PGNiG Company News - 2Q 20 preliminaries: weaker E&P offset by stronger T&S
PGNiG released its second quarter preliminary results, which came in significantly above our expectations. It was the gas trading and storage business, which has positively surprised with stronger than expected earnings generation with the segment taking advantage of the revised formula for imported gas from Russia, but also from lower 9-month average price of crude oil. Therefore, despite the drop of the upstream earnings and lower distribution earnings due to weaker gas consumption, we treat the results as positive. Moreover, we would expect the gas trading segment to continue delivering strong earnings in 2H 20e, while the gradual improvement of crude oil and gas prices should also lift the upstream earnings going forward.Polskie Gornictwo Naftowe I Gazownictwo SA Polish Oil & Gas Co (PGNiG) is an integrated natural gas company based in Poland. Co.'s core activity covers exploration and production of natural gas and crude oil as well as import, storage, trade and distribution of gas and liquid fuels. Co.'s scope of activity includes gas trading and commercial support, as well as operation, maintenance and expansion of its distribution system. Co.'s distribution networks comprises over 100 thousand kilometers of gas pipelines (high, upper-medium, medium and low pressure), which cover primarily industrialized and urbanized areas of the country.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.