Half Yearly Report for the Period Ended Dec 31, 2025

PIRNEERING

ENERGY

FRONTIERS

Contents

Corporate Information 02

Directors' Interim Review 03

Auditors' Review Report to the Members 07

CONDENSED INTERIM FINANCIAL STATEMENTS [Unaudited]

Statement of Financial Position 08

Statement of Profit or Loss 10

Statement of Comprehensive Income 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Interim Financial Statements 14

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS [Unaudited]

Consolidated Statement of Financial Position 30

Consolidated Statement of Profit or Loss 32

Consolidated Statement of Comprehensive Income 33

Consolidated Statement of Changes in Equity 34

Consolidated Statement of Cash Flows 35

Notes to the Interim Consolidated Financial Statements 36

Directors' Interim Review ( ) 56

Corporate Information

Board of Directors

Mr. Zafar Masud

Mr. Mirza Nasir Ud Din Mashhood Ahmad* Mr. Shakeel Qadir Khan

Mr. Zafar Abbas

Mr. Imdad Ullah Bosal

Mr. Muhammad Riaz Khan

Mrs. Shamama Tul Amber Arbab Mr. Jahanzaib Durrani

Mr. Ahmed Hayat Lak

Chairman Director Director Director Director Director Director Director

MD/CEO/Director

* Mr. Mirza Nasir Ud Din Mashhood Ahmad was appointed as director on the board w.e.f. 2 February 2026 in place of Mr. Momin Agha.

Chief Financial Officer

Mr. Muhammad Anas Farook

Company Secretary

Mr. Wasim Ahmad

Auditor

M/s A.F. Ferguson & Co., Chartered Accountants

Legal Advisor

M/s Khokhar Law Chambers

Tax Advisor

M/s A.F. Ferguson & Co., Chartered Accountants

Registered Office/Head Office

OGDCL House, Plot No 3, F-6/G-6, Blue Area, Jinnah Avenue, Islamabad.

Phone: (PABX) +92 51 9209811-8

Fax: +92 51 2623113-117

Website: https://www.ogdcl.com Email: info@ogdcl.com

Registrar Office

CDC-Share Registrar Services Limited, CDC House, 99-B, Block-B, S.M.C.H.S.,

Main Shahrah-e-Faisal, Karachi-74400. Phone: +92 21 111 111 500

Fax: +92 21 34326053

Website: https://www.cdcsrsl.com Email: info@cdcsrsl.com

02 Oil & Gas Development Company Limited

Directors' Interim Review

The Board of Directors of Oil & Gas Development Company Limited (OGDCL) is pleased to present a concise review of the Company's operational and financial performance together with unaudited condensed interim financial information for the half year ended 31 December 2025.

Despite forced production curtailment by SNGPL and UPL due to system load constraints coupled with decline in crude oil basket price to US$ 67.69/barrel (1H 2024-25: US$ 76.26/barrel), OGDCL exhibited strategic flexibility and continued to deliver sustainable value to its shareholders. The Company made a significant contribution to the national exchequer, remitting Rs 120 billion in the form of corporate tax, dividends, royalty, and other government levies, while its oil and gas production generated foreign exchange savings of US$ 1.4 billion on account of import substitution. On the operational front, production optimization initiatives resulted in an incremental cumulative daily increase of 3,434 barrels of crude oil, 5 MMcf of natural gas, and 7 tons of LPG. Business core product mix contributed approximately 50%, 27%, and 32% towards Country's total crude oil, natural gas, and LPG production, respectively.

Exploration and Development Activities

As the market leader in Pakistan's E&P sector, OGDCL holds the largest exploration acreage, which stood at 93,336 sq. km as of 31 December 2025, representing 37% of the Country's total area under exploration (source: PPIS). The Company's exploration portfolio currently comprises 52 100%-owned and operated JV exploration licenses, in addition to possessing working interest in 15 exploration blocks operated by other E&P companies. In October 2025, the Company participated in the competitive bidding round for offshore exploration blocks and succeeded in securing petroleum exploration rights over 8 new blocks, comprising 2 operated and 6 non-operated blocks.

During the reporting period, seismic activities were affected by security concerns at blocks; Kotra East, Pirkoh, and Kohat along with torrential rain at Fateh Jang. Despite these constraints, OGDCL acquired 352 Line km of 2D (1H 2024-25: 174 Line km) and 110 sq. km of 3D seismic data (1H 2024-25: 131 sq. km). The acquired seismic data represents 54% and 22% of total 2D and 3D seismic data acquisition in the Country respectively (source: PPIS). Moreover, the Company using in-house resources processed/reprocessed 607 Line km of 2D seismic data and 2,013 sq. km of 3D seismic data.

On the drilling front, OGDCL spud 5 wells (1H 2024-25: 4 wells) including 3 exploratory/shale wells; Sahito-1, Gajah wah-1, & Katiar-1 and 2 development wells; Dars West-3 & Thal West-1A. Moreover, drilling and testing work of 9 wells pertaining to previous fiscal year was also completed. Total drilling recorded during the reporting period was 29,903 meters (1H 2024-25: 13,009 meters).

Discoveries

During the period under review, OGDCL's sustained efforts to assess and unlock the hydrocarbon potential in its exploratory blocks yielded 4 oil and gas discoveries viz., Chakar-1 in district Tando Allah Yar, Bitrism East-1 in district Khairpur, Sindh, Baragzai X-1 (Kingraili formation), and Baragzai X-1 (Datta formation) in district Kohat, KP (1H 2024-25: 3 discoveries). The expected combined daily crude oil and gas production potential of these discoveries is 7,345 barrels and 39 MMcf, whereas 2P reserves are 22.66 MMSTB and 124.06 bcf respectively, combined 47.36 MMBOE. Subsequently, another discovery was reported at Baragzai X-1 (Samana Suk & Shinawari formations) having daily crude oil and gas production potential of 3,100 barrels and 8 MMcf respectively.

Development Projects

OGDCL carried on with its efforts for fast-track completion of ongoing development projects. The current status of development projects is tabulated below:

Production OGDCL's average daily net saleable crude oil, gas, and LPG production clocked in at 31,848 barrels, 626 MMcf, and 636 tons in comparison to 31,477 barrels, 672 MMcf and 629 Tons in the comparative period. Average daily net production of crude oil, gas and LPG in the absence of forced curtailment would have clocked in at 35,232 barrels, 778 MMcf, and 687 tons respectively. Forced production curtailment is driven by an oversupply of imported RLNG and weak consumer demand. This resulted in less gas offtake from operated fields; Qadirpur, Dakhni, Nashpa, Chanda, Dhok Hussain, Bettani, Loti, Maru Reti, and Togh and NJV fields; TAL, Waziristan and Adhi owing to SNGPL system constraints and by UPL from Uch field due to less demand from power purchaser, which adversely impacted daily net production by 3,384 barrels of crude oil, 152 MMcf of gas, and 51 tons of LPG. The Company's Board is diligently exploring other avenues to address impact of forced production curtailment.

The Company's production capability was augmented by injection of 5 wells in the production gathering system viz., Aradin-1, Soghri North-1, Pasahki-14 and Jhal Magsi South-1 & 2, which cumulatively yielded gross crude oil, gas, and LPG production of 102,463 barrels, 3,177 MMcf, and 225 Tons respectively. OGDCL with an aim to maintain and increase production successfully installed electrical submersible pumps at Rajian-5, Toot Deep-1 and Pasakhi-2 & 11, which led to incremental crude oil production of 3,370 barrels per day. The Company in an effort to arrest natural decline and sustain production, carried out 43 work-over jobs, comprising 10 with rig and 33 rig-less.

Shale Gas and Tight Gas Activities

To assess shale gas potential, horizontal drilling of KUC-1 is planned, for which consultancy services of Baker Hughes were hired in April 2025. The consultancy scope includes the development of specifications for long lead items (LLIs) required for the drilling and hydraulic fracturing of KUC-1 (horizontal). Consultancy services have also been hired for the evaluation and monitoring of hydraulic fracturing operations at wells; Dhamach-1 and Gajawah-1. Following post-fracturing flowback, Dhamach-1 has been shut in for wellhead pressure stabilization. Hydraulic fracturing has been successfully executed at Gajawah-1 and Katiar-1, and cleaning operations are currently in progress. In addition, a regional third-party study to identify and validate tight gas potential in operated wells was awarded to SLB in November 2024. The contractor has submitted phase-I of the report, which is presently under review. The overall study is scheduled for completion in January 2027.

Business Diversification:

In pursuit of enhanced profitability and risk mitigation, OGDCL is focused on the following business diversification initiatives:

Reko Diq Mining Project OGDCL, in 2022, entered into definitive agreements with the Federal Government, Government of Balochistan, GHPL, PPL and Barrick Gold Corporation for extraction of gold and copper reserves from Reko Diq. The SOEs; OGDCL, PPL and GHPL hold 25% of equity in the project, divided equally among these companies. Barrick Gold Corporation holds 50% of equity in the project along with management and operatorship rights, while remaining 25% of equity pertains to the Government of Balochistan. A special purpose vehicle namely Pakistan Minerals (Private) Limited (PMPL) is managing the equity shareholding of the SOE's.

The project feasibility study was completed in January 2025 and subsequently approved by the OGDCL Board. The Reko Diq Mining Company (RDMC) Board also granted its approval. On 18 August 2025, the Board of Directors approved the Company's pro-rata funding commitment, including project financing costs amounting to USD 715 million. This funding commitment was further endorsed by the shareholders in an EOGM held on 10 September 2025. Financing for the project is in its final stages, while early site development activities have already commenced, and first production is targeted for FY 2028-29. The operator is also reviewing all aspects of the project from the security perspective.

Abu Dhabi Offshore Block-5

At Offshore Block-5, exploration and appraisal activities are underway, whereby drilling of 4 wells is planned, comprising 2 appraisal wells and 2 exploration wells. Moreover, work on prospectivity evaluation study and integrated reservoir studies of Mandous and Al-Khair fields is in progress. The first production is expected during CY 2028 leading to saving foreign exchange in the future.

Geothermal Energy Project OGDCL awarded an R&D contract to SLB in April 2024 for the identification, evaluation, and estimation of geothermal potential areas using regional models and well productivity calculations. SLB submitted its report in January 2025, recommending the recompletion and testing of a well in the Thal Field to validate the data. The workover and testing of the well is planned during third quarter of FY 2025-26.

Initiatives toward ESG

During the period under review, OGDCL continued to strengthen its ESG governance, strategy, and disclosure practices, achieving several important milestones in its sustainability journey. The Company released its second ESG Report, reflecting improved data coverage, enhanced governance disclosures, and a clearer articulation of ESG priorities aligned with international reporting standards. Building on this progress, OGDCL published TCFD-aligned climate disclosures for the first time. ESG leadership was further reinforced through the introduction of OGDCL's first ESG Strategy and continued strengthening of the ESG Council.

Recognizing the importance of value chain impacts, OGDCL introduced a Sustainability Supply Chain Roadmap to gradually integrate ESG considerations into supplier engagement, risk assessment, and performance monitoring. In parallel, the Company implemented a phased activity plan for IFRS S1 and S2 adoption. This plan provides a structured approach covering risk and opportunity assessment, data readiness, and assurance preparation, in line with global sustainability standards.

Financial Results During the half year ended 31 December 2025, OGDCL registered Sales Revenue of Rs 192.830 billion (1H 2024-25: Rs 206.423 billion). The Company's Sales declined primarily due to forced production curtailment amounting Rs

36.468 billion accompanied with reduction in realized price of crude oil and LPG to US$ 56.32/barrel (1H 2024-25: US$ 62.57/barrel) and Rs 141,096/Ton (1H 2024-25:Rs 168,764/Ton) respectively. Whereas, increase in average realized price of gas to Rs 751.52/Mcf (1H 2024-25: Rs 712.20/Mcf) combined with appreciation of US Dollar against Pak Rupee to Rs 282.01/US$ (1H 2024-25: Rs 278.53/US$) lent partial relief to business revenue.

In addition to the above, OGDCL's financials were impacted by increase in the operating expenses on account of salaries, wages and benefits, joint operations, depreciation, and amortization. Moreover, decline in finance and other income due to reduction in interest income on investments and bank deposits and nil delayed payments surcharge from customers contributed toward lower profitability. Furthermore, higher exploration and prospecting expenditure also negatively impacted profitability. While lower taxation in comparison to the corresponding period, wherein Rs

12.8 billion attributable to tax payment on bonus shares issued by Mari Energies Ltd, positively influenced the financial performance. Nonetheless, the Company registered Profit after tax of Rs 73.019 billion (1H 2024-25: Rs 82.457 billion) translating into an EPS of Rs 16.98 (1H 2024-25: Rs 19.17). It is pertinent to mention that increase in gas tariffs led to higher rate of collection of gas receivables i.e. 156%. Overall, the receivables build-up trend reversed on account of improvement in the receivables collection rate, reaching 125% during the reporting period.

Dividend

The Board has announced second interim cash dividend of Rs 4.25 per share (42.5%) for the year ending 30 June 2026. This is in addition to the first interim cash dividend of Rs 3.50 per share (35.0%) already declared and paid during the fiscal year.

Acknowledgement

OGDCL's Board of Directors places on record its sincere appreciation for the consistent support extended by all the stakeholders, which has always proved vital in the pursuit of achieving organizational goals and objectives. The Board also wishes to place on record the efforts and hard work put in by the Company employees at all levels to ensure business continuity and growth, safely and responsibly.

On behalf of the Board

(Ahmed Hayat Lak) Managing Director/CEO

23 February 2026

(Zafar Masud)

Chairman

INDEPENDENT AUDITORS' REVIEW REPORT

To the members of Oil and Gas Development Company Limited Report on review of Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Oil and Gas Development Company Limited ("the Company") as at 31 December 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the interim financial statements for the six-month period then ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Emphasis of Matter

We draw attention to note 14.1 to the accompanying interim financial statements which describe in detail matter relating to overdue receivables on account of inter-corporate circular debt. Our conclusion is not modified in respect of this matter.

Other Matter

Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit or loss, condensed interim statement of comprehensive income and notes thereto for the three months period ended December 31, 2025 and 2024 have not been reviewed by us.

The engagement partner on the audit resulting in this independent auditors' report is Asim Masood Iqbal.

A. F. Ferguson & Co. Chartered Accountants Islamabad Date: February 26, 2026

UDIN: RR202510053zIlWSLqaH

Condensed Interim Statement of Financial Position [unaudited] As at 31 December 2025

The annexed notes 1 to 29 form an integral part of these interim financial statements.

Condensed Interim Statement of Profit or Loss [unaudited] For The Six Months Ended 31 December 2025

Three months ended 31 December Six months ended 31 December

2025

2024

2025

2024

Note

(Rupees '000)

Sales- net 17

Royalty

Operating expenses Transportation charges

Gross profit

Finance and other income 18

Exploration and prospecting expenditure General and administration expenses Finance cost

Workers' profit participation fund

Share of profit in associates -net of taxation Profit before taxation

Final taxes -levies 19

Profit before income tax

Income tax 20

Profit for the period

Earnings per share -basic and diluted (Rupees) 21

100,412,224

(38,814,828)

61,597,396

20,855,396

(4,034,276)

(1,969,327)

(1,326,168)

(3,826,403)

1,405,045

72,701,663

-72,701,663

(31,264,908)

41,436,755

9.63

206,423,219

(79,010,143)

127,413,076

46,582,284

(7,886,814)

(3,799,924)

(2,940,140)

(8,201,023)

4,651,982

155,819,441

-155,819,441

(73,362,775)

82,456,666

19.17

The annexed notes 1 to 29 form an integral part of these interim financial statements.

Condensed Interim Statement of Comprehensive Income [unaudited] For The Six Months Ended 31 December 2025

Three months ended 31 December Six months ended 31 December

2025

2024

2025

2024

(Rupees '000)

Profit for the period

Other comprehensive income /(loss)

Items that will be subsequently reclassified to profit or loss:

Effects of translation of investment in a foreign associate

Share of effect of translation of investment in foreign associated company of the associates

Total comprehensive income for the period

The annexed notes 1 to 29 form an integral part of these interim financial statements.

41,436,755

152,888

41,589,643

82,456,666

38,578

82,495,244

Half Yearly Report 2025-26 11

Condensed Interim Statement of Changes in Equity [unaudited] For The Six Months Ended 31 December 2025

Oil & Gas Development Company Limited

12

The annexed notes 1 to 27 form an integral part of these interim financial statements.

Condensed Interim Statement of Cash Flows [unaudited] For The Six Months Ended 31 December 2025

Note

Six month ended 31 December

2025 2024

(Rupees '000)

Cash flows from operating activities Profit before income tax Adjustments for:

Depreciation

Amortization of development and production assets 9

Delayed payments surcharge from customers 18

Unwinding of loss on modification in terms of TFCs Royalty

Workers' profit participation fund Provision for deferred employee benefits

Unwinding of discount on provision for decommissioning cost 5

Interest income on investments and bank deposits 18

Interest income on lease 18

Unwinding of lease liability

Un-realized gain on investments at fair value through profit or loss 18

Realized gain on investments at fair value through profit or loss 18

Exchange (gain) /loss -net

Dividend income from investment at fair value through profit or loss 18

Gain on disposal of property, plant and equipment Share of profit in associates -net of taxation Stores inventory written off

Cost of dry and abandoned wells during the period Reversal of trade debts provision

Changes in:

Stores, spare parts and loose tools Stock in trade

Trade debts

Deposits and short term prepayments Loan and advances and other receivables Trade and other payables

Cash generated from operations

Royalty paid

Deferred employee benefits paid

Long term advances, prepayments and other receivables

Decommissioning cost paid 5

Payment to workers' profit participation fund-net

Income taxes and levies paid 15

Net cash generated from operating activities

Cash flows from investing activities Capital expenditure

Interest received

Lease payments received Dividends received Encashment of investment

Investments at fair value through profit or loss - net Investment in associates

Proceeds from disposal of property, plant and equipment Net cash (used in) /generated from investing activities

Cash flows from financing activities Dividends paid

Lease payments made

Net cash used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Effect of movements in exchange rate on cash and cash equivalents

Cash and cash equivalents at end of the period 23

The annexed notes 1 to 27 form an integral part of these interim financial statements.

155,819,441

4,965,709

8,605,092

(8,503,459)

(7,042,548)

24,783,502

8,201,023

4,198,098

2,905,148

(19,911,766)

(9,967,342)

-(249,716)

-323,936

-(6,637)

(4,651,982)

20,174

2,506,396

(1,500) 161,993,569

(889,614)

235,815

32,401,193

(2,417,011)

(4,610,160)

(17,828,017) 168,885,775

(34,752,873)

(13,597,248)

1,037,507

-(15,462,479)

(83,482,689)

(146,257,782) 22,627,993

(32,782,651)

44,764,016

10,974,586

3,545,394

10,000,000

-(5,370,389)

28,533

31,159,489

(50,037,023)

-(50,037,023)

3,750,459

258,613,241

(75,143)

262,288,557

1. LEGAL STATUS AND OPERATIONS

   Oil and Gas Development Company Limited (OGDCL), 'the Company', was incorporated on 23 October 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The Company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961. The registered office of the Company is located at OGDC House, Plot No.3, F-6/G-6, Blue Area, Islamabad, Pakistan. The shares of the Company are quoted on Pakistan Stock Exchange Limited. The Global Depository Shares (1GDS = 10 ordinary shares of the Company) of the Company are listed on the London Stock Exchange.

   Government of Pakistan (GoP) holds 74.97% (30 June 2025: 74.97%) paid up capital of the Company. Pursuant to the decision of the Honorable Supreme Court of Pakistan of 2022, declaring the Benazir Employees' Stock Option Scheme ultra vires the shares currently held by OGDC Employees' Empowerment Trust (OEET) 10.05% (30 June 2025: 10.05%) will be transferred back to the GoP and the GoP holding will be increased. During the year ended 30 June 2024, the Pakistan Sovereign Wealth Fund Act, 2023 became effective. Under the said Act, the GoP's shareholding in the Company including shares held by OEET stands transferred to the Pakistan Sovereign Wealth Fund (PSWF). Accordingly, the GoP is in the process of taking necessary actions required to record the transfer of the shares to PSWF.

2. BASIS OF PREPARATION

   2.1

   2.2

   2.3

   2.4

   These condensed interim financial statements (here in after referred as the "interim financial statements") are the separate interim financial statements of the Company and have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

   • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

   • Provisions of, directives and notifications issued under the Companies Act, 2017.

   Where provisions of, directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

   These interim financial statements are unaudited and are being submitted to the members as required under Section 237 of Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.

   The Securities and Exchange Commission of Pakistan (SECP) through S.R.O 25 (I) / 2024 dated 06 January 2026, in partial modification of its previous S.R.O. 1784 (I) / 2024 dated 04 November 2024, has notified that in respect of companies holding financial assets due or ultimately due from the Government of Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 (Financial Instruments) with respect to application of Expected Credit Loss (ECL) model shall not be applicable on such financial assets for the financial years ending on or before 31 December 2026, provided that such companies shall follow relevant requirements of IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred financial assets during the exemption period.

   The disclosures in these interim financial statements do not include those reported for full annual audited financial statements and should therefore be read in conjunction with the annual audited financial statements for the year ended 30 June 2025. Comparative statement of financial position is extracted from the annual audited financial statements as of 30 June 2025, whereas comparative statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows are stated from unaudited interim financial statements for the period ended 31 December 2024.

3. ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS

The accounting policies, significant judgments made in the application of accounting policies, key sources of estimations, the methods of computation adopted in preparation of these interim financial statements and financial risk management policies are the same as those applied in preparation of annual audited financial statements for the year ended 30 June 2025. The management also believes that standards, amendments to published standards and interpretations that are effective for the Company from accounting periods beginning on or after 01 July 2025 do not have any significant effect on these interim financial statements or are not relevant to the Company.

Unaudited 31 December

2025

Audited 30 June

2025

Unaudited 31 December

2025

Audited 30 June

2025

(Rupees '000)

Unaudited 31 December

2025

Audited 30 June

2025

Note

(Rupees '000)

1. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. There are no significant changes in the status of the contingencies as disclosed in the annual audited financial statements for the year ended 30 June 2025, except as disclosed in note 15.1 and that in respect of sales tax returns condonation case disclosed in note 12.1 to the annual financial statements for the year ended 30 June 2025, during the period the Islamabad High Court vide order dated 16 December 2025 has directed the Federal Board of Revenue to decide the pending application within 30 days, strictly in accordance with the law however there is no further update in respect of this matter.

   2. Commitments

      1. Commitments outstanding at end of the period amounted to Rs 74,658 million (30 June 2025: Rs 81,413 million). These include amounts aggregating to Rs 42,466 million (30 June 2025: Rs 42,210 million) representing the Company's share in the minimum work commitments under Petroleum Concession Agreements (PCAs). The Company and its associate has given corporate guarantees to GoP under various PCAs for the performance of obligations.

      2. Letters of credit issued by various banks on behalf of the Company in ordinary course of the business, outstanding at end of the period amounted to Rs 38,165 million (30 June 2025: Rs 49,957 million).

      3. The Company's share of associate commitments at period end is as follows:

         Unaudited 31 December

         2025

         Audited 30 June

         2025

         (Rupees '000)

         Commitment for capital expenditure	35,226,215	32,385,203
         Outstanding minimum work commitments under various PCAs	4,715,575	4,868,520

      4. As part of the Shareholders Agreement with the consortium partners in PIOL, associate, the Company has committed to invest upto US$ 100 million in PIOL during the next five years from 31 August 2021, out of which US$ 85 million has been invested till 31 December 2025 (30 June 2025: US$ 85 million). The remaining amount of US$ 15 million; Rs 4,206 million (30 June 2025: US$ 15 million; Rs 4,262 million) will be invested in subsequent years. The Company's share of associate commitment in this respect amounts to US$ 3 million; Rs 841 million (30 June 2025: US$ 3 million; Rs 852 million).

      5. With respect to PMPL (note 11.4), the Company had earlier entered into a Joint Venture Agreement with the stakeholders, under which the Company had committed to invest a total amount of up to USD 398 million, to be adjusted for inflation, for funding its proportionate share during Phase-I of the Reko Diq project. During the period, the shareholders of the Company have approved to increase the investment amount to USD 715 million to be adjusted for actual inflation and financing costs. However, after accounting for the expected project financing to be obtained by RDMC, the proportionate shareholder contributions by the Company will be reduced to USD 391 million to be adjusted for actual inflation and financing costs. In addition, the Company has committed to contribute, in the form of equity, up to USD 1 million per year towards its proportionate share in the administrative expenses of PMPL. Furthermore, the Company has provided a several corporate guarantee to fund the obligations of the Company under the Definitive Agreements.

         RDMC is in the final stages of concluding project financing arrangements for Phase 1 of the Reko Diq project, with financial close expected in first quarter of 2026. During the period, as part of the financing terms, the State Owned Enterprises (SOEs) have agreed to provide joint and several Completion Guarantees for their pro rata contributory share (which is equal to 27.7778%) of RDMC's secured debt obligations. This guarantee will remain effective until the project achieves financial completion, i.e., the date when specific criteria are met to demonstrate the required level of commercial operations.

         Furthermore, the Company has also committed to enter into a Transfers Restriction Agreement required by the project lenders. This agreement mainly requires the SOEs, in aggregate, to maintain their existing shareholding percentage of 25% in RDMC until the project achieves financial completion. Post financial completion, the requirements are relaxed to maintain 10% shareholding in RDMC, until the project debt has been fully repaid. The Completion Guarantee and Transfer Restriction Agreement have not yet been executed.

         Unaudited 31 December

         2025

         Audited 30 June

         2025

2. PROPERTY, PLANT AND EQUIPMENT Note (Rupees '000)

Unaudited 31 December

2025

Audited 30 June

2025

Note (Rupees '000)

8.2.1 This includes an amount of Rs 3,201 million (30 June 2025: Rs 3,375 million) in respect of Right of Use Asset.

Unaudited 31 December

2025

Audited 30 June

2025

1. LONG TERM INVESTMENTS

   Investment in subsidiary:

   OGDC Renewable Energy (Private) Limited (formerly, Pakistan Energy Development (Private) Limited), unquoted

   Note (Rupees '000)

   100

   55,065,926

   11.1

   100

   Investment in associates: Quoted

   Mari Energies Limited (formerly, Mari Petroleum Company Limited) 11.2 Unquoted

   54,525,502

   Pakistan International Oil Limited	11.3	19,446,404	19,929,016
   Pakistan Minerals (Private) Limited	11.4	76,296,940	63,185,617
   		150,809,370	137,640,235

   1. During the year ended 30 June 2024, the Company incorporated a wholly owned subsidiary in Pakistan, Pakistan Energy Development (Private) Limited (PEDL), under the Companies Act, 2017. During the year ended 30 June 2025, the name of the PEDL was changed to OGDC Renewable Energy (Private) Limited (OREL). The principal line of business of OREL is to engage in exploration, exploitation and development of renewable energy resources in Pakistan and has not yet commenced commercial operations. The total subscribed capital of OREL is Rs 100 thousand divided into 10,000 ordinary shares of Rs 10 each.

   2. Mari Energies Limited (formerly, Mari Petroleum Company Limited) (MEL) is a listed company incorporated in Pakistan and is principally engaged in exploration, production and sale of hydrocarbons in Pakistan. The Company has 20% (30 June 2025: 20%) holding in the associate. The market value of the investment in associate as at period end is Rs 171,903 million (30 June 2024: Rs 150,532 million).

      During the year ended 30 June 2025, MEL issued 213,444,000 bonus shares to the Company in the ratio of eight shares for every one share held after collection of tax under the Income Tax Ordinance, 2001 from the Company amounting to Rs 9,498 million, equal to ten- percent of the market value of the bonus shares to be issued to the Company, which was charged as taxation expense during the year ended 30 June 2025. As at the period end, 2,001,042 bonus shares (30 June 2025: 2,001,042 bonus shares) have been withheld by MEL due to pending resolution of issue relating to withholding tax on issuance of bonus shares.

   3. Pakistan International Oil Limited (PIOL) is a company engaged in the business of extraction of oil and natural gas in the Emirate of Abu Dhabi and is registered as a limited liability company in the Emirate of Abu Dhabi and incorporated in Abu Dhabi Global Market. Each consortium company (investors) which includes OGDC, MEL, Pakistan Petroleum Company Limited (PPL) and Government Holdings (Private) Limited (GHPL) have a 25% equity stake in PIOL. The concession agreement between PIOL and Abu Dhabi National Oil Company (ADNOC) was signed on 31 August 2021 and the Offshore Block 5 was awarded to PIOL. Till 31 December 2025, the Company has subscribed 8.5 million ordinary shares of PIOL (30 June 2025: 8.5 million ordinary shares) by paying USD 85 million; Rs 20,426 million (30 June 2025: USD 85 million; Rs 20,426 million).

      On 11 June 2025, the Supreme Council for Financial and Economic Affairs (SCFEA) awarded the Production Concession Agreement to ADNOC and PIOL in respect of Offshore Block 5 with PIOL holding 40% participating interest in the concession.

   4. The Company has invested in the project company, i.e. Reko Diq Mining Company (Private) Limited (RDMC) through Pakistan Minerals (Private) Limited (PMPL), an entity incorporated and operating in Pakistan with collective representation of the Company, PPL and GHPL, together called the State-Owned Enterprises (SOEs). RDMC is engaged in the mineral exploration activities in Pakistan. PMPL holds an indirect working interest of 25% (8.33% of each SOE) in the RDMC

      through offshore holding companies namely Reko Diq Holdings Limited and Reko Diq Investments Limited (hereinafter referred to as "Holdcos"). RDMC is incorporated in Pakistan and Holdcos are incorporated in Bailiwick of Jersey. The Company's equity interest in PMPL is 33.33% with an effective interest of 8.33% in RDMC. The SOEs have representation on the Boards of Holdcos and RDMC through PMPL.

      PMPL through resolution dated 14 May 2025 had increased the paid-up capital of the company by the issue of a further 1,549,250,040 ordinary shares of face value of PKR 10 each at a subscription price of Rs 100 each, through rights issue by offering the shares to existing members of PMPL, in proportion to their existing shareholding. Accordingly, the Company subscribed 516,416,680 ordinary shares of face value PKR 10 along with the premium. The total shares subscribed by the Company in PMPL now stands at 516,420,680.

      During the period, the Company has made further equity contribution amounting to Rs 14,071.891 million (30 June 2025: Rs 12,691 million) in PMPL.

2. LONG TERM INVESTMENTS AT AMORTISED COST

   Unaudited 31 December

   2025

   Audited 30 June

   2025

   Investments at amortized cost Pakistan Investment Bonds (PIBs) Term Finance Certificates (TFCs)

   Less: Current portion shown under current assets

   Note (Rupees '000)

   12.1	20,665,609		20,701,527
   12.2	44,059,817		84,104,789
   	64,725,426		104,806,316
   	(44,439,782)		(84,520,671)
   	20,285,644		20,285,645

   1. This represents PIBs received from Uch Power Private Limited against partial settlement of overdue trade receivables on 27 June 2023 and 04 July 2023. Face value and fair value of the PIBs on the date of initial recognition amounted to Rs 21,866 million (30 June 2025: Rs 21,866 million) and Rs 20,286 million (30 June 2025: Rs 20,286 million) respectively and are carried at floating interest rate of 10.93% per annum (30 June 2025: 11.97% per annum).

   2. During the period, an effective interest income representing unwinding of discounted cash flows as per modified terms of TFCs amounting to Rs 6,307 million (30 June 2025: Rs 14,495 million) has been recognised in the profit or loss. Further an amount of Rs 46,353 million (30 June 2025: Rs nil) has been received from PHL in respect of the aforementioned interest.

3. LEASE RECEIVABLES

   Net investment in lease has been recognized on Gas Sale Agreements (GSAs) with power companies i.e. Uch Power (Private) Limited (UPL) and Uch-II Power (Private) Limited (Uch-II) as follows:

   Unaudited 31 December

   2025

   Audited 30 June

   2025

   Note (Rupees '000)

   Net investment in lease		104,136,245	140,894,502
   Less: Current portion of net investment in lease	13.1	(21,603,125)	(48,696,323)
   		82,533,120	92,198,179

   1. Current portion of net investment in lease includes amounts billed to customers of Rs 5,389 million (30 June 2025: Rs 33,654 million) out of which Rs 1,907 million (30 June 2025: Rs 30,226 million) is overdue on account of inter-corporate circular debt. As disclosed in note 2.3, SECP has deferred the applicability of ECL model till financial year ending on or before 31 December 2026 on debts due directly or ultimately from the GoP in consequence of the circular debt. The amount is considered to be fully recoverable as the GoP is committed, hence continuously pursuing for satisfactory settlement of inter-corporate circular debt issue. The Company has contractual right and is entitled to charge interest if lease payments are delayed beyond agreed payment terms, however, the same is recognized when received by the Company. During the year ended 30 June 2025, the Board of Directors of the Company approved the waiver of unrecognised late payment surcharge as granted by Federal Cabinet on 19 March 2025, uptil 31 December 2024 to expedite the settlement of circular debt balance.

      Unaudited 31 December

      2025

      Audited 30 June

      2025

4. TRADE DEBTS

   (Rupees '000)

   Un-secured- considered good	583,823,689	613,660,983
   Un-secured- considered doubtful	51,355	78,527
   	583,875,044	613,739,510
   Provision for doubtful trade debts	(51,355)	(78,527)
   	583,823,689	613,660,983

   1. Trade debts include overdue amount of Rs 510,971 million (30 June 2025: Rs 549,976 million) on account of inter-corporate circular debt, receivable from oil refineries, gas companies and power producers out of which Rs 262,419 million (30 June 2025: Rs 264,208 million) and Rs 235,096 million (30 June 2025: Rs 231,980 million) are overdue from related parties, Sui Northern Gas Pipeline Limited and Sui Southern Gas Company Limited respectively. The Government of Pakistan (GoP) is committed, hence continuously pursuing for satisfactory settlement of inter-corporate circular debt issue, however, the progress is slower than expected resulting in accumulation of Company's trade debts. The Company considers this amount to be fully recoverable because the Government of Pakistan has been assuming the responsibility to settle the inter-corporate circular debt in the energy sector. The Company recognizes interest /surcharge, if any, on delayed payments from customers when the interest /surcharge on delayed payments is received by the Company, also refer note

      13.1 related to waiver of late payment surcharge from UPL and Uch-II. As disclosed in note 2.3, SECP has deferred the applicability of ECL model till financial year ending on or before 31 December 2026 on financial assets due directly or ultimately from the GoP in consequence of the circular debt.

      Unaudited 31 December

      2025

      Audited 30 June

      2025

      Income tax -advance at beginning of the period /year		114,026,596	54,019,658
      Income tax paid during the period /year		71,257,106	154,678,576
      Provision for current taxation- profit or loss Tax credit related to remeasurement gain on employee retirement benefit plans -other comprehensive income	20	(35,918,146) -	(106,995,830) 12,324,192
      Income tax- advance at end of the period /year		149,365,556	114,026,596

5. INCOME TAX-ADVANCE Note (Rupees '000)

   1. Subsequent to the period ended 31 December 2025, the Federal Constitutional Court ("FCC") announced its decision via short order on 27 January 2026, regarding the constitutional challenges to the Super Tax levied under Section 4B and 4C of the Income Tax Ordinance, 2001. In its decision, the FCC held that, in respect of Exploration & Production (E&P) Companies application of section 4B and 4C by virtue of Rules 4AA and 4B of the Fifth Schedule (the Schedule) will not apply to the petroleum income arising to E&P Companies if it's application does not result in exceeding the aggregate rate of taxes provided in the Schedule and their respective PCAs. The Company has maintained a provision of Rs. 87,607 million on account of super tax on petroleum income. Pending final determination of the matter and detailed judgment on the matter by FCC, management believes that impact of the judgement on the Company can not be currently determined and accordingly no adjustments have been incorporated in these interim financial statements in this respect.

Three months ended 31 December Six months ended 31 December

2025

2024

2025

2024

1. SALES - net

   Gross sales Crude oil Natural gas

   Liquefied petroleum gas Sulphur

   Government levies General sales tax Petroleum levy Excise duty

   (Rupees '000)

   89,559,411 106,062,953 20,116,952 272,676

   216,011,992

   (21,754,328) (545,738) (882,032)

   (23,182,098)

   192,829,894

   47,276,578

   52,474,136

   12,412,669

   279,767

   112,443,150

   (11,284,980)

   (273,396)

   (472,550)

(12,030,926)

100,412,224

98,554,683

109,256,569

23,625,893

344,313

231,781,458

(25,358,239)

206,423,219

1. 1. As detailed in note 27.1 to the annual financial statements of the Company for the year ended 30 June 2025, the Company along with other joint operation partners has challenged the applicability of Windfall Levy on Oil /Condensate (WLO) against the backdrop of supplemental agreements already executed pursuant to Petroleum Policy (PP) 2012 in the Honorable Islamabad High Court which has granted stay order till next date of hearing against the Council of Common Interests (CCI) decision dated 24 November 2017 on imposition of WLO. The Company on the advice of its legal counsel is confident that it has sound grounds to defend the aforesaid issue in the Court and that the issue will be decided in favour of the Company.

      The cumulative past benefit accrued and recorded in the financial statements by the Company upto 23 November 2017 in the form of revenue and profit after tax is Rs 8,550 million and Rs 4,426 million respectively. However, without prejudice to the Company's stance in the Court case, revenue of Rs 47,811 million (30 June 2025: Rs 44,899 million) related to gas price incentive against the supplemental agreements has been set aside on a point forward basis effective 24 November 2017 (the date of decision of CCI).

   2. Gas Sale Agreement (GSA) in respect of Kunnar Pasakhi Deep (KPD) fields between the Company and Sui Southern Gas Company Limited has been finalized between the parties on 12 July 2024 and the final approval of the MoE is pending. Adjustments on finalization of GSA had been incorporated in the financial statements for the year ended 30 June 2025.

   3. In prior year, MoE had approved formula for wellhead price of gas sale from Nur-Bagla field and the Company had applied, on 19 July 2024 by paying wellhead gas price application fee, to OGRA for notification of price of gas. Thereafter, OGRA vide letter dated 13 November 2024 appraised that the Authority is empowered to determine the well-head gas prices for the producers of natural gas in accordance with the relevant agreements or contracts to notify the same in the official gazette. Therefore, the Company filed a draft Gas Pricing Agreement (GPA) of Nur-Bagla on 3 December, 2024 before the MoE for approval. After the approval by MoE, the same shall be submitted to OGRA for the notification of well-head gas price of Nur-Bagla. Currently the sales revenue is being recognised as per price applicable according to the formula approved by the MoE. The management expects that there will be no material differences in the gas price to be notified by OGRA.

      Three months ended 31 December Six months ended 31 December

2. FINANCE AND OTHER INCOME

   Investments and bank deposits	4,285,916	8,506,162	8,874,220	19,911,766
   Finance income- lease	4,414,106	4,919,726	8,978,191	9,967,342
   Delayed payments surcharge from customers	-	2,559,806	-	8,503,459
   Unwinding of Loss on modification
   in terms of TFCs 12.2	2,679,797	3,531,183	6,307,765	7,042,548
   Dividend income from investment at	13,297	-
   fair value through profit or loss			13,297	-
   Investments at fair value through profit or loss:
   Un-realized gain	776,794	227,923	936,158	249,716
   Realized gain	943,351	-	943,351	-
   Exchange loss -net	742,624	374,271	(395,308)	(192,317)
   Contract renewal fee 18.1	290,478	261,035	540,034	522,070
   Income on account of liquidated damages	595,439	173,334	703,790	242,242
   Others	11,058	301,956	36,057	335,458
   	14,752,860	20,855,396	26,937,555	46,582,284

   Interest income on:

   Note

   2025 2024

   2025 2024

   (Rupees '000)

   1. This represents income recognized on account of contract renewal fee in respect of allocation of LPG quota.

3. FINAL TAXES -LEVIES

This represents final taxes paid under section 5 of Income Tax Ordinance, 2001 (ITO), representing levy in terms of requirements of IFRIC 21/IAS 37.

Three months ended 31 December Six months ended 31 December

2025 2024 2025 2024

(Rupees '000)

20.1 Also refer note 15.1 to these interim financial statements.

Three months ended 31 December Six months ended 31 December

1. EARNINGS PER SHARE-BASIC AND DILUTED

   Profit for the period (Rupees '000)

   Average number of shares outstanding during the period ('000)

   Earnings per share-basic (Rupees)

   2025 2024

   34,714,402

   4,300,928

   8.07

   41,436,755

   4,300,928

   9.63

   2025 2024

   73,019,248

   4,300,928

   16.98

   82,456,666

   4,300,928

   19.17

   There is no dilutive effect on the earnings per share of the Company.

2. FAIR VALUE HIERARCHY

   The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

   Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

   Level 2: inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

   Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

   Level 1 Level 2 Level 3

   Financial assets measured at fair value through profit & loss Other financial assets- Mutual Funds
   31 December 2025	39,704,678	-		-
   30 June 2025	600,772	-		-

   (Rupees '000)

   Six months ended 31 December

   2025 2024

3. Cash and Cash Equivalents (Rupees '000)

   Cash and bank balances

   Short term highly liquid investments- Term deposits

   11,442,418 204,427,688

   215,870,106

   27,039,401

   235,249,156

   262,288,557

4. RELATED PARTIES TRANSACTIONS

   Government of Pakistan owns 74.97% (30 June 2025: 74.97%) shares of the Company. In 2022, the Honorable Supreme Court of Pakistan declared the Benazir Employees' Stock Option Scheme ultra vires. Accordingly, the shares currently held by OGDC Employees' Empowerment Trust (OEET) 10.05% (30 June 2025: 10.05%) will be transferred back to the GoP, and GoP holding will be increased. Therefore, all entities owned and controlled by the Government of Pakistan are related parties of the Company. Other related parties comprise associates, major shareholders, directors, companies with common directorship, key management personnel, OGDC employees empowerment trust, employees pension trust and gratuity fund. The Company in normal course of business pays for airfare, electricity, telephone, gas, yield analysis required under Petroleum Concession Agreements and make regulatory payments to entities controlled by the GoP which are not material, hence not disclosed in these interim financial statements. Transactions with related parties other than disclosed below are disclosed in relevant notes to these interim financial statements. Transactions of the Company with related parties and balances outstanding at period end are as follows:

   Six months ended 31 December

   2025 2024

   (Rupees '000)

   OREL- Subsidiary company- 100% shareholding of the Company and common directorship
   Cost of investment	100	-
   Payable as at 31 December	-	100
   Receivable as at 31 December	1,100	-
   MEL- Associated company- 20% shareholding of the Company and common directorship
   Share of profit in associate	5,735,451	6,093,306
   Share of other comprehensive income of the associate- net of taxation	(27,748)	(3,530)
   Dividend received	5,167,279	3,545,394
   Expenditure charged by joint operations partner- net	(3,848,287)	(2,295,686)
   Cash calls paid /(received) to joint operations partner- net	1,369,115	(1,959,499)
   Share (various fields) payable as at 31 December	3,633,710	1,920,579
   Share (various fields) receivable as at 31 December	787,030	167,624
   PIOL- Associated company- 25% shareholding of the Company and common directorship
   Share of (loss) in associate	(223,666)	(185,421)
   Share of other comprehensive (loss) /income	(258,946)	8,500
   PMPL- Associated company- 33.33% shareholding of the Company and common directorship
   Cost of investment made during the period	14,071,891	5,370,389
   Share of loss in associate	(341,537)	(1,255,903)
   Share of other comprehensive (loss) /income	(619,031)	33,608
   Major shareholders
   Government of Pakistan (74.97% share holding) Dividend paid	28,341,867	23,340,360
   Dividend paid- Privatization Commission of Pakistan	2,740,918	2,257,226
   OGDC Employees' Empowerment Trust (10.05% share holding) Dividend paid to GoP on behalf of OEET	-	20,000,000
   Dividend withheld	-	20,870,881
   Related parties by virtue of the GoP holdings and /or common directorship
   Sui Northern Gas Pipelines Limited Sale of natural gas	45,144,112	50,312,856
   Trade debts as at 31 December	282,185,806	261,360,146
   Pakistan State Oil Company Limited Sale of liquefied petroleum gas	947,364	602,001
   Purchase of petroleum, oil and lubricants	4,505,206	3,874,902
   Payable as at 31 December	40,954	44,183
   Advance against sale of LPG as at 31 December	112,806	177,704
   Pakistan Petroleum Limited Expenditure charged to /(by) joint operations partner- net	1,664,907	684,080
   Cash calls received joint operations partner- net	(1,445,188)	(1,271,110)
   Share (various fields) receivable as at 31 December	2,144,532	2,621,152
   Share (various fields) payable as at 31 December	2,122,003	1,694,310

   Six months ended 31 December

   2025 2024

   (Rupees '000)

   RELATED PARTIES TRANSACTIONS- continued
   Pak Arab Refinery Company Limited Sale of crude oil	4,338,537	6,781,553
   Trade debts as at 31 December	2,340,754	1,779,089
   PARCO Pearl Gas (Private) Limited Sale of liquefied petroleum gas	310,571	424,604
   Advance against sale of LPG as at 31 December	6,377	50,457
   Pakistan Refinery Limited Sale of crude oil	6,745,027	8,104,713
   Trade debts as at 31 December	5,671,950	7,413,328
   Khyber Pakhtunkhwa Oil & Gas Company (KPOGCL) Expenditure charged to joint operations partner	23,989	40,293
   Cash calls received from joint operations partner	15,834	802,227
   Share (various fields) receivable as at 31 December	23,083	148,523
   Sindh Energy Holding Company Limited (SEHCL) Expenditure charged to joint operations partner	420	1,786
   Share (various fields) payable as at 31 December	-	397
   Share (various fields) receivable as at 31 December	2,859	-
   Sui Southern Gas Company Limited Sale of natural gas	24,816,242	25,519,429
   Sale of liquefied petroleum gas	507,168	598,585
   Trade debts as at 31 December	246,216,618	250,017,212
   Advance against sale of LPG as at 31 December	20,057	69,069
   Sui Southern Gas Company LPG (Pvt) Limited Sale of liquefied petroleum gas	-	703
   Advance against sale of LPG as at 31 December	98,642	16,502
   Government Holdings (Private) Limited (GHPL) Expenditure charged to joint operations partner	1,948,245	1,999,692
   Cash calls (paid to) /received from joint operations partner	(2,904,095)	2,123,669
   Share (various fields) receivable as at 31 December	2,522,331	3,366,646
   Share (various fields) payable as at 31 December	591,807	1,217,896
   National Investment Trust Investment as at 31 December	4,937,539	637,004
   National Bank of Pakistan Balance at bank as at 31 December	799,636	2,447,451
   Balance of investment in TDRs (including accrued interest) as at 31 December	111,617,240	96,436,663
   Interest earned	3,737,923	5,322,868
   Power Holding Limited (PHL) Balance of mark-up receivable on TFCs as at 31 December	44,059,817	76,651,958
   National Insurance Company Limited Insurance premium paid	32,741	1,247,006
   Payable as at 31 December	426,560	189

   RELATED PARTIES TRANSACTIONS- continued
   National Logistic Cell Crude transportation charges paid	864,378	979,319
   Payable as at 31 December	524,000	473,774
   Enar Petrotech Services Limited Consultancy services	29,438	17,634
   Enar Petroleum Refining Facility Sale of crude oil	19,184,931	16,779,154
   Receivable as at 31 December	6,254,472	5,943,728
   Other related parties Contribution to pension fund	6,096,042	11,355,494
   Contribution to gratuity fund	1,049,229	-
   Remuneration including benefits and perquisites of key management personnel	915,224	671,028

5. DISCLOSURE REQUIREMENT FOR COMPANIES NOT ENGAGED IN SHARIAH NON-PERMISSBILE BUSINESS ACTIVITIES

   Following information has been disclosed as required under amended part I clause VII of Fourth Schedule to the Companies Act, 2017 as amended via S.R.O.1278 (I) /2024 dated 15 August 2024.

   Unaudited 31 December

   2025

   Audited 30 June

   2025

   Condensed interim statement of financial position

   Note (Rupees '000)

   Description	Explanation
   Long term investments Investments in subsidiary and associates	Shariah compliant	11	150,809,370	137,640,235
   Bank deposits, bank balances and TDRs	Shariah compliant		2,603,573	11,117,997
   Investment in mutual funds	Shariah compliant	16	5,704,499	-

   Condensed interim statement of profit or loss

   Description

   Sales -net

   Delayed payments surcharge from customers Share of profit in associates -net of taxation Interest income on:

   Investments and bank deposits

   Exchange gain /(loss)on actual currency

   Sources and detailed breakup of other income Finance income -lease

   Unwinding of Loss on modification in terms of TFCs

   Dividend income from investment at fair value through profit or loss

   Un-realized gain /(loss) on investments at fair value through profit or loss

   Contract renewal fee

   Gain on disposal of property, plant and equipment Gain on disposal of stores, spare parts and loose tools Income on account of liquidated damages

   Others

   Explanation

   Shariah compliant Non-shariah Shariah compliant

   Non-shariah Shariah compliant

   Shariah compliant Non-shariah

   Shariah compliant Non-shariah

   Shariah compliant Non-shariah

   Shariah compliant Non-shariah

   Shariah compliant Shariah compliant Shariah compliant Non-shariah Shariah compliant

   Note

   17

   18

   18

   18

   18

   18

   18

   18

   18

   18

   18

   18

   (Rupees '000)

   192,829,894 -5,170,248
   8,836,956 37,264
   8,874,220
   1,212,851 (1,608,159)
   (395,308) 8,978,191 6,307,765
   13,272 25
   13,297
   248,640 687,518
   936,158 540,034 32,544 25,303 703,790 (21,790)

   206,423,219

   8,503,459

   4,651,982

   19,527,404

   384,362

   19,911,766

   (282,878)

   90,561

   (192,317)

   9,967,342

   7,042,548

   -

   -

   -

   -249,716

   249,716

   522,070

   6,637

   275,033

   242,242

   53,788

6. RISK MANAGEMENT

   Financial risk management objectives and policies are consistent with that disclosed in the annual audited financial statements for the year ended 30 June 2025.

7. NON ADJUSTING EVENT AFTER REPORTING DATE

   1. The Board of Directors approved interim cash dividend at the rate of Rs. 4.25 per share amounting to Rs 18,279 million in its meeting held on 23 February 2026.

8. GENERAL

   Figures have been rounded off to the nearest thousand of rupees, unless otherwise stated.

9. DATE OF AUTHORIZATION FOR ISSUE

These interim financial statements were authorized for issue on 23 February 2026 by the Board of Directors of the Company.

For The Six Months Ended 31 December 2025