reports
Mari Petroleum Company Ltd: 1 director
A director at Mari Petroleum Company Ltd sold 22,816 shares at 432.431PKR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
MARI_FY23 Result Review—Payout falls short of expectations (AKD Off th...
Mari Petroleum Company Limited (MARI) reported its 4QFY23 earnings earlier today, wherein the company posted Profit After Tax (PAT) of PkR 15.84bn (EPS: PkR118.7) for the quarter, changing by –4%/183% QoQ/YoY — largely in-line with our estimates of EPS: PkR124.3/sh. For the full year, company posted PAT of PkR56.13bn (EPS: PkR420.7), up 70%YoY vs. PkR33.06bn (EPS: PkR247.8) during FY22. Along with the result, the company posted a final cash dividend of PkR58/sh, taking total payout for the year ...
- Team AKD Research
OGDC_FY22 Analyst Briefing Takeaways, (AKD Off the Analyst's Desk Nov ...
Oil and Gas Development Company Limited (OGDCL) held its analyst briefing earlier yesterday, wherein the following was discussed: To recall, the company posted the highest quarterly PAT PkR53.3bn (EPS: PkR12.4) for 1QFY23, higher by 145%/58.5% on a QoQ/YoY basis. Major projects during the year were as follows: Discovery of Wali block with cumulative potential of 219bcf/13mn bbls oil and exploration and appraisal activities at Abu-Dhabi offshore block 5. Other developments during the year w...
Pakistan OMCs_POL imports drop 29.5% in 4MFY23, (AKD Daily, Nov 23, 20...
Pakistan OMCs: POL imports drop 29.5% in 4MFY23 Past four months have seen the demand for refined petroleum products drop by 21.6% majorly due to higher pump prices, impact due to floods and an overall economic slowdown. A 29.5% decline in POL product imports was witnessed as well in the first four months (Jul-Oct), compared to SPLY, as quantity imported stood at 6.06mn tons during the period vs. 8.6mn tons during 4MFY22 The drop in global POL consumption is being largely offset by increase...
- Wajid Rizvi
Pakistan E&Ps: Unwarranted valuations despite cash-flow constraints
We raise our E&P estimates on higher assumed oil prices, which we now forecast at USD80/70LT per barrel for FY23/24f, as against USD60/60LT earlier. Our earnings estimates have increased by 10-20% on average for these years and we reiterate our Overweight stance on E&Ps. We believe that government’s efforts to resolve the accumulation of circular debt has been underappreciated where stocks have underperformed oil price by 16% in the last 1 year. More positives have risen from currency devalua...
- Wajid Rizvi
Pakistan Oilfields: 1QFY23 Review - Highest ever quarter exploration c...
POL reported 1QFY23 earnings of PKR 8.4bn (EPS: PKR 29.59), similar to the previous quarter but 60% higher than last year. The earnings could have been potentially higher had it not been for the astronomical exploration cost of PKR4.5bn (previous high of PKR2.8bn during 2QFY15). Key highlights: * Net sales jumped 44% YoY to PKR 16.0bn during 1Q as high oil prices and PKR devaluation continued adding towards topline gains. * Operating cost declined 16% QoQ as most workover jobs were carr...
- Wajid Rizvi
Oil & Gas Development: 1QFY23 Result Review
OIL PRICES AND PKR DEVALUATION HELP OGDC HIT ALL-TIME HIGH QUARTERLY PROFITS OGDC has kicked off FY23 with the highest ever quarterly earnings outcome of PKR53.3bn (EPS:PKR 12.39). Earnings are 1.5x higher from the previous quarter owing to lower super tax applicable in the quarter. Higher oil prices and PKR devaluation during the quarter kept oil and gas revenues at the higher end. The company also announced an interim payout of PKR1.75/share. Key highlights * Net sales hit an all-time high...
- Wajid Rizvi
Oil & Gas Development: 4Q sees heavy opex and exploration cost; more t...
OGDC announced earnings of PKR 134bn (EPS: PKR 31.11), higher by 46% YoY, where higher oil prices and other income compensated for the spike in operating expenses, exploration cost and one-off high super-tax charge. Earnings for 4Q clocked in at PKR21.7bn (EPS: PKR 5.05) against our estimate of PKR 27.6bn (EPS:PKR 6.44). A higher final payout of PKR 2.50/share (IMS expectation: PKR1.00/share) was also declared. We also present key takeaways from management call that was held later during the ...
- Wajid Rizvi
Pakistan Energy: Attock Group – Corporate briefing notes
POL announced highest ever annual profit of PKR25.9bn (EPS: PKR 91.37) in FY22, gaining from high oil prices and PKR devaluation. Earnings were highest in 4Q at PKR 8.44bn (EPS: PKR 29.73), where most part of PKR devaluation helped in terms of Fx gains despite super tax, also aiding with a healthy final payout of PKR 50/share. POL conducted a corporate briefing session today to discuss various contours of its FY22 performance and provide outlook. FY22 was a year of lower oil (-11% YoY) and ga...
- Wajid Rizvi
Pakistan Petroleum: FY22 Review: Abysmally low 4Q earning from excessi...
PPL announced FY22 PAT of PKR 53.5bn (EPS: PKR 19.68) which puts 4Q earnings at PKR 1.2bn (EPS: PKR 0.45). Abysmally lower-than-expected 4Q earnings (IMS expectation of PKR4.12/share) is a result of exceptionally high exploration costs and super tax. This has also dented the expected payout as company announced PKR0.5/share as final dividend, taking FY22 DPS to PKR2.00/share. This is the lowest payout ever made by PPL for any quarter. KEY HIGHLIGHTS: * Net sales clocked in at PKR61.77bn for ...
- Wajid Rizvi
Pakistan Oilfields: FY22 review – FX gains help overcome super tax bur...
POL announced highest ever annual earnings of PKR 25.9bn (EPS: PKR 91.37) for FY22 as higher oil prices and PKR devaluation continued to impact positively. The 4Q earnings are also at an all-time high of PKR 8.44bn (EPS: PKR 29.73). High Fx income gains during the quarter kept the effective tax rate at a modest level during the year, where ETR dropped to 30% from 35% last year. The company announced final DPS of PKR 50, in-line with our estimates, taking total payout of FY22 to PKR70/share. ...
- Wajid Rizvi
Pakistan E&Ps – 4Q22 Previews – Tax & TCC fine to trim payout; POL wil...
* The super tax is expected to reduce earning of E&P Universe by 34% QoQ to PKR46bn despite topline rejoicing from higher oil prices and PKR devaluation during the period. * Both OGDC's and PPL's payout will be impacted by the tax as well as the fine of USD187.5mn each to TCC as the long-standing dispute of Reko Diq was reconstituted. However, POL will likely emerge with a hefty payout of PKR 50.00/share where Fx gains will overcome super tax impact. * We remain positive on the imp...
Pakistan Oil& Gas_Projections incorporating macro-developments, (AKD D...
AKD Daily Pakistan Oil& Gas: Projections incorporating macro-developments We have revised our oil price and PkR/US$ estimates to build in current macro outlook in our models. Consequently, we have revised our oil assumptions for FY23 and FY24 to US$95/bbl and US$90/bbl while we have also revised our estimates for PkR/US$ exchange parity to 198/US$ for FY23 and 210/US$ in FY24. We have assumed an annualized depreciation of 6% thereon. At the same time we have also increased the RF rate to 15...
- Team AKD Research
Stock Smart Weekly
StockSmart Weekly Review After the surge which the market experienced last week based on positive sentiment about the new Government formed by the coalition parties, we have now seen a downward correction. The KSE-100 index has lost 1,049pts this week, down 2.25%WoW to close at 45,553pts. Moreover, the Rupee has depreciated by 2.86%WoW, due to the growing Current Account deficit. Due to uncertainty regarding new economic policies, the ma...
- Muhammad Saad Ali
Pakistan: OGDC and PPL venture into the promising Reko Diq mining proj...
A RECONSTITUTED PROJECT… Oil & Gas Development Co. (OGDC) and Pakistan Petroleum Ltd (PPL) have entered into a non-binding agreement with the Government of Pakistan (GoP), Government of Baluchistan (GoB) and Barrick Gold Corporation to participate in the reconstituted Reko Diq project. As per the arrangement, Barrick Gold will have 50% stake in the project – along with being the operator and manager of the mining field. The remaining 50% stake will be divided among the GoB – 10% as free-carry...
- Muhammad Saad Ali
Pakistan Oil & Gas: Big changes for OGDC fields and a key upgrade at T...
As per latest PPIS data, overall 2P Gas reserves in Pakistan have declined c.5% to 19.9tcf as of December 2021, down from c.20.95tcf by June 2021. Total 2P Oil reserves have declined c.10% to c.222.9mmbbl, from c.249.0mmbbl as of June 2021. KEY HIGHLIGHTS OF THE CHANGES IN HYDROCARBON RESERVES: * Substantial changes in Oil reserves of OGDC: Total Oil reserves of the fields operated by OGDC have fallen 23% to 82.8mmbbl as of December 2021. Among the large assets, oil reserves of Nashpa, Kunna...
- Muhammad Saad Ali
Pakistan Petroleum: 2QFY22 review – Misses expectation on one-time cha...
Pakistan Petroleum Ltd (PPL) has posted net profits of PKR14.3bn (EPS: PKR5.25) for 2QFY22, down 15% qoq but up 21% yoy; which misses our EPS estimate of PKR6.80 due to higher exploration expenses and share of loss from PIOL (without which 2Q EPS would have been PKR6.74/sh). The result takes 1HFY22 net profits to PKR31.1bn (EPS: PKR11.44), up 19% yoy. PPL also announced an interim payout of PKR1.5/sh, in line with expectations; it will be the first interim payout since 2018. KEY HIGHLIGHTS FO...
- Muhammad Saad Ali
Oil & Gas Development: 2QFY22 review – beats expectations on higher ex...
Oil & Gas Development Co. Ltd (OGDC) has posted net profits of PKR35.3bn (EPS PKR8.20) for 2QFY22, up 5% qoq but nearly doubling yoy; which beats our EPS estimate of PKR7.58 majorly due to higher exchange gains. The result takes 1HFY22 net profits to PKR68.9bn (EPS: PKR16.02), up 63% yoy. The payout of PKR2.0/sh (1H DPS PKR3.75) is lower than our expectations but higher than the average payout in the previous four quarters (of PKR1.66/sh). KEY HIGHLIGHTS FOR 2QFY22: * Net Sales have clocked ...
- Muhammad Saad Ali
Pakistan Oilfields: 2QFY22 review – Higher oil prices lead to jump in ...
Pakistan Oilfields Ltd (POL) has posted net profits of PKR5.6bn (EPS PKR19.96) for 2QFY22, up 8% qoq and 88% yoy, which is in line with our EPS estimate of PKR20.04. It takes 1HFY22 net profits to PKR10.9bn (EPS: PKR38.48), up 64% yoy. The payout of PKR20.0/sh is also in line with our expectations. KEY HIGHLIGHTS FOR 2QFY22 RESULTS: * Net Sales have clocked in at PKR12.6bn, up 14% qoq and 44% yoy. Oil and gas production were flat qoq at c.5,600bpd and c.72mmcfd, respectively (though down 11%...
- Muhammad Saad Ali
Pakistan E&Ps: 2QFY22 result previews
HIGHER OIL PRICES TO KEEP EARNINGS ELEVATED * We estimate our E&P cluster to post near-record combined net profits of c.PKR57bn, up 69% yoy (flat qoq), thanks mostly to multiyear high crude oil prices and continuous PKR devaluation. The results should be accompanied by good payouts from all companies. * Compared with the previous quarter, gas production was mostly flat (but up 4% for OGDC), while oil production fell 5% qoq on average due to depletion at major assets across our coverage....
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