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The largest oil and gas exploration and production company was awarded 29 new exploration licenses earlier this year by the Directorate General Petroleum Concessions (DGPC), which almost doubled the company’s exploration portfolio.
Similar aggressiveness can be seen in the company’s financials for 9M FY14. During the nine-month period, Oil and Gas Development Company’s revenues accelerated by 12.5 percent, year on year. Of this crude oil sales make up around 48 percent, while gas makes up approximately 50 percent.
Growth in top line can be attributed to increase in production coupled with favourable exchange rate. Crude oil production by OGDC increased by 2.6 percent year on year owing to increase in production from both operated and non-operated joint venture fields during 9M FY14. Similarly, its gas production also jumped up by 4.3 percent year on year.
Moreover, improvement in realised prices also played its role in revenue augmentation during 9M FY14; as per the result summary, average crude oil prices rose by 4.3 percent, year on year to stand at $87.45 per barrel, while realised gas prices improved by 7.2 percent, year on year to hover around Rs283.34 per million cubic feet.
Earnings of OGDC also benefited from the contraction in exploration cost; during 9M FY14 exploration and prospecting expenses decreased significantly due to subdued dry well.
Though the firm witnessed robust interest income from PIBs and TFCs that were received from the government in settlement of the circular debt and supported the bottom line well during 9M FY14, hefty exchange losses during the latest three months hurt the profitability during 3Q FY14 vis-à-vis 3Q FY13.


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Oil and Gas Development Company
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Rs (mn) 9MFY14 YoY chg 3QFY14 YoY chg
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Sales 190,362 12.6% 64,192 10%
Gross profit 133,308 11% 43,158 4%
Other income 14,199 32% 2,079 -46%
Exploration expense 6,747 -25% 1,922 -44%
PAT 90,938 20% 23,712 -10%
EPS (Rs) 21.14 20% 5.51 -10%
Gross margin 70.0% 67.2%
Net margin 47.8% 36.9%
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Source: KSE notice

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