OGDCL surpasses Record Profit of 36%

Society Pakistan & World Affairs
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OGDCL surpasses record profit after tax of Rs 124 Billion during FY 2013-14**

15 HOURS AGO BY APP

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The Oil and Gas Development Company Limited (OGDCL), for the first time in the history has surpassed record profit after taxation of Rs 124 billion showing an impressive growth of 36% during the Financial Year 2013-14**.

It was informed during the 17TH Annual General Meeting (AGM) of OGDCL presided by Zahid Muzaffar, Chairman of the Board of Director and attended by Iskander Mohammad Khan, Prince Ahmed Omar Ahmedzai, Rehmat Salam Khattak, Hamid Farooq along with Muhammad Rafi MD/CEO OGDCL to review the performance of financial year 2013-2014 and election of new board members the other day.

The meeting was informed that the sales revenue of the company remained Rs 257 billion with annual growth of 15%. The earnings per share was increased to Rs 28.81. The OGDCL contributed Rs 132.26 billion in the national exchequer on account of corporate tax, dividend, royalty, general sales tax and excise duty etc.

Chairman Board Zahid Muzafar said that the OGDCL being the largest Exploration and Production Company of Pakistan in terms of exploration acreage, recoverable hydrocarbon reserves and oil and gas production, continued to deliver robust financial results coupled with steady operational performance during the year 2013-14.

The OGDCL acquired 29 new exploratory blocks and the current concession portfolio consists of 62 owned and operated joint venture exploration licenses along with holding working interest in 6 blocks operated by other E&P companies.

He apprised the shareholders that OGDCL succeeded to acquire 1807 line kilometer of 2 dimensional (2D) and 867 sq km of 3 dimensional (3D) seismic data during the last financial year on fast track seismic data acquisition process. OGDCL further carried out 1013 line kilometer of 2D and 301 sq km of 3D seismic data in the first quarter of current financial year.

The company has carried out spuding of 17 new wells which include 8 exploratory and appraisal wells and 9 development wells during the year 2013-2014 and made 2 oil and gas discoveries.

At present OGDCL is contributing 50% of total oil production and 29% of total natural gas during the same period.

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Re: OGDCL surpasses Record Profit of 36%

Corporate results: PPL records net profit of Rs13.6b

By Our Correspondent
Published: October 25, 2014

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Production increased 23% on a year-on-year (YoY) basis to 13.1 million barrels, while revenue increased 12% YoY to Rs30.9 billion in 1QFY15 as compared to Rs27.7 billion in 1QFY14. STOCK IMAGE

KARACHI: **Pakistan Petroleum Limited (PPL) announced a net profit of Rs 13.6 billion for the first quarter of fiscal year 2014-15, 10% higher than the corresponding period previous year. **

Production increased 23% on a year-on-year (YoY) basis to 13.1 million barrels, while revenue increased 12% YoY to Rs 30.9 billion in 1Q FY15 as compared to Rs 27.7 billion in 1Q FY14.

As a result of the significant gas and condensate discoveries, the company had distributed a 125% cash dividend to its shareholders.

Global Research analyst said gas production depicted flattish growth of 3%, according to Pakistan Petroleum Information System.

According to the report, field expenditure declined 8% on a quarter-on-quarter (QoQ) basis to Rs8.7 billion in the first quarter of the current fiscal due to lower exploration expenditure. The YoY increase in field expenditures rose 29% to Rs8.7 billion due to higher amortisation and decommissioning costs.

Other income increased 44% QoQ (5% YoY) to Rs2.28 billion in 1QFY15. The analyst gave exchange gains as reason for the QoQ rise in other income, while YoY increase was owed to higher interest payments on circular debt.

“PPL is one of our top picks in the exploration and production sector as the stock trades at a forward price-earnings ratio of 7.7,” said the report.
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Published in The Express Tribune, October 25[SUP]th[/SUP], 2014.*

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Re: OGDCL surpasses Record Profit of 36%

OGDCL earns record Rs124bn profit - Pakistan - DAWN.COM

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Re: OGDCL surpasses Record Profit of 36%

Relief for consumers: A hefty cut in fuel prices in the offing

By Zafar Bhutta
Published: October 27, 2014

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Following the expected cuts next month, the petrol price could witness a cut of Rs5.25 per litre against its current price of Rs103.62 per litre. STOCK IMAGE

ISLAMABAD: Pakistani consumers should expect a hefty cut in fuel prices as global oil prices continue to plummet following a boom in US shale oil production.

A decrease of up to Rs8 per litre is likely to come into effect next month, The Express Tribunehas learnt. This will allow consumers to enjoy lower fuel prices for the third consecutive month. In October, the government had slashed the prices by 2.8% after oil prices dipped in the international market.

With the global oil markets buoyed by a glut of crude oil coming out of the US shale reservoirs, the downward trend seen in the value of crude oil is likely to continue.

“In the short term, the decline in oil prices would continue as OPEC would meet after a month to decide whether or not to slash production to avoid further decline in oil prices,” a senior government official said commenting on the trend. He added that OPEC had been cutting oil production to maintain the prices, which have been hovering around the $85 per barrel mark.

The official said the average crude oil price in Pakistan would stand at $85 per barrel and its impact would be passed on to consumers.

Following the expected cuts next month, the price of High Speed Diesel (HSD), which is widely used in heavy transport vehicles and the agriculture sector, is likely to come down by Rs5.50 per litre. Currently, it is sold at Rs107.39 per litre.

Similarly, the petrol price could witness a cut of Rs5.25 per litre against its current price of Rs103.62 per litre. Kerosene oil, which is used as kitchen fuel in remote areas of the country, may record a decrease of Rs5.50 per litre.

Consumers of High Octane Blending Component (HOBC), used mainly in luxury vehicles, are likely to enjoy a reduction of Rs8 per litre against the current price of Rs131.13 per litre.

Likewise, the price of light diesel oil, consumed mainly by industrial units, may also be reduced by Rs5 per litre. Currently, it is available at Rs91.41 per litre. “This trend may change and the final calculation would be made on October 30,” the official further said.
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Published in The Express Tribune, October 27[SUP]th[/SUP], 2014.*