PGNiG has released some selected operating data for 4Q12. According to the statement, natural gas sales decreased 0.4% y/y to 4.2bcm in 4Q12.
The company also said its natural gas import volumes amounted to 3.1bcm (up 6.9% y/y) in 4Q12, whereas production of natural gas was at 1.1bcm (down 3.0% y/y) in the period. Crude oil production came in at 139kt (up 13% y/y) in 4Q12.
Our view:
On balance, we see PGNiG’s trading statement as neutral for the 4Q12 results. Crude oil production at 139kt is the highest since 1Q08, a clear positive surprise. Heat sales volumes also came higher than our initial expectation. However, the positive impact on earnings will be essentially neutralized by lower domestic natgas production and higher natgas imports in 4Q12.