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BENGALURU: State-run Oil and Natural Gas Corp (ONGC) on Friday posted a more than 20% drop in second-quarter profit, dragged down by lower prices for crude oil.
Crude prices have fallen more than 35% from their peak in the September quarter last year amid economic uncertainties and easing concerns over supply. The company’s profit fell to Rs 10,216 crore ($1.2 billion) for the quarter ended September 30, compared with Rs 128, 26 crore a year earlier.Crude oil price realisation, or the price at which it sells the product, was down 11.2% at $84.84 per barrel in the latest quarter, compared with $95.5 a year earlier, while realisations in its joint ventures fell 16.4%.
ONGC’s total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%. Oil India reported a more than 80% drop in second-quarter profit on Wednesday as it set aside Rs 2,363 crore for an ongoing litigation.
Crude prices have fallen more than 35% from their peak in the September quarter last year amid economic uncertainties and easing concerns over supply. The company’s profit fell to Rs 10,216 crore ($1.2 billion) for the quarter ended September 30, compared with Rs 128, 26 crore a year earlier.Crude oil price realisation, or the price at which it sells the product, was down 11.2% at $84.84 per barrel in the latest quarter, compared with $95.5 a year earlier, while realisations in its joint ventures fell 16.4%.
ONGC’s total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%. Oil India reported a more than 80% drop in second-quarter profit on Wednesday as it set aside Rs 2,363 crore for an ongoing litigation.
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