Karachi: Earnings for Pakistan's leading oil and gas exploration and production companies are projected to remain subdued in the first quarter of fiscal year 2026, according to a preview released by JS Global. The report anticipates a decline of 8% year-over-year due to decreased hydrocarbon production and lower oil prices.

The analysis covered Oil and Gas Development Company Limited (OGDC), Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL), and Mari Petroleum Company Limited (MARI). Among them, OGDC, PPL, and MARI are expected to experience a year-over-year earnings decrease. OGDC's earnings per share (EPS) are projected to fall by 10% to Rs8.6, PPL's by 13% to Rs7.3, and MARI's by 18% to Rs13.1.

Conversely, Pakistan Oilfields Limited is predicted to post significant growth, with an expected increase in earnings of 2.2 times compared to the previous year, resulting in an EPS of Rs20.2 for the quarter.

In addition to the earnings forecast, the report anticipates that OGDC and PPL will announce cash dividends of Rs4 and Rs3 per share, respectively, coinciding with their quarterly results.