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Author Topic: Polish refiner PKN to post Q4 operating loss $228M Back to Topics
Mariuxus

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Chicago

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Message Posted: Jan 18, 2013 9:37:33 AM

WARSAW--Poland's top refiner PKN Orlen SA expects to swing to an operating loss of 700 million zlotys ($228 million) in the fourth quarter from a PLN128 million profit a year earlier due to asset impairments and falling oil prices, the company said Friday.

PKN Orlen wrote off PLN700 million in the fourth quarter, mainly for assets at its Czech Republic based unit Unipetrol and booked a PLN500 million loss on its oil inventories, which lost value due to lower oil prices.

Refining conditions deteriorated from the third quarter but were significantly better than a year earlier. The total refining margin and spread between prices of cheaper Russian Urals crude oil that PKN refines and the more expensive Brent crude oil it benchmarks its sales to rose to $5.5 a barrel from $3.1 in the f
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jrs4125
Champion Author Indiana

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Message Posted: Jan 19, 2013 10:26:23 AM

Doooooh..... how can that be?
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DanMtz
Champion Author Oakland

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Message Posted: Jan 19, 2013 9:29:46 AM

Someone needs to introduce this company to the oil futures market.
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humblepie
Champion Author Toledo

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Message Posted: Jan 18, 2013 1:18:11 PM

thats a lot of zlotys............
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rjojo40
Champion Author Las Vegas

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Message Posted: Jan 18, 2013 11:59:47 AM

check the paychecks of the ceo's and other exec's bound to be equal to the profit loss.
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md11capt
Champion Author Denver

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Message Posted: Jan 18, 2013 10:21:43 AM

Do they want subsidies from the U. S. too?
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amoshins
Champion Author Trenton

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Message Posted: Jan 18, 2013 10:02:53 AM

Asset impairments is something the company can change...They need to hedge against falling oil prices to offset operating losses
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