External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Oil and Gas Development Company (OGDC) held its Corporate Briefing Session today to discuss financial results and future outlook.</li><li>The company’s oil production during FY25 was around 30,919 bpd, while gas production stood at 652 mmcfd.</li><li>Approximately 1,790 bpd of oil and 91 mmcfd of gas volumes were lost due to forced curtailment by SNGPL and UPL. Management expects these volumes to recover as progress is made on the RLNG cargo deferment and anticipates a reduction in curtailment by April-May 2026.</li></ul>

Oil and Gas Development Company (OGDC) held its Corporate Briefing Session today to discuss financial results and future outlook.The company’s oil production during FY25 was around 30,919 bpd, while gas production stood at 652 mmcfd.Approximately 1,790 bpd of oil and 91 mmcfd of gas volumes were lost due to forced curtailment by SNGPL and UPL. Management expects these volumes to recover as progress is made on the RLNG cargo deferment and anticipates a reduction in curtailment by April-May 2026.

Topline Flash Note: Oil & Gas Development (OGDC): Corporate Briefing Key Takeaways

<ul><li>Oil and Gas Development Company (OGDC) held its Analyst Call today to discuss 1QFY26 financial results and future outlook.</li><li>The management highlighted that the company is moving into higher-risk areas. The 3D seismic acquisition in Uch has recently been concluded, while seismic activity in Bettani is also in progress. The company has already drilled two wells in Bettani and is evaluating the prospects for a potential third well.</li><li>Management noted a substantial improvement in receivables collection, now exceeding 109% of billing. Specifically, recovery from Uch stands at 177%, SNGPL at 104%, while SSGC is at around 90%.</li></ul>

Oil and Gas Development Company (OGDC) held its Analyst Call today to discuss 1QFY26 financial results and future outlook.The management highlighted that the company is moving into higher-risk areas. The 3D seismic acquisition in Uch has recently been concluded, while seismic activity in Bettani is also in progress. The company has already drilled two wells in Bettani and is evaluating the prospects for a potential third well.Management noted a substantial improvement in receivables collection, now exceeding 109% of billing. Specifically, recovery from Uch stands at 177%, SNGPL at 104%, while SSGC is at around 90%.

Topline Flash Note: Oil & Gas Development (OGDC) - Corporate Briefing Key Takeaways

<ul><li>Oil and Gas Development Company (OGDC) announced its financial results for 1QFY26, reporting earnings of Rs38.3bn (EPS: Rs8.91), down 7% YoY and 5% QoQ.</li><li>The company posted net sales of Rs96.2bn, down 9% YoY but up 7% QoQ. The YoY decline was driven by lower oil & gas production amid curtailment, while the sequential growth stemmed from higher crude oil prices, which rose from US$69/bbl in 4QFY25 to US$71/bbl in 1QFY26.</li><li>Exploration costs went down by 20% YoY and 25% QoQ to Rs3.08 in 1QFY26, primarily due to the absence of dry wells and reduced seismic activity during the quarter.</li></ul>

Oil and Gas Development Company (OGDC) announced its financial results for 1QFY26, reporting earnings of Rs38.3bn (EPS: Rs8.91), down 7% YoY and 5% QoQ.The company posted net sales of Rs96.2bn, down 9% YoY but up 7% QoQ. The YoY decline was driven by lower oil & gas production amid curtailment, while the sequential growth stemmed from higher crude oil prices, which rose from US$69/bbl in 4QFY25 to US$71/bbl in 1QFY26.Exploration costs went down by 20% YoY and 25% QoQ to Rs3.08 in 1QFY26, primarily due to the absence of dry wells and reduced seismic activity during the quarter.

Oil & Gas Development (OGDC): 1QFY26 EPS at Rs8.91, Down 7% YoY and 5% QoQ

<ul><li>The company announced its highest ever dividend in FY25, declaring Rs5/share for the quarter Rs15.05/share for the full year.</li><li>Management noted that gas curtailment from SNGPL driven by excess RLNG has resulted in an estimated revenue loss of Rs40-43bn during FY25.</li><li>Production from the Wali Block is expected to commence in 2 months with initial flows projected between 25-35 mmcfd of gas and 2500-3500 barrels of oil per day.</li></ul>

The company announced its highest ever dividend in FY25, declaring Rs5/share for the quarter Rs15.05/share for the full year.Management noted that gas curtailment from SNGPL driven by excess RLNG has resulted in an estimated revenue loss of Rs40-43bn during FY25.Production from the Wali Block is expected to commence in 2 months with initial flows projected between 25-35 mmcfd of gas and 2500-3500 barrels of oil per day.

<ul><li>OGDC reported a 15% QoQ decline in earnings to Rs9.37/share in 4QFY25, taking FY25 earnings to Rs39.5/share, down 19% YoY.</li><li>Earnings are higher than our expectations, primarily due to lower exploration costs and a lower Effective Tax Rate (ETR), which stood at Rs4.1bn and 28% respectively in 4QFY25.</li><li>Exploration costs in 4QFY25 went down by 40% QoQ to Rs4bn. While for FY25, exploration cost was at Rs18.7bn, on account of 3 dry wells, Kandewaro-1, TAY NE-1 and Chak202 besides the ongoing seismic activities in several areas such as Uch D&PL, Murradi and Sehwan.</li></ul>

OGDC reported a 15% QoQ decline in earnings to Rs9.37/share in 4QFY25, taking FY25 earnings to Rs39.5/share, down 19% YoY.Earnings are higher than our expectations, primarily due to lower exploration costs and a lower Effective Tax Rate (ETR), which stood at Rs4.1bn and 28% respectively in 4QFY25.Exploration costs in 4QFY25 went down by 40% QoQ to Rs4bn. While for FY25, exploration cost was at Rs18.7bn, on account of 3 dry wells, Kandewaro-1, TAY NE-1 and Chak202 besides the ongoing seismic activities in several areas such as Uch D&PL, Murradi and Sehwan.

Oil & Gas Development (OGDC): 4QFY25 EPS At Rs9.37, Up 6% YoY And Down 15% QoQ – Higher Than Expectations

Pakistan

Oil & Gas Development Co. Ltd. explores and develops oil and natural gas properties in Pakistan.

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Oil & Gas Development (OGDC PA)

Topline Flash Note: Oil & Gas Development (OGDC): Corporate Briefing Key Takeaways

Oil and Gas Development Company (OGDC) held its Corporate Briefing Session today to discuss financial results and future outlook. The company’s...

Topline Securities

Topline Flash Note: Oil & Gas Development (OGDC) - Corporate Briefing Key Takeaways

Oil and Gas Development Company (OGDC) held its Analyst Call today to discuss 1QFY26 financial results and future outlook. The management...

Topline Securities

Oil & Gas Development (OGDC): 1QFY26 EPS at Rs8.91, Down 7% YoY and 5% QoQ

Oil and Gas Development Company (OGDC) announced its financial results for 1QFY26, reporting earnings of Rs38.3bn (EPS: Rs8.91), down 7% YoY and...

Topline Securities

Topline Flash Note: Oil & Gas Development (OGDC) - Corporate Briefing Key Takeaways

The company announced its highest ever dividend in FY25, declaring Rs5/share for the quarter Rs15.05/share for the full year. Management noted...

Topline Securities

Oil & Gas Development (OGDC): 4QFY25 EPS At Rs9.37, Up 6% YoY And Down 15% QoQ – Higher Than Expectations

OGDC reported a 15% QoQ decline in earnings to Rs9.37/share in 4QFY25, taking FY25 earnings to Rs39.5/share, down 19% YoY. Earnings are higher...

Topline Securities

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