The Oil and Gas Development Company Limited (OGDCL) has released the sales revenue of Rs 61.799 billion in the first quarter (July 2018-September 2018). The sale revenue increased by 41 percent to Rs 61.799 billion and profit before tax increased by 60% to Rs 39.363 billion. A contributing factor for this increase was that the Average basket price of crude oil during the three months stood at $ 73.91/barrel against $ 49.60/barrel in the comparative period leading to higher average realized price of $ 64.30/barrel against $ 45.13/barrel in the last period. It was also boosted by the improvement in realized price for gas and LPG averaging Rs 285.44/mcf and Rs 71,516/ton compared with Rs 252.16/mcf and Rs 45,337/ton respectively in the preceding period
OGDCl’s performance was affected to some extent by the increase in operating expenditures due to joint operations expenses and work-over charges coupled with higher cost of dry and abandoned wells and taxation in the current period. The Board of Directors has announced first interim cash dividend of Rs 2.75per share (27.50 percent) for the year ending June 30, 2019.
