MARI is the largest gas producer in Pakistan- a review
§ We initiate coverage on MARI with a Neutral rating and June 2025 TP of PKR2,904/sh. We are Neutral because MARI already trades at 1.4x valuation premium to its peers –…
Petro dealers to inform Chairman Senate about hoarding by oil companies
The Pakistan Petroleum Dealers Association (PPDA) is agitating against the hoarding of fuel supply by all oil marketing companies operating in Pakistan, including Pakistan State Oil, Shell Pakistan Limited, Total…
Oil & Gas Development Company will likely get the payment of a long-standing TFC worth PKR82bn
The government has approved the payment of a long-standing TFC held by Oil and Gas Development Company Limited (OGDC), worth PKR82bn (principal only; PKR19.1/share). The TFC (a corporate bond) was…
SLB and OGDCL on geothermal resource development in Pakistan
SLB (NYSE: SLB) is collaborating with Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest oil and gas exploration and production company, to develop a strategy for exploiting geothermal resources…
Pakistan State Oil believes liquidity condition getting improved
Pakistan State Oil (PSO) conducted its Corporate Briefing Session today, during which management discussed the company’s financial performance and future outlook. Liquid Oil Consumption in Pakistan dropped from 13,005K tons…
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Mari hydrocarbon sales of 29.93 MMBOE up 13% YoY in 9MFY24.
Mari Petroleum Company (MARI) held its corporate briefing today to discuss its 9MFY24 results and future outlook. § MARI achieved the highest-ever hydrocarbon sales of 29.93 MMBOE, up 13% YoY…
PSO witnessed a growth of 11% YoY in May’24
Pakistan Oil Marketing Companies (OMC’s) recorded sales of 1.39mn tons, the highest in 9 months, up 7% YoY and 26% MoM in May 2024, led by an increase in diesel…
Aramco completes acquisition of 40% stake in Gas & Oil Pakistan
Aramco, one of the world’s leading integrated energy and chemicals companies, has made further progress in its global retail expansion by acquiring a 40% equity stake in Gas & Oil…
CNERGY’s vows to increase production to 55-60k BPD in FY25
Cnergyico PK Limited (CNERGY) held its analyst briefing on Friday, during which the management discussed the following: · Cnergyico Pk stands as the largest refinery in the domestic sector space,…
PPL diversifying into new mining avenues.
Pakistan Petroleum Ltd (PPL) has strategically entered into a joint venture agreement as a 49% partner with Degan Exploration Works (DEW), which is owned by the Frontier Work Organization (FWO).…
OGDC’s growth and potential, marked by significant achievements in production sustainability.
· We revisit our investment case on Oil & Gas Development Company Ltd (OGDC), where we reiterate our 'BUY' stance on OGDC with a NAV-based Dec'24 target price of PkR180/share,…
Determination of the estimated revenue requirement of Sui Company’s assumptions may be revised.
OGRA has announced its decision on the petition filed by Sui Companies for the revenue requirement of FY25. Sui Northern Company Limited (SNGP), in its petition, requested an increase in…
PRL advances refinery expansion & upgrade projects with strategic meetings in China
In a significant step towards enhancing Pakistan's refining capabilities, senior management from Pakistan Refinery Limited (PRL) recently visited China to engage with Engineering, Procurement, and Construction (EPC) contractors and financial…
Oil price deregulation will lead to a foreign monopoly on lifeline energy.
The Pakistan Petroleum Dealers Association (PPDA) said on Sunday that oil price liberalisation will lead to the full monopoly of a foreign company on lifeline energy resources. It is not…
Oil price deregulation is a national security threat: Dr Hanif Mughal
Dr. Muhammad Hanif Mughal, Chairman of Pakistan Tehreek-e-Shadbad, emphasized on Friday that the removal of government control over oil prices is not a matter to be taken lightly. It is,…
Pakistan noticed the production of Oil & Gas down 2%4% MoM in Mar’24
· As per latest figures from PPIS for Mar'24, crude oil production stood at 71.6k BPD, depicting a change of -2%/+3% on a MoM/YoY basis. · The natural gas sector,…
Shell Pakistan posted a PAT of PKR 314 million in Q1 2024
The Board of Directors of Shell Pakistan Limited (SPL) announced the first quarter results for the company. The company posted a profit after tax of PKR 314 million compared to…
OGRA silent on illegalities by oil marketing companies
On Sunday, the Pakistan Petroleum Dealers Association (PPDA) said that the government should safeguard filling stations from the highhandedness of oil marketing companies (OMCs). It noted that leaving petroleum dealers…
OGDC and PPL are witnessing improvement in recoveries from customers
To recall, Government of Pakistan under the IMF program has sizably increased the gas prices by ~75% in Nov-2023 and ~20% in Feb-2024 to contain the annual pile up of…
Pakistan OMC’s sales fall to 1.1mn tons; lowest in 6 months
Pakistan OMC's sales fell to 1.1mn tons, the lowest in 6 months. Diesel sales slightly improved by 1% MoM basis due to the harvesting season. Pakistan Oil Marketing Companies (OMCs)…
Oil and Gas Development Company saw earnings of PKR 171,104mn (EPS: PKR 39.78) during 9MFY24
Oil & Gas Development Company Limited (OGDC) announced its financial result today, posting an earnings of PKR 171,104mn (EPS: PKR 39.78) during 9MFY24, uptick of 7% YoY. The growth in…
Pakistan Petroleum saw its profitability arrive at PKR 35.43/share in 9MFY24
Earnings declined by 16% YoY to PKR 10.16/share in 3QFY24 Pakistan Petroleum Limited (PPL) announced its financial result today, posting a net profit of PKR 96,411mn (EPS: PKR 35.43) during 9MFY24,…
Mari Petroleum Company earnings arrive at PKR 387.02/share in 9MFY24
Mari Petroleum Company Limited (MARI) announced its financial result today, posting a bottom line of PKR 51,629mn (EPS: PKR 387.02) during 9MFY24 against PKR 40,291mn (EPS: PKR 302.02) in 9MFY23,…
PSO leads the market with resilience and growth – posts a profit of 13.4 billion in 9MFY24
Pakistan State Oil (PSO), the leading energy company, maintained its industry dominance and demonstrated steady performance in 9MFY24.The company announced a net profit of PKR 13.4 billion, translating into earnings…
Attock Petroleum saw inventory gains boost earnings during 3QFY24
Attock Petroleum Ltd (APL) has reported 3QFY24 NPAT of PKR3.0bn (EPS: PKR23.96), up 17% QoQ but down 31% YoY—slightly higher than our estimated EPS of PKR22.65. The sequential increase in…