Oil and Gas Development Company (OGDC) announced its Financial Result for 1st Quarter FY2021, where net profitability clocked in at PKR 23.4bn (EPS:5.4), down by 14% YoY in comparison with the profitability of PKR 27.3bn (EPS: 6.4) in 1QFY20. OGDC also announced cash divided of PKR2/share.
During the period, the company maintained lower than expected exploration and prospecting expense. However, the decline in profitability is due to lower production across the board along with a significant drop in Arab Light prices.
Oil production is estimated to be 21% YoY mainly because of 25% YoY drop in Oil flows from KPD field. KPD field is one of the major Oil field of OGDC with 25% Oil flows coming from there.
Moreover, production from Naspha is down by ~1% YoY and TAL block is down by 3% YoY. On the contrary, production from Adhi field is up by 8% YoY during the quarter.
Gas production of the company is down by 11% YoY given reduced flows from KPD (down 10% YoY), Qadirpur (down 19% YoY), Uch (down 13% YoY) and TAL Block (down 4% YoY).
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