PGNiG eyes ca. PLN 32.7bn revenues in 2014
March 3, 2014
Poland’s gas giant PGNiG expects to post around PLN 5.9 billion EBITDA on some PLN 32.7 billion revenues in 2014, spend some PLN 4.5 billion on investments and keep its net debt-to-EBITDA capped at 2.0x, PGNiG said in a market filing.
The guidance is based on assumption that the group will produce ca. 1.18 million tons of crude oil and condensate, ca. 4.5 bcm of natural gas (high-methane gas equivalent) and sell ca. 14.4 bcm of gas on the Polish market, the filing showed.
The guidance is also based on assumption of EUR 26/MWh gas price on the TTF exchange and USD 100/bbl Brent oil price.
PGNiG intends to spend some PLN 4.5 billion on investments excluding M&A transactions this year, the filing also said.