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From the highs of the secondary public offering in July 2014 and strong operational performance and history, Pakistan Petroleum Limited (KSE: PPL) was expected to rock at the stock market in the times to come. But who knew that the crude oil prices would actually prove a hurdle. The E&P firms share price tagged along the sliding international crude oil prices.
Oil prices have turned out to be the single most significant reason for the underperformance of the stock at the bourses, and its fall in profitability. In 1HFY15, the firms earnings witnessed a fall of 16 percent, year-on-year, while earnings fell by 40 percent, year-on-year in 2QFY15 alone.
The exploration and production firms revenues touted a decline of 13 percent in 2QFY15 compared to 2QFY14, and remained more or less constant in 1HFY15 versus 1HFY14 due to significant drop in oil price of late. Production on the other hand remained cheerful. Where natural gas production dropped slightly by four to five percent, year-on-year in 2QFY15, crude oil production witnessed a jump of around 26 percent year-on-year in the same period.
Beside the oil price environment, firms field expenditure and exorbitant other operating expenses that include the impact of rupee appreciation kept a lid on the E&P firms earnings in the period under review. However, increase in field expenditure shows that the company has been aggressive with its exploration and drilling activities.
The firm announced an interim cash dividend of RS4.5 per share on fully paid ordinary shares along with Rs3 per share on fully paid convertible preference shares.


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Pakistan Petroleum Limited
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Rs (mn) 2QFY15 2QFY14 YoY 1HFY15 1HFY14 YoY
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Net sales 26,844 30,694 -13% 57,811 58,476 -1%
Field expenditure 8,726 6,796 28% 17,440 13,557 29%
Royalties 3,134 3,788 -17% 6,820 7,031 -3%
Other operating income 1,751 1,526 15% 4,031 3,688 9%
Other operating expenses 3,164 1,076 194% 4,199 2,068 103%
Finance cost 139 107 30% 277 213 30%
Profit after tax 8,451 14,030 -40% 22,139 26,506 -16%
EPS 4.29 7.12 -40% 11.23 13.44 -16%
Net margins 31.5% 45.7% 38.3% 45.3%
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Source:KSE Announcement

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