Economy Journal Online: Orlen earned nearly 900 million zł. “Everything is on our side”

Thursday, April 23, 2015

Orlen earned nearly 900 million zł. “Everything is on our side” – TVN24 Business and the World

group PKN Orlen in the first quarter. 2015. Achieved a net profit of 868 million zł, and operating profit before depreciation and amortization at 1 billion 662 million zł. In terms of unconsolidated net profit of the company, at that time amounted to 258 million zł – the company said on Thursday.

According to PKN Orlen, obtained financial results contributed to both the macroeconomic environment, including an increase in downstream margins, low oil prices and the increase in sales volume by 9 percent. calculated year on year.

– Our first quarter results demonstrate our flexibility and ability to capitalize on opportunities arising from favorable market environment. Especially clearly illustrate that higher by 9 percent. total sales volumes – he said, quoted in the release of the company, the company’s CEO Jacek Krawiec.

Good situation

ZR & oacute; DLO: orlenupstream.pl Orlen Upstream is sp & oacute; weeps purposeful PKN Orlen, established in 2006. to the exploration and production of crude oil and natural gas, including zł & oacute; f unconventional

As part of the shale gas exploration company Orlen Upstream from the group PKN Orlen completion. .. See more »

He added that PKN Orlen focused” on maximizing the effects of core business “and implements development projects.

– The first quarter was favorable macro situation, which thanks ever-increasing efficiency has allowed the company to develop a high cash flow – said vice-president of the company, for. the financial Slawomir Jędrzejczyk. He noted that “good financial situation of PKN Orlen” allows the board of the company “consistently recommend to the General Meeting the payment of dividends” for shareholders.

For shareholders

At the end of March the management of the company, offered to allocate the amount of 705 million 719 thousand. 950.65 zł on the payment of dividends. This amount would come from the supplementary capital of the company created from the earnings. According to this recommendation paid dividends this year there would be 1.65 per share. The record date would be June 16, with payout on July 8, 2015.

The Management Board of PKN Orlen also suggested then cover the net loss for the fiscal year 2014. In the amount of 4 billion 671 million 826 thousand. 145.06 zł from the supplementary capital of the company. The final decision on the dividend and to cover losses take April 28 Annual General Meeting of the company.

ZR & oacute; DLO: PKN Orlen Upcoming AGM shareholders PKN Orlen will take place on April 28 in Plock House of Technology

April 28 Board of PKN Orlen to convene the Annual General Meeting of the company. In action … see more »

publishing consolidated financial data for the first quarter. 2015. PKN Orlen recalled that the company carries out strategic investments for the energy segment, including the construction of Wloclawek steam and gas block on 463 MWe power – Test turbines is scheduled to start there in the second half of the year, while sales of generated electricity will begin in late 2015 and 2016. and a similar project in Plock, where the launch of a new power plant with a capacity of 596 MW is expected to be at the end of 207 r.

Mining?

With regard to the activities in the first quarter. 2015. in the mining segment, PKN Orlen said that operating profit before depreciation and amortization was there During this time zł 14 million, and as a decrease of about 17 million zł calculated year-received “maintenance work to the transmission infrastructure” in the province of Alberta in Canada and “adjust production to the current situation in the oil and gas market.”

According to PKN Orlen, for subsidiaries owned by mining assets in Canada, the average daily production of hydrocarbons in the first quarter. 2015. amounted to 6.67 thousand. boe (barrels equivalent) per day, an increase of 80 percent. compared to the same quarter of 2014.

Through Orlen Upstream, a special purpose company established in 2006., Plock company has two Canadian mining entities, including TriOil Resources, currently operating under the name Orlen Upstream Canada.

ZR & oacute; DLO: orlen.pl PKN Orlen at the end of 2014 . employed 4 thousand. 543 pp & oacute; b.

PKN Orlen Net loss for 2014. Zł PLN 4.67 billion with net profit in 2013 … see more »

By PKN Orlen, the combined potential of both Canadian mining companies – including Birchill Exploration – operating in the areas of Lochend, Kaybob, Pouce Coupe and Ferrier-Strachan, Alberta, is currently 50 million boe (barrels equivalent) 2P reserves (proven and probable). In 2015. On investment in mining sector in Canada, the company wishes to spend approx. 400 million zł.

Drilling in Poland

As said on Thursday PKN Orlen, in terms of the work carried out in Poland on conventional concessions at the end of first quarter. 2015. completed two exploratory wells in the project Sierakow and one exploration well for Carbon Project. At this time also continued preparations for the development of parts of the project area Sierakow, which included the execution of the initial concept development and geological-investment. The Carbon Project Preparatory work was carried out to acquire 3D seismic data on licenses Lublin.

According to PKN Orlen, in the framework of projects implemented in the country in search of unconventional shale gas, the company completed in the first quarter. 2015. Vertical borehole Wołomin concession, carried out preparatory work for fracturing hole on the license and obtain data Wierzbica 2D and 3D seismic on the concessions Wodynie-bows and Wierzbica. In the case of concessions Sieradz started 2D seismic data acquisition.

At the end of January Plock company announced that in 2015. Plans to invest in the mining sector in Poland of up to 200 million zł, allocating resources to the most promising projects.

PKN Orlen bought in 2006. from Yukos 53.7 percent. Mazeikiu Nafta for 1.49 billion dollar & oacute; in

By the end of the decade in Europe will disappear at least 10 refineries. Among exchanged with … See more »

The acquisition of Unipetrol

PKN Orlen pointed out that the” point of view of the further development of petrochemical assets “in the group of the company” was essential “- obtained in the first quarter of 2015. – final decision of the Czech Antimonopoly Office concerning the acquisition of Unipetrol from Italian ENI 32.5 percent. Ceska Rafinerska action. Thanks Unipetrol will be the sole shareholder of Ceska Rafinerska, the company managing the two refineries: in Litvinov and Kralupy, which are currently the only operating in the Czech Republic with a total crude oil throughput capacity of 8.7 million tons per year.

PKN Orlen previously reported that, in accordance with its strategy of Unipetrol to 2017. group of Czech company will invest a total of approx. 2.86 billion zł.

According to PKN Orlen, the net debt of the company at the end of March amounted to 6 billion 161 million zł and was lower zł 559 million compared to the end of 2014. Changing the balance of debt included, among other Net repayment of loans and bonds in the amount of 1 billion 204 million zł, reduced cash balances of 847 million zł and positive impact of foreign exchange differences on revaluation of foreign currency loans and valuation of debt in the total amount of 202 million zł.

Economy Journal Online