3 Worst Performing Oil & Gas Stocks Of 2026
2. Mari Energies Limited (MARI)
Mari Energies Limited continues to attract attention due to its production resilience, aggressive offshore strategy, and diversification into mining and data infrastructure.
FY2026 Financial Estimates
| Key Financial Metric | FY2026 Estimate |
|---|---|
| Net Sales | PKR 202 Billion |
| Profit After Tax | PKR 59.3 Billion |
| Earnings Per Share (EPS) | PKR 49.4 – 50.0 |
| Dividend Per Share (DPS) | PKR 20.0 – 22.2 |
| Expected Payout Ratio | Approximately 40% |
The company is also projected to deliver 7% net positive production growth over the FY26–28 period, outperforming broader sector expectations.
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Offshore Exploration Strategy Expanded Aggressively
Management emphasized its “high-alpha” exploration strategy during recent corporate interactions. The company secured more than 55,000 square kilometres of offshore acreage and now holds stakes in all 23 offshore blocks awarded during the latest bid round.
Production Resilience Remained Strong
Despite sector-wide LNG-related curtailments, the company maintained a production CAGR of 1% over FY24–26. Sales volumes during 1HFY26 reached 39.13 MMBOE, reflecting positive year-on-year growth despite operational constraints.
Spinwam And Ghazij Projects Add Long-Term Growth
Production from the Spinwam field has already commenced, contributing approximately 70 mmscfd of gas and 700 barrels per day of condensate. Management indicated that the field now contributes roughly 9% of the current company production. Meanwhile, the Ghazij and Shawal reservoirs are expected to reach production potential of 220 mmscfd by the second half of 2028.
Mining And Data Center Expansion
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A major strategic focus for the company is diversification beyond energy production. Through the Sky 47 initiative, MARI is developing two 5MW data centers in Islamabad and Karachi. Management expects this segment to contribute nearly 8–10% of future profitability once scaled. The company’s mining subsidiary, Mari Minerals, is actively exploring copper and gold reserves in Balochistan’s Chagai district. Management also transferred a 49% working interest in exploration licenses EL-322 and EL-323 to Globacore during early 2026.
Reserve Replacement Continued To Lead The Sector
As of early 2026, the company achieved a sector-leading Reserve Replacement Ratio of 278%. Combined 2P and 2C reserves increased to a record 952 MMBOE.
⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →
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