ISLAMABAD: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting approved the financial results for the half-year ended December 31, 2024.
The Board has declared an interim cash dividend of Rs4.05 per share, marking the highest-ever quarterly dividend in the Company’s history. This brings the total dividend declared so far in the fiscal year to Rs7.05 per share, said a news release.
Despite industry-wide challenges, including security constraints, lower international crude oil prices, and exchange rate fluctuations, OGDCL demonstrated resilience and operational efficiency.
The company reported net sales revenue of Rs 206.4 billion and profit after tax stood at Rs82.5 billion, reflecting its strong market position and robust financial performance.
During the period, the company’s earnings per share (EPS) reached Rs19.17. The company maintained a gross profit margin of 62% and a net profit margin of 40%, reaffirming its operational efficiency and cost management.
OGDCL maintained its position as the leading exploration and production company (E&P), contributing approximately 48% of the country’s total crude oil production, 28% of natural gas production, and 34% of LPG production.
During the period, the company’s average daily net saleable production remained strong. Crude oil production stood at 31,477 barrels per day and natural gas output reached 672 million cubic feet per day (MMcf/d). Furthermore, LPG production averaged 629 tons per day, further strengthening the company’s role in meeting the country’s energy needs.
OGDCL’s overall daily production is 37,400 barrels of oil, 840 MMcf of natural gas, and 850 tons of LPG, with ongoing efforts to optimize production efficiency and mitigate natural decline across mature fields.
OGDCL continued its commitment to expanding hydrocarbon reserves and optimizing production. Key achievements during the period included, Exploratory and Development Activities: The Company successfully spud four new wells and completed drilling and testing on six additional wells from the previous fiscal year.
Three gas-condensate discoveries were made in Punjab, Sindh, and Khyber Pakhtunkhwa, further strengthening the Company’s resource base.
New wells were injected into the production system, contributing to crude oil, gas, and LPG output.
Accelerating key development projects aimed at enhancing crude oil, gas, and LPG production. Advancing tight gas and shale gas exploration, with ongoing studies to unlock additional reserves.
Expanding its international presence, particularly through active participation in Abu Dhabi’s Offshore Block-5 project.
Enhancing sustainability and ESG initiatives, ensuring responsible energy development. Commitment to ESG and Sustainability Reporting OGDCL continues to integrate Environmental, Social, and Governance (ESG) principles across its operations. In line with recent directives from the Securities and Exchange Commission of Pakistan (SECP), the Company will implement IFRS S1 (General Requirements for Sustainability-related Disclosures) and IFRS S2 (Climate-related Disclosures) from the next financial year.
This transition will enhance transparency and accountability in sustainability-related financial reporting, reinforcing OGDCL’s commitment to responsible energy development.
OGDCL remains committed to driving growth, optimizing production, and strengthening its exploration portfolio while adhering to the highest standards of financial discipline and corporate governance.
With a well-defined operational strategy and a strong focus on sustainability, the Company is well-positioned to navigate industry challenges and deliver long-term value for its stakeholders.
