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ONGC's Net Profit Declines by 4% in Q1 2019

Gasoil News - Published on Fri, 16 Aug 2019

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Oil and Natural Gas Corporation, the country’s largest producer of oil and gas today posted a 4 per cent decline in net profit at INR 5,904 crore for the first quarter ended June 2019 on the back of lower crude oil production and realization. ONGC posted a net profit of INR 6,144 crore during the corresponding quarter ended June 2018. The company’s revenue from operations for the quarter declined 2.41 per cent to INR 26,555 crore.

ONGC’s crude oil price realization from nomination fields declined 7.3 per cent to USD 66.30 per barrel during the first quarter ended June 2019, as compared to $71.49 per barrel recorded in the corresponding quarter a year ago. The company’s total crude oil production during the June 2019 quarter declined 5.6 per cent to 5.86 Million Tonne as compared to 6.21 MT recorded in the corresponding quarter.

The upstream player’s total natural gas production increased 3.7 per cent to 6.42 Billion Cubic Meter during the first quarter as compared to 6.19 BCM produced in the corresponding quarter a year ago.

The company’s gas price realization during the quarter ended June 2019 increased 20.6 per cent to $3.69 Million British Thermal Units on Gross Calorific Value basis as compared to USD 3.06 MMBTU recorded in the same quarter last fiscal.

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Posted By : Sanju Moirangthem on Fri, 16 Aug 2019
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