Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked in at PKR0.01 – Below expectation - By Insight Research

Feb 13 2025


Insight Securities


  • LOTCHEM has announced its 4QCY24 result, wherein company has posted LAT of PKR19mn (LPS: PKR0.01) vs. PAT of PKR238mn (EPS: PKR0.16) in SPLY. The result is below our expectation due to lower than estimated gross margins and revenue.
  • In 4QCY24, revenue increased by 4% YoY, due to higher volumetric sales. While on QoQ basis, same is down by 17% due to lower PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 0.8%, down by 120bps/340bps YoY/QoQ, possibly due to lower realized core delta.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 EPS clocked in at PKR0.44 – Below expectation - By Insight Research

Apr 17 2025


Insight Securities


  • LOTCHEM has announced its 1QCY25 result, wherein company has posted PAT of PKR0.7bn (EPS: PKR0.44) vs. PAT of PKR0.9bn (EPS: PKR0.59) in SPLY. The result is below our expectation due to lower than estimated revenue.
  • In 1QCY25, revenue decreased by 33% YoY, due to lower volumetric sales. While on QoQ basis, same is up by 6% possibly due to higher PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 6.2%, up by 100bps/540bps YoY/QoQ, due to improved core delta.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 Preview: Profitability to stay muted - By Insight Research

Apr 16 2025


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR806mn (EPS: PKR0.50) in 1QCY25 vs. loss of PKR19mn (LPS: PKR0.01) in preceding quarter amid better core delta. While on YoY basis profitability inch up by ~2%. To note, International PTA prices plunged by ~13% YoY to clock in at ~US$682/ton. Similarly, PX prices witnessed a decrease of ~16% YoY to clock in at US$868/ ton, resulting in an increase of ~9% in PTA-PX spread. Company’s topline is expected to decrease by 25% YoY to clock in at PKR24.3bn in 1QCY25, amid lower volumetric sales. Whereas, same is expected to increase by ~20% QoQ due to higher volumetric sales. Gross margins of the company are estimated to clock in at 6.5% in 1QCY25, witnessing an increase of ~130bps/5.7ppts YoY/QoQ on account of improved core delta. Selling and distribution expense is expected to increase by 39%/20%, YoY/QoQ.
  • EPCL is expected to post a consolidated LAT of PKR264mn (LPS: PKR0.29) in 1QCY25 vs. LAT of PKR900mn (LPS: PKR0.99) in SPLY. Company’s topline is expected to increase by 12% YoY to clock in at PKR18.5bn in 1QCY25, amid higher volumetric sales. While, same is expected to decline by ~13% QoQ primarily due to lower PVC prices. Gross margins are estimated to clock in at 10.2% in 1QCY25 witnessing an increase of ~380bps YoY, attributable to higher volumetric sales. While on QoQ basis, same is expected to decline by ~390bps amid lower core delta and higher gas prices. To note, International PVC prices decline by ~4%/5% YoY/QoQ to clock in at ~US$756/ton. Similarly, PVCEthylene margins witnessed a decline of ~5%/10% YoY/QoQ. Selling and distribution expense is expected to decrease by 32% YoY, whereas same is expected to go down by ~8% QoQ. Financial charges are anticipated to decrease by 22%/27% YoY/ QoQ to clock in at PKR1.3bn, primarily due to decline in debt level and interest rates.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Hold Steady as PTA Margins Remain Underwhelming - By IIS Research

Apr 16 2025


Ismail Iqbal Securities


  • We expect LOTCHEM to report a PAT of PKR 779 million (EPS: PKR 0.51) for 1QCY25, compared to LPS 0.01 in last quarter. This improvement comes as operations normalize following a one-month plant turnaround last quarter. PTA sales volumes are also anticipated to recover to typical levels. However, PTAPX margins have averaged USD 100/ton this quarter, lower than the USD 122/ton in the past six years and the long term average of USD 110/ton, largely due to global dynamics and subdued international demand.
  • Additionally, this quarter is affected by the recent gas price hike. Where, the gas price for captive power plants has increased to Rs 3,500 per MMBtu, effective February 1, 2025. While this increase poses some pressure, it's worth noting that LOTCHEM’s cost structure and margins are largely driven by international PTA-PX spreads. Notably, in CY24, only around 7% of COGS was from oil, gas, and electricity expenses. Furthermore, the company is in the process of being acquired, as AsiaPak Investments Limited and Montage Oil DMCC entered into a share purchase agreement to acquire a 75.01% stake in LOTCHEM.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked-in at Rs0.01 - By Foundation Research

Feb 13 2025


Foundation Securities


  • Lotte Chemical Pakistan Limited (LOTCHEM) released its 4QCY24 financial result with loss of Rs0.01/sh compared to profit of Rs0.16/sh in 4QCY23. This cumulates to CY24 earnings of Rs1.75/sh, down 48% YoY.
  • Notably, AsiaPak Investment Company Limited and Montage Oil DMCC have informed PSX of their intention to acquire 75.01% shares of LOTCHEM via a Share Purchase Agreement. This would require them to undertake a Public Offer for 12.49% (189.2 mn) of the outstanding shares.
  • Decline in 4QCY24 profitability is attributable to (1) 53 day plant maintenance shutdown, (2) higher gas prices and (3) appreciation of avg. Rs-US$ despite higher PTA-PX margin.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked in at PKR0.01 – Below expectation - By Insight Research

Feb 13 2025


Insight Securities


  • LOTCHEM has announced its 4QCY24 result, wherein company has posted LAT of PKR19mn (LPS: PKR0.01) vs. PAT of PKR238mn (EPS: PKR0.16) in SPLY. The result is below our expectation due to lower than estimated gross margins and revenue.
  • In 4QCY24, revenue increased by 4% YoY, due to higher volumetric sales. While on QoQ basis, same is down by 17% due to lower PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 0.8%, down by 120bps/340bps YoY/QoQ, possibly due to lower realized core delta.
Lotte Chemicals Pakistan Limited (LOTCHEM): Earnings Fall Short on Margin Pressure, Maintenance Disruptions - By IIS Research

Feb 13 2025


Ismail Iqbal Securities


  • Lotte Chemicals Pakistan Limited (LOTCHEM) has announced its CY24 financial result today, where the company has posted PAT of PKR 2,647 mn with an EPS of PKR 1.75. This fell short of our expectation of PKR 2.13/sh, reflecting a 48% YoY decline, primarily due to PTA-PX margins averaging USD 100/ton in CY24 compared to USD 110/ton in CY23 coupled with minimal profitability in 4QCY24, as sales decreased by 17% QoQ due to a plant shutdown for maintenance, initially planned for one month but later extended by seven days.
  • The company did not announce a dividend alongside the results, contrary to our expectation of 1/sh. The total CY24 dividend stood at PKR 0.50 per share, translating to a payout ratio of 29%, lower than the seven year average annual payout ratio of 68%.
  • On a quarterly basis, gross margins were reported at 0.8%, compared to 4.2% in the previous quarter and 2.0% in 3QCY23. Financial charges for the quarter amounted to PKR 115 million, reflecting a 35% YoY and 38% QoQ decrease. Other income declined by 70% YoY and 24% QoQ, mainly due to a lower interest rate environment.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Steady, Dividend expected at PKR 1/Share - By IIS Research

Feb 6 2025


Ismail Iqbal Securities


  • We expect LOTCHEM to report a PAT of PKR 559 million (EPS: PKR 0.37) for 4QCY24, while for CY24, the PAT is projected at PKR 3,221 million (EPS: PKR 2.13). Additionally, we anticipate a dividend of PKR 1 per share this quarter, bringing the total dividend for the year to PKR 1.5 per share.
  • PTA sales volumes for 4QCY24 are expected to be on the lower side as the company suspended plant operations for maintenance for one month, later extending it by seven more days. However, gross margins are anticipated to improve this quarter to 7%, supported by stable margins. On a yearly basis, gross margins for CY24 are expected to be around 6%, down from 13% in CY23, primarily due to PTA-PX margins averaging USD 100/ton in CY24 compared to USD 110/ton in CY23.
  • Moreover, gas prices have once again increased. As per the latest notification, the gas price for captive power plants has been raised to Rs 3,500 per MMBtu, effective February 1, 2025. While this poses a concern for the company, its major costs and margins remain largely influenced by international PTA-PX margins.
Lotte Chemical Pakistan Limited (LOTCHEM): Corporate Briefing Notes – By Chase Research

Dec 5 2024



  • Lotte Chemical Pakistan Limited (LOTCHEM) reported a net profit of PKR 2.66 billion (EPS: PKR 1.76) in 9MCY24. This represents a 45% decline from a net profit of PKR 4.84 billion (EPS: PKR 3.20) in the same period last year (SPLY).
  • Revenue for 9MCY24 increased by 43% year-on-year to PKR 88.98 billion, compared to PKR 62.14 billion in 9MCY23. The trading of Acetic Acid contributed gross profit of PKR 358 million during 9MCY24. The price of Acetic Acid ranged between $450 and $500 per ton during the period.
  • LOTCHEM is the sole producer of purified terephthalic acid (PTA) in Pakistan, with an annual production capacity of 500 KT. Approximately 40% of the company’s sales are made to Novatex Limited.
Lotte Chemical Pakistan Limited (LOTCHEM): 3QCY24 Corporate Briefing Takeaways – By Taurus Research

Dec 5 2024


Taurus Securities


  • Lotte Chemical Pakistan Limited is a leading petrochemical company that specializes in the production and marketing of Purified Terephthalic Acid (PTA), a key raw material used in the manufacturing of polyester fibers, and plastics, contributing significantly to the textile and packaging industries in Pakistan.
  • LOTCHEM’s revenue in 3QCY24 was PKR 25Bn as compared to PKR 24Bn in the same period last year (4.3% YoY increase).
  • However, the Company’s gross profit margin significantly declined to 4.25% in 3QCY24 from 14.48% in 3QCY23. The reason for this sharp decline was because of the broader challenges faced by Pakistan, including high interest rates and escalating energy costs. These challenges caused Lotte's customers to reduce their operational rates, resulting in lower demand for PTA.
Market Wrap: KSE-100 Surges to Historic High, Ends Day Tepid - By HMFS Research

Jul 8 2025


HMFS Research


  • The benchmark KSE-100 index touched a new all-time intraday high of 134,200 amid continued positive sentiment; however, gains were trimmed by the close, with the index settling nearly flat at 133,403—up just 33.05 points. Value buying was evident in the banking sector, while profit-taking emerged in selective bluechip stocks. Trading activity remained robust, with benchmark index volumes hitting 324mn shares and broader market participation crossing 1.2bn shares. Volume leaders for the day included TPLP (97mn), WTL (64mn), and HASCOL (48mn). Going forward, market direction will likely hinge on institutional flows and clarity on macroeconomic triggers. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Textiles: Pause-period for US tariffs ending today - By JS Research

Jul 8 2025


JS Global Capital


  • The 90-day pause period for the implementation of reciprocal tariffs expires today. Meanwhile, US govt plans to issue letters to all countries which have not struck a deal yet and are likely to face higher than previously announced tariffs effective 1st August, 2025.
  • Countries having completed successful round of bilateral trade agreements including Pakistan, are expected to face a lower tariff, however, a minimum baseline tariff of 10% is likely to remain. A formal notification of the same is likely to be announced along with other trading partners with negotiated contracts.
  • With softening of US stance towards Pakistan since the cease-fire between India and Pakistan and a potential successful round of dialogues between the two, optimism towards Pak Textile sector has gained strength, with an upside of 38% from its low seen in May-2025 and 21% from the pre-tariff announcement levels.
Cement: Capacity Utilization at Record Low, Huge Growth Potential - By Sherman Research

Jul 8 2025


Sherman Securities


  • Currently, cement sector is running on historical low utilization level of 55% versus last 30-year average utilization of 76%. The main reason for this significant decline is that although capacity has increased sharply, demand has remained subdued over the past few years. To note, cement capacity in Pakistan has increased to 84.6mn tons as compared to 9mn tons in FY92, (up 9x) during the years.
  • Historically, we have observed that capacity expansions have only been undertaken when utilization surpasses 80%, therefore, we do not expect any capacity expansion in the near term. Furthermore, the pause in expansion is expected to enhance the liquidity of companies, which could enable them to increase their payout going forward.
  • During FY25, local dispatches arrived at 37mn tons compared to 38.2mn tons during FY24. Thus, during last 4 years, cement sales posted consistent decline on annualized basis reaching at 8 – year low level in FY25.
Morning News: Reserves up: SBP eyes global bond market - By Next Research

Jul 8 2025


Next Capital


  • According to the central bank, reserves reached $14.5 billion by the end of June, surpassing the IMF’s target of $13.9 billion and exceeding even the Governor’s own projections. The hard work is paying off. SBP has been persistent in buying dollars from the interbank market, and now, finally, the international commercial financing channel has reopened. The next move is to tap into the international bond market — starting with the Panda bond, followed by a Eurobond issuance.
  • In a significant economic achievement, the government of Pakistan has demonstrated its firm commitment to fiscal discipline and long-term stability by retiring Rs 1.5 trillion in public debt ahead of schedule in FY25. This substantial early repayment has contributed to a notable improvement in Pakistan’s fiscal indicators, bringing the debt-to-GDP ratio down from 75 percent in FY23 to 69 percent in FY25.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said on Monday.
Technical Outlook: KSE-100; Upside likely - By JS Research

Jul 8 2025


JS Global Capital


  • The KSE-100 index witnessed a positive session to close at 133,370, up 1,421 points DoD. Volumes stood at 920mn shares compared to 733mn shares traded in the previous session. The index is likely to retest yesterday’s high of 133,862; a break above this level could target 135,232, with potential to rise further towards 137,549 level. Meanwhile, any downside will be tested between 132,460 and 132,610 levels, respectively. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. The support and resistance are placed at 132,604 and 133,999, respectively.
Morning News: SBP governor speaks of policy mix: - By HMFS Research

Jul 8 2025


HMFS Research


  • Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that unlike in the previous episodes of boom-bust cycles, the current policy mix remains conducive to a lasting increase in economic activity rather than a short-sighted, fragile, and populist ‘sugar rush’. Governor SBP also assured that SBP is fully committed to undertake structural reforms and lay the foundation for sustainable and inclusive economic growth. Both SBP and the government remain steadfast in their approach to transitioning from recently hard-earned economic stability to a medium-term economic transformation. This resolve is reflected in our prudent and cautious monetary policy stance, and fundamentals aligned exchange rate, and ongoing fiscal consolidation and improving debt dynamics.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said. Pakistan’s debtto-GDP ratio decreased from 75 percent in FY23 to 69 percent in FY25 due to early debt repayments. The successful buyback of Rs1 trillion in market debt, completed by December 2024, marked the first such operation in Pakistan’s history. Alongside this, the early repayment of the SBP Rs500 billion debt has collectively led to the early retirement of Rs1.5 trillion in public debt during FY25, said Khurram Schehzad, an advisor to the finance minister. The early retirement of central bank debt, executed by the Debt Management Office (DMO), marks a breakthrough in Pakistan’s debt management strategy. Early debt retirement while converting shorter tenure with longer-tenure debt significantly reduces concentration risk, lowers future liabilities, and strengthens the country’s macroeconomic foundations by curbing reliance on borrowings.
  • The Federal Board of Revenue (FBR) has notified businesses, including importers, suppliers, and manufacturers, of tightened restrictions under Section 21 of the Income Tax Ordinance for FY26, aimed at discouraging excessive cash dealings and broadening the tax net. Under the directive, any cash transaction exceeding PKR 200,000 will not be treated as an allowable business expense. Consequently: 50% of such expenditure will be recognized for tax purposes. The disallowed portion will attract an additional tax burden, effectively raising the cost by 20.5%.For completely disallowed transactions, the effective impact could surge to 79.5%. Businesses are urged to ensure all supplier and client payments are processed through proper banking channels to avoid heavy penalties and additional scrutiny by FBR
Market Wrap: Highlights of the day July 7, 2025 - By JS Research

Jul 7 2025


JS Global Capital


  • The KSE-100 Index surged 1.4% to an all-time intraday high of 133,862.01, driven by optimism over trade negotiations, macroeconomic stability, and a strong corporate earnings outlook. Falling inflation, strengthening FX reserves, and capital inflows are enhancing investor confidence, while higher taxes on alternative assets are redirecting capital into equities. With earnings season ahead and technical indicators breaking new ground, we expect the bullish momentum to persist in the near term, supported by favorable macro trends and reallocation from fixed-income instruments.
Market Wrap: Bullish Momentum Carries KSE-100 Beyond 133,000 - By HMFS Research

Jul 7 2025


HMFS Research


  • The market continued its unrelenting bullish streak, surging past the 133,862 mark for the first time in history. This milestone rally was fueled by renewed investor confidence, driven by key trade developments and sector-specific momentum. Investor sentiment received a notable boost as Pakistan and the U.S. concluded a critical round of trade talks ahead of the July 9 deadline. While an official announcement is still awaited, early signs point to a favorable deal for Pakistan’s export sectors. Adding to the positive momentum, OGDC reported a production uplift following the successful installation of an ESP at Rajian-05, where it holds full ownership—further reinforcing its operational strength. The rally was led by the banking and fertilizer sectors, supported by expectations of strong upcoming results and favorable sectoral tailwinds. The KSE-100 index closed at 133,370 level, up 1,421 points in a robust session. Market activity remained upbeat, with 344 million shares traded on the KSE100 and total market volume reaching 915 million shares. Volume leaders included IMAGE (48mn), BOP (43mn), and WTL (37mn). While a short-term breather cannot be ruled out given the sharp upward trajectory, overall sentiment is expected to remain strong amid continued macroeconomic improvement. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research

Jul 7 2025


AKD Securities


  • The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY compared to PkR35.5/kwh in FY25.
  • GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
  • Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP: PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Al-Ghazi Tractors Limited (AGTL): 1QCY25 EPS clocked in at PKR1.01 – Below expectation - By Insight Research

Apr 25 2025


Insight Securities


  • AGTL has announced its 1QCY25 result, wherein company has posted PAT of PKR59mn (EPS: PKR1.01) vs. PAT of PKR855mn (EPS: PKR14.7) in SPLY, down by ~93% YoY. The result is significantly below our expectation mainly due to lower than estimated gross margins and higher than estimated operating expenses.
  • During 1QCY25, revenue witnessed a decline of 62%/66% YoY/QoQ to clock in at PKR3.6bn, primarily due to lower volumetric sales. To highlight, volumetric sales decrease by ~63%/69% YoY/QoQ.
  • Gross margins decreased by ~70bps/390bps YoY/QoQ to clock in at ~21.5% in 1QCY25, possibly due to lower volumes.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 EPS clocked in at PKR0.44 – Below expectation - By Insight Research

Apr 17 2025


Insight Securities


  • LOTCHEM has announced its 1QCY25 result, wherein company has posted PAT of PKR0.7bn (EPS: PKR0.44) vs. PAT of PKR0.9bn (EPS: PKR0.59) in SPLY. The result is below our expectation due to lower than estimated revenue.
  • In 1QCY25, revenue decreased by 33% YoY, due to lower volumetric sales. While on QoQ basis, same is up by 6% possibly due to higher PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 6.2%, up by 100bps/540bps YoY/QoQ, due to improved core delta.
Nishat Chunian Limited (NCL): 2QFY24 EPS clocked in at PKR0.96 – Below expectation - By Insight Research

Feb 26 2025


Insight Securities


  • NCL has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR231mn (EPS: PKR0.96) vs. LAT of PKR911mn (LPS: PKR3.8) in SPLY. The result is below our expectation due to higherthan-expected tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR20.7bn (US$74.2mn) compared to PKR20.1bn (US$71.0mn) in SPLY, up by ~3% YoY. The increase in topline is possibly attributable to higher volumetric sales. However, same is down by ~11% on QoQ basis.
  • Gross margins clocked in at ~11% depicting an increase of ~2.3ppts QoQ, possibly due to operational efficiency and lower cotton prices.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked in at PKR0.01 – Below expectation - By Insight Research

Feb 13 2025


Insight Securities


  • LOTCHEM has announced its 4QCY24 result, wherein company has posted LAT of PKR19mn (LPS: PKR0.01) vs. PAT of PKR238mn (EPS: PKR0.16) in SPLY. The result is below our expectation due to lower than estimated gross margins and revenue.
  • In 4QCY24, revenue increased by 4% YoY, due to higher volumetric sales. While on QoQ basis, same is down by 17% due to lower PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 0.8%, down by 120bps/340bps YoY/QoQ, possibly due to lower realized core delta.
Engro Fertilizers Limited (EFERT): 4QCY24 EPS clocked in at PKR7.70 – Below expectation - By Insight Research

Feb 10 2025


Insight Securities


  • EFERT has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR10.3bn (EPS: PKR7.70) vs. PAT of PKR11.1bn (EPS: PKR8.32) in SPLY. The result is below our expectation mainly due to higher than expected selling and distribution expense.
  • Revenue for the quarter clocked in at PKR84.8bn vs. PKR75.2bn in SPLY, mainly attributable to higher offtakes coupled with increase in urea prices.
  • Gross margins decreased by ~3.8ppts YoY, to clock in at ~35% attributable to higher gas prices.
Mari Energies (MARI): 2QFY25 EPS clocked in at PKR9.3 – Below expectation - By Insight Research

Jan 27 2025


Insight Securities


  • Mari Energies (MARI PA) has announced its 2QFY25 result today, wherein company has posted PAT of PKR11.2bn (EPS: PKR9.3) vs. PAT of PKR18.4bn (EPS: PKR15.3). The result is below our expectation due to higher than expected operating expenses.
  • In 2QFY25, revenue decreased by 9% YoY/QoQ mainly due to lower gas production. To highlight, company’s gas production is expected to decline by 5%/6% YoY/QoQ.
  • Royalty expense increased by 39%/45% YoY/QoQ due to an additional 15% royalty payment on the wellhead value, following the extension of the MARI D&P lease.
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