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Grupa Lotos SA (LTSP.WA)

LTSP.WA on Warsaw Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Poland's Lotos plans to pay out dividend of 1 zloty/share
Tuesday, 29 May 2018 

May 29 (Reuters) - Grupa Lotos SA ::PLANS TO PAY OUT DIVIDEND OF 1 ZLOTY PER SHARE OR A TOTAL OF 185 MLN ZLOTYS FROM 2017 PROFIT.FOR 2016 LOTOS ALSO PAID OUT OUT DIVIDEND AT 1 ZLOTY PER SHARE.  Full Article

Poland's Lotos says delayed project to hurt results in 2018
Friday, 12 Jan 2018 

Jan 12 (Reuters) - Grupa Lotos SA ::Poland's second largest refining company says a delay in implementing a new EFRA instalation in Gdansk refinery will negatively influence the company, as expected benefits won't be visible in full scope in 2018 consolidated results..Earlier Lotos has said the instalation was to improve its refining margin by $2 per barrel..  Full Article

Poland's Lotos says it expects more shipments of U.S. crude
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Grupa Lotos SA :Poland's state-run refiner Grupa Lotos expects that it will receive more shipments of crude oil from the United States, Lotos Chief Executive Marcin Jastrzebski tells a news conference .Local media have reported that a tanker with nearly 100,000 tonnes of U.S. crude oil has departed from Freeport in Texas and is expected in the Polish port of Gdansk on Nov. 9.The shipment is, according to local media, the first shipment of U.S. crude oil in the region."This is not the only (shipment), there will be more of them," Jastrzebski says.  Full Article

Poland's PGNiG and Lotos sign gas supply deal
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Grupa Lotos SA , PGNiG :State-run gas company PGNiG says has signed a 3-year natural gas supply deal with state-run refiner Grupa Lotos.Says deal may be extended by 2 more years to 2022 and if it is could be worth about 3.1 billion zlotys ($863 million)."The contract signed today is a continuation of the partnership cooperation of strategic Polish firms from the oil and gas sector," Lotos CEO Marcin Jastrzebski says in same statement.PGNiG has been supplying Lotos with natural gas since 2010.  Full Article

Aker BP North Sea delineation well hit 13.5-metre oil column
Tuesday, 3 Oct 2017 

Oct 3 (Reuters) - Norway's Petroleum Directorate said::Results of appraisal and wildcat wells near the 25/2-10 S (frigg-gammadelta) discovery in the north sea – 25/2-19 S and 25/2-19 A.The objective of well 25/2-19 S was to delineate the oil discovery in the Delta structure towards the north and examine the mobility of the oil in the Frigg formation. The well encountered an oil column of 13.5 metres in sandstone with good reservoir quality.The oil/water contact was encountered near 1950 metres below the sea surface. Analyses are ongoing to confirm the resource estimate.The primary and secondary exploration targets for wildcat well 25/2-19 A were to prove petroleum in Middle Jurassic reservoir rocks (Hugin and Sleipner formations).In the Hugin and Sleipner formations, multiple sandstone layers were encountered, totalling about 50 to 60 metres in each of the formations with reservoir quality varying from poor to good. There are traces of petroleum in some of the sandstone layers in the Sleipner formation.The well was not formation tested, but data acquisition and sampling have been carried out.These are the sixth and seventh exploration wells in production licence 442. The licence was awarded in APA 2006.Aker BP holds a 90.3 pct stake in the license while Lotos holds a 9.7 pct stake.  Full Article

Repsol to submit new plan for Norway's Yme by year-end -partner
Wednesday, 13 Sep 2017 

Sept 13 (Reuters) - The chief executive officer of Norway's Okea, Erik Haugane, told Reuters on the margins of an oil conference in Oslo on Wednesday: :Spain's Repsol <<>> will submit a new development plan for Norway's Yme field to authorities by year-end, and partners were looking at a possibility of installing a new jack-up platform.Okea is a partner in the field with a stake of 10 percent but would like to increase it, while Repsol has 60 percent. The companies were still negotiating, Haugane said. The other partners in the field are Poland's LOTOS <<>> and Kuwait's KUFPEC.Repsol would like to remain the operator of the field. "Repsol has changed its mind (on Yme's operatorship). They see that it could be profitable, and they want to stay," said Haugane.Okea has previously said that it would like to increase the stake and become the field's operator.  Full Article

Polish refiner Lotos dismisses long-serving CFO
Tuesday, 5 Sep 2017 

Adds Reuters request for comment:The supervisory board of Polish state-run refiner Grupa Lotos <<>> has dismissed the company's long-serving Chief Financial Officer (CFO) Mariusz Machajewski, the company said in a statement.Machajewski had been a member of Lotos' management since 2006.The Lotos statement did not give a reason for the dismissal and the company's press office declined to comment. .Reuters was unable to contact Machajewski for comment..  Full Article

Polish refiner Lotos dismisses long-serving CFO
Tuesday, 5 Sep 2017 

WARSAW, Sept 5 (Reuters) - Grupa Lotos :The supervisory board of Polish state-run refiner Grupa Lotos <<>> has dismissed the company's long-serving Chief Financial Officer (CFO) Mariusz Machajewski, the company said in a statement.Machajewski had been a member of PKN management since 2006.  Full Article

Lotos plans 2 bln zlotys of capital expenditures in 2017
Thursday, 17 Aug 2017 

Aug 17 (Reuters) - Grupa Lotos :Polish state-run refiner Grupa Lotos plans to spend 2 billion zlotys on capital expenditures in 2017, the company's Deputy Chief Executive Mariusz Machajewski tells reporters.Machajewski says Lotos also carefully looking at the planned Baltic Pipe gas pipeline from Scandinavia to Poland to seek potential business opportunities .Machajewski flags potential for higher dividends in the future."We have neared the level of 1.5 net debt to EBITDA ratio and this may open the way to payments of higher dividends in the future. But we are presenting no guidance ... because it is too early," Machajewski says.Lotos' Deputy Chief Executive Jaroslaw Kawula says working hard on importing raw material from the United States. "We are working on choosing the right raw material, or a mixture of raw materials, which could be imported from the United States," Kawula says.Lotos' Kawula also says currently not in talks about joint purchases of crude oil with PKN Orlen <<>>.Lotos Deputy CEO Mateusz Bonca says company has about 3 bln zlotys to invest in upstream projects by 2022."If we see a possibility on the market to invest in deposits that are effective and supplement our portfolio both in terms of extraction and economics, then we are actively looking at such opportunities and we do not exclude such investments," Bonca says .  Full Article

Grupa Lotos Q2 net profit at 157.5 mln zlotys, above expectations
Thursday, 17 Aug 2017 

Aug 17 (Reuters) - GRUPA LOTOS ::H1 NET PROFIT 568.3 MILLION ZLOTYS VERSUS 331.8 MILLION ZLOTYS A YEAR AGO.Q2 SALES 5.45 BILLION ZLOTYS VERSUS 5.23 BILLION ZLOTYS SEEN IN REUTERS POLL.Q2 OPERATING PROFIT 172.9 MILLION ZLOTYS VERSUS 550.6 MILLION ZLOTYS A YEAR AGO.Q2 NET PROFIT 157.5 MILLION ZLOTYS VERSUS 146 MILLION ZLOTYS SEEN IN REUTERS POLL.‍H1 EBIT MARGIN DOWN 0.9 P.P. TO 6.87 PERCENT AND EBITDA MARGIN DOWN 2.7 P.P. TO 10.88 PERCENT.  Full Article

UPDATE 1-Poland's PKN expects oil shipment from UAE by December

WARSAW, Oct 30 Poland's biggest oil refiner, state-run PKN Orlen, expects a shipment of 130,000 tonnes of crude oil from the United Arab Emirates (UAE) by December, as it strives to reduce its reliance on Russian supplies, the company said on Tuesday.