ONGC net soars over eightfold as crude price offsets output drop
The Hindu
State-owned energy explorer posts Q1 profit of ₹4,335 cr.; oil production slips 5%
State-owned Oil and Natural Gas Corp. (ONGC) reported net profit soared by almost 800% in the first quarter of the current fiscal year after more than a doubling of oil prices compensated for a decline in crude production. Net profit in April-June at ₹4,335 crore was 772.2% higher than the ₹497 crore in the first quarter of the previous fiscal when demand as well as price had plummeted due to the COVID-19-related lockdown, the company said in a statement. The company got $65.59 for every barrel of crude oil it produced and sold in the first quarter of the 2021-22 fiscal as compared with $28.87 per barrel realisation in April-June 2020.
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