Polish presidency in the EU: a chance for a sustainable energy transition

The evolving landscape of decarbonization and energy security, with its profound regional and global implications, business operations in Poland. ORLEN is eager to engage in discussions about energy transition and the EU regulations required to facilitate it. The company has prepared a position paper highlighting the key challenges: preserving the competitiveness of the EU market, championing technological neutrality, ensuring access to decarbonization financing, and shifting away from overly prescriptive regulatory approaches.

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ORLEN joins the OGDC

ORLEN has signed the Oil & Gas Decarbonization Charter (OGDC), a global initiative focused on accelerating the decarbonization of the oil and gas sector through enhanced industry collaboration and knowledge-sharing. By joining the OGDC, the ORLEN Group has committed to actively supporting its objectives, which include achieving climate neutrality in Scope 1 and 2 emissions by 2050, reducing methane emissions (eliminating venting), phasing out routine flaring by 2030, and making significant investments in the energy transition. The announcement of partnership, which took place during the ongoing international climate summit COP29 in Baku, , was attended by the head of the OGDC steering committee and SOCAR vice-president Afgan Isayev.

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ORLEN Group’s Q3 2024 performance on a par y/y despite significantly deteriorated macroeconomic climate

For the third quarter of 2024, the ORLEN Group has posted robust operating performance, with adjusted LIFO-based EBITDA at PLN 8.1 billion amid increased macroeconomic headwinds, including a 65% y/y decline in refining margin. The LIFO-based EBITDA adjusted for one-offs and regulatory impacts was on a par with last year’s level (of PLN 8.6 billion). However, the Group did recognise further impairment losses on its non-current assets, totalling about PLN 3.5 billion, due mainly to former management’s poor investment decisions. In the nine months to 30 September 2024, the Group allocated PLN 22.1 billion to investments supporting asset upgrades, the energy transition and bolstering Poland’s energy security.

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ORLEN Group secures EUR 2 billion credit facility

ORLEN has entered into a EUR 2 billion credit facility agreement with a syndicate of 16 banks, ensuring the Group has access to financing for its ongoing business requirements. This revolving credit facility replaces the previous agreement and will be utilised to support the Group’s day-to-day trading and operating needs.

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ORLEN and bp sign oil supply contract

ORLEN has signed a contract with bp for the supply of 6 million tonnes of crude oil from Norwegian fields in the North Sea over twelve months. This will cover about 15 per cent of the annual demand of the entire ORLEN Group for this feedstock.

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Changes on ORLEN Management Board

On 10 April 2024, the Supervisory Board of ORLEN S.A. appointed Mr Ireneusz Fąfara to serve as President of the Management Board of ORLEN S.A., effective 11 April 2024.

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ORLEN Ranked High among Europe’s 500 Largest Companies

In the prestigious Fortune 500 Europe ranking, ORLEN has secured the 44th spot, confirming the Company's strong position in the region. The list, prepared by the renowned US-based magazine Fortune, is based on 2022 revenue figures.

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PKN ORLEN adopts a new name

The competent court has just officially registered the renaming of Polski Koncern Naftowy ORLEN to simply ORLEN S.A. The new name, which does not specifically reference petroleum, better reflects the Company’s current business profile and future development plans. Importantly, this change does not entail any rebranding – our well-known logo and colour scheme will remain the same.

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First-quarter 2023 earnings delivered by combined ORLEN Group support execution of strategic investments in reliable and affordable energy

Retail segment’s contribution to the ORLEN Group’s first-quarter result was insignificant due to a decline in fuel margins, among other factors. Sales at service stations in Poland accounted for just around 1% of LIFO-based EBITDA. Earnings of the refining segment were also down by half compared with the prior quarter. The combined ORLEN Group generated more than PLN 110bn in revenue, with a net profit margin of only 8% (PLN 9.2bn), with the proportion close to the level posted prior to the war in Ukraine. The Group invests its profits. This year, it will spend a record amount of PLN 36bn on projects aimed to permanently improve Poland’s and the region’s energy security and independence. Zero- and low-carbon power generation projects will be continued. The scale-up of the combined ORLEN Group’s operations will also increase tax revenue streams to the state budget. In the first three months of 2023, PKN ORLEN – Poland’s largest tax payer – already paid PLN 16.5bn to the public purse, significantly contributing to the country’s economic and social development.

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