Oil & Gas Development Company Limited (OGDC), Pakistan’s leading exploration and production firm, announced a profit after tax of Rs 58.5 billion for the quarter ending September 30, 2026, marking a 53% increase from the same period last year.

At a meeting in Islamabad, the Board of Directors declared a first interim cash dividend of Rs 5.00 per share (50%), up from Rs 3.50 the previous year, the highest first-quarter dividend in the Company’s history. Net sales revenue rose 38% to Rs 132.4 billion from Rs 96.2 billion in the corresponding quarter, with profit after tax increasing from Rs 38.3 billion. This helped lift earnings per share from Rs 8.91 to Rs 13.60. Higher production volumes and improved prices drove growth, though forced production curtailments and the appreciating rupee posed challenges.

Collections against billings were at 100% for the quarter, and OGDC contributed Rs 82 billion to the national exchequer through taxes and royalties. The Company’s production saved Pakistan an estimated US$ 1.32 billion in foreign exchange due to import substitution.

Chairman Mr. Zafar Masud highlighted the strong performance, emphasizing sustained production growth and record dividends. Average daily net saleable production grew across all sectors, with crude oil up 13.3%, natural gas up 14.2%, and LPG up 10.5%. The production boost came from connecting four new wells and installing electrical submersible pumps, adding 1,630 barrels of crude oil per day. However, curtailments from SNGPL and UPL hindered production, leading to an estimated revenue loss of Rs 9.7 billion.

Average realized prices for crude oil and gas increased to US$ 74.90 per barrel and Rs 796.08 per Mcf, respectively, from US$ 57.61 per barrel. In exploration, OGDC acquired significant seismic data despite disruptions. The Company spudded two new wells to evaluate unconventional gas potential. Sustaining-production investments include ongoing projects aimed at enhancing recovery and extending field life. OGDC is also advancing its diversification initiatives in Abu Dhabi and has highlighted lithium potential in geothermal brine at Wahid Bakhsh-1, with laboratory analysis showing promising results.