Segment performance
Revenue in the Exploration and Production segment in 2018–2021
| Exploration and Production financial data | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|
| Revenue from non-PGNiG Group customers | 4,354 | 2,754 | 3,351 | 3,795 |
| Inter-segment revenue | 11,536 | 1,858 | 2,471 | 3,876 |
| Total revenue, including: | 15,890 | 4,612 | 5,822 | 7,671 |
| high-methane gas, nitrogen-rich gas and LNG | 12,455 | 2,512 | 3,117 | 4,574 |
| crude oil, condensate and NGL | 2,683 | 1,491 | 2,112 | 2,554 |
| geophysical, geological, drilling, well services | 302 | 227 | 277 | 275 |
| Operating profit before interest, taxes, depreciation and amortisation (EBITDA) | 13,530 | 927 | 3,360 | 5,019 |
| Operating profit (EBIT) | 12,078 | -321 | 2,304 | 3,956 |
Operating expenses in the Exploration and Production segment in 2018–2021
| 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|
| Total costs, including: | -3,812 | -4,933 | -3,518 | -3,715 |
| raw materials and consumables used | -455 | -313 | -357 | -380 |
| employee benefits expense | -928 | -910 | -890 | -867 |
| transmission services | -290 | -210 | -223 | -262 |
| other services | -852 | -618 | -590 | -667 |
| taxes and charges | -606 | -389 | -297 | -270 |
| other income and expenses | -32 | -55 | 19 | -227 |
| work performed by the entity and capitalised | 378 | 493 | 489 | 505 |
| cost of dry wells | -607 | -185 | -252 | -687 |
| cost of exploration and evaluation assets written-off – seismic surveys | -18 | -13 | -6 | 0 |
| impairment losses on non-current assets | 1,050 | -1,485 | -355 | 203 |
| depreciation and amortisation expense | -1,452 | -1,248 | -1,056 | -1,063 |
- a PLN 9,943m (396%) year-on-year total increase in revenue from sales of natural gas in the segment, on a 343% year-on-year rise in gas prices quoted on the Day-Ahead Market of the Polish Power Exchange and higher TTF price by 391%;
- gas production volumes in Poland down 3% year on year, in Norway and Pakistan – up 197% and 10% year on year, respectively;
- revenue from sales of crude oil and condensate up PLN 1,074m (+76%) year on year, on lower sales volumes in Poland (down 10% year on year), higher sales volumes in Norway (+13% year on year), and a 66% year-on-year increase in the average Brent oil price in USD;
- crude oil and NGL production volumes in Norway up 19% year on year, to 732 thousand tonnes, and in Poland – down 9% year on year, to 643 thousand tonnes;
- cost of dry wells and seismic surveys written off: PLN -625m in 2021 vs PLN -198m in 2020;
- reversal of impairment losses on non-current assets: PLN +1,025m in 2021 vs PLN -1,485m of impairment losses recognised in 2020;
- overlift/underlift in Norway in 2021 – effect on profit or loss for 2021: PLN +73m. In 2020, the effect of overlift/underlift on profit or loss was PLN +16m.
PGNiG UN’s financial performance
| PGNiG UN (NOK m) | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|
| Revenue | 13,315 | 2,180 | 2,358 | 3,569 |
| EBITDA | 11,840 | 436 | 1,515 | 2,247 |
| EBIT | 10,174 | (945) | 721 | 1,343 |
| Net profit/loss | 1,938 | (183) | 143 | 157 |
| Total assets | 33,590 | 15,219 | 13,244 | 10,145 |
| Equity | 4,150 | 1,711 | 1,894 | 751 |