Oil and gas stocks on PSX: OGDC, PPL, MARI, PSO and how the sector works
How Pakistan's oil and gas companies on PSX make money: exploration and production, fuel marketing and refining, what drives their profits, circular debt, and a live table of exploration companies with P/E and dividend yield.
By the Nafa team · Updated · 4 min read
Oil and gas is one of the heaviest sectors on the Pakistan Stock Exchange. It has three parts: exploration and production (E&P) companies that find and pump oil and gas, oil marketing companies that sell fuel to petrol pumps, power plants and industry, and refineries that turn crude oil into fuel. Each makes money in a different way.
Exploration and production
OGDC: Oil and Gas Development Company
The largest E&P company in Pakistan and one of the biggest weights in the KSE-100. It is majority owned by the government and produces a large share of the country's own oil and gas. Its profit depends on the international oil price and on the gas prices the government sets. See OGDC's price, results and filings.
PPL: Pakistan Petroleum
The second-largest E&P company, built around the Sui gas field in Balochistan, one of the country's biggest. It also has exploration interests abroad. See PPL.
MARI: Mari Energies
Its main asset is the Mari gas field in Sindh. Rising output has made it one of the sector's fastest-growing companies over the past decade. See MARI.
POL: Pakistan Oilfields
Smaller than the three above, operating older fields in the Potohar region. It is known for high margins, little debt and regular dividends. See POL.
The exploration companies today
| # | Company | Market cap | P/E |
|---|---|---|---|
| 1 |  OGDCShariahOil & Gas Development Company Limited | Rs 1.36tn | 5.6× |
| 2 |  MARIShariahMari Energies Limited | Rs 863.6bn | 9.9× |
| 3 |  PPLShariahPakistan Petroleum Limited | Rs 615.1bn | 6.3× |
| 4 |  POLPakistan Oilfields Limited | Rs 191.0bn | 5.7× |
All 4 companies in the PSX oil & gas exploration companies sector, largest first. P/B is market cap divided by shareholders' equity in the latest balance sheet. Prices are from the session of 13 Nov 2026. Source: Pakistan Stock Exchange data via Ticker Analysts. Ratios are from each company’s latest filings and are refreshed daily.
This list is a starting point for research, not a recommendation to buy or sell. Investing in securities involves risk, including possible loss of principal.
What drives E&P profits
- The oil price. Pakistan's crude oil is priced against international benchmarks, so a higher oil price means more revenue per barrel.
- Gas price policy. The government sets the price paid at the well for most gas. A change in policy can shift profits sharply.
- The rupee. Oil and gas are priced in dollars, while many costs are in rupees, so a weaker rupee raises revenue in rupees.
- Field decline. Older fields produce less each year. Companies have to keep drilling to hold output steady, and that spending reduces the cash left over.
- Circular debt. Power companies owe gas companies, which owe the E&P companies. Profit is booked when gas is sold, but the cash can take years to arrive. See below.
Circular debt: profit that isn't cash
Circular debt is the chain of unpaid bills running through Pakistan's energy sector. For the E&P companies and PSO it means large amounts owed by government-linked customers. Two things follow:
- Reported profit can run well ahead of cash. Check the cash flow statement, not just profit. See how to read PSX financial statements.
- News on clearing the debt moves these shares. Government plans to settle or restructure it are watched closely.
Oil marketing companies
PSO: Pakistan State Oil
The largest fuel marketing company, supplying petrol pumps, power plants and industry. Its profit moves with inventory gains and losses (fuel already bought becomes worth more when prices rise, and less when they fall) and with exchange losses on fuel imported and paid for in dollars. PSO is one of the companies most exposed to circular debt, which ties up its working capital. See PSO.
APL: Attock Petroleum
A smaller fuel marketer with less circular debt and a stronger balance sheet. See APL.
The whole oil marketing sector is listed on its sector page.
Refineries
Pakistan's refineries, including Attock Refinery (ATRL), National Refinery (NRL) and Pakistan Refinery (PRL), are in a long, slow upgrade. The government has offered incentives for them to modernise and produce cleaner Euro-5 fuel. Their profit depends on the gross refining margin: the gap between what crude oil costs and what the fuels made from it sell for. See the refinery sector.
How the sector is usually valued
- P/E is the quickest comparison between companies, though one-off items can distort it.
- EV/EBITDA compares companies with different debt and tax positions.
- Reserves matter for E&P companies: how many years of production their proven and probable fields hold.
- Dividend yield matters because many investors hold OGDC, PPL and POL for income. See PSX companies with the highest dividend yields.
Risks specific to Pakistan's oil and gas
- Government take. Royalties, and windfall levies when oil prices are high, take a large share of revenue.
- Security. Some exploration areas in Balochistan and Khyber Pakhtunkhwa carry operating risk.
- Late payment. Circular debt has not been resolved.
- Field decline. The large old fields at Sui and in Potohar are producing less without new investment.
