PKN ORLEN’s consolidated financial performance in Q3 2011

In Q3 2011, PKN ORLEN posted a 4% y-o-y increase in aggregate sales volumes and delivered nearly PLN 800m in operating profit. The result was achieved despite the difficult and volatile macroeconomic conditions, and lower fuel margins impacted by depressed fuel consumption. As a result of the steps taken to further strengthen its liquidity position, PKN ORLEN reduced its debt by PLN 600m (y-o-y), and its financial gearing remains at a safe level provided for in the corporate strategy. Other developments which will help PKN ORLEN to further reduce debt include UOKiK’s clearance for the disposal of Polkomtel shares to Spartan Capital Holdings.

PKN ORLEN among world's leaders according to “Top 250 Global Energy Company”

In the latest Platts ranking, PKN ORLEN managed to retain the eighth position among global leaders in the “Refining&Marketing” category. In the overall classification, the company came in the 80th place, having moved up the ranking by the impressive 38 rungs. The “Top 250 Global Energy Company” list is a prestigious ranking compiled to recognise the 250 largest energy companies from around the world.

PKN ORLEN drills the first shale gas exploration well

PKN ORLEN has started to drill the first well for shale gas appraisal and exploration purposes in Syczyn (Commune of Wierzbica, Poland). It is the first of the two core holes planned for this year. The decision to drill in Syczyn was made on the basis of the positive results of geological surveys of the area. The wells will be drilled by MND Drilling & Services of the Czech Republic.

Global experts talk about a new Europe

The most eminent experts in the fields of economics and politics will meet at the European Forum for New Ideas in Sopot to talk about Europe’s place in the new global economic order. A plenary debate entitled “Is the world bound to grow?”, hosted by PKN ORLEN, will be one of the key items on the event’s agenda.

ORLEN initiates discussion on innovativeness of Polish companies

As the organiser of the panel discussion entitled “Innovation – the source or consequence of development of Polish and European economy”, PKN ORLEN has invited distinguished experts and business leaders to share their knowledge. The debate will be held on the second day of the Economic Forum in Krynica Zdrój, on September 8th.

CEO of ORLEN Upstream appointed President of the Polish Exploration & Production Industry Organization

Wiesław Prugar, CEO of ORLEN Upstream, was elected President of the Polish Exploration and Production Industry Organization in a vote at the Organization's Members Meeting. Jim Johnston (ExxonMobil Poland), Kamlesh Parmar (Lane Energy Poland) and Jacek Wróblewski (BNK Polska) have also been appointed to the four-member Management Board.

ORLEN already holds eight licences for exploration for unconventional gas deposits (shale gas and tight gas)

Two new licences for exploration and appraisal of unconventional gas deposits have been granted to ORLEN Upstream by the Ministry of the Environment. The licences cover adjacent areas in western part of the Province of Łódź.

PKN ORLEN’s Consolidated Financial Performance in Q2 2011

Despite the volatile macroeconomic conditions, in Q2 2011 PKN ORLEN increased its aggregate sales volumes and generated operating profit of PLN 1bn. Our pursuit of strategic, investment and operating objectives was accompanied by steady debt reduction.

General Shareholders Meeting of PKN ORLEN

During the Annual General Shareholders Meeting of PKN ORLEN S.A. today the shareholders approved the Directors’ Report on the Company’s and the Group’s operations in the previous financial year. All members of the Management Board and the Supervisory Board were granted discharge in respect of their duties.