Page 5 - Quarterly Report - Interim Report for the three months ended September 30, 2024

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
Company for the 1st quarter ended September 30, 2024.
Financial results
During the period, the Company recorded a profit after tax of Rs 2,568.8 million, significantly lower than
the Rs 9,708.4 million earned during the same period last year-a decrease of 73.5%. This profit
translates into basic and diluted earnings per share of Rs 9.05, compared to Rs 34.20 per share in the
corresponding period.

The main reason for this reduction is the charging of Rs 7,660 million related to drilling and testing cost
of Balkassar Deep -1A to exploration costs following unsuccessful results. Additionally, sales revenue
dropped by 7.4%, primarily due to lower production and negative contribution of exchange rate
fluctuation.

Other income declined by 23.4% mainly due to reduced interest income, reflecting a fall in interest rates
relative to the previous period and exchange loss as against exchange gain in the corresponding
period. Production volumes also saw a decrease, with crude oil and gas production down by 6.3% and
3.7%, respectively, compared to the same period last year.
The Company also reported a consolidated profit after tax of Rs 2,696 million (Sep 30, 2023:
Rs. 10,005 million), translating into consolidated earnings per share of Rs 9.47 (Sep 30, 2023:
Rs. 35.21).

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, 2024 Sep 30, 2023

Crude Oil US Barrels 421,751 450,144
Gas Million Cubic Feet 5,602 5,816
LPG Metric Tonnes 12,510 13,020
Sulphur Metric Tonnes 170 167
Solvent Oil US Barrels 5,640 5,908
The Company's share in production, including that from joint ventures, for the period under review
averaged 4,583 barrels per day (bpd) of crude, 60.88 million standard cubic feet per day (mmscfd) of
gas,135.99 metric tonnes per day (MTD) of LPG, 1.85 MTD of sulphur and 62 bpd of solvent oil.

EXPLORATION AND DEVELOPMENT ACTIVITIES
Producing Fields
At Ikhlas block (operated by POL with 80% share), data evaluation is under process to decide drilling of
Jhandial-04.
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