SEGMENT PERFORMANCE
share:
Revenue in the Exploration and Production segment in 2017–2019 |
2019
|
2018
|
2017
|
|
Revenue from non-PGNiG Group customers
|
3,351
|
3,795
|
3,092
|
|
Inter-segment revenue
|
2,471
|
3,876
|
3,026
|
|
Total revenue, including
|
5,822
|
7,671
|
6,119
|
|
- high-methane and nitrogen-rich gas
|
3,086
|
4,536
|
3,604
|
|
- crude oil, condensate and NGL
|
2,112
|
2,554
|
1,862
|
|
- geophysical, geological and drilling services
|
277
|
275
|
369
|
Operating expenses in the Exploration and Production segment in 2017–2019 |
2019
|
2018
|
2017*
|
|
Total expenses
|
(3,518)
|
(3,714)
|
(3,313)
|
|
- depreciation and amortisation expense
|
(1,056)
|
(1,063)
|
(1,060)
|
|
- raw materials and consumables used
|
(356)
|
(380)
|
(363)
|
|
- employee benefits expense
|
(890)
|
(867)
|
(795)
|
|
- services
|
(590)
|
(667)
|
(639)
|
|
- transmission services
|
(223)
|
(261)
|
(197)
|
|
- cost of dry wells and seismic surveys written-off
|
(258)
|
(687)
|
(400)
|
|
- impairment of non-current assets
|
(354)
|
203
|
(79)
|
|
- work performed by the entity and capitalised
|
488
|
506
|
481
|
|
- other expenses, net
|
(279)
|
(498)
|
(261)
|
Change in the E&P segment’s EBITDA: 2018 vs 2019 [PLN m]earnings before interest, taxes, depreciation and amortization
- Revenue from sale of crude oil and condensate down PLN -442m (-17%) yoy, on lower sales volumes in Poland (-6% yoy) and Norway (-26% yoy), and a -10% decrease in the average oil price in USD (USD 64/boe).
- Oil production volumes in Norway down -16% yoy, to 440,000 tonnes.
- The segment’s revenue from sale of gas down PLN -1,450m (-32%) yoy, driven by a -35% decline in gas prices on the PPX Day-Ahead Market and a -3% yoy decrease in sales volumes.
- Cost of dry wells and seismic surveys written off: PLN -258m in 2019 vs PLN -687m in 2018.
- Recognition of impairment losses on non-current assets: PLN -354m in 2019 vs reversal of PLN +203m in 2018,
- Overlift/underlift position in Norway in 2019 – effect on profit or loss for 2019: PLN -12m; overlift / underlift position reported in 2018 – effect of valuation on profit or loss for 2018: PLN -110m.
Financial performance of subsidiaries
| PGNiG UN’s financial performance | |||
|
PGNiG UN (NOKm)
|
2019
|
2018
|
2017
|
|
Revenue
|
2,358
|
3,569
|
2,463
|
|
|
1,515
|
2,247
|
1,779
|
|
|
721
|
1,343
|
872
|
|
Net profit/loss
|
143
|
157
|
21
|
|
Total assets
|
13,244
|
10,145
|
8,394
|
|
Equity
|
1,894
|
751
|
594
|