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KARACHI: Pakistan Oilfields net profit, in line with market expectation, surged 56 per cent to Rs5.2 billion on the back of a bump-up in oil and gas production along with their prices.
The companys board of directors also announced a cash dividend of Rs10 per share along with the results in a meeting in Damascus, Syria on Friday, says a notice sent to the Karachi Stock Exchange.
Bolstered by strong volumes from the Tal block, overall gas volumes surged 85 per cent to 86 million cubic feet per day (mmcfd) while oil production is expected to have increased 16 per cent on a yearly basis, according to IGI Securities.
The rise in volumes has been complemented by an 8.9 per cent and 15.7 per cent increase in oil and gas wellhead prices, respectively, said IGI Securities analyst Umair Siddique in a research note e-mailed to The Express Tribune. On the back of this, sales surged 55 per cent to Rs12.6 billion from last years Rs8.2 billion. Tal block contributes 40 per cent of the total oil production and 74 per cent of the total gas production of the company, added Siddique.
Dividend income
Companies associated with Pakistan Oilfields (POL) National Refinery Limited in which POL has a 25 per cent stake and Attock Petroleum Limited, seven per cent stake, announced dividends of Rs20 per share in the first half of 2010.
The oil explorer received the dividends in the second half of 2010, resulting in dividend income of Rs479 million and contributing 15 per cent to the net profit for the October to December quarter.
Hence, other income which includes dividend income jumped 21 per cent to Rs1 billion due to higher dividend income.
Exploration cost almost halved to stand at Rs3 million as no dry wells were found during the period under review.
Pakistan Oilfields profit soars 56% – The Express Tribune
The companys board of directors also announced a cash dividend of Rs10 per share along with the results in a meeting in Damascus, Syria on Friday, says a notice sent to the Karachi Stock Exchange.
Bolstered by strong volumes from the Tal block, overall gas volumes surged 85 per cent to 86 million cubic feet per day (mmcfd) while oil production is expected to have increased 16 per cent on a yearly basis, according to IGI Securities.
The rise in volumes has been complemented by an 8.9 per cent and 15.7 per cent increase in oil and gas wellhead prices, respectively, said IGI Securities analyst Umair Siddique in a research note e-mailed to The Express Tribune. On the back of this, sales surged 55 per cent to Rs12.6 billion from last years Rs8.2 billion. Tal block contributes 40 per cent of the total oil production and 74 per cent of the total gas production of the company, added Siddique.
Dividend income
Companies associated with Pakistan Oilfields (POL) National Refinery Limited in which POL has a 25 per cent stake and Attock Petroleum Limited, seven per cent stake, announced dividends of Rs20 per share in the first half of 2010.
The oil explorer received the dividends in the second half of 2010, resulting in dividend income of Rs479 million and contributing 15 per cent to the net profit for the October to December quarter.
Hence, other income which includes dividend income jumped 21 per cent to Rs1 billion due to higher dividend income.
Exploration cost almost halved to stand at Rs3 million as no dry wells were found during the period under review.
Pakistan Oilfields profit soars 56% – The Express Tribune
