ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has posted its highest-ever profit after tax of Rs242.374 billion for the financial year ended June 30, 2026, marking a 43% increase over the preceding year.
According to the financial results announced by the company’s Board of Directors, net sales revenue reached Rs449.191 billion during the year, while earnings per share increased to Rs56.35 from Rs39.50 recorded in the previous year.
The Board declared a final cash dividend of Rs6 per share, equivalent to 60%, which the company described as its highest-ever quarterly dividend. The final payout comes on top of Rs11 per share in interim dividends already paid during the year.
With the latest declaration, OGDCL’s total dividend for the year has reached Rs17 per share, or 170%, making it the highest annual dividend declared by the company.
The record financial performance was accompanied by a substantial contribution to the national exchequer. OGDCL contributed Rs187 billion during the year through corporate tax, dividends, royalties and other government levies.
The company also generated foreign exchange savings of $3.31 billion through import substitution from its oil and gas production, underlining its role in reducing dependence on imported energy.
OGDCL reported an overall collection rate of 107% during the year, with Rs577 billion collected, further strengthening its financial position.
The company’s strong performance was also reflected in the stock market, with its share price appreciating by 52% during the financial year, compared with a 44% increase in the KSE-100 Index. Its market capitalisation stood at approximately Rs1.44 trillion as of June 30, 2026.
On the operational front, OGDCL made nine oil and gas discoveries during the year, adding 120 million barrels of oil equivalent to its 2P reserves. The company achieved a reserves replacement ratio of 236%, its highest in history.
OGDCL spudded 23 wells and drilled 58,333 metres during the year, representing its highest levels of drilling activity in the last five years. It also secured interests in 15 additional exploration blocks.
Average daily net saleable production increased across oil, gas and LPG. Crude oil production averaged 32,861 barrels per day, gas production 667 million cubic feet per day and LPG production 670 tons per day, representing year-on-year increases of 6.3%, 2.3% and 4.4%, respectively.
The company said its gross crude oil production surpassed 40,000 barrels per day in April 2026 for the first time in 27 quarters, as it ramped up production amid the regional energy security situation.
A major operational milestone was the commencement of production from Baragzai X-1 in April 2026. The well is currently producing approximately 5,968 barrels of oil, 17 million cubic feet of gas and 60 tons of LPG per day.
OGDCL also commissioned the Jhal Magsi development project and completed the Dakhni front-end compression project during the year.
The company continued work on enhanced oil recovery at Kunnar-Pasakhi, revitalisation of the Rajian heavy-oil field and assessment of mature assets. It also advanced shale and tight-gas initiatives.
At Wahid Bakhsh-1, OGDCL successfully tested geothermal water and confirmed Pakistan’s first major discovery of high-grade lithium in geothermal brine.
The company also expanded its broader resources portfolio through participation in the Reko Diq copper-gold project and Abu Dhabi Offshore Block-5.
OGDCL further strengthened its environmental, social and governance framework by introducing its first ESG Strategy and publishing its first climate disclosures aligned with the Task Force on Climate-related Financial Disclosures.
The company also became the first Pakistani company to join the United Nations Environment Programme’s Oil and Gas Methane Partnership 2.0 and reported zero fatalities during the year.
The Board appreciated management’s efforts in delivering record financial results, improving operational performance and advancing exploration and diversification initiatives.
It expressed confidence that OGDCL would continue strengthening Pakistan’s energy security, expanding its resource base and delivering sustainable long-term value to shareholders and other stakeholders.
