Page 5 - Condensed Interim Financial Statements - September 2023

Directors' Report
In the name of ALLAH, The Most Gracious, The Most Merciful
Assalam-u-Alaikum!
The Board takes pleasure in presenting a brief review of the operations and financial results of the
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Company for the 1 quarter ended September 30, 2023.
Financial results
During the period, the Company has made a profit after tax of Rs 9,708 million (September 30, 2022:
Rs 8,400 million), which is higher by 15.58 % as compared to the corresponding period last year. The
profit translates into basic and diluted earnings per share of Rs 34.20 (September 30, 2022: Rs 29.59).
The increase in profit is mainly due to increase in rupee dollar parity, increased interest income due to
higher deposits & interest rates on bank deposits & lesser exploration costs despite decrease in sales
volumes of crude oil, gas & LPG in comparison to corresponding period last year. Production volume of
crude oil & gas decreased by 7.2% and 2.79% respectively in comparison to corresponding period last
year.
The Company also reported a consolidated profit after tax of Rs 10,005 million, translating into
consolidated earnings per share of Rs 35.21 showing a relatively stable performance compared to the
same period last year when the profit was Rs 8,490 million and earnings per share were Rs 29.88.

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:
Three months ended
Sep 30, 2023 Sep 30, 2022

Crude Oil US Barrels 450,144 484,935
Gas Million Cubic Feet 5,816 5,983
LPG Metric Tonnes 13,020 13,772
Sulphur Metric Tonnes 167 124
Solvent Oil US Barrels 5,908 5,314

The Company’s share in production, including that from joint ventures, for the period under review
averaged 4,892 barrels per day (bpd) of crude, 63.20 million standard cubic feet per day (mmscfd) of
gas, 141.53 metric tonnes per day (MTD) of LPG, 1.82 MTD of sulphur and 65 bpd of solvent oil.

EXPLORATION AND DEVELOPMENT ACTIVITIES
Producing Fields
At Balkassar (operated by POL with 100% share) Balkassar Deep-1A well was spudded on April 26,
2023, drilling is in progress at 13,225 ft. The prognosed total depth of the well is 14,410 ft. The main
objective of the well is to test the hydrocarbon potential of Chorgali and Sakesar formations of the
second sheet underneath main Balkassar structure.

At Pindori Lease (operated by POL with 35% share) 3D seismic acquisition project of 60 square
kilometers has been completed and data processing is in progress to evaluate the possibility of
producing un-drained oil.
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