OGDCL Announces Record Dividend, Strong Nine-Month Results

ISLAMABAD: (News Desk) – Oil & Gas Development Company Limited (OGDCL) has announced its financial results for the nine months ending March 31, 2026, declaring a third interim dividend of Rs 3.25 per share — the highest ever for a third quarter. This takes the total payout for the nine-month period to a record Rs 11 per share.

The company reported net sales of Rs 300.1 billion and a profit after tax of Rs 115.26 billion, with earnings per share (EPS) recorded at Rs 26.80. Despite facing challenges such as production curtailments and lower global oil and LPG prices, OGDCL managed to maintain strong profitability, supported by improved gas prices and favorable exchange rate movements.

During the period, OGDCL contributed around Rs 160 billion to the national exchequer through taxes, royalties, and other levies, while also saving approximately $2.3 billion in foreign exchange by reducing reliance on imported energy.

OGDC revives Jand-1 well, boosts gas output

Average daily production stood at 32,022 barrels of oil, 648 million cubic feet of gas, and 653 tons of LPG. Although output was impacted by curtailments, production levels improved towards the end of the period, with crude oil production surpassing 40,000 barrels per day after a long gap.

The company remained active in exploration, drilling 10 wells and making eight new oil and gas discoveries, strengthening its resource base. Among key developments, the Baragzai X-1 well has been successfully integrated into the production system, currently producing around 6,100 barrels of oil per day along with gas and LPG.

Major projects including the Jhal Magsi gas field and Dakhni Compression Project contributed to production growth, while other initiatives such as Uch and KPD-TAY projects are progressing steadily.

Improved financial management was reflected in strong recoveries, with gas receivables collection reaching 126% and overall collections at 111%, reversing previous trends of accumulation.

OGDCL also continued to advance its sustainability agenda by strengthening its Environmental, Social, and Governance (ESG) practices and integrating climate considerations into its operations.