Integrated Annual Report 2014

Segment performance

  • Exploration and production

    In 2014, our annual crude oil and natural gas output reached more than 500 thousand tonnes of oil equivalent. The higher output was in large part attributable to the production assets on the Norwegian Continental Shelf purchased as part of the Heimdal portfolio.

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  • Processing operations

    The LOTOS Group operates one of the most advanced and youngest refineries in Europe. 2014 was yet another record year in terms of crude oil processed by our refinery.

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  • Marketing operations

    The expansion of the LOTOS service station chain and increased efficiency of sales strengthened our presence on the retail market, pushing our share up to 9% at the end of 2014 (against 8.5% in 2013).

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  • Stock exchange

    In 2014, Grupa LOTOS issued 55,000,000 Series D ordinary bearer shares in a public offering. The issue price of offered shares was set at PLN 18.10 per share. The issue proceeds will be applied towards co-financing of the EFRA Project, i.e. construction of a delayed coking unit at the Gdańsk refinery, and towards the development of our gas fields in the Baltic Sea.

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