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Rs 186 million in Makori Deep. Decommissioning
cost was increased by Rs 174 million due
to additional decommissioning liability of
Pindori-10, Adhi, Adhi South & Makori Deep
wells. Decommissioning cost also increased by Rs
279 million due to revision in decommissioning
estimates. Further amortization of development &
decommissioning cost during the period is Rs 2,619
million which is net-off by Rs 209 million reversal
due to revision in decommissioning estimates.
Exploration and Evaluation of Assets of Rs 2,721
million were incurred. It consists of Rs 1,389 million
at Balkassar, Rs 380 million at DG. Khan and Rs
1,005 million at Mamikhel South.
Non-Current Liabilities:
Provision for deferred income tax increased by
Rs 693 million and increase in decommissioning
liability by Rs 2,278 million.
Analysis of Cash Flow Statement
Operating activities:
A total of Rs 35,761 million was available as cash and
cash equivalents at the beginning of the year. Cash
generated from operations in 2020 higher by 8.6%
to Rs 23,263 million (2019: Rs 21,425 million).
Investing activities:
A total of Rs 2,706 million cash was used on
investing activities (2019: Rs 137 million) which
consists outlay for addition in fixed assets of Rs
6,737 million. It was reduced by inflow from income
on bank deposits by Rs 3,061 million, redemption of
mutual funds Rs 807 million and dividend income of
Rs 155 million.
Financing activities:
Rs 14,170 million of cash were used in financing
activities related to payment of dividends. The cash
balance includes effect of exchange rate changes
of Rs 900 million during the year. Cash and cash
equivalents at the end of year 2020 was Rs 43,048
million (2019: Rs 43,048 million).
Analysis of variation in interim
results as compared to full year
results
Production volumes were higher in Q-1, Q-2, Q-3, as
compared to Q-4. The lower production in Q-4 was
mainly due to COVID-19 as TAL Block production
remained shut down during the month of
April 2020.
Price showed a decreasing trend in Q-4 because
of decrease in international crude oil prices due to
COVID-19.
Gas volumes and prices were on increasing trend
except Q-4.
Net sales were decreased by 12.5% due to decrease
in international crude oil price because of COVID-19.
This decrease was offset against lower cost of sales,
exploration and finance cost. Profit after tax of Rs
16,376 million (2019: Rs16,872 million)
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PAKISTANOILFIELDS LIMITED