Oil & Gas Development Company Limited (OGDCL) posted a profit after tax of Rs 36.671 billion for the six months that ended on 31st December, 2017, up by 22.23% from Rs 30.00 billion last year.
The company’s net sales revenue increased by 18 percent to Rs 95.960 billion compared to Rs 81.081 billion in the corresponding period last year which can be attributed to 19% rise in crude oil prices and likely incorporation of retrospective impact on conversion of Tal Block.
The rise was mainly on account of three dry wells encountered by the company during Q2FY2018 (Pirkoh Deep-1, Qadirwali-1 and Ranipur-1).
ALSO READ
Govt is Working on Tapping into Massive Shale Gas & Oil Reserves in Pakistan
This translated into earnings per share of Rs 8.53 as compared to Rs 6.98 last year.
The Board of Directors announced second interim cash dividend of Rs 3.00 per share (30 percent). The cash dividend will be paid to the shareholders whose names will appear in the Register of Members on Tuesday, March 13, 2018.
On the exploration and development side, the company made significant progress in seismic and drilling activities. Healthy growth in earnings for Q2FY18 is primarily on the back of better pricing dynamics with average oil price for the quarter at USD60/bbl (up 25/19% YoY/QoQ) and depreciation of PKR against USD (5.2%).
ALSO READ
Govt Agrees to Auction New Petroleum Exploration Blocks
The Board of Directors appreciated the efforts of the management for ensuring production enhancement and significant exploratory work during the period.
OGDC’s script at the PSX closed at Rs 167.30, down by Rs 0.33 with a turnover of 781,600 shares.
OGDCL is the national oil & gas company of Pakistan and the leader in the E&P sector. The company is the local market leader in terms of reserves, production and acreage as well.
