PGNiG has released some selected operating data for 2Q12. According to the statement, natural gas sales increased 3.6% y/y to 2.9bcm (down 43% q/q) in 2Q12. The company also said its natural gas import volumes amounted to 2.8bcm in 2Q12, whereas production of natural gas was at 1.1bcm (up 10% y/y but down 3% q/q) in the period. Crude oil production came in at 95kt (up 13% y/y but down 26% q/q) in 2Q12.
We view PGNiG’s trading statement as neutral as almost all operating data came in-line with our estimates. PGNiG is scheduled to unveil its 2Q12 results on 28 August 2012.