OGDC Dividend History: Payouts by Year, Quarter and Payout Ratio

Oil and Gas Development Company (OGDC) declared Rs 17.00 per share in dividends for its fiscal year to 30 June 2026: three interims totalling Rs 11.00 and a final of Rs 6.00, or 170% of the Rs 10 face value. That is the highest yearly total in the 11 years shown here. On 30 October 2026 it added a first interim of Rs 5.00 for FY2027. This guide sets out the OGDC dividend history from the company's own filings, explains how each dividend is announced and paid, and shows why OGDC pays out only part of its profit.

Key takeaways

• OGDC's fiscal year runs from July to June. Dividends declared for the year were Rs 17.00 a share in FY2026, Rs 15.05 in FY2025, Rs 10.10 in FY2024 and Rs 8.55 in FY2023. Ten years earlier, in FY2016, the total was Rs 5.20.
• A dividend quoted in percent is the rupee amount divided by the Rs 10 face value: Rs 6.00 is 60%. It is not a yield.
• OGDC pays out a modest share of its earnings: between 16% and 55% of earnings per share (EPS) in every year from FY2016 to FY2026, and 30% of FY2026 EPS of Rs 56.35.
• FY2026 profit included a one-off Rs 50.8 billion reversal of super tax booked in earlier years. Leave it out and the payout ratio would have been about 38%.
• At 30 June 2026 customers owed OGDC Rs 594.8 billion, of which Rs 508.2 billion was overdue because of Pakistan's circular debt. That is more than seven times the Rs 68.8 billion of dividends OGDC distributed during the year.

What OGDC does and how it makes money

OGDC explores for and produces crude oil, natural gas and liquefied petroleum gas (LPG) in Pakistan. It was incorporated in 1997 to take over the business of the Oil and Gas Development Corporation, a state body set up in 1961. Its shares trade on the Pakistan Stock Exchange (PSX), and its global depositary shares, each worth 10 ordinary shares, are listed in London.

The state is the controlling shareholder. The federal government held 74.97% at 30 June 2026. On 8 July 2026 the 10.05% stake held by the OGDCL Employees Empowerment Trust was transferred back to the government under a 2022 Supreme Court decision, taking government holdings to 85.02%. The PSX lists the free float at 15%.

OGDC describes itself as the largest exploration and production company in the country. In FY2026 it supplied 51% of Pakistan's crude oil output, 28% of its gas and 33% of its LPG, and at 31 December 2025 it held 53% of national oil reserves and 31% of gas reserves. Its customers are refineries, the two main gas utilities and power producers.

Net sales in FY2026 were Rs 449.2 billion. In the company's November 2026 briefing, crude oil made up 49% of net sales, gas 42%, and LPG and sulphur 9%. OGDC notes that its oil and gas prices are linked to the US dollar, so results move with world oil prices and the rupee. Its average realized oil price was US$67.74 a barrel in FY2026, against US$60.83 in FY2025, and gas sold for an average of Rs 768.38 per thousand cubic feet. Our energy sector guide explains how producers like this make money, and the Brent crude page tracks the oil benchmark.

How to read an OGDC dividend announcement

OGDC announces each dividend in a "Financial Results" letter to the PSX on the day its board approves the accounts. On 4 September 2026, for example, the board recommended a final cash dividend for FY2026 of "Rs 6/- per share i.e. 60 percent", in addition to Rs 11.00 (110%) of interims already paid.

The percentage is always of the face value, or par value, which is Rs 10 for OGDC. Rs 6 is therefore 60%, and the FY2026 total of Rs 17 is 170%. Because the shares trade far above Rs 10, the percentage tells you nothing about the return on the price you pay; for that, see our guide to dividend yield.

The same letter sets the dates that decide who is paid:

• Record date: shareholders on the register at the close of business on this date are entitled. For the FY2026 final it was 8 October 2026.
• Book closure: days on which the share registrar records no transfers, here 9 to 16 October 2026.
• AGM approval: interims are paid on the board's decision, while a final is recommended by the board and approved by shareholders at the annual general meeting (AGM), held on 16 October 2026.
• Credit: OGDC told the PSX on 29 October 2026 that the final had been credited to shareholders' bank accounts that day.

To be on the register by the record date, a buyer has to purchase before the stock goes ex-dividend, because trades take time to settle. The PSX quote page shows an "XD" tag next to a stock trading ex-dividend. Our explainer on ex-dividend and record dates covers the mechanics.

Worked example: 1,000 shares and withholding tax

OGDC's notice of its 29th AGM, dated 24 September 2026, set withholding tax on dividends at 15% for filers, meaning shareholders on the Federal Board of Revenue's active taxpayers list (ATL), and 30% for non-filers. For 1,000 shares on the register on 8 October 2026:

• Gross final dividend: 1,000 x Rs 6.00 = Rs 6,000.
• On the ATL: Rs 900 withheld, Rs 5,100 credited.
• Not on the ATL: Rs 1,800 withheld, Rs 4,200 credited.

Under section 242 of the Companies Act 2017, a listed company may pay cash dividends only into the shareholder's designated bank account. OGDC's credit notice asked shareholders without a valid International Bank Account Number (IBAN) on file to send one to its registrar, CDC Share Registrar Services.

OGDC dividend history by fiscal year

The table counts the dividends declared for each fiscal year: the interims declared during the year plus the final recommended after it closes. Figures for FY2016 to FY2020 come from the six-year table in OGDC's 2020-21 annual report, and later years from the 2025-26 report. EPS is on OGDC's separate accounts, and the payout ratio is as the company reports it.

The record falls into three phases. From FY2016 to FY2019 the dividend more than doubled, from Rs 5.20 to Rs 11.00. In FY2020 it dropped to Rs 6.75 and stayed between Rs 6.75 and Rs 8.55 for four years, even though EPS rose to Rs 52.23 in FY2023 and the payout fell to 16%. Over the same years the time OGDC took to collect from customers lengthened: its debtor turnover rose from 249 days in FY2019 to 449 days in FY2021. Since FY2024 the dividend has climbed again, to Rs 17.00 in FY2026.

OGDC's share count has not changed in this period: share capital stayed at Rs 43.01 billion, or 4,300,928,400 shares, from FY2016 to FY2026. With no bonus shares or rights issues to adjust for, the per-share amounts in the table compare directly.

Every OGDC dividend since FY2023, quarter by quarter

OGDC normally pays three interims, with its September, December and March quarter results, and a final with its annual results. The first interim covers July to September.

Two patterns stand out. The final has been the largest payment of each year, and the third interim has been smaller than the second in all four complete years. The Rs 6.00 final for FY2026 was, in the company's words, the highest dividend it had ever announced, and the Rs 5.00 first interim for FY2027 the highest it had declared for a first quarter.

Recent announcements with dates

The results behind the dividend

Two years need explaining. In FY2025 sales fell 13.5%, which OGDC put down mainly to forced production curtailment, worth Rs 43.5 billion of lost sales, and a lower oil price, while the tax charge rose; that year included Rs 12.8 billion of tax on bonus shares issued by Mari Energies, an associated company.

In FY2026 profit before tax actually fell, to Rs 259.16 billion, yet profit after tax jumped 43% to Rs 242.37 billion. The difference is tax. Pakistan's Federal Constitutional Court ruled on 27 January 2026 (detailed order 29 April 2026) that super tax cannot push an exploration company's total tax above the rate set in its petroleum concession agreements. OGDC then reversed Rs 50.8 billion of tax provided in earlier years, and its total tax charge for FY2026 was only Rs 16.8 billion. By our arithmetic, that write-back is worth about Rs 11.80 a share, so EPS without it would have been roughly Rs 44.55.

The fourth quarter of FY2026 is the full year minus the nine months reported in April, and it carries the tax reversal. It also had the highest oil price of the year: OGDC's briefing put the average realized price at US$91.52 a barrel in that quarter, against US$57.61 in the first. In the first quarter of FY2027, sales rose 38% and profit 53% from a year earlier, on a realized oil price of US$74.90 and higher volumes. Average net crude output was 35,494 barrels a day against 31,315. Forced curtailment by the gas utilities still cost an estimated Rs 9.7 billion of sales in the quarter.

Payout ratio and dividend policy

The payout ratio is the share of earnings paid out as dividends; our payout ratio guide explains how to read it. OGDC's ratio has stayed well below half of earnings in recent years: 16% in FY2023, 21% in FY2024, 38% in FY2025 and 30% in FY2026. On FY2026 earnings without the tax write-back, the Rs 17.00 dividend would equal about 38% of EPS.

The 2025-26 annual report does not set a target payout. It says OGDC aims for a balanced and sustainable dividend policy that weighs shareholder returns against the money needed for its long-term priorities. In setting the level and timing of dividends, the board considers financial performance, capital structure, expected cash needs, liquidity, and capital and operating spending plans. The board recommends the final for approval at the AGM and may declare interims during the year.

The first interim for FY2027, Rs 5.00, was 37% of first-quarter EPS of Rs 13.60. A year earlier the first interim, Rs 3.50, was 39% of EPS of Rs 8.91.

Cash, receivables and debt in plain words

OGDC reports no borrowings. At 30 June 2026 its cash and cash equivalents, which in its cash flow statement include short-term investments, were Rs 291.1 billion, up from Rs 204.9 billion a year earlier, and they reached Rs 321.5 billion by 30 September 2026. Net cash from operating activities was Rs 160.6 billion in FY2026, against Rs 40.8 billion in FY2025.

The weak point is collection. Trade debts were Rs 594.8 billion at 30 June 2026, of which Rs 508.2 billion was overdue on account of inter-corporate circular debt, the chain of unpaid bills that runs through Pakistan's energy sector. Rs 251.4 billion of the overdue amount was owed by Sui Northern Gas Pipelines and Rs 241.5 billion by Sui Southern Gas. OGDC treats the amounts as fully recoverable because the government has assumed responsibility for settling circular debt, but it says progress has been slower than expected. Its debtor turnover was 441 days in FY2026.

FY2026 brought some recoveries. OGDC received Rs 89.5 billion for its Uch field through a one-time settlement with the Central Power Purchasing Agency and Rs 92.7 billion of interest on term finance certificates from Power Holding Limited, under the government's circular debt plan. OGDC announced the twelfth and final of those interest payments on 24 June 2026. In the first quarter of FY2027 the company reported a 100% collection rate.

Spending plans also compete for cash. For FY2027 OGDC plans to drill 33 wells and estimates net capital expenditure at Rs 156.1 billion. It has also committed US$715 million, including financing costs, as its share of funding for the Reko Diq copper and gold project, a commitment shareholders endorsed in September 2025. The project's operator has since said the cost and timelines may change.

When OGDC announces dividends

OGDC's board meets after each quarter, and each dividend is announced with the results. Recent meetings were on 29 October 2025 and 30 October 2026 for the September quarter, 23 February 2026 for the half-year, 29 April 2025 and 29 April 2026 for the March quarter, and 23 September 2025 and 4 September 2026 for the full year. The AGM that approves the final has been held in October.

As of 14 November 2026 OGDC had not announced the date of the board meeting for the half-year to 31 December 2026, at which a second interim for FY2027 would normally be considered. It usually notifies the PSX of a board meeting about a week ahead, as it did on 23 October 2026 for the meeting of 30 October. The dividends section of the OGDC stock page lists each past payment by ex-dividend date and showed no next date as of 14 November 2026. Other PSX companies are on our Pakistan market page.

How StocksXray scores OGDC

OGDC closed at Rs 315.87 on 13 November 2026. The current price is on the OGDC stock page and the long-run history on the interactive OGDC chart.

On that date our Market X-Ray scored OGDC 74 out of 100, ranking it 43rd of 568 PSX stocks with high confidence. For Pakistan the X-Ray is price-based: it describes how the stock has traded, not how healthy the business is. The parts scored trend 66, momentum 60, stability 83, liquidity 97 and income 67. How the X-Ray Score works explains each part, and the OGDC research report shows the numbers behind them.

The stock page also shows a rough fair-value estimate built from PSX income-statement data only. On 14 November 2026 it was Rs 356.42, the average of three models ranging from Rs 328.19 to Rs 377.69, labelled "Fair" with high model uncertainty. It is a rough model output with wide error bands, not a view on where the shares are heading.

Turning the history into a yield

A yield divides a year of dividends by the share price. The four OGDC dividends with record dates in the 12 months to 13 November 2026 were Rs 4.25, Rs 3.25, Rs 6.00 and Rs 5.00, a total of Rs 18.50. Against the Rs 315.87 close, that is a trailing yield of 5.9%. The FY2026 total of Rs 17.00 gives 5.4%. Both look backward and change with every price move and declaration. Overseas readers can convert rupee amounts with our USD to PKR converter, and the KSE-100 index page and Pakistan economy page give the market context.

Risks OGDC itself lists

The risk and opportunity report in OGDC's 2025-26 annual report, and the notes to its accounts, highlight these:

• Production curtailment. Gas buyers taking less than OGDC can produce cut output and revenue. The company put the loss at Rs 65.4 billion of sales in FY2026.
• Circular debt and credit risk. Overdue receivables from gas utilities, refineries and power producers tie up cash. Accounting relief from expected credit loss rules applies only to financial years ending by 31 December 2026, and OGDC has asked the regulator to extend it.
• Oil prices and the rupee. Lower world oil prices, or a stronger rupee against the dollar, reduce revenue and profit.
• Reserves and exploration. Mature fields decline, recoverable reserves may differ from estimates, and new discoveries cannot be assured.
• Security and operations. Insecurity in some areas has disrupted seismic work, and well blowouts, equipment failures or spills can stop production.
• Regulation and tax. Changes in petroleum policy or tax law can affect results, and OGDC is contesting several tax demands.

Common mistakes when reading OGDC dividend data

• Treating the percentage as a yield. 60% means Rs 6 on a Rs 10 face value, not 60% of a share price above Rs 300.
• Mixing fiscal and calendar years. FY2026 runs from July 2025 to June 2026, and its final was paid in October 2026.
• Reading FY2026 payout without the tax reversal. The 30% payout rests on EPS lifted by a one-off Rs 50.8 billion tax write-back.
• Assuming profit equals cash. Hundreds of billions of rupees of OGDC's sales sit in overdue receivables.
• Forgetting withholding tax. The amount credited is 15% or 30% lower than the gross figure.

Frequently asked questions

What is OGDC's dividend history? OGDC declared Rs 5.20 per share for FY2016, Rs 6.00 for FY2017, Rs 10.00 for FY2018 and Rs 11.00 for FY2019. It then paid Rs 6.75 (FY2020), Rs 6.90 (FY2021), Rs 7.25 (FY2022), Rs 8.55 (FY2023), Rs 10.10 (FY2024), Rs 15.05 (FY2025) and Rs 17.00 (FY2026). Its fiscal year ends on 30 June.

How much dividend did OGDC pay for FY2026? OGDC declared Rs 17.00 per share for the year to 30 June 2026, or 170% of the Rs 10 face value. That was interims of Rs 3.50, Rs 4.25 and Rs 3.25 and a final of Rs 6.00, which shareholders approved at the AGM on 16 October 2026 and which was credited on 29 October 2026.

What is the latest OGDC dividend? On 30 October 2026 OGDC's board declared an interim cash dividend of Rs 5.00 per share (50%) for the quarter ended 30 September 2026, the first for FY2027. Shareholders on the register on 10 November 2026 were entitled, and the share transfer books were closed on 11 and 12 November 2026.

When does OGDC pay dividends? OGDC declares interims with its results for the September, December and March quarters, usually in late October, late February and late April. The final is recommended with the annual results in September and approved at the AGM in October. As of 14 November 2026 the next board meeting date had not been announced.

How is the OGDC dividend percentage calculated? It is the dividend in rupees divided by the Rs 10 face value of one share. Rs 5.00 is 50% and Rs 17.00 is 170%. It does not tell you the dividend yield, which compares the dividend with the market price.

Why is OGDC's payout ratio low? OGDC paid out between 16% and 55% of EPS from FY2016 to FY2026. Its annual report sets no target and says the board weighs shareholder returns against the company's financial position and investment needs. Its reports also show Rs 508.2 billion of overdue receivables at 30 June 2026 linked to circular debt, which ties up cash that profit figures do not.

How much tax is deducted from OGDC dividends? According to OGDC's AGM notice of 24 September 2026, tax is withheld at 15% for filers on the active taxpayers list and 30% for non-filers. The rates come from section 150 of the Income Tax Ordinance 2001 and can change.

Sources and data notes

• OGDC Annual Report 2026 (six-year performance, directors' report, dividend approach, risk report, notes on trade debts and taxation): https://dps.psx.com.pk/download/document/283468.pdf
• OGDC Annual Report 2021 (six-year performance FY2016 to FY2021): https://financials.psx.com.pk/lib/DownloadPDF.php?id=173628
• OGDC annual reports 2024 and 2025 (dividends by interim and final): https://financials.psx.com.pk/lib/DownloadPDF.php?id=238425 and https://financials.psx.com.pk/lib/DownloadPDF.php?id=261312
• OGDC results notices to PSX, 4 September 2026 and 30 October 2026, and first quarterly report 2026-27: https://dps.psx.com.pk/download/document/282260.pdf, https://dps.psx.com.pk/download/document/287865.pdf and https://dps.psx.com.pk/download/document/288050.pdf
• OGDC notice of 29th AGM and credit of final cash dividend: https://dps.psx.com.pk/download/document/283329.pdf and https://dps.psx.com.pk/download/document/287614.pdf
• OGDC results announcements for FY2025 and FY2026 as filed with the London Stock Exchange: https://www.investegate.co.uk/company/OGDC
• OGDC corporate briefing, November 2026: https://dps.psx.com.pk/download/document/288709.pdf
• PSX company page for OGDC: https://dps.psx.com.pk/company/OGDC
• Per-share figures are on OGDC's separate accounts. Prices and X-Ray scores are dated and will change; this article does not cover dividends declared after 14 November 2026.

Educational information, not financial advice.