ISLAMABAD: Oil & Gas Development Company Limited (OGDC), the largest exploration and production firm in Pakistan, has announced a significant increase in its profit after tax, reaching Rs 58.5 billion for the quarter ending September 30, 2026. This marks a 53% rise compared to the same quarter last year. The company's Board of Directors approved these financial outcomes and declared a historic first-quarter interim cash dividend of Rs 5.00 per share, compared to Rs 3.50 per share in the prior year.
According to Oil and Gas Development Company Limited, the rise in net sales revenue to Rs 132.4 billion, up from Rs 96.2 billion, contributed to the increased profit after tax. This lifted earnings per share to Rs 13.60 from Rs 8.91, driven by higher production volumes and stronger realized prices. Collections against billings achieved a full 100% for the quarter. OGDC's contributions to the national exchequer totaled Rs 82 billion, and its domestic oil and gas production led to an estimated US$ 1.32 billion savings in foreign exchange through import substitution.
Production saw growth across all streams, with average daily net saleable production of crude oil, natural gas, and LPG increasing by 13.3%, 14.2%, and 10.5%, respectively. This growth was facilitated by the integration of new wells and installation of electrical submersible pumps. The company also completed multiple workover jobs to maintain production levels.
Despite forced production curtailments reducing output, OGDC managed to mitigate these impacts compared to the previous year. Exploration activities continued with notable progress in seismic data acquisition and drilling operations. Significant steps were also taken towards diversification and sustainability, including projects in Abu Dhabi and exploration of lithium potential in geothermal brine.
OGDC's governance and transparency efforts were acknowledged, with the company ranking first in Transparency International Pakistan's 2026 assessment. The company's focus on production sustainability, exploration, and financial discipline remains steadfast, supporting its commitment to shareholders and Pakistan's energy security.