ISLAMABAD: Oil & Gas Development Company Limited (OGDCL) has announced a final quarterly cash dividend of Rs. 4.00 per share (40%) for the fiscal year ended June 30, 2024, the highest-ever in the company’s history. This is in addition to the interim dividends of Rs. 6.10 per share (61%) already paid to shareholders during the year. The final quarterly dividend of Rs. 4.00 per share is the highest quarterly dividend in the company’s history, bringing the cumulative dividend payout for the year a remarkable 101%.
The Board of Directors of OGDCL, in its meeting held on September 23, 2024, in Islamabad, announced the company’s financial results for the fiscal year. The company achieved net sales revenue of Rs. 463.698 billion and a profit after tax of Rs. 208.976 billion, translating to earnings per share (EPS) of Rs. 48.59. This strong financial performance reflects OGDCL’s commitment to operational excellence, despite the challenges posed by the current economic and energy landscape.
During the fiscal year, OGDCL contributed Rs. 218 billion to the national exchequer through taxes, dividends, and royalties. The company also made five significant hydrocarbon discoveries during the year, further strengthening its portfolio. These discoveries were made in key areas in Punjab, Sindh, and Khyber Pakhtunkhwa, reinforcing OGDCL’s commitment to expanding its resource base and supporting 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 tons per day (MTD) of liquefied petroleum gas (LPG). Without production curtailments by SNGPL and UPL, these figures could have reached 33,495 BPD for crude oil, 771 MMSCFD for gas, 736 MTD for LPG, reflecting potential increases of 3.1%, 0.9%, and 2.2%, respectively, compared to last year. These efforts have played a key role in reversing the declining production trend of the past five years, during which crude oil and gas output had dropped by 20% and 24.6%, respectively.
In addition to its operational successes, OGDCL made significant progress in production optimization, generating annual savings of approximately Rs. 34 billion through import substitution.
Key projects of OGDCL, such as compression installations at KPD-TAY, Dakhni, and Uch continue to progress, ensuring uninterrupted supply in line with contractual obligations and maintaining the company’s operational integrity.
Furthermore, OGDCL has initiated a diversification project to explore 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 toward diversifying the company’s energy portfolio.
Looking ahead, the Company remains committed to maintaining operational excellence while pursuing new growth opportunities to maximize shareholder value and support Pakistan’s energy needs.
Looking ahead, OGDCL remains committed to maintaining operational excellence while exploring new growth opportunities to maximize shareholder value and contribute to Pakistan’s energy security.
