Pakistan Oilfields Limited (POL) announced a remarkable increase in its first-quarter FY27 performance, reporting net profit after tax (NPAT) of PKR 8.2 billion and earnings per share (EPS) of PKR 28.9. This reflects a substantial 51% year-on-year rise from the PKR 5.4 billion (EPS: PKR 19.1) recorded in the same period last year. The results align closely with analysts’ expectations, driven primarily by strong revenue growth and increased finance income.
The company’s net sales reached PKR 16.5 billion, up 26% year-on-year from PKR 13.1 billion in Q1 FY26. The revenue surge is due to several factors, including a 26% rise in average Arab Light crude prices to US$90.1 per barrel, a 19% increase in semi-annual wellhead gas prices, and higher gas dispatches that helped offset a decline in crude volumes.
In terms of production, POL’s crude oil output came in at 3,980 barrels per day (bpd), down 8% from 4,315 bpd in the same quarter last year. This drop in crude oil production is largely attributed to reduced offtakes from the Jhandial field. Conversely, natural gas production rose 28% year-on-year to 61 million cubic feet per day (mmcfd), up from 48 mmcfd, driven by higher volumes from joint venture assets like the Tal block and Jhal Magsi South.
As is customary, POL did not declare an interim cash dividend for the quarter. The company’s strong performance positions it well for future growth amidst the fluctuating energy market.