PKN ORLEN’s consolidated financial results for Q1 2016

​After the first quarter of 2016, PKN ORLEN reported a solid LIFO-based EBITDA of PLN 1.9bn, comparable to results gained in the corresponding period last year. The result was largely driven by reduced...

Consolidated financial results of PKN ORLEN 4Q2015

PKN ORLEN DELIVERS RECORD-HIGH RESULTS In 2015, PKN ORLEN’s LIFO-based EBITDA reached a record high of PLN 8.7bn. Sales volumes rose year-on-year, to 38.7m tonnes, with almost 31m tonnes of crude processed. In 2015, PKN ORLEN consistently pursued its growth strategy and paid out a dividend of PLN 1.65 per share.

ORLEN completes the acquisition of FX Energy

ORLEN Upstream, a subsidiary of PKN ORLEN, has acquired FX Energy by acquiring a 100% equity interest in the company. Thanks to the acquisition, the Company has increased its 2P reserves by 8.4 million boe and secured producing assets in Poland. The value of the transaction was USD 125 million (i.e. PLN 487,6 million).

Orlen group delivers solid performance across all segments

After the nine months of 2015, the ORLEN Group delivered a nearly PLN 3bn year-on-year improvement in LIFO-based EBITDA (before impairment losses on assets). Q3 2015 alone was closed with an operating profit (LIFO-based EBITDA) of PLN 2.1bn (before impairment losses on Czech petrochemical assets of PLN 0.1bn).

ORLEN acquires new production assets in Poland

Polski Koncern Naftowy ORLEN through its 100% subsidiary, ORLEN Upstream, has entered into an agreement to acquire all outstanding shares of FX Energy, listed on the New York stock exchange NASDAQ. The agreed $1.15 (PLN 4,27) per ordinary share and $25 (PLN 92,87) per preference share, equates to approximately $83 million (ca. PLN 308 million) in equity value. The acquisition will add 8,4 mmboe of 2P reserves.

ORLEN acquires DEA’s concessions in Poland

ORLEN Upstream continues expansion of its exploration and production portfolio. As a result of the signed agreements, ORLEN acquires 100% of shares in two concessions in the regions of Lesser Poland and Subcarpathia from DEA Deutsche Erdoel AG.

PKN ORLEN’s Q1 2015 consolidated financial results

In Q1 2015, PKN ORLEN generated LIFO-based EBITDA of PLN 1.9bn. This good performance is attributable both to the supportive macroeconomic environment (higher downstream margin, low oil prices), and to the Company’s improved efficiency and year-on-year growth in sales volumes in the Downstream and Retail segments. In the Power segment, the growth-oriented industrial cogeneration projects in Włocławek and Płock were continued. Despite the adverse impact of lower crude oil prices on the Upstream segment, average daily production from the Canadian assets reached 6,700 boe/d, with rationalised expenditure in this business area. Over the first three months of 2015, PKN ORLEN reduced its debt by PLN (-) 0.6bn. The Company continued its dividend policy, and the Management Board recommended distribution of dividend of PLN 1.65 per share.

PKN ORLEN’s Q4 2014 consolidated financial results

For the twelve months to December 31st 2014 PKN ORLEN posted a record high LIFO-based EBITDA (operating profit before depreciation and amortisation, net of non-cash effect of inventory revaluation and impairment of non-current assets) of PLN 5.2bn, thus delivering on the targets set out in its updated strategy. The ORLEN Group made consistent progress on its development projects in the upstream and power segments. In line with its dividend policy, the Company paid out a dividend of PLN 1.44 per share in 2014. As part of diversification of the funding sources, PKN ORLEN successfully completed a PLN 1bn retail bond programme and a EUR 500m eurobond issue.

PKN ORLEN’s Q3 2014 Consolidated Financial Results

SOUND LIFO-BASED EBITDA ON THE BACK OF IMPROVED MACROECONOMIC CLIMATE AND HIGHER SALES In Q3 2014, PKN ORLEN generated LIFO-based EBITDA of PLN 2.1bn, supported by favourable macroeconomic conditions: higher downstream margins and falling crude oil prices. PKN ORLEN's sales volumes grew across all segments. In the upstream, PKN ORLEN continued its oil and gas exploration activities in Poland, while in Canada its hydrocarbon production reached 652 thousand boe. In Q3 2014, PKN ORLEN reduced its debt by PLN 0.4bn (q/q), and maintained optimum financial leverage.