Former Orlen CEO Daniel Obajtek accused the current management of allowing the company’s market value to fall by over PLN 20 billion, while the government is pushing through a windfall tax expected to bring in PLN 4 billion. The state-controlled oil giant responded with a stark reminder of the stock price during Obajtek’s final days in charge.
The Polish Sejm passed a bill on Friday introducing a windfall tax on extraordinary profits of fuel companies. The estimated PLN 4 billion in revenue from the levy is to be used to finance the CPN package. Under the new rules, fuel producers and importers will be taxed at 60% on any revenue exceeding a reference level calculated based on costs plus a margin no more than 20% higher than last year’s margin. The tax is temporary, applying only until the end of 2026, but retroactive from March 2026 – a feature that has drawn criticism over potential unconstitutionality.
A clash on social media
Obajtek took to social media to attack both the government and his former employer. – Tusk wants to earn PLN 4 billion from the windfall tax, while Orlen’s value has fallen by over PLN 20 billion. The current CEO has no power to stop this tax – wrote Obajtek. The company’s response was swift and blunt. – We remind you that the Orlen share price was twice lower when you left. Its impact on valuation was such that market capitalisation rose by PLN 3 billion after the report of your departure – the company stated.
The exchange highlights the deep tensions between the former chairman, now a PiS politician, and the new management appointed after the change of government. Obajtek’s tenure ended in early 2024 amid controversy over the merger with Lotos and political pressure. Since then, Orlen’s stock has partially recovered, but the company still faces headwinds from regulatory changes and volatile global oil markets.
Windfall tax mechanics and doubts
The windfall tax formula is complex: each company calculates its reference revenue by adding a margin to its actual production or import costs. The margin can be up to 20% higher than the previous year. Any revenue above that benchmark is taxed at 60%. Critics point out that applying the tax to profits earned from March 2026, while the law takes effect only on August 1, 2026, may violate the principle of non-retroactivity. During public consultations, numerous institutions raised this constitutional concern, but the government refused to amend the draft.
Orlen, as the dominant player in the Polish fuel market, will bear the brunt of the levy. The company’s current management has already signaled that it may challenge the law if it is deemed unconstitutional, but for now must comply. Meanwhile, Obajtek’s attack appears aimed at undermining the credibility of both the current board and the government’s fiscal policy. The company’s pointed reply – complete with a chart showing the stock price at the time of his departure – suggests that the former CEO’s legacy is still a sensitive issue.
The public spat also reflects broader political divisions over energy policy. The ruling coalition views the windfall tax as a necessary measure to redistribute extraordinary profits from high fuel prices, while the opposition, including Obajtek’s PiS party, argues it will discourage investment and damage state-owned enterprises. The stock market reaction was muted, but analysts note that prolonged uncertainty could weigh on Orlen’s valuation.
Źródło: WNP.PL, Fot. PAP/Rafał Guz
