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 $/b 82.8 82.5 78.6 84.9 75.6 74.7 80.1          
Model refining margin (1) $/b 21.9 14.8 18.0 11.7 12.5 16.6 17.9          
Differential (2) $/b 6.3 5.5 3.6 2.7 1.9 1.0 -0.6          
Model petrochemical margin (3)* EUR/t 1 018 980 1048 1052 1080 N/A N/A          
USD / PLN (4) PLN 4.36 4.43 4.38 4.23 4.18 4.12 4.02          
EUR / PLN (4) PLN 4.70 4.74 4.69 4.64 4.53 4.46 4.44          
Natural gas price TTF month-ahead PLN/MWh 296 249 207 194 142 145 131          
Natural gas price TGEgasDA PLN/MWh 314 275 228 211 156 153 151          
Electricity price TGeBase PLN/MWh 637 662 571 566 483 533 522          
Macroeconomic data – average: 2023 unit 1Q 2Q 3Q 4Q
Brent crude oil price $/b 81.2 78.1    
Model refining margin (1)

$/b

18.3 13.8    
Differential (2)

$/b

5.1 1.8    
Model petrochemical margin (3)* EUR/t 1018 N/A    
USD / PLN (4) PLN 4.39 4.17    
EUR / PLN (4) PLN 4.71 4.54    
Natural gas price TTF month-ahead PLN/MWh 249 158    
Natural gas price TGEgasDA PLN/MWh 274 173    
Electricity price TGeBase PLN/MWh 623 527    

(1) Model refining margin = revenues (93,5% Products = 36% Gasoline + 43% Diesel + 14,5% HHO) - costs (100% input: Brent crude oil and other raw materials). Spot quotations. (valid till 31.07.2022)
Model refining margin = revenues (93,6% Products = 33% Gasoline + 48% Diesel + 13% HHO) - costs (100% input: 98% Brent crude oil + 2% natural gas). Spot quotations. (valid from 01.08.2022)

(2) Differential calculated on the real share of processed crude oils. Spot quotations. (valid from 01.01.2022)

(3) Model petrochemical margin = revenues (98% Products = 44% HDPE + 7% LDPE + 35% PP Homo + 12% PP Copo) - costs (100% input = 75% Naphtha + 25% LS VGO). Revenues contract quotations; costs spot quotations.

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

* Since 2Q23, calculation of model petrochemical margin is temporarily put on hold due to formula update