MPCL posts outstanding operational, financial results for FY 2020-21

ISLAMABAD: Living up to stakeholders' expectations, Mari Petroleum Company Limited (MPCL) yet again posted outstanding financial and operational results for FY 2020-21.

The Company's natural gas production increased by 8 percent while crude oil and condensate production was up by a significant 19 percent which resulted in achieving highest ever production of 35.8 MBOE.

Robust production and greater financial discipline propelled the Company's net profit to highest ever of Rs 31.44 billion, i.e. 3.6 percent higher than the net profit achieved last year despite a decrease in applicable oil price and socio economic impact of Covid.

In line with growth in net profit, EPS also increased to Rs 235.7 per share from Rs 227.23 per share from the previous year. There was a healthy growth of 23 percent in the share price, which closed at Rs 1,524 on June 30, 2021.

The Company contributed Rs 62.6 billion to the government exchequer in the form of royalty, taxes, levies and duties. Indigenous production of natural gas, crude oil and LPG by the company helped curtail the country's fuel import bill by approximately Rs 311 billion during FY 2020-21.

MPCL Board of Directors has recommended final cash dividend of Rs 75 per share (750pc) for approval of the shareholders in the upcoming AGM. With this, the total dividend for FY 2020-21 will come to a Rs 141 per share (1410pc).

Ongoing development projects such as HRL debottlenecking and installation of processing facilities for low BTU gas are progressing as planned and once complete will add to production along with extending the plateau and life of Mari field.

The Company is currently drilling three key exploratory wells, one each in Bannu West, Karak and Kalchas Blocks. These wells from a technical point of view are challenging and God willing, success in these efforts could add significant new resources.

The seismic acquisition in block 28 is complete and seismic processing

and interpretation is ongoing to mature drillable prospects.

Faheem Haider, Managing Director MPCL thanked the Chairman and all the Directors on MPCL Board for their support and guidance during his first year at the helm of affairs at MPCL.

He also complimented and thanked management team members and all the employees of the Company for their efforts and contributions for delivering these remarkable results.-PR

Copyright Business Recorder, 2021