to reach approximately PLN 1 billion.

PKN ORLEN and Kuwait Energy welcomed the Prime Minister of Latvia on their drilling rig

The President of the PKN ORLEN Management Board met with Valdis Dombrovskis, Prime Minister of Latvia, who visited the Ocean Nomad rig operating on a licence owned by Balin Energy, a joint venture of PKN ORLEN (through ORLEN International Exploration and Production Company B.V) and Kuwait Energy Company Netherlands Cooperatief.

PKN ORLEN “Best managed oil company in the region”

Independent analysts from leading international banks, consulting firms and research institutes, taking part in the 9th “Best Managed Companies in Central and Eastern Europe” ranking, published by the British financial magazine Euromoney, named PKN ORLEN Best managed company in Central and Eastern Europe in the oil/gas/chemicals/petrochemicals category. PKN ORLEN first appeared in the ranking in 2006, and since then has won the title of best managed company in Poland five times.

PKN ORLEN starts drilling on Latvian shelf

Ocean Nomad has arrived in the Latvian zone of the Baltic Sea and has been moored in the area of a licence owned by Balin Energy, a joint venture of PKN ORLEN (through ORLEN International Exploration and Production Company B.V) and Kuwait Energy Company Netherlands Cooperatief. On Sunday, contractor Diamond Offshore Drilling Inc. commenced the drilling of the first exploration well.

PKN ORLEN’s Q1 2013 consolidated financial results

In Q1 2013, PKN ORLEN reported improved LIFO-based operating performance and maintained its good financial position despite major market challenges: deceleration of economic growth and lower consumption of fuels. The ORLEN Group's total sales volumes increased by 4% (y-o-y), driven primarily by growth in the refining segment. LIFO-based EBITDA rose by more than PLN 150m, the main contributor being a nearly 40% increase in the LIFO-based EBITDA posted by the petrochemical segment.