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.

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PKN ORLEN appoints new Management Board member

At a meeting on September 24th 2014, the Supervisory Board of PKN ORLEN S.A. appointed Mr Igor Ostachowicz to the PKN ORLEN Management Board. The new appointment comes at the request of the Minister of the State Treasury pursuant to Art. 9.1.3 of the Company's Articles of Association.

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PKN ORLEN awarded Index of Success 2013

PKN ORLEN has been presented with the prestigious Index of Success 2013 award in the mergers and acquisitions category. This year's laureates of ‘CE Top 500 Index of Success’, a ranking prepared under the auspices of the Deloitte consultancy and the Rzeczpospolita daily, have been selected from among Central Europe's 30 key companies by a panel of independent experts. The awards have been presented at an official gala ceremony at the 24th Economic Forum in Krynica.

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PKN ORLEN strategy for 2014–2017

PKN ORLEN has announced its strategy for 2014–2017 which reflect the present macroeconomic conditions. The strategy pillars have remained unchanged. The Company will focus on securing a strong position...

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ORLEN Group consolidates its position on the Czech market

Unipetrol, PKN ORLEN's subsidiary, has accepted an offer from ENI of Italy to purchase a 32.445% interest in Česká Rafinérská. The total value of the transaction is estimated at EUR 30m.

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PKN ORLEN sells another pool of mandatory stocks

PKN ORLEN has sold and outsourced the maintenance of its mandatory crude oil stocks with a value exceeding PLN 2.2bn under a contract with Cranbell, the largest transaction of this type in the Company's history.

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There is future in shale gas

The attractiveness of developing shale gas is obvious, and there is no shortage of investors around the world ready to take on the associated financing risk. To attract them however, a favourable legal, fiscal and social climate is needed. In this respect, Poland enjoys a good starting point, was the conclusion of the debate which took place on the last day of the 4th European Financial Congress. One of the panellists was Wiesław Prugar, President of the Management Board of ORLEN Upstream.

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Expansion into foreign markets requires a carefully designed strategy

Global expansion of Poland's top market players is a great opportunity to avoid falling into the ‘middle income trap’. Participants of the panel co-hosted by PKN ORLEN put a spotlight not only on the economic benefits, but also on the psychological aspects of PKN ORLEN's and KGHM's foreign investments. Acquisitions boost our confidence and pave the way for other Polish companies which will pursue geographical diversification as a new way to build their corporate value.

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Energy security as top priority for Poland and Europe

Diversification of energy sources, efficiency improvement and creation of an energy union were the central themes of a debate on energy security which took place on the first day of the European Financial Congress. Piotr Chełmiński, member of the PKN ORLEN Management Board responsible for business development and power and heat generation, stressed the importance of operational excellence as a still underrated source of cost savings and energy efficiency.

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