ONGC Q1 net profit dips 3.9% on lower oil price, production

ONGC

NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported a 3.9% decline in net profit for June quarter as it faced a double whammy of falling oil prices and declining production.

Net profit during April-June stood at ?5,904 crore, 3.9 per cent lower than ?6,144 crore in the year-ago period, the company said in a statement.

Revenue fell 2.4% to ?26,555 crore.

ONGC got $66.30 for every barrel of crude oil produced and sold, down 7.3% from $71.49 a barrel net realisation in April-June 2018.

However, natural gas price realisation was up by a fifth to $3.69 per million British thermal unit.

ONGC said oil production dropped 4.7% to 4.8 million tonnes as its ageing fields faced natural decline.

Natural gas production, however, rose nearly 4% to 6.15 billion cubic metres.

The nation’s top oil and gas producer said it made four discoveries during the first quarter of the current fiscal. These include a gas discovery in Tripura.

News Source: livemint

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