OGDC Posts Strong 9MFY26 Results, Declares Record Rs11 Per Share Dividend

ISLAMABAD: Oil and Gas Development Company Limited (OGDC) has announced robust financial results for the nine months ended March 31, 2026, alongside its highest-ever third quarterly dividend, reinforcing its position as Pakistan’s leading exploration and production company.

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According to a statement issued after the Board of Directors meeting held on April 29, OGDC declared a third interim cash dividend of Rs 3.25 per share (32.50%), bringing the total payout for the nine-month period to a record Rs 11.00 per share.

Strong Financial Performance

The company reported:

• Net sales revenue: Rs 300.127 billion
• Profit after tax: Rs 115.263 billion
• Earnings per share (EPS): Rs 26.80

OGDC said its performance remained strong despite production curtailments, supported by higher realized gas prices and favorable exchange rate movements.

Major Contribution to National Economy

During the period, OGDC contributed approximately Rs 160 billion to the national exchequer through taxes, royalties, dividends, and other levies. The company also helped generate estimated US$2.3 billion in foreign exchange savings through import substitution of oil and gas.

Production and Exploration Activity

Average daily production stood at:

• 32,022 barrels of crude oil
• 648 MMcfd of natural gas
• 653 tons of LPG

Despite curtailments impacting output, gross crude oil production crossed the 40,000 barrels per day milestone for the first time in a prolonged period.

OGDC also reported significant exploration progress, including:

• 10 wells spud during the period
• 8 new oil and gas discoveries
• Reserve replacement ratio improved to 153%

Key Operational Developments

The company highlighted several operational achievements:

• Baragzai X-1 well added ~6,100 barrels/day oil and 18 MMcfd gas
• Jand-1 well restored ~21 MMcfd gas production
• Jhal Magsi project continued output at ~14 MMcfd gas
• Dakhni Compression Project completed successfully
• Uch and KPD-TAY compression projects progressing
• Rajian Field revamp underway for enhanced heavy oil production

Receivables and Financial Stability

OGDC reported improved liquidity, with:

• Gas receivables collection at 126%
• Overall receivables at 111%

The company noted that this marks a reversal of previous receivables buildup trends.

Outlook

The Board praised management for maintaining operational discipline, improving production efficiency, and delivering strong shareholder returns while sustaining growth in reserves and exploration activity.

OGDC reaffirmed its commitment to strengthening its Environmental, Social and Governance (ESG) framework and advancing sustainability-focused initiatives across its operations.