By SKM
April 29, 2026
ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) on Wednesday reported a robust financial performance for the nine months ended March 31, 2026, posting a profit after tax of Rs115.263 billion while announcing a record cumulative dividend of Rs11.00 per share.
The company’s Board declared a third interim cash dividend of Rs3.25 per share (32.50%) — the highest third-quarter payout in its history — underscoring strong shareholder returns despite operational headwinds.
OGDCL recorded net sales revenue of Rs300.127 billion, with earnings per share (EPS) standing at Rs26.80. The results were impacted by production curtailments and lower realized prices of crude oil and LPG, although higher gas prices and favorable exchange rate movements helped cushion the overall impact.
The company made a substantial contribution of Rs160 billion to the national exchequer through taxes, royalties, levies, and dividends. Additionally, its operations helped save an estimated $2.3 billion in foreign exchange by reducing reliance on imported energy.
Average daily net saleable production stood at 32,022 barrels of crude oil, 648 million cubic feet per day (MMcfd) of gas, and 653 tons of LPG, compared to 31,710 barrels, 676 MMcfd, and 654 tons in the corresponding period last year. Production was curtailed by approximately 3,482 barrels of oil, 141 MMcfd of gas, and 48 tons of LPG per day, though the impact eased toward the latter part of the period. Notably, gross crude oil production surpassed 40,000 barrels per day after a prolonged gap, reflecting improved operational efficiency.
During the period, the company spud 10 wells and made eight oil and gas discoveries, strengthening its reserves and pushing its reserve replacement ratio upward, signaling long-term sustainability.
Among key operational milestones, the Baragzai X-1 well in the Nashpa Exploration License was brought into production, currently yielding around 6,100 barrels of oil per day, 18 MMcfd of gas, and 50 metric tons of LPG.
On the development front, the Jhal Magsi project continued to produce approximately 14 MMcfd of gas along with condensate, while the Dakhni Compression Project has been completed and is contributing to production enhancement. Progress on Uch and KPD-TAY compression projects remains on track.
Financial discipline also improved cash flows, with gas receivables collection reaching 126% and overall receivables at 111%, reversing previous accumulation trends.
OGDCL further advanced its Environmental, Social and Governance (ESG) framework, strengthening climate-related disclosures and integrating sustainability practices across its operations.
The Board commended the management’s focus on operational resilience and financial discipline, enabling the company to maintain its leadership position in Pakistan’s exploration and production sector while delivering record returns to shareholders. Ends
