• The company’s net sales totaled PkR 401 billion during the year, down 13% year-over-year. The decline was a direct impact of lower average oil prices and forced production curtailments during the year.
• OGDC reported NPAT of PkR170bn (EPS: PkR39.5) during FY25, down by 19%YoY compared to earnings of PkR209bn (EPS: PkR48.6) during FY24. Alongside the result, the cash dividend for the year stood at PkR 15.05/share, compared to PkR 10.10/share in FY24.
• Production activity during FY25 stood as follows: 30,919bpd of crude oil (down 6.6%YoY), 652mmcfd of natural gas (down 9.1%YoY), and 642tpd of LPG (down 10.5% YoY), respectively.
• In the absence of forced curtailment in SNGPL’s network and two annual turnarounds, production would have reached 33k bpd of oil, 746mmcfd of natural gas, and 724tpd of LPG.
• OGDC’s oil and gas reserves stand at 756mn boe (131mn/626mn boe for oil/ gas) as of Jun’25, representing 49%/31% of the country’s reserves, respectively.
• The company drilled 15 wells during the year (9/5/1, divided into exploratory, development, and re-entry wells), which yielded five discoveries. The company also acquired 750 sq km of 2D and 1,051 sq km of 3D seismic data during the year.
• Completion timelines for the Dakhni, KPD-TAY, and Uch compression projects are set for January 26, April 26, and June 26, respectively. Site construction and installation are underway for Dakhni and Uch, while the EPC contractor has been mobilized following finalization of the KPD-TAY project design.
• The company’s cash collection ratio reached 109% in FY25, with management noting that the recent increase in consumer gas prices has contributed positively to collections.
• The company, along with the E&P industry, continues to engage with authorities on the forced curtailment of domestic hydrocarbon resources, with management expressing optimism that progress will be made soon.
• Management reiterated that a high-level committee is working on resolving the circular debt in the petroleum chain, while the resolution of power circular debt is expected soon.
• Management anticipates significant increases in oil and gas production in the coming years, supported by the company’s ongoing exploration programs and production revival activities.
• OGDC remains engaged with foreign companies regarding both onshore and offshore exploration activities.
• Management has indicated a routine capital expenditure (capex) plan of PKR 50–60 billion for FY26, with an additional US$100 million allocated for ongoing projects in the pipeline over the next 1.5 years. Additionally, investment in the Reko Diq Mining Project is expected to total US$50 50mn during the year.
• The production target for the Wali block is 50 mmcfd of gas and 5k bpd of oil for FY26/FY27, with drilling of a third well currently in progress.
• Management expects production commencement from the ADNOC Offshore Block-5 during FY28/29.
• OGDC continues to pursue exploration licenses in Balochistan and KPK, with a focus on high-potential basins in Balochistan and frontier regions, while working closely with security agencies to support exploration activities.
• We reiterate our ‘BUY’ stance on OGDC with a Dec’25 target price of PkR371/sh, alongside a DY of 7% for FY26.

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