INVESTOR RELATIONS

Macro data

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Macroeconomic data – average: 2023 unit Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Brent crude oil price USD/bbl 82.8 82.5 78.6 84.9 75.6 74.7 80.1 86.2 94.0 91.0 83.2 77.9
Model refining margin (1) USD/bbl 21.9 14.8 18.0 11.7 12.5 16.6 17.9 25.4 22.1 13.8 14.6 13.3
Differential (2) USD/bbl 6.3 5.5 3.7 2.7 1.9 1.3 -0.5 -0.8 -1.6 -2.8 -2.0 -1.2
Model petrochemical margin (3) EUR/t - - - - - - - - - - - -
Natural gas price TTF month-ahead PLN/MWh 296 249 207 194 142 145 131 156 169 211 201 157
Natural gas price TGEgasDA PLN/MWh 314 275 227 211 156 153 151 176 181 207 208 170
Electricity price TGeBase PLN/MWh 637 662 563 566 483 533 522 482 508 425 441 336
USD / PLN (4) PLN 4.36 4.43 4.38 4.23 4.18 4.12 4.02 4.09 4.30 4.27 4.07 3.97
EUR / PLN (4) PLN 4.70 4.74 4.69 4.64 4.53 4.46 4.44 4.46 4.60 4.51 4.40 4.33
Macroeconomic data – average: 2023 unit 1Q 2Q 3Q 4Q
Brent crude oil price USD/bbl 81.2 78.1 86.7 84.3
Model refining margin (1)

USD/bbl

18.3 13.8 21.9 13.9
Differential (2)

USD/bbl

5.1 1.8 -1.0 -2.0
Model petrochemical margin (3) EUR/t - - - -
Natural gas price TTF month-ahead PLN/MWh 249 158 152 191
Natural gas price TGEgasDA PLN/MWh 272 173 169 196
Electricity price TGeBase PLN/MWh 619 527 504 400
USD / PLN (4) PLN 4.39 4.17 4.14 4.11
EUR / PLN (4) PLN 4.71 4.54 4.50 4.42

(1) Model refining margin = revenues (33% Gasoline + 48% Diesel + 13% HHO) – costs (98% Brent crude oil + 2% Natural gas). Spot quotations.

(2) Differential calculated on the real share of processed crude oils. Spot quotations. 

(3) Model petrochemical margin = temporarily put on hold due to formula update.

(4) Average foreign exchange rates according to the National Bank of Poland.