Deals
Orlen Buys Oil and Gas Assets in Canada, Poland for $392 Million
- Polish refiner will get first gas output in its home country
- Dividend policy and financial ratios are unaffected by buys
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PKN Orlen SA, Poland’s biggest oil company, is expanding its Canadian and Polish operations through two $392 million acquisitions, taking advantage of plunging crude prices.
State-controlled Orlen said on Tuesday it will buy Kicking Horse Energy Inc. in a C$356 million ($273 million) transaction to increase its Canada production by more than 4,000 barrels of oil equivalent, or about 60 percent. The refiner also agreed to purchase Salt Lake City-based FX Energy Inc. in a $119 million deal, including debt. FX Energy, which focuses its operations on Poland, will give Orlen its first domestic upstream production.