Orlen slips after refining earnings fall short of forecasts
BUZZ-Orlen slips after refining earnings fall short of forecasts ** Shares of Orlen PKN.WA fall around 3% after the Polish oil refiner posted a strong rise in third-quarter core profit that nonetheless missed market expectations, with its refining business lagging forecasts
** Orlen posted late on Thursday core profit adjusted for oil inventory values and impairments of 14.8 billion zlotys ($3.8 billion), below the 15.2 billion expected in a company-compiled consensus
** "ORLEN’s performance in 3Q26 was weaker than that of global oil majors, though it was still a very good quarter," Erste analyst Jakub Szkopek said in a note
** He added that "the market may take note of the slightly weaker-than-expected results in the refining segment", where earnings of 6.28 billion zlotys trail the 7.4 billion zloty consensus forecast.
** European oil and gas stocks .SXEP fall over 1%, with oil prices down almost 20% this week LCOc1 on hopes the Iran war could de-escalate
($1 = 3.9310 zlotys)
(Reporting by Rafal Nowak)
((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))
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