OGDCL posts Rs 115.26 bn profit in nine months

The Board of Directors of Oil & Gas Development Company Limited (OGDCL) on Wednesday announced a profit after tax of Rs 115.263 billion for the nine months ended March 31, 2026, along with a third interim cash dividend of Rs 3.25 per share (32.50%)

ISLAMABAD, (APP - UrduPoint / Pakistan Point News - 29th Apr, 2026) The Board of Directors of Oil & Gas Development Company Limited (OGDCL) on Wednesday announced a profit after tax of Rs 115.263 billion for the nine months ended March 31, 2026, along with a third interim cash dividend of Rs 3.25 per share (32.50%)—the highest third quarterly payout in the company’s history.

The results, approved at a board meeting held on April 29, bring the cumulative interim dividend for the nine-month period to Rs 11.00 per share, marking a record payout for the company over the period, says a press release issued here.

Earnings per share stood at Rs 26.80, with net sales revenue recorded at Rs 300.127 billion.

The financial performance was affected by production curtailments, lower realized crude oil and LPG prices, and broader market dynamics. However, these impacts were partially offset by higher realized gas prices and favorable exchange rate movements.

During the period, OGDCL contributed Rs 160 billion to the national exchequer through taxes, dividends, royalties and other levies, while saving an estimated $2.3 billion in foreign exchange through import substitution.

Average daily net saleable production stood at 32,022 barrels of crude oil, 648 MMcfd of gas and 653 tons of LPG, compared to 31,710 barrels, 676 MMcfd and 654 tons, respectively, in the same period last year. Production remained under pressure due to curtailments, reducing output by around 3,482 barrels of oil, 141 MMcfd of gas and 48 tons of LPG per day, though the impact eased towards the end of the period.

Despite these challenges, gross crude oil production crossed 40,000 barrels per day after a prolonged period, reflecting improved operational efficiency.

On the exploration front, the company spudded 10 wells and made eight oil and gas discoveries, strengthening its resource base and improving its reserve replacement ratio.

OGDCL also brought the Baragzai X-1 well, located in the Nashpa Exploration License, into the production system. The well is currently producing around 6,100 barrels of oil per day, 18 MMcfd of gas and 50 metric tons of LPG.

Among development projects, the Jhal Magsi project is producing approximately 14 MMcfd of gas along with condensate, while the Dakhni Compression Project has been completed and is contributing to output enhancement. Work on Uch and KPD-TAY compression projects is progressing as planned.

Improved collections were also recorded during the period, with gas receivables reaching 126% and overall receivables at 111%, reversing the earlier rising trend.

The company also continued to advance its Environmental, Social and Governance (ESG) framework, focusing on climate-related disclosures and integrating sustainability into its operations.

The board appreciated the management’s focus on operational performance, financial discipline and shareholder returns, enabling the company to maintain its leading position in Pakistan’s exploration and production sector while delivering record dividends.

APP/Azh-Zah