External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Energy / Thematic (Sector/Industry)

<ul><li>Pakistan’s listed E&P sector reported earnings of Rs74bn, down 15% YoY and 7% QoQ.</li><li>Net sales for the sector remained flat on a YoY basis and grew by 3% QoQ to Rs217bn in 2QFY26. This QoQ growth is primarily attributable to a slight increase in oil production during the quarter.</li><li>The country’s total oil production averaged 64,773 bpd in 2QFY26, reflecting a 2% YoY increase, while gas production fell 4% YoY to around 2,736mmcfd. In addition, crude oil prices fell 13% YoY to US$65.37/bbl from US$75.30/bbl in 2QFY25.</li></ul>

Pakistan’s listed E&P sector reported earnings of Rs74bn, down 15% YoY and 7% QoQ.Net sales for the sector remained flat on a YoY basis and grew by 3% QoQ to Rs217bn in 2QFY26. This QoQ growth is primarily attributable to a slight increase in oil production during the quarter.The country’s total oil production averaged 64,773 bpd in 2QFY26, reflecting a 2% YoY increase, while gas production fell 4% YoY to around 2,736mmcfd. In addition, crude oil prices fell 13% YoY to US$65.37/bbl from US$75.30/bbl in 2QFY25.

Pakistan Oil & Gas and Exploration – E&P Sector Earnings Remain Under Pressure in 2QFY26; Earnings Down 15% YoY and 7% QoQ