Page 173 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

43. NON-ADJUSTING EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE

The Board of Directors in its meeting held on August 11, 2021 has proposed a final dividend for the
year ended June 30, 2021 @ Rs 30 per share, amounting to Rs 8,515,653 thousand for approval of the
members in the Annual General Meeting to be held on September 22, 2021.

44. CORRESPONDING FIGURES

Corresponding figures have been rearranged/reclassified wherever necessary to reflect more
appropriate presentation of figures in accordance with accounting and reporting standards as
applicable in Pakistan. However no significant reclassification have been made except for following:

Rupees
(‘000)

Shrinkages/own use previously shown in sales and operating cost, now netted off in
sales in statement of profit or loss 1,656,263

45. GENERAL

45.1 IMPACT OF COVID - 19 ON THE FINANCIAL STATEMENTS

The spread of Covid - 19 as a pandemic and consequently imposition of lock down by Federal and
Provincial Governments of Pakistan (Authorities) caused an overall economic slow down at the
start of 2020. This resulted in decrease in international prices of petroleum products, which are
now steadily recovering. As at year end, there is no other material adverse impact to the business,
financial conditions and results of operations. Management will continue to monitor the potential
impact and will take all steps possible to mitigate any effects.

45.2 Capacity

Following is production from the Company’s fields including proportionate share from all operated
and non-operated joint ventures:

Product Unit 2021 2020

Crude Oil/Condensate US Barrels 2,264,413 2,282,029
Gas Million Cubic Feet 28,596 29,336
LPG Metric Tonnes 56,660 55,778
Sulphur Metric Tonnes 428 451
Solvent Oil US Barrels 16,658 19,453

Considering the nature of the Company’s business, information regarding installed capacity has no
relevance.

ANNUAL REPORT 2021 171