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The oil and gas Exploration and production sector has sagged to multi-year low crude oil prices. And the sector’s performance hinges directly on a rebound in the oil prices. The E&P players in the country have been affected similarly. All three major E&P firms (OGDC, PPL POL) have registered a decline in oil revenues due to oil prices.
However, the impact of the international crude oil prices seems negligible on the financial performance of Mari Petroleum Company Limited (MPCL) as it is a gas heavy company, and well-head gas prices are fixed for six months or a year. The gas is the largest source of revenue for the company representing a 97-98 percent share in its gross sales. As a result, a growth of around 29 percent year-on-year can be seen in the firm’s revenues.
MPCL’s profits from operation also witnessed a 40 percent-year-on-year, rise with operating margins improving from 39 percent in 1HFY14 to 42.6 percent in 1HFY15. This was partially due to lower prospecting and exploration expenditure in 1HFY15 and 2QFY15.
E&P firm’s bottom line was accentuated by 58 percent year-on-year in 1HFY15, while the growth in 2QFY15 alone was almost ten times that of 2QFY14. Along with growth in earnings, the firm has been active on the drilling front as well. During FY14, MPCL discovered Ghauri X-1 well in Punjab, which is the first hydrocarbons discovery in Ghauri Block in the Potowar Plateau after years of disappointments.


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Rs (mn) 1HFY15 1HFY14 YoY 2QFY15 2QFY14 YoY
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Net Sales 8,842 6,844 29% 4,451 3,021 47%
Royalty 1,169 890 31% 598 395 52%
Operating Expenditure 2,783 1,779 56% 1,559 906 72%
Exploration and
Prospecting Expenditure 1,105 1,500 -26% 673 990 -32%
Other charges 215 185 16% 51 31 66%
Other operating income 198 179 11% 86 11 706%
Operating Profit 3,770 2,669 41% 1,655 710 133%
Finance income 335 330 2% 122 160 -24%
Finance Cost 1,185 583 103% 1,082 547 98%
PAT 2,619 1,661 58% 813 84 873%
EPS (Rs/share) 23.76 15.07 58% 7.38 0.76 871%
Operating margin 42.63% 39.00% 37.18% 23.50%
Net margin 29.62% 24.27% 18.28% 2.77%
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Source: KSE Announcement

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