Page 12 - EurOil Week 48 2021

EurOil PERFORMANCE EurOil

Net profit of PGNiG more than

quadruples in Q3

POLAND POLAND’S listed oil and gas exploration and The company’s crude oil output in Janu-
production company PGNiG posted a net profit ary-September was 938,000 tonnes, a slight
The surge came despite of PLN666mn (€142.5mn) in the third quarter, decline compared with the same period in 2020,
higher gas import costs. growing 474% y/y, the company said in a market when the volume of crude oil produced came to
filing on November 25. 963,000 tonnes.
Revenues grew 95.7% y/y to PLN12.51bn, Natural gas output increased significantly, by
PGNiG also said. Ebitda came in at PLN2.2bn, 9%, to 3.59 bcm, compared with 3.3 bcm in the
an increase of 64.9% y/y. previous year. The growth was driven chiefly by
“The third quarter ushered in an unprec- a 103% increase in the volume of gas produced
edented surge in gas prices, but the prices on the Norwegian Continental Shelf – from 0.32
have followed an upward trend since the bcm to 0.65 bcm.
beginning of the year. Between January and Natural gas production from Pakistani
the end of September, the prices of gas on assets grew by 19%, from 0.21 bcm to 0.25 bcm.
European exchanges nearly quadrupled, Domestic production volumes fell slightly, from
translating into a steep increase in PGNiG’s 2.78 bcm to 2.69 bcm.
costs of gas purchasing,” Paweł Majewski, In trade and logistics, Ebitda came in at a neg-
President of the Management Board, said in ative PLN908mn on the back of increased oper-
a statement. ating expenses.
“In spite of that, in the first nine months In distribution, Ebitda declined 11% y/y to
of 2021, [PGNiG] generated solid operating PLN321mn, while in generation, Ebitda was
results,” Majewski added. negative at PLN21mn, a changeover from pos-
Ebitda results by segment showed a jump of itive PLN35mn in Q3 2020.
453% y/y to PLN2.67bn in exploration and pro- PGNiG’s stock trailed 1.42% to PLN5.97
duction in the third quarter, owing to rising oil shortly before trading closed on the Warsaw
and gas prices, which made the segment Ebitda Stock Exchange on November 25. Year-to-date,
73% of the headline Ebitda, up from just 7% in the company’s share price has grown 11.33%.
Q3 2020. PGNiG’s market cap is PLN34.5bn.™

P12 www. NEWSBASE .com Week 48 01•December•2021