KARACHI: The Pakistan Credit Rating Agency (PACRA) has reaffirmed Mari Energies Limited's robust credit profile by maintaining its AAA (Long Term) and A1+ (Short Term) ratings. The ratings reflect the company's solid financial position, effective governance, and resilient business model.
In fiscal year 2025, Mari Energies rebranded from a conventional oil and gas operator to a diversified energy enterprise. This strategic shift aligns with its long-term growth plans and vision to expand into sectors such as mining, data centers, and clean energy.
The company reported a significant increase in its proved and probable reserves, which rose by approximately 110 million barrels of oil equivalent (MMBOE), achieving a Reserve Replacement Ratio of 278%. This growth was primarily driven by developments and discoveries in various fields.
Net contingent resources also saw an increase, with 109 MMBOE upgraded to reserves, contributing to a net addition of 66 MMBOE. Overall, Mari Energies' total reserves and resources reached 952 MMBOE, marking a 17% year-on-year increase and extending reserve life to 20 years.
Mari Energies achieved its highest-ever sales capacity at 127,000 barrels of oil equivalent per day (KBOEPD), with stable actual hydrocarbon sales. This performance was supported by new discoveries and increased production, despite challenges such as gas curtailments and pipeline delays.
Financially, the company maintained strong performance with net sales of PKR 177.1 billion and a net profit of PKR 65.1 billion. Profitability was affected by factors including a wellhead charge, lower oil prices, currency appreciation, and gas curtailments.
Mari Energies' equity base stands at PKR 272 billion, supported by strong cash flows, enabling funding for capital expenditures with minimal external borrowing. The company expanded its portfolio to include 72 exploration licenses and 15 development and production leases.
As part of its rebranding, Mari Energies continued its international ventures and expanded domestically into mineral and technology sectors. This includes projects in green hydrogen and advanced energy infrastructure.
The company also made strides in data center and mining projects, with ongoing field operations and joint ventures in place. Mari Energies' strong credit profile is supported by its stable ownership structure and robust governance.
Looking ahead, Mari's focus on market leadership, portfolio diversification, and risk management will be crucial for sustaining its position in the evolving energy landscape.