OGDCL announces EPS of Rs48.59 in annual earnings

KARACHI: The Oil & Gas Development Company Limited (OGDCL) has achieved the net sales revenue of Rs463.7 billion, with a profit after tax of Rs208.976 billion, translating to earnings per share (EPS) of Rs48.59.

The board of directors announced a final cash dividend of Rs4 per share (40 per cent) for the year ended June 30, 2024. This is in addition to the interim dividends of Rs6.10 per share (61 per cent) already paid to shareholders during the year. During the fiscal year, OGDCL contributed Rs218 billion to the national exchequer through taxes, dividends and royalties, stated a press release.

The company made five significant hydrocarbon discoveries during the year, further enhancing its portfolio. These discoveries were made in key areas across Punjab, Sindh and Khyber Pakhtunkhwa, continuing OGDCL’s focus on expanding its resource base to support the country’s energy needs.

In terms of production, OGDCL achieved 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 tonnes per day (MTD) of liquefied petroleum gas (LPG).

In addition to its operational successes, OGDCL made considerable progress in production optimization, achieving the annual savings of approximately Rs34 billion in the form of import substitution.

The board of directors commended the management’s efforts in driving the company’s overall performance, which has contributed significantly to ensuring sustainable growth and energy security for the country. Key projects such as compression installations at KPD-TAY, Dakhni and Uch continue to progress, securing uninterrupted supply as per contractual obligations and maintaining the company’s operational integrity.

OGDCL has embarked on a diversification project to assess the geothermal potential of its fields. The ongoing R&D project in collaboration with Schlumberger is expected to be completed by December 2024, marking a significant step towards diversifying the company’s energy portfolio.