ONGC Q1 net falls 3.9% to ₹5,904 crore

Our Bureau New Delhi | Updated on August 13, 2019 Published on August 13, 2019

Oil and Natural Gas Corporation (ONGC) has reported a 3.90 per cent decline in standalone net profit at ₹5,904.25 crore for the first quarter of financial year 2019-2020 as against ₹6,143.88 crore in the same quarter of the financial year 2018-19.

The company reported a 3.7 per cent increase in gas production at 6.420 billion cubic metres (bcm) and a 5.6 per cent decline in crude oil production at 5.869 million tonnes (mt).

Total income during the quarter under review stood at ₹27,302.24 crore, 2.01 per cent lower than the ₹27,862.71 crore in the comparable quarter of the financial year 2018-19.

The net realisation (price at which the company sold the product) for crude oil from nominated fields stood 7.3 per cent lower at $ 66.30 a barrel. Net realisation for crude oil from joint venture fields stood 1.8 per cent lower at $ 66.78 a barrel. The company sold natural gas at $ 3.69 per million British thermal units, 20.6 per cent higher than the price it was allowed in the same quarter of the preceding fiscal.

The company said that it has made four discoveries in the quarter under review. Shares of the company closed 1.72 per cent lower at ₹ 128.30 a scrip on the BSE.

Published on August 13, 2019
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