Page 5 - Condensed Interim Financial Statements - For Nine Months Ended March 31, 2022

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 nine months ended March 31, 2022.
Financial results
During the period, the Company has made a profit after tax of Rs.17,496 million (March 31, 2021: Rs.
9,576 million), which is higher by 82.71% as compared to the corresponding period last year. The profit
translates into basic and diluted earnings per share of Rs. 61.64 (March 31, 2021: Rs. 33.74 per share).
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 12%, 9.3% and 13.5% respectively in comparison to
corresponding period last year. During the period the Company made a Consolidated profit after tax of
Rs. 18,796 million (March 31, 2021: Rs. 9,741 million) which translate into consolidated earnings per
share of Rs. 66.71 (March 31, 2021: Rs. 34.33 per share).
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:
Nine months ended
Mar. 31, 2022 Mar. 31, 2021

Crude Oil/Condensate US Barrels 1,542,722 1,734,325
Gas Million Cubic Feet 19,730 21,904
LPG Metric Tonnes 42,162 43,152
Sulphur Metric Tonnes 380 309
Solvent Oil US Barrels 13,354 12,218

The Company's share in production, including that from joint ventures, for the period under review
averaged 5,629 barrels per day (bpd) of crude, 72.01 million standard cubic feet per day (mmscfd) of
gas, 153.87 metric tonnes per day (MTD) of LPG, 1.39 MTD of sulphur and 48 bpd of solvent oil.

Exploration and development activities
Producing Fields
At Balkassar lease (100% owned by POL) Balkassar Deep-1A is in the planning phase as replacement
of Balkassar Deep-1.

At Pindori lease (operated by POL with 35% share) evaluation on the prospectivity of Chorgali
formation in the field 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. Tolanj West-2 a development well has been spuded on April 11, 2022 and
drilling at around 800 ft is in progress.
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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