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Financial highlights (PLNm)

* Data not restated, as reported.
** Data restated according to the new segmentation of the PGNiG Group’s operations

Natural gas production by the PGNiG Group (mcm)

Segment’s sales of natural gas outside  the PGNiG Group (thousand tonnes)

Financial highlights

PLN m 2017 2016** 2015* 2014* 2013*
Total revenue 6,118 5,289 4,855 6,071 6,185
Revenue from sales outside the Group, including: 3,092 2,776 3,148 4,346 4,580
– high-methane and nitrogen-rich gas, 602 517 553 573 577
– crude oil, condensate, and NGL 1,862 1,606 1,945 2,654 2,757
– geophysical, geological and drilling services 358 429 382 761 833
Inter-segment revenue 3,026 2,513 1,707 1,725 1,605
EBITDA 3,865 2,206 2,426 3,143 3,381
EBITDA adjusted for impairment losses on property, plant and equipment 3,944 2,977 2,980 3,812 3,908
* Data not restated, as reported.
** Data restated according to the new segmentation of the PGNiG Group's operations

 

Natural gas production by the PGNiG Group

mcm 2017 2016 2015 2014 2013
High-methane gas (E) 1,863 1,918 2,027 1,876 1,890
in Poland 1,315 1,401 1,454 1,457 1,550
PGNiG Zielona Góra Branch
PGNiG Sanok Branch 1,315 1,401 1,454 1,457 1,550
in Norway 548 517 573 419 340
Nitrogen-rich gas (Ls/Lw as E equivalent) 2,674 2,540 2,564 2,628 2,686
in Poland 2,524 2,481 2,513 2,570 2, 661
PGNiG Zielona Góra Branch 2,468 2,422 2,441 2,490 2,574
PGNiG Sanok Branch 56 59 72 80 87
in Pakistan − PGNiG Pakistan Branch 150 59 52 58 25
TOTAL (measured as E equivalent) 4,537 4,458 4,591 4,504 4,576

 

Segment’s sales of natural gas outside  the PGNiG Group

mcm 2017 2016 2015 2014 2013
High-methane gas (E) 31 77 54 33 36
in Poland 31 53 52 33 36
in Norway 24 1
Nitrogen-rich gas (Ls/Lw as E equivalent) 795 703 684 738 683
in Poland 646 645 633 682 658
in Pakistan 149 58 51 56 25
TOTAL (measured as E equivalent) 825 780 738 771 719

 

Crude oil* at the PGNiG Group

thousand tonnes 2017 2016 2015 2014 2013
Crude oil production* 1,257 1,318 1,428 1,207 1,099
in Poland 787 763 765 789 815
PGNiG Zielona Góra Branch 747 719 719 742 766
PGNiG Sanok Branch 40 44 46 47 49
in Norway 470 555 664 418 283
Sale of crude oil* 1,269 1,347 1,391 1,169 1,106
including oil produced in Poland 791 754 772 780 809
including oil produced in Norway 479 593 619 389 297
* Including condensate and NGL.

At the end of 2017, the Exploration and Production segment reported an operating profit of PLN 2,805m, down by PLN 1,667m relative to 2016.

At the end of 2017, the Exploration and Production segment reported an operating profit of PLN 2,805m, down by PLN 1,667m relative to 2016. At PLN 3,865m, EBITDA was also lower than the year before, by PLN 1,659m (75%). The segment’s revenue rose by PLN 829m (16%) year on year, to PLN 6,118m.

In 2017, the volume of crude oil sold was down by 6% year on year, mainly due to shutdowns in Norway: two wells in the Skarv field went offline and there was a technical stoppage in the Vale field. Despite this, the PGNiG Group recorded a PLN 256m (16%) increase in revenue from sale of crude oil in the E&P segment, fuelled by higher oil prices in global markets (in the Polish złoty, the average quarterly price of Brent oil was approximately 18% higher than in the previous year).

The PLN 837m (20%) decrease in the Exploration and Production segment’s operating expenses was due to significantly lower impairment losses on property, plant and equipment, which in 2017 amounted to PLN 79m, compared with PLN 771m a year earlier.