For investors researching oil and gas stocks in Pakistan, the Pakistan Stock Exchange provides exposure to exploration and production, oil marketing, refining and gas distribution. PSX currently places OGDC, PPL, MARI and POL in oil and gas exploration, while APL, PSO, SPSL and SNGP are included in oil and gas marketing companies.

The companies below are a research shortlist rather than a ranking. Investors should compare financial performance, dividends, valuation, debt, cash flow and business risks before selecting a stock.

How to Evaluate Oil and Gas Stocks in Pakistan

Before comparing individual companies, investors should understand what drives an energy stock. Exploration and production companies depend on reserves, production and hydrocarbon prices. Oil marketing companies are influenced by petroleum volumes, margins, inventory management, distribution networks and Fuel Stations, while refineries depend heavily on crude costs and refining margins.

Key factors to check include:

• Earnings per share and profit growth

• Dividend history and payout capacity

• Price-to-earnings valuation

• Debt and operating cash flow

• Production or sales volumes

• Recent PSX announcements and financial reports

10 Oil and Gas Stocks to Research on PSX

1. Oil & Gas Development Company Limited (OGDC)

OGDC is a major exploration and production company involved in the exploration, development and production of hydrocarbons. PSX reports FY2026 sales of approximately PKR 449.2 billion and profit after tax of PKR 242.4 billion.

Investors can monitor:

• Production and reserves

• Earnings and EPS

• Dividend announcements

• New exploration and development activity

2. Pakistan Petroleum Limited (PPL)

PPL is one of the established oil and gas companies in Pakistan, with exposure to exploration and production, particularly natural gas. Investors researching PPL should compare production, earnings, reserves and dividend history with other E&P companies.

3. Sitara Petroleum Service Limited (SPSL)

Sitara Petroleum Service Limited is listed by PSX under oil and gas marketing companies. Its business includes petroleum trading and distribution and fuel logistics.

PSX reports FY2026 sales of approximately PKR 133.2 billion and profit after tax of approximately PKR 5.0 billion, compared with PKR 121.9 billion sales and PKR 3.0 billion profit in FY2025.

Investors researching a Petroleum Company in Pakistan can examine:

• Revenue and profit growth

• Fuel distribution and logistics

• Retail expansion

• Working capital and cash flow

4. Mari Energies Limited (MARI)

Mari Energies operates in exploration, production and sale of hydrocarbons, with its Mari Field being an important part of Pakistan's gas supply. Its business also includes exploration and production services and other activities.

Key areas for investors include:

• Production growth

• Reserves and development projects

• Earnings performance

• Dividend potential

5. Pakistan Oilfields Limited (POL)

Pakistan Oilfields focuses on exploration, drilling and production of crude oil and gas, with additional LPG and petroleum transmission activities.

Its performance can be assessed through production volumes, profitability, cash generation, reserves and dividend announcements.

6. Pakistan State Oil Company Limited (PSO)

PSO represents the oil-marketing segment rather than exploration and production. Its business gives investors exposure to petroleum product sales, distribution and the wider fuel supply chain.

Investors should examine:

• Sales volumes and margins

• Working capital

• Inventory position

• Receivables and liabilities

• Retail and distribution network

PSX currently lists PSO among oil and gas marketing companies.

7. Attock Petroleum Limited (APL)

Attock Petroleum operates in the procurement, storage and marketing of petroleum products. It is relevant for investors researching oil marketing, retail fuel distribution and the performance of a Petrol Agency or broader petroleum network.

Investors can compare APL's earnings, margins, dividends, sales volumes and distribution infrastructure with other oil marketing businesses.

8. Attock Refinery Limited (ATRL)

ATRL provides exposure to Pakistan's refining sector. Refinery investors need to monitor crude costs, refining margins, capacity utilisation, product demand and regulatory developments.

9. National Refinery Limited (NRL)

NRL operates in petroleum refining and lubricant products. Refinery earnings can change significantly with crude prices, international refining margins and local market conditions.

Investors should therefore compare:

• Refining margins

• Capacity utilisation

• Profitability

• Debt and cash flow

• Industry regulations

10. Sui Northern Gas Pipelines Limited (SNGP)

SNGP provides exposure to natural-gas transmission and distribution. Unlike E&P companies, its performance is closely connected with gas pricing, regulation, receivables and circular-debt issues.

What Should Investors Compare Before Buying?

The best oil and gas stocks in PSX may differ according to an investor's objective. Dividend-focused investors may prioritise payout history and cash generation, while growth-focused investors may examine production, expansion and earnings growth.

Before considering the best stocks to buy in Pakistan, compare:

• Business model and sector exposure

• Earnings and EPS growth

• Dividend record

• Current valuation

• Debt and cash flow

• Regulatory and commodity-price risks

The same principle applies when comparing fuel pumps and Petrol Pumps in Pakistan. Oil marketing businesses can be affected by sales volumes, margins, inventory and distribution costs, making their financial profile different from exploration companies.

07 Key Risks of Oil and Gas Stocks

Oil and gas stocks can be affected by:

• International oil and gas prices

• Exchange-rate movements

• Government policies and taxation

• Exploration and production risks

• Refinery margins

• Circular debt and receivables

• Changes in domestic energy demand

Investors should review the latest quarterly results, annual reports and PSX disclosures before making an investment decision.

Can SPSL Stock Deliver Long-Term Growth Potential for Investors?

The company reported FY2026 sales of approximately PKR 133.2 billion and profit after tax of approximately PKR 5.0 billion, compared with PKR 121.9 billion sales and PKR 3.0 billion profit in FY2025. Its prospectus also highlights expected growth in petroleum-product demand and the potential impact of revised OMC margins on profitability.

For investors considering SPSL shares, important factors to monitor include:

• Future revenue and earnings growth

• Expansion of fuel distribution and retail operations

• Petroleum-product demand in Pakistan

• OMC margins and regulatory developments

• Fuel logistics and operational efficiency

• Dividend policy and cash-flow performance

These factors could support the company's long-term business prospects. Investors should review SPSL's latest PSX disclosures, financial results and valuation before deciding whether its shares fit their investment strategy.

Final Thoughts

Pakistan's energy sector includes exploration companies, oil marketers, refineries and gas distribution businesses. OGDC, PPL, MARI, POL, PSO, APL, SPSL, ATRL, NRL and SNGP provide exposure to different parts of this value chain.

For anyone researching oil and gas stocks in Pakistan, comparing earnings, valuation, dividends, balance-sheet strength and sector-specific risks is more useful than looking at share price alone. SPSL can also be researched alongside other listed oil-marketing companies by reviewing its latest PSX disclosures and business performance.

https://www.psx.com.pk/