Islamabad—The Oil & Gas Development Company Limited (OGDCL) announced a robust financial performance for the fiscal year ending June 30, 2024, posting a profit after tax of Rs 209 billion. The financial results were shared during a Board of Directors (BoD) meeting held in Islamabad on Monday, September 23, 2024.
With net sales revenue reaching Rs 463.698 billion, the company’s profit translated to earnings per share (EPS) of Rs 48.59, showcasing its resilience and commitment to operational excellence despite a challenging economic and energy landscape.
OGDCL’s Board declared a final cash dividend of Rs 4.00 per share (40 percent) for the year, in addition to the Rs 6.10 per share (61 percent) paid earlier as interim dividends. The final quarterly dividend of Rs 4.00 per share is the highest in the company’s history, bringing the cumulative dividend payout to 101 percent, a testament to its strong financial health.
The company also made significant contributions to the national exchequer, amounting to Rs 218 billion through taxes, dividends, and royalties, further highlighting its role as a critical player in Pakistan’s energy sector.
Exploration and Production Successes
OGDCL made five key hydrocarbon discoveries during the fiscal year in various regions, including Punjab, Sindh, and Khyber Pakhtunkhwa, expanding its resource base to meet the country’s growing energy needs. These new finds underscore OGDCL’s strategy of enhancing its exploration portfolio and strengthening domestic energy production.
In terms of production, OGDCL’s daily output averaged 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). Without production curtailments by SNGPL and UPL, crude oil production could have reached 33,495 BPD, gas production 771 MMSCFD, and LPG production 736 MTD, representing potential increases over last year’s figures.
This production boost marks a significant achievement for OGDCL, helping reverse a declining trend over the past five years where crude oil output fell by 20 percent and gas production by 24.6 percent.
Operational Achievements and Import Substitution
In addition to exploration successes, OGDCL also made strides in optimizing its production processes, achieving annual savings of approximately Rs 34 billion through import substitution. Key projects such as compression installations at KPD-TAY, Dakhni, and Uch are progressing, ensuring an uninterrupted energy supply and enhancing operational efficiency.
The BoD commended the company’s management for its contributions toward sustainable growth and energy security, which have played a pivotal role in strengthening Pakistan’s energy infrastructure.
With these achievements, OGDCL continues to position itself as a leading energy company, driving both financial success and energy security for Pakistan.
