External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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

Thematic (Sector/Industry)

<ul><li>Topline E&P universe is expected to post a 12% YoY and 26% QoQ growth in earnings in 4QFY26, driven by reduced curtailment and higher oil prices.</li><li>The country’s total oil and gas production averaged at 70.3k bpd (up 22% YoY) and 3,045 mmcfd (up 12% YoY), respectively, during the quarter.</li><li>Geopolitical tensions and supply disruptions drove crude oil prices sharply higher during the quarter, with Arab Light averaging ~US$104/bbl.</li></ul>

Topline E&P universe is expected to post a 12% YoY and 26% QoQ growth in earnings in 4QFY26, driven by reduced curtailment and higher oil prices.The country’s total oil and gas production averaged at 70.3k bpd (up 22% YoY) and 3,045 mmcfd (up 12% YoY), respectively, during the quarter.Geopolitical tensions and supply disruptions drove crude oil prices sharply higher during the quarter, with Arab Light averaging ~US$104/bbl.

Pakistan Oil & Gas Exploration - E&Ps Profitability Likely to Increase by 26% QoQ in 4QFY26; LNG Supply Constraints Lift Domestic E&P Output

<ul><li>As of Dec-25, Pakistan’s remaining recoverable oil reserves increased by 6% to 253mn barrels, from 240mn barrels in Jun-25.</li><li>Total oil production during the past 6 months stood at 12mn barrels, implying a reserve replacement ratio of 2.2x over the period.</li><li>On the other hand, remaining recoverable gas reserves declined by 1% to 18,854 BCF, compared to 18,981 BCF as of Jun-24.</li></ul>

As of Dec-25, Pakistan’s remaining recoverable oil reserves increased by 6% to 253mn barrels, from 240mn barrels in Jun-25.Total oil production during the past 6 months stood at 12mn barrels, implying a reserve replacement ratio of 2.2x over the period.On the other hand, remaining recoverable gas reserves declined by 1% to 18,854 BCF, compared to 18,981 BCF as of Jun-24.

Pakistan Oil & Gas Exploration - New Discoveries Drive Oil Reserve Replacement Ratio To 2.2x

<ul><li>We have revised our E&P earnings estimates upward by an average of 18-34% for FY27-FY28, due to factors including a surge in international crude oil prices and rising hydrocarbon production led by a recovery in curtailed volumes and addition of new field(s).</li><li>We maintain our overweight stance on E&Ps with OGDC and PPL as our top picks. We also maintain our HOLD stance on MARI with a Jun 2027 target price of Rs714/share, suggesting a total return of 14%.</li><li>Our target prices for other companies – OGDC, PPL and POL – are Rs409 (31% return), Rs316 (43% return), and Rs752 (29% return) per share, respectively for Jun 2027, using reserve-based discounted methodology.</li></ul>

We have revised our E&P earnings estimates upward by an average of 18-34% for FY27-FY28, due to factors including a surge in international crude oil prices and rising hydrocarbon production led by a recovery in curtailed volumes and addition of new field(s).We maintain our overweight stance on E&Ps with OGDC and PPL as our top picks. We also maintain our HOLD stance on MARI with a Jun 2027 target price of Rs714/share, suggesting a total return of 14%.Our target prices for other companies – OGDC, PPL and POL – are Rs409 (31% return), Rs316 (43% return), and Rs752 (29% return) per share, respectively for Jun 2027, using reserve-based discounted methodology.

Pakistan Oil & Gas Exploration - Sector Earnings Revised Upward; Overweight Maintained

Pakistan

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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 Oil & Gas Exploration - E&Ps Profitability Likely to Increase by 26% QoQ in 4QFY26; LNG Supply Constraints Lift Domestic E&P Output

Topline E&P universe is expected to post a 12% YoY and 26% QoQ growth in earnings in 4QFY26, driven by reduced curtailment and higher oil...

Topline Securities

Pakistan Oil & Gas Exploration - New Discoveries Drive Oil Reserve Replacement Ratio To 2.2x

As of Dec-25, Pakistan’s remaining recoverable oil reserves increased by 6% to 253mn barrels, from 240mn barrels in Jun-25. Total oil production...

Topline Securities

Pakistan Oil & Gas Exploration - Sector Earnings Revised Upward; Overweight Maintained

We have revised our E&P earnings estimates upward by an average of 18-34% for FY27-FY28, due to factors including a surge in international...

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 Oil & Gas Exploration - E&Ps Profitability Likely to Increase by 26% QoQ in 4QFY26; LNG Supply Constraints Lift Domestic E&P Output

Topline E&P universe is expected to post a 12% YoY and 26% QoQ growth in earnings in 4QFY26, driven by reduced curtailment and higher oil...

Topline Securities

Pakistan Oil & Gas Exploration - New Discoveries Drive Oil Reserve Replacement Ratio To 2.2x

As of Dec-25, Pakistan’s remaining recoverable oil reserves increased by 6% to 253mn barrels, from 240mn barrels in Jun-25. Total oil production...

Topline Securities

Pakistan Oil & Gas Exploration - Sector Earnings Revised Upward; Overweight Maintained

We have revised our E&P earnings estimates upward by an average of 18-34% for FY27-FY28, due to factors including a surge in international...

Topline Securities