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Directors’ Report

In the name of ALLAH, The Most Gracious, The Most Merciful
Assalam-u-Alaikum!
The Directors have pleasure in presenting a brief review of the operations and financial results of the
Company for the half year ended December 31, 2021.
Financial results
During the period, the Company has made a profit after tax of Rs.10,922.7 million (December 31, 2020:
Rs. 6,649 million), which is higher by 64.3% as compared to the corresponding period last year. The
profit translates into basic and diluted earnings per share of Rs. 38.48 (December 31, 2020: Rs. 23.42).
The increase in profit is mainly attributable to increase in average crude oil price, despite decrease in
sales volume of crude oil, gas and LPG by 11.2%, 9.5% and 16.2% respectively in comparison to
corresponding period last year. During the period the Company made a Consolidated profit after tax of
Rs. 12,031 million (December 31, 2020: Rs. 6,748 million) which translate into consolidated earnings
per share of Rs. 42.34 (December 31, 2020: Rs. 23.76).
Production
The following is a comparison of production from the Company’s own fields, including proportionate
share from all operated and non-operated joint ventures:
Six months period ended
Dec. 31, 2021 Dec. 31, 2020

Crude Oil US Barrels 1,055,524 1,169,131
Gas Million Standard Cubic Feet 13,468 14,880
LPG Metric Tonnes 28,378 28,960
Sulphur Metric Tonnes 260 179
Solvent Oil US Barrels 9,871 8,516

The Company’s share in production, including that from joint ventures, for the period under review
averaged 5,737 barrels per day (bpd) of crude, 73.20 million standard cubic feet per day (mmscfd) of
gas, 154.23 metric tonnes per day (MTD) of LPG, 1.42 MTD of sulphur and 54 bpd of solvent oil.

Exploration and development activities
Producing Fields

At Balkassar lease (100% owned by POL), Balkassar Deep-2 is in the planning phase as replacement
of Balkassar Deep-1.

At Pindori Lease (operated by POL with a 35% share), evaluation on the prospectivity of Chorgali
formation will be matured after integration of on-going 3D Seismic Data Re-processing.
At Tal block, (operated by MOL, where POL has a pre-commerciality share of 25%), Mardankhel-4
location has been approved.

At Adhi field (operated by Pakistan Petroleum Limited (PPL), where POL has 11% share), Adhi-35, Adhi
South-5 and 6 have been planned in the financial year 2021-22.

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