Dictionary of selected financial and stock term

EBITDAear­nings be­fo­re in­te­rest, ta­xes, de­pre­cia­tion and amor­ti­za­tion – earnings before interest, taxes, depreciation and amortization

EBITear­nings be­fo­re in­te­rest and ta­xes – earnings before interest and taxes

ROEre­turn on equ­ity, net pro­fit to equ­ity at end of pe­riod – return on equity, net profit to equity at end of period

ROAre­turn on as­sets, net pro­fit to as­sets at end of pe­riod – return on assets, net profit to assets at end of period

P/E – price/earnings ratio, share price / net earnings per share attributable to owners of the parent

P/BV – price/book value ratio, share price / book value per share

EV/EBITDA – enterpirses value/ EBITDAear­nings be­fo­re in­te­rest, ta­xes, de­pre­cia­tion and amor­ti­za­tion, market capitalisation at close of trading on last session day in financial year + net debt at end of financial year / earnings before interests and taxes in financial year + total depreciation and amortisation in financial year

Dividend per share – dividend for previous financial year / number of shares outstanding

Dictionary of technical term

ACER – Agency for Cooperation of Energy Regulators, an organization that aims to coordinate and support the cooperation of national regulators

Act of Emergency Stocks – Act on Stocks of Crude Oil, Petroleum Products and Natural Gas, and on Rules to be Followed in the Event of Threat to National Fuel Security or Disruptions on the Petroleum Market of February 16th 2007 (consolidated text: Dz.U. of 2017, item 1210, as amended)

Act on Special Hydrocarbon Tax – Act on Special Hydrocarbon Tax of July 25th 2014 (consolidated text: Dz.U. of 2016, item 979)

APA – awards in predefined areas

Barrels (bbl) – 1 barrel is equal to approximately 0.136 tonnes or 159 litres

BAT – Best Available Technology, reference document for LCP (Large Combustion Plant)

Boe – barrel of oil equivalent (1 barrel is equal to approximately 0.136 tonnes or 159 litres)

Brent oil – a blend of crudes produced from fields in the North Sea

CNG – compressed natural gas, natural gas compressed to a pressure of 20-25 MPa

CO2 – carbon dioxide

Coal bed methane – form of natural gas extracted from coal beds

Daily Rate – the rates a drilling contractor receives for a drilling rig from an oil company or operator

Diversification Regulation – The Council of Ministers’ Regulation of October 24th 2000 on the minimum level of diversification of foreign sources of gas supplies (Dz.U. of 2000, No. 94, item 1042)

EEX – European Energy Exchange – German gas hub, a virtual natural gas trading in Germany

EFET – framework for agreements, an example of the standard contract for the energy market

Energy Efficiency Act – The Energy Efficiency Act of May 20th 2016 (Dz.U. of 2016, item 831)

Energy Law – The Energy Law of April 10th 1997 (consolidated text: Dz. U. of 2017, item 220 as amended)

ENTSO-E – European Network of Transmission System Operators for Electricity, organization of European transmission system operators

ENTSOG – European Network of Transmission System Operators for Gas, association of Europe’s transmission system operators

ESPA (Exploration and Production Sharing Agreement) – agreement concluded in 2008 between POGC Libya and the Government of Libya for exploration work in the Murzuq petroleum basin in Libya (license No. 113)

ETS – European Union Emission Trading Scheme

Federal Reserve System (Fed) – the central banking system of the United States

FPSO (Floating Production, Storage nad Offloading Unit) – a floating vessel used for offshore production of hydrocarbons, and for storage and offloading of the produced oil.

Gaspool (GPL) – German gas hub, a virtual natural gas trading in northern Germany

GSP – Gas Storage Poland

High-efficiency cogeneration – concurrent generation of heat and electric energy, delivering primary energy savings of more than 10%.

IED – directive 2010/75/EU of the European Parliament and of the Council of November 24th 2010 on industrial emissions (integrated pollution prevention and control)

LNG -liquefield natural gas, Natural gas condensed into liquid form

Natura 2000 – a network of specific types of natural habitats and wildlife species which are considered to valuable and endangered at the European level, covering almost 20% of Poland’s onshore territory

NBP – National Balancing Point, British gas hub, a virtual natural gas trading in United Kingdom

Net Connect Germany – German gas hub, a virtual natural gas trading in southern Germany

NGL – natural gas liquids – components of natural gas that are separated from the gas state in the form of liquids

OECD – Organisation for Economic Co-operation and Development

OGP GAZ-SYSTEM S.A. (Operator Gazociągów Przesyłowych Gaz-System SA) – state-owned company whose key role is to handle the transport of gaseous fuels via the transmission network in Poland.

OPEC – Organization of the Petroleum Exporting Countries – associating countries that account for about 40% of global oil production

PGNiG Upstream Norway AS – formerly PGNiG Upstream International AS

Polish Power Exchange, Towarowa Giełda Energii SA – a commodity exchange licensed by the Polish Financial Supervision Authority for trading in electricity, liquid and gaseous fuels, electricity generation and emission volume limits, property rights incorporated in certificates of origin for electricity, etc.

PST – PGNiG Supply & Trading

Recoverable reserves – values corresponding to probability (respectively 90%, 50% and 10%) that the actual volume of estimated gas reserves is larger than the estimate.

Regasification – the process of conversion of gas from liquid to gaseous form by heating

REMIT – Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of October 25th 2011 on wholesale energy market integrity and transparency, which is binding on all participants of the electricity and natural gas wholesale market

Seismic 2D – reflection seismology surveys consisting in registration of seismic waves generated from a point and recorded along a designated line

Seismic 3D – reflection seismology surveys consisting in registration of seismic waves generated from a poont and recorded over a designated area

Shale gas – a type of unconventional gas, produced from sedimentary shale rock located deep underground

SO2 – sulfur dioxide

SoS Regulation – Regulation (EU) No. 994/2010 of the European Parliament and of the Council of October 20th 2010 concerning measures to safeguard security of gas supply

System Regulation – Regulation of the Minister of Economy of July 2nd 2010 on specific conditions for the operation of the gas system (consolidated text: Dz.U. of 2014, item 1059, as amended)

Tariff Regulation – Regulation of the Minister of Economy of June 28th 2013 on detailed rules for determining and calculating tariffs for gas fuels and on settlement of transactions in gas fuels trade (Dz. U. of 2013, item 820)

Third Party Access (TPA) – the principle that the owner/operator of infrastructure has the obligation to make this infrastructure available to third parties enable them to provide supplies to their own customers

Tight gas – natural gas trapped in isolated pores of low permeability rocks such as sandstones or carbonates

Title Transfer Facility – Dutch energy exchange, a virtual natural gas trading point in the Netherlands

Underground gas storage facilities – storage facilities located in two different types of geological structures – salt caverns (underground gas storage cavern facilities) or partly depleted oil or gas reservoirs

1 bcm of natural gas    
1m tonnes of crude oil    
1m tonnes of LNG    
1 PJ
1 mln boe
1 TWh
1 bcm of natural gas
1m tonnes crude oil
7.5 – 7.8*
1m tonnes LNG
1 PJ
1 m boe
0.128 – 0.133*
1 TWh
*The converter is different for crude oil produced in Poland and Norway.