PKN ORLEN will broaden its exploration portfolio with two ExxonMobil licences

PKN ORLEN and ExxonMobil Exploration and Production Poland (“ExxonMobil”) have filed an application with the Ministry of Environment requesting approval for the assignment of two licences, Wodynie-Łuków and Wołomin, to the Polish company. Following the assignment, PKN ORLEN will hold 10 shale gas exploration and appraisal licences in Poland, with a total area of almost 9 thousand square kilometres.

Conclusion of agreements for building and service of power plant in Wloclawek

PKN ORLEN and a consortium of General Electric International Inc., acting through General Electric International S.A., the Polish branch, and SNC-LAVALIN POLSKA Sp. z o.o. signed a turn-key contract for a new CCGT unit in Włocławek. Concurrently, a comprehensive twelve-year maintenance contract for the key CCGT unit components was signed with General Electric International S.A., the Polish branch. The contracts total PLN 1.1bn VAT-exclusive and approximately PLN 200m, respectively. The overall project costs are estimated at just under PLN 1.4bn.

PKN ORLEN Strategy for 2013–2017

Growth based on sound financial fundamentals Average annual LIFO-based EBITDA of PLN 6.3bn is the ORLEN Group's target for the next five years. A sizeable rise in operating cash flows will fund...

PKN ORLEN completes work on its first horizontal well

PKN ORLEN has finished drilling a horizontal well in the village of Syczyn, Wierzbica licence area, in the Lublin region. Work on this second exploration well in the area took only 39 days. The next step on schedule is to perform hydraulic fracturing on the horizontal section of the well, the first such operation to be undertaken on a PKN ORLEN licence.

PKN ORLEN’s consolidated financial results in Q3 2012

In a positive macroeconomic climate, with stronger refining margins, higher Ural/Brent differential and recovering retail margins, PKN ORLEN generated a LIFO-based operating profit of PLN 1bn. Despite lower fuel consumption across the home markets and overhaul shutdowns of certain facilities in the petrochemical segment, the Company's total sales volumes came in at PLN 9.6 million tonnes, and the volume of processed crude at 7.4 million tonnes, which is comparable to the figures reported for Q3 2011. ORLEN's debt was down PLN 3.4bn year on year, with the financial leverage at 25%. In line with the adopted strategy, the Company continues its gas exploration and power generation projects. Drilling of the first horizontal well has been commenced in the Wierzbica commune, and the final stage of the tender called to select contractor for the Włocławek power project is nearing completion.

ORLEN at the top of the industry in the EMEA region

PKN ORLEN has secured the first position in the EMEA region in the Refining & Marketing category of the Platts Top 250 Global Energy Company Ranking, listing the largest refining and energy sector companies around the world. Since last year, the Company has moved up seven places.

ORLEN named the author of The Best Annual Report 2011

PKN ORLEN has received the main prize in the Enterprises category of “The Best Annual Report 2011” contest. The statuette was collected by Sławomir Jędrzejczyk, Vice-President of the PKN ORLEN Management Board and CFO, during the Final Gala held at the Warsaw Stock Exchange.

Moody's changes rating outlook for PKN ORLEN to positive

Today, Moody's Investors Service changed the outlook on PKN ORLEN's Ba1 rating to positive from stable. The rating action reflects a marked recovery in the operating performance reported by PKN ORLEN despite the challenging conditions persisting in the European fuel sector. The revised outlook is an indication that over the next 12 to 18 months Moody's may upgrade PKN ORLEN's rating.

PKN ORLEN's first horizontall drilling

Today, PKN ORLEN has started drilling a horizontal well in the village of Syczyn, Wierzbica licence area, in the Lublin region. It is the second exploration well in the village. The work will continue for approximately two months. The next stage will involve fracturing of the horizontal well section, never before performed in the Lublin region.