PKN Orlen refining and oil products summary Report

Company Report 10 November 2016

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Report summary

Since the creation of PKN ORLEN in 1999, the company has undergone a transformation from a nationally focused, manufacturing led, state-owned company towards a regionally focused, market led, privatised company, with activities in Poland, Czech Republic and Lithuania. However, it is vulnerable to the European macroeconomic situation, and faces a surplus in its refining production compared to its overall sales. Its recent move into the Upstream sector also increased its exposure to the drop in oil prices. The company has re-valued some assets which led to a sharp decline in its financial results, mostly within the Lithuanian operations, however that does not reflect improved overall operations and a strong 2014-2017 strategy.

Executive summary
- SWOT analysis
- A much stronger financial standing but missed growth targets
- Maintains leading position in Poland in face of increasing competition from Grupa LOTOS
- Increased involvement in the Czech business while Lithuanian operations continue to struggle...
Financials
Portfolio summary
- European refining and marketing operations
- Refining
- Marketing
Refining and oil products
- Supply/demand
- Implications and outlook
Mergers and acquisitions