External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Pakistan Oilfields (POL) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future outlook.</li><li>Production from Razgir has commenced, with current output at 20-25mmcfd. Following planned plant enhancements, production capacity is expected to be increased to 30mmcfd. These enhancement works are targeted for completion by end of 2025.</li><li>Management noted that the third-party allocation of Razgir gas allows the company to realize a 16% premium over PP2012 pricing for the field.</li></ul>

Pakistan Oilfields (POL) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future outlook.Production from Razgir has commenced, with current output at 20-25mmcfd. Following planned plant enhancements, production capacity is expected to be increased to 30mmcfd. These enhancement works are targeted for completion by end of 2025.Management noted that the third-party allocation of Razgir gas allows the company to realize a 16% premium over PP2012 pricing for the field.

Topline Flash Note: Pakistan Oilfields (POL): Corporate Briefing Key Takeaways

<ul><li>Pakistan Oilfields Limited (POL) announced its financial results for 1QFY26, posting a profit of Rs5.4bn (EPS: 19.13), up 2.1x YoY but down 27% QoQ.</li><li>The company reported net sales of Rs13.1bn, down 15% YoY, led by lower oil & gas production volumes and a 14% decline in average crude oil prices.</li><li>Royalty expense declined by 15% YoY during the quarter, primarily due to a fall in net sales. Meanwhile, royalty charges as a percentage of sales remained stable at 11%.</li></ul>

Pakistan Oilfields Limited (POL) announced its financial results for 1QFY26, posting a profit of Rs5.4bn (EPS: 19.13), up 2.1x YoY but down 27% QoQ.The company reported net sales of Rs13.1bn, down 15% YoY, led by lower oil & gas production volumes and a 14% decline in average crude oil prices.Royalty expense declined by 15% YoY during the quarter, primarily due to a fall in net sales. Meanwhile, royalty charges as a percentage of sales remained stable at 11%.

Pakistan Oilfields (POL): Earnings Up 2.1x YoY in 1QFY26 to Rs19.13/Share

<ul><li>POL reported a 9% QoQ growth in earnings to Rs26.19/share in 4QFY25, taking FY25 earnings to Rs85.19/share, down 38% YoY.</li><li>Earnings are higher than our expectations, driven by a lower Effective Tax Rate (ETR), which stood at 25% in 4QFY25, compared to 28% in 3QFY25 and 4QFY24.</li><li>Exploration costs went up 6x, clocking in at Rs11bn in FY25, on account of a dry well, Balkassar Deep-1, recognized in 1QFY25. The company also increased exploration efforts with seismic acquisitions in several blocks such as Kirthar South & Ikhlas EL.</li></ul>

POL reported a 9% QoQ growth in earnings to Rs26.19/share in 4QFY25, taking FY25 earnings to Rs85.19/share, down 38% YoY.Earnings are higher than our expectations, driven by a lower Effective Tax Rate (ETR), which stood at 25% in 4QFY25, compared to 28% in 3QFY25 and 4QFY24.Exploration costs went up 6x, clocking in at Rs11bn in FY25, on account of a dry well, Balkassar Deep-1, recognized in 1QFY25. The company also increased exploration efforts with seismic acquisitions in several blocks such as Kirthar South & Ikhlas EL.

Pakistan Oilfields (POL): POL Earnings Declined 38% YoY in FY25, to Rs85.19/Share.

<ul><li>We have revised down our FY26 earnings estimates for Pakistan Oil Fields Limited (POL) downward by 17% to Rs 80.2/share from our earlier estimates of Rs 97.2/share.</li><li>Despite the downward revision in earnings, we reiterate our BUY rating on POL as we have incorporated the recently discovered Razgir field in our reserve estimates.</li><li>We expect the oil & gas production of the company in FY26 to decline by 19% and 13% respectively, compared to FY25E levels.</li></ul>

We have revised down our FY26 earnings estimates for Pakistan Oil Fields Limited (POL) downward by 17% to Rs 80.2/share from our earlier estimates of Rs 97.2/share.Despite the downward revision in earnings, we reiterate our BUY rating on POL as we have incorporated the recently discovered Razgir field in our reserve estimates.We expect the oil & gas production of the company in FY26 to decline by 19% and 13% respectively, compared to FY25E levels.

Pakistan Oilfields (POL): Earnings Revised Down; BUY Maintained

<ul><li>Pakistan Oilfields (POL) reported 195% QoQ jump in its earnings to Rs26.7/share, taking 1HFY25 earning to Rs35.7/share, down 42% YoY. Earnings were in line with the market expectations.</li><li>Earnings increased on QoQ basis due to 92% decline in exploration cost to Rs626mn due as company encountered a dry well in last quarter (1Q).</li><li>On YoY basis, earnings fell 4% YoY due to 15% decline in crude oil prices and production curtailments, we believe.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pakistan Oilfields (POL) reported 195% QoQ jump in its earnings to Rs26.7/share, taking 1HFY25 earning to Rs35.7/share, down 42% YoY. Earnings were in line with the market expectations.Earnings increased on QoQ basis due to 92% decline in exploration cost to Rs626mn due as company encountered a dry well in last quarter (1Q).On YoY basis, earnings fell 4% YoY due to 15% decline in crude oil prices and production curtailments, we believe.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Oilfields (POL): 2QFY25 EPS at Rs26.68 down 4% YoY (Earnings in line with expectations)

Pakistan

Pakistan Oil Fields Limited specializes in the exploration, drilling, production and transmission of petroleum.  The Company also markets Liquified Petroleum Gas (LPG).

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Pakistan Oilfields (POL PA)

Topline Flash Note: Pakistan Oilfields (POL): Corporate Briefing Key Takeaways

Pakistan Oilfields (POL) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future...

Topline Securities

Pakistan Oilfields (POL): Earnings Revised Down; BUY Maintained

We have revised down our FY26 earnings estimates for Pakistan Oil Fields Limited (POL) downward by 17% to Rs 80.2/share from our earlier estimates...

Topline Securities

Pakistan Oilfields (POL): 2QFY25 EPS at Rs26.68 down 4% YoY (Earnings in line with expectations)

Pakistan Oilfields (POL) reported 195% QoQ jump in its earnings to Rs26.7/share, taking 1HFY25 earning to Rs35.7/share, down 42% YoY....

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Topline Flash Note: Pakistan Oilfields (POL): Corporate Briefing Key Takeaways

Pakistan Oilfields (POL) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future...

Topline Securities

Pakistan Oilfields (POL): Earnings Up 2.1x YoY in 1QFY26 to Rs19.13/Share

Pakistan Oilfields Limited (POL) announced its financial results for 1QFY26, posting a profit of Rs5.4bn (EPS: 19.13), up 2.1x YoY but down 27%...

Topline Securities

Pakistan Oilfields (POL): POL Earnings Declined 38% YoY in FY25, to Rs85.19/Share.

POL reported a 9% QoQ growth in earnings to Rs26.19/share in 4QFY25, taking FY25 earnings to Rs85.19/share, down 38% YoY. Earnings are higher than...

Topline Securities

Pakistan Oilfields (POL): Earnings Revised Down; BUY Maintained

We have revised down our FY26 earnings estimates for Pakistan Oil Fields Limited (POL) downward by 17% to Rs 80.2/share from our earlier estimates...

Topline Securities

Pakistan Oilfields (POL): 2QFY25 EPS at Rs26.68 down 4% YoY (Earnings in line with expectations)

Pakistan Oilfields (POL) reported 195% QoQ jump in its earnings to Rs26.7/share, taking 1HFY25 earning to Rs35.7/share, down 42% YoY....

Topline Securities