Islamabad: The Oil and Gas Development Company Limited (OGDCL) reported a profit after tax of PKR 208.976 billion for FY 2023-24, with earnings per share (EPS) of PKR 48.59, as reported on September 25.
As per details, the financial results were disclosed during a Board of Directors meeting, showcasing the company’s strong performance amidst challenging economic conditions.
OGDCL achieved net sales revenue of PKR 463.698 billion, reflecting its commitment to operational excellence in a complex energy landscape. The Board has declared a final cash dividend of PKR 4.00 per share (40%) for the fiscal year ending June 30, 2024, in addition to the interim dividends of PKR 6.10 per share (61%) already paid to shareholders. This marks the highest quarterly dividend in the company’s history and brings the total cumulative payout to an impressive 101%.
During the fiscal year, OGDCL contributed PKR 218 billion to the national exchequer through taxes, dividends, and royalties. The company also made five significant hydrocarbon discoveries across Punjab, Sindh, and Khyber Pakhtunkhwa, reinforcing its focus on expanding its resource base to meet the country’s energy needs.
In terms of production, OGDCL reported an average daily output of 33,117 barrels per day (BPD) of crude oil, 717 million standard cubic feet per day (MMSCFD) of gas, and 717 metric tons per day (MTD) of liquefied petroleum gas (LPG). Notably, without production curtailments from SNGPL and UPL, crude oil production could have reached 33,495 BPD, gas production 771 MMSCFD, and LPG production 736 MTD, indicating potential increases of 3.1%, 0.9%, and 2.2% respectively compared to last year. These efforts have played a crucial role in reversing the declining production trends observed over the past five years.
Additionally, OGDCL made significant advancements in production optimization, achieving annual savings of approximately Rs 34 billion through import substitution. The Board of Directors praised the management’s dedication to enhancing the company’s performance, contributing substantially to sustainable growth and energy security for Pakistan. Key projects, including compression installations at KPD-TAY, Dakhni, and Uch, continue to progress, ensuring uninterrupted supply and maintaining the company’s operational integrity.
