ISLAMABAD, April 29, 2026:: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on Wednesday, April 29, 2026, announced the financial results for the nine months ended March 31, 2026, and declared a third interim cash dividend of Rs 3.25 per share (32.50%) — the highest third quarterly dividend in the Company’s history. This brings the cumulative interim dividend for the nine-month period to Rs 11.00 per share, representing a record nine-month payout by the Company.
OGDCL posted net sales revenue of Rs 300.127 billion and profit after tax of Rs 115.263 billion, translating into earnings per share (EPS) of Rs 26.80. The results were impacted by production curtailments, lower realized crude oil and LPG prices, and other market dynamics, partially offset by higher realized gas prices and exchange rate movement.
During the period, the Company contributed Rs 160 billion to the national exchequer through corporate tax, dividends, royalty and other government levies, while its oil and gas production generated estimated foreign exchange savings of US$ 2.3 billion through import substitution.
Average daily net saleable production during the nine-month period stood at 32,022 barrels of crude oil, 648 MMcfd of natural gas, and 653 tons of LPG, compared with 31,710 barrels, 676 MMcfd and 654 tons, respectively, in the corresponding period last year.
Production remained affected by curtailments, which reduced daily net output by approximately 3,482 barrels of crude oil, 141 MMcfd of gas and 48 tons of LPG. However, it is pertinent to note that the extent of curtailment moderated towards the latter part of the period. Notwithstanding these constraints, the Company’s gross crude oil production surpassed the 40,000 barrels per day milestone after a prolonged period, reflecting the impact of targeted production optimization initiatives.
During the period, OGDCL spud 10 wells and sustained exploration efforts resulted in eight oil and gas discoveries, further strengthening the Company’s resource base. The Company’s reserve replacement ratio also strengthened during the period, reflecting continued success in resource addition and long-term sustainability.
OGDCL also successfully injected Baragzai X-1 well, located in Nashpa Exploration License, into the production gathering system. The well is currently producing around 6,100 barrels of oil per day, 18 MMcfd of gas, and 50 metric tons of LPG, and contributing to the Company’s production profile.
On the development front, Jhal Magsi Project continues to produce approximately 14 MMcfd of gas along with condensate, while Dakhni Compression Project has been successfully completed and is contributing to production enhancement. Other key development projects, including Uch and KPD-TAY compression projects, are progressing as planned.
The impact on sales revenue, primarily attributable to lower production volumes and reduced realized prices of crude oil and LPG, was partially offset by higher realized gas prices and favorable exchange rate movement.
Collections improved during the period, with gas receivables collection reaching 126% and overall receivables collection standing at 111%, reversing the previous build-up trend.
Building on its sustainability journey, OGDCL continues to strengthen its Environmental, Social and Governance (ESG) framework, advancing climate-related disclosures and integrating sustainability considerations across its operations and value chain.
The Board appreciated the management’s continued focus on operational performance, financial discipline and shareholder returns, which enabled the declaration of the highest third quarterly and record nine-month dividend while maintaining OGDCL’s leadership position in Pakistan’s exploration and production sector.