Mari Energies maintains AAA rating

January 12, 2026 (MLN): The Pakistan Credit Rating Agency (PACRA) has maintained Mari Energies Limited’s long-term rating at AAA and short-term rating at A1+ which shows the company’s robust financial strength, effective governance, and resilient business model.

The rating outlook remains stable, underlined confidence in Mari Energies’ sustained operational and financial performance.

During FY25, the company underwent a major rebranding initiative, evolving from a conventional oil and gas operator to a diversified energy enterprise.

This transformation aligns with Mari Energies’ long-term strategy to expand beyond petroleum into sectors such as mining, data centers, and clean energy initiatives, positioning it competitively in Pakistan’s evolving energy landscape.

Mari Energies’ proved and probable (2P) reserves increased by approximately 110 MMBOE, achieving a Reserve Replacement Ratio of 278%.

Key drivers included production from Ghazij, Mari HRL, SML–SUL, Shewa, and new discoveries at Pateji, Spinwam, and Soho.

In addition, net contingent resources (2C) grew by ~174 MMBOE, with 109 MMBOE upgraded to reserves, bringing the total reserves and resources (2P + 2C) to 952 MMBOE, a 17% increase year-on-year, extending the company’s reserve life to 20 years.

Operationally, Mari Energies achieved its highest-ever sales capacity of 127 KBOEPD, while actual hydrocarbon sales remained stable at 107.2 KBOEPD, supported by new discoveries and increased production in Waziristan and Mari fields.

Production growth came despite indigenous gas curtailments and delays in commissioning the Shewa transmission pipeline.

Financially, Mari Energies reported net sales of Rs177.1bn and net profit of Rs65.1bn, demonstrating resilience in the face of lower oil prices, PKR appreciation, and wellhead charges on Mari Field.

With an equity base of Rs272bn and strong cash flows, the company is well-positioned to fund capital expenditures internally.

Mari Energies has also expanded its exploration portfolio, currently holding 72 exploration licenses (ELs) and 15 development & production licenses (D&PLs) across 155,756 sq. km.

Internationally, the company operates in Offshore Block-5, Abu Dhabi, and domestically, it is pursuing green hydrogen, CO₂ management, and advanced energy infrastructure projects.

Subsidiaries Mari Technologies Limited and SKY47 are developing 5 MW data centers in Islamabad and Karachi, while Mari Minerals is advancing mining operations through joint ventures and strategic acquisitions.

The company’s credit strength is reinforced by a stable ownership structure, with Fauji Foundation holding 40% and the Government of Pakistan and OGDCL holding 20% each.

Combined with robust governance and a largely debt-free capital structure, Mari Energies is positioned to maintain operational efficiency and continue its growth trajectory.

PACRA emphasized that Mari Energies’ focus on market leadership, portfolio diversification, and risk management will be critical in sustaining its strong credit profile.

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